Avantor, Inc. (AVTR) 10-Year Financial Performance & Capital Metrics

AVTR • • Industrial / General

HealthcareMedical InstrumentsBiopharma & Life Science ToolsLaboratory Supplies & Services

AboutAvantor, Inc. provides products and services to customers in biopharma, healthcare, education and government, advanced technologies, and applied materials industries in the Americas, Europe, Asia, the Middle East, and Africa. The company offers materials and consumables, such as purity chemicals and reagents, lab products and supplies, formulated silicone materials, customized excipients, customized single-use assemblies, process chromatography resins and columns, analytical sample prep kits, education and microbiology products, clinical trial kits, peristaltic pumps, and fluid handling tips. It also provides equipment and instrumentation products, including filtration systems, virus inactivation systems, incubators, analytical instruments, evaporators, ultra-low-temperature freezers, biological safety cabinets, and critical environment supplies. In addition, the company offers services and specialty procurements comprising onsite lab and production, clinical, equipment, procurement and sourcing, and biopharmaceutical material scale-up and development services. Avantor, Inc. was founded in 1904 and is headquartered in Radnor, Pennsylvania.Show more

Revenue $6.78B -2.6%
EBITDA $1.49B +35.6%
Net Income $712M +121.6%
EPS (Diluted) 1.04 +121.3%
Gross Margin 33.6% -1.0%
EBITDA Margin 21.97% +39.3%
Operating Margin 15.99% +60.0%
Net Margin 10.49% +127.6%
ROE 12.69% +99.8%
ROIC 7.96% +62.2%
Debt/Equity 0.71 -32.6%
Interest Coverage 4.96 +102.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 79.9%
✓Trading at only 1.4x book value

✗Weaknesses

✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y2.35%

3Y-2.8%

TTM-2.34%

Profit (Net Income) CAGR

10Y-

5Y79.86%

3Y7.51%

TTM90.84%

EPS CAGR

10Y-

5Y-

3Y6.96%

TTM157.44%

ROCE

10Y Avg5.61%

5Y Avg8.54%

3Y Avg8.45%

Latest10.04%

Peer Comparison

Laboratory Supplies & Services

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
AVTRAvantor, Inc.	8.2B	12.02	11.56	-2.64%	10.31%	10.94%	8.44%	0.71
POAIPredictive Oncology Inc.	24.03M	7.08	-3.16	-0.24%	-115.81%	-302.42%
AZTAAzenta, Inc.	1.84B	39.91	-30.70	-9.52%	-10.01%	-3.45%	2.09%	0.03

