Alvotech vs Liquidia
Alvotech is the larger business, with $586m of revenue in fiscal 2025 against $158m for Liquidia (3.7 times as much). Liquidia grew faster (1031.2% against 19.7%). Alvotech kept more of each dollar of sales as profit: a net margin of 4.8% against -43.5%.
| Latest fiscal year | AlvotechALVO, 2025 | LiquidiaLQDA, 2025 |
|---|---|---|
| Revenue | $586m | $158m |
| Revenue growth | 19.7% | 1031.2% |
| Net income | $27.9m | −$68.9m |
| Operating margin | 13.3% | -32.5% |
| Net margin | 4.8% | -43.5% |
| Return on equity | — | -111.1% |
| Free cash flow | −$115m | −$40.0m |
| Cash | $172m | $191m |
| Total debt | $1.30bn | $0 |
| Debt to equity | — | 0.0% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | — | — |
| Employees | — | 216 |
| Market value | $1.42bn | $3.72bn |
| Price vs our value range | — | — |
| Moat score | — | 20 (Weak) |
| Insider trades, 12 months | 0 buys, 0 sales | 1 buys, 175 sales |