A Business at a Glance
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Avantor, Inc.
AVTR
$7.8B
Mkt Cap
$11.44
+0.79%
Avantor, Inc. (AVTR) has a 5-year average return on invested capital (ROIC) of 4.9%. This is below average and may indicate limited pricing power.
Avantor, Inc. (AVTR) has a market capitalization of $7.8B. It is classified as a mid-cap stock.
Avantor, Inc. (AVTR) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 0.96%.
Avantor, Inc. (AVTR) operates in the Laboratory Analytical Instruments industry, within the Technology sector.
Avantor, Inc. (AVTR) reported annual revenue of $6.6 billion in its most recent fiscal year, based on SEC EDGAR filings.
Avantor, Inc. (AVTR) has a net profit margin of -8.1%. The company is currently unprofitable.
Avantor, Inc. (AVTR) generated $495 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Avantor is a leading global provider of mission-critical products and services to customers in biopharma & healthcare, education & government, and advanced technologies & applied materials end markets, operating through two primary business segments: Laboratory Solutions (VWR channel distribution) and Bioscience Production (specialty manufacturing). The company's business model combines a high-volume, asset-light distribution channel—VWR—which distributes millions of SKUs from thousands of suppliers and provides value-added services, with proprietary specialty product manufacturing including J.T. Baker high-purity chemicals, Masterflex fluid handling systems, and NuSil high-purity silicone for medical implants and aerospace applications. More than 85% of net sales are recurring in nature, spanning materials & consumables, equipment & instrumentation, and services & specialty procurement. Avantor serves over 300,000 customer locations across approximately 180 countries, leveraging its global footprint and embedded position in customers' research, scale-up, and manufacturing activities to create a durable competitive moat. The company's customer-centric innovation model enables it to develop solutions specified into customers' approved production platforms, supported by proprietary brands with decades of customer trust and technical heritage.
【VWR stabilization underway】 Management expects VWR's organic growth rate reached a trough in Q1 2026 and anticipates gradual improvement over the course of 2026, with the segment showing positive organic growth in the second half. In Bioscience Production, the company expects demand for biologics to grow in 2026 and beyond based on customer development pipelines and recent FDA approvals, with Process Chemicals demand expected to improve modestly given reasonable inventory levels and a book-to-bill ratio exceeding one. The company is investing an additional $10–15 million in 2026 to upgrade the VWR e-commerce platform, with organic revenue growth as the most important metric to track progress. Management remains focused on the Revival transformation program, which targets operational recovery and cost reduction, and expects adjusted operating margins in both segments to increase sequentially from Q1 to Q2 in line with seasonal patterns.
| Metric | Target | Period |
|---|---|---|
| Adjusted EPS | $0.77–$0.83 | FY2026 |
| Organic revenue growth | -2.5% to -0.5% | FY2026 |
| Free cash flow | $500 million to $550 million | FY2026 |
| Operating income headwind from Middle East conflict | $10 million–$20 million | FY2026 |
Adjusted EPS (FY2026): “All of this translates to an adjusted EPS outlook of $0.77-$0.83 for 2026.”
Organic revenue growth (FY2026): “For 2026, we expect organic revenue growth of -2.5% to -0.5%.”
Free cash flow (FY2026): “We expect to generate between $500 million and $550 million of free cash flow in 2026”
