Avantor (AVTR) Financials

$8.10 +0.24 (+2.99%)

Closing price 05/22/2026 03:59 PM Eastern

Extended Trading

$8.08 -0.03 (-0.31%)

As of 05/22/2026 06:53 PM Eastern

Annual Income Statements for Avantor

This table shows Avantor's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-415	-356	-335	52	508	662	321	712	-530
Consolidated Net Income / (Loss)	-145	-87	38	117	573	687	321	712	-530
Net Income / (Loss) Continuing Operations	-145	-87	38	117	573	687	321	712	-530
Total Pre-Tax Income	-460	-114	41	62	753	851	411	854	-441
Total Operating Income	-210	414	552	707	972	1,130	696	1,085	-246
Total Gross Profit	433	1,820	1,921	2,081	2,503	2,603	2,364	2,279	2,139
Total Revenue	1,247	5,864	6,040	6,394	7,386	7,512	6,967	6,784	6,552
Operating Revenue	1,247	5,864	6,040	6,394	7,386	7,512	6,967	6,784	6,552
Total Cost of Revenue	815	4,045	4,120	4,313	4,883	4,910	4,603	4,504	4,413
Operating Cost of Revenue	815	4,045	4,120	4,313	4,883	4,910	4,603	4,504	4,413
Total Operating Expenses	643	1,406	1,369	1,374	1,531	1,473	1,667	1,641	2,381
Selling, General & Admin Expense	450	1,406	1,369	1,374	1,531	1,473	1,507	1,641	1,596
Impairment Charge	-	-	-	-	0.00	0.00	161	0.00	785
Total Other Income / (Expense), net	-250	-527	-511	-645	-219	-279	-286	216	-200
Interest Expense	257	524	514	654	230	278	292	230	174
Other Income / (Expense), net	7.50	-3.50	2.50	9.90	11	-0.80	5.80	445	-26
Income Tax Expense	-315	-27	2.80	-54	180	165	89	142	89
Basic Earnings per Share	($2.75)	($2.69)	($0.84)	$0.09	$0.86	$1.02	$0.48	$1.05	($0.78)
Weighted Average Basic Shares Outstanding	151.10M	132.70M	401.20M	576.30M	590.50M	650.90M	675.60M	679.60M	680.60M
Diluted Earnings per Share	($2.75)	($2.69)	($0.84)	$0.09	$0.85	$1.01	$0.47	$1.04	($0.78)
Weighted Average Diluted Shares Outstanding	151.10M	132.70M	401.20M	583.40M	599.60M	679.40M	678.40M	681.90M	680.60M
Weighted Average Basic & Diluted Shares Outstanding	151.10M	132.70M	401.20M	609.97M	-	674.44M	678.28M	680.90M	682.06M

This table shows Avantor's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	108	99	60	93	58	500	65	65	-712	52	43
Consolidated Net Income / (Loss)	108	99	60	93	58	500	65	65	-712	52	43
Net Income / (Loss) Continuing Operations	108	99	60	93	58	500	65	65	-712	52	43
Total Pre-Tax Income	137	120	81	115	75	584	86	82	-690	81	56
Total Operating Income	210	183	146	176	125	638	147	129	-649	126	100
Total Gross Profit	579	570	571	582	564	563	535	554	527	524	501
Total Revenue	1,720	1,723	1,680	1,703	1,714	1,687	1,581	1,683	1,624	1,664	1,581
Operating Revenue	1,720	1,723	1,680	1,703	1,714	1,687	1,581	1,683	1,624	1,664	1,581
Total Cost of Revenue	1,142	1,152	1,109	1,121	1,150	1,124	1,047	1,129	1,097	1,140	1,081
Operating Cost of Revenue	1,142	1,152	1,109	1,121	1,150	1,124	1,047	1,129	1,097	1,140	1,081
Total Operating Expenses	368	387	424	406	440	371	388	425	1,175	392	401
Selling, General & Admin Expense	368	387	424	406	440	371	388	425	390	392	401
Total Other Income / (Expense), net	-74	-64	-66	-61	-50	393	-62	-47	-41	-51	-44
Interest Expense	74	66	67	63	51	49	42	43	44	44	44
Other Income / (Expense), net	0.70	2.50	1.10	1.60	0.70	442	-20	-3.70	3.70	-6.30	-0.50
Income Tax Expense	28	21	20	22	17	84	21	17	22	28	12
Basic Earnings per Share	$0.16	$0.15	$0.09	$0.14	$0.08	$0.74	$0.09	$0.09	($1.04)	$0.08	$0.06
Weighted Average Basic Shares Outstanding	676M	675.60M	678.10M	679.40M	680.30M	679.60M	681.10M	681.50M	681.70M	680.60M	675.70M
Diluted Earnings per Share	$0.16	$0.14	$0.09	$0.14	$0.08	$0.73	$0.09	$0.09	($1.04)	$0.08	$0.06
Weighted Average Diluted Shares Outstanding	678.50M	678.40M	681.40M	682.60M	683M	681.90M	682.40M	681.80M	681.70M	680.60M	676.80M
Weighted Average Basic & Diluted Shares Outstanding	676.39M	678.28M	679.27M	679.84M	680.61M	680.90M	681.43M	681.74M	681.81M	682.06M	682.76M

This table details how cash moves in and out of Avantor's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	123	7.00	1.60	100	38	70	-109	-23	104
Net Cash From Operating Activities	-168	201	354	930	954	844	870	841	624
Net Cash From Continuing Operating Activities	-168	201	354	930	954	844	870	841	624
Net Income / (Loss) Continuing Operations	-145	-87	38	117	573	687	321	712	-530
Consolidated Net Income / (Loss)	-145	-87	38	117	573	687	321	712	-530
Depreciation Expense	99	405	399	395	379	406	402	406	410
Amortization Expense	12	41	34	23	16	16	13	11	8.50
Non-Cash Adjustments To Reconcile Net Income	225	34	197	462	118	126	289	-288	927
Changes in Operating Assets and Liabilities, net	-358	-193	-313	-68	-132	-390	-156	0.80	-191
Net Cash From Investing Activities	-6,676	-23	-42	-59	-4,122	-110	-144	439	-131
Net Cash From Continuing Investing Activities	-6,676	-23	-42	-59	-4,122	-110	-144	439	-131
Purchase of Property, Plant & Equipment	-25	-38	-52	-62	-111	-133	-146	-149	-129
Divestitures	-	-	-	-	-	0.00	0.00	585	0.00
Other Investing Activities, net	9.90	15	9.50	2.50	3.50	1.50	2.70	2.50	-1.70
Net Cash From Financing Activities	6,965	-170	-308	-783	3,219	-649	-844	-1,281	-409
Net Cash From Continuing Financing Activities	6,965	-170	-308	-783	3,219	-649	-844	-1,281	-409
Repayment of Debt	-3,609	-186	-1,879	-4,677	-575	-948	-848	-1,342	-1,441
Repurchase of Common Equity	-	-	-	-	-	-	0.00	0.00	-75
Issuance of Debt	9,250	36	1.30	3,939	2,835	327	0.00	0.00	1,108
Other Financing Activities, net	-1,725	-21	-3.90	20	83	17	4.60	61	-0.50
Effect of Exchange Rate Changes	1.00	-	-2.50	12	-13	-16	8.20	-22	20

