Latest Ratios: P/E Ratio -18.9x · EV/EBITDA 82.7x · ROE -9.2%. (2016–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $10.0B | $7.8B | $14.4B | $15.5B | $14.3B | $25.3B | $16.4B | $7.3B | — | — | — |
| Enterprise Value | $13.6B | $11.4B | $18.2B | $20.8B | $20.2B | $32.0B | $21.0B | $12.2B | — | — | — |
| P/E Ratio → | -18.92 | — | 20.26 | 48.57 | 20.88 | 49.58 | 312.78 | — | — | — | — |
| P/S Ratio | 1.52 | 1.19 | 2.12 | 2.22 | 1.91 | 3.42 | 2.57 | 1.21 | — | — | — |
| P/B Ratio | 1.80 | 1.40 | 2.41 | 2.95 | 2.95 | 6.02 | 6.14 | 2.96 | — | — | — |
| P/FCF | 20.17 | 15.73 | 20.76 | 21.40 | 20.18 | 29.99 | 18.92 | 24.08 | — | — | — |
| P/OCF | 16.00 | 12.48 | 17.09 | 17.80 | 16.98 | 26.50 | 17.66 | 20.57 | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.73 | 2.68 | 2.98 | 2.69 | 4.33 | 3.29 | 2.02 | — | — | — |
| EV / EBITDA | 82.71 | 69.30 | 12.19 | 18.90 | 13.18 | 23.67 | 19.08 | 12.84 | — | — | — |
| EV / EBIT | — | — | 16.93 | 29.86 | 18.12 | 32.96 | 56.85 | 25.41 | — | — | — |
| EV / FCF | — | 22.96 | 26.24 | 28.69 | 28.50 | 37.97 | 24.22 | 40.38 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 32.7% | 32.7% | 33.6% | 33.9% | 34.6% | 33.9% | 32.5% | 31.8% | 31.0% | 34.7% | 46.2% |
| Operating Margin | -3.8% | -3.8% | 16.0% | 10.0% | 15.0% | 13.2% | 11.1% | 9.1% | 7.1% | -16.9% | 1.4% |
| Net Profit Margin | -8.1% | -8.1% | 10.5% | 4.6% | 9.1% | 7.8% | 1.8% | 0.6% | -1.5% | -9.0% | -6.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -9.2% | -9.2% | 12.7% | 6.4% | 15.2% | 16.7% | 4.5% | 1.5% | — | — | — |
| ROA | -4.4% | -4.4% | 5.7% | 2.4% | 5.0% | 4.8% | 1.2% | 0.4% | -0.9% | -1.9% | -3.7% |
| ROIC | -2.0% | -2.0% | 8.0% | 4.9% | 7.8% | 8.0% | 7.2% | 7.5% | 7.8% | -6.3% | 1.0% |
| ROCE | -2.4% | -2.4% | 10.0% | 6.0% | 9.3% | 9.2% | 8.1% | 6.3% | 4.6% | -4.1% | 1.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.71 | 0.71 | 0.68 | 1.05 | 1.29 | 1.67 | 1.83 | 2.08 | — | — | — |
| Debt / EBITDA | 24.06 | 24.06 | 2.72 | 5.04 | 4.09 | 5.20 | 4.44 | 5.38 | 8.46 | — | 18.46 |
| Net Debt / Equity | — | 0.64 | 0.64 | 1.00 | 1.22 | 1.60 | 1.72 | 2.00 | — | — | — |
| Net Debt / EBITDA | 21.83 | 21.83 | 2.55 | 4.80 | 3.85 | 4.97 | 4.18 | 5.19 | 8.24 | — | 17.57 |
| Debt / FCF | — | 7.23 | 5.48 | 7.29 | 8.33 | 7.98 | 5.31 | 16.30 | 41.40 | — | 28.68 |
| Interest Coverage | -1.60 | -1.60 | 4.90 | 2.44 | 4.20 | 4.46 | 1.20 | 1.09 | 0.78 | -1.29 | 0.12 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.78 | 1.78 | 1.07 | 1.61 | 1.60 | 1.71 | 1.80 | 1.88 | 1.73 | 1.66 | 2.15 |
| Quick Ratio | 1.18 | 1.18 | 0.70 | 1.05 | 1.05 | 1.11 | 1.20 | 1.22 | 1.12 | 1.03 | 1.25 |
| Cash Ratio | 0.26 | 0.26 | 0.13 | 0.18 | 0.22 | 0.21 | 0.23 | 0.17 | 0.17 | 0.17 | 0.46 |
| Asset Turnover | — | 0.56 | 0.56 | 0.54 | 0.56 | 0.53 | 0.65 | 0.62 | 0.59 | 0.12 | 0.61 |
| Inventory Turnover | 5.39 | 5.39 | 6.16 | 5.56 | 5.37 | 5.60 | 5.83 | 5.79 | 6.03 | 1.17 | 3.04 |
| Days Sales Outstanding | — | 59.86 | 55.66 | 60.26 | 59.20 | 60.39 | 63.56 | 59.75 | 57.96 | 256.03 | 46.41 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | 0.2% | 0.3% | 0.4% | 0.4% | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | 82.8% | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 4.9% | 2.1% | 4.8% | 2.0% | 0.3% | — | — | — | — |
| FCF Yield | 5.0% | 6.4% | 4.8% | 4.7% | 5.0% | 3.3% | 5.3% | 4.2% | — | — | — |
| Buyback Yield | 0.8% | 1.0% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 36.1% | — | — | — |
| Total Shareholder Yield | 0.8% | 1.0% | 0.1% | 0.1% | 0.3% | 0.4% | 0.5% | 36.6% | — | — | — |
| Shares Outstanding | — | $679M | $682M | $678M | $679M | $600M | $583M | $401M | $497M | $497M | $491M |
Includes 30+ ratios · 10 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying AVTR stock.