Operating income headwind from Middle East conflict (FY2026): “As of today, we estimate that inflationary pressures stemming from the Middle East conflict represent an incremental headwind of approximately $10 million-$20 million to our 2026 operating income”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 6.6B | 6.6B | 6.8B | 7.0B | 7.5B | 7.4B |
| Net Income | -551M | -530M | 712M | 321M | 662M | 508M |
| EPS | $-0.81 | $-0.78 | $1.04 | $0.47 | $1.01 | $0.85 |
| Free Cash Flow | 439M | 495M | 692M | 724M | 710M | 843M |
| ROIC | -2.5% | -5.7% | 8.7% | 5.0% | 8.2% | 8.1% |
| Gross Margin | 32.1% | 32.7% | 33.6% | 33.9% | 34.6% | 33.9% |
| Debt/Equity | 0.68 | 0.74 | 0.73 | 1.12 | 1.39 | 1.70 |
| Dividends/Share | $0.00 | - | $0.00 | $0.00 | $0.05 | $0.11 |
| Operating Income | -294M | -246M | 1.1B | 696M | 1.1B | 972M |
| Operating Margin | -4.5% | -3.8% | 16.0% | 10.0% | 15.0% | 13.2% |
| ROE | -9.9% | -9.2% | 12.7% | 6.4% | 14.6% | 14.8% |
| Shares Outstanding | 683M | 680M | 684M | 683M | 656M | 598M |
| Metric | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||||
| Revenue | 1.2B | 5.9B | 6.0B | 6.4B | 7.4B | 7.5B | 7.0B | 6.8B | 6.6B | 6.6B |
| Gross Margin | 34.7% | 31.0% | 31.8% | 32.5% | 33.9% | 34.6% | 33.9% | 33.6% | 32.7% | 32.1% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 450M | 1.4B | 1.4B | 1.4B | 1.5B | 1.5B | 1.5B | 1.6B | 1.6B | 1.6B |
| EBIT | -210M | 414M | 552M | 707M | 972M | 1.1B | 696M | 1.1B | -246M | -294M |
| Op. Margin | -16.9% | 7.1% | 9.1% | 11.1% | 13.2% | 15.0% | 10.0% | 16.0% | -3.8% | -4.5% |
| Net Income | -415M | -356M | -335M | 52M | 508M | 662M | 321M | 712M | -530M | -551M |
| Net Margin | -33.3% | -6.1% | -5.5% | 0.8% | 6.9% | 8.8% | 4.6% | 10.5% | -8.1% | -8.4% |
| Non-Recurring | 30M | 81M | 24M | 12M | 5.3M | 3.5M | 187M | 529M | 810M | 810M |
| Returns on Capital | ||||||||||
| ROIC | -13.6% | 8.2% | 9.1% | 9.6% | 8.1% | 8.2% | 5.0% | 8.7% | -5.7% | -2.5% |
| ROE | 26.5% | 12.6% | 113.7% | 2.0% | 14.8% | 14.6% | 6.4% | 12.7% | -9.2% | -9.9% |
| ROA | -636.3% | -7.1% | -3.4% | 0.5% | 4.3% | 4.8% | 2.4% | 5.7% | -4.4% | -4.7% |
| Cash Flow | ||||||||||
| Op. Cash Flow | -168M | 201M | 354M | 930M | 954M | 844M | 870M | 841M | 624M | 573M |
| Free Cash Flow | -193M | 163M | 302M | 868M | 843M | 710M | 724M | 692M | 495M | 439M |
| Owner Earnings | -315M | -44M | -22M | 497M | 458M | 279M | 213M | 165M | -167M | -316M |
| CapEx | 25M | 38M | 52M | 62M | 111M | 133M | 146M | 149M | 129M | 134M |
| Maint. CapEx | 99M | 226M | 308M | 388M | 445M | 518M | 617M | 630M | 745M | 847M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 99M | 226M | 308M | 388M | 445M | 518M | 617M | 630M | 745M | 847M |
| CapEx/OCF | N/A | N/A | 14.6% | 6.6% | 11.7% | 15.8% | 16.8% | 17.7% | 20.6% | 23.4% |
| Capital Allocation | ||||||||||
| Dividends Paid | 0 | 0 | 31M | 65M | 65M | 32M | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | 0.5% | 0.6% | 0.3% | 0.2% | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 75M | 75M |
| Buyback Yield | 0.0% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1.0% | 1.0% |
| Stock-Based Comp | 48M | 18M | 68M | 44M | 51M | 46M | 41M | 47M | 46M | 43M |
| Debt Repayment | 3.3B | 186M | 1.9B | 4.4B | 534M | 947M | 846M | 1.3B | 1.4B | 1.4B |
| Balance Sheet | ||||||||||
| Net Debt | 9.1B | 6.7B | 5.1B | 4.6B | 6.8B | 6.4B | 5.6B | 4.1B | 3.8B | 3.5B |
| Cash & Equiv. | 189M | 185M | 187M | 287M | 302M | 373M | 263M | 262M | 365M | 279M |
| Long-Term Debt | 9.2B | 6.8B | 5.0B | 4.9B | 7.0B | 5.9B | 5.3B | 3.2B | 3.9B | 3.8B |
| Debt/Equity | -3.53 | -2.27 | 2.16 | 1.83 | 1.70 | 1.39 | 1.12 | 0.73 | 0.74 | 0.68 |
| Interest Coverage | -1.0 | 0.8 | 1.3 | 2.3 | 4.5 | 4.3 | 2.4 | 5.0 | -1.4 | -1.4 |
| Equity | -2.6B | -3.1B | 2.5B | 2.7B | 4.2B | 4.9B | 5.3B | 6.0B | 5.6B | 5.6B |
| Total Assets | 65M | 9.9B | 9.8B | 9.9B | 13.9B | 13.5B | 13.0B | 12.1B | 11.8B | 11.7B |
| Total Liabilities | 2.7B | 9.1B | 7.3B | 7.2B | 9.7B | 8.6B | 7.7B | 6.2B | 6.2B | 6.1B |
| Intangibles | N/A | 4.5B | 4.1B | 4.0B | 5.0B | 4.0B | 3.7B | 3.3B | 3.1B | 3.0B |
