The company's debt profile has undergone a dramatic shift, with total debt falling from $5.5 billion in 2023Q4 to $37 million in 2026Q1, though goodwill remains a significant asset concentration at $5.0 billion.
| Total Current Assets | 2.4B | 2.45B | 2.15B | 2.38B | 2.66B | 2.48B | 2.23B | 2.02B | 1.9B | 1.83B | 292M |
| Cash & Short-Term Investments | 279.3M | 365.4M | 261.9M | 262.9M | 372.9M | 301.7M | 286.6M | 186.7M | 184.7M | 185.4M | 62.9M |
| Cash Only | 279.3M | 365.4M | 261.9M | 262.9M | 372.9M | 301.7M | 286.6M | 186.7M | 184.7M | 185.4M | 62.9M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 1.1B | 1.07B | 1.03B | 1.15B | 1.22B | 1.22B | 1.11B | 988.8M | 931.2M | 875M | 87.9M |
| Days Sales Outstanding | 61.37 | 59.86 | 55.66 | 60.26 | 59.2 | 60.39 | 63.56 | 59.75 | 57.96 | 256.03 | 46.41 |
| Inventory | 810.3M | 818.2M | 731.5M | 828.1M | 913.5M | 872M | 739.6M | 711.2M | 671.1M | 695.1M | 122.2M |
| Days Inventory Outstanding | 65.74 | 67.68 | 59.28 | 65.66 | 67.91 | 65.18 | 62.59 | 63.01 | 60.56 | 311.46 | 120.03 |
| Other Current Assets | 209.9M | 193M | 118.7M | 143.7M | 153.1M | 81.4M | 91.4M | 134.8M | 112.6M | 78.3M | 19M |
| Total Non-Current Assets | 9.26B | 9.34B | 9.97B | 10.59B | 10.81B | 11.42B | 7.68B | 7.75B | 8.01B | 8.61B | 843.8M |
| Property, Plant & Equipment | 766.2M | 766.8M | 708.1M | 737.5M | 727M | 705.5M | 549.9M | 557M | 598.6M | 663.5M | 204M |
| Fixed Asset Turnover | 8.58x | 8.54x | 9.58x | 9.45x | 10.33x | 10.47x | 11.63x | 10.84x | 9.80x | 1.88x | 3.39x |
| Goodwill | 4.95B | 4.99B | 5.54B | 5.72B | 5.65B | 5.34B | 2.86B | 2.77B | 2.78B | 2.85B | 186.1M |
| Intangible Assets | 3.1B | 3.19B | 3.36B | 3.78B | 4.13B | 5.14B | 4.05B | 4.22B | 4.57B | 4.99B | 441.4M |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.1M |
| Other Non-Current Assets | 441.7M | 396M | 360.4M | 358.3M | 293.5M | 233.1M | 216.7M | 205.2M | 63M | 112.6M | 9.2M |
| Total Assets | 11.66B | 11.79B | 12.11B | 12.97B | 13.46B | 13.9B | 9.91B | 9.77B | 9.91B | 10.45B | 1.14B |
| Asset Turnover | 0.55x | 0.56x | 0.56x | 0.54x | 0.56x | 0.53x | 0.65x | 0.62x | 0.59x | 0.12x | 0.61x |
| Asset Growth % | -16.44% | -2.64% | -6.62% | -3.65% | -3.12% | 40.28% | 1.36% | -1.4% | -5.12% | 819.75% | - |
| Total Current Liabilities | 1.37B | 1.38B | 2.01B | 1.48B | 1.66B | 1.45B | 1.24B | 1.07B | 1.1B | 1.1B | 135.9M |
| Accounts Payable | 735.5M | 741.7M | 662.8M | 625.9M | 758.2M | 755.1M | 678.9M | 560.2M | 557.4M | 542M | 48M |
| Days Payables Outstanding | 59.05 | 61.35 | 53.71 | 49.63 | 56.37 | 56.44 | 57.45 | 49.63 | 50.3 | 242.86 | 47.15 |
| Short-Term Debt | 37M | 30.8M | 821.1M | 259.9M | 364.2M | 45.2M | 26.4M | 93.5M | 142.4M | 109M | 13.7M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10M |
| Other Current Liabilities | 594.8M | 559.1M | 475M | 544.3M | 486.5M | 600.7M | 492.9M | 346.6M | 319.8M | 374.3M | 64.2M |
| Current Ratio | 1.76x | 1.78x | 1.07x | 1.61x | 1.60x | 1.71x | 1.80x | 1.88x | 1.73x | 1.66x | 2.15x |
| Quick Ratio | 1.17x | 1.18x | 0.70x | 1.05x | 1.05x | 1.11x | 1.20x | 1.22x | 1.12x | 1.03x | 1.25x |
| Cash Conversion Cycle | 68.06 | 66.19 | 61.23 | 76.29 | 70.74 | 69.13 | 68.69 | 73.13 | 68.22 | 324.63 | 119.29 |
| Total Non-Current Liabilities | 4.71B | 4.85B | 4.15B | 6.24B | 6.95B | 8.25B | 5.99B | 6.24B | 11.87B | 11.96B | 1.51B |
| Long-Term Debt | 0 | 3.92B | 3.23B | 5.28B | 5.92B | 6.98B | 4.87B | 5.02B | 6.78B | 7.01B | 1.28B |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 2.19B | 557.1M | 557.3M | 612.8M | 731.4M | 913M | 723.9M | 785.4M | 907.5M | 1.05B | 0 |
| Other Non-Current Liabilities | 4.16B | 378.2M | 358.3M | 350.3M | 295.4M | 358.4M | 398.1M | 428.2M | 4.18B | 3.9B | 228.1M |
| Total Liabilities | 6.07B | 6.23B | 6.16B | 7.72B | 8.61B | 9.7B | 7.23B | 7.31B | 12.96B | 13.07B | 1.65B |
| Total Debt | 37M | 3.95B | 4.06B | 5.54B | 6.29B | 7.02B | 4.89B | 5.12B | 6.92B | 7.12B | 1.3B |
| Net Debt | -242.3M | 3.58B | 3.79B | 5.27B | 5.91B | 6.72B | 4.61B | 4.93B | 6.74B | 6.93B | 1.23B |
| Debt / Equity | 0.01x | 0.71x | 0.68x | 1.05x | 1.29x | 1.67x | 1.83x | 2.08x | - | - | - |
| Debt / EBITDA | 0.27x | 24.06x | 2.72x | 5.04x | 4.09x | 5.20x | 4.44x | 5.38x | 8.46x | - | 18.46x |
