NYSE : AVTR
Avantor, Inc. — Financial statements
Healthcare · Medical Instruments & Supplies · United States
Last price 16.05 USD (Oct 30, 2026, 4:00 PM EST) · Market cap 10.88B
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Financial statements
Avantor, Inc. (AVTR) reported revenue of 6.64B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 6.64B | 6.55B | 6.78B | 6.97B | 7.51B | 7.39B |
| Cost of Revenue | 4.54B | 4.41B | 4.50B | 4.60B | 4.91B | 4.88B |
| Gross Profit | 2.10B | 2.14B | 2.28B | 2.36B | 2.60B | 2.50B |
| Selling, General & Admin | 1.57B | 1.56B | 1.54B | 1.47B | 1.45B | 1.43B |
| Operating Expenses | 1.57B | 1.56B | 1.54B | 1.47B | 1.45B | 1.43B |
| Operating Income | 528.40M | 581.60M | 734.30M | 897.90M | 1.15B | 1.08B |
| Interest Expense | -211.80M | -221.20M | -306.60M | -350.00M | -281.70M | -231.20M |
| Interest & Investment Income | 42.40M | 42.20M | 75.10M | 65.20M | 15.90M | 1.90M |
| Currency Exchange Gain (Loss) | 4.70M | 1.50M | 17.40M | 3.10M | -7.00M | -1.30M |
| Other Non Operating Income (Expenses) | -6.90M | -4.60M | -9.90M | -11.50M | -10.50M | -10.70M |
| EBT Excluding Unusual Items | 356.80M | 399.50M | 510.30M | 604.70M | 867.10M | 835.50M |
| Merger & Restructuring Charges | -29.80M | -29.80M | -82.80M | -26.50M | -3.50M | -83.10M |
| Impairment of Goodwill | -785.00M | |||||
| Gain (Loss) on Sale of Assets | -5.10M | -5.10M | 446.60M | |||
| Asset Writedown | -160.80M | |||||
| Other Unusual Items | -6.40M | -20.90M | -20.20M | -6.90M | -12.50M | 600.00K |
| Pretax Income | 315.50M | -441.30M | 853.90M | 410.50M | 851.10M | 753.00M |
| Income Tax Expense | -21.70M | 88.90M | 142.40M | 89.40M | 164.60M | 180.40M |
| Earnings From Continuing Operations | 337.20M | -530.20M | 711.50M | 321.10M | 686.50M | 572.60M |
| Net Income | 337.20M | -530.20M | 711.50M | 321.10M | 686.50M | 572.60M |
| Preferred Dividends & Other Adjustments | 24.20M | 64.60M | ||||
| Net Income to Common | 337.20M | -530.20M | 711.50M | 321.10M | 662.30M | 508.00M |
| Shares Outstanding (Basic) | 676.77M | 680.60M | 679.60M | 675.60M | 650.90M | 590.50M |
| Shares Outstanding (Diluted) | 677.83M | 680.60M | 681.90M | 678.40M | 679.40M | 599.60M |
| EPS (Basic) | 0.50 | -0.78 | 1.05 | 0.48 | 1.02 | 0.86 |
| EPS (Diluted) | 0.50 | -0.78 | 1.04 | 0.47 | 1.01 | 0.85 |
| Free Cash Flow | 439.20M | 495.00M | 692.00M | 723.60M | 710.20M | 842.50M |
| Free Cash Flow Per Share | 0.65 | 0.73 | 1.01 | 1.07 | 1.04 | 1.41 |
| Gross Margin | 31.59% | 32.65% | 33.60% | 33.93% | 34.65% | 33.88% |
| Operating Margin | 7.96% | 8.88% | 10.82% | 12.89% | 15.31% | 14.58% |
| Profit Margin | 5.08% | -8.09% | 10.49% | 4.61% | 8.82% | 6.88% |
| Free Cash Flow Margin | 6.62% | 7.56% | 10.20% | 10.39% | 9.45% | 11.41% |
| EBITDA | 947.60M | 991.80M | 1.14B | 1.30B | 1.56B | 1.46B |
| EBITDA Margin | 14.28% | 15.14% | 16.80% | 18.66% | 20.71% | 19.71% |