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	691.3M	1.25B	5.86B	6.04B	6.39B	7.39B	7.51B	6.97B	6.78B
Revenue Growth %	-	0.8%	3.7%	0.03%	0.06%	0.16%	0.02%	-0.07%	-0.03%
Cost of Goods Sold+	371.6M	814.6M	4.04B	4.12B	4.31B	4.88B	4.91B	4.6B	4.5B
COGS % of Revenue	0.54%	0.65%	0.69%	0.68%	0.67%	0.66%	0.65%	0.66%	0.66%
Gross Profit+	319.7M	432.8M	1.82B	1.92B	2.08B	2.5B	2.6B	2.36B	2.28B
Gross Margin %	0.46%	0.35%	0.31%	0.32%	0.33%	0.34%	0.35%	0.34%	0.34%
Gross Profit Growth %	-	0.35%	3.2%	0.06%	0.08%	0.2%	0.04%	-0.09%	-0.04%
Operating Expenses+	309.8M	643.2M	1.41B	1.37B	1.37B	1.53B	1.47B	1.67B	1.19B
OpEx % of Revenue	0.45%	0.52%	0.24%	0.23%	0.21%	0.21%	0.2%	0.24%	0.18%
Selling, General & Admin	309.8M	643.2M	1.41B	1.37B	1.37B	1.53B	1.47B	1.51B	1.64B
SG&A % of Revenue	0.45%	0.52%	0.24%	0.23%	0.21%	0.21%	0.2%	0.22%	0.24%
Research & Development	19.1M	0	0	0	0	0	0	0	0
R&D % of Revenue	0.03%	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	0	0	0	0	160.8M	-446.6M
Operating Income+	9.9M	-210.4M	413.5M	551.8M	706.8M	972.2M	1.13B	696.4M	1.08B
Operating Margin %	0.01%	-0.17%	0.07%	0.09%	0.11%	0.13%	0.15%	0.1%	0.16%
Operating Income Growth %	-	-22.25%	2.97%	0.33%	0.28%	0.38%	0.16%	-0.38%	0.56%
EBITDA+	70.2M	-111.2M	818.1M	950.7M	1.1B	1.35B	1.54B	1.1B	1.49B
EBITDA Margin %	0.1%	-0.09%	0.14%	0.16%	0.17%	0.18%	0.2%	0.16%	0.22%
EBITDA Growth %	-	-2.58%	8.36%	0.16%	0.16%	0.23%	0.14%	-0.28%	0.36%
D&A (Non-Cash Add-back)	60.3M	99.2M	404.6M	398.9M	395.4M	379.2M	405.5M	402.3M	405.5M
EBIT	9.7M	-259.3M	410M	480.6M	369.9M	970.4M	1.12B	695.3M	1.07B
Net Interest Income+	-80.3M	-200.9M	-523.8M	-440M	-307.6M	-217.4M	-265.8M	-284.8M	-218.8M
Interest Income	0	0	0	0	0	0	0	0	0
Interest Expense	80.3M	200.9M	523.8M	440M	307.6M	217.4M	265.8M	284.8M	218.8M
Other Income/Expense	-80.5M	-249.8M	-527.3M	-511.2M	-644.5M	-219.2M	-279.1M	-285.9M	-230.9M
Pretax Income+	-70.6M	-460.2M	-113.8M	40.6M	62.3M	753M	851.1M	410.5M	853.9M
Pretax Margin %	-0.1%	-0.37%	-0.02%	0.01%	0.01%	0.1%	0.11%	0.06%	0.13%
Income Tax+	10.1M	-314.9M	-26.9M	2.8M	-54.3M	180.4M	164.6M	89.4M	142.4M
Effective Tax Rate %	0.6%	0.24%	0.76%	0.93%	1.87%	0.76%	0.81%	0.78%	0.83%
Net Income+	-42.4M	-112.7M	-86.9M	37.8M	116.6M	572.6M	686.5M	321.1M	711.5M
Net Margin %	-0.06%	-0.09%	-0.01%	0.01%	0.02%	0.08%	0.09%	0.05%	0.1%
Net Income Growth %	-	-1.66%	0.23%	1.43%	2.08%	3.91%	0.2%	-0.53%	1.22%
Net Income (Continuing)	-80.7M	-145.3M	-86.9M	37.8M	116.6M	572.6M	686.5M	321.1M	711.5M
Discontinued Operations	0	0	0	0	0	0	0	0	0
Minority Interest	-135.7M	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.09	-0.84	-0.72	-0.84	0.09	0.85	1.01	0.47	1.04
EPS Growth %	-	-8.73%	0.14%	-0.17%	1.11%	8.44%	0.19%	-0.53%	1.21%
EPS (Basic)	-0.09	-0.84	-0.72	-0.84	0.09	0.86	1.02	0.48	1.05
Diluted Shares Outstanding	491.3M	496.5M	496.5M	401.2M	583.4M	599.6M	679.4M	678.4M	681.9M
Basic Shares Outstanding	491.3M	496.5M	496.5M	401.2M	576.3M	590.5M	650.9M	675.6M	680.3M
Dividend Payout Ratio	-	-	-	0.83%	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	292M	1.83B	1.9B	2.02B	2.23B	2.48B	2.66B	2.38B	2.15B
Cash & Short-Term Investments	62.9M	185.4M	184.7M	186.7M	286.6M	301.7M	372.9M	262.9M	261.9M
Cash Only	62.9M	185.4M	184.7M	186.7M	286.6M	301.7M	372.9M	262.9M	261.9M
Short-Term Investments	0	0	0	0	0	0	0	0	0
Accounts Receivable	87.9M	875M	931.2M	988.8M	1.11B	1.22B	1.22B	1.15B	1.03B
Days Sales Outstanding	46.41	256.03	57.96	59.75	63.56	60.39	59.2	60.26	55.66
Inventory	122.2M	695.1M	671.1M	711.2M	739.6M	872M	913.5M	828.1M	731.5M
Days Inventory Outstanding	120.03	311.46	60.56	63.01	62.59	65.18	67.91	65.66	59.28
Other Current Assets	19M	78.3M	112.6M	134.8M	91.4M	81.4M	153.1M	143.7M	118.7M
Total Non-Current Assets+	843.8M	8.61B	8.01B	7.75B	7.68B	11.42B	10.81B	10.59B	9.97B
Property, Plant & Equipment	204M	663.5M	598.6M	557M	549.9M	705.5M	727M	737.5M	708.1M
Fixed Asset Turnover	3.39x	1.88x	9.80x	10.84x	11.63x	10.47x	10.33x	9.45x	9.58x
Goodwill	186.1M	2.85B	2.78B	2.77B	2.86B	5.34B	5.65B	5.72B	5.54B
Intangible Assets	441.4M	4.99B	4.57B	4.22B	4.05B	5.14B	4.13B	3.78B	3.36B
Long-Term Investments	3.1M	0	0	0	0	0	0	0	2.8M
Other Non-Current Assets	9.2M	112.6M	63M	205.2M	216.7M	233.1M	293.5M	358.3M	357.6M
Total Assets+	1.14B	10.45B	9.91B	9.77B	9.91B	13.9B	13.46B	12.97B	12.11B
Asset Turnover	0.61x	0.12x	0.59x	0.62x	0.65x	0.53x	0.56x	0.54x	0.56x
Asset Growth %	-	8.2%	-0.05%	-0.01%	0.01%	0.4%	-0.03%	-0.04%	-0.07%
Total Current Liabilities+	135.9M	1.1B	1.1B	1.07B	1.24B	1.45B	1.66B	1.48B	2.01B
Accounts Payable	48M	542M	557.4M	560.2M	678.9M	755.1M	758.2M	625.9M	662.8M
Days Payables Outstanding	47.15	242.86	50.3	49.63	57.45	56.44	56.37	49.63	53.71
