Avantor, Inc. (AVTR) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.19	$0.21	+10.5%	—	$1.7B	—
Q1 26	$0.16	$0.17	+6.3%	—	$1.6B	—
Q4 25	$0.22	$0.22	0.0%	—	$1.7B	—
Q3 25	$0.23	$0.22	-4.3%	—	$1.6B	—
Q2 25	$0.25	$0.24	-4.0%	—	$1.7B	—
Q1 25	$0.23	$0.23	0.0%	—	$1.6B	—
Q4 24	$0.26	$0.27	+3.8%	—	$1.7B	—
Q3 24	$0.25	$0.26	+4.0%	—	$1.7B	—
Q2 24	$0.23	$0.25	+8.7%	—	$1.7B	—
Q1 24	$0.2	$0.22	+10.0%	—	$1.7B	—
Q4 23	$0.22	$0.25	+13.6%	—	$1.7B	—
Q3 23	$0.25	$0.25	0.0%	—	$1.7B	—
Q2 23	$0.29	$0.28	-3.4%	—	$1.7B	—
Q1 23	$0.29	$0.29	0.0%	—	$1.8B	—
Q4 22	$0.3	$0.32	+6.7%	—	$1.8B	—
Q3 22	$0.33	$0.34	+3.0%	—	$1.9B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	-$0.78	—	—	$6.6B	—
FY24	—	$1.05	—	—	$6.8B	—
FY23	—	$0.48	—	—	$7B	—
FY22	—	$1.02	—	—	$7.5B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$691.3M	$1.2B	$5.9B	$6B	$6.4B	$7.4B	$7.5B	$7B	$6.8B	$6.6B
YoY change	—	+80.4%	+370.1%	+3%	+5.85%	+15.5%	+1.71%	-7.26%	-2.64%	-3.41%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	691.3M	1.2B	5.9B	6B	6.4B	7.4B	7.5B	7B	6.8B	6.6B
Cost of revenue	371.6M	814.6M	4B	4.1B	4.3B	4.9B	4.9B	4.6B	4.5B	4.4B
Gross profit	319.7M	432.8M	1.8B	1.9B	2.1B	2.5B	2.6B	2.4B	2.3B	2.1B
Gross margin	46.2%	34.7%	31%	31.8%	32.5%	33.9%	34.6%	33.9%	33.6%	32.7%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	309.8M	643.2M	1.4B	1.4B	1.4B	1.5B	1.5B	1.5B	1.6B	1.6B
Operating expenses	309.8M	643.2M	1.4B	1.4B	1.4B	1.5B	1.5B	1.5B	1.6B	1.6B
Operating income	9.9M	-210.4M	413.5M	551.8M	706.8M	972.2M	1.1B	857.2M	638.2M	543.9M
Operating margin	1.43%	-16.9%	7.05%	9.14%	11.1%	13.2%	15%	12.3%	9.41%	8.3%
Non-operating income, net	-200K	-48.9M	-3.5M	-71.2M	-336.9M	-1.8M	-13.3M	-161.9M	434.5M	-815.4M
Pretax income	-70.6M	-460.2M	-113.8M	40.6M	62.3M	753M	851.1M	410.5M	853.9M	-441.3M
Income tax	10.1M	-314.9M	-26.9M	2.8M	-54.3M	180.4M	164.6M	89.4M	142.4M	88.9M
Net income	-80.7M	-145.3M	-86.9M	37.8M	116.6M	572.6M	686.5M	321.1M	711.5M	-530.2M
Net margin	-11.7%	-11.6%	-1.48%	0.63%	1.82%	7.75%	9.14%	4.61%	10.5%	-8.09%
EBITDA	70.4M	-107.8M	821.1M	955.1M	1.1B	1.4B	1.5B	1.3B	1B	941.1M
EPS	-0.09	-0.84	-0.72	-0.84	0.09	0.86	1.02	0.48	1.05	-0.78
Diluted EPS	-0.09	-0.84	-0.72	-0.84	0.09	0.85	1.01	0.47	1.04	-0.78

