At a glance
Avantor Inc is worth $11.31B. Revenue fell 3.4% to $6.55B in fiscal 2025, at a loss; over 5 years it has grown 0.5% a year. It pays no dividend; it spent $75.1M buying back its shares over FY2021–FY2025. The stock returned +10.7% over the past year with dividends reinvested and −15.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 54.0% in the 2020 crash (S&P 500: 33.7%) and 52.1% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Avantor sells the chemicals, lab supplies, equipment and services that scientists and manufacturers rely on, from early research through full-scale production. Its customers work in biopharma and healthcare, education and government, and advanced technologies and applied materials. It serves more than 300,000 customer locations in about 180 countries, and no single end customer accounts for more than 5% of net sales.
It makes money in two ways. Through VWR, its distribution business, it resells millions of products from other suppliers. These include VWR-branded products made by more than 5,000 other companies. About 2,000 Avantor staff also work alongside customers in their labs. Avantor also makes its own products, including J.T. Baker high-purity chemicals, Masterflex pumps and tubing, and NuSil silicone used in human implants. In 2025, its own products made up 52.6% of the $6.55 billion in net sales, and products from other companies made up 47.4%.
Avantor reports results in two segments, or business units. Laboratory Solutions brought in about $4.40 billion, or 67.1% of 2025 net sales. Bioscience Production brought in about $2.15 billion, or 32.9%. The company says more than 85% of sales are recurring, meaning customers reorder the same consumables and services again and again. Relationships tend to last: about 45% of 2025 sales came from customers of 15 years or more.
Price history
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AVTR +10.7% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Proprietary | $3.45B | 52.6% |
| Third-party | $3.10B | 47.4% |
By business segment
| Laboratory Solutions | $4.40B | 67.1% |
| Bioscience Production | $2.15B | 32.9% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $1.70B, up 4.6% from a year earlier, and net income was $203.4M.
- For fiscal 2025, revenue was $6.55B (-3.4% year over year; +0.5% a year from FY2020 to FY2025) with a -8.1% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +0.5% watch |
|---|---|
| Operating margin | -3.8% weak |
| Free cash flow margin | 7.6% watch |
| Return on equity (FY2025) | -9.5% weak |
| Return on assets (FY2025) | -4.5% weak |
| Net cash (cash minus debt) | $-3.22B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $6.39B | $116.6M | $868.2M |
| FY2021 | $7.39B | $572.6M | $842.5M |
| FY2022 | $7.51B | $686.5M | $710.2M |
| FY2023 | $6.97B | $321.1M | $723.6M |
| FY2024 | $6.78B | $711.5M | $692.0M |
| FY2025 | $6.55B | $-530.2M | $495.0M |
Valuation snapshot
| Market value | $11.31B |
|---|---|
| P/E ratio | — |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Avantor’s market value went from $10.38B at the end of 2019 to $11.31B on Oct 28, 2026, up 9%; since the end of 2025 it is up 45%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $11.31B | +44.7% |
| 2025 | $7.81B | -45.5% |
| 2024 | $14.34B | -7.1% |
| 2023 | $15.44B | +8.6% |
| 2022 | $14.22B | -44.6% |
| 2021 | $25.68B | +57.8% |
| 2020 | $16.28B | +56.9% |
| 2019 | $10.38B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| AVTR price data to Oct 28, 2026 | +45.6% | +10.7% | -2.2% | -15.3% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +45.6% |
| 2025 | -45.6% |
| 2024 | -7.7% |
| 2023 | +8.3% |
| 2022 | -50.0% |
| 2021 | +49.7% |
| 2020 | +55.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 43.3% over that stretch · deepest drop along the way 54%, back to its old high 1.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 52.1% over that stretch · deepest drop along the way 52.1%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 4 open-market purchases ($1.7M) and 0 sales ($0.00).
| Date | Insider | Type | Value |
|---|---|---|---|
| Mar 10, 2026 | Sanjeev K Mehra Director | buy | $1.0M |
| Feb 19, 2026 | Gregory T Lucier Director | buy | $458K |
| May 1, 2026 | Simon Dingemans Director | buy | $204K |
| May 8, 2026 | Gregory T Lucier Director | buy | $83K |
Who owns it
Large shareholders (13G filings)
| Dodge & Cox | 17.2% | Jun 30, 2025 |
| BlackRock, Inc. | 8.7% | Sep 30, 2025 |
| Vanguard Capital Management | 5.29% | Mar 31, 2026 |
| T. Rowe Price Investment Management, Inc. | 4.8% | Sep 30, 2025 |
ETFs with the most weight in AVTR
| FXH First Trust Health Care AlphaDEX Fund | 1.84% |
| BKWO BNY Mellon Women's Opportunities ETF | 1.18% |
| MDYV SPDR S&P 400 Mid Cap Value ETF | 0.84% |
| IJJ iShares S&P Mid-Cap 400 Value ETF | 0.82% |
| IVOV Vanguard S&P Mid-Cap 400 Value ETF | 0.79% |
| FEX First Trust Large Cap Core AlphaDEX Fund | 0.46% |
| NUMV Nuveen ESG Mid-Cap Value ETF | 0.35% |
| RWK Invesco S&P MidCap 400 Revenue ETF | 0.3% |
What could go wrong
- Cost-cutting plan may fall short. Avantor is restructuring under a multi-year plan targeting about $400 million a year in gross savings by the end of 2027, raised from a $300 million goal. Savings could come later or be smaller than planned.
