OTLY

MKT CAP:$396M

Oatly Group AB

Market Cap

$396M

Consumer Defensive·Beverages - Non-Alcoholic·🇸🇪 Sweden·NASDAQ

Consumer Def.·Beverages·🇸🇪·NASDAQ

Stock Price

$13.36+$2.16 (+19.24%)

Apr 21, 2026

Company Details

Oatly Group AB, an oatmilk company, provides a range of plant-based dairy products made from oats in Sweden. It offers Barista edition oatmilk, oatgurts, frozen desserts, ice-creams, and yogurts; ready-to-go drinks, such as cold brew latte,...

CEO

Jean-Christophe Flatin

IPO Date

May 20, 2021

Website

www.oatly.com

Key Metrics TTM

Revenue

$879M

+10.1% YoY

Net Income

-$232M

EPS (Diluted)

-$7.72

Free Cash Flow

-$39M

Revenue / Share

$28.19

Gross Margin

31.4%

Operating Margin

-15.8%

Net Margin

-26.3%

FCF Margin

-4.4%

P/S

0.5x

P/E

—

Earnings Reports

Q1 2026

Apr 29, 2026

PENDING

FY 2025

Mar 13, 2026

$862M+4.7%EPS -$5.03

Q4 2025

Feb 11, 2026

$234M+9.1%EPS -$0.61

Q3 2025

Feb 11, 2026

$223M+6.5%EPS -$2.20

Q2 2025

Jul 23, 2025

$208M+3.0%EPS -$1.86

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 21	$171M	$45M	-$44M
Q4 21	$186M	$30M	-$93M
Q1 22	$166M	$16M	-$92M
Q2 22	$178M	$28M	-$74M
Q3 22	$183M	$5M	-$104M
Q4 22	$195M	$31M	-$125M
Q1 23	$196M	$34M	-$72M
Q2 23	$196M	$38M	-$75M
Q3 23	$188M	$33M	-$67M
Q1 24	$199M	$54M	-$28M
Q2 24	$202M	$59M	-$39M
Q3 24	$209M	$62M	-$28M
Q4 24	$214M	$62M	-$90M
Q2 25	$208M	$68M	-$22M
Q3 25	$223M	$66M	-$17M
Q4 25	$234M	$81M	-$10M

Valuation

Quarter	P/S	P/E
Q3 21	324.7x	—
Q4 21	154.0x	—
Q1 22	88.9x	—
Q2 22	66.9x	—
Q3 22	44.5x	—
Q4 22	39.0x	—
Q1 23	40.4x	—
Q2 23	31.0x	—
Q3 23	0.7x	—
Q1 24	0.9x	—
Q2 24	0.7x	—
Q3 24	0.6x	—
Q4 24	0.5x	—
Q2 25	0.4x	—
Q3 25	11.3x	—
Q4 25	0.4x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 21	-$76M	-$129M
Q4 21	-$65M	-$153M
Q1 22	-$69M	-$124M
Q2 22	-$58M	-$117M
Q3 22	-$88M	-$148M
Q4 22	-$54M	-$86M
Q1 23	-$71M	-$99M
Q2 23	-$42M	-$55M
Q3 23	-$38M	-$49M
Q1 24	-$39M	-$45M
Q2 24	-$47M	-$61M
Q3 24	-$18M	-$27M
Q4 24	-$10M	-$23M
Q2 25	-$1M	-$5M
Q3 25	-$2M	-$5M
Q4 25	-$6M	-$7M

