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Avantor vs Bio-Rad Laboratories: revenue, profit, margins and growth compared

Avantor brought in $6.6B of revenue in fiscal 2025, Bio-Rad Laboratories $2.6B in fiscal 2025. Revenue changed by -3.4% at Avantor and +0.7% at Bio-Rad Laboratories on the year before, so Bio-Rad Laboratories grew faster. Avantor kept -8.1% of its revenue as net profit, Bio-Rad Laboratories 29.4%. Free cash flow was $495M at Avantor and $374.6M at Bio-Rad Laboratories.

Side by side, latest fiscal year

AVTRBIO
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$6.6B$2.6B
Revenue growth-3.4%+0.7%
Net income-$530.2M$759.9M
Net margin-8.1%29.4%
Free cash flow$495M$374.6M
Free cash flow margin7.6%14.5%
Earnings per share (diluted)-$0.78$27.85
Cash$365.4M$529.8M
Debt$3.9B$1.2B
Price to earningsn/a13.7
Market value$10.3B$10.2B
Dividend yieldn/an/a
Rank by revenue in sector#101 of 451 · Industrials#194 of 451 · Industrials

Over the years

Revenue
AVTR FY2019: $5.9BAVTR FY2019: $6BAVTR FY2020: $6.4BAVTR FY2020: $7.4BAVTR FY2022: $7.5BAVTR FY2023: $7BAVTR FY2024: $6.8BAVTR FY2025: $6.6BBIO FY2018: $2.3BBIO FY2019: $2.3BBIO FY2020: $2.5BBIO FY2021: $2.9BBIO FY2022: $2.8BBIO FY2023: $2.7BBIO FY2024: $2.6BBIO FY2025: $2.6BFY18FY19FY20FY21FY22FY23FY24FY25
AVTR $6.6BBIO $2.6B
Net income
AVTR FY2019: -$86.9MAVTR FY2019: $37.8MAVTR FY2020: $116.6MAVTR FY2020: $572.6MAVTR FY2022: $686.5MAVTR FY2023: $321.1MAVTR FY2024: $711.5MAVTR FY2025: -$530.2MBIO FY2018: $365.6MBIO FY2019: $1.8BBIO FY2020: $3.8BBIO FY2021: $4.3BBIO FY2022: -$3.6BBIO FY2023: -$637.3MBIO FY2024: -$1.8BBIO FY2025: $759.9MFY18FY19FY20FY21FY22FY23FY24FY25
AVTR -$530.2MBIO $759.9M
Net margin
AVTR FY2019: -1.5%AVTR FY2019: 0.6%AVTR FY2020: 1.8%AVTR FY2020: 7.8%AVTR FY2022: 9.1%AVTR FY2023: 4.6%AVTR FY2024: 10.5%AVTR FY2025: -8.1%BIO FY2018: 16.0%BIO FY2019: 76.1%BIO FY2020: 149.8%BIO FY2021: 145.6%BIO FY2022: -129.5%BIO FY2023: -23.9%BIO FY2024: -71.9%BIO FY2025: 29.4%FY18FY19FY20FY21FY22FY23FY24FY25
AVTR -8.1%BIO 29.4%
Revenue growth
AVTR FY2019: +3.0%AVTR FY2020: +5.8%AVTR FY2020: +15.5%AVTR FY2022: +1.7%AVTR FY2023: -7.3%AVTR FY2024: -2.6%AVTR FY2025: -3.4%BIO FY2019: +1.0%BIO FY2020: +10.1%BIO FY2021: +14.8%BIO FY2022: -4.1%BIO FY2023: -4.7%BIO FY2024: -3.9%BIO FY2025: +0.7%FY19FY20FY21FY22FY23FY24FY25
AVTR -3.4%BIO +0.7%
Free cash flow
AVTR FY2019: $162.8MAVTR FY2019: $302.4MAVTR FY2020: $868.2MAVTR FY2020: $842.5MAVTR FY2022: $710.2MAVTR FY2023: $723.6MAVTR FY2024: $692MAVTR FY2025: $495MBIO FY2018: $155.7MBIO FY2019: $359.4MBIO FY2020: $476.4MBIO FY2021: $535.7MBIO FY2022: $81.6MBIO FY2023: $218.2MBIO FY2024: $289.6MBIO FY2025: $374.6MFY18FY19FY20FY21FY22FY23FY24FY25
AVTR $495MBIO $374.6M

Fiscal years as each company reports them; the two may end in different months.

Questions about Avantor and Bio-Rad Laboratories

Which is bigger by revenue, Avantor or Bio-Rad Laboratories?

Avantor is bigger by revenue: $6.6B in fiscal 2025, against $2.6B for Bio-Rad Laboratories in fiscal 2025.

Which keeps more of its revenue as profit, Avantor or Bio-Rad Laboratories?

Avantor had a net margin of -8.1% in fiscal 2025; Bio-Rad Laboratories had 29.4% in fiscal 2025.

Which grew revenue faster, Avantor or Bio-Rad Laboratories?

In their latest fiscal years revenue changed by -3.4% at Avantor and +0.7% at Bio-Rad Laboratories.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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