Avantor Financials
Avantor (AVTR) reported $6.6B in revenue over the twelve months to Mar 31, 2026, down 2.0% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 9 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).
Avantor’s dominant mechanic is resilient cash generation alongside volatile reported earnings and a balance sheet that recently re-levered.
FY2025 produced net income of-$530M while operating cash flow remained$624M . FY2024 instead paired net income of$712M with operating cash flow of$841M . The divergence means reported earnings absorbed a much sharper hit than the collection-and-payment cycle, consistent with noncash or unusual operating effects affecting profit more than cash generation.
Gross margin eased to
Debt-to-equity declined from 1.7x in FY2021 to 0.5x in FY2024, establishing a substantially less debt-dependent structure. The ratio then rose to 0.7x in FY2025, while the current ratio improved to 1.8x, indicating lower long-term leverage but better short-term coverage in the latest year.
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Avantor's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Avantor has an operating margin of -3.8%, meaning the company loses $4 on every $100 of revenue. This results in a profitability score of 46/100. This is down from 16.0% the prior year.
Avantor's revenue declined 3.4% year-over-year, from $6.8B to $6.6B. This contraction results in a growth score of 22/100.
Avantor has elevated debt relative to equity (D/E of 0.70), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 2/100, reflecting increased financial risk.
Avantor's current ratio of 1.78 indicates adequate short-term liquidity, earning a score of 51/100. The company can meet its near-term obligations, though with limited headroom.
Avantor has a free cash flow margin of 7.5%, earning a moderate score of 64/100. The company generates positive cash flow after capital investments, but with room for improvement.
Avantor posts a -9.5% return on equity (ROE), meaning it loses $10 for every $100 of shareholders' equity. This results in a returns score of 44/100. This is down from 11.9% the prior year.
Avantor scores 1.74, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($9.9B) relative to total liabilities ($6.2B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Avantor passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
Avantor reported a net loss of $530.2M while generating $623.8M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Avantor reported an operating loss of $246.2M against $169.8M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Avantor generated $6.6B in revenue in fiscal year 2025. This represents a decrease of 3.4% from the prior year.
Avantor's EBITDA was $164.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 89.0% from the prior year.
Avantor reported -$530.2M in net income in fiscal year 2025. This represents a decrease of 174.5% from the prior year.
Avantor earned -$0.78 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 175.0% from the prior year.
Cash & Balance Sheet
Avantor generated $495.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 28.5% from the prior year.
Avantor held $365.4M in cash against $3.9B in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Avantor's gross margin was 32.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 1.0 percentage points from the prior year.
Avantor's operating margin was -3.8% in fiscal year 2025, reflecting core business profitability. This is down 19.7 percentage points from the prior year.
Avantor's net profit margin was -8.1% in fiscal year 2025, showing the share of revenue converted to profit. This is down 18.6 percentage points from the prior year.
Avantor's ROE was -9.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 21.5 percentage points from the prior year.
Capital Allocation
Avantor spent $75.1M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
Avantor invested $128.8M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 13.4% from the prior year.
Not reported for fiscal year 2025.
AVTR Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.6B-4.9% | $1.7B+2.5% | $1.6B-3.5% | $1.7B+6.4% | $1.6B-6.2% | $1.7B-1.6% | $1.7B+0.7% | $1.7B |
| Cost of Revenue | $1.1B-5.2% | $1.1B+3.9% | $1.1B-2.8% | $1.1B+7.9% | $1.0B-6.9% | $1.1B-2.3% | $1.1B+2.6% | $1.1B |
| Gross Profit | $500.7M-4.4% | $523.9M-0.5% | $526.5M-5.0% | $554.1M+3.6% | $534.9M-5.0% | $562.9M-0.3% | $564.4M-2.9% | $581.5M |
| SG&A Expenses | $401.2M+2.2% | $392.4M+0.5% | $390.3M-8.2% | $425.3M+9.8% | $387.5M+4.3% | $371.4M-15.6% | $439.8M+8.4% | $405.7M |
| Operating Income | $99.5M-21.3% | $126.4M+119.5% | -$648.8M-603.7% | $128.8M-12.6% | $147.4M-76.9% | $638.1M+412.1% | $124.6M-29.1% | $175.8M |
| Interest Expense | $42.9M+7.2% | $40.0M-9.5% | $44.2M+1.8% | $43.4M+2.8% | $42.2M-6.0% | $44.9M-7.8% | $48.7M-20.0% | $60.9M |
| Income Tax | $12.2M-57.0% | $28.4M+27.4% | $22.3M+31.2% | $17.0M-19.8% | $21.2M-74.7% | $83.8M+401.8% | $16.7M-23.0% | $21.7M |
| Net Income | $43.3M-17.4% | $52.4M+107.4% | -$711.8M-1200.2% | $64.7M+0.3% | $64.5M-87.1% | $500.4M+765.7% | $57.8M-37.8% | $92.9M |
| EPS (Diluted) | $0.06-25.0% | $0.08+107.7% | -$1.04-1255.6% | $0.090.0% | $0.09-87.7% | $0.73+812.5% | $0.08-42.9% | $0.14 |
Not reported in any period shown, so not listed: R&D Expenses.
