Avantor, Inc.

Laboratory Analytical Instruments

AVTRStrained4 of 10 basics passed

$15.67

+1.82%

Market cap $10.6B

$15.67

+1.82%

Market cap $10.6B

Avantor Inc provides products and services to customers in the biopharma, healthcare, education & government, and advanced technologies & applied materials industries. The company operates through two segments: Laboratory Solutions and Bioscience Production.

It is a $10.6B technology company. Revenue shrank 1.6% over the last year, it currently loses money, and its net debt equals ~7.8 years of free cash flow.

Website: avantorsciences.com
Location: Radnor, PA
Employees: 13 500
Sector: Technology

Share price · 3 years

$20.76 → $15.67-24.5%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $6.56B
Loss: spends more than it earns; -$578M
Free cash flow: cash left after running the business; $455M
Net debt: debt minus cash on hand; $3.55B
P/E: years of profit in the price; 20.8
Shares: up 17% since 2020 — dilution; 680.6M
Volatility: beta vs the market — under 1 swings less; 0.98

Revenue, last 7 years

52-week range

Low $7.41$15.67High $15.86

Today's price is 98% of the way from the year's low to its high.

Valuation vs own history

P/E

11.7×

99%

P/S

1.6×

69%

EV/EBITDA

26.6×

54%

P/B

1.9×

69%

FCF yield

4.3%

22%

Share of the last ~5 years that was pricier than today (cheaper than usual). Based on the daily valuation record.

Standing in Technology

Size$10.6Btop 84%
Revenue growth-4%top 93%
Net margin-9%top 90%
Return on equity-10%top 92%
P/E20.8×top 26%

Ranked against 220 Technology companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Growth, Profitability, Health and Moat lag behind.

Valuation62

P/E vs own history1th pct · 25/25
FCF yield4.3% · 12/25
P/S1.6x · 25/25
EV/EBITDA125.5x · 0/25

Growth12

Revenue CAGR-3.0% · 0/25
Net income CAGRn/a · 0/25
EPS CAGR ~5Yn/a · 0/25
Fwd implied growth8.1% · 12/25

Profitability0

ROIC-5.8% · 0/25
ROE-10.3% · 0/25
Net margin-8.8% · 0/25
Operating margin-4.7% · 0/25

Health23

Altman Zn/a · 0/25
Current ratio1.78 · 18/25
Interest coverage-1.5x · 0/25
Net cash / debtD/A 30% · 5/25

Quality55

Piotroski F4/9 · 10/25
Beneish M-3.07 · 25/25
FCF conversion-79% · 0/25
Margin stabilityσ 5.2% · 20/25

Moat38

ROIC >12% years0/7 yrs · 0/25
Median gross margin33.6% · 13/25
FCF-positive years7/7 yrs · 25/25
Worst-year net marginworst -8.1% · 0/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2024Financial
Best year on record
$712M net income
2021Acquisition
Avantor acquired China-based RIM Bio, a manufacturer of single-use bioprocess bags and assemblies for…
FY2019Financial
First recorded profitable year
$37.8M net income
FY2019Financial
Revenue already above $1B
$6.04B in first reported year
FY2019Financial
Positive free cash flow every year since
7-year streak
2019IPO
Avantor went public with a $3.8 billion initial public offering
2017Acquisition
Avantor acquired chemical blending business Puritan Products Inc
2016Acquisition
Avantor merged with Nusil Technology
2010Acquisition
Investment firm New Mountain Capital purchased Mallinckrodt Baker Inc
2010Milestone
Baker, the company changed its name to Avantor in 2010
1935Acquisition
The company was acquired by Vick Chemical Company in 1941

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$3 561 today — price return only

$6.6B revenue in FY2025

Positive free cash flow 7 years in a row

13 500 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

No standout strengths in the available data.

Watch-outs

Revenue shrinking 1.6% year over year
Not profitable — 8.8% net margin
Thin interest coverage (-1.5×)
Loss-making in 1 of the recent years
Net debt equals ~7.8 years of free cash flow

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

4 of 10 checks passed

Revenue growing — the company sells more than a year ago-1.6% YoY
Profitable — makes more than it spends-$578M TTM
Profit growing — earnings are higher than last year-174.5% YoY
Generates cash — cash left after running and investing$455M TTM
Debt under control — could handle its obligations~7.8y of cash flow to repay
Established company — not a micro-cap — lower blow-up risk$10.6B market cap
Not printing shares — share count not ballooning — you keep your slice+16.7% shares over ~5y
Proven track record — years of profitability behind it6/7 profitable years
Financially stable — balance sheet not near distresshealth score 28/100
Pays a dividend — returns cash to shareholdersno data
Valuation not extreme — price not wildly above earningsP/E 20.8

Peer comparisonAvantor, Inc. vs 6 largest technology peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
AVTR this company	$10.6B	20.8	-1.6%	-8.8%	Strained
NVDA Nvidia Corp	$5.5T	28.6	+83.4%	63.7%	Mixed
AAPL Apple Inc.	$4.9T	38.1	+14.2%	27.6%	Strong
GOOGL Alphabet Inc.	$4.3T	17.6	+20.1%	54.8%	Mixed
MSFT Microsoft Corp	$4.0T	29.7	+17.8%	40.3%	Strong
SPCX Space Exploration Technologies Corp.	$2.1T	—	+33.2%	-34.0%	Strained
META Meta Platforms, Inc.	$1.8T	26.9	+27.7%	29.8%	Mixed

Head-to-head: AVTR vs NVDA · AVTR vs AAPL · AVTR vs GOOGL

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 3Buy 5Hold 16Sell 1

Appendix · Financial records

The full statements behind this CV, FY2019–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $6.56B · net income -$578M (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$6.56B

YoY -1.6%

Net income (TTM)

-$578M

Margin -8.8%

Gross margin

31.8%

Operating margin

-4.7%

P/E ratio

20.8

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	6.4	7.4	7.5	7.0	6.8	6.6
Gross profit	2.1	2.5	2.6	2.4	2.3	2.1
Operating income (EBIT)	0.7	1.1	1.1	0.7	1.1	0.6
Net income	0.1	0.5	0.7	0.3	0.7	-0.5
EPS (diluted)	0.20	0.83	1.01	0.47	1.04	-0.78

Cash flowFree cash flow $455M · operating cash flow $597M (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$455M

Margin 6.9%

Operating cash flow (TTM)

$597M

FCF margin

6.9%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	0.9	1.0	0.8	0.9	0.8	0.6
Capital expenditure	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1
Free cash flow	0.9	0.8	0.7	0.7	0.7	0.5
FCF margin	13.6%	11.4%	9.5%	10.4%	10.2%	7.6%

Balance sheetAssets $11.8B · net debt $3.55B (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $11.8B of assets is financed

53%

47%

Liabilities $6.23B — borrowed moneyEquity $5.57B — owners' stake

Cash vs debt

Total debt $3.92B − cash $365M = net debt $3.55B

Cash on hand covers 9% of debt.

Debt repayment

0.0 yrs

Years of free cash flow to clear net debt

Interest coverage

-1.5x

EBIT ÷ interest expense

ROE

-10.3%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	0.3	0.3	0.4	0.3	0.3	0.4
Total assets	9.9	13.9	13.5	13.0	12.1	11.8
Total liabilities	7.2	9.7	8.6	7.7	6.2	6.2
Total debt	4.9	7.1	5.9	5.3	3.2	3.9
Equity	2.7	4.2	4.9	5.3	6.0	5.6
Net debt	4.6	6.8	5.6	5.0	3.0	3.6

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of AVTR on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $15.67 · market cap $10.6B.