Avantor vs Waters
Avantor is the larger business, with $6.55bn of revenue in fiscal 2025 against $3.17bn for Waters (2.1 times as much). Waters grew faster (7.0% against -3.4%). Waters kept more of each dollar of sales as profit: a net margin of 20.3% against -8.1%.
| Latest fiscal year | AvantorAVTR, 2025 | WatersWAT, 2025 |
|---|---|---|
| Revenue | $6.55bn | $3.17bn |
| Revenue growth | -3.4% | 7.0% |
| Net income | −$530m | $643m |
| Operating margin | -3.8% | — |
| Net margin | -8.1% | 20.3% |
| Return on equity | -9.2% | 29.3% |
| Free cash flow | $495m | $540m |
| Cash | $365m | $588m |
| Total debt | $3.97bn | $1.87bn |
| Debt to equity | 71.3% | — |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | $75.1m | $14.7m |
| Employees | 13,500 | 8,200 |
| Market value | $10.65bn | $45.35bn |
| Price vs our value range | Within our value range | Above our value range |
| Moat score | 48 (Moderate) | 78 (Strong) |
| Insider trades, 12 months | 7 buys, 0 sales | 2 buys, 1 sales |