AVTR Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $11.7B-1.1% | $11.8B+1.0% | $11.7B-8.6% | $12.8B+3.7% | $12.3B+1.7% | $12.1B-5.7% | $12.8B+1.2% | $12.7B |
| Current Assets | $2.4B-1.9% | $2.5B+8.6% | $2.3B-10.2% | $2.5B+10.2% | $2.3B+6.3% | $2.1B-14.3% | $2.5B+7.5% | $2.3B |
| Cash & Equivalents | $279.3M-23.6% | $365.4M+45.1% | $251.9M-43.9% | $449.4M+42.4% | $315.7M+20.5% | $261.9M-8.2% | $285.3M+4.7% | $272.6M |
| Inventory | $810.3M-1.0% | $818.2M+2.9% | $795.5M+2.0% | $779.8M+4.0% | $750.1M+2.5% | $731.5M-6.2% | $779.6M-2.0% | $795.6M |
| Accounts Receivable | $1.1B+2.8% | $1.1B-0.3% | $1.1B-6.2% | $1.1B+4.8% | $1.1B+6.0% | $1.0B-4.9% | $1.1B-3.7% | $1.1B |
| Goodwill | $5.0B-0.7% | $5.0B0.0% | $5.0B-13.5% | $5.8B+2.7% | $5.6B+1.3% | $5.5B-2.3% | $5.7B+0.2% | $5.7B |
| Total Liabilities | $6.1B-2.5% | $6.2B+2.0% | $6.1B-5.9% | $6.5B+4.2% | $6.2B+1.1% | $6.2B-15.5% | $7.3B+0.4% | $7.3B |
| Current Liabilities | $1.4B-0.8% | $1.4B-9.1% | $1.5B-41.1% | $2.6B+26.6% | $2.0B+1.3% | $2.0B+23.2% | $1.6B+11.3% | $1.5B |
| Long-Term Debt | $3.8B-3.5% | $3.9B+7.6% | $3.6B+21.7% | $3.0B-8.9% | $3.3B+1.4% | $3.2B-31.1% | $4.7B-3.4% | $4.9B |
| Total Equity | $5.6B+0.4% | $5.6B-0.1% | $5.6B-11.4% | $6.3B+3.1% | $6.1B+2.4% | $6.0B+7.3% | $5.6B+2.2% | $5.4B |
| Retained Earnings | $1.7B+2.6% | $1.7B+3.2% | $1.6B-30.5% | $2.3B+2.9% | $2.3B+2.9% | $2.2B+29.4% | $1.7B+3.5% | $1.6B |
AVTR 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 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $58.7M-61.6% | $152.7M-26.4% | $207.4M+34.3% | $154.4M+41.3% | $109.3M-36.9% | $173.3M-29.2% | $244.8M-12.9% | $281.1M |
| Capital Expenditures | $33.5M-5.6% | $35.5M-0.6% | $35.7M+20.6% | $29.6M+5.7% | $28.0M+1.8% | $27.5M-32.6% | $40.8M-10.9% | $45.8M |
| Free Cash Flow | $25.2M-78.5% | $117.2M-31.7% | $171.7M+37.6% | $124.8M+53.5% | $81.3M-44.2% | $145.8M-28.5% | $204.0M-13.3% | $235.3M |
| Investing Cash Flow | -$32.7M+17.6% | -$39.7M-19.2% | -$33.3M-16.4% | -$28.6M+1.0% | -$28.9M-105.2% | $558.5M+1479.0% | -$40.5M+9.8% | -$44.9M |
| Financing Cash Flow | -$107.2M-15414.3% | $700K+100.2% | -$369.6M-5256.5% | -$6.9M+79.5% | -$33.6M+95.6% | -$755.3M-280.3% | -$198.6M-0.8% | -$197.1M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
AVTR Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 31.7%+0.2pp | 31.5%-0.9pp | 32.4%-0.5pp | 32.9%-0.9pp | 33.8%+0.5pp | 33.4%+0.5pp | 32.9%-1.2pp | 34.2% |
| Operating Margin | 6.3%-1.3pp | 7.6%+47.6pp | -40.0%-47.6pp | 7.6%-1.7pp | 9.3%-28.5pp | 37.8%+30.6pp | 7.3%-3.0pp | 10.3% |
| Net Margin | 2.7%-0.4pp | 3.1%+47.0pp | -43.8%-47.7pp | 3.8%-0.2pp | 4.1%-25.6pp | 29.7%+26.3pp | 3.4%-2.1pp | 5.5% |
| Return on Equity | 0.8%-0.2pp | 0.9%+13.7pp | -12.8%-13.8pp | 1.0%0.0pp | 1.1%-7.3pp | 8.4%+7.4pp | 1.0%-0.7pp | 1.7% |
| Return on Assets | 0.4%-0.1pp | 0.4%+6.5pp | -6.1%-6.6pp | 0.5%0.0pp | 0.5%-3.6pp | 4.1%+3.7pp | 0.4%-0.3pp | 0.7% |
| Current Ratio | 1.760.0x | 1.78+0.3x | 1.49+0.5x | 0.98-0.1x | 1.12+0.1x | 1.07-0.5x | 1.54-0.1x | 1.59 |
| Debt-to-Equity | 0.680.0x | 0.70+0.1x | 0.65+0.2x | 0.48-0.1x | 0.540.0x | 0.54-0.3x | 0.840.0x | 0.89 |