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	1.7B	1.7B	1.7B	1.7B	1.7B	1.7B	1.6B	1.7B	1.6B	1.7B	1.6B	1.7B
Cost of revenue	1.1B	1.2B	1.1B	1.1B	1.1B	1.1B	1B	1.1B	1.1B	1.1B	1.1B	1.2B
Gross profit	578.6M	570.4M	570.5M	581.5M	564.4M	562.9M	534.9M	554.1M	526.5M	523.9M	500.7M	537M
Gross margin	33.6%	33.1%	34%	34.1%	32.9%	33.4%	33.8%	32.9%	32.4%	31.5%	31.7%	31.7%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	368.4M	387.1M	424.2M	405.7M	439.8M	371.4M	387.5M	425.3M	390.3M	392.4M	401.2M	415.2M
Operating expenses	368.4M	387.1M	424.2M	405.7M	439.8M	371.4M	387.5M	425.3M	390.3M	392.4M	401.2M	415.2M
Operating income	210.2M	183.3M	146.3M	175.8M	124.6M	191.5M	147.4M	128.8M	136.2M	131.5M	99.5M	121.8M
Operating margin	12.2%	10.6%	8.71%	10.3%	7.27%	11.4%	9.32%	7.65%	8.39%	7.9%	6.29%	7.2%
Non-operating income, net	-1.3M	1.5M	-1.4M	-300K	-1.4M	437.6M	-19.5M	-3.7M	-781.5M	-10.7M	-1.1M	-1.2M
Pretax income	136.5M	119.5M	80.6M	114.6M	74.5M	584.2M	85.7M	81.7M	-689.5M	80.8M	55.5M	81.2M
Income tax	28.1M	21M	20.2M	21.7M	16.7M	83.8M	21.2M	17M	22.3M	28.4M	12.2M	43.1M
Net income	108.4M	98.5M	60.4M	92.9M	57.8M	500.4M	64.5M	64.7M	-711.8M	52.4M	43.3M	38.1M
Net margin	6.3%	5.72%	3.6%	5.46%	3.37%	29.7%	4.08%	3.84%	-43.8%	3.15%	2.74%	2.25%
EBITDA	308.4M	285.6M	246.2M	279M	227.7M	284.9M	230.8M	231.7M	242.9M	235.7M	204M	226.9M
EPS	0.16	—	0.09	0.14	0.08	0.74	0.09	0.09	-1.04	0.08	0.06	0.06
Diluted EPS	0.16	—	0.09	0.14	0.08	0.73	0.09	0.09	-1.04	0.08	0.06	0.06

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	—	—	—	24.9B	—	15.4B	14.3B	7.8B	10.3B
Enterprise value	—	—	—	—	—	31.6B	—	20.7B	18.1B	11.4B	13.7B
Shares outstanding	491.3M	496.5M	496.5M	401.2M	576.3M	590.5M	650.9M	675.6M	679.6M	680.6M	680.6M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	—	—	43.5	—	48	20.1	—	14.9
P/S	—	—	—	—	—	3.37	—	2.21	2.11	1.19	1.57
P/B	—	—	—	—	—	5.93	—	2.94	2.4	1.4	1.83
EV/EBITDA	—	—	—	—	—	23.2	—	16.4	17.5	12.1	14.5
EV/Sales	—	—	—	—	—	4.28	—	2.97	2.67	1.74	2.09
Earnings yield	—	—	—	—	—	2.3%	—	2.08%	4.97%	—	6.73%
FCF yield	—	—	—	—	—	3.39%	—	4.69%	4.83%	6.35%	4.35%
PEG	—	—	—	—	—	—	—	—	—	—	-0.45

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	46.2%	34.7%	31%	31.8%	32.5%	33.9%	34.6%	33.9%	33.6%	32.7%	31.7%
Operating margin	1.43%	-16.9%	7.05%	9.14%	11.1%	13.2%	15%	12.3%	9.41%	8.3%	7.16%
Net margin	-11.7%	-11.6%	-1.48%	0.63%	1.82%	7.75%	9.14%	4.61%	10.5%	-8.09%	-8.81%
ROE	—	5.55%	2.85%	1.54%	4.36%	13.6%	14.1%	6.11%	11.9%	-9.53%	-9.7%
ROA	—	-1.39%	-0.88%	0.39%	1.18%	4.12%	5.1%	2.48%	5.87%	-4.5%	2.69%
ROIC	—	-4.88%	11.2%	6.95%	9.71%	6.77%	8.46%	6.37%	5.45%	5.95%	5.42%
Return on tangible assets	—	2.78%	1.81%	-0.9%	-2.98%	-8.1%	-11.2%	-5.34%	-12.5%	11.6%	13.4%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	—	1.66	1.73	1.88	1.8	1.71	1.6	1.61	1.07	1.78	1.78
Quick ratio	—	1.03	1.12	1.22	1.2	1.11	1.05	1.05	0.7	1.18	1.18
Debt / equity	—	-2.72	-2.27	2.08	1.83	1.67	1.29	1.05	0.68	0.71	0.66
Debt / assets	—	0.68	0.7	0.52	0.49	0.51	0.47	0.43	0.33	0.33	0.32
Net debt / EBITDA	—	-64.3	8.21	5.16	4.15	4.93	3.84	4.18	3.66	3.81	3.73
Interest coverage	0.12	-1.29	0.78	1.09	1.2	4.46	4.2	2.44	4.9	-1.6	-1.83
Effective tax rate	0%	0%	0%	6.9%	0%	24%	19.3%	21.8%	16.7%	0%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	1.41	2.51	11.8	15.1	11.1	12.5	11.5	10.3	9.98	9.63	9.68
EPS (basic)	-0.09	-0.84	-0.72	-0.84	0.09	0.86	1.02	0.48	1.05	-0.78	-0.78
EPS (diluted)	-0.09	-0.84	-0.72	-0.84	0.09	0.85	1.01	0.47	1.04	-0.78	-0.85
Book value per share	—	-5.28	-6.15	6.14	4.64	7.11	7.46	7.77	8.77	8.18	8.32
FCF per share	0.09	-0.39	0.33	0.75	1.51	1.43	1.09	1.07	1.02	0.73	0.67
Cash per share	—	0.37	0.37	0.47	0.5	0.51	0.57	0.39	0.39	0.54	0.45
Capex per share	—	—	—	—	—	—	—	—	—	0.19	0.21

