Is the business good?
How good a business is AVTR?
Avantor, Inc. earns −2.5% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
−2.5%
Return on invested capital · cost of capital 9.0% · 12 points below what the capital costs: growth destroys value
- Operating margin
- −4.5%
Operating margin · Medical Instruments & Supplies median 5.8% · 12 months to Q1 2026
- Share count, year on year
- −0.82%
Share count, year on year · flat: no meaningful dilution
- Gross margin
- 32%
Gross margin
| Year | Operating margin |
|---|---|
| FY2020 | 11% |
| FY2021 | 13% |
| FY2022 | 15% |
| FY2023 | 10% |
| FY2024 | 16% |
| FY2025 | −3.8% |
Details›
- Gross margin12 months to Q1 2026
- 32%
- Operating margin12 months to Q1 2026
- −4.5%
- Net margin12 months to Q1 2026
- −8.4%
- Free cash flow margin
- 6.7%
- Revenue, trailing twelve months
- $6.55B
- Free cash flow, trailing twelve months
- $439M
- Net income, trailing twelve months
- −$551M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- −2.5%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Medical Instruments & Supplies
Ranks #22 of 27 by Smart Score