AVTR

MKT CAP:$5B

Avantor, Inc.

Market Cap

$5B

Healthcare·Medical - Instruments & Supplies·🇺🇸 United States·NYSE

Healthcare·Medical·🇺🇸·NYSE

Stock Price

$7.86-$3.61 (-31.46%)

Apr 24, 2026

Company Details

Avantor, Inc. provides products and services to customers in biopharma, healthcare, education and government, advanced technologies, and applied materials industries in the Americas, Europe, Asia, the Middle East, and Africa. The company of...

CEO

Emmanuel Ligner

IPO Date

May 17, 2019

Website

www.avantorsciences.com

Key Metrics TTM

Revenue

$6.6B

-3.4% YoY

Net Income

-$530M

EPS (Diluted)

-$0.77

Free Cash Flow

$495M

Revenue / Share

$9.65

Gross Margin

32.7%

Operating Margin

-3.8%

Net Margin

-8.1%

FCF Margin

7.6%

P/S

0.8x

P/E

—

Earnings Reports

Q1 2026

Apr 29, 2026

PENDING

FY 2025

Feb 11, 2026

$6.6B-3.4%EPS -$0.78

Q4 2025

Feb 11, 2026

$1.7B-1.4%EPS $0.08

Q3 2025

Oct 29, 2025

$1.6B-5.3%EPS -$1.04

Q2 2025

Aug 1, 2025

$1.7B-1.1%EPS $0.09

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$2.0B	$690M	$307M
Q2 22	$1.9B	$648M	$296M
Q3 22	$1.9B	$651M	$276M
Q4 22	$1.8B	$615M	$252M
Q1 23	$1.8B	$625M	$231M
Q2 23	$1.7B	$590M	$72M
Q3 23	$1.7B	$579M	$210M
Q4 23	$1.7B	$570M	$183M
Q1 24	$1.7B	$571M	$146M
Q2 24	$1.7B	$582M	$176M
Q3 24	$1.7B	$564M	$125M
Q4 24	$1.7B	$563M	$638M
Q1 25	$1.6B	$535M	$147M
Q2 25	$1.7B	$554M	$129M
Q3 25	$1.6B	$527M	-$649M
Q4 25	$1.7B	$524M	$126M

Valuation

Quarter	P/S	P/E
Q1 22	0.7x	8.9x
Q2 22	0.7x	8.5x
Q3 22	0.7x	8.4x
Q4 22	0.7x	7.8x
Q1 23	0.7x	8.7x
Q2 23	0.7x	12.7x
Q3 23	0.8x	14.7x
Q4 23	0.8x	16.7x
Q1 24	0.8x	20.6x
Q2 24	0.8x	14.9x
Q3 24	0.8x	17.3x
Q4 24	0.8x	7.5x
Q1 25	0.8x	7.5x
Q2 25	0.8x	7.8x
Q3 25	0.8x	—
Q4 25	0.8x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$152M	$128M
Q2 22	$228M	$191M
Q3 22	$258M	$219M
Q4 22	$206M	$172M
Q1 23	$220M	$192M
Q2 23	$168M	$138M
Q3 23	$231M	$193M
Q4 23	$252M	$201M
Q1 24	$142M	$107M
Q2 24	$281M	$235M
Q3 24	$245M	$204M
Q4 24	$173M	$146M
Q1 25	$109M	$81M
Q2 25	$154M	$125M
Q3 25	$207M	$172M
Q4 25	$153M	$117M

Capital Expenditures

Quarter	CapEx
Q1 22	$25M
Q2 22	$36M
Q3 22	$39M
Q4 22	$34M
Q1 23	$28M
Q2 23	$30M
Q3 23	$38M
Q4 23	$51M
Q1 24	$35M
Q2 24	$46M
Q3 24	$41M
Q4 24	$28M
Q1 25	$28M
Q2 25	$30M
Q3 25	$36M
Q4 25	$36M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+9.2%	+8.2%
Q2 22	+2.8%	+0.7%
Q3 22	+1.2%	-1.0%
Q4 22	-5.9%	-8.9%
Q1 23	-8.7%	-5.7%
Q2 23	-8.7%	+3.5%
Q3 23	-7.3%	-4.5%
Q4 23	-4.0%	-0.2%
Q1 24	-5.6%	-1.0%
Q2 24	-2.4%	-8.7%
Q3 24	-0.3%	+5.3%
Q4 24	-2.1%	-31.9%
Q1 25	-5.9%	-6.5%
Q2 25	-1.1%	+1.8%
Q3 25	-5.3%	+42.9%
Q4 25	-1.4%	+46.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$11M	0.5%
Q2 22	$13M	0.7%
Q3 22	$12M	0.7%
Q4 22	$10M	0.6%
Q1 23	$13M	0.7%
Q2 23	$9M	0.5%
Q3 23	$10M	0.6%
Q4 23	$9M	0.5%
Q1 24	$13M	0.8%
Q2 24	$11M	0.7%
Q3 24	$12M	0.7%
Q4 24	$11M	0.7%
Q1 25	$12M	0.8%
Q2 25	$16M	0.9%
Q3 25	$7M	0.4%
Q4 25	$11M	0.7%

