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Global provider of lab and production materials, chemicals, consumables and equipment for the life sciences and biopharma industries.
Global provider of lab and production materials, chemicals, consumables and equipment for the life sciences and biopharma industries.
Mostly acts as a reseller of lab supplies, taking a distributor's margin on products from many makers, plus a higher-margin part that manufactures its own materials for drug production. The 2017 combination with VWR joined a lab-supplies distributor to a chemicals maker and left debt from the buyout. Biopharma customers are the largest end market.
Moat: narrow (scale, distribution, switching costs). Broad catalog and global distribution reach into biopharma/lab supply chains with some proprietary manufactured materials.
Headquarters: Radnor, Pennsylvania, USA · Founded: 1904 · Employees: 13,500
Size Avantor (AVTR) is a United States Health Care company (Medical Specialties) with a market value of $10.5B, the 750th largest of 3,117 United States companies the cockpit tracks. Shares closed at $15.47 on 6 Nov 2026.
Performance Over six months the shares gained 86.2%, against +30.0% for the median peer and -1.1% for the United States market (cap-weighted) — highest of 21 in its peer set.
Growth Revenue grew 0.9% over the last twelve months (peer median +5.7%); the operating margin is 8.3% (peer median 13.6%).
Valuation It trades at 17.7× forward earnings against a peer median of 20.4× (7th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 16% a year for seven years (Req g). Recent delivered growth is 0%, so the hurdle is +16 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 3.7 points below its cost of capital (8.5% WACC).
Credit Avantor has 2 bonds outstanding ($2.35B), rated BB by the agencies and trading like BBB at a weighted spread of 79 bp.
Short interest Short interest is 5.1% of the free float (15 Oct 2026).
Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $6.64B | $6.55B | $6.78B | $6.97B | $7.51B |
| Revenue growth | — | -3% | -3% | -7% | — |
| Gross profit | $2.02B | $1.84B | $1.98B | $2.06B | $2.28B |
| EBITDA | $968M | $998M | $1.14B | $1.30B | $1.56B |
| Net income | $337M | -$530M | $712M | $321M | $686M |
| Free cash flow | $439M | $495M | $692M | $724M | $710M |
| Capital expenditure | $146M | $129M | $149M | $146M | $133M |
| Total debt | $3.68B | $4.13B | $4.23B | $5.66B | $6.41B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Avantor AVTR | $10.5B | +86% | +1% | 8% | 17.7× | 16.1% |
| Thermo Fisher Scientific TMO | $257B | +50% | +8% | 19% | 25.8× | 20.9% |
| Merck KGaA MRK.DE | $72.5B | +23% | 0% | 20% | 17.5× | 7.7% |
| Sartorius SRT.DE | $20.0B | +34% | +4% | 18% | 42.6× | 24.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | AVTR | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.5% | +10.1% | 3rd lowest of 21 |
| 6-month return | +86.2% | +30.0% | highest of 21 |
| Distance from 52-week high | -11.3% | -12.5% | 9th highest of 21 |
| Revenue growth (TTM) | +0.9% | +5.7% | 3rd lowest of 21 |
| Operating margin | 8.3% | 13.6% | 3rd lowest of 21 |
| Forward P/E | 17.7× | 20.4× | 7th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 16.1% | 9.9% | 5th most demanding of 19 |
| Growth delivered (Del g) | +0.5% | +9.9% | 3rd lowest of 19 |
| Hurdle (Req g minus delivered) | +15.6 pp | +1.3 pp | 3rd most demanding of 19 |
| ROIC minus cost of capital | -3.7 pp | +2.5 pp | 4th lowest of 21 |
| EV / EBITDA | 14.2× | 12.2× | 8th most expensive of 18 |
| Net debt / EBITDA | 3.3× | 0.7× | 3rd most indebted of 18 |
| Bond spread | 79 bp | 107 bp | tightest of 4 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Avantor AVTR | United States | $10.5B | +86% | +1% | 8% | 17.7× | 16.1% | +0.5% |
| Qiagen QGEN | United States | $10.4B | +52% | +3% | 25% | 19.8× | 8.8% | +2.2% |
| Bio-Rad Laboratories BIO | United States | $10.3B | +50% | +1% | 9% | 35.7× | 26.5% | +0.3% |
| Insulet PODD | United States | $10.2B | -5% | +26% | 18% | 19.5× | 10.3% | +24.5% |
| Globus Medical GMED | United States | $9.54B | -9% | +20% | 22% | 14.1× | 5.5% | +30.1% |
| Demant A/S DEMANT.CO | Denmark | $11.6B | +62% | +10% | 18% | 25.7× | 6.8% | +9.8% |
| Bruker BRKR | United States | $9.34B | +39% | +2% | 9% | 26.2× | 25.7% | +11.6% |
| Align Technology ALGN | United States | $11.8B | -2% | +4% | 19% | 13.9× | 11.4% | +10.3% |
| Cooper Companies (The) COO | United States | $11.9B | +4% | +5% | 19% | 13.8× | 9.4% | +11.0% |
| Olympus 7733.T | Japan | $12.2B | +13% | +8% | 16% | 18.0× | -1.5% | +6.7% |
| bioMerieux BIM.PA | France | $12.4B | +29% | -3% | 15% | 20.9× | 8.9% | +5.5% |
| Penumbra PEN | United States | $12.6B | -1% | +17% | 12% | 54.9× | 30.1% | +20.2% |
| Smith & Nephew SN..L | United Kingdom | $13.1B | +5% | +2% | 17% | 14.4× | 11.1% | +5.6% |
| Glaukos GKOS | United States | $13.3B | +68% | +47% | -9% | 155.4× | n/a | n/a |
| Baxter International BAX | United States | $13.3B | +43% | +5% | 6% | 12.6× | 12.7% | -0.7% |
| Lenskart Solutions LENSKART.NS | India | $13.4B | +49% | +35% | 10% | 137.4× | 52.8% | +33.5% |
| Sysmex 6869.T | Japan | $7.89B | +50% | +4% | 13% | 31.2× | 4.4% | +10.4% |
| Shimadzu 7701.T | Japan | $7.79B | +15% | +6% | 13% | 19.5× | 6.3% | +7.3% |
| Getinge GETI-B.ST | Sweden | $7.73B | +45% | -4% | 14% | 21.0× | 4.7% | +3.2% |
| Shanghai United Imaging Healthcare 688271.SS | China | $14.8B | +9% | +27% | 9% | 46.9× | n/a | n/a |
| Bausch + Lomb BLCO.TO | Canada | $7.20B | +31% | +11% | 9% | 17.3× | 11.0% | +10.0% |
Avantor has 2 bonds outstanding with $2.35B face value. The agencies rate it BB; its bonds trade like BBB. Weighted yield 5.38%, a spread of 79 bp over government bonds.