| Retained Earnings | 28M | -238M | -204M | -89M | 484M | 1.2B | 1.5B | 2.2B | 1.7B | 1.7B |
| Working Capital | N/A | 803M | 947M | 988M | 1.0B | 999M | 905M | 139M | 1.1B | 1.0B |
| Current Assets | N/A | 1.9B | 2.0B | 2.2B | 2.5B | 2.7B | 2.4B | 2.1B | 2.5B | 2.4B |
| Current Liabilities | N/A | 1.1B | 1.1B | 1.2B | 1.5B | 1.7B | 1.5B | 2.0B | 1.4B | 1.4B |
| Per Share Data | ||||||||||
| EPS | -2.75 | -2.69 | -0.84 | 0.09 | 0.85 | 1.01 | 0.47 | 1.04 | -0.78 | -0.81 |
| Owner EPS | -2.09 | -0.33 | -0.05 | 0.86 | 0.77 | 0.43 | 0.31 | 0.24 | -0.25 | -0.46 |
| Book Value | -17.37 | -23.03 | 6.17 | 4.63 | 7.02 | 7.40 | 7.69 | 8.71 | 8.19 | 8.18 |
| Cash Flow/Share | -1.11 | 1.51 | 0.89 | 1.61 | 1.60 | 1.29 | 1.27 | 1.23 | 0.92 | 0.43 |
| Dividends/Share | 0.00 | 0.00 | 0.08 | 0.11 | 0.11 | 0.05 | 0.00 | 0.00 | N/A | 0.00 |
| Shares Out. | 150.9M | 132.5M | 398.9M | 577.8M | 597.6M | 655.7M | 683.2M | 684.1M | 679.7M | 682.9M |
| Valuation | ||||||||||
| P/E Ratio | N/A | N/A | N/A | 299.1 | 48.6 | 20.0 | 49.1 | 20.6 | N/A | -14.1 |
| P/FCF | N/A | N/A | 24.0 | 17.9 | 29.3 | 18.7 | 21.8 | 21.2 | 15.7 | 17.8 |
| EV/EBIT | N/A | N/A | 21.9 | 28.2 | 32.1 | 17.0 | 30.2 | 17.5 | N/A | N/A |
| Price/Book | N/A | N/A | 3.0 | 5.8 | 5.9 | 2.7 | 3.0 | 2.5 | 1.4 | 1.4 |
| Price/Sales | N/A | N/A | 1.1 | 1.8 | 2.8 | 2.5 | 2.1 | 2.4 | 1.5 | 1.2 |
| FCF Yield | N/A | N/A | 4.2% | 5.6% | 3.4% | 5.4% | 4.6% | 4.7% | 6.4% | 5.6% |
| Market Cap | 0 | N/A | 7.3B | 15.6B | 24.7B | 13.3B | 15.8B | 14.6B | 7.8B | 7.8B |
| Avg. Price | 0.00 | N/A | 16.67 | 19.66 | 34.80 | 28.82 | 21.18 | 23.74 | 14.48 | 11.44 |
| Year-End Price | 0.00 | N/A | 18.21 | 26.92 | 41.34 | 20.23 | 23.08 | 21.41 | 11.43 | 11.44 |
Avantor, Inc. passes 3 of 9 quality checks, indicating weak fundamentals.
On a free-cash-flow basis, the stock trades at 15.8x vs a median of 21.2x. The company's 5-year average ROIC is 4.9% with a gross margin of 33.7%. Total shareholder yield (buybacks) is 1.0%. At current prices, the estimated annualized return to fair value is -1.2%.
Avantor, Inc. (AVTR) has a debt-to-equity ratio of 0.74. This indicates moderate leverage.
Avantor, Inc. (AVTR) reported earnings per share (EPS) of $-0.78 in its most recent fiscal year.
Avantor, Inc. (AVTR) has a return on equity (ROE) of -9.2%. A negative ROE may indicate losses or negative equity.
Avantor, Inc. (AVTR) has a 5-year average gross margin of 33.7%. This indicates decent pricing power.
The Ledger Terminal provides 9 years of financial data for Avantor, Inc. (AVTR), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Avantor, Inc. (AVTR) has a book value per share of $8.19, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects VWR's organic growth rate reached a trough in Q1 2026 and anticipates gradual improvement over the course of 2026, with the segment showing positive organic growth in the second half. In Bioscience Production, the company expects demand for biologics to grow in 2026 and beyond based on customer development pipelines and recent FDA approvals, with Process Chemicals demand expected to improve modestly given reasonable inventory levels and a book-to-bill ratio exceeding one. The company is investing an additional $10–15 million in 2026 to upgrade the VWR e-commerce platform, with organic revenue growth as the most important metric to track progress. Management remains focused on the Revival transformation program, which targets operational recovery and cost reduction, and expects adjusted operating margins in both segments to increase sequentially from Q1 to Q2 in line with seasonal patterns.
Based on recent SEC filings and earnings calls, Avantor, Inc. (AVTR) has provided the following forward guidance: Adjusted EPS: $0.77–$0.83 (FY2026); Organic revenue growth: -2.5% to -0.5% (FY2026); Free cash flow: $500 million to $550 million (FY2026); Operating income headwind from Middle East conflict: $10 million–$20 million (FY2026).