Alvotech Financials
Alvotech (ALVO) reported $586.3M in revenue for fiscal year 2025, up 19.7% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Scale-up revenue is finally reaching accounting profit, but cash generation still lags because growth is absorbing working capital.
FY2025 net income turned positive at$27.9M , yet operating cash flow remained-$50.2M , showing that reported profitability arrived before the business started converting earnings into cash. That gap lines up with a sharp inventory build to$220.1M while revenue grew only19.7% , so expansion is still tying cash up inside the operating cycle.
The company is much closer to self-funding than in FY2023: operating cash flow improved from
Liquidity improved through funding, not internal cash generation: year-end cash reached
Financial Health Signals
Alvotech does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Alvotech passes 2 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
For every $1 of reported earnings, Alvotech used $1.80 of operating cash (-$50.2M OCF vs $27.9M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely.
Key Financial Metrics
Earnings & Revenue
Alvotech generated $586.3M in revenue in fiscal year 2025. This represents an increase of 19.7% from the prior year.
Alvotech reported $27.9M in net income in fiscal year 2025. This represents an increase of 112.0% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Alvotech recorded an outflow of $114.7M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents an increase of 60.5% from the prior year.
Alvotech held $172.4M in cash against $138.0M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Alvotech's net profit margin was 4.8% in fiscal year 2025, showing the share of revenue converted to profit. This is up 52.1 percentage points from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
Alvotech invested $64.5M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 20.1% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
ALVO Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q4'25 | Q2'25 | Q4'24 | Q2'24 | Q4'23 | Q2'23 | Q4'22 | Q4'21 |
|---|
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, Interest Expense, Income Tax, Net Income, EPS (Diluted).
ALVO Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q4'25 | Q2'25 | Q4'24 | Q2'24 | Q4'23 | Q2'23 | Q4'22 | Q4'21 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.5B+6.8% | $1.4B+14.0% | $1.2B+14.3% | $1.1B+12.5% | $950.1M+4.3% | $910.7M+9.9% | $828.4M+38.5% | $598.0M |
| Current Assets | $574.0M+12.7% | $509.5M+12.0% | $455.0M+59.5% | $285.2M+46.4% | $194.8M-8.1% | $211.9M-8.2% | $230.7M+92.6% | $119.8M |
| Cash & Equivalents | $172.4M+13.8% | $151.5M+194.5% | $51.4M+369.9% | $10.9M-1.9% | $11.2M-81.5% | $60.5M-9.0% | $66.4M+278.4% | $17.6M |
| Inventory | $220.1M+41.5% | $155.5M+21.6% | $127.9M+32.4% | $96.6M+29.7% | $74.4M-6.2% | $79.4M+11.0% | $71.5M+83.0% | $39.1M |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | $16.3M-50.5% | $33.0M | N/A |
| Goodwill | $12.8M+0.4% | $12.8M+12.9% | $11.3M-3.1% | $11.7M-3.0% | $12.1M+1.4% | $11.9M+2.1% | $11.6M-5.9% | $12.4M |
| Total Liabilities | $1.8B+13.1% | $1.6B-4.2% | $1.6B-2.4% | $1.7B-11.1% | $1.9B+35.5% | $1.4B-0.3% | $1.4B+89.9% | $733.6M |
| Current Liabilities | $304.1M+8.7% | $279.7M+44.7% | $193.4M-83.9% | $1.2B+360.8% | $260.9M+17.7% | $221.7M+32.5% | $167.3M+49.6% | $111.8M |
| Long-Term Debt | $138.0M+1.3% | $136.3M+21.5% | $112.1M-8.0% | $121.9M+15.4% | $105.6M+20.8% | $87.4M+147.2% | $35.4M-69.2% | $114.8M |
| Total Equity | -$284.5M-64.1% | -$173.3M+58.0% | -$412.8M+31.9% | -$605.9M+35.0% | -$932.5M-94.9% | -$478.5M+15.2% | -$564.4M-316.2% | -$135.6M |
| Retained Earnings | -$2.4B-5.0% | -$2.3B+5.8% | -$2.4B-3.3% | -$2.4B-7.0% | -$2.2B-26.7% | -$1.7B-5.3% | -$1.7B-45.0% | -$1.1B |
ALVO Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q4'25 | Q2'25 | Q4'24 | Q2'24 | Q4'23 | Q2'23 | Q4'22 | Q4'21 |
|---|
Not reported in any period shown, so not listed: Operating Cash Flow, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Financing Cash Flow, Dividends Paid, Share Buybacks.
ALVO Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q4'25 | Q2'25 | Q4'24 | Q2'24 | Q4'23 | Q2'23 | Q4'22 | Q4'21 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.89+0.1x | 1.82-0.5x | 2.35+2.1x | 0.24-0.5x | 0.75-0.2x | 0.96-0.4x | 1.38+0.3x | 1.07 |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Return on Equity, Return on Assets, Debt-to-Equity, FCF Margin.
Note: Shareholder equity is negative (-$284.5M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
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Where Alvotech Ranks
Frequently Asked Questions
What is Alvotech's annual revenue?
Alvotech (ALVO) reported $586.3M in total revenue for fiscal year 2025. This represents a 19.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Alvotech's revenue growing?
Alvotech (ALVO) revenue grew by 19.7% year-over-year, from $489.7M to $586.3M in fiscal year 2025.
Is Alvotech profitable?
Yes, Alvotech (ALVO) reported a net income of $27.9M in fiscal year 2025, with a net profit margin of 4.8%.
How much debt does Alvotech have?
As of fiscal year 2025, Alvotech (ALVO) had $172.4M in cash and equivalents against $138.0M in long-term debt.
What is Alvotech's net profit margin?
Alvotech (ALVO) had a net profit margin of 4.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Alvotech's free cash flow?
Alvotech (ALVO) recorded an outflow of $114.7M in free cash flow during fiscal year 2025. This represents a 60.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Alvotech's operating cash flow?
Alvotech (ALVO) recorded an outflow of $50.2M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Alvotech's total assets?
Alvotech (ALVO) had $1.5B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Alvotech's capital expenditures?
Alvotech (ALVO) invested $64.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Alvotech's current ratio?
Alvotech (ALVO) had a current ratio of 1.89 as of fiscal year 2025, which is generally considered healthy.
What is Alvotech's return on assets (ROA)?
Alvotech (ALVO) had a return on assets of 1.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Why is Alvotech's debt-to-equity ratio negative or not reported?
Alvotech (ALVO) has negative shareholder equity of -$284.5M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Alvotech's Piotroski F-Score?
Alvotech (ALVO) has a Piotroski F-Score of 2 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Alvotech's earnings high quality?
For every $1 of reported earnings, Alvotech (ALVO) used $1.80 of operating cash (-$50.2M OCF vs $27.9M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.