This table details how cash moves in and out of Avantor's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-0.10	27	-29	38	14	-46	54	134	-198	114	-86
Net Cash From Operating Activities	231	252	142	281	245	173	109	154	207	153	59
Net Cash From Continuing Operating Activities	231	252	142	281	245	173	109	154	207	153	59
Net Income / (Loss) Continuing Operations	108	99	60	93	58	500	65	65	-712	52	43
Consolidated Net Income / (Loss)	108	99	60	93	58	500	65	65	-712	52	43
Depreciation Expense	98	101	100	103	102	101	100	103	105	103	105
Amortization Expense	3.20	3.10	3.00	2.80	2.80	2.60	2.20	2.30	2.10	1.90	1.80
Non-Cash Adjustments To Reconcile Net Income	28	31	49	28	41	-406	46	33	805	43	19
Changes in Operating Assets and Liabilities, net	-6.70	19	-70	55	41	-25	-103	-48	8.10	-48	-111
Net Cash From Investing Activities	-37	-50	-34	-45	-41	559	-29	-29	-33	-40	-33
Net Cash From Continuing Investing Activities	-37	-50	-34	-45	-41	559	-29	-29	-33	-40	-33
Purchase of Property, Plant & Equipment	-38	-51	-35	-46	-41	-28	-28	-30	-36	-36	-34
Other Investing Activities, net	0.70	0.60	0.50	0.90	0.30	0.80	-0.90	1.00	2.40	-4.20	0.80
Net Cash From Financing Activities	-188	-184	-130	-197	-199	-755	-34	-6.90	-370	0.70	-107
Net Cash From Continuing Financing Activities	-188	-184	-130	-197	-199	-755	-34	-6.90	-370	0.70	-107
Repayment of Debt	-198	-188	-210	-173	-210	-749	-31	-6.80	-439	-964	-105
Repurchase of Preferred Equity	-	-	-6.60	-0.80	-	-	0.00	-0.10	-0.40	-	-0.10
Other Financing Activities, net	9.40	4.20	46	5.30	17	1.90	-2.30	-	2.30	-5.40	-1.70
Effect of Exchange Rate Changes	-5.40	9.50	-5.70	-1.60	7.90	-22	7.00	15	-2.00	-0.10	-4.90

This table presents Avantor's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2018	12/31/2019	12/31/2021	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	9,912	9,773	13,897	13,897	13,464	12,973	12,115	11,795
Total Current Assets	1,900	2,022	2,477	2,477	2,658	2,385	2,147	2,451
Cash & Equivalents	185	187	302	302	373	263	262	365
Accounts Receivable	931	989	1,222	1,222	1,218	1,150	1,035	1,075
Inventories, net	671	711	872	872	914	828	732	818
Other Current Assets	113	135	81	81	153	144	119	193
Plant, Property, & Equipment, net	599	557	706	706	727	738	708	767
Total Noncurrent Assets	7,413	7,195	10,715	10,715	10,079	9,850	9,260	8,577
Goodwill	2,785	2,769	5,341	5,341	5,653	5,717	5,539	4,987
Intangible Assets	4,566	4,220	5,140	5,140	4,133	3,775	3,360	3,194
Other Noncurrent Operating Assets	63	205	233	233	294	358	360	396
Total Liabilities & Shareholders' Equity	9,912	9,773	13,897	13,897	13,464	12,973	12,115	11,795
Total Liabilities	9,104	7,311	9,700	9,700	8,609	7,720	6,158	6,230
Total Current Liabilities	1,096	1,075	1,451	1,451	1,659	1,480	2,008	1,379
Short-Term Debt	142	94	45	45	364	260	821	31
Accounts Payable	557	560	755	755	758	626	663	742
Current Employee Benefit Liabilities	145	114	200	200	122	133	168	163
Other Current Liabilities	175	232	401	401	364	411	307	396
Other Current Nonoperating Liabilities	77	74	50	50	50	50	49	47
Total Noncurrent Liabilities	8,008	6,237	8,249	8,249	6,950	6,240	4,150	4,851
Long-Term Debt	6,782	5,023	6,978	6,978	5,923	5,277	3,235	3,916
Noncurrent Deferred & Payable Income Tax Liabilities	908	785	913	913	731	613	557	557
Other Noncurrent Operating Liabilities	318	428	358	358	295	350	358	378
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-3,052	2,462	4,197	4,197	4,855	5,253	5,957	5,565
Total Preferred & Common Equity	-3,052	2,462	4,197	4,197	4,855	5,253	5,957	5,565
Total Common Equity	-3,052	2,462	4,197	4,197	4,855	5,253	5,957	5,565
Common Stock	-2,747	1,748	2,753	2,753	3,785	3,830	3,938	3,985
Retained Earnings	-238	-204	484	484	1,170	1,492	2,203	1,673
Treasury Stock	-	-	-	-	-	-	0.00	-76
Accumulated Other Comprehensive Income / (Loss)	-67	-86	-43	-43	-100	-69	-184	-17

