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Avantor, Inc.

AVTR Healthcare Medical Instruments & Supplies

Avantor, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $6.6 billion, down 3.41% from fiscal 2024.

Revenue
+4.59%
EPS
+128.9%
Free cash flow
−9.03%
Total debt
−4.51%

Quarter to September 2026, against a year earlier

15.14 0.51 −3.26%
Market cap
$10.3B
P/E
30.3×
Fwd P/E
34.8×
Dividend yield
—
F-score
4/9
Altman Z
1.55
Beneish M
−2.91
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2024

  • Laboratory Solutions
  • Bioscience Production

Every year since 2017 →

Insider Decisions last twelve months

Bought, $m 6.57
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy 1 — 2 1 — 2 — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 3.00%

Capital & Financial Ratios $m

Size
Market Cap 10,260.00
Revenue ttm 6,635.60
Net income ttm 337.20
Free cash flow ttm 439.20
Net debt Q 3,219.50
Valuation
P/E 30.28
Forward P/E 34.80
Price / sales 1.54
Forward P/S Powerpack
Price / FCF 23.34
Price / book 1.76
Financial health
Current ratio Q 1.89 (at or above 1.5: strong)
Debt / equity Q 0.63
Interest coverage Q 3.50
Growth
Revenue growth Q +4.59% (above 0%: growing)
Operating income growth Q +121.50% (above 0%: growing)
EPS, this year −9.22% (below 0%: weak)
EPS, next year A +8.77%
Revenue, next year A +1.78%
EPS, past 5 yrs —
EPS, next 5 yrs A +2.59%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.0×, against a ten-year median of 2.7×; over the ten years it ranged from 1.3× in 2026 to 4.3× in 2021.
P/E against its own 10 years 30.61%
10-year low 10-year high
P/S against its own 10 years 28.77%
10-year low 10-year high
P/B against its own 10 years 18.82%
10-year low 10-year high
EV/Sales against its own 10 years 24.28%
10-year low 10-year high
EV/FCF against its own 10 years 67.16%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 263 262 365 464
Receivables 1,150 1,035 1,075 1,123
Inventory 828 732 818 855
Other 144 119 193 151
2,385 2,147 2,451 2,593
2023 2024 2025 Q'26
Payables 626 663 742 735
ST’ Debt 260 821 31 35
Other 544 475 559 567
1,480 2,008 1,379 1,369

Compound Annual Growth %

10y 5y 3y
Sales — 0.49% (4.46%)
Cash Flow — (7.67%) (9.57%)
Earnings — 0.00% 0.00%
Book Value — 15.78% 4.65%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.21 Actual 0.22

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.21 0.22 Beat by 0.01
Q1 FY26 0.16 0.17 Beat by 0.01
Q2 FY26 0.19 0.21 Beat by 0.02
Q3 FY26 0.21 0.22 Beat by 0.01
Q4 FY26 0.22 — Reports 10 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.06 0.06 0.30 — —
’25 0.09 0.09 (1.04) 0.08 (0.78)
’24 0.09 0.14 0.08 0.73 1.04
’23 0.18 (0.01) 0.16 0.15 0.47
’22 0.28 0.28 0.25 0.21 1.01
’21 0.25 0.24 0.24 0.13 0.85
’20 0.05 0.08 (0.10) 0.06 0.09
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 1,581 1,692 1,698 — —
’25 1,581 1,683 1,624 1,664 6,552
’24 1,680 1,703 1,714 1,687 6,784
’23 1,780 1,744 1,720 1,723 6,967
’22 1,950 1,911 1,857 1,795 7,512
’21 1,786 1,859 1,834 1,908 7,386
’20 1,519 1,479 1,605 1,791 6,394
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 59 178 195 — —
’25 109 154 207 153 624
’24 142 281 245 173 841
’23 220 168 231 252 870
’22 152 228 258 206 844
’21 127 264 262 301 954
’20 253 89 282 306 930
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 25 141 156 — —
’25 81 125 172 117 495
’24 107 235 204 146 692
’23 192 138 193 201 724
’22 128 191 219 172 710
’21 112 240 229 261 843
’20 241 76 266 286 868
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 12.8% a year for ten years.

