Oatly Group Ab Financials

OTLY

Source SEC Filings (10-K/10-Q) Data as of Dec 31, 2025 Currency USD FYE December

This page shows Oatly Group Ab (OTLY) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 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).

Rhea AI OTLY FY2025 2026-04-22

Recent improvement comes from using existing assets more efficiently and shrinking cash burn, not from another buildout.

From FY2023 to FY2025, revenue increased about 10.1% even as total assets shrank about 29.5%. That leaner asset use, together with much lower capex, helps explain why free cash flow margin improved from -29.6% to -4.2% far faster than sales changed.

The model is becoming less cash-hungry, but short-term liquidity is still the pressure point: the current ratio fell to 0.5x and cash ended FY2025 at $64.3M. Because current liabilities still outweigh current assets by a wide margin while long-term debt is only $24.7M, the balance sheet looks more like a working-capital squeeze than a classic debt load.

FY2025 net loss was still -$153.1M, but operating cash flow was only -$23.7M, which means non-cash expenses are now doing more of the damage than immediate cash spending. The harder constraint is thin equity: after years of losses, the company finished with just $19.7M of book equity, leaving little cushion if operations slip again.

Financial Health Signals

Financial Health Score 19/100

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 Oatly Group Ab'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.

Growth

Oatly Group Ab's revenue grew a modest 4.7% year-over-year to $862.5M. This slow but positive growth earns a score of 51/100.

Leverage

Oatly Group Ab has a moderate D/E ratio of 1.26. This balance of debt and equity financing earns a leverage score of 42/100.

Liquidity

Oatly Group Ab's current ratio of 0.48 is below the typical benchmark, resulting in a score of 5/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow

While Oatly Group Ab generated -$23.7M in operating cash flow, capex of $12.4M consumed most of it, leaving -$36.1M in free cash flow. This results in a low score of 14/100, reflecting heavy capital investment rather than weak cash generation.

Piotroski F-Score Partial

4/8

Oatly Group Ab passes 4 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Low Quality

0.15x

For every $1 of reported earnings, Oatly Group Ab generates $0.15 in operating cash flow (-$23.7M OCF vs -$153.1M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

$862.5M

YoY+4.7%

5Y CAGR+15.4%

Oatly Group Ab generated $862.5M in revenue in fiscal year 2025. This represents an increase of 4.7% from the prior year.

EBITDA

N/A

Net Income

-$153.1M

YoY+24.3%

Oatly Group Ab reported -$153.1M in net income in fiscal year 2025. This represents an increase of 24.3% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

-$36.1M

YoY+76.5%

Oatly Group Ab generated -$36.1M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 76.5% from the prior year.

Cash & Debt

$64.3M

YoY-35.0%

5Y CAGR-9.4%

Oatly Group Ab held $64.3M in cash against $24.7M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

625M

YoY+4.3%

Oatly Group Ab had 625M shares outstanding in fiscal year 2025. This represents an increase of 4.3% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

-17.8%

YoY+6.8pp

5Y CAGR-3.4pp

Oatly Group Ab's net profit margin was -17.8% in fiscal year 2025, showing the share of revenue converted to profit. This is up 6.8 percentage points from the prior year.

Return on Equity

-778.4%

YoY-587.8pp

5Y CAGR-759.9pp

Oatly Group Ab's ROE was -778.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 587.8 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$12.4M

YoY-68.3%

5Y CAGR-37.9%

Oatly Group Ab invested $12.4M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 68.3% from the prior year.

OTLY Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$862.5M+4.7%	$823.7M+5.1%	$783.3M+8.5%	$722.2M+12.3%	$643.2M+52.6%	$421.4M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$2.9M-37.2%	$4.7M-30.9%	$6.8M-16.8%	$8.1M+62.0%	$5.0M+243.8%	$1.5M
Income Tax	$8.2M+121.6%	$3.7M-58.4%	$8.9M+284.3%	-$4.8M-81.8%	-$2.7M-210.1%	$2.4M
Net Income	-$153.1M+24.3%	-$202.3M+51.5%	-$417.1M-6.2%	-$392.6M-84.8%	-$212.4M-251.9%	-$60.4M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q2'25	Q1'25	Q4'24	Q2'24	Q1'24	Q4'23	Q4'22
Revenue	N/A	$208.4M	N/A	N/A	$202.2M	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	$749K	N/A	N/A	$1.5M	N/A	N/A	N/A
Income Tax	N/A	$1.9M	N/A	N/A	$1.8M	N/A	N/A	N/A
Net Income	N/A	-$55.9M-346.5%	-$12.5M	N/A	-$30.4M+33.6%	-$45.8M	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

