Latest Ratios: P/E Ratio -13.1x · EV/EBITDA 64.3x · ROE -9.2%. (2016–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $7.0B | $7.8B | $14.4B | $15.5B | $14.3B | $25.3B | $16.4B | $7.3B | — | — | — |
| Enterprise Value | $10.5B | $11.4B | $18.2B | $20.8B | $20.2B | $32.0B | $21.0B | $12.2B | — | — | — |
| P/E Ratio → | -13.08 | — | 20.26 | 48.57 | 20.88 | 49.58 | 312.78 | — | — | — | — |
| P/S Ratio | 1.06 | 1.19 | 2.12 | 2.22 | 1.91 | 3.42 | 2.57 | 1.21 | — | — | — |
| P/B Ratio | 1.25 | 1.40 | 2.41 | 2.95 | 2.95 | 6.02 | 6.14 | 2.96 | — | — | — |
| P/FCF | 14.07 | 15.73 | 20.76 | 21.40 | 20.18 | 29.99 | 18.92 | 24.08 | — | — | — |
| P/OCF | 11.16 | 12.48 | 17.09 | 17.80 | 16.98 | 26.50 | 17.66 | 20.57 | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.73 | 2.68 | 2.98 | 2.69 | 4.33 | 3.29 | 2.02 | — | — | — |
| EV / EBITDA | 64.30 | 69.30 | 12.19 | 18.90 | 13.18 | 23.67 | 19.08 | 12.84 | — | — | — |
| EV / EBIT | — | — | 16.93 | 29.86 | 18.12 | 32.96 | 56.85 | 25.41 | — | — | — |
| EV / FCF | — | 22.96 | 26.24 | 28.69 | 28.50 | 37.97 | 24.22 | 40.38 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 32.7% | 32.7% | 33.6% | 33.9% | 34.6% | 33.9% | 32.5% | 31.8% | 31.0% | 34.7% | 46.2% |
| Operating Margin | -3.8% | -3.8% | 16.0% | 10.0% | 15.0% | 13.2% | 11.1% | 9.1% | 7.1% | -16.9% | 1.4% |
| Net Profit Margin | -8.1% | -8.1% | 10.5% | 4.6% | 9.1% | 7.8% | 1.8% | 0.6% | -1.5% | -9.0% | -6.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -9.2% | -9.2% | 12.7% | 6.4% | 15.2% | 16.7% | 4.5% | 1.5% | — | — | — |
| ROA | -4.4% | -4.4% | 5.7% | 2.4% | 5.0% | 4.8% | 1.2% | 0.4% | -0.9% | -1.9% | -3.7% |
| ROIC | -2.0% | -2.0% | 8.0% | 4.9% | 7.8% | 8.0% | 7.2% | 7.5% | 7.8% | -6.3% | 1.0% |
| ROCE | -2.4% | -2.4% | 10.0% | 6.0% | 9.3% | 9.2% | 8.1% | 6.3% | 4.6% | -4.1% | 1.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.71 | 0.71 | 0.68 | 1.05 | 1.29 | 1.67 | 1.83 | 2.08 | — | — | — |
| Debt / EBITDA | 24.06 | 24.06 | 2.72 | 5.04 | 4.09 | 5.20 | 4.44 | 5.38 | 8.46 | — | 18.46 |
| Net Debt / Equity | — | 0.64 | 0.64 | 1.00 | 1.22 | 1.60 | 1.72 | 2.00 | — | — | — |
| Net Debt / EBITDA | 21.83 | 21.83 | 2.55 | 4.80 | 3.85 | 4.97 | 4.18 | 5.19 | 8.24 | — | 17.57 |
| Debt / FCF | — | 7.23 | 5.48 | 7.29 | 8.33 | 7.98 | 5.31 | 16.30 | 41.40 | — | 28.68 |
| Interest Coverage | -1.60 | -1.60 | 4.90 | 2.44 | 4.20 | 4.46 | 1.20 | 1.09 | 0.78 | -1.29 | 0.12 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.78 | 1.78 | 1.07 | 1.61 | 1.60 | 1.71 | 1.80 | 1.88 | 1.73 | 1.66 | 2.15 |
| Quick Ratio | 1.18 | 1.18 | 0.70 | 1.05 | 1.05 | 1.11 | 1.20 | 1.22 | 1.12 | 1.03 | 1.25 |
| Cash Ratio | 0.26 | 0.26 | 0.13 | 0.18 | 0.22 | 0.21 | 0.23 | 0.17 | 0.17 | 0.17 | 0.46 |
| Asset Turnover | — | 0.56 | 0.56 | 0.54 | 0.56 | 0.53 | 0.65 | 0.62 | 0.59 | 0.12 | 0.61 |
| Inventory Turnover | 5.39 | 5.39 | 6.16 | 5.56 | 5.37 | 5.60 | 5.83 | 5.79 | 6.03 | 1.17 | 3.04 |
| Days Sales Outstanding | — | 59.86 | 55.66 | 60.26 | 59.20 | 60.39 | 63.56 | 59.75 | 57.96 | 256.03 | 46.41 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | 0.2% | 0.3% | 0.4% | 0.4% | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | 82.8% | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 4.9% | 2.1% | 4.8% | 2.0% | 0.3% | — | — | — | — |
| FCF Yield | 7.1% | 6.4% | 4.8% | 4.7% | 5.0% | 3.3% | 5.3% | 4.2% | — | — | — |
| Buyback Yield | 1.2% | 1.0% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 36.1% | — | — | — |
| Total Shareholder Yield | 1.2% | 1.0% | 0.1% | 0.1% | 0.3% | 0.4% | 0.5% | 36.6% | — | — | — |
| Shares Outstanding | — | $679M | $682M | $678M | $679M | $600M | $583M | $401M | $497M | $497M | $491M |
Operational margin volatility
Based on reported figures, Avantor trades at a forward P/E of 13.04, which appears to discount the company's historical growth premiums relative to peers like Thermo Fisher Scientific, suggesting that investors are currently pricing in significant skepticism regarding the sustainability of its long-term earnings recovery trajectory.