Short-Term Debt	13.7M	109M	142.4M	93.5M	26.4M	45.2M	364.2M	259.9M	821.1M
Deferred Revenue (Current)	1000K	0	0	0	0	0	0	0	0
Other Current Liabilities	64.2M	374.3M	319.8M	346.6M	492.9M	600.7M	486.5M	544.3M	441.2M
Current Ratio	2.15x	1.66x	1.73x	1.88x	1.80x	1.71x	1.60x	1.61x	1.07x
Quick Ratio	1.25x	1.03x	1.12x	1.22x	1.20x	1.11x	1.05x	1.05x	0.70x
Cash Conversion Cycle	119.29	324.63	68.22	73.13	68.69	69.13	70.74	76.29	61.23
Total Non-Current Liabilities+	1.51B	11.96B	11.87B	6.24B	5.99B	8.25B	6.95B	6.24B	4.15B
Long-Term Debt	1.28B	7.01B	6.78B	5.02B	4.87B	6.98B	5.92B	5.28B	3.23B
Capital Lease Obligations	0	0	0	0	0	0	0	0	154.2M
Deferred Tax Liabilities	0	1.05B	907.5M	785.4M	723.9M	913M	731.4M	612.8M	557.3M
Other Non-Current Liabilities	228.1M	3.9B	4.18B	428.2M	398.1M	358.4M	295.4M	350.3M	215.1M
Total Liabilities	1.65B	13.07B	12.96B	7.31B	7.23B	9.7B	8.61B	7.72B	6.16B
Total Debt+	1.3B	7.12B	6.92B	5.12B	4.89B	7.02B	6.29B	5.54B	4.23B
Net Debt	1.23B	6.93B	6.74B	4.93B	4.61B	6.72B	5.91B	5.27B	3.97B
Debt / Equity	-	-	-	2.08x	1.83x	1.67x	1.29x	1.05x	0.71x
Debt / EBITDA	18.46x	-	8.46x	5.38x	4.44x	5.20x	4.09x	5.04x	2.84x
Net Debt / EBITDA	17.57x	-	8.24x	5.19x	4.18x	4.97x	3.85x	4.80x	2.66x
Interest Coverage	0.12x	-1.05x	0.79x	1.25x	2.30x	4.47x	4.25x	2.45x	4.96x
Total Equity+	-510.6M	-2.62B	-3.05B	2.46B	2.67B	4.2B	4.86B	5.25B	5.96B
Equity Growth %	-	-4.13%	-0.16%	1.81%	0.09%	0.57%	0.16%	0.08%	0.13%
Book Value per Share	-1.04	-5.28	-6.15	6.14	4.58	7.00	7.15	7.74	8.74
Total Shareholders' Equity	-374.9M	-2.62B	-3.05B	2.46B	2.67B	4.2B	4.86B	5.25B	5.96B
Common Stock	0	0	0	1.75B	1.74B	2.75B	3.79B	3.83B	3.94B
Retained Earnings	-5.7M	-156.3M	-238.4M	-203.7M	-88.7M	483.9M	1.17B	1.49B	2.2B
Treasury Stock	0	0	0	0	0	0	0	0	0
Accumulated OCI	-30.4M	26.4M	-66.5M	-85.9M	21.7M	-43.2M	-100.3M	-69M	-184M
Minority Interest	-135.7M	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	72.9M	-167.5M	200.5M	354M	929.8M	953.6M	843.6M	870M	840.8M
Operating CF Margin %	0.11%	-0.13%	0.03%	0.06%	0.15%	0.13%	0.11%	0.12%	0.12%
Operating CF Growth %	-	-3.3%	2.2%	0.77%	1.63%	0.03%	-0.12%	0.03%	-0.03%
Net Income	-80.7M	-145.3M	-86.9M	37.8M	116.6M	572.6M	686.5M	321.1M	711.5M
Depreciation & Amortization	60.3M	99.2M	404.6M	398.9M	395.4M	379.2M	405.5M	402.3M	405.5M
Stock-Based Compensation	98.7M	48.2M	18.4M	67.9M	44.1M	50.7M	45.8M	40.5M	46.8M
Deferred Taxes	-30.7M	-323.6M	-139.7M	-106.7M	-87.5M	-17.7M	-69.1M	-172.4M	-46.9M
Other Non-Cash Items	36.8M	81.4M	97.9M	142.7M	441.7M	83.3M	96.2M	261.9M	-323.5M
Working Capital Changes	-11.5M	72.6M	-93.8M	-186.6M	19.5M	-114.5M	-321.3M	16.6M	47.4M
Change in Receivables	-7.9M	14.1M	-83.4M	-68.9M	-102.4M	-111.8M	-45.2M	77M	45.9M
Change in Inventory	-13M	19.7M	-41.1M	-71.1M	-69.7M	-129.8M	-112.5M	30.3M	-18.5M
Change in Payables	5.5M	31.8M	29.4M	5.1M	110.6M	64.9M	15.6M	-139.6M	59.6M
Cash from Investing+	-29.9M	-6.68B	-23.2M	-42.1M	-59.1M	-4.12B	-109.6M	-143.7M	438.9M
Capital Expenditures	-29.9M	-25.2M	-37.7M	-51.6M	-61.6M	-111.1M	-133.4M	-146.4M	-148.8M
CapEx % of Revenue	0.04%	0.02%	0.01%	0.01%	0.01%	0.02%	0.02%	0.02%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-
Other Investing	0	9.9M	14.5M	9.5M	2.5M	3.5M	1.5M	2.7M	587.7M
Cash from Financing+	-43.5M	6.96B	-170.3M	-307.8M	-782.9M	3.22B	-648.7M	-843.7M	-1.28B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-
Dividends Paid	-158.7M	-1.7B	0	-31.3M	-64.6M	-64.6M	-32.4M	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-
Other Financing	-79.5M	-341M	-20.5M	-3.9M	20.2M	41.9M	17.3M	16M	69.2M
Net Change in Cash	-	-	-	-	-	-	-	-	-
Free Cash Flow+	43M	-192.7M	162.8M	302.4M	868.2M	842.5M	710.2M	723.6M	692M
FCF Margin %	0.06%	-0.15%	0.03%	0.05%	0.14%	0.11%	0.09%	0.1%	0.1%
FCF Growth %	-	-5.48%	1.84%	0.86%	1.87%	-0.03%	-0.16%	0.02%	-0.04%
FCF per Share	0.09	-0.39	0.33	0.75	1.49	1.41	1.05	1.07	1.01
FCF Conversion (FCF/Net Income)	-1.72x	1.49x	-2.31x	9.37x	7.97x	1.67x	1.23x	2.71x	1.18x
Interest Paid	54.9M	137.2M	481.3M	405.5M	317.8M	187M	242.2M	267M	4.2M
Taxes Paid	28.6M	31.5M	65.6M	112.3M	42.7M	144.7M	256.9M	224.4M	247.8M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-	-	-	1.54%	4.54%	16.67%	15.17%	6.35%	12.69%
Return on Invested Capital (ROIC)	1.03%	-6.27%	7.75%	7.47%	7.23%	8.01%	7.82%	4.91%	7.96%
Gross Margin	46.25%	34.7%	31.03%	31.8%	32.54%	33.88%	34.65%	33.93%	33.6%
Net Margin	-6.13%	-9.03%	-1.48%	0.63%	1.82%	7.75%	9.14%	4.61%	10.49%
Debt / Equity	-	-	-	2.08x	1.83x	1.67x	1.29x	1.05x	0.71x
Interest Coverage	0.12x	-1.05x	0.79x	1.25x	2.30x	4.47x	4.25x	2.45x	4.96x
FCF Conversion	-1.72x	1.49x	-2.31x	9.37x	7.97x	1.67x	1.23x	2.71x	1.18x
Revenue Growth	-	80.44%	370.12%	3%	5.85%	15.52%	1.71%	-7.26%	-2.64%

