Stocks ALVO Financial statements
Financial statementsAlvotech financial statements
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
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 | $1.79B | Share price x shares outstanding. |
| Enterprise value | $2.92B | Market cap + total debt - cash - short-term investments. |
| P/E | 64.3x | Market cap / net income. Only when net income is positive. |
| P/S | 3.06x | Market cap / revenue. |
| EV/Sales | 4.98x | Enterprise value / revenue. |
| EV/EBIT | 37.4x | Enterprise value / operating income, when both are positive. |
| FCF yield | -6.4% | Free cash flow / market cap. |
| Earnings yield | 1.6% | 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.