Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data Alvotech files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2020
FY2022
FY2022
FY2023
FY2024
FY2025
Revenue
66.6
36.8
83
91.4
490
586
Cost of revenue
0
64.1
161
185
236
Gross profit
36.8
18.9
-69.4
304
351
Research and development
148
191
181
211
171
184
Operating income
-138
-235
-346
-355
69.6
78.2
Interest expense
162
117
188
267
303
149
Interest income
5.61
51.6
2.55
4.82
80.1
198
Pre-tax income
-292
-149
-552
-651
-218
136
Income tax
-122
-47.7
-38.1
-99.3
14.3
108
Net income
-170
-102
-514
-552
-232
27.9
EPS, basic
-1.82
-0.92
-2.60
-2.43
-0.87
0.10
EPS, diluted
-1.82
-0.92
-2.60
-2.43
-0.87
0.10
Balance sheet
FY2020
FY2022
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
31.7
17.6
66.4
11.2
51.4
172
Inventory
39.1
71.5
74.4
128
220
Total current assets
120
231
195
455
574
Property, plant and equipment
78.5
221
237
285
356
Lease right-of-use assets
112
127
47.5
120
125
138
Goodwill
13.4
12.4
11.6
12.1
11.3
12.8
Intangible assets
21.5
25.7
19.1
20.6
81.8
Total assets
598
828
950
1,221
1,487
Accounts payable
28.6
49.2
80.6
67.1
126
Total current liabilities
112
167
261
193
304
Lease liabilities
115
35.4
106
112
138
Total liabilities
734
1,393
1,883
1,634
1,772
Total debt
568
401
765
960
1,069
1,299
Paid-in capital
1,000
1,058
1,230
2,007
2,106
Retained earnings
-1,141
-1,654
-2,206
-2,438
-2,410
Total equity
-867
-136
-564
-932
-413
-284
Total liabilities and equity
598
828
950
1,221
1,487
Cash flow statement
FY2020
FY2022
FY2022
FY2023
FY2024
FY2025
Net income
-170
-102
-514
-552
-232
27.9
Cash from operations
-74.3
-228
-312
-312
-237
-50.2
Capital expenditures
-7.49
-20.5
-37.9
-33.2
-53.7
-64.5
Cash from investing
-16.9
-40.6
-63.5
-46.3
-18.9
-104
Debt issued
30
114
194
279
896
233
Debt repaid
-2.9
-37.5
-34.7
-99.4
-749
-25.4
Stock issued
34.4
186
0
0
Dividends paid
0
0
0
0
0
0
Cash from financing
55.4
255
425
301
297
271
Exchange rate effect
0.08
-0.16
-0.11
1.94
-1.32
4.51
Free cash flow
-81.8
-249
-350
-345
-291
-115
Interest paid
5.66
28
35.4
57.3
54.9
59
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $4.88 on November 10, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
59.8%
Gross profit / revenue.
Operating margin
13.3%
Operating income / revenue.
Pre-tax margin
23.3%
Pre-tax income / revenue.
Net margin
4.8%
Net income / revenue.
FCF margin
-19.6%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-8.6%
Cash from operations / revenue.
Effective tax rate
79.5%
Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)
2.1%
Net income / average total assets.
R&D / revenue
31.4%
Research and development expense / revenue.
Capex / revenue
11.0%
Capital expenditures / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
19.7%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
91.9%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
54.5%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
15.2%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
164.6%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y
12.3%
Operating income vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
21.8%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
21.5%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
1.89x
Current assets / current liabilities.
Quick ratio
0.57x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.57x
(Cash + short-term investments) / current liabilities.
Debt / assets
87.4%
Total debt / total assets.
Liabilities / assets
119.1%
Total liabilities / total assets.
Net debt
$1.13B
Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage
0.52x
Operating income / interest expense.
Working capital
$269.9M
Current assets - current liabilities.
Goodwill and intangibles / assets
6.4%
(Goodwill + intangible assets) / total assets.
Efficiency
Metric
Value
How it is calculated
Asset turnover
0.43x
Revenue / average total assets.
Fixed asset turnover
1.83x
Revenue / average property, plant and equipment.
Inventory turnover
1.35x
Cost of revenue / average inventory.
Days inventory
270 days
365 x average inventory / cost of revenue.
Days payables
150 days
365 x average accounts payable / cost of revenue.
FCF conversion
-410.7%
Free cash flow / net income, when net income is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
$0.10
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic
$0.10
Net income per basic share, as reported (split-adjusted).
Payout ratio
0.0%
Dividends paid / net income, when net income is positive.
Valuation
Metric
Value
How it is calculated
Market cap
$1.52B
Share price x shares outstanding.
Enterprise value
$2.65B
Market cap + total debt - cash - short-term investments.
P/E
54.6x
Market cap / net income. Only when net income is positive.
P/S
2.60x
Market cap / revenue.
EV/Sales
4.52x
Enterprise value / revenue.
EV/EBIT
33.9x
Enterprise value / operating income, when both are positive.
FCF yield
-7.5%
Free cash flow / market cap.
Earnings yield
1.8%
Net income / market cap (the inverse of P/E).
Dividend yield
0.0%
Dividends paid over the period / market cap.
Shareholder yield
0.0%
(Dividends paid + share buybacks) / market cap.
What was Alvotech's revenue in fiscal 2025?
Alvotech reported revenue of $586.3M for fiscal 2025, 19.7% higher than the year before.
Was Alvotech profitable in fiscal 2025?
Yes. Net income was $27.9M, a net margin of 4.8%.
How much free cash flow did Alvotech generate in fiscal 2025?
Cash from operations of $50.2M minus capital expenditures of $64.5M left free cash flow of -$114.7M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.