Revenue by Segment

	2019	2020	2021	2022	2023	2024
Proprietary Materials And Consumables	2.01B	2.04B	2.55B	2.9B	2.54B	3.62B
Proprietary Materials And Consumables Growth	-	1.75%	24.69%	13.74%	-12.42%	42.42%
Third Party Materials And Consumables	2.4B	2.67B	2.91B	2.7B	2.54B	3.17B
Third Party Materials And Consumables Growth	-	11.53%	8.78%	-6.96%	-6.17%	24.88%
Services And Specialty Procurement	735.6M	817.5M	922.6M	921M	963.5M	-
Services And Specialty Procurement Growth	-	11.13%	12.86%	-0.17%	4.61%	-
Equipment And Instrumentation	900.6M	860.7M	1.01B	988.9M	928M	-
Equipment And Instrumentation Growth	-	-4.43%	17.23%	-1.99%	-6.16%	-

Revenue by Geography

	2019	2020	2021	2022	2023	2024
UNITED STATES	3.33B	3.49B	3.93B	4.28B	-	3.55B
UNITED STATES Growth	-	4.89%	12.54%	8.81%	-	-
All Other Countries	607.4M	613.2M	777.1M	717.8M	-	3.23B
All Other Countries Growth	-	0.95%	26.73%	-7.63%	-	-
Americas	-	-	-	-	4.07B	-
Americas Growth	-	-	-	-	-	-
Europe	-	-	-	-	2.42B	-
Europe Growth	-	-	-	-	-	-
All Other Countries In Europe	1.64B	1.78B	2.12B	2.04B	-	-
All Other Countries In Europe Growth	-	8.41%	19.17%	-3.68%	-	-
GERMANY	464.4M	511.4M	561.7M	478.7M	-	-
GERMANY Growth	-	10.12%	9.84%	-14.78%	-	-

Frequently Asked Questions

Valuation & Price

Avantor, Inc. (AVTR) has a price-to-earnings (P/E) ratio of 11.6x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Avantor, Inc. (AVTR) reported $6.67B in revenue for fiscal year 2024. This represents a 864% increase from $691.3M in 2016.