Capital Expenditures

Quarter	CapEx
Q3 21	$53M
Q4 21	$88M
Q1 22	$55M
Q2 22	$59M
Q3 22	$61M
Q4 22	$32M
Q1 23	$28M
Q2 23	$13M
Q3 23	$11M
Q1 24	$6M
Q2 24	$14M
Q3 24	$9M
Q4 24	$12M
Q2 25	$4M
Q3 25	$2M
Q4 25	$328.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 21	+49.2%	+75.8%
Q4 21	+46.3%	+77.7%
Q1 22	+18.7%	+53.3%
Q2 22	+21.8%	+29.9%
Q3 22	+7.0%	+33.3%
Q4 22	+4.9%	+14.9%
Q1 23	+17.7%	+3.4%
Q2 23	+10.1%	+7.6%
Q3 23	+2.5%	-11.3%
Q1 24	+2.1%	-28.9%
Q2 24	+3.3%	-9.7%
Q3 24	+6.8%	-12.7%
Q4 24	+14.2%	+19.2%
Q2 25	+4.6%	+1.3%
Q3 25	+10.2%	-0.6%
Q4 25	+11.7%	+2.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 21	$10M	5.6%
Q4 21	$10M	5.2%
Q1 22	$10M	6.0%
Q2 22	$9M	5.2%
Q3 22	$9M	4.6%
Q4 22	$8M	4.0%
Q1 23	$8M	4.1%
Q2 23	$2M	1.2%
Q3 23	$6M	3.4%
Q1 24	$3M	1.3%
Q2 24	$4M	2.1%
Q3 24	$3M	1.6%
Q4 24	$4M	1.6%
Q2 25	$3M	1.7%
Q3 25	$0	0.0%
Q4 25	$3M	1.3%

OpEx Breakdown

Quarter	R&D	SG&A
Q3 21	$4M	$85M
Q4 21	$6M	$119M
Q1 22	$4M	$104M
Q2 22	$6M	$97M
Q3 22	$5M	$104M
Q4 22	$7M	$108M
Q1 23	$6M	$99M
Q2 23	$5M	$107M
Q3 23	$5M	$87M
Q1 24	$5M	$79M
Q2 24	$11M	$84M
Q3 24	$11M	$79M
Q4 24	$4M	$82M
Q2 25	$5M	$84M
Q3 25	$5M	$75M
Q4 25	$5M	$84M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$219M	$192M	$411M
Q2 22	$182M	$93M	$275M
Q3 22	$106M	$15M	$120M
Q4 22	$83M	$0	$83M
Q1 23	$79M	$0	$79M
Q2 23	$341M	$0	$341M
Q3 23	$283M	$0	$283M
Q4 23	$249M	$0	$249M
Q1 24	$209M	$0	$209M
Q2 24	$143M	$0	$143M
Q3 24	$119M	$0	$119M
Q4 24	$99M	$0	$99M
Q1 25	$74M	$0	$74M
Q2 25	$68M	$0	$68M
Q3 25	$59M	$0	$59M
Q4 25	$64M	$0	$64M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 21	30M	-0.0%	-0.0%
Q4 21	30M	0.0%	-0.0%
Q1 22	30M	0.0%	-0.0%
Q2 22	30M	+0.0%	+0.0%
Q3 22	30M	+0.0%	+0.1%
Q4 22	30M	+0.0%	+0.1%
Q1 23	30M	+0.0%	+0.1%
Q2 23	30M	+0.1%	+0.2%
Q3 23	30M	+0.1%	+0.3%
Q1 24	30M	+0.2%	+0.4%
Q2 24	30M	+0.2%	+0.7%
Q3 24	30M	+0.3%	+0.8%
Q4 24	30M	+0.0%	+0.7%
Q2 25	30M	+0.5%	+1.1%
Q3 25	30M	0.0%	+0.8%
Q4 25	31M	+3.8%	+4.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 21	—	—
Q4 21	$115.1K	2K
Q1 22	$102.9K	2K
Q2 22	$110.2K	2K
Q3 22	$113.3K	2K
Q4 22	$97.1K	2K
Q1 23	$97.4K	2K
Q2 23	$97.6K	2K
Q3 23	$93.4K	2K
Q1 24	$128.7K	2K
Q2 24	$130.6K	2K
Q3 24	$135.2K	2K
Q4 24	$144.6K	1K
Q2 25	$140.6K	1K
Q3 25	$150.3K	1K
Q4 25	$168.4K	1K

Revenue / Employee