This table presents Avantor's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	13,113	13,396	13,063	12,798	12,763	12,694	12,841	12,326	12,777	11,676	11,663
Total Current Assets	2,560	2,627	2,499	2,385	2,321	2,329	2,505	2,282	2,515	2,257	2,404
Cash & Equivalents	266	295	236	237	235	273	285	316	449	252	279
Accounts Receivable	1,231	1,277	1,216	1,150	1,130	1,129	1,088	1,096	1,149	1,078	1,105
Inventories, net	905	904	890	850	811	796	780	750	780	796	810
Other Current Assets	158	152	156	147	146	132	136	120	136	132	210
Plant, Property, & Equipment, net	698	737	698	698	740	754	723	736	759	762	766
Total Noncurrent Assets	9,855	10,032	9,866	9,715	9,703	9,611	9,613	9,308	9,503	8,657	8,493
Goodwill	5,511	5,683	5,694	5,638	5,672	5,660	5,671	5,609	5,762	4,985	4,952
Intangible Assets	4,099	4,077	3,895	3,788	3,663	3,583	3,523	3,331	3,350	3,267	3,099
Other Noncurrent Operating Assets	245	273	277	289	368	368	420	368	391	406	442
Total Liabilities & Shareholders' Equity	13,113	13,396	13,063	12,798	12,763	12,694	12,841	12,326	12,777	11,676	11,663
Total Liabilities	8,522	8,401	8,052	7,699	7,427	7,259	7,287	6,228	6,491	6,106	6,074
Total Current Liabilities	1,552	1,670	1,550	1,488	1,442	1,465	1,630	2,034	2,576	1,517	1,367
Short-Term Debt	281	325	314	336	299	258	230	828	1,254	220	37
Accounts Payable	769	766	687	656	573	657	674	680	709	692	736
Current Employee Benefit Liabilities	120	125	124	120	133	146	183	141	174	179	162
Other Current Liabilities	344	415	376	337	396	353	402	347	389	391	402
Other Current Nonoperating Liabilities	39	39	49	40	41	50	142	39	50	35	32
Total Noncurrent Liabilities	6,970	6,732	6,502	6,211	5,985	5,794	5,658	4,194	3,915	4,589	4,707
Long-Term Debt	5,908	5,736	5,570	5,291	5,024	4,857	4,691	3,279	2,988	3,638	3,779
Noncurrent Deferred & Payable Income Tax Liabilities	728	696	663	649	601	575	547	550	536	549	550
Other Noncurrent Operating Liabilities	334	300	269	271	361	362	419	365	391	403	377
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	4,591	4,995	5,011	5,099	5,336	5,435	5,553	6,098	6,286	5,570	5,589
Total Preferred & Common Equity	4,591	4,995	5,011	5,099	5,336	5,435	5,553	6,098	6,286	5,570	5,589
Total Common Equity	4,591	4,995	5,011	5,099	5,336	5,435	5,553	6,098	6,286	5,570	5,589
Common Stock	3,775	3,792	3,799	3,818	3,881	3,898	3,925	3,948	3,964	3,973	3,992
Retained Earnings	1,029	1,292	1,285	1,393	1,552	1,645	1,703	2,268	2,332	1,620	1,716
Treasury Stock	-	-	-	-	-	-	-	-	-	-	-76
Accumulated Other Comprehensive Income / (Loss)	-212	-90	-72	-111	-97	-107	-74	-118	-10	-24	-44

This table displays calculated financial ratios and metrics derived from Avantor's official financial filings.

