OTLYNasdaqFood and Kindred ProductsFiscal year ends December 31
Oatly Group AB
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Mar 13, 2026
$12.14+0.89 (+7.91%)
Close on Oct 19, 2026
- Market cap
- –
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2018 to 2025
Gross margin
32.1%+1.5 pts over 5 years
Operating margin
-7.9%+3.3 pts over 5 years
Net margin
-17.7%−3.4 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 | +4.7% | +6.1% | +15.4% | – | |
| Gross profit | +17.2% | +51.3% | +16.5% | – |
Returns and balance sheet
8 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2018 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | – | -247.9% | |
| Return on assets | – | – | -19.2% | |
| Current ratio | – | 1.05 | 0.48 | |
| Debt to equity | – | 0.30 | 28.19 | |
| Net debt to EBITDA | – | 0.24× | -23.94× | |
| Interest coverage | – | -4.1× | -0.8× | |
| Inventory turnover | – | – | 8.7× | |
| Capex to revenue | – | 31.9% | 1.4% | |
| Diluted shares | – | 454M | 608M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Oatly Group AB generated $786.56M from operations and spent $593.05M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$786.56M
Used
$593.05M
Capital expenditure$593.05M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-17.7%
×Asset turnover1.08×
×Equity multiplier12.91×
=Return on equity, FY2025-247.9%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -17.7% | 1.08× | 12.91× | -247.9% |
| FY2024 | -24.5% | 0.86× | 4.38× | -92.1% |
| FY2023 | -53.2% | 0.67× | 2.08× | -74.1% |
| FY2022 | -54.4% | 0.51× | 1.40× | -38.6% |
| FY2021 | -33.0% | 0.56× | 1.47× | -27.0% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
3of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero-$152.77M
- Cash generatingOperating cash flow above zero-$23.72M
- Return on assets improvedROA up on the prior year-18.1% → -19.0%
- Earnings backed by cashOperating cash flow above net income-$23.72M vs -$152.77M
- Less leverageLong-term debt to assets fell14.5% → 23.2%
- Better liquidityCurrent ratio rose0.56 → 0.48
- No dilutionShare count did not rise597M → 608M
- Gross margin improvedGross margin up on the prior year28.71% → 32.12%
- More efficientAsset turnover rose0.74 → 1.07