Avantor, Inc. (AVTR) saw revenue decline by 2.6% over the past year.

Yes, Avantor, Inc. (AVTR) is profitable, generating $687.4M in net income for fiscal year 2024 (10.5% net margin).

Dividend & Returns

Avantor, Inc. (AVTR) has a return on equity (ROE) of 12.7%. This is reasonable for most industries.

Avantor, Inc. (AVTR) generated $555.9M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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Avantor, Inc. (AVTR) 10-Year Financial Performance & Capital Metrics

AVTR • • Industrial / General

HealthcareMedical InstrumentsBiopharma & Life Science ToolsLaboratory Supplies & Services

Revenue $6.78B -2.6%
EBITDA $1.49B +35.6%
Net Income $712M +121.6%
EPS (Diluted) 1.04 +121.3%
Gross Margin 33.6% -1.0%
EBITDA Margin 21.97% +39.3%
Operating Margin 15.99% +60.0%
Net Margin 10.49% +127.6%
ROE 12.69% +99.8%
ROIC 7.96% +62.2%
Debt/Equity 0.71 -32.6%
Interest Coverage 4.96 +102.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 79.9%
✓Trading at only 1.4x book value

✗Weaknesses

✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y2.35%

3Y-2.8%

TTM-2.34%

Profit (Net Income) CAGR

10Y-

5Y79.86%

3Y7.51%

TTM90.84%

EPS CAGR

10Y-

5Y-

3Y6.96%

TTM157.44%

ROCE

10Y Avg5.61%

5Y Avg8.54%

3Y Avg8.45%

Latest10.04%

Peer Comparison

Laboratory Supplies & Services

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
AVTRAvantor, Inc.	8.2B	12.02	11.56	-2.64%	10.31%	10.94%	8.44%	0.71
POAIPredictive Oncology Inc.	24.03M	7.08	-3.16	-0.24%	-115.81%	-302.42%
AZTAAzenta, Inc.	1.84B	39.91	-30.70	-9.52%	-10.01%	-3.45%	2.09%	0.03