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	370.12%	3.00%	5.85%	15.52%	1.71%	-7.26%	-2.64%	-3.41%
EBITDA Growth	0.00%	1,030.43%	15.27%	15.08%	21.38%	12.50%	-27.93%	74.22%	-92.46%
EBIT Growth	0.00%	302.07%	35.20%	29.30%	37.13%	14.92%	-37.83%	117.92%	-117.78%
NOPAT Growth	0.00%	296.53%	77.49%	157.49%	-44.11%	23.31%	-40.25%	65.93%	-119.07%
Net Income Growth	0.00%	40.19%	143.50%	208.47%	391.08%	19.89%	-53.23%	121.58%	-174.52%
EPS Growth	0.00%	2.18%	68.77%	110.71%	844.44%	18.82%	-53.47%	121.28%	-175.00%
Operating Cash Flow Growth	0.00%	219.70%	76.56%	162.66%	2.56%	-11.54%	3.13%	-3.36%	-25.81%
Free Cash Flow Firm Growth	0.00%	0.00%	109.16%	-424.42%	133.92%	43.38%	-25.65%	113.31%	-74.21%
Invested Capital Growth	0.00%	0.00%	-2.07%	46.91%	0.00%	-1.35%	-2.25%	-7.35%	-6.18%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	4.36%	1.61%	-1.48%	-1.03%	-0.53%	-0.35%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	4.94%	0.31%	2.44%	-5.18%	84.93%	-86.72%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	7.73%	0.19%	3.81%	-7.92%	140.64%	-139.53%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	27.67%	-7.36%	6.65%	-8.96%	80.36%	50.96%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	-14.01%	8.00%	7.47%	-11.86%	129.81%	-545.01%
EPS Q/Q Growth	0.00%	0.00%	0.00%	-88.00%	7.59%	8.60%	-11.32%	131.11%	-500.00%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	5.08%	30.81%	-0.52%	-10.16%	5.58%	-8.52%	-3.20%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	514.62%	175.43%	26.58%	83.69%	-21.33%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	49.92%	32.27%	2.53%	0.46%	-3.11%	-0.20%
Profitability Metrics	-	-	-	-	-	-	-	-	-
Gross Margin	34.70%	31.03%	31.80%	32.54%	33.88%	34.65%	33.93%	33.60%	32.65%
EBITDA Margin	-7.38%	14.60%	16.34%	17.76%	18.66%	20.64%	16.04%	28.70%	2.24%
Operating Margin	-16.87%	7.05%	9.14%	11.05%	13.16%	15.04%	10.00%	15.99%	-3.76%
EBIT Margin	-16.27%	6.99%	9.18%	11.21%	13.31%	15.03%	10.08%	22.56%	-4.15%
Profit (Net Income) Margin	-11.65%	-1.48%	0.63%	1.82%	7.75%	9.14%	4.61%	10.49%	-8.09%
Tax Burden Percent	31.57%	76.36%	93.10%	187.16%	76.04%	80.66%	78.22%	83.32%	120.15%
Interest Burden Percent	226.81%	-27.76%	7.32%	8.69%	76.62%	75.36%	58.46%	55.80%	162.24%
Effective Tax Rate	0.00%	0.00%	6.90%	-87.16%	23.96%	19.34%	21.78%	16.68%	0.00%
Return on Invested Capital (ROIC)	0.00%	7.59%	6.81%	14.35%	6.74%	8.37%	5.09%	8.87%	-1.81%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-3.45%	-1.24%	-6.14%	4.28%	4.83%	1.13%	4.67%	-11.40%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-29.11%	-4.50%	-10.85%	6.90%	6.80%	1.26%	3.82%	-7.39%
Return on Equity (ROE)	0.00%	-21.52%	2.31%	3.50%	13.64%	15.17%	6.35%	12.69%	-9.20%
Cash Return on Invested Capital (CROIC)	0.00%	-192.41%	8.90%	-23.64%	6.74%	9.73%	7.37%	16.50%	4.57%
Operating Return on Assets (OROA)	0.00%	4.14%	5.63%	6.06%	7.07%	8.26%	5.31%	12.20%	-2.28%
Return on Assets (ROA)	0.00%	-0.88%	0.38%	0.99%	4.12%	5.02%	2.43%	5.67%	-4.44%
Return on Common Equity (ROCE)	0.00%	81.32%	-0.42%	3.50%	13.64%	15.17%	6.35%	12.69%	-9.20%
Return on Equity Simple (ROE_SIMPLE)	0.00%	2.85%	1.54%	2.78%	13.64%	14.14%	6.11%	11.94%	0.00%
Net Operating Profit after Tax (NOPAT)	-147	289	514	1,323	739	912	545	904	-172
NOPAT Margin	-11.81%	4.94%	8.51%	20.69%	10.01%	12.13%	7.82%	13.32%	-2.63%
Net Nonoperating Expense Percent (NNEP)	0.00%	11.04%	8.05%	20.49%	2.46%	3.54%	3.96%	4.20%	9.58%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	8.18%	5.05%	9.03%	-1.81%
Cost of Revenue to Revenue	65.30%	68.97%	68.20%	67.46%	66.12%	65.35%	66.07%	66.40%	67.35%
SG&A Expenses to Revenue	36.05%	23.98%	22.66%	21.49%	20.72%	19.60%	21.62%	24.19%	24.35%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	51.56%	23.98%	22.66%	21.49%	20.72%	19.60%	23.93%	24.19%	36.33%
Earnings before Interest and Taxes (EBIT)	-203	410	554	717	983	1,129	702	1,530	-272
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-92	856	987	1,136	1,378	1,551	1,118	1,947	147
Valuation Ratios	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	4.21	3.88	6.12	2.93	2.94	2.41	1.40
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	2.32	0.49	1.72	2.55	3.48	1.89	2.22	2.11	1.19
Price to Earnings (P/E)	0.00	0.00	0.00	313.08	50.56	21.47	48.09	20.16	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.32%	1.98%	4.66%	2.08%	4.96%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	1.77	2.05	2.10	2.95	1.86	1.96	1.85	1.24
Enterprise Value to Revenue (EV/Rev)	0.00	2.30	2.53	3.60	4.39	2.68	2.97	2.67	1.74
Enterprise Value to EBITDA (EV/EBITDA)	0.00	15.77	15.51	20.26	23.51	12.98	18.54	9.31	77.67
Enterprise Value to EBIT (EV/EBIT)	0.00	32.92	27.61	32.09	32.97	17.83	29.50	11.85	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	46.63	29.79	17.39	43.83	22.09	38.03	20.06	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	67.32	43.24	24.74	33.98	23.87	23.81	21.57	18.27
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	22.79	0.00	43.83	18.99	26.28	10.79	26.28
Leverage & Solvency	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	8.57	2.08	1.67	1.67	1.29	1.05	0.68	0.71
Long-Term Debt to Equity	0.00	8.40	2.04	1.66	1.66	1.22	1.00	0.54	0.70
Financial Leverage	0.00	8.44	3.62	1.77	1.61	1.41	1.12	0.82	0.65
Leverage Ratio	0.00	12.27	6.02	3.55	3.31	3.02	2.62	2.24	2.08
Compound Leverage Factor	0.00	-3.41	0.44	0.31	2.54	2.28	1.53	1.25	3.37
Debt to Total Capital	0.00%	89.56%	67.51%	62.59%	62.59%	56.43%	51.32%	40.51%	41.49%
