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Oatly Group AB (OTLY) 10-Year Financial Performance & Capital Metrics

OTLY • • Industrial / General
Consumer DefensiveNon-Alcoholic BeveragesAlternative & Plant-Based BeveragesPlant-Based Dairy Alternatives
AboutOatly Group AB, an oatmilk company, provides a range of plant-based dairy products made from oats in Sweden. It offers Barista edition oatmilk, oatgurts, frozen desserts, ice-creams, and yogurts; ready-to-go drinks, such as cold brew latte, mocha latte, matcha latte, and mini oat drink in original and chocolate flavors; and cooking products, including Cooking Cream, in regular and organic, Crème Fraiche, Whipping Cream, Vanilla Custard and Spreads in a variety of flavors. The company was formerly known as Havre Global AB and changed its name to Oatly Group AB in March 2021. The company was founded in 1994 and is headquartered in Malmö, Sweden.Show more
  • Revenue $824M +5.1%
  • EBITDA -$136M +66.4%
  • Net Income -$202M +51.6%
  • EPS (Diluted) -6.75 +52.0%
  • Gross Margin 28.71% +47.9%
  • EBITDA Margin -16.53% +68.0%
  • Operating Margin -22.6% +61.3%
  • Net Margin -24.52% +53.9%
  • ROE -91.4% -23.5%
  • ROIC -24.98% +46.1%
  • Debt/Equity 4.63 +191.8%
  • Interest Coverage -2.72 +70.6%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Strong 5Y sales CAGR of 32.2%
  • ✓Efficient asset utilization: 1.0x turnover

✗Weaknesses

  • ✗High debt to equity ratio of 4.6x
  • ✗Negative free cash flow
  • ✗Weak momentum: RS Rating 19 (bottom 19%)
  • ✗Trading more than 30% below 52-week high

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-
5Y32.19%
3Y8.59%
TTM3.47%

Profit (Net Income) CAGR

10Y-
5Y-
3Y-
TTM45.1%

EPS CAGR

10Y-
5Y-
3Y-
TTM60.49%

ROCE

10Y Avg-32.45%
5Y Avg-36.5%
3Y Avg-48.61%
Latest-46.41%

Peer Comparison

Plant-Based Dairy Alternatives
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
OTLYOatly Group AB344.81M11.37-1.685.15%-26.67%-11.31%4.63

Profit & Loss

Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+204.05M421.35M643.19M722.24M783.35M823.67M
Revenue Growth %-1.06%0.53%0.12%0.08%0.05%
Cost of Goods Sold+137.46M292.11M488.18M642.21M631.26M587.17M
COGS % of Revenue0.67%0.69%0.76%0.89%0.81%0.71%
Gross Profit+66.58M129.24M155.01M80.03M152.08M236.49M
Gross Margin %0.33%0.31%0.24%0.11%0.19%0.29%
Gross Profit Growth %-0.94%0.2%-0.48%0.9%0.56%
Operating Expenses+97.34M176.34M368.76M476.01M609.1M422.64M
OpEx % of Revenue0.48%0.42%0.57%0.66%0.78%0.51%
Selling, General & Admin93.44M167.79M353.93M412.8M373.4M324.72M
SG&A % of Revenue0.46%0.4%0.55%0.57%0.48%0.39%
Research & Development4.31M6.83M16.77M22.26M21.05M30.14M
R&D % of Revenue0.02%0.02%0.03%0.03%0.03%0.04%
Other Operating Expenses-409K1.71M-1.94M40.95M214.65M67.79M
Operating Income+-30.76M-47.09M-213.74M-395.99M-457.01M-186.15M
Operating Margin %-0.15%-0.11%-0.33%-0.55%-0.58%-0.23%
Operating Income Growth %--0.53%-3.54%-0.85%-0.15%0.59%
EBITDA+-22.67M-33.98M-186.52M-347.67M-405.04M-136.19M
EBITDA Margin %-0.11%-0.08%-0.29%-0.48%-0.52%-0.17%
EBITDA Growth %--0.5%-4.49%-0.86%-0.17%0.66%
D&A (Non-Cash Add-back)8.09M13.12M27.22M48.31M51.97M49.97M
EBIT-31.87M-46.08M-200.06M-383.47M-339.76M-136.09M
Net Interest Income+-2.6M-12.23M-13.68M-12.4M-36.67M-58.08M
Interest Income-100K244.06K1.77M2.14M12.67M10.28M
Interest Expense2.5M12.47M15.45M14.54M49.33M68.36M
Other Income/Expense-3.61M-10.86M-1.3M-1.41M48.85M-12.42M
Pretax Income+-34.37M-57.95M-215.05M-397.39M-408.17M-198.57M
Pretax Margin %-0.17%-0.14%-0.33%-0.55%-0.52%-0.24%
Income Tax+1.26M2.41M-2.65M-4.83M8.89M3.7M
Effective Tax Rate %1.04%1.04%0.99%0.99%1.02%1.02%
Net Income+-35.63M-60.36M-212.39M-392.57M-416.87M-201.95M
Net Margin %-0.17%-0.14%-0.33%-0.54%-0.53%-0.25%
Net Income Growth %--0.69%-2.52%-0.85%-0.06%0.52%
Net Income (Continuing)-35.63M-60.36M-212.39M-392.57M-417.06M-202.27M
Discontinued Operations000000
Minority Interest00001.79M1.44M
EPS (Diluted)+-1.20-2.04-7.71-13.25-14.07-6.75
EPS Growth %--0.7%-2.78%-0.72%-0.06%0.52%
EPS (Basic)-1.20-2.04-7.71-13.25-14.07-6.75
Diluted Shares Outstanding29.59M29.59M27.45M29.6M29.68M29.84M
Basic Shares Outstanding29.59M29.59M27.45M29.6M29.68M29.84M
Dividend Payout Ratio------

