AVTRNYSELaboratory Analytical InstrumentsFiscal year ends December 31
Avantor, Inc.
Financials through Q1 FY2026, quarter ended Mar 31, 2026Last filing: 10-Q on Jul 29, 2026
$16.29−0.13 (-0.79%)
Close on Oct 19, 2026
- Market cap
- $11.03B
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2016 to 2025
Gross margin
32.7%+0.1 pts over 5 years
Operating margin
-3.8%−14.8 pts over 5 years
Net margin
-8.1%−9.9 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -3.4% | -4.5% | +0.5% | – | |
| Gross profit | -6.1% | -6.3% | +0.6% | – | |
| Free cash flow | -28.5% | -11.3% | -10.6% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 4.5% | -9.2% | |
| Return on assets | – | 1.2% | -4.4% | |
| Current ratio | – | 1.80 | 1.78 | |
| Debt to equity | – | 1.83 | 0.71 | |
| Net debt to EBITDA | – | 4.18× | 21.83× | |
| Interest coverage | – | 2.3× | -1.4× | |
| Inventory turnover | – | 5.9× | 5.7× | |
| Capex to revenue | – | 1.0% | 2.0% | |
| Diluted shares | – | 583M | 681M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Avantor generated $4.13B from operations and spent $743.60M on capital expenditure, dividends and share buybacks. 90% of that went back into the business.
Generated
$4.13B
Used
$743.60M
Capital expenditure$668.50M90%Dividends$00%Share buybacks$75.10M10%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-8.1%
×Asset turnover0.55×
×Equity multiplier2.08×
=Return on equity, FY2025-9.2%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -8.1% | 0.55× | 2.08× | -9.2% |
| FY2024 | 10.5% | 0.54× | 2.24× | 12.7% |
| FY2023 | 4.6% | 0.53× | 2.62× | 6.4% |
| FY2022 | 9.1% | 0.55× | 3.02× | 15.2% |
| FY2021 | 7.8% | 0.62× | 3.46× | 16.7% |
| FY2020 | 1.8% | 0.65× | 3.83× | 4.5% |
| FY2019 | 0.6% | 0.61× | -33.39× | -12.8% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero-$530.20M
- Cash generatingOperating cash flow above zero$623.80M
- Return on assets improvedROA up on the prior year5.5% → -4.4%
- Earnings backed by cashOperating cash flow above net income$623.80M vs -$530.20M
- Less leverageLong-term debt to assets fell26.7% → 33.2%
- Better liquidityCurrent ratio rose1.07 → 1.78
- No dilutionShare count did not rise682M → 681M
- Gross margin improvedGross margin up on the prior year33.60% → 32.65%
- More efficientAsset turnover rose0.52 → 0.54