| D&A For EBITDA | 419.20M | 410.20M | 405.50M | 402.30M | 405.50M | 379.20M |
| EBIT | 528.40M | 581.60M | 734.30M | 897.90M | 1.15B | 1.08B |
| EBIT Margin | 7.96% | 8.88% | 10.82% | 12.89% | 15.31% | 14.58% |
| Effective Tax Rate | 16.68% | 21.78% | 19.34% | 23.96% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 464.30M | 365.40M | 261.90M | 262.90M | 372.90M | 301.70M |
| Trading Asset Securities | 300.00K | 16.60M | 26.20M | |||
| Cash & Short-Term Investments | 464.30M | 365.40M | 262.20M | 279.50M | 399.10M | 301.70M |
| Receivables | 1.12B | 1.07B | 1.03B | 1.15B | 1.22B | 1.22B |
| Inventory | 854.80M | 818.20M | 731.50M | 828.10M | 913.50M | 872.00M |
| Other Current Assets | 150.60M | 193.00M | 118.40M | 127.10M | 126.90M | 81.40M |
| Total Current Assets | 2.59B | 2.45B | 2.15B | 2.38B | 2.66B | 2.48B |
| Property, Plant & Equipment | 778.90M | 931.30M | 864.60M | 858.20M | 845.70M | 813.30M |
| Goodwill | 4.93B | 4.99B | 5.54B | 5.72B | 5.65B | 5.34B |
| Other Intangible Assets | 2.93B | 3.19B | 3.36B | 3.78B | 4.13B | 5.14B |
| Long-Term Deferred Tax Assets | 74.40M | 95.50M | 100.10M | 40.50M | 21.50M | |
| Other Long-Term Assets | 400.30M | 157.10M | 108.40M | 137.50M | 134.30M | 103.80M |
| Total Assets | 11.63B | 11.79B | 12.11B | 12.97B | 13.46B | 13.90B |
| Accounts Payable | 735.40M | 741.70M | 662.80M | 625.90M | 758.20M | 755.10M |
| Accrued Expenses | 205.50M | 214.80M | 221.00M | 188.30M | 176.60M | 253.90M |
| Current Portion of Long-Term Debt | 35.00M | 24.70M | 817.10M | 254.40M | 359.90M | 41.00M |
| Current Portion of Leases | 39.60M | 33.80M | 41.70M | 39.90M | 38.30M | |
| Other Current Liabilities | 393.10M | 358.10M | 272.80M | 370.00M | 324.20M | 362.50M |
| Total Current Liabilities | 1.37B | 1.38B | 2.01B | 1.48B | 1.66B | 1.45B |
| Long-Term Debt | 3.62B | 3.89B | 3.22B | 5.21B | 5.86B | 6.91B |
| Long-Term Leases | 24.60M | 172.80M | 154.20M | 151.30M | 151.30M | 145.60M |
| Pension & Post-Retirement Benefits | 89.40M | 87.70M | 93.40M | 76.00M | 132.60M | |
| Long-Term Deferred Tax Liabilities | 401.90M | 557.10M | 557.30M | 612.80M | 731.40M | 913.00M |
| Other Long-Term Liabilities | 374.40M | 136.80M | 127.40M | 168.40M | 132.80M | 147.20M |
| Total Liabilities | 5.79B | 6.23B | 6.16B | 7.72B | 8.61B | 9.70B |
| Common Stock | 4.03B | 3.98B | 3.94B | 3.83B | 3.79B | 2.75B |
| Retained Earnings | 1.96B | 1.67B | 2.20B | 1.49B | 1.17B | 483.90M |
| Treasury Stock | -75.70M | -75.70M | ||||
| Comprehensive Income & Other | -76.50M | -16.90M | -184.00M | -69.00M | -100.30M | -43.20M |
| Total Common Equity | 5.84B | 5.57B | 5.96B | 5.25B | 4.86B | 3.19B |
| Shareholders' Equity | 5.84B | 5.57B | 5.96B | 5.25B | 4.86B | 4.20B |
| Total Liabilities & Equity | 11.63B | 11.79B | 12.11B | 12.97B | 13.46B | 13.90B |
| Total Debt | 3.68B | 4.13B | 4.23B | 5.66B | 6.41B | 7.14B |
| Net Cash (Debt) | -3.22B | -3.77B | -3.97B | -5.38B | -6.01B | -6.83B |