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	—	—	1.97%	2.17%
Capex / operating cash flow	—	—	—	—	—	—	—	—	—	20.6%	23.8%
Payout ratio	-196.7%	-1.2K%	0%	82.8%	55.4%	11.3%	4.72%	0%	0%	—	0%
Dividend yield	—	—	—	—	—	0.26%	—	0%	0%	—	—

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$1.7B	$1.7B	$1.7B	$1.7B	$1.7B	$1.7B	$1.6B	$1.7B	$1.6B	$1.7B	$1.6B	$1.7B
YoY change	-7.34%	-4.02%	-5.65%	-2.36%	-0.34%	-2.1%	-5.86%	-1.14%	-5.28%	-1.36%	0%	+0.53%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	185.4M	184.7M	186.7M	286.6M	301.7M	372.9M	262.9M	261.9M	365.4M
Receivables	875M	931.2M	988.8M	1.1B	1.2B	1.2B	1.2B	1B	1.1B
Inventory	695.1M	671.1M	711.2M	739.6M	872M	913.5M	828.1M	731.5M	818.2M
Total current assets	1.8B	1.9B	2B	2.2B	2.5B	2.7B	2.4B	2.1B	2.5B
Property, plant & equipment	318.1M	269.5M	216.6M	190.7M	321.2M	333.2M	310.7M	293.8M	308.1M
Goodwill & intangibles	15.7B	14.7B	14B	13.8B	21B	19.6B	19B	17.8B	16.4B
Total assets	10.4B	9.9B	9.8B	9.9B	13.9B	13.5B	13B	12.1B	11.8B
Accounts payable	542M	557.4M	560.2M	678.9M	755.1M	758.2M	625.9M	662.8M	741.7M
Short-term debt	109M	142.4M	93.5M	26.4M	45.2M	364.2M	259.9M	821.1M	30.8M
Total current liabilities	1.1B	1.1B	1.1B	1.2B	1.5B	1.7B	1.5B	2B	1.4B
Long-term debt	7B	6.8B	5B	4.9B	7B	5.9B	5.3B	3.2B	3.9B
Total liabilities	13.1B	13B	7.3B	7.2B	9.7B	8.6B	7.7B	6.2B	6.2B
Shareholders' equity	-2.6B	-3.1B	2.5B	2.7B	4.2B	4.9B	5.3B	6B	5.6B
Total debt	7.1B	6.9B	5.1B	4.9B	7B	6.3B	5.5B	4.1B	3.9B
Net debt	6.9B	6.7B	4.9B	4.6B	6.7B	5.9B	5.3B	3.8B	3.6B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	236.9M	262.9M	234.9M	272.6M	285.3M	261.9M	315.7M	449.4M	251.9M	365.4M	279.3M	306.8M
Receivables	1.2B	1.2B	1.1B	1.1B	1.1B	1B	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B
Inventory	850.3M	828.1M	810.6M	795.6M	779.6M	731.5M	750.1M	779.8M	795.5M	818.2M	810.3M	828.7M
Total current assets	2.4B	2.4B	2.3B	2.3B	2.5B	2.1B	2.3B	2.5B	2.3B	2.5B	2.4B	2.5B
Property, plant & equipment	-579.7M	310.7M	-635.4M	-656.7M	-620.9M	293.8M	-663.4M	-699.7M	-723.9M	308.1M	-765.5M	-787.4M
Goodwill & intangibles	18.9B	19B	18.7B	18.5B	18.4B	17.8B	17.9B	18.2B	16.5B	16.4B	16.1B	15.9B
Total assets	12.8B	13B	12.8B	12.7B	12.8B	12.1B	12.3B	12.8B	11.7B	11.8B	11.7B	11.6B
Accounts payable	655.8M	625.9M	573.4M	657.4M	673.5M	662.8M	680.1M	708.8M	691.6M	741.7M	735.5M	743.2M
Short-term debt	335.6M	259.9M	299.1M	258.4M	229.7M	821.1M	827.5M	1.3B	219.8M	30.8M	37M	37M
Total current liabilities	1.5B	1.5B	1.4B	1.5B	1.6B	2B	2B	2.6B	1.5B	1.4B	1.4B	1.4B
Long-term debt	5.3B	5.3B	5B	4.9B	4.7B	3.2B	3.3B	3B	3.6B	3.9B	3.8B	3.7B