Balance Sheet

Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+94.91M240.16M807.06M482.25M483.38M299.13M
Cash & Short-Term Investments10.57M105.36M545.51M82.64M249.3M98.92M
Cash Only10.57M105.36M295.57M82.64M249.3M98.92M
Short-Term Investments00249.94M000
Accounts Receivable48.73M71.3M134.27M115.94M147.49M124.04M
Days Sales Outstanding87.1761.7676.1958.5968.7254.97
Inventory28.81M39.12M95.66M114.47M67.88M65.6M
Days Inventory Outstanding76.548.8871.5265.0639.2540.78
Other Current Assets012.88M0142.7M-3.69K0
Total Non-Current Assets+254.32M438.77M821.85M742.95M633.59M504.85M
Property, Plant & Equipment120.03M275.73M668.1M601.55M448.68M339.74M
Fixed Asset Turnover1.70x1.53x0.96x1.20x1.75x2.42x
Goodwill126.63M143.83M130.36M112.9M118.21M107.24M
Intangible Assets3.86M12.64M15.56M14.78M12.11M8.97M
Long-Term Investments3.8M6.55M04.78M28.6M29.7M
Other Non-Current Assets02625.53M3.07M25.98M14.65M
Total Assets+349.23M678.93M1.63B1.23B1.12B803.98M
Asset Turnover0.58x0.62x0.39x0.59x0.70x1.02x
Asset Growth %-0.94%1.4%-0.25%-0.09%-0.28%
Total Current Liabilities+96.4M228.64M243.39M341.91M583.65M535.06M
Accounts Payable29.96M45.3M93.04M82.52M64.37M60.15M
Days Payables Outstanding79.5456.669.5746.937.2237.39
Short-Term Debt38.26M111.65M5.99M49.92M329.58M330.15M
Deferred Revenue (Current)0-850.16K0000
Other Current Liabilities17.97M2.54M653K56.48M39M18.97M
Current Ratio0.98x1.05x3.32x1.41x0.83x0.56x
Quick Ratio0.69x0.88x2.92x1.08x0.71x0.44x
Cash Conversion Cycle84.1354.0478.1576.7670.7558.36
Total Non-Current Liabilities+65.02M124.2M140.23M92.15M197.53M162.8M
Long-Term Debt40.42M91.66M02.67M114.25M116.22M
Capital Lease Obligations23.92M23.88M126.52M82.28M72.57M31.72M
Deferred Tax Liabilities462.02K1.31M2.68M000
Other Non-Current Liabilities221.01K7.35M11.03M7.19M10.72M14.86M
Total Liabilities161.43M352.84M383.61M434.05M781.19M697.86M
Total Debt+102.6M233.45M149.21M151.7M532.84M491.45M
Net Debt92.03M128.09M-146.37M69.05M283.54M392.53M
Debt / Equity0.55x0.72x0.12x0.19x1.59x4.63x
Debt / EBITDA------
Net Debt / EBITDA------
Interest Coverage-12.32x-3.78x-13.84x-27.23x-9.26x-2.72x
Total Equity+187.81M326.09M1.25B791.14M335.78M106.12M
Equity Growth %-0.74%2.82%-0.36%-0.58%-0.68%
Book Value per Share6.3511.0245.3626.7311.313.56
Total Shareholders' Equity187.81M326.09M1.25B791.14M333.99M104.69M
Common Stock19K21K105K105K105K106K
Retained Earnings-60.32M-119.66M-308.42M-665.52M-1.06B-1.25B
Treasury Stock000000
Accumulated OCI-19.71M-2.52M-74.49M-171.48M-233.2M-274.16M
Minority Interest00001.79M1.44M