| Net Cash Per Share | -4.75 | -5.53 | -5.82 | -7.93 | -8.85 | -11.40 |
| Filing Date Shares Outstanding | 677.62M | 682.06M | 680.90M | 678.28M | 674.44M | 609.97M |
| Total Common Shares Outstanding | 677.70M | 675.40M | 680.80M | 676.60M | 674.30M | 609.70M |
| Working Capital | 1.22B | 1.07B | 139.10M | 904.60M | 999.10M | 1.03B |
| Book Value Per Share | 8.61 | 8.24 | 8.75 | 7.76 | 7.20 | 5.24 |
| Tangible Book Value | -2.02B | -2.62B | -2.94B | -4.24B | -4.93B | -7.29B |
| Tangible Book Value Per Share | -2.98 | -3.87 | -4.32 | -6.27 | -7.31 | -11.95 |
| Land | 57.60M | 53.90M | 55.60M | 57.80M | 67.70M | |
| Buildings | 458.70M | 414.30M | 426.80M | 393.80M | 384.30M | |
| Machinery | 643.30M | 544.30M | 548.30M | 522.20M | 479.50M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 337.20M | -530.20M | 711.50M | 321.10M | 686.50M | 572.60M |
| Depreciation & Amortization | 419.20M | 410.20M | 405.50M | 402.30M | 405.50M | 379.20M |
| Other Amortization | 7.20M | 8.50M | 11.20M | 13.00M | 15.70M | 16.30M |
| Loss (Gain) From Sale of Assets | 5.10M | 5.10M | -446.60M | |||
| Asset Writedown & Restructuring Costs | 8.20M | 788.20M | 16.90M | 160.80M | ||
| Stock-Based Compensation | 47.80M | 46.40M | 46.80M | 40.50M | 45.80M | 50.70M |
| Provision & Write-off of Bad Debts | 66.50M | 63.70M | 75.10M | 84.50M | 65.00M | 44.90M |
| Other Operating Activities | -84.50M | 30.80M | -27.30M | -168.80M | -53.60M | 4.40M |
| Change in Accounts Receivable | -65.20M | 13.60M | 45.90M | 77.00M | -45.20M | -111.80M |
| Change in Inventory | -133.50M | -109.40M | -18.50M | 30.30M | -112.50M | -129.80M |
| Change in Accounts Payable | 54.30M | 42.40M | 59.60M | -139.60M | 15.60M | 64.90M |
| Change in Other Net Operating Assets | -77.60M | -145.50M | -39.30M | 48.90M | -179.20M | 62.20M |
| Operating Cash Flow | 584.70M | 623.80M | 840.80M | 870.00M | 843.60M | 953.60M |
| Capital Expenditures | -145.50M | -128.80M | -148.80M | -146.40M | -133.40M | -111.10M |
| Cash Acquisitions | -20.20M | -4.01B | ||||
| Divestitures | 585.20M | |||||
| Other Investing Activities | -2.70M | -1.70M | 2.50M | 2.70M | 44.00M | 3.50M |
| Investing Cash Flow | -148.20M | -130.50M | 438.90M | -143.70M | -109.60M | -4.12B |
| Long-Term Debt Issued | 1.11B | 327.20M | 2.83B | |||
| Long-Term Debt Repaid | -1.43B | -1.34B | -846.00M | -947.00M | -533.90M | |
| Net Debt Issued (Repaid) | -135.70M | -318.70M | -1.34B | -846.00M | -619.80M | 2.30B |
| Issuance of Common Stock | 14.80M | 5.10M | 69.20M | 18.30M | 17.30M | 1.05B |
| Repurchase of Common Stock | -80.30M | -80.70M | -8.60M | -13.70M | -13.20M | -25.80M |
| Preferred Dividends Paid | -32.40M | -64.60M | ||||
| Dividends Paid | -32.40M | -64.60M | ||||
| Other Financing Activities | -15.90M | -15.10M | -2.30M | -600.00K | -40.60M | |
| Financing Cash Flow | -217.10M | -409.40M | -1.28B | -843.70M | -648.70M | 3.22B |