The negative TTM P/E ratio highlights the distortion caused by recent non-cash impairment charges, making the forward multiple the more relevant, albeit speculative, metric for valuation. This valuation gap versus higher-margin peers implies that the market requires further evidence of margin stabilization before re-rating the stock toward historical sector averages.
As reported in financial statements, Avantor's ROIC has struggled to maintain positive momentum, fluctuating from a peak of 4.8% in 2024Q4 to a low of -5.1% in 2025Q3, which indicates that the company is currently failing to generate returns that exceed its likely cost of capital.
The sharp decline in ROIC suggests that the capital-intensive nature of the VWR acquisition is not currently yielding the expected synergies in the face of post-pandemic volume normalization. Investors should monitor whether management can improve asset utilization, as the current trend suggests a decay in the efficiency of invested capital.
According to recent SEC filings, Avantor's cash conversion cycle has remained elevated, reaching 68 days in 2026Q1, which reflects persistent challenges in managing inventory levels and receivables compared to the more streamlined operational models observed in specialized life sciences instrument and supply peers.
The inability to consistently compress the cash conversion cycle suggests that the company's distribution-heavy model is susceptible to inventory bloat during demand downturns. This inefficiency ties up critical liquidity, potentially limiting the company's flexibility to pivot toward higher-margin proprietary product lines during periods of market volatility.
Based on reported quarterly data, the quick ratio has shown significant volatility, dropping to 0.67 in 2025Q2 before recovering to 1.17 in 2026Q1, indicating that the company's immediate ability to cover short-term obligations remains highly sensitive to fluctuations in inventory turnover and working capital management.
While the current ratio of 1.76 suggests a sufficient cushion, the reliance on inventory liquidity poses a risk if destocking cycles persist longer than anticipated. The company's liquidity position appears adequate for normal operations, but it may lack the resilience required to absorb further significant shocks to its revenue base.
Analysts frequently misapply the gross margin as a proxy for competitive moat, yet at 31.7%, this metric obscures the underlying value of Avantor's 'specified-in' chemical business by conflating it with lower-margin third-party distribution revenue that carries significantly less pricing power and higher operational sensitivity.
Focusing solely on the headline gross margin ignores the structural shift occurring between proprietary and distributed goods, which is the true driver of long-term earning power. A more accurate assessment would require a segment-level analysis of the proprietary product mix, which likely commands higher margins and deeper customer integration than the aggregate figure suggests.
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Quick answers to the most common questions about buying AVTR stock.
Avantor, Inc.'s current P/E ratio is -13.1x. The historical average is 34.8x.
Avantor, Inc.'s current EV/EBITDA is 64.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 24.2x.
Avantor, Inc.'s return on equity (ROE) is -9.2%. The historical average is 6.8%.
Based on historical data, Avantor, Inc. is trading at a P/E of -13.1x. Compare with industry peers and growth rates for a complete picture.
Avantor, Inc. has 32.7% gross margin and -3.8% operating margin.
Avantor, Inc.'s Debt/EBITDA ratio is 24.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.