Short-Term Debt to Total Capital	0.00%	1.84%	1.23%	0.40%	0.40%	3.27%	2.41%	8.20%	0.32%
Long-Term Debt to Total Capital	0.00%	87.71%	66.28%	62.19%	62.19%	53.16%	48.91%	32.31%	41.17%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	49.91%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	-39.47%	32.49%	37.41%	37.41%	43.57%	48.68%	59.49%	58.51%
Debt to EBITDA	0.00	8.09	5.19	6.19	5.10	4.05	4.95	2.08	26.90
Net Debt to EBITDA	0.00	7.87	5.00	5.92	4.88	3.81	4.72	1.95	24.41
Long-Term Debt to EBITDA	0.00	7.92	5.09	6.15	5.06	3.82	4.72	1.66	26.69
Debt to NOPAT	0.00	23.92	9.96	5.31	9.50	6.90	10.16	4.49	-22.90
Net Debt to NOPAT	0.00	23.29	9.60	5.08	9.09	6.49	9.68	4.20	-20.78
Long-Term Debt to NOPAT	0.00	23.43	9.78	5.28	9.44	6.50	9.69	3.58	-22.72
Altman Z-Score	0.00	0.98	1.74	1.77	2.49	2.04	2.16	2.64	1.54
Noncontrolling Interest Sharing Ratio	0.00%	477.87%	118.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	1.73	1.88	1.71	1.71	1.60	1.61	1.07	1.78
Quick Ratio	0.00	1.02	1.09	1.05	1.05	0.96	0.95	0.65	1.04
Cash Flow Metrics	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-7,335	672	-2,179	739	1,060	788	1,681	434
Operating Cash Flow to CapEx	-664.68%	531.83%	686.05%	1,509.42%	858.33%	632.38%	594.26%	565.05%	484.32%
Free Cash Flow to Firm to Interest Expense	0.00	-14.00	1.31	-3.33	3.22	3.81	2.70	7.32	2.49
Operating Cash Flow to Interest Expense	-0.65	0.38	0.69	1.42	4.15	3.03	2.98	3.66	3.58
Operating Cash Flow Less CapEx to Interest Expense	-0.75	0.31	0.59	1.33	3.67	2.55	2.48	3.01	2.84
Efficiency Ratios	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.59	0.61	0.54	0.53	0.55	0.53	0.54	0.55
Accounts Receivable Turnover	0.00	6.30	6.29	5.78	6.04	6.16	5.88	6.21	6.21
Inventory Turnover	0.00	6.03	5.96	5.45	5.60	5.50	5.29	5.78	5.70
Fixed Asset Turnover	0.00	9.80	10.45	10.13	10.47	10.49	9.51	9.39	8.88
Accounts Payable Turnover	0.00	7.26	7.37	6.56	6.47	6.49	6.65	6.99	6.28
Days Sales Outstanding (DSO)	0.00	57.96	58.01	63.11	60.39	59.29	62.04	58.78	58.75
Days Inventory Outstanding (DIO)	0.00	60.56	61.24	66.99	65.18	66.37	69.05	63.19	64.09
Days Payable Outstanding (DPO)	0.00	50.30	49.51	55.65	56.44	56.25	54.87	52.21	58.09
Cash Conversion Cycle (CCC)	0.00	68.22	69.74	74.44	69.13	69.41	76.22	69.75	64.75
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	7,624	7,466	10,968	10,968	10,820	10,577	9,799	9,193
Invested Capital Turnover	0.00	1.54	0.80	0.69	0.67	0.69	0.65	0.67	0.69
Increase / (Decrease) in Invested Capital	0.00	7,624	-158	3,502	0.00	-148	-243	-777	-606
Enterprise Value (EV)	0.00	13,497	15,307	23,002	32,404	20,134	20,716	18,134	11,394
Market Capitalization	2,898	2,898	10,377	16,280	25,682	14,219	15,442	14,341	7,814
Book Value per Share	$0.00	($23.00)	$4.31	$7.26	$6.89	$7.20	$7.77	$8.75	$8.16
Tangible Book Value per Share	$0.00	($78.39)	($7.92)	($10.87)	($10.31)	($7.31)	($6.27)	($4.32)	($3.84)
Total Capital	0.00	7,732	7,579	11,220	11,220	11,143	10,789	10,013	9,511
Total Debt	0.00	6,925	5,117	7,023	7,023	6,288	5,537	4,056	3,946
Total Long-Term Debt	0.00	6,782	5,023	6,978	6,978	5,923	5,277	3,235	3,916
Net Debt	0.00	6,740	4,930	6,722	6,722	5,915	5,274	3,794	3,581
Capital Expenditures (CapEx)	25	38	52	62	111	133	146	149	129
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	761	854	770	770	990	902	698	738
Debt-free Net Working Capital (DFNWC)	0.00	946	1,041	1,072	1,072	1,363	1,165	960	1,103
Net Working Capital (NWC)	0.00	803	947	1,026	1,026	999	905	139	1,072
Net Nonoperating Expense (NNE)	-1.98	376	476	1,206	167	225	224	192	358
Net Nonoperating Obligations (NNO)	0.00	6,817	5,004	6,771	6,771	5,965	5,324	3,843	3,628
Total Depreciation and Amortization (D&A)	111	446	432	419	396	421	415	417	419
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	12.98%	14.14%	12.04%	10.42%	13.18%	12.94%	10.29%	11.26%
Debt-free Net Working Capital to Revenue	0.00%	16.13%	17.23%	16.76%	14.51%	18.15%	16.71%	14.15%	16.84%
Net Working Capital to Revenue	0.00%	13.70%	15.68%	16.05%	13.90%	13.30%	12.98%	2.05%	16.37%
Earnings Adjustments	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($2.75)	($2.69)	($0.84)	$0.00	$0.00	$1.02	$0.48	$1.05	($0.78)
Adjusted Weighted Average Basic Shares Outstanding	151.10M	132.70M	572.91M	0.00	0.00	650.90M	675.60M	679.60M	680.60M
Adjusted Diluted Earnings per Share	($2.75)	($2.69)	($0.84)	$0.00	$0.00	$1.01	$0.47	$1.04	($0.78)
Adjusted Weighted Average Diluted Shares Outstanding	151.10M	132.70M	572.91M	0.00	0.00	679.40M	678.40M	681.90M	680.60M
Adjusted Basic & Diluted Earnings per Share	($2.75)	($2.69)	($0.84)	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	151.10M	132.70M	401.20M	0.00	0.00	674.44M	678.28M	680.90M	682.06M
Normalized Net Operating Profit after Tax (NOPAT)	-147	289	514	495	739	912	671	904	377
Normalized NOPAT Margin	-11.81%	4.94%	8.51%	7.74%	10.01%	12.13%	9.62%	13.32%	5.76%
Pre Tax Income Margin	-36.89%	-1.94%	0.67%	0.97%	10.19%	11.33%	5.89%	12.59%	-6.74%
Debt Service Ratios	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-0.79	0.78	1.08	1.10	4.28	4.06	2.41	6.66	-1.56
NOPAT to Interest Expense	-0.57	0.55	1.00	2.02	3.22	3.28	1.87	3.94	-0.99
EBIT Less CapEx to Interest Expense	-0.89	0.71	0.98	1.00	3.79	3.58	1.91	6.01	-2.30
NOPAT Less CapEx to Interest Expense	-0.67	0.48	0.90	1.93	2.73	2.80	1.37	3.29	-1.73
Payout Ratios	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	82.80%	55.40%	11.28%	4.72%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	82.80%	55.40%	11.28%	4.72%	0.00%	0.00%	-14.16%

