Avantor
AVTR · NYSELaboratory Analytical Instruments · Fiscal year ends Dec 31
Avantor reported revenue of $6.6B in the fiscal year ended Dec 2025, down 3.4% from the year before. Operating income was −$246M, an operating margin of −3.8%, and net income was −$530M. Operating cash flow of $624M less capital expenditure of $129M left free cash flow of $495M. Net debt was $3.6B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $7.4B | $7.5B | $7B | $6.8B | $6.6B |
| Cost of revenue | $4.9B | $4.9B | $4.6B | $4.5B | $4.4B |
| Gross profit | $2.5B | $2.6B | $2.4B | $2.3B | $2.1B |
| Selling, general & admin | $1.5B | $1.5B | $1.5B | $1.6B | $1.6B |
| Operating income | $972M | $1.1B | $696M | $1.1B | −$246M |
| Interest expense | $217M | $266M | $285M | $219M | $170M |
| Pre-tax income | $753M | $851M | $411M | $854M | −$441M |
| Income tax | $180M | $165M | $89M | $142M | $89M |
| Net income | $573M | $687M | $321M | $712M | −$530M |
| Diluted EPS | 0.85 | 1.01 | 0.47 | 1.04 | −0.78 |
| Diluted shares | 600M | 679M | 678M | 682M | 681M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $302M | $373M | $263M | $262M | $365M |
| Receivables | $1.2B | $1.2B | $1.2B | $1B | $1.1B |
| Inventory | $872M | $914M | $828M | $732M | $818M |
| Current assets | $2.5B | $2.7B | $2.4B | $2.1B | $2.5B |
| Net PP&E | $706M | $727M | $738M | $708M | $767M |
| Goodwill | $5.3B | $5.7B | $5.7B | $5.5B | $5B |
| Total assets | $13.9B | $13.5B | $13B | $12.1B | $11.8B |
| Payables | $755M | $758M | $626M | $663M | $742M |
| Current liabilities | $1.5B | $1.7B | $1.5B | $2B | $1.4B |
| Short-term debt | $45M | $364M | $260M | $821M | $31M |
| Long-term debt | $7B | $5.9B | $5.3B | $3.2B | $3.9B |
| Total liabilities | $9.7B | $8.6B | $7.7B | $6.2B | $6.2B |
| Shareholders' equity | $4.2B | $4.9B | $5.3B | $6B | $5.6B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $954M | $844M | $870M | $841M | $624M |
| Capital expenditure | $111M | $133M | $146M | $149M | $129M |
| Free cash flow | $843M | $710M | $724M | $692M | $495M |
| Depreciation & amortisation | $379M | $406M | $402M | $406M | $410M |
| Stock-based compensation | $51M | $46M | $41M | $47M | $46M |
| Acquisitions | $4B | $20M | $0 | $0 | – |
| Share buybacks | – | – | $0 | $0 | $75M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 1.7% | −7.3% | −2.6% | −3.4% |
| Operating income growth (YoY) | – | 16.3% | −38.4% | 55.8% | −122.7% |
| EPS growth (YoY) | – | 18.8% | −53.5% | 121.3% | −175.0% |
| Gross margin | 33.9% | 34.6% | 33.9% | 33.6% | 32.7% |
| Operating margin | 13.2% | 15.0% | 10.0% | 16.0% | −3.8% |
| Net margin | 7.8% | 9.1% | 4.6% | 10.5% | −8.1% |
| Return on equityBlank when equity is negative | 13.6% | 14.1% | 6.1% | 11.9% | −9.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 7.8% | 9.6% | 6.1% | 10.7% | −2.4% |
| Free cash flow margin | 11.4% | 9.5% | 10.4% | 10.2% | 7.6% |
| Cash conversion (CFO ÷ net income) | 1.67x | 1.23x | 2.71x | 1.18x | −1.18x |
| Receivable days | 60 | 59 | 60 | 56 | 60 |
| Inventory days | 65 | 68 | 66 | 59 | 68 |
| Payable days | 56 | 56 | 50 | 54 | 61 |
| Interest cover | 4.47x | 4.25x | 2.45x | 4.96x | −1.45x |
| Debt ÷ equity | 1.67x | 1.29x | 1.05x | 0.68x | 0.71x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $6.7B | $5.9B | $5.3B | $3.8B | $3.6B |
| Current ratio | 1.71x | 1.60x | 1.61x | 1.07x | 1.78x |
Recent filings
More in Laboratory Analytical Instruments
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.