Cash Flow

Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+-39.12M-44.31M-213.83M-268.95M-165.63M-114.43M
Operating CF Margin %-0.19%-0.11%-0.33%-0.37%-0.21%-0.14%
Operating CF Growth %--0.13%-3.83%-0.26%0.38%0.31%
Net Income-35.63M-60.36M-212.39M-392.57M-416.87M-202.27M
Depreciation & Amortization8.09M13.12M27.22M48.31M51.7M49.86M
Stock-Based Compensation1.92M1.01M23.63M35.47M21.45M13.6M
Deferred Taxes1.26M836.39K-2.65M-4.83M-4.29M3.7M
Other Non-Cash Items1.93M6.51M1.16M60.85M164.17M25.71M
Working Capital Changes-16.69M-5.42M-50.79M-16.19M18.22M-5.03M
Change in Receivables-29.12M-38.68M-79.28M6.99M-2.51M14.79M
Change in Inventory-20.19M-10.3M-58.61M-55.02M30.6M-3.46M
Change in Payables32.61M43.61M92.17M31.83M-9.87M-16.36M
Cash from Investing+-64.69M-141.37M-544.33M34.79M-26.7M-9.25M
Capital Expenditures-53.57M-134.28M-281.6M-201.66M-66.09M-39.14M
CapEx % of Revenue0.26%0.32%0.44%0.28%0.08%0.05%
Acquisitions------
Investments------
Other Investing-10.59M-7.45M-917.32K236.45M41.05M29.89M
Cash from Financing+95.54M273.91M955.8M35.92M355M-27.29M
Debt Issued (Net)------
Equity Issued (Net)------
Dividends Paid000000
Share Repurchases------
Other Financing7.51M491K22.66M0292.4M-4.96M
Net Change in Cash------
Free Cash Flow+-95.68M-186.04M-495.43M-475.11M-234.67M-155.62M
FCF Margin %-0.47%-0.44%-0.77%-0.66%-0.3%-0.19%
FCF Growth %--0.94%-1.66%0.04%0.51%0.34%
FCF per Share-3.23-6.29-18.05-16.05-7.91-5.21
FCF Conversion (FCF/Net Income)1.10x0.73x1.01x0.69x0.40x0.57x
Interest Paid000000
Taxes Paid000000

Key Ratios

Metric201920202021202220232024
Return on Equity (ROE)-18.97%-23.49%-27.03%-38.55%-73.98%-91.4%
Return on Invested Capital (ROIC)-8.24%-9.62%-20.64%-30.32%-46.33%-24.98%
Gross Margin32.63%30.67%24.1%11.08%19.41%28.71%
Net Margin-17.46%-14.33%-33.02%-54.35%-53.22%-24.52%
Debt / Equity0.55x0.72x0.12x0.19x1.59x4.63x
Interest Coverage-12.32x-3.78x-13.84x-27.23x-9.26x-2.72x
FCF Conversion1.10x0.73x1.01x0.69x0.40x0.57x
Revenue Growth-106.5%52.65%12.29%8.46%5.15%

Revenue by Geography

2021202220232024
UNITED STATES120.28M220.98M247.05M269.54M
UNITED STATES Growth-83.73%11.80%9.10%
GERMANY-79.76M104.85M120.07M
GERMANY Growth--31.46%14.51%
CHINA111.83M134M119.51M113.79M
CHINA Growth-19.83%-10.82%-4.78%
Other Countries53.8M64.86M80.6M100.67M
Other Countries Growth-20.56%24.27%24.90%
SWEDEN57.94M48.75M47.27M45.81M
SWEDEN Growth--15.86%-3.03%-3.09%
NETHERLANDS-25.58M26.92M26.51M
NETHERLANDS Growth--5.23%-1.54%

Frequently Asked Questions

Growth & Financials

Oatly Group AB (OTLY) reported $843.0M in revenue for fiscal year 2024. This represents a 313% increase from $204.0M in 2019.

Oatly Group AB (OTLY) grew revenue by 5.1% over the past year. This is steady growth.

Oatly Group AB (OTLY) reported a net loss of $224.9M for fiscal year 2024.

Dividend & Returns

Oatly Group AB (OTLY) has a return on equity (ROE) of -91.4%. Negative ROE indicates the company is unprofitable.

Oatly Group AB (OTLY) had negative free cash flow of $52.8M in fiscal year 2024, likely due to heavy capital investments.

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