Avantor, Inc. (AVTR) vs Bausch + Lomb Corporation (BLCO)

Avantor, Inc. and Bausch + Lomb Corporation are both Medical Instruments & Supplies companies. Avantor, Inc. is the larger, with a market value of $10.3B against $7.1B — 1.4× the size. Bausch + Lomb Corporation has negative trailing earnings, so its P/E is not meaningful; Avantor, Inc. trades at 30.3×. Bausch + Lomb Corporation grew revenue faster over the last twelve months: 8.88% against 0.92%. Avantor, Inc. has the higher net margin (5.08% vs −2.05%) and the higher return on invested capital (3.36% vs 2.16%). Across the 20 metrics below, Avantor, Inc. leads on 12 and Bausch + Lomb Corporation on 8.

Valuation

Metric AVTR BLCO Medical Instruments & Supplies median
P/E 30.28 n/m 30.28
P/S 1.54 1.32 2.49
P/B 1.76 1.10 2.34
Price to free cash flow 23.34 31.41 23.49
EV/EBITDA 14.74 14.62 14.87
EV/Sales 2.03 2.16 2.75
Earnings yield 3.30% (1.52%) 0.00%
Free cash flow yield 4.28% 3.18% 0.59%

Profitability

Metric AVTR BLCO Medical Instruments & Supplies median
Gross margin 31.59% 62.55% 53.60%
Operating margin 7.34% 7.07% 1.97%
Net margin 5.08% (2.05%) 0.00%
Free cash flow margin 6.62% 4.65% 2.36%
Return on equity 5.91% (1.71%) 0.00%
Return on assets 2.89% (0.80%) 0.00%
Return on invested capital 3.36% 2.16% 0.13%

Growth

Metric AVTR BLCO Medical Instruments & Supplies median
Revenue growth (TTM) 0.92% 8.88% 8.97%
EPS growth (last fiscal year) (175.00%) (13.33%) 6.51%
Revenue growth, 5-year CAGR 0.49% 8.38% 8.85%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric AVTR BLCO Medical Instruments & Supplies median
Debt to equity 0.63 0.78 0.10
Current ratio 1.89 1.56 2.47
Net debt to EBITDA 20.76 8.49 0.97

Dividend

Metric AVTR BLCO Medical Instruments & Supplies median
Dividend yield — — 1.02%
Payout ratio — — 0.27

Size

Metric AVTR BLCO Medical Instruments & Supplies median
Market cap 10.26b 7.12b 1.71b

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