| FCF Margin | 1.6%-5.5pp | 7.0%-3.5pp | 10.6%+3.2pp | 7.4%+2.3pp | 5.1%-3.5pp | 8.6%-3.3pp | 11.9%-1.9pp | 13.8% |
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Where Avantor Ranks
Frequently Asked Questions
What is Avantor's annual revenue?
Avantor (AVTR) reported $6.6B in total revenue for fiscal year 2025. This represents a -3.4% 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 Avantor's revenue growing?
Avantor (AVTR) revenue declined by 3.4% year-over-year, from $6.8B to $6.6B in fiscal year 2025.
Is Avantor profitable?
No, Avantor (AVTR) reported a net income of -$530.2M in fiscal year 2025, with a net profit margin of -8.1%.
What is Avantor's EBITDA?
Avantor (AVTR) had EBITDA of $164.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Avantor have?
As of fiscal year 2025, Avantor (AVTR) had $365.4M in cash and equivalents against $3.9B in long-term debt.
What is Avantor's gross margin?
Avantor (AVTR) had a gross margin of 32.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Avantor's operating margin?
Avantor (AVTR) had an operating margin of -3.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Avantor's net profit margin?
Avantor (AVTR) had a net profit margin of -8.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Avantor's return on equity (ROE)?
Avantor (AVTR) has a return on equity of -9.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Avantor's free cash flow?
Avantor (AVTR) generated $495.0M in free cash flow during fiscal year 2025. This represents a -28.5% 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 Avantor's operating cash flow?
Avantor (AVTR) generated $623.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Avantor's total assets?
Avantor (AVTR) had $11.8B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Avantor's capital expenditures?
Avantor (AVTR) invested $128.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Avantor's current ratio?
Avantor (AVTR) had a current ratio of 1.78 as of fiscal year 2025, which is generally considered healthy.
What is Avantor's debt-to-equity ratio?
Avantor (AVTR) had a debt-to-equity ratio of 0.70 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Avantor's return on assets (ROA)?
Avantor (AVTR) had a return on assets of -4.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Avantor's Altman Z-Score?
Avantor (AVTR) has an Altman Z-Score of 1.74, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Avantor's Piotroski F-Score?
Avantor (AVTR) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. 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 Avantor's earnings high quality?
Avantor (AVTR) reported a net loss of $530.2M while generating $623.8M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. 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.
Can Avantor cover its interest payments?
Avantor (AVTR) reported an operating loss of $246.2M against $169.8M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Avantor?
Avantor (AVTR) scores 38 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.