/
At Avantor, everything we do is tied to our unique mission of setting science in motion to create a better world. We are a leading global provider of mission-critical products and services to customers in the biopharma & healthcare, education & government, and advanced technologies & applied materials end markets.
The business is unprofitable at the operating level (-3.76% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 3.4% YoY. Margins deteriorated 19.7pp alongside, both lines moving the wrong way.
Free cash flow declined 28% versus the prior year, cash generation momentum has weakened. ROIC dropped from 8.90% to -1.95%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$6.55B
▼ -3.4% YoY
Net Income (TTM)
-$551M
▼ -174.5% YoY
Op. Margin
-4.49%
▼ -19.7pp YoY
ROIC
-2.38%
▼ -10.9pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$439M
▼ -28.5% YoY
Op. Cash Flow (TTM)
$573M
▼ -25.8% YoY
Net Debt
$3.54B
Cash & Equiv.
$279M
5Y CAGR: +0.5%
5Y CAGR: -10.6%
Continue Research