This table displays calculated financial ratios and metrics derived from Avantor's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	682,055,932.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	682,055,932.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.06
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-7.34%	-4.02%	-5.65%	-2.36%	-0.34%	-2.10%	-5.86%	-1.14%	-5.28%	-1.36%	0.00%
EBITDA Growth	-18.45%	-17.40%	-25.66%	57.46%	-26.15%	308.84%	-8.08%	-18.64%	-333.62%	-80.96%	-10.44%
EBIT Growth	-24.27%	-24.53%	-36.41%	140.71%	-40.59%	481.32%	-13.23%	-29.48%	-614.84%	-88.88%	-22.60%
NOPAT Growth	-24.51%	-26.02%	-39.19%	183.94%	-42.09%	261.75%	1.19%	-28.43%	-569.81%	-85.00%	-30.03%
Net Income Growth	-35.09%	-30.49%	-50.29%	1,372.60%	-46.68%	408.02%	6.79%	-30.36%	-1,331.49%	-89.53%	-32.87%
EPS Growth	-36.00%	-30.00%	-50.00%	1,500.00%	-50.00%	421.43%	0.00%	-35.71%	-1,400.00%	-89.04%	-33.33%
Operating Cash Flow Growth	-10.69%	22.37%	-35.49%	67.12%	6.11%	-31.12%	-22.81%	-45.07%	-15.28%	-11.89%	-46.29%
Free Cash Flow Firm Growth	109.38%	11.87%	25.60%	223.90%	167.10%	235.59%	45.47%	-42.66%	-12.18%	-48.03%	31.09%
Invested Capital Growth	-0.23%	-2.25%	-3.11%	-3.56%	-3.93%	-7.35%	-5.13%	-1.92%	-8.93%	-6.18%	-7.77%
Revenue Q/Q Growth	-1.36%	0.15%	-2.50%	1.37%	0.68%	-1.62%	-6.24%	6.45%	-3.54%	2.45%	-4.94%
EBITDA Q/Q Growth	73.78%	-7.24%	-13.64%	13.12%	-18.49%	413.49%	-80.58%	0.13%	-334.03%	141.84%	-8.66%
EBIT Q/Q Growth	186.16%	-11.90%	-20.67%	20.35%	-29.37%	762.01%	-88.16%	-2.19%	-615.67%	118.62%	-17.57%
NOPAT Q/Q Growth	232.59%	-9.49%	-27.44%	29.99%	-32.17%	465.40%	-79.70%	-8.06%	-545.26%	118.05%	-5.30%
Net Income Q/Q Growth	1,584.93%	-9.13%	-38.68%	53.81%	-37.78%	765.74%	-87.11%	0.31%	-1,200.15%	107.36%	-17.37%
EPS Q/Q Growth	1,700.00%	-12.50%	-35.71%	55.56%	-42.86%	812.50%	-87.67%	0.00%	-1,255.56%	107.69%	-25.00%
Operating Cash Flow Q/Q Growth	37.16%	9.06%	-43.72%	98.52%	-12.91%	-29.21%	-36.93%	41.26%	34.33%	-26.37%	-61.56%
Free Cash Flow Firm Q/Q Growth	18.27%	106.29%	12.84%	17.65%	-2.47%	159.19%	-51.09%	-53.62%	49.36%	53.38%	23.38%
Invested Capital Q/Q Growth	-1.68%	0.46%	-1.05%	-1.32%	-2.06%	-3.11%	1.32%	2.02%	-9.06%	-0.20%	-0.39%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	33.64%	33.11%	33.96%	34.15%	32.92%	33.37%	33.82%	32.92%	32.42%	31.49%	31.66%
EBITDA Margin	18.14%	16.80%	14.88%	16.61%	13.44%	70.18%	14.53%	13.67%	-33.16%	13.54%	13.01%
Operating Margin	12.22%	10.64%	8.71%	10.32%	7.27%	37.83%	9.32%	7.65%	-39.96%	7.60%	6.29%
EBIT Margin	12.26%	10.78%	8.77%	10.42%	7.31%	64.04%	8.09%	7.43%	-39.73%	7.22%	6.26%
Profit (Net Income) Margin	6.30%	5.72%	3.60%	5.46%	3.37%	29.67%	4.08%	3.84%	-43.84%	3.15%	2.74%
Tax Burden Percent	79.41%	82.43%	74.94%	81.06%	77.58%	85.66%	75.26%	79.19%	103.23%	64.85%	78.02%
Interest Burden Percent	64.72%	64.32%	54.68%	64.60%	59.46%	54.09%	67.01%	65.31%	106.88%	67.28%	56.06%
Effective Tax Rate	20.59%	17.57%	25.06%	18.94%	22.42%	14.34%	24.74%	20.81%	0.00%	35.15%	21.98%
Return on Invested Capital (ROIC)	6.48%	5.71%	4.21%	5.43%	3.73%	21.58%	4.60%	3.95%	-19.03%	3.40%	3.37%
ROIC Less NNEP Spread (ROIC-NNEP)	5.45%	4.78%	3.31%	4.49%	2.95%	20.57%	3.56%	3.09%	-25.31%	2.61%	2.44%
Return on Net Nonoperating Assets (RNNOA)	6.41%	5.34%	3.51%	4.56%	2.76%	16.82%	2.79%	2.31%	-18.67%	1.69%	1.55%
Return on Equity (ROE)	12.89%	11.05%	7.72%	9.99%	6.49%	38.40%	7.39%	6.26%	-37.70%	5.09%	4.92%
Cash Return on Invested Capital (CROIC)	5.91%	7.37%	7.61%	9.06%	8.87%	16.50%	14.13%	10.39%	5.71%	4.57%	5.92%
Operating Return on Assets (OROA)	6.66%	5.68%	4.61%	5.52%	3.89%	34.63%	4.31%	3.89%	-21.31%	3.96%	3.42%
Return on Assets (ROA)	3.42%	3.01%	1.89%	2.89%	1.79%	16.05%	2.17%	2.01%	-23.51%	1.73%	1.50%
Return on Common Equity (ROCE)	12.89%	11.05%	7.72%	9.99%	6.49%	38.40%	7.39%	6.26%	-37.70%	5.09%	4.92%
Return on Equity Simple (ROE_SIMPLE)	7.14%	0.00%	4.87%	6.63%	5.58%	0.00%	11.73%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	167	151	110	143	97	547	111	102	-454	82	78
NOPAT Margin	9.70%	8.77%	6.53%	8.37%	5.64%	32.41%	7.02%	6.06%	-27.97%	4.93%	4.91%
Net Nonoperating Expense Percent (NNEP)	1.03%	0.93%	0.90%	0.94%	0.78%	1.01%	1.04%	0.85%	6.28%	0.79%	0.93%
Return On Investment Capital (ROIC_SIMPLE)	-	1.40%	-	-	-	5.46%	1.09%	0.97%	-4.82%	0.86%	0.83%
Cost of Revenue to Revenue	66.36%	66.89%	66.04%	65.85%	67.08%	66.63%	66.18%	67.08%	67.58%	68.51%	68.34%
SG&A Expenses to Revenue	21.42%	22.47%	25.25%	23.83%	25.65%	22.02%	24.50%	25.26%	24.04%	23.59%	25.37%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	21.42%	22.47%	25.25%	23.83%	25.65%	22.02%	24.50%	25.26%	72.38%	23.59%	25.37%
Earnings before Interest and Taxes (EBIT)	211	186	147	177	125	1,080	128	125	-645	120	99
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	312	290	250	283	231	1,184	230	230	-539	225	206
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.79	2.94	3.24	2.65	3.17	2.41	1.81	1.46	1.53	1.40	0.96
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	2.02	2.22	2.52	2.11	2.58	2.11	1.65	1.38	1.29	1.19	0.82
Price to Earnings (P/E)	39.11	48.09	66.52	39.98	56.81	20.16	15.42	13.34	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	2.56%	2.08%	1.50%	2.50%	1.76%	4.96%	6.48%	7.49%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.87	1.96	2.14	1.86	2.20	1.85	1.49	1.28	1.32	1.24	0.97
Enterprise Value to Revenue (EV/Rev)	2.79	2.97	3.26	2.82	3.26	2.67	2.22	1.95	1.84	1.74	1.36
Enterprise Value to EBITDA (EV/EBITDA)	16.66	18.54	21.71	16.96	21.11	9.31	7.70	6.92	10.96	77.67	72.41
Enterprise Value to EBIT (EV/EBIT)	25.75	29.50	36.23	26.67	34.95	11.85	9.82	8.89	17.61	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	32.82	38.03	47.21	33.68	44.34	20.06	16.39	15.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	23.83	23.81	28.26	21.26	24.18	21.57	18.34	19.02	18.80	18.27	15.50
Enterprise Value to Free Cash Flow (EV/FCFF)	31.54	26.28	27.64	20.20	24.28	10.79	10.29	12.20	21.98	26.28	15.72
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.10	1.05	1.00	0.94	0.89	0.68	0.67	0.67	0.69	0.71	0.68
Long-Term Debt to Equity	1.04	1.00	0.94	0.89	0.84	0.54	0.54	0.48	0.65	0.70	0.68