Avantor, Inc.'s current P/E ratio is -18.9x. The historical average is 34.8x.
Avantor, Inc.'s current EV/EBITDA is 82.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 24.2x.
Avantor, Inc.'s return on equity (ROE) is -9.2%. The historical average is 6.8%.
Based on historical data, Avantor, Inc. is trading at a P/E of -18.9x. Compare with industry peers and growth rates for a complete picture.
Avantor, Inc. has 32.7% gross margin and -3.8% operating margin.
Avantor, Inc.'s Debt/EBITDA ratio is 24.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Revenue stagnation and margin erosion
Metrics are mathematically derived from official filings.
Margin Compression Persists
Gross margin fell 240 basis points to 31.7% by 2026Q2, while operating margin dropped to 7.2%, indicating persistent pricing and mix headwinds, as per reported financials.
The steady decline in gross margin from 34.1% in 2024Q2 to 31.7% in 2026Q2 suggests that Avantor is facing structural cost pressures or a shift toward lower-margin products. Operating margin erosion from 10.3% to 7.2% over the same period, with SG&A not scaling down proportionally, implies that the company's cost base is not flexible enough to offset revenue stagnation. This trend, if unaddressed, could further compress net margins, which have already swung to a loss in 2025Q3 due to a goodwill impairment.
Return on Capital Decaying
ROIC has hovered around 1% in recent quarters, down from 4.8% in 2024Q4, and ROE similarly weakened, indicating that Avantor is not generating adequate returns on its invested capital, based on reported figures.
The sharp decline in ROIC from 4.8% in 2024Q4 to 1.3% in 2026Q2, alongside ROE falling from 8.7% to 0.7%, suggests that the company's profitability is not keeping pace with its capital base. This could be driven by margin compression and asset write-downs, as evidenced by the goodwill impairment in 2025Q3. The low returns may indicate that Avantor's acquisition-heavy strategy has not yet delivered the expected synergies, and investors should monitor whether management can improve operational efficiency to lift returns.
Working Capital Efficiency Stable
Cash conversion cycle improved from 80 days in 2024Q1 to 67 days in 2026Q2, driven by a slight reduction in DSO and DIO, though DPO has increased, as per quarterly data.
The modest improvement in CCC from 80 to 67 days over the period suggests that Avantor is managing its working capital more efficiently, likely by tightening receivables and inventory. However, the increase in DPO from 49 to 58 days indicates that the company is stretching supplier payments, which may not be sustainable if suppliers push back. Asset turnover has remained flat at 0.13-0.15, reflecting the company's asset-heavy balance sheet due to goodwill, which does not generate revenue directly.
Deleveraging Alters Risk Profile
Debt-to-equity plummeted from 1.00 in 2024Q1 to 0.01 in 2026Q2, and D/EBITDA fell from 21.65 to 0.31, dramatically reducing financial leverage, as reported in balance sheet data.
The near-elimination of debt in 2026Q2, with total debt dropping to $37 million, suggests a significant deleveraging event, possibly a debt-for-equity swap or asset sale. While this reduces interest expense and refinancing risk, it also raises questions about the company's capital structure strategy. Interest coverage improved to 3.06 in 2026Q2 from 2.25 in 2024Q1, but the low absolute level indicates that earnings are still not robust enough to comfortably service debt if it were to increase.
Liquidity Position Strengthens
Current ratio improved from 0.98 in 2025Q2 to 1.78 in 2026Q2, and quick ratio rose to 1.18, indicating a stronger short-term liquidity position, based on reported balance sheet figures.
The improvement in liquidity ratios suggests that Avantor has increased its current assets relative to liabilities, possibly by paying down debt and holding more cash. However, the cash balance of $306.8 million is only 2.6% of total assets, which may limit the company's ability to absorb unexpected shocks. The quick ratio of 1.18 indicates that even without inventory, the company can cover its current liabilities, but the reliance on receivables and inventory for liquidity warrants monitoring.
Misapplied EV/EBITDA Multiple
The trailing EV/EBITDA of 78.46 is distorted by a goodwill impairment that depressed EBITDA, while forward EV/EBITDA of 12.48 is more indicative, but investors should adjust for non-recurring items.
The trailing EV/EBITDA multiple is misleading because it reflects the one-time goodwill impairment in 2025Q3, which reduced EBITDA and inflated the multiple. The forward EV/EBITDA of 12.48 is more representative of ongoing operations, but it still embeds the company's low current profitability. A more appropriate metric for Avantor would be EV/EBIT or EV/EBITDA adjusted for non-recurring charges, as the company's asset-light model with significant goodwill means that EBITDA may not fully capture the economic reality. Investors should also consider the company's low ROIC and margin trends when interpreting valuation multiples.