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Side-by-side financial comparison of FGI Industries Ltd. (FGI) and MARAVAI LIFESCIENCES HOLDINGS, INC. (MRVI). Click either name above to swap in a different company.
MARAVAI LIFESCIENCES HOLDINGS, INC. is the larger business by last-quarter revenue ($49.9M vs $30.5M, roughly 1.6× FGI Industries Ltd.). FGI Industries Ltd. runs the higher net margin — -8.6% vs -71.6%, a 62.9% gap on every dollar of revenue. On growth, MARAVAI LIFESCIENCES HOLDINGS, INC. posted the faster year-over-year revenue change (-11.8% vs -14.4%). FGI Industries Ltd. produced more free cash flow last quarter ($2.3M vs $-24.9M). Over the past eight quarters, FGI Industries Ltd.'s revenue compounded faster (-0.5% CAGR vs -11.9%).
FGI Industries Ltd is a global designer, manufacturer and distributor of kitchen and bath products, home organization solutions, and home improvement goods. It serves major retail chains, home specialty stores and e-commerce platforms across North America, Europe and the Asia-Pacific region.
Maravai LifeSciences Holdings is a global life sciences firm developing critical reagents, diagnostic products, and tech solutions to support biopharma research, drug development, clinical diagnostics, and cell/gene therapy manufacturing. It serves biotech, pharma, research bodies and labs worldwide across three core segments.
FGI vs MRVI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $30.5M | $49.9M |
| Net Profit | $-2.6M | $-35.7M |
| Gross Margin | 26.7% | 25.8% |
| Operating Margin | -2.2% | -117.9% |
| Net Margin | -8.6% | -71.6% |
| Revenue YoY | -14.4% | -11.8% |
| Net Profit YoY | -553.1% | -37.7% |
| EPS (diluted) | $-1.63 | $-0.24 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $30.5M | $49.9M | ||
| Q3 25 | $35.8M | $41.6M | ||
| Q2 25 | $31.0M | $47.4M | ||
| Q1 25 | $33.2M | $46.9M | ||
| Q4 24 | $35.6M | $56.6M | ||
| Q3 24 | $36.1M | $69.0M | ||
| Q2 24 | $29.4M | $69.4M | ||
| Q1 24 | $30.8M | $64.2M |
| Q4 25 | $-2.6M | $-35.7M | ||
| Q3 25 | $-1.7M | $-25.6M | ||
| Q2 25 | $-1.2M | $-39.6M | ||
| Q1 25 | $-629.1K | $-29.9M | ||
| Q4 24 | $-402.3K | $-25.9M | ||
| Q3 24 | $-550.1K | $-97.1M | ||
| Q2 24 | $163.6K | $-9.8M | ||
| Q1 24 | $-412.2K | $-12.1M |
| Q4 25 | 26.7% | 25.8% | ||
| Q3 25 | 26.5% | 13.6% | ||
| Q2 25 | 28.1% | 16.4% | ||
| Q1 25 | 26.8% | 16.5% | ||
| Q4 24 | 24.6% | 34.3% | ||
| Q3 24 | 25.8% | 46.7% | ||
| Q2 24 | 30.5% | 44.4% | ||
| Q1 24 | 27.4% | 40.3% |
| Q4 25 | -2.2% | -117.9% | ||
| Q3 25 | 1.0% | -98.6% | ||
| Q2 25 | -2.7% | -139.8% | ||
| Q1 25 | -3.9% | -104.9% | ||
| Q4 24 | -3.5% | -66.7% | ||
| Q3 24 | -0.2% | -239.9% | ||
| Q2 24 | -1.5% | -19.4% | ||
| Q1 24 | -1.0% | -29.4% |
| Q4 25 | -8.6% | -71.6% | ||
| Q3 25 | -4.6% | -61.4% | ||
| Q2 25 | -4.0% | -83.5% | ||
| Q1 25 | -1.9% | -63.9% | ||
| Q4 24 | -1.1% | -45.8% | ||
| Q3 24 | -1.5% | -140.6% | ||
| Q2 24 | 0.6% | -14.1% | ||
| Q1 24 | -1.3% | -18.8% |
| Q4 25 | $-1.63 | $-0.24 | ||
| Q3 25 | $-0.86 | $-0.18 | ||
| Q2 25 | $-0.64 | $-0.27 | ||
| Q1 25 | $-0.07 | $-0.21 | ||
| Q4 24 | $-0.38 | $-0.21 | ||
| Q3 24 | $-0.29 | $-0.68 | ||