| Foreign Exchange Rate Adjustments | -6.90M | 19.70M | -21.50M | 8.20M | -15.50M | -13.20M |
| Net Cash Flow | 212.50M | 103.60M | -23.00M | -109.20M | 69.80M | 37.90M |
| Free Cash Flow | 439.20M | 495.00M | 692.00M | 723.60M | 710.20M | 842.50M |
| Free Cash Flow Margin | 6.62% | 7.56% | 10.20% | 10.39% | 9.45% | 11.41% |
| Free Cash Flow Per Share | 0.65 | 0.73 | 1.01 | 1.07 | 1.04 | 1.41 |
| Levered Free Cash Flow | 440.88M | 518.15M | 775.41M | 730.44M | 680.74M | 822.10M |
| Unlevered Free Cash Flow | 566.05M | 647.90M | 955.84M | 936.19M | 841.10M | 950.30M |
| Cash Interest Paid | 1.40M | 1.60M | 4.20M | 5.10M | 5.10M | 5.10M |
| Cash Income Tax Paid | 90.20M | 145.00M | 247.80M | 224.40M | 256.90M | 144.70M |
| Change in Working Capital | -222.00M | -198.90M | 47.70M | 16.60M | -321.30M | -114.50M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 10.88B | 7.81B | 14.34B | 15.44B | 14.22B | 25.68B |
| Enterprise Value | 14.10B | 11.42B | 18.98B | 20.80B | 20.12B | 30.85B |
| Last Close Price | 16.05 | 11.46 | 21.07 | 22.83 | 21.09 | 42.14 |
| PE Ratio | 32.21 | 20.16 | 48.09 | 21.47 | 50.56 | |
| Forward PE | 18.36 | 12.99 | 19.60 | 22.54 | 15.35 | 28.54 |
| PS Ratio | 1.64 | 1.19 | 2.11 | 2.22 | 1.89 | 3.48 |
| PB Ratio | 1.86 | 1.40 | 2.41 | 2.94 | 2.93 | 6.12 |
| P/FCF Ratio | 24.76 | 15.79 | 20.72 | 21.34 | 20.02 | 30.48 |
| P/OCF Ratio | 18.60 | 12.53 | 17.06 | 17.75 | 16.86 | 26.93 |
| PEG Ratio | 13.95 | 7.04 | 1.81 | 2.62 | 0.92 | 1.33 |
| EV/Sales Ratio | 2.12 | 1.74 | 2.80 | 2.99 | 2.68 | 4.18 |
| EV/EBITDA Ratio | 14.87 | 11.51 | 16.65 | 16.00 | 12.93 | 21.19 |
| EV/EBIT Ratio | 26.68 | 19.64 | 25.84 | 23.17 | 17.49 | 28.65 |
| EV/FCF Ratio | 32.09 | 23.07 | 27.42 | 28.75 | 28.32 | 36.61 |
| Debt / Equity Ratio | 0.63 | 0.74 | 0.71 | 1.08 | 1.32 | 1.70 |
| Debt / EBITDA Ratio | 3.66 | 3.93 | 3.53 | 4.19 | 4.00 | 4.74 |
| Debt / FCF Ratio | 8.39 | 8.35 | 6.11 | 7.82 | 9.03 | 8.47 |
| Net Debt / Equity Ratio | 0.55 | 0.68 | 0.67 | 1.02 | 1.24 | 1.63 |
| Net Debt / EBITDA Ratio | 3.40 | 3.80 | 3.48 | 4.14 | 3.86 | 4.69 |
| Net Debt / FCF Ratio | 7.33 | 7.61 | 5.73 | 7.44 | 8.46 | 8.11 |
| Asset Turnover | 0.57 | 0.55 | 0.54 | 0.53 | 0.55 | 0.62 |
| Inventory Turnover | 5.50 | 5.70 | 5.78 | 5.29 | 5.50 | 6.06 |
| Quick Ratio | 1.16 | 1.04 | 0.65 | 0.97 | 0.97 | 1.05 |
| Current Ratio | 1.89 | 1.78 | 1.07 | 1.61 | 1.60 | 1.71 |
| Return on Equity (ROE) | 5.91% | -9.20% | 12.70% | 6.35% | 15.17% | 16.67% |
| Return on Assets (ROA) | 2.83% | 3.04% | 3.66% | 4.25% | 5.26% | 5.66% |
| Return on Invested Capital (ROIC) | 5.85% | 6.04% | 5.95% | 6.53% | 8.48% | 8.88% |
| Return on Capital Employed (ROCE) | 5.10% | 5.60% | 7.30% | 7.80% | 9.70% | 8.70% |
| Earnings Yield | 3.10% | -6.79% | 4.96% | 2.08% | 4.83% | 2.23% |
| FCF Yield | 4.04% | 6.33% | 4.83% | 4.69% | 5.00% | 3.28% |
| Payout Ratio | 4.72% | 11.28% | ||||
| Buyback Yield / Dilution | 0.49% | 0.19% | -0.52% | 0.15% | -13.31% | -2.78% |