Implied
12.8%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 691 1,247 5,864 6,040 6,394 7,386 7,512 6,967 6,784 6,552 6,636 +28.4% 6,669 6,864 7,120 +2.8%
Gross margin, % 46.31 34.70 31.03 31.80 32.54 33.88 34.65 33.93 33.60 32.65 31.59 (13.7) pt
EBT (71) (460) (114) 41 62 753 851 411 854 (441) 316 +22.5%
EBT margin, % (10.27) (36.89) (1.94) 0.67 0.97 10.19 11.33 5.89 12.59 (6.74) 4.75 +3.5 pt
Net income (42) (145) (87) 38 117 573 687 321 712 (530) 337 +32.5%
Per share, $
Per share, $ Revenue 1.29 8.26 44.19 15.06 11.09 12.51 11.54 10.31 9.98 9.63 9.80 +25.0%
Earnings (0.08) (2.75) (2.69) (0.84) 0.09 0.86 1.02 0.48 1.05 (0.78) 0.50 +28.8%
Cash flow 0.14 (1.11) 1.51 0.88 1.61 1.61 1.30 1.29 1.24 0.92 0.86 +23.6%
Capex 0.00 (0.17) (0.28) (0.13) (0.11) (0.19) (0.20) (0.22) (0.22) (0.19) (0.21) n/m
Free cash flow 0.14 (1.28) 1.23 0.75 1.51 1.43 1.09 1.07 1.02 0.73 0.65 +20.4%
Book value (0.96) 0.00 (23.00) 6.14 4.64 7.11 7.46 7.77 8.77 8.18 8.62 n/m
Shares, m 534 151 133 401 576 591 651 676 680 681 677 +2.7%
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 312.78 49.00 20.55 47.40 20.07 0.00 30.28 45.0
P/S 0.00 0.00 0.00 1.21 2.54 3.37 1.83 2.21 2.11 1.19 1.54 1.4
P/B 0.00 0.00 0.00 4.99 9.71 7.79 2.84 2.93 2.40 1.40 1.76 3.2
EV/Sales 0.00 0.00 0.00 2.02 3.26 4.28 2.62 2.96 2.67 1.74 2.03 2.0
EV/FCF 38.45 38.45 38.45 40.38 23.99 37.51 27.73 28.53 26.18 22.99 30.67 32.3
Cash, $m
Cash, $m Operating cash flow 73 (167) 201 354 930 954 844 870 841 624 585 +26.9%
Capex (30) (25) (38) (52) (62) (111) (133) (146) (149) (129) (145) +17.6%
Free cash flow 73 (193) 163 302 868 843 710 724 692 495 439 +23.7%
Balance, $m
Balance, $m Working capital 156 730 803 947 988 1,026 999 905 139 1,072 1,224 +23.9%
Net debt 1,233 6,933 6,740 4,930 4,607 6,722 5,915 5,274 3,794 3,581 3,220 +12.6%
Shareholders’ equity (511) — (3,052) 2,462 2,674 4,197 4,855 5,253 5,957 5,565 5,836 n/m
Returns, %
Returns, % ROA (0.73) (73.05) (6.45) (3.40) 0.53 4.27 4.84 2.43 5.67 (4.44) 2.89 (3.7) pt
ROIC 0.00 (1.90) 7.01 4.67 6.07 5.57 6.56 4.13 6.95 (1.68) 3.36 (1.7) pt
ROE 2.80 27.71 12.57 42.07 3.32 20.89 16.46 6.35 12.69 (9.20) 5.91 (12.0) pt
People
People Employees — — 12,000 12,000 12,400 13,500 14,500 14,500 13,500 13,500 — +1.7%
Revenue/emp, $m 0.00 0.00 0.49 0.50 0.52 0.55 0.52 0.48 0.50 0.49 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

Avantor supplies products and services used in scientific research, healthcare and manufacturing. Its customers include biopharmaceutical companies, healthcare providers, universities, government institutions and businesses working with advanced technologies and materials. It supports work from early research through the production of finished treatments and other products.

