Avantor vs Icon
Icon is the larger business, with $8.25bn of revenue in fiscal 2025 against $6.55bn for Avantor (1.3 times as much). Icon grew faster (0.8% against -3.4%). Icon kept more of each dollar of sales as profit: a net margin of 2.8% against -8.1%. Icon carries less debt relative to equity (37.2% against 71.3%).
| Latest fiscal year | AvantorAVTR, 2025 | IconICLR, 2025 |
|---|---|---|
| Revenue | $6.55bn | $8.25bn |
| Revenue growth | -3.4% | 0.8% |
| Net income | −$530m | $229m |
| Operating margin | -3.8% | 5.4% |
| Net margin | -8.1% | 2.8% |
| Return on equity | -9.2% | 2.5% |
| Free cash flow | $495m | $862m |
| Cash | $365m | $647m |
| Total debt | $3.97bn | $3.42bn |
| Debt to equity | 71.3% | 37.2% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | $75.1m | $750m |
| Employees | 13,500 | — |
| Market value | $10.65bn | $15.75bn |
| Price vs our value range | Within our value range | Within our value range |
| Moat score | 48 (Moderate) | 52 (Moderate) |
| Insider trades, 12 months | 7 buys, 0 sales | 0 buys, 42 sales |