Avantor, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data Avantor, Inc. 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

	FY2017	FY2019	FY2019	FY2020	FY2020	FY2022	FY2023	FY2024	FY2025
Revenue	1,247	5,864	6,040	6,394	7,386	7,512	6,967	6,784	6,552
Cost of revenue	815	4,045	4,120	4,313	4,883	4,910	4,603	4,504	4,413
Gross profit	433	1,820	1,921	2,081	2,503	2,603	2,364	2,279	2,139
Selling, general and administrative	450	1,405	1,369	1,374	1,531	1,473	1,507	1,641	1,596
Operating income	-210	414	552	707	972	1,130	696	1,085	-246
Interest expense	201	524	440	308	217	266	285	219	170
Other non-operating income	7.5	-3.5	2.5	9.9	10.6	-0.8	5.8	-1.2	-20.7
Pre-tax income	-460	-114	40.6	62.3	753	851	411	854	-441
Income tax	-315	-26.9	2.8	-54.3	180	165	89.4	142	88.9
Net income to minority interests	-32.6	0	0
Net income	-113	-86.9	37.8	117	573	687	321	712	-530
EBITDA	-111	818	951	1,102	1,351	1,536	1,099	1,490	164
EPS, basic	-2.75	-2.69	-0.84	0.09	0.86	1.02	0.48	1.05	-0.78
EPS, diluted	-2.75	-2.69	-0.84	0.09	0.85	1.01	0.47	1.04	-0.78
Shares, basic (weighted)	151	133	401	576	591	651	676	680	681
Shares, diluted (weighted)	151	133	401	583	600	679	678	682	681

Balance sheet

	FY2017	FY2019	FY2019	FY2020	FY2020	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	189	185	187	287	302	373	263	262	365
Receivables		931	989	1,113	1,222	1,218	1,150	1,035	1,075
Inventory		671	711	740	872	914	828	732	818
Other current assets		113	135	91.4	81.4	153	144	119	193
Total current assets		1,900	2,022	2,231	2,477	2,658	2,385	2,147	2,451
Property, plant and equipment		599	557	550	706	727	738	708	767
Lease right-of-use assets			132		108	119	121	157	165
Goodwill	2,847	2,785	2,769	2,860	5,341	5,653	5,717	5,539	4,987
Intangible assets		4,473	4,128	3,957	5,048	4,041	3,683	3,268	3,102
Other non-current assets		63	205	217	233	294	358	360	396
Total assets		9,912	9,773	9,907	13,897	13,464	12,973	12,115	11,795
Accounts payable		557	560	679	755	758	626	663	742
Accrued liabilities		145	114	179	200	122	133	168	163
Short-term debt		142	93.5	26.4	45.2	364	260	821	30.8
Total current liabilities		1,096	1,075	1,243	1,451	1,659	1,480	2,008	1,379
Long-term debt		6,782	5,023	4,868	6,978	5,923	5,277	3,235	3,916
Lease liabilities			107		78.6	86.6	88.5	143	152
Other non-current liabilities		318	428	398	358	295	350	358	378
Total liabilities		9,104	7,311	7,232	9,700	8,609	7,720	6,158	6,230
Total debt		6,925	5,117	4,894	7,023	6,288	5,537	4,056	3,946
Paid-in capital		-2,747	1,748	1,738	2,753	3,785	3,830	3,938	3,985
Retained earnings		-238	-204	-88.7	484	1,170	1,492	2,203	1,673
Treasury stock								0	-75.7
Other comprehensive income	26.4	-66.5	-85.9	21.7	-43.2	-100	-69	-184	-16.9
Shareholders' equity	-2,620	-3,052	2,462	2,674	4,197	4,855	5,253	5,957	5,565
Total equity	-2,620	-3,052	2,462	2,674	4,197	4,855	5,253	5,957	5,565
Total liabilities and equity		9,912	9,773	9,907	13,897	13,464	12,973	12,115	11,795
Shares outstanding		133	573	580	610	674	677	681	682