OTLY Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$787.2M-2.1%	$804.0M-28.0%	$1.1B-8.8%	$1.2B-24.8%	$1.6B+139.9%	$678.9M
Current Assets	$265.2M-11.3%	$299.1M-38.1%	$483.4M+0.2%	$482.3M-40.2%	$807.1M+236.0%	$240.2M
Cash & Equivalents	$64.3M-35.0%	$98.9M-60.3%	$249.3M+201.7%	$82.6M-72.0%	$295.6M+180.5%	$105.4M
Inventory	$68.5M+4.5%	$65.6M-3.4%	$67.9M-40.7%	$114.5M+19.7%	$95.7M+144.6%	$39.1M
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$137.7M+18.5%	$116.2M-10.8%	$130.3M+2.1%	$127.7M-12.5%	$145.9M-6.7%	$156.5M
Total Liabilities	$767.5M+10.0%	$697.9M-10.7%	$781.2M+80.0%	$434.1M+13.1%	$383.6M+8.7%	$352.8M
Current Liabilities	$557.3M+4.2%	$535.1M-8.3%	$583.7M+70.7%	$341.9M+40.5%	$243.4M+6.4%	$228.6M
Long-Term Debt	$24.7M-22.0%	$31.7M-56.3%	$72.6M-11.8%	$82.3M-35.0%	$126.5M+429.7%	$23.9M
Total Equity	$19.7M-81.5%	$106.1M-68.4%	$335.8M-57.6%	$791.1M-36.5%	$1.2B+281.9%	$326.1M
Retained Earnings	-$1.4B-11.9%	-$1.2B-17.8%	-$1.1B-59.4%	-$665.5M-115.8%	-$308.4M-157.7%	-$119.7M

Metric	Q4'25	Q2'25	Q1'25	Q4'24	Q2'24	Q1'24	Q4'23	Q4'22
Total Assets	$787.2M-2.0%	$803.1M	N/A	$804.0M	N/A	N/A	$1.1B-8.8%	$1.2B
Current Assets	$265.2M-2.3%	$271.5M	N/A	$299.1M	N/A	N/A	$483.4M+0.2%	$482.3M
Cash & Equivalents	$64.3M-5.3%	$67.9M	N/A	$98.9M-30.7%	$142.7M	N/A	$249.3M+201.7%	$82.6M
Inventory	$68.5M+4.1%	$65.9M	N/A	$65.6M	N/A	N/A	$67.9M-40.7%	$114.5M
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$137.7M+3.1%	$133.6M	N/A	$116.2M	N/A	N/A	$130.3M+2.1%	$127.7M
Total Liabilities	$767.5M+8.7%	$706.3M	N/A	$697.9M	N/A	N/A	$781.2M+80.0%	$434.1M
Current Liabilities	$557.3M+1.0%	$551.8M	N/A	$535.1M	N/A	N/A	$583.7M+70.7%	$341.9M
Long-Term Debt	$24.7M-16.2%	$29.5M	N/A	$31.7M	N/A	N/A	$72.6M-11.8%	$82.3M
Total Equity	$19.7M-79.7%	$96.7M-20.6%	$121.9M+14.8%	$106.1M-56.8%	$245.8M-10.1%	$273.3M-18.6%	$335.8M-57.6%	$791.1M
Retained Earnings	-$1.4B-6.7%	-$1.3B	N/A	-$1.2B	N/A	N/A	-$1.1B-59.4%	-$665.5M

OTLY Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$23.7M+79.3%	-$114.4M+30.9%	-$165.6M+38.4%	-$268.9M-25.8%	-$213.8M-382.6%	-$44.3M
Capital Expenditures	$12.4M-68.3%	$39.1M-40.8%	$66.1M-67.2%	$201.7M-26.3%	$273.8M+103.9%	$134.3M
Free Cash Flow	-$36.1M+76.5%	-$153.6M+33.7%	-$231.7M+50.8%	-$470.6M+3.5%	-$487.6M-173.0%	-$178.6M
Investing Cash Flow	-$15.5M-68.0%	-$9.3M+65.3%	-$26.7M-176.7%	$34.8M+106.4%	-$544.3M-285.0%	-$141.4M
Financing Cash Flow	$1.2M+104.3%	-$27.3M-107.7%	$355.0M+888.3%	$35.9M-96.2%	$955.8M+248.9%	$273.9M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q2'25	Q1'25	Q4'24	Q2'24	Q1'24	Q4'23	Q4'22
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