| Q2 24 | $0.08 | $-0.07 | ||
| Q1 24 | $-0.04 | $-0.09 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.9M | $216.9M |
| Total DebtLower is stronger | — | $291.8M |
| Stockholders' EquityBook value | $17.3M | $212.4M |
| Total Assets | $69.5M | $770.6M |
| Debt / EquityLower = less leverage | — | 1.37× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9M | $216.9M | ||
| Q3 25 | $1.9M | $243.6M | ||
| Q2 25 | $2.5M | $269.9M | ||
| Q1 25 | $1.2M | $285.1M | ||
| Q4 24 | $4.6M | $322.4M | ||
| Q3 24 | $3.0M | $578.2M | ||
| Q2 24 | $1.3M | $573.2M | ||
| Q1 24 | $3.3M | $561.7M |
| Q4 25 | — | $291.8M | ||
| Q3 25 | — | $292.8M | ||
| Q2 25 | — | $293.9M | ||
| Q1 25 | — | $294.9M | ||
| Q4 24 | — | $295.9M | ||
| Q3 24 | — | $521.7M | ||
| Q2 24 | — | $522.5M | ||
| Q1 24 | — | $523.3M |
| Q4 25 | $17.3M | $212.4M | ||
| Q3 25 | $19.7M | $245.4M | ||
| Q2 25 | $21.3M | $265.9M | ||
| Q1 25 | $21.8M | $300.6M | ||
| Q4 24 | $22.3M | $325.3M | ||
| Q3 24 | $23.5M | $344.9M | ||
| Q2 24 | $23.8M | $434.7M | ||
| Q1 24 | $23.9M | $410.7M |
| Q4 25 | $69.5M | $770.6M | ||
| Q3 25 | $73.0M | $849.2M | ||
| Q2 25 | $71.7M | $897.0M | ||
| Q1 25 | $68.5M | $959.8M | ||
| Q4 24 | $75.5M | $1.0B | ||
| Q3 24 | $74.7M | $1.3B | ||
| Q2 24 | $69.9M | $1.4B | ||
| Q1 24 | $68.6M | $1.4B |
| Q4 25 | — | 1.37× | ||
| Q3 25 | — | 1.19× | ||
| Q2 25 | — | 1.11× | ||
| Q1 25 | — | 0.98× | ||
| Q4 24 | — | 0.91× | ||
| Q3 24 | — | 1.51× | ||
| Q2 24 | — | 1.20× | ||
| Q1 24 | — | 1.27× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $2.3M | $-22.8M |
| Free Cash FlowOCF − Capex | $2.3M | $-24.9M |
| FCF MarginFCF / Revenue | 7.5% | -49.9% |
| Capex IntensityCapex / Revenue | 0.2% | 4.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-212.5K | $-70.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.3M | $-22.8M | ||
| Q3 25 | $-1.9M | $-15.2M | ||
| Q2 25 | $7.6M | $-10.3M | ||
| Q1 25 | $-7.4M | $-9.4M | ||
| Q4 24 | $617.4K | $-14.6M | ||
| Q3 24 | $-915.0K | $13.1M | ||
| Q2 24 | $862.1K | $17.4M | ||
| Q1 24 | $-8.0M | $-8.5M |
| Q4 25 | $2.3M | $-24.9M | ||
| Q3 25 | $-2.1M | $-18.1M | ||
| Q2 25 | $7.4M | $-13.1M | ||
| Q1 25 | $-7.7M | $-14.6M | ||
| Q4 24 | $-214.1K | $-20.5M | ||
| Q3 24 | $-1.1M | $4.5M | ||
| Q2 24 | $281.5K | $7.9M | ||
| Q1 24 | $-8.6M | $-14.1M |
| Q4 25 | 7.5% | -49.9% | ||
| Q3 25 | -5.9% | -43.4% | ||
| Q2 25 | 23.8% | -27.7% | ||
| Q1 25 | -23.3% | -31.2% | ||
| Q4 24 | -0.6% | -36.2% | ||
| Q3 24 | -3.0% | 6.6% | ||
| Q2 24 | 1.0% | 11.4% | ||
| Q1 24 | -28.0% | -22.0% |
| Q4 25 | 0.2% | 4.2% | ||
| Q3 25 | 0.7% | 7.0% | ||
| Q2 25 | 0.7% | 6.1% | ||
| Q1 25 | 1.1% | 11.2% | ||
| Q4 24 | 2.3% | 10.3% | ||
| Q3 24 | 0.5% | 12.4% | ||
| Q2 24 | 2.0% | 13.8% | ||
| Q1 24 | 2.0% | 8.8% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 5.27× | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FGI
| Sanitaryware | $19.1M | 63% |
| Shower System | $5.8M | 19% |
| Kitchen And Bath Other | $3.3M | 11% |
| Bath Furniture Products | $2.3M | 7% |
MRVI
| Cygnus Segment | $27.2M | 54% |
| Other | $18.4M | 37% |
| Shipping And Handling | $4.3M | 9% |