Cash flow statement

	FY2017	FY2019	FY2019	FY2020	FY2020	FY2022	FY2023	FY2024	FY2025
Net income	-145	-86.9	37.8	117	573	687	321	712	-530
Depreciation and amortization	99.2	405	399	395	379	406	402	406	410
Stock-based compensation	48.2	18.4	67.9	44.1	50.7	45.8	40.5	46.8	46.4
Deferred income tax	-431	-104	-107	-87.5	-17.7	-69.1	-172	-46.9	7.7
Change in receivables	14.1	-83.4	-68.9	-102	-112	-45.2	77	45.9	13.6
Change in inventory	19.7	-41.1	-84.1	-69.7	-130	-113	30.3	-18.5	-109
Cash from operations	-168	201	354	930	954	844	870	841	624
Capital expenditures	-25.2	-37.7	-51.6	-61.6	-111	-133	-146	-149	-129
Acquisitions	-6,661	0	0	0	-4,014	-20.2	0	0
Cash from investing	-6,676	-23.2	-42.1	-59.1	-4,122	-110	-144	439	-131
Debt issued	9,250	35.7	1.3	3,939	2,835	327	0	0	1,108
Debt repaid	-3,291	-186	-1,879	-4,362	-534	-947	-846	-1,342	-1,426
Stock issued			4,236	0	967	0	0	69.2	5.1
Share buybacks							0	0	-75.1
Cash from financing	6,965	-170	-308	-783	3,219	-649	-844	-1,281	-409
Exchange rate effect	1	-7.8	-2.5	12.1	-13.2	-15.5	8.2	-21.5	19.7
Net change in cash	123	-0.8	1.6	99.9	37.9	69.8	-109	-23	104
Free cash flow	-193	163	302	868	843	710	724	692	495
Interest paid	137	481	406	318	187	242	267	211	161
Income taxes paid	31.5	65.6	112	42.7	145	257	224	248	145

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $15.25 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	32.1%	Gross profit / revenue.
Operating margin	-4.5%	Operating income / revenue.
EBITDA margin	1.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-7.2%	Pre-tax income / revenue.
Net margin	-8.4%	Net income / revenue.
FCF margin	6.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	8.7%	Cash from operations / revenue.
Return on equity (ROE)	-9.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-4.7%	Net income / average total assets.
Return on invested capital (ROIC)	-2.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	24.6%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.0%	Capital expenditures / revenue.
D&A / revenue	6.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-3.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-4.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	0.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-6.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-6.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	0.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-122.7%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-89.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-52.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-31.7%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-174.5%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-175.0%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-25.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-9.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-7.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-28.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-11.3%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-10.6%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-6.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	4.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	15.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-2.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-4.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	3.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	3.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.76x	Current assets / current liabilities.
Quick ratio	1.01x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.20x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.68x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	32.7%	Total debt / total assets.
Liabilities / assets	52.1%	Total liabilities / total assets.
Net debt	$3.54B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	29.1x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	-1.72x	Operating income / interest expense.
Working capital	$1.04B	Current assets - current liabilities.
Goodwill and intangibles / assets	68.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$2.37B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.56x	Revenue / average total assets.
Fixed asset turnover	8.55x	Revenue / average property, plant and equipment.
Inventory turnover	5.49x	Cost of revenue / average inventory.
Days inventory	67 days	365 x average inventory / cost of revenue.
Receivables turnover	5.93x	Revenue / average receivables.
Days sales outstanding	62 days	365 x average receivables / revenue.
Days payables	60 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	68 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	23.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.81	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.
Revenue per share	$9.68	Revenue / diluted weighted shares.
FCF per share	$0.65	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.85	Cash from operations / diluted weighted shares.
Book value per share	$8.18	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$3.47	Tangible book value / shares outstanding.
Cash per share	$0.41	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$10.31B	Share price x shares outstanding.
Enterprise value	$13.85B	Market cap + total debt - cash - short-term investments.
P/S	1.57x	Market cap / revenue.
P/B	1.85x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	23.5x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	18.0x	Market cap / cash from operations, when positive.
EV/Sales	2.11x	Enterprise value / revenue.
EV/EBITDA	114x	Enterprise value / EBITDA, when both are positive.
EV/FCF	31.6x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.3%	Free cash flow / market cap.
Earnings yield	-5.3%	Net income / market cap (the inverse of P/E).

What was Avantor, Inc.'s revenue in fiscal 2025?

Avantor, Inc. reported revenue of $6.55B for fiscal 2025, 3.4% lower than the year before.

Was Avantor, Inc. profitable in fiscal 2025?

No. It reported a net loss of $530.2M.

How much free cash flow did Avantor, Inc. generate in fiscal 2025?

Cash from operations of $623.8M minus capital expenditures of $128.8M left free cash flow of $495.0M.

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.

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