Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Oatly Group AB 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
FY2019
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
204
421
643
722
783
824
862
Cost of revenue
137
292
488
642
631
587
585
Gross profit
66.6
129
155
80
152
236
277
Research and development
4.31
6.83
16.8
22.3
21
30.1
18.6
Selling, general and administrative
93.4
168
354
413
373
325
321
Operating income
-30.8
-47.1
-214
-396
-457
-186
-67.7
Interest expense
3.66
11.4
15.7
16.7
69
70.2
87.1
Interest income
0.05
0.52
14.4
15.3
118
57.8
9.94
Pre-tax income
-34.4
-58
-215
-397
-408
-199
-145
Income tax
1.26
2.41
-2.66
-4.83
8.9
3.7
8.2
Net income to minority interests
-0.19
-0.32
-0.34
Net income
-35.6
-60.4
-212
-393
-417
-202
-153
EBITDA
-22.7
-34
-187
-347
-405
-136
-18.4
EPS, basic
-0.13
-0.39
-0.66
-0.70
-0.34
-0.25
EPS, diluted
-0.13
-0.39
-0.66
-0.70
-0.34
-0.25
Balance sheet
FY2019
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
10.6
105
296
82.6
249
98.9
64.3
Short-term investments
250
0
Inventory
39.1
95.7
114
67.9
65.6
68.5
Total current assets
240
807
482
483
299
265
Property, plant and equipment
238
510
493
360
294
295
Lease right-of-use assets
38.1
158
109
88.4
45.6
37.9
Total assets
679
1,629
1,225
1,117
804
787
Short-term debt
1.2
5.99
49.9
6.06
5.76
Total current liabilities
229
243
342
584
535
557
Lease liabilities
23.9
127
82.3
72.6
31.7
24.7
Total liabilities
353
384
434
781
698
768
Total debt
97.2
5.99
52.6
120
446
523
Retained earnings
-120
-308
-666
-1,061
-1,249
-1,398
Shareholders' equity
326
1,245
791
334
105
18.6
Minority interests
1.79
1.44
1.12
Total equity
188
326
1,245
791
336
106
19.7
Total liabilities and equity
679
1,629
1,225
1,117
804
787
Cash flow statement
FY2019
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-35.6
-60.4
-212
-393
-417
-202
-153
Depreciation and amortization
8.09
13.1
27.2
48.6
51.9
50
49.3
Cash from operations
-39.1
-44.3
-214
-269
-166
-114
-23.7
Capital expenditures
-53.6
-134
-274
-202
-66.1
-39.1
-12.4
Cash from investing
-64.7
-141
-544
34.8
-26.7
-9.25
-15.5
Debt issued
50.8
130
118
47.9
177
Debt repaid
-0.77
-119
-213
-1.03
-103
-2.68
-133
Cash from financing
95.5
274
956
35.9
355
-27.3
1.18
Exchange rate effect
-1.9
6.57
-7.43
-14.7
3.98
0.59
3.51
Free cash flow
-92.7
-179
-488
-471
-232
-154
-36.1
Interest paid
2.72
6.49
9.24
12.9
20.5
24.5
24
Income taxes paid
1.28
1.23
2.73
2.96
18.1
3.39
0.32
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $11.84 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
32.1%
Gross profit / revenue.
Operating margin
-7.9%
Operating income / revenue.
EBITDA margin
-2.1%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-16.8%
Pre-tax income / revenue.
Net margin
-17.7%
Net income / revenue.
FCF margin
-4.2%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-2.8%
Cash from operations / revenue.
Return on equity (ROE)
-247.9%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-19.2%
Net income / average total assets.
Return on invested capital (ROIC)
-11.5%
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%.
R&D / revenue
2.2%
Research and development expense / revenue.
SG&A / revenue
37.2%
Selling, general and administrative expense / revenue.
Capex / revenue
1.4%
Capital expenditures / revenue.
D&A / revenue
5.7%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
4.7%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
6.1%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
15.4%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
17.2%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
51.3%
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
16.5%
Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
-82.3%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-71.4%
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
-43.6%
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
-2.1%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-13.7%
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
3.0%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
0.48x
Current assets / current liabilities.
Quick ratio
0.12x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.12x
(Cash + short-term investments) / current liabilities.
Debt / equity
28.2x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
66.4%
Total debt / total assets.
Liabilities / assets
97.5%
Total liabilities / total assets.
Net debt
$458.7M
Total debt - cash - short-term investments. Negative means more cash than debt.
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
-$0.25
Net income per basic share, as reported (split-adjusted).
Valuation
Metric
Value
How it is calculated
Market cap
$377.8M
Share price x shares outstanding.
Enterprise value
$836.5M
Market cap + total debt - cash - short-term investments.
P/S
0.44x
Market cap / revenue.
P/B
20.4x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
20.4x
Market cap / tangible book value, when positive.
EV/Sales
0.97x
Enterprise value / revenue.
FCF yield
-9.6%
Free cash flow / market cap.
Earnings yield
-40.4%
Net income / market cap (the inverse of P/E).
What was Oatly Group AB's revenue in fiscal 2025?
Oatly Group AB reported revenue of $862.5M for fiscal 2025, 4.7% higher than the year before.
Was Oatly Group AB profitable in fiscal 2025?
No. It reported a net loss of $152.8M.
How much free cash flow did Oatly Group AB generate in fiscal 2025?
Cash from operations of $23.7M minus capital expenditures of $12.4M left free cash flow of -$36.1M.
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.