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Avantor, Inc. key statistics and ratios

In fiscal 2025, Avantor, Inc. had return on equity of -9.2%, an operating margin of -3.8%, debt equal to 71.3% of equity and a current ratio of 1.78. 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.

Fiscal year2017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Gross margin34.7%31.0%31.8%32.5%33.9%34.6%33.9%33.6%32.7%31.6%
Operating margin−16.9%7.1%9.1%11.1%13.2%15.0%10.0%16.0%−3.8%7.3%
Net margin−9.0%−1.5%0.6%1.8%7.8%9.1%4.6%10.5%−8.1%5.1%
Free-cash-flow margin−15.4%2.8%5.0%13.6%11.4%9.5%10.4%10.2%7.6%6.6%
Return on equity———4.5%16.7%15.2%6.4%12.7%−9.2%5.9%
Return on assets—−0.9%0.4%1.2%4.8%5.0%2.4%5.7%−4.4%2.9%
Asset turnover—0.590.610.650.620.550.530.540.550.57
Current ratio—1.731.881.801.711.601.611.071.781.89
Debt to equity——213.2%185.9%169.5%130.8%106.2%68.5%71.3%63.4%
Interest cover (operating income ÷ interest)n/m0.8x1.3x2.3x4.5x4.3x2.4x5.0xn/m3.0x
Effective tax rate——6.9%—24.0%19.3%21.8%16.7%—−6.9%
SG&A as % of revenue36.1%24.0%22.7%21.5%20.7%19.6%21.6%24.2%24.4%24.2%
Capital spending as % of revenue2.0%0.6%0.9%1.0%1.5%1.8%2.1%2.2%2.0%2.2%
Free cash flow ÷ net income——800.0%744.6%147.1%103.5%225.4%97.3%—130.2%
Dividends and buybacks ÷ free cash flow——————0.0%0.0%15.2%—

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

2 of 7 checks passed · September 30, 2026
What it owns · $11.6bn
Short-term assets $2.6bnLonger-term assets $9.0bn
What it owes, and who funded it · $11.6bn
Short-term liabilities $1.4bnLonger-term liabilities $4.4bnShareholders' equity $5.8bn
  • Short-term assets cover short-term liabilities $2.6bn of assets due within a year against $1.4bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $2.6bn short-term assets against $4.4bn of longer-dated liabilities.
  • More cash than debt $464m of cash against $3.7bn of debt.
  • Debt below 40% of shareholders' equity Debt is 63% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 156% to 63% over five years.
  • A year's operating cash flow covers at least 20% of debt $585m of operating cash flow against $3.7bn of debt.
  • Operating profit covers interest at least five times over Operating income of $487m against $162m of interest.

From Avantor, Inc.'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

48 /100

Moderate moat

How hard Avantor's competitive advantage looks for rivals to wear away, judged from 8 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 7 / 20

    Cash operating profit has been a median 6.3% of total assets over 7 years.

  • Pricing power 12 / 20

    Gross margin has been a median 33.3%, moving by 1.1 percentage points (standard deviation) across 8 years.

  • Durability 8 / 20

    Operating margin has been a median 10.0%; its worst year was 4.0%.

  • Cash conversion 15 / 20

    Free cash flow was positive in 8 of 8 years, at a median 10.2% of revenue.

  • Discipline 12 / 20

    The diluted share count rose 14.3% over five years; stock-based pay has been a median 0.7% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (54 before it).

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

Compare with peers

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Figures from Avantor, Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Avantor, Inc.