OpEx Breakdown

Quarter	G&A	S&M	SG&A
Q1 22	—	—	$383M
Q2 22	$352M	—	—
Q3 22	—	—	$375M
Q4 22	$352M	$11M	—
Q1 23	—	—	$394M
Q2 23	—	—	$358M
Q3 23	—	—	$368M
Q4 23	—	—	$387M
Q1 24	—	—	$424M
Q2 24	—	—	$406M
Q3 24	—	—	$440M
Q4 24	—	—	$371M
Q1 25	—	—	$388M
Q2 25	—	—	$425M
Q3 25	—	—	$390M
Q4 25	—	—	$392M

Revenue Segments

Quarter	Equipment And Instrumentation	Proprietary Materials And Consumables	Services And Specialty Procurement	Third Party Materials And Consumables
Q1 22	$243M	$748M	$235M	$725M
Q2 22	$249M	$741M	$232M	$688M
Q3 22	$238M	$727M	$225M	$666M
Q4 22	$259M	$682M	$229M	$626M
Q1 23	$231M	$669M	$232M	$648M
Q2 23	$231M	$622M	$242M	$648M
Q3 23	$220M	$629M	$239M	$633M
Q4 23	$245M	$618M	$251M	$608M
Q1 24	—	$884M	—	$796M
Q2 24	—	$914M	—	$789M
Q3 24	—	$921M	—	$794M
Q4 24	—	$897M	—	$790M
Q1 25	—	$830M	—	$752M
Q2 25	—	$894M	—	$790M
Q3 25	—	$856M	—	$768M
Q4 25	—	$870M	—	$794M

Revenue by Geography

Quarter	Amea	Americas Segment	Europe Segment
Q1 22	$127M	$1.1B	$680M
Q2 22	$130M	$1.2B	$624M
Q3 22	$138M	$1.1B	$595M
Q1 23	$118M	$1.0B	$630M
Q2 23	$111M	$1.0B	$607M
Q3 23	$121M	$1.0B	$580M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$284M	$0	$284M
Q2 22	$238M	$0	$238M
Q3 22	$266M	$0	$266M
Q4 22	$373M	$0	$373M
Q1 23	$295M	$0	$295M
Q2 23	$236M	$0	$236M
Q3 23	$237M	$0	$237M
Q4 23	$263M	$0	$263M
Q1 24	$235M	$0	$235M
Q2 24	$273M	$0	$273M
Q3 24	$285M	$0	$285M
Q4 24	$262M	$0	$262M
Q1 25	$316M	$0	$316M
Q2 25	$449M	$0	$449M
Q3 25	$252M	$0	$252M
Q4 25	$365M	$0	$365M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	681M	+10.1%	+15.7%
Q2 22	680M	-0.2%	+15.1%
Q3 22	679M	-0.1%	+13.6%
Q4 22	677M	-0.3%	+9.4%
Q1 23	678M	+0.1%	-0.5%
Q2 23	675M	-0.4%	-0.7%
Q3 23	679M	+0.5%	-0.1%
Q4 23	679M	+0.1%	+0.3%
Q1 24	681M	+0.3%	+0.5%
Q2 24	683M	+0.2%	+1.1%
Q3 24	683M	+0.1%	+0.7%
Q4 24	683M	-0.0%	+0.5%
Q1 25	682M	-0.0%	+0.1%
Q2 25	682M	-0.1%	-0.1%
Q3 25	682M	-0.0%	-0.2%
Q4 25	679M	-0.4%	-0.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$144.5K	14K
Q2 22	$141.5K	14K
Q3 22	$137.5K	14K
Q4 22	$123.8K	15K
Q1 23	$122.8K	15K
Q2 23	$120.3K	15K
Q3 23	$118.6K	15K
Q4 23	$118.8K	15K
Q1 24	$115.8K	15K
Q2 24	$117.4K	15K
Q3 24	$118.2K	15K
Q4 24	$124.9K	14K
Q1 25	$117.1K	14K
Q2 25	$124.7K	14K
Q3 25	$120.3K	14K
Q4 25	$123.2K	14K

Revenue / Employee