Avantor, Inc. (AVTR) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+23.5%

$19.46

vs $15.76 price

Levered DCF

$13.92

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.17

Grey zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-14.69×	20.07×	47.56×	20.68×	49×	312.78×	-21.61×	-20.14×
P/B	1.4×	2.41×	2.94×	2.83×	5.93×	6.07×	2.96×	-2.36×
P/S	1.19×	2.11×	2.21×	1.83×	3.37×	2.54×	1.21×	1.23×
EV / EBITDA	81.84×	12.26×	18.86×	12.9×	23.42×	27.22×	13.88×	17.11×
Gross margin	32.7%	33.6%	33.9%	34.6%	33.9%	32.5%	31.8%	31.0%
Operating margin	-3.8%	16.0%	10.0%	15.0%	13.2%	11.1%	9.1%	7.1%
Net margin	-8.1%	10.5%	4.6%	9.1%	7.8%	1.8%	0.6%	-1.5%
Current ratio	1.78×	1.07×	1.61×	1.6×	1.71×	1.8×	1.88×	1.73×
Debt / equity	0.71×	0.68×	1.05×	1.29×	1.67×	1.83×	2.08×	-2.27×
Interest coverage	-1.45×	4.96×	2.45×	4.25×	4.47×	2.3×	1.25×	0.79×
Dividend yield	0.0%	0.0%	0.0%	0.2%	0.3%	0.4%	0.4%	0.0%
Payout ratio	0.0%	0.0%	0.0%	4.7%	11.3%	55.4%	82.8%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-9.5%	11.9%	6.1%	14.1%	13.6%	4.4%	1.5%	2.8%
Return on invested capital	-2.4%	8.3%	4.6%	7.5%	5.9%	8.1%	5.8%	3.5%
Return on assets	-4.5%	5.9%	2.5%	5.1%	4.1%	1.2%	0.4%	-0.9%
Free cash flow yield	6.4%	4.8%	4.7%	5.2%	3.4%	5.4%	4.2%	2.3%
Earnings yield	-6.8%	5.0%	2.1%	5.0%	2.3%	0.7%	0.5%	-1.2%
Enterprise value	$11.4B	$18.1B	$20.7B	$19.6B	$31.6B	$20.8B	$12.2B	$13.9B
Net debt / EBITDA	25.82×	2.57×	4.8×	3.89×	4.98×	6.02×	5.61×	8.27×
Cash conversion cycle (days)	66	61	76	71	69	69	73	68