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	691.3M	1.25B	5.86B	6.04B	6.39B	7.39B	7.51B	6.97B	6.78B
Revenue Growth %	-	0.8%	3.7%	0.03%	0.06%	0.16%	0.02%	-0.07%	-0.03%
Cost of Goods Sold+	371.6M	814.6M	4.04B	4.12B	4.31B	4.88B	4.91B	4.6B	4.5B
COGS % of Revenue	0.54%	0.65%	0.69%	0.68%	0.67%	0.66%	0.65%	0.66%	0.66%
Gross Profit+	319.7M	432.8M	1.82B	1.92B	2.08B	2.5B	2.6B	2.36B	2.28B
Gross Margin %	0.46%	0.35%	0.31%	0.32%	0.33%	0.34%	0.35%	0.34%	0.34%
Gross Profit Growth %	-	0.35%	3.2%	0.06%	0.08%	0.2%	0.04%	-0.09%	-0.04%
Operating Expenses+	309.8M	643.2M	1.41B	1.37B	1.37B	1.53B	1.47B	1.67B	1.19B
OpEx % of Revenue	0.45%	0.52%	0.24%	0.23%	0.21%	0.21%	0.2%	0.24%	0.18%
Selling, General & Admin	309.8M	643.2M	1.41B	1.37B	1.37B	1.53B	1.47B	1.51B	1.64B
SG&A % of Revenue	0.45%	0.52%	0.24%	0.23%	0.21%	0.21%	0.2%	0.22%	0.24%
Research & Development	19.1M	0	0	0	0	0	0	0	0
R&D % of Revenue	0.03%	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	0	0	0	0	160.8M	-446.6M
Operating Income+	9.9M	-210.4M	413.5M	551.8M	706.8M	972.2M	1.13B	696.4M	1.08B
Operating Margin %	0.01%	-0.17%	0.07%	0.09%	0.11%	0.13%	0.15%	0.1%	0.16%
Operating Income Growth %	-	-22.25%	2.97%	0.33%	0.28%	0.38%	0.16%	-0.38%	0.56%
EBITDA+	70.2M	-111.2M	818.1M	950.7M	1.1B	1.35B	1.54B	1.1B	1.49B
EBITDA Margin %	0.1%	-0.09%	0.14%	0.16%	0.17%	0.18%	0.2%	0.16%	0.22%
EBITDA Growth %	-	-2.58%	8.36%	0.16%	0.16%	0.23%	0.14%	-0.28%	0.36%
D&A (Non-Cash Add-back)	60.3M	99.2M	404.6M	398.9M	395.4M	379.2M	405.5M	402.3M	405.5M
EBIT	9.7M	-259.3M	410M	480.6M	369.9M	970.4M	1.12B	695.3M	1.07B
Net Interest Income+	-80.3M	-200.9M	-523.8M	-440M	-307.6M	-217.4M	-265.8M	-284.8M	-218.8M
Interest Income	0	0	0	0	0	0	0	0	0
Interest Expense	80.3M	200.9M	523.8M	440M	307.6M	217.4M	265.8M	284.8M	218.8M
Other Income/Expense	-80.5M	-249.8M	-527.3M	-511.2M	-644.5M	-219.2M	-279.1M	-285.9M	-230.9M
Pretax Income+	-70.6M	-460.2M	-113.8M	40.6M	62.3M	753M	851.1M	410.5M	853.9M
Pretax Margin %	-0.1%	-0.37%	-0.02%	0.01%	0.01%	0.1%	0.11%	0.06%	0.13%
Income Tax+	10.1M	-314.9M	-26.9M	2.8M	-54.3M	180.4M	164.6M	89.4M	142.4M
Effective Tax Rate %	0.6%	0.24%	0.76%	0.93%	1.87%	0.76%	0.81%	0.78%	0.83%
Net Income+	-42.4M	-112.7M	-86.9M	37.8M	116.6M	572.6M	686.5M	321.1M	711.5M
Net Margin %	-0.06%	-0.09%	-0.01%	0.01%	0.02%	0.08%	0.09%	0.05%	0.1%
Net Income Growth %	-	-1.66%	0.23%	1.43%	2.08%	3.91%	0.2%	-0.53%	1.22%
Net Income (Continuing)	-80.7M	-145.3M	-86.9M	37.8M	116.6M	572.6M	686.5M	321.1M	711.5M
Discontinued Operations	0	0	0	0	0	0	0	0	0
Minority Interest	-135.7M	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.09	-0.84	-0.72	-0.84	0.09	0.85	1.01	0.47	1.04
EPS Growth %	-	-8.73%	0.14%	-0.17%	1.11%	8.44%	0.19%	-0.53%	1.21%
EPS (Basic)	-0.09	-0.84	-0.72	-0.84	0.09	0.86	1.02	0.48	1.05
Diluted Shares Outstanding	491.3M	496.5M	496.5M	401.2M	583.4M	599.6M	679.4M	678.4M	681.9M
Basic Shares Outstanding	491.3M	496.5M	496.5M	401.2M	576.3M	590.5M	650.9M	675.6M	680.3M
Dividend Payout Ratio	-	-	-	0.83%	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	292M	1.83B	1.9B	2.02B	2.23B	2.48B	2.66B	2.38B	2.15B
Cash & Short-Term Investments	62.9M	185.4M	184.7M	186.7M	286.6M	301.7M	372.9M	262.9M	261.9M
Cash Only	62.9M	185.4M	184.7M	186.7M	286.6M	301.7M	372.9M	262.9M	261.9M
Short-Term Investments	0	0	0	0	0	0	0	0	0
Accounts Receivable	87.9M	875M	931.2M	988.8M	1.11B	1.22B	1.22B	1.15B	1.03B
Days Sales Outstanding	46.41	256.03	57.96	59.75	63.56	60.39	59.2	60.26	55.66
Inventory	122.2M	695.1M	671.1M	711.2M	739.6M	872M	913.5M	828.1M	731.5M
Days Inventory Outstanding	120.03	311.46	60.56	63.01	62.59	65.18	67.91	65.66	59.28
Other Current Assets	19M	78.3M	112.6M	134.8M	91.4M	81.4M	153.1M	143.7M	118.7M
Total Non-Current Assets+	843.8M	8.61B	8.01B	7.75B	7.68B	11.42B	10.81B	10.59B	9.97B
Property, Plant & Equipment	204M	663.5M	598.6M	557M	549.9M	705.5M	727M	737.5M	708.1M
Fixed Asset Turnover	3.39x	1.88x	9.80x	10.84x	11.63x	10.47x	10.33x	9.45x	9.58x
Goodwill	186.1M	2.85B	2.78B	2.77B	2.86B	5.34B	5.65B	5.72B	5.54B
Intangible Assets	441.4M	4.99B	4.57B	4.22B	4.05B	5.14B	4.13B	3.78B	3.36B
Long-Term Investments	3.1M	0	0	0	0	0	0	0	2.8M
Other Non-Current Assets	9.2M	112.6M	63M	205.2M	216.7M	233.1M	293.5M	358.3M	357.6M
Total Assets+	1.14B	10.45B	9.91B	9.77B	9.91B	13.9B	13.46B	12.97B	12.11B
Asset Turnover	0.61x	0.12x	0.59x	0.62x	0.65x	0.53x	0.56x	0.54x	0.56x
Asset Growth %	-	8.2%	-0.05%	-0.01%	0.01%	0.4%	-0.03%	-0.04%	-0.07%
Total Current Liabilities+	135.9M	1.1B	1.1B	1.07B	1.24B	1.45B	1.66B	1.48B	2.01B
Accounts Payable	48M	542M	557.4M	560.2M	678.9M	755.1M	758.2M	625.9M	662.8M
Days Payables Outstanding	47.15	242.86	50.3	49.63	57.45	56.44	56.37	49.63	53.71