Financial Leverage	1.18	1.12	1.06	1.01	0.94	0.82	0.78	0.75	0.74	0.65	0.63
Leverage Ratio	2.67	2.62	2.53	2.47	2.41	2.24	2.19	2.17	2.20	2.08	2.05
Compound Leverage Factor	1.73	1.68	1.38	1.59	1.43	1.21	1.47	1.42	2.36	1.40	1.15
Debt to Total Capital	52.46%	51.32%	49.94%	48.48%	46.98%	40.51%	40.24%	40.30%	40.92%	41.49%	40.58%
Short-Term Debt to Total Capital	3.13%	2.41%	2.81%	2.45%	2.19%	8.20%	8.11%	11.91%	2.33%	0.32%	0.39%
Long-Term Debt to Total Capital	49.33%	48.91%	47.13%	46.03%	44.79%	32.31%	32.13%	28.38%	38.59%	41.17%	40.18%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	47.54%	48.68%	50.06%	51.52%	53.02%	59.49%	59.76%	59.70%	59.08%	58.51%	59.42%
Debt to EBITDA	4.77	4.95	5.16	4.51	4.67	2.08	2.13	2.26	3.49	26.90	31.10
Net Debt to EBITDA	4.57	4.72	4.93	4.27	4.40	1.95	1.97	2.02	3.26	24.41	28.83
Long-Term Debt to EBITDA	4.49	4.72	4.87	4.28	4.46	1.66	1.70	1.59	3.29	26.69	30.80
Debt to NOPAT	9.40	10.16	11.23	8.95	9.82	4.49	4.54	4.91	-10.98	-22.90	-18.54
Net Debt to NOPAT	9.01	9.68	10.73	8.48	9.25	4.20	4.19	4.39	-10.26	-20.78	-17.18
Long-Term Debt to NOPAT	8.84	9.69	10.60	8.50	9.36	3.58	3.62	3.46	-10.35	-22.72	-18.36
Altman Z-Score	1.95	2.03	2.23	2.04	2.28	2.52	1.92	1.65	1.49	1.65	1.43
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.60	1.61	1.61	1.59	1.54	1.07	1.12	0.98	1.49	1.78	1.76
Quick Ratio	0.93	0.95	0.95	0.96	0.84	0.65	0.69	0.62	0.88	1.04	1.01
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	191	394	445	524	511	1,324	648	300	449	688	849
Operating Cash Flow to CapEx	611.94%	497.23%	408.07%	613.76%	600.00%	630.18%	390.36%	521.62%	580.95%	430.14%	175.22%
Free Cash Flow to Firm to Interest Expense	2.57	5.95	6.66	8.34	10.05	26.85	15.34	6.92	10.10	15.49	19.51
Operating Cash Flow to Interest Expense	3.10	3.79	2.12	4.48	4.82	3.52	2.59	3.56	4.67	3.44	1.35
Operating Cash Flow Less CapEx to Interest Expense	2.59	3.03	1.60	3.75	4.02	2.96	1.93	2.88	3.87	2.64	0.58
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.54	0.53	0.53	0.53	0.53	0.54	0.53	0.52	0.54	0.55	0.55
Accounts Receivable Turnover	5.91	5.88	5.71	5.82	6.09	6.21	6.01	5.85	6.07	6.21	5.95
Inventory Turnover	5.28	5.29	5.32	5.37	5.56	5.78	5.69	5.65	5.58	5.70	5.70
Fixed Asset Turnover	10.08	9.51	9.30	9.40	9.60	9.39	9.06	8.81	8.86	8.88	8.72
Accounts Payable Turnover	6.50	6.65	6.81	6.73	6.82	6.99	7.09	6.51	6.44	6.28	6.28
Days Sales Outstanding (DSO)	61.75	62.04	63.97	62.70	59.89	58.78	60.77	62.38	60.10	58.75	61.31
Days Inventory Outstanding (DIO)	69.17	69.05	68.66	68.00	65.62	63.19	64.13	64.62	65.38	64.09	64.04
Days Payable Outstanding (DPO)	56.14	54.87	53.63	54.21	53.52	52.21	51.51	56.04	56.66	58.09	58.09
Cash Conversion Cycle (CCC)	74.77	76.22	79.01	76.49	71.99	69.75	73.39	70.96	68.82	64.75	67.25
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	10,528	10,577	10,465	10,327	10,114	9,799	9,929	10,129	9,211	9,193	9,157
Invested Capital Turnover	0.67	0.65	0.65	0.65	0.66	0.67	0.66	0.65	0.68	0.69	0.69
Increase / (Decrease) in Invested Capital	-24	-243	-336	-381	-414	-777	-537	-198	-903	-606	-771
Enterprise Value (EV)	19,638	20,716	22,383	19,243	22,223	18,134	14,828	12,965	12,114	11,394	8,884
Market Capitalization	14,248	15,442	17,295	14,400	17,587	14,341	11,037	9,172	8,508	7,814	5,347
Book Value per Share	$7.54	$7.77	$7.87	$8.00	$8.17	$8.75	$8.96	$9.22	$8.17	$8.16	$8.19
Tangible Book Value per Share	($6.40)	($6.27)	($5.90)	($5.61)	($5.35)	($4.32)	($4.17)	($4.15)	($3.93)	($3.84)	($3.61)
Total Capital	10,726	10,789	10,659	10,550	10,474	10,013	10,205	10,528	9,428	9,511	9,405
Total Debt	5,626	5,537	5,323	5,115	4,921	4,056	4,107	4,243	3,858	3,946	3,816
Total Long-Term Debt	5,291	5,277	5,024	4,857	4,691	3,235	3,279	2,988	3,638	3,916	3,779
Net Debt	5,389	5,274	5,088	4,842	4,636	3,794	3,791	3,793	3,606	3,581	3,537
Capital Expenditures (CapEx)	38	51	35	46	41	28	28	30	36	36	34
Debt-free, Cash-free Net Working Capital (DFCFNWC)	995	902	943	850	819	698	760	744	709	738	795
Debt-free Net Working Capital (DFNWC)	1,232	1,165	1,178	1,123	1,105	960	1,076	1,193	961	1,103	1,074
Net Working Capital (NWC)	897	905	879	865	875	139	248	-61	741	1,072	1,037
Net Nonoperating Expense (NNE)	59	53	49	50	39	46	46	37	258	30	34
Net Nonoperating Obligations (NNO)	5,429	5,324	5,129	4,892	4,561	3,843	3,830	3,843	3,641	3,628	3,569
Total Depreciation and Amortization (D&A)	101	104	103	105	105	104	102	105	107	105	107
Debt-free, Cash-free Net Working Capital to Revenue	14.14%	12.94%	13.74%	12.46%	12.01%	10.29%	11.37%	11.16%	10.78%	11.26%	12.13%
Debt-free Net Working Capital to Revenue	17.51%	16.71%	17.16%	16.45%	16.20%	14.15%	16.09%	17.90%	14.61%	16.84%	16.39%
Net Working Capital to Revenue	12.74%	12.98%	12.80%	12.67%	12.83%	2.05%	3.71%	-0.92%	11.27%	16.37%	15.83%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.16	$0.15	$0.09	$0.14	$0.08	$0.74	$0.09	$0.09	($1.04)	$0.08	$0.06
Adjusted Weighted Average Basic Shares Outstanding	676M	675.60M	678.10M	679.40M	680.30M	679.60M	681.10M	681.50M	681.70M	680.60M	675.70M
Adjusted Diluted Earnings per Share	$0.16	$0.14	$0.09	$0.14	$0.08	$0.73	$0.09	$0.09	($1.04)	$0.08	$0.06
Adjusted Weighted Average Diluted Shares Outstanding	678.50M	678.40M	681.40M	682.60M	683M	681.90M	682.40M	681.80M	681.70M	680.60M	676.80M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	676.39M	678.28M	679.27M	679.84M	680.61M	680.90M	681.43M	681.74M	681.81M	682.06M	682.76M
Normalized Net Operating Profit after Tax (NOPAT)	167	151	110	143	97	547	111	102	95	82	78
Normalized NOPAT Margin	9.70%	8.77%	6.53%	8.37%	5.64%	32.41%	7.02%	6.06%	5.87%	4.93%	4.91%
Pre Tax Income Margin	7.94%	6.94%	4.80%	6.73%	4.35%	34.64%	5.42%	4.85%	-42.46%	4.86%	3.51%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.83	2.80	2.21	2.82	2.47	21.91	3.03	2.88	-14.53	2.71	2.28
NOPAT to Interest Expense	2.24	2.28	1.64	2.27	1.90	11.09	2.63	2.35	-10.23	1.85	1.78
EBIT Less CapEx to Interest Expense	2.33	2.04	1.69	2.10	1.66	21.35	2.37	2.20	-15.33	1.91	1.51
NOPAT Less CapEx to Interest Expense	1.74	1.52	1.12	1.54	1.10	10.53	1.97	1.67	-11.03	1.05	1.01
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-14.16%	0.00%