OTLY Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	-17.8%+6.8pp	-24.6%+28.7pp	-53.2%+1.1pp	-54.4%-21.3pp	-33.0%-18.7pp	-14.3%
Return on Equity	-778.4%-587.8pp	-190.6%-66.4pp	-124.2%-74.6pp	-49.6%-32.6pp	-17.1%+1.4pp	-18.5%
Return on Assets	-19.4%+5.7pp	-25.2%+12.2pp	-37.3%-5.3pp	-32.0%-19.0pp	-13.0%-4.1pp	-8.9%
Current Ratio	0.48-0.1	0.56-0.3	0.83-0.6	1.41-1.9	3.32+2.3	1.05
Debt-to-Equity	1.26+1.0	0.30+0.1	0.22+0.1	0.100.0	0.10+0.0	0.07
FCF Margin	-4.2%+14.5pp	-18.6%+10.9pp	-29.6%+35.6pp	-65.2%+10.7pp	-75.8%-33.4pp	-42.4%

Metric	Q4'25	Q2'25	Q1'25	Q4'24	Q2'24	Q1'24	Q4'23	Q4'22
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	-26.9%	N/A	N/A	-15.1%	N/A	N/A	N/A
Return on Equity	N/A	-57.8%-47.6pp	-10.3%	N/A	-12.4%+4.4pp	-16.8%	N/A	N/A
Return on Assets	N/A	-7.0%	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	0.48-0.0	0.49	N/A	0.56	N/A	N/A	0.83-0.6	1.41
Debt-to-Equity	1.26+1.0	0.31	N/A	0.30	N/A	N/A	0.22+0.1	0.10
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Note: The current ratio is below 1.0 (0.48), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

What is Oatly Group Ab's annual revenue?

Oatly Group Ab (OTLY) reported $862.5M in total revenue for fiscal year 2025. This represents a 4.7% 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 Oatly Group Ab's revenue growing?

Oatly Group Ab (OTLY) revenue grew by 4.7% year-over-year, from $823.7M to $862.5M in fiscal year 2025.

Is Oatly Group Ab profitable?

No, Oatly Group Ab (OTLY) reported a net income of -$153.1M in fiscal year 2025, with a net profit margin of -17.8%.

How much debt does Oatly Group Ab have?

As of fiscal year 2025, Oatly Group Ab (OTLY) had $64.3M in cash and equivalents against $24.7M in long-term debt.

What is Oatly Group Ab's net profit margin?

Oatly Group Ab (OTLY) had a net profit margin of -17.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Oatly Group Ab's return on equity (ROE)?

Oatly Group Ab (OTLY) has a return on equity of -778.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Oatly Group Ab's free cash flow?

Oatly Group Ab (OTLY) generated -$36.1M in free cash flow during fiscal year 2025. This represents a 76.5% 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 Oatly Group Ab's operating cash flow?

Oatly Group Ab (OTLY) generated -$23.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Oatly Group Ab's total assets?

Oatly Group Ab (OTLY) had $787.2M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Oatly Group Ab's capital expenditures?

Oatly Group Ab (OTLY) invested $12.4M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does Oatly Group Ab have outstanding?

Oatly Group Ab (OTLY) had 625M shares outstanding as of fiscal year 2025.

What is Oatly Group Ab's current ratio?

Oatly Group Ab (OTLY) had a current ratio of 0.48 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is Oatly Group Ab's debt-to-equity ratio?

Oatly Group Ab (OTLY) had a debt-to-equity ratio of 1.26 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Oatly Group Ab's return on assets (ROA)?

Oatly Group Ab (OTLY) had a return on assets of -19.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Oatly Group Ab's cash runway?

Based on fiscal year 2025 data, Oatly Group Ab (OTLY) had $64.3M in cash against an annual operating cash burn of $23.7M. This gives an estimated cash runway of approximately 33 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Oatly Group Ab's Piotroski F-Score?

Oatly Group Ab (OTLY) has a Piotroski F-Score of 4 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 Oatly Group Ab's earnings high quality?

Oatly Group Ab (OTLY) has an earnings quality ratio of 0.15x, considered low quality (accrual-driven). 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.

How financially healthy is Oatly Group Ab?

Oatly Group Ab (OTLY) scores 19 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.