Short-Term Debt	13.7M	109M	142.4M	93.5M	26.4M	45.2M	364.2M	259.9M	821.1M
Deferred Revenue (Current)	1000K	0	0	0	0	0	0	0	0
Other Current Liabilities	64.2M	374.3M	319.8M	346.6M	492.9M	600.7M	486.5M	544.3M	441.2M
Current Ratio	2.15x	1.66x	1.73x	1.88x	1.80x	1.71x	1.60x	1.61x	1.07x
Quick Ratio	1.25x	1.03x	1.12x	1.22x	1.20x	1.11x	1.05x	1.05x	0.70x
Cash Conversion Cycle	119.29	324.63	68.22	73.13	68.69	69.13	70.74	76.29	61.23
Total Non-Current Liabilities+	1.51B	11.96B	11.87B	6.24B	5.99B	8.25B	6.95B	6.24B	4.15B
Long-Term Debt	1.28B	7.01B	6.78B	5.02B	4.87B	6.98B	5.92B	5.28B	3.23B
Capital Lease Obligations	0	0	0	0	0	0	0	0	154.2M
Deferred Tax Liabilities	0	1.05B	907.5M	785.4M	723.9M	913M	731.4M	612.8M	557.3M
Other Non-Current Liabilities	228.1M	3.9B	4.18B	428.2M	398.1M	358.4M	295.4M	350.3M	215.1M
Total Liabilities	1.65B	13.07B	12.96B	7.31B	7.23B	9.7B	8.61B	7.72B	6.16B
Total Debt+	1.3B	7.12B	6.92B	5.12B	4.89B	7.02B	6.29B	5.54B	4.23B
Net Debt	1.23B	6.93B	6.74B	4.93B	4.61B	6.72B	5.91B	5.27B	3.97B
Debt / Equity	-	-	-	2.08x	1.83x	1.67x	1.29x	1.05x	0.71x
Debt / EBITDA	18.46x	-	8.46x	5.38x	4.44x	5.20x	4.09x	5.04x	2.84x
Net Debt / EBITDA	17.57x	-	8.24x	5.19x	4.18x	4.97x	3.85x	4.80x	2.66x
Interest Coverage	0.12x	-1.05x	0.79x	1.25x	2.30x	4.47x	4.25x	2.45x	4.96x
Total Equity+	-510.6M	-2.62B	-3.05B	2.46B	2.67B	4.2B	4.86B	5.25B	5.96B
Equity Growth %	-	-4.13%	-0.16%	1.81%	0.09%	0.57%	0.16%	0.08%	0.13%
Book Value per Share	-1.04	-5.28	-6.15	6.14	4.58	7.00	7.15	7.74	8.74
Total Shareholders' Equity	-374.9M	-2.62B	-3.05B	2.46B	2.67B	4.2B	4.86B	5.25B	5.96B
Common Stock	0	0	0	1.75B	1.74B	2.75B	3.79B	3.83B	3.94B
Retained Earnings	-5.7M	-156.3M	-238.4M	-203.7M	-88.7M	483.9M	1.17B	1.49B	2.2B
Treasury Stock	0	0	0	0	0	0	0	0	0
Accumulated OCI	-30.4M	26.4M	-66.5M	-85.9M	21.7M	-43.2M	-100.3M	-69M	-184M
Minority Interest	-135.7M	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	72.9M	-167.5M	200.5M	354M	929.8M	953.6M	843.6M	870M	840.8M
Operating CF Margin %	0.11%	-0.13%	0.03%	0.06%	0.15%	0.13%	0.11%	0.12%	0.12%
Operating CF Growth %	-	-3.3%	2.2%	0.77%	1.63%	0.03%	-0.12%	0.03%	-0.03%
Net Income	-80.7M	-145.3M	-86.9M	37.8M	116.6M	572.6M	686.5M	321.1M	711.5M
Depreciation & Amortization	60.3M	99.2M	404.6M	398.9M	395.4M	379.2M	405.5M	402.3M	405.5M
Stock-Based Compensation	98.7M	48.2M	18.4M	67.9M	44.1M	50.7M	45.8M	40.5M	46.8M
Deferred Taxes	-30.7M	-323.6M	-139.7M	-106.7M	-87.5M	-17.7M	-69.1M	-172.4M	-46.9M
Other Non-Cash Items	36.8M	81.4M	97.9M	142.7M	441.7M	83.3M	96.2M	261.9M	-323.5M
Working Capital Changes	-11.5M	72.6M	-93.8M	-186.6M	19.5M	-114.5M	-321.3M	16.6M	47.4M
Change in Receivables	-7.9M	14.1M	-83.4M	-68.9M	-102.4M	-111.8M	-45.2M	77M	45.9M
Change in Inventory	-13M	19.7M	-41.1M	-71.1M	-69.7M	-129.8M	-112.5M	30.3M	-18.5M
Change in Payables	5.5M	31.8M	29.4M	5.1M	110.6M	64.9M	15.6M	-139.6M	59.6M
Cash from Investing+	-29.9M	-6.68B	-23.2M	-42.1M	-59.1M	-4.12B	-109.6M	-143.7M	438.9M
Capital Expenditures	-29.9M	-25.2M	-37.7M	-51.6M	-61.6M	-111.1M	-133.4M	-146.4M	-148.8M
CapEx % of Revenue	0.04%	0.02%	0.01%	0.01%	0.01%	0.02%	0.02%	0.02%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-
Other Investing	0	9.9M	14.5M	9.5M	2.5M	3.5M	1.5M	2.7M	587.7M
Cash from Financing+	-43.5M	6.96B	-170.3M	-307.8M	-782.9M	3.22B	-648.7M	-843.7M	-1.28B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-
Dividends Paid	-158.7M	-1.7B	0	-31.3M	-64.6M	-64.6M	-32.4M	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-
Other Financing	-79.5M	-341M	-20.5M	-3.9M	20.2M	41.9M	17.3M	16M	69.2M
Net Change in Cash	-	-	-	-	-	-	-	-	-
Free Cash Flow+	43M	-192.7M	162.8M	302.4M	868.2M	842.5M	710.2M	723.6M	692M
FCF Margin %	0.06%	-0.15%	0.03%	0.05%	0.14%	0.11%	0.09%	0.1%	0.1%
FCF Growth %	-	-5.48%	1.84%	0.86%	1.87%	-0.03%	-0.16%	0.02%	-0.04%
FCF per Share	0.09	-0.39	0.33	0.75	1.49	1.41	1.05	1.07	1.01
FCF Conversion (FCF/Net Income)	-1.72x	1.49x	-2.31x	9.37x	7.97x	1.67x	1.23x	2.71x	1.18x
Interest Paid	54.9M	137.2M	481.3M	405.5M	317.8M	187M	242.2M	267M	4.2M
Taxes Paid	28.6M	31.5M	65.6M	112.3M	42.7M	144.7M	256.9M	224.4M	247.8M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-	-	-	1.54%	4.54%	16.67%	15.17%	6.35%	12.69%
Return on Invested Capital (ROIC)	1.03%	-6.27%	7.75%	7.47%	7.23%	8.01%	7.82%	4.91%	7.96%
Gross Margin	46.25%	34.7%	31.03%	31.8%	32.54%	33.88%	34.65%	33.93%	33.6%
Net Margin	-6.13%	-9.03%	-1.48%	0.63%	1.82%	7.75%	9.14%	4.61%	10.49%
Debt / Equity	-	-	-	2.08x	1.83x	1.67x	1.29x	1.05x	0.71x
Interest Coverage	0.12x	-1.05x	0.79x	1.25x	2.30x	4.47x	4.25x	2.45x	4.96x
FCF Conversion	-1.72x	1.49x	-2.31x	9.37x	7.97x	1.67x	1.23x	2.71x	1.18x
Revenue Growth	-	80.44%	370.12%	3%	5.85%	15.52%	1.71%	-7.26%	-2.64%