Financials Breakdown Chart

Key Financial Trends

Here’s a concise four-year view of Avantor (AVTR) using quarterly cash flow, income statement, and balance sheet data. The focus is on trends relevant to retail investors considering the stock’s momentum, profitability, liquidity, and leverage.

Operating cash flow stayed positive in all 2025 quarters, roughly ranging from $109M to $207M, indicating solid cash generation from core operations.
Capital expenditure has been modest relative to operating cash flow (about $28M–$36M per quarter in 2025), contributing to positive free cash flow in most periods.
Debt access continued in 2025 with debt issuance in multiple quarters (notably about $1.04B in Q3 2025 and Q4 2025), providing liquidity to fund operations and investments when needed.
The balance sheet remains sizable and liquid, with total assets commonly in the $11–13B range and a substantial equity base (roughly $5–6B) through mid-2025, signaling a material asset base and financial cushion.
Top-line revenue has trended lower over the period, moving from about $1.79B in 2022 to roughly $1.66B in Q4 2025, suggesting ongoing top-line headwinds.
Gross margins have generally hovered in the low- to mid-30% range across periods, indicating stability but no clear, sustained expansion.
Earnings fluctuate meaningfully by quarter, with several periods showing positive net income and others showing losses or large swings (e.g., a notable impairment in Q3 2025).
Impairment charges in some quarters (for example, a large impairment in Q3 2025) can distort near-term profitability but may reflect one-off adjustments rather than ongoing operating issues.
Net income/Net income per share can show pronounced volatility; for instance, a substantial quarterly loss in Q3 2025 and a sharp drop in 2025 earnings per share highlight earnings risk.
Several quarters show meaningful year-to-year earnings deterioration or uneven profitability, which could complicate consistent earnings forecasting and valuation.

Bottom line for investors: Avantor demonstrates solid, positive cash flow from operations and manageable capital expenditure, supporting liquidity and potential deleveraging or capital returns. However, the company faces ongoing top-line pressure, earnings volatility, and occasional impairments, which can create quarterly fluctuation in profitability and earnings-based metrics. If you’re considering AVTR, weigh its ability to generate cash against its earnings volatility and debt dynamics, and watch for signs of sustained revenue stabilization or growth and any changes to leverage or capital return plans.

05/23/26 05:46 AM ETAI Generated. May Contain Errors.

Avantor Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Avantor's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Avantor's net income appears to be on an upward trend, with a most recent value of -$530.20 million in 2025, rising from -$145.30 million in 2017. The previous period was $711.50 million in 2024. See where experts think Avantor is headed by visiting Avantor's forecast page.

Avantor's total operating income in 2025 was -$246.20 million, based on the following breakdown:

Total Gross Profit: $2.14 billion
Total Operating Expenses: $2.38 billion

Over the last 8 years, Avantor's total revenue changed from $1.25 billion in 2017 to $6.55 billion in 2025, a change of 425.3%.

Avantor's total liabilities were at $6.23 billion at the end of 2025, a 1.2% increase from 2024, and a 31.6% decrease since 2018.

In the past 7 years, Avantor's cash and equivalents has ranged from $184.70 million in 2018 to $372.90 million in 2022, and is currently $365.40 million as of their latest financial filing in 2025.

Over the last 8 years, Avantor's book value per share changed from 0.00 in 2017 to 8.16 in 2025, a change of 816.2%.

Related Companies

Financial statements for NYSE:AVTR last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Avantor (AVTR) Financials

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Avantor (AVTR) Financials

Annual Income Statements for Avantor

Quarterly Income Statements for Avantor

Annual Cash Flow Statements for Avantor

Quarterly Cash Flow Statements for Avantor

Annual Balance Sheets for Avantor

Quarterly Balance Sheets for Avantor

Annual Metrics And Ratios for Avantor

Quarterly Metrics And Ratios for Avantor

Financials Breakdown Chart

Key Financial Trends

Avantor Financials - Frequently Asked Questions

When does Avantor's financial year end?

How has Avantor's net income changed over the last 8 years?

What is Avantor's operating income?

How has Avantor's revenue changed over the last 8 years?

How much debt does Avantor have?

How much cash does Avantor have?

How has Avantor's book value per share changed over the last 8 years?

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