Oatly Group AB key statistics and ratios

In fiscal 2025, Oatly Group AB had an operating margin of -7.9%, debt equal to 3827.0% of equity and a current ratio of 0.48. 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.

Oatly Group AB: financial ratios, annual
Fiscal year	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	32.6%	30.7%	24.1%	11.1%	19.4%	28.7%	32.1%
Operating margin	−15.1%	−11.2%	−33.2%	−54.8%	−58.3%	−22.6%	−7.9%
Net margin	−17.5%	−14.3%	−33.0%	−54.4%	−53.2%	−24.5%	−17.7%
Free-cash-flow margin	−45.4%	−42.4%	−75.8%	−65.2%	−29.6%	−18.6%	−4.2%
Return on equity	−19.0%	−23.5%	−27.0%	−38.6%	−74.1%	−92.1%	—
Return on assets	—	−8.9%	−18.4%	−27.5%	−35.6%	−21.0%	−19.2%
Asset turnover	—	0.62	0.56	0.51	0.67	0.86	1.08
Current ratio	—	1.05	3.32	1.41	0.83	0.56	0.48
Debt to equity	0.0%	29.8%	1.0%	13.0%	37.8%	431.9%	>999%
Interest cover (operating income ÷ interest)	n/m	n/m	n/m	n/m	n/m	n/m	n/m
R&D as % of revenue	2.1%	1.6%	2.6%	3.1%	2.7%	3.7%	2.2%
Capital spending as % of revenue	26.3%	31.9%	42.6%	27.9%	8.4%	4.8%	1.4%

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 7 checks passed · December 31, 2025

What it owns · $787m

Short-term assets $265mLonger-term assets $522m

What it owes, and who funded it · $786m

Short-term liabilities $557mLonger-term liabilities $210mShareholders' equity $19m

Short-term assets cover short-term liabilities $265m of assets due within a year against $557m of liabilities due within a year.
Short-term assets cover long-term liabilities $265m short-term assets against $210m of longer-dated liabilities.
More cash than debt $64m of cash against $710m of debt.
Debt below 40% of shareholders' equity Debt is 3827% of equity.
Debt burden no higher than five years ago Debt to equity moved from 28% to 3827% over five years.
A year's operating cash flow covers at least 20% of debt −$24m of operating cash flow against $710m of debt.
Operating profit covers interest at least five times over Operating income of −$68m against $62m of interest.

From Oatly Group AB'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: Low.

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 Oatly Group AB's SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Oatly Group AB.