Revenue by Segment

	2019	2020	2021	2022	2023	2024
Proprietary Materials And Consumables	2.01B	2.04B	2.55B	2.9B	2.54B	3.62B
Proprietary Materials And Consumables Growth	-	1.75%	24.69%	13.74%	-12.42%	42.42%
Third Party Materials And Consumables	2.4B	2.67B	2.91B	2.7B	2.54B	3.17B
Third Party Materials And Consumables Growth	-	11.53%	8.78%	-6.96%	-6.17%	24.88%
Services And Specialty Procurement	735.6M	817.5M	922.6M	921M	963.5M	-
Services And Specialty Procurement Growth	-	11.13%	12.86%	-0.17%	4.61%	-
Equipment And Instrumentation	900.6M	860.7M	1.01B	988.9M	928M	-
Equipment And Instrumentation Growth	-	-4.43%	17.23%	-1.99%	-6.16%	-

Revenue by Geography

	2019	2020	2021	2022	2023	2024
UNITED STATES	3.33B	3.49B	3.93B	4.28B	-	3.55B
UNITED STATES Growth	-	4.89%	12.54%	8.81%	-	-
All Other Countries	607.4M	613.2M	777.1M	717.8M	-	3.23B
All Other Countries Growth	-	0.95%	26.73%	-7.63%	-	-
Americas	-	-	-	-	4.07B	-
Americas Growth	-	-	-	-	-	-
Europe	-	-	-	-	2.42B	-
Europe Growth	-	-	-	-	-	-
All Other Countries In Europe	1.64B	1.78B	2.12B	2.04B	-	-
All Other Countries In Europe Growth	-	8.41%	19.17%	-3.68%	-	-
GERMANY	464.4M	511.4M	561.7M	478.7M	-	-
GERMANY Growth	-	10.12%	9.84%	-14.78%	-	-

Frequently Asked Questions

Valuation & Price

Avantor, Inc. (AVTR) has a price-to-earnings (P/E) ratio of 11.6x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Avantor, Inc. (AVTR) reported $6.67B in revenue for fiscal year 2024. This represents a 864% increase from $691.3M in 2016.

Avantor, Inc. (AVTR) saw revenue decline by 2.6% over the past year.

Yes, Avantor, Inc. (AVTR) is profitable, generating $687.4M in net income for fiscal year 2024 (10.5% net margin).

Dividend & Returns

Avantor, Inc. (AVTR) has a return on equity (ROE) of 12.7%. This is reasonable for most industries.

Avantor, Inc. (AVTR) generated $555.9M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.