Through VWR, it distributes laboratory consumables and equipment made by other suppliers, as well as products sold under the VWR label. It also manufactures its own specialty products for life sciences and medical technology applications.

Where the money comes from and where it goes Fiscal 2024

Fiscal 2024: revenue by segment, and margins
Laboratory Solutions 4,610 67.96%
Bioscience Production 2,174 32.04%
Gross margin 33.60%
Operating margin 15.99%
Pre-tax margin 12.59%

Revenue by segment since 2017

Avantor, Inc. vs peers in Medical Instruments & Supplies (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
SOLV Solventum Corporation $14.8B 97.3× 47.7× −7.01% (below 0%: shrinking) n/m +561.90% (above 0%: growing) 0.00% 0.00% Compare
BAX Baxter International Inc. $13.3B — (loss-making) 21.3× +4.97% (above 0%: growing) n/m +255.56% (above 0%: growing) 33.40% 7.56% Compare
COO The Cooper Companies, Inc. $12.1B 21.7× 17.5× +0.56% (above 0%: growing) +357.14% (above 0%: growing) +65.96% (above 0%: growing) 66.77% 20.82% Compare
ALGN Align Technology, Inc. $11.3B 23.1× 20.4× +1.92% (above 0%: growing) +143.87% (above 0%: growing) +8.26% (above 0%: growing) 68.73% 16.67% Compare
RGEN Repligen Corporation $10.8B — (loss-making) — (loss-making) +10.86% (above 0%: growing) n/m −11.46% (below 0%: shrinking) 53.02% (14.12%) Compare
AVTR Avantor, Inc. $10.3B 30.3× 34.8× +4.59% (above 0%: growing) n/m −9.03% (below 0%: shrinking) 31.49% 8.21%
ATR AptarGroup, Inc. $9.1B 34.6× 25.9× +6.03% (above 0%: growing) −73.85% (below 0%: shrinking) −16.86% (below 0%: shrinking) 36.59% 13.25% Compare
BLCO Bausch + Lomb Corporation $7.1B — (loss-making) 749× +7.34% (above 0%: growing) n/m +182.54% (above 0%: growing) 64.65% 11.27% Compare
TFX Teleflex Incorporated $6.5B — (loss-making) 37.4× +28.88% (above 0%: growing) −17.33% (below 0%: shrinking) +220.14% (above 0%: growing) 58.16% 12.77% Compare
Median of peers $11.0B 28.8× 25.9× +5.50% +63.27% +124.25% 55.59% 12.02%

All 53 Medical Instruments & Supplies stocks →

From the latest earnings call

Updated

  • CEO Emmanuel Ligner attributed Avantor’s return to organic revenue growth to improved execution and stronger end markets, while saying Europe’s recovery lagged the Americas and Asia.
  • Steven Eck said faster growth at lower-margin VWR and mix within that business affected gross margins, while inflation also remained a pressure.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 103.38%
Held by the ten largest 58.00%
Holder Shares Stake Change
Dodge & Cox 120.02m 17.75% +372.65k
BlackRock 70.28m 10.39% +4.58m
Vanguard 67.89m 10.04% +380.98k
GREENHAVEN ASSOCIATES INC 24.64m 3.64% +2.04m
State Street 21.57m 3.19% +851.90k
Dimensional Fund Advisors 20.41m 3.02% +3.52m
Engine Capital Management, LP 19.86m 2.94% +80.00k
BARROW HANLEY MEWHINNEY & STRAUSS LLC 19.74m 2.92% −2.62m
New Mountain Capital, L.L.C. 14.00m 2.07% 0.00
Invesco 13.89m 2.05% +5.81m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 27 March 2026

Ownership

Directors and executive officers, together less than 1%
Dodge & Cox 17.40%
The Vanguard Group, Inc. 9.70%
BlackRock, Inc. 8.70%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Avantor, Inc. (AVTR) Latest News

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AVTR metrics, ten years each

stockrow.com/AVTR · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com