Total liabilities	7.7B	7.7B	7.4B	7.3B	7.3B	6.2B	6.2B	6.5B	6.1B	6.2B	6.1B	6B
Shareholders' equity	5.1B	5.3B	5.3B	5.4B	5.6B	6B	6.1B	6.3B	5.6B	5.6B	5.6B	5.6B
Total debt	5.6B	5.5B	5.3B	5.1B	4.9B	4.1B	4.1B	4.2B	3.9B	3.9B	3.8B	3.7B
Net debt	5.4B	5.3B	5.1B	4.8B	4.6B	3.8B	3.8B	3.8B	3.6B	3.6B	3.5B	3.4B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-80.7M	-145.3M	-86.9M	37.8M	116.6M	572.6M	686.5M	321.1M	711.5M	-530.2M
Depreciation & amortization	60.3M	99.2M	404.6M	398.9M	395.4M	379.2M	405.5M	402.3M	405.5M	410.2M
Stock-based compensation	98.7M	48.2M	18.4M	67.9M	44.1M	50.7M	45.8M	40.5M	46.8M	46.4M
Change in working capital	-11.5M	72.6M	-86.6M	-204.3M	49.2M	-119.8M	-321.4M	16.3M	49.3M	-197.6M
Operating cash flow	47.8M	-229M	170.4M	232.2M	544.1M	884.3M	756M	620.1M	1.2B	623.8M
Capital expenditure	—	—	—	—	—	—	—	—	—	-128.8M
Investing cash flow	0	-6.7B	14.5M	9.5M	2.5M	-4B	23.8M	2.7M	587.7M	-130.5M
Dividends paid	-158.7M	-1.7B	0	-31.3M	-64.6M	-64.6M	-32.4M	0	0	—
Share repurchases	—	0	0	-2.6B	0	-25.8M	-13.2M	-13.7M	-8.6M	-80.7M
Financing cash flow	-43.5M	7B	-170.3M	-308.5M	-803.1M	3.1B	-666M	-862M	-1.4B	-414.5M
Net change in cash	4.3M	85.2M	14.6M	-66.8M	-256.5M	10.4M	113.8M	-239.2M	431.3M	78.8M
Free cash flow	43M	-192.7M	162.8M	302.4M	868.2M	842.5M	710.2M	723.6M	692M	495M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	108.4M	98.5M	60.4M	92.9M	57.8M	500.4M	64.5M	64.7M	-711.8M	52.4M	43.3M	38.1M
Depreciation & amortization	98M	100.6M	99.6M	102.6M	102.4M	100.9M	99.7M	102.7M	104.5M	103.3M	105M	105.6M
Stock-based compensation	9.8M	8.8M	12.7M	11.1M	11.9M	11.1M	12.4M	15.5M	7.2M	11.3M	8.6M	15.4M
Change in working capital	32.4M	86.4M	-42.6M	80.7M	79.5M	-68.3M	-81.7M	-41.1M	34.8M	-109.6M	-84.7M	-36.7M
Operating cash flow	222M	217.5M	119.3M	256.7M	242.7M	575.3M	86.6M	126.9M	207.4M	152.7M	58.7M	178.2M
Capital expenditure	—	—	—	—	—	—	—	—	-35.7M	-35.5M	-33.5M	-37.6M
Investing cash flow	700K	600K	500K	900K	300K	800K	-900K	1M	-33.3M	-39.7M	-32.7M	-37.3M
Dividends paid	0	0	—	—	—	—	—	—	—	—	—	—
Share repurchases	-200K	-200K	-6.6M	-800K	-800K	-400K	-4.9M	-100K	-400K	-75.3M	-3.6M	-300K
Financing cash flow	-197.8M	-188.3M	-175.7M	-202.4M	-202.8M	-757.2M	-36.2M	-6.9M	-371.9M	15.6M	-109.1M	-112.4M
Net change in cash	24.9M	29.8M	-55.9M	55.2M	40.2M	-181.1M	49.5M	121M	-197.8M	128.6M	-83.1M	28.5M
Free cash flow	193M	201M	106.9M	235.3M	204M	145.8M	81.3M	124.8M	171.7M	117.2M	25.2M	140.6M

Avantor, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

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Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement