Detailed financial statements for Avantor, Inc. (AVTR): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Avantor, Inc., a company established in 1904 and based in Radnor, Pennsylvania, is a global provider of vital products and specialized services. Operating across the Americas, Europe, Asia, the Middle East, and Africa, Avantor caters to a wide array of industries, including biopharmaceuticals, healthcare, educational institutions, government bodies, advanced technology firms, and applied materials enterprises.
Analysis Summary
Avantor, Inc. reported revenue of $6.55B in the most recent fiscal year, growing at a 5-year CAGR of 0.5%.
Trailing-twelve-month margins: gross margin 31.6%, operating margin 7.6%, net margin 5.1%. Free cash flow grew at -10.6% CAGR over 5 years.
At $16.05 (closing price, October 30, 2026), AVTR trades at a P/E of 32.05 and an ROE of 5.96%. Market capitalisation stands at $10.9B, placing it among large-cap names.
Balance sheet quality for AVTR: current ratio of 1.8, net debt of $3.58B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $691.3M | $1.25B | $5.86B | $6.04B | $6.39B | $7.39B | $7.51B | $6.97B | $6.78B | $6.55B |
| Cost of Revenue | $371.6M | $814.6M | $4.04B | $4.12B | $4.31B | $4.88B | $4.91B | $4.60B | $4.50B | $4.41B |
| Gross Profit | $319.7M | $432.8M | $1.82B | $1.92B | $2.08B | $2.50B | $2.60B | $2.36B | $2.28B | $2.14B |
| Research & Development | $19.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $309.8M | $643.2M | $1.41B | $1.37B | $1.37B | $1.53B | $1.47B | $1.51B | $1.64B | $1.60B |
| Operating Expenses | $309.8M | $643.2M | $1.41B | $1.37B | $1.37B | $1.53B | $1.47B | $1.67B | $1.19B | $2.39B |
| Operating Income | $9.9M | -$210.4M | $413.5M | $551.8M | $706.8M | $972.2M | $1.13B | $696.4M | $1.08B | -$246.2M |
| EBITDA | $70.0M | -$160.1M | $814.6M | $879.5M | $765.3M | $1.35B | $1.52B | $1.10B | $1.48B | $138.7M |
| Interest Expense | $80.3M | $200.9M | $523.8M | $440.0M | $307.6M | $217.4M | $265.8M | $284.8M | $218.8M | $169.8M |
| Pre-tax Income | -$70.6M | -$460.2M | -$113.8M | $40.6M | $62.3M | $753.0M | $851.1M | $410.5M | $853.9M | -$441.3M |
| Income Tax | $10.1M | -$314.9M | -$26.9M | $2.8M | -$54.3M | $180.4M | $164.6M | $89.4M | $142.4M | $88.9M |
| Net Income | -$42.4M | -$112.7M | -$86.9M | $37.8M | $116.6M | $572.6M | $686.5M | $321.1M | $711.5M | -$530.2M |
| EPS | $-0.09 | $-0.84 | $-0.72 | $-0.84 | $0.09 | $0.86 | $1.02 | $0.48 | $1.05 | $-0.78 |
| EPS (Diluted) | $-0.09 | $-0.84 | $-0.72 | $-0.84 | $0.09 | $0.85 | $1.01 | $0.47 | $1.04 | $-0.78 |
| Shares Outstanding (Diluted) | 491.3 M | 496.5 M | 496.5 M | 401.2 M | 583.4 M | 599.6 M | 679.4 M | 678.4 M | 681.9 M | 679.3 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $1.66B | $1.58B | $1.69B | $1.70B |
| Gross Profit | $523.9M | $500.7M | $537.0M | $534.8M |
| Operating Income | $126.4M | $115.0M | $121.8M | $139.5M |
| EBITDA | $224.1M | $215.8M | $226.2M | $243.2M |
| Net Income | $52.4M | $43.3M | $38.1M | $203.4M |
| EPS | $0.08 | $0.06 | $0.06 | $0.30 |
| EPS (Diluted) | $0.08 | $0.06 | $0.06 | $0.30 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $62.9M | $185.4M | $184.7M | $186.7M | $286.6M | $301.7M | $372.9M | $262.9M | $261.9M | $365.4M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $87.9M | $875.0M | $931.2M | $988.8M | $1.11B | $1.22B | $1.22B | $1.15B | $1.03B | $1.07B |
| Inventory | $122.2M | $695.1M | $671.1M | $711.2M | $739.6M | $872.0M | $913.5M | $828.1M | $731.5M | $818.2M |
| Total Current Assets | $292.0M | $1.83B | $1.90B | $2.02B | $2.23B | $2.48B | $2.66B | $2.38B | $2.15B | $2.45B |
| Property, Plant & Equipment | $204.0M | $663.5M | $598.6M | $557.0M | $549.9M | $705.5M | $727.0M | $737.5M | $708.1M | $766.8M |
| Goodwill | $186.1M | $2.85B | $2.78B | $2.77B | $2.86B | $5.34B | $5.65B | $5.72B | $5.54B | $4.99B |
| Intangible Assets | $441.4M | $4.99B | $4.57B | $4.22B | $4.05B | $5.14B | $4.13B | $3.78B | $3.36B | $3.19B |
| Total Assets | $1.14B | $10.45B | $9.91B | $9.77B | $9.91B | $13.90B | $13.46B | $12.97B | $12.11B | $11.79B |
| Accounts Payable | $48.0M | $542.0M | $557.4M | $560.2M | $678.9M | $755.1M | $758.2M | $625.9M | $662.8M | $741.7M |
| Short-term Debt | $13.7M | $109.0M | $142.4M | $93.5M | $26.4M | $45.2M | $364.2M | $259.9M | $821.1M | $30.8M |
| Total Current Liabilities | $135.9M | $1.10B | $1.10B | $1.07B | $1.24B | $1.45B | $1.66B | $1.48B | $2.01B | $1.38B |
| Long-term Debt | $1.28B | $7.01B | $6.78B | $5.02B | $4.87B | $6.98B | $5.92B | $5.28B | $3.23B | $3.92B |
| Total Liabilities | $1.65B | $13.07B | $12.96B | $7.31B | $7.23B | $9.70B | $8.61B | $7.72B | $6.16B | $6.23B |
| Retained Earnings | -$5.7M | -$156.3M | -$238.4M | -$203.7M | -$88.7M | $483.9M | $1.17B | $1.49B | $2.20B | $1.67B |
| Total Equity | -$374.9M | -$2.62B | -$3.05B | $2.46B | $2.67B | $4.20B | $4.86B | $5.25B | $5.96B | $5.57B |
| Total Debt | $1.30B | $7.12B | $6.92B | $5.12B | $4.89B | $7.02B | $6.29B | $5.54B | $4.06B | $3.95B |
| Net Debt | $1.23B | $6.93B | $6.74B | $4.93B | $4.61B | $6.72B | $5.91B | $5.27B | $3.79B | $3.58B |
| Working Capital | $156.1M | $729.5M | $803.4M | $947.0M | $988.2M | $1.03B | $999.1M | $904.6M | $139.1M | $1.07B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $251.9M | $365.4M | $279.3M | $306.8M |
| Total Assets | $11.68B | $11.79B | $11.66B | $11.60B |
| Total Liabilities | $6.11B | $6.23B | $6.07B | $5.97B |
| Total Equity | $5.57B | $5.57B | $5.59B | $5.63B |
| Total Debt | $3.86B | $3.95B | $3.82B | $3.70B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$80.7M | -$145.3M | -$86.9M | $37.8M | $116.6M | $572.6M | $686.5M | $321.1M | $711.5M | -$530.2M |
| Depreciation & Amortization | $60.3M | $99.2M | $404.6M | $398.9M | $395.4M | $379.2M | $405.5M | $402.3M | $405.5M | $410.2M |
| Stock-based Compensation | $98.7M | $48.2M | $18.4M | $67.9M | $44.1M | $50.7M | $45.8M | $40.5M | $46.8M | $46.4M |
| Change in Working Capital | -$11.5M | $72.6M | -$93.8M | -$186.6M | $19.5M | -$114.5M | -$321.3M | $16.6M | $47.7M | -$198.9M |
| Operating Cash Flow | $72.9M | -$167.5M | $200.5M | $354.0M | $929.8M | $953.6M | $843.6M | $870.0M | $840.8M | $623.8M |
| Capital Expenditure | -$29.9M | -$25.2M | -$37.7M | -$51.6M | -$61.6M | -$111.1M | -$133.4M | -$146.4M | -$148.8M | -$128.8M |
| Acquisitions | 0 | -$6.66B | 0 | 0 | 0 | -$4.01B | -$20.2M | 0 | 0 | 0 |
| Stock Repurchased | -$702.2M | 0 | 0 | -$2.63B | -$20.2M | -$25.8M | -$13.2M | -$13.7M | -$8.6M | -$80.7M |
| Dividends Paid | -$158.7M | -$1.70B | 0 | -$31.3M | -$64.6M | -$64.6M | -$32.4M | 0 | 0 | 0 |
| Free Cash Flow | $43.0M | -$192.7M | $162.8M | $302.4M | $868.2M | $842.5M | $710.2M | $723.6M | $692.0M | $495.0M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $207.4M | $152.7M | $58.7M | $178.2M |
| Capital Expenditure | -$35.7M | -$35.5M | -$33.5M | -$37.6M |
| Free Cash Flow | $171.7M | $117.2M | $25.2M | $140.6M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $7.2M | $11.3M | $8.6M | $15.4M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +80.4% | +370.1% | +3.0% | +5.8% | +15.5% | +1.7% | -7.3% | -2.6% | -3.4% | |
| Net Income Growth (YoY) | -165.8% | +22.9% | +143.5% | +208.5% | +391.1% | +19.9% | -53.2% | +121.6% | -174.5% | |
| EPS Growth (YoY) | -873.3% | +14.3% | -16.7% | +110.7% | +855.6% | +18.6% | -52.9% | +118.8% | -174.3% | |
| Shares Change (YoY) | +1.1% | +0.0% | -19.2% | +45.4% | +2.8% | +13.3% | -0.1% | +0.5% | -0.4% | |
| FCF Growth (YoY) | -548.1% | +184.5% | +85.7% | +187.1% | -3.0% | -15.7% | +1.9% | -4.4% | -28.5% | |
| Gross Margin | 46.2% | 34.7% | 31.0% | 31.8% | 32.5% | 33.9% | 34.6% | 33.9% | 33.6% | 32.7% |
| Operating Margin | 1.4% | -16.9% | 7.1% | 9.1% | 11.1% | 13.2% | 15.0% | 10.0% | 16.0% | -3.8% |
| EBITDA Margin | 10.1% | -12.8% | 13.9% | 14.6% | 12.0% | 18.3% | 20.3% | 15.8% | 21.8% | 2.1% |
| Net Margin | -6.1% | -9.0% | -1.5% | 0.6% | 1.8% | 7.8% | 9.1% | 4.6% | 10.5% | -8.1% |
| FCF Margin | 6.2% | -15.4% | 2.8% | 5.0% | 13.6% | 11.4% | 9.5% | 10.4% | 10.2% | 7.6% |
| Effective Tax Rate | -14.3% | 68.4% | 23.6% | 6.9% | -87.2% | 24.0% | 19.3% | 21.8% | 16.7% | -20.1% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.09 | $-0.39 | $0.33 | $0.75 | $1.49 | $1.41 | $1.05 | $1.07 | $1.01 | $0.73 |
| Dividends Per Share | $0.32 | $3.43 | $0.00 | $0.08 | $0.11 | $0.11 | $0.05 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 491.3 M | 496.5 M | 496.5 M | 401.2 M | 576.3 M | 590.5 M | 650.9 M | 675.6 M | 680.3 M | 678.0 M |
What to look at in Healthcare / Pharma
The R&D pipeline is the invisible asset. Patents expiring = revenues evaporating. Look at innovation and cash flow.
- R&D / Revenue — Shows investment in future pipeline. Serious pharma reinvests 15-20%
- 5y EPS growth — After patent expirations, are they still growing?
- Gross margin — Branded pharma >70%. Generics much lower — defines the business type
- FCF / Net Income — Earnings quality — big pharma should convert >90%
- ROIC — Capital reinvested efficiently — key in pharma due to long R&D cycles
- Net debt / EBITDA — Pharma acquisitions pile up debt — watch the post-M&A picture
- P/E vs own 10y history — The best comparison is with its own history, not with peers
Profitability
| Return on Equity | 5.96% |
| Return on Invested Capital | 4.88% |
| Return on Assets | 2.90% |
| Gross Margin | 31.59% |
| Operating Margin | 7.58% |
| Net Margin | 5.08% |
Financial Health
| Debt / Equity | 0.63 |
| Current Ratio | 1.89 |
| Piotroski F-Score | 4 |
| Altman Z-Score | 1.54 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -168.02 | -17.26 | -20.14 | -21.61 | 312.78 | 49.00 | 20.68 | 47.56 | 20.07 | -14.69 |
| P/B | -19.00 | -2.75 | -2.36 | 2.96 | 6.07 | 5.93 | 2.83 | 2.94 | 2.41 | 1.40 |
| P/S | 10.31 | 5.77 | 1.23 | 1.21 | 2.54 | 3.37 | 1.83 | 2.21 | 2.11 | 1.19 |
| Gross Margin | 46.2% | 34.7% | 31.0% | 31.8% | 32.5% | 33.9% | 34.6% | 33.9% | 33.6% | 32.7% |
| Operating Margin | 1.4% | -16.9% | 7.1% | 9.1% | 11.1% | 13.2% | 15.0% | 10.0% | 16.0% | -3.8% |
| Net Margin | -6.1% | -9.0% | -1.5% | 0.6% | 1.8% | 7.8% | 9.1% | 4.6% | 10.5% | -8.1% |
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