Alvotech key statistics and ratios

In fiscal 2025, Alvotech had an operating margin of 13.3% and a current ratio of 1.89. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Alvotech: financial ratios, annual
Fiscal year	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	—	100.0%	22.8%	−75.9%	62.2%	59.8%
Operating margin	−206.5%	−640.3%	−417.3%	−388.1%	14.2%	13.3%
Net margin	−255.3%	−276.0%	−618.6%	−603.4%	−47.3%	4.8%
Free-cash-flow margin	−122.8%	−676.1%	−421.9%	−377.8%	−59.3%	−19.6%
Return on assets	—	−17.0%	−72.0%	−62.0%	−21.4%	2.1%
Asset turnover	—	0.06	0.12	0.10	0.45	0.43
Current ratio	—	1.07	1.38	0.75	2.35	1.89
Interest cover (operating income ÷ interest)	n/m	n/m	n/m	n/m	0.5x	0.6x
Effective tax rate	—	—	—	—	—	79.5%
R&D as % of revenue	222.3%	519.4%	217.5%	230.6%	35.0%	31.4%
Capital spending as % of revenue	11.2%	55.6%	45.6%	36.3%	11.0%	11.0%
Free cash flow ÷ net income	—	—	—	—	—	−410.7%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

1 of 5 checks passed · December 31, 2025

What it owns · $1.5bn

Short-term assets $574mLonger-term assets $913m

What it owes, and who funded it · $1.8bn

Short-term liabilities $304mLonger-term liabilities $1.5bnShareholders' equity $-284m

Short-term assets cover short-term liabilities $574m of assets due within a year against $304m of liabilities due within a year.
Short-term assets cover long-term liabilities $574m short-term assets against $1.5bn of longer-dated liabilities.
More cash than debt $172m of cash against $1.3bn of debt.
Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt −$50m of operating cash flow against $1.3bn of debt.
Operating profit covers interest at least five times over Operating income of $78m against $137m of interest.

From Alvotech's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Alvotech's SEC filings (10-K and 10-Q), retrieved November 2, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Alvotech.