- A large debt load. Avantor had about $3.68 billion of debt and $464 million in cash and investments as of September 30, 2026. The company warns this debt could strain its finances, and it may borrow more.
- Reliance on outside suppliers and raw materials. Products from other companies made up 47.4% of 2025 net sales. Avantor has had trouble sourcing some products and has faced inflation across all costs. Losing key suppliers, some with exclusive contracts, could hurt sales.
- Production delays and quality lapses. Avantor makes high-purity chemicals and implant-grade silicone to strict specifications. It has had production and shipping delays before. Plant outages or quality lapses could cost it customers and bring liability claims.
- Customer consolidation and pricing pressure. Mergers in biopharma and healthcare leave fewer, bigger buyers that push for lower prices. Larger rivals with deeper pockets and new low-cost manufacturers in developing markets add to that pressure and threaten market share.
- Cuts to research and government funding. Many Avantor customers are education, government and biopharma labs. If customers cut research budgets or government funding shrinks, orders for lab supplies, equipment and services could fall.
Recent events
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Shareholder vote results
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
For income and retirement investors
Avantor pays no dividend. It paid none from 2021 through 2025, and its 10-K for 2025 says it has no plans to start. For income investors, returns depend entirely on the share price, and spending money would have to come from cashing in shares. Buybacks (the company repurchasing its own shares) have been small: $75.1 million in 2025, after none in 2023 and 2024. The share count rose about 11% between January 2022 and October 2026, shrinking each existing share's slice of the company.
The stock has swung sharply in downturns. It fell 54% in the 2020 COVID crash but regained its peak by May 11, 2020, less than two months after its low. In the 2022 bear market it dropped 52.1% and, as of October 28, 2026, had not returned to its January 2022 high. Over the five years to that date, the share price fell 56%. Single stocks like Avantor carry more risk than diversified funds.
Questions investors ask
Does Avantor pay a dividend?
No. Avantor paid no dividends from 2021 through 2025, and its 10-K for the year ended December 31, 2025, says it has no plans to pay cash dividends. That means shareholders earn a return only if the share price rises. The company did spend $75.1 million repurchasing its own shares in 2025, after none in 2023 or 2024. Even so, the share count rose about 11% between January 2022 and October 2026.
How does Avantor make money?
Avantor makes money selling lab and production supplies, equipment and services to labs and manufacturers. Its VWR channel distributes millions of products from other suppliers. The company also makes its own brands, such as J.T. Baker high-purity chemicals, Masterflex pumps and tubing, and NuSil implant-grade silicone. In 2025, its own products made up 52.6% of $6.55 billion in net sales. More than 85% of sales came from offerings the company considers recurring, and about 80% of transactions came through digital channels.
Is Avantor profitable?
Not for the year ended December 31, 2025. Avantor reported a net loss of $530.2 million, or $0.78 per diluted share, on $6.55 billion of revenue. In 2024 it made a $711.5 million profit. Revenue fell 3.4% in 2025. It still produced $495 million of free cash flow, the cash left after running the business and paying for equipment. In the quarter ended September 30, 2026, it earned $203.4 million on revenue of $1.70 billion, up 4.6% from a year earlier.
How much debt does Avantor have?
About $3.68 billion as of September 30, 2026, against $464.3 million of cash and investments. That leaves net debt (debt minus cash) of roughly $3.22 billion, compared with shareholders' equity of about $5.84 billion. Avantor's 10-K lists its debt as a risk that could hurt its financial condition and notes the company can take on substantially more. For context, free cash flow, the cash left after running the business and investing in equipment, was $495 million in 2025.
How has Avantor stock performed?
Poorly over five years, despite a sharp rebound in the first ten months of 2026. As of October 28, 2026, the share price was up 45.6% year to date and 10.7% over one year. Over five years it was down 56%, an average loss of 15.3% a year. The stock fell 49.95% in 2022 and 45.61% in 2025. Since listing in May 2019, its deepest drop from a peak was 83.2%.