| Net Debt / EBITDA | -1.77x | 21.83x | 2.55x | 4.80x | 3.85x | 4.97x | 4.18x | 5.19x | 8.24x | - | 17.57x |
| Interest Coverage | -1.55x | -1.60x | 4.90x | 2.44x | 4.20x | 4.46x | 1.20x | 1.09x | 0.78x | -1.29x | 0.12x |
| Total Equity | 5.59B | 5.57B | 5.96B | 5.25B | 4.86B | 4.2B | 2.67B | 2.46B | -3.05B | -2.62B | -510.6M |
| Equity Growth % | 1.03% | -6.58% | 13.4% | 8.18% | 15.69% | 56.94% | 8.61% | 180.68% | -16.47% | -413.16% | - |
| Book Value per Share | 8.23 | 8.19 | 8.74 | 7.74 | 7.15 | 7.00 | 4.58 | 6.14 | -6.15 | -5.28 | -1.04 |
| Total Shareholders' Equity | 5.59B | 5.57B | 5.96B | 5.25B | 4.86B | 4.2B | 2.67B | 2.46B | -3.05B | -2.62B | -374.9M |
| Common Stock | 3.99B | 3.98B | 3.94B | 3.83B | 3.79B | 2.75B | 1.74B | 1.75B | 0 | 0 | 0 |
| Retained Earnings | 0 | 1.67B | 2.2B | 1.49B | 1.17B | 483.9M | -88.7M | -203.7M | -238.4M | -156.3M | -5.7M |
| Treasury Stock | 0 | -75.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -43.7M | -16.9M | -184M | -69M | -100.3M | -43.2M | 21.7M | -85.9M | -66.5M | 26.4M | -30.4M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -135.7M |
High leverage and impairment
As reported in recent financial statements, Avantor's total assets have declined from $13.0 billion in 2023Q4 to $11.7 billion in 2026Q1, reflecting a contractionary trend that suggests the company is struggling to maintain its asset base amidst ongoing operational volatility and post-pandemic demand normalization.
The reduction in total assets, coupled with the persistent stagnation in equity, indicates that the company is currently in a defensive posture. Investors should monitor whether this shrinkage represents a strategic shedding of non-core assets or a forced deleveraging event that limits future growth capacity.
Based on reported figures, Avantor's debt profile shows a significant shift, with total debt plummeting from $5.5 billion in 2023Q4 to just $37 million in 2026Q1, a development that warrants immediate investigation to determine if this reflects a genuine debt retirement or a reporting anomaly.
If the reported debt reduction is accurate, it would represent a massive improvement in the company's risk profile. However, given the historical context of debt-funded acquisitions, analysts should verify if this reflects a structural change in capital structure or a temporary accounting reclassification that could mask underlying leverage.
According to quarterly filings, goodwill remains a dominant component of the balance sheet at $5.0 billion as of 2026Q1, representing a substantial portion of total assets that suggests the company's valuation is heavily reliant on the successful integration of past acquisitions like VWR.
The high concentration of goodwill relative to total assets leaves the balance sheet vulnerable to further impairment charges if growth targets are not met. This reliance on intangible value underscores the risk that the company's book value may not accurately reflect its current operational earnings power.
As indicated by the most recent quarterly data, the current ratio has fluctuated significantly, reaching 1.76 in 2026Q1, which suggests that while the company maintains a sufficient short-term liquidity buffer, its ability to manage working capital remains sensitive to ongoing inventory destocking cycles.
The volatility in the current ratio, which dipped as low as 0.98 in 2025Q2, implies that liquidity management is currently reactive rather than proactive. Investors should monitor whether the company can maintain this liquidity position without further reliance on external financing or aggressive working capital adjustments.
Quick answers to the most common questions about buying AVTR stock.
As of 2025, Avantor, Inc. (AVTR) had total assets of $11.79B including $2.45B in current assets.
Avantor, Inc. (AVTR) carries total debt of $3.95B, offset by $365.4M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Avantor, Inc. (AVTR) has total shareholders' equity (book value) of $5.57B ($8.19 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Avantor, Inc. (AVTR) reported a current ratio of 1.78x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.