Avantor
AVTRNYSEUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $15.57 Prior regular-session close from the quote source.
- $15.59–$15.90 Regular-session low and high so far today.
- 5.5M Regular-session shares traded · Nov 11, 4:00 PM ET.
- Feb 10 projected Projected for 2027-02-10 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $7.27–$17.45 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own AVTR if the recent revenue, margin, and GAAP-profit reset proves cyclical rather than evidence that its customer embeddedness and pricing power have cracked.
AVTR price history
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Investment thesis
What must happen next
Avantor’s embedded position in laboratory workflows remains strong enough that customers continue routing recurring scientific-supply demand through the platform rather than shifting procurement to Thermo Fisher Scientific, Merck KGaA/MilliporeSigma, Danaher/Cytiva, or direct manufacturers.WeakeningMateriality: High
FY2025 GAAP annual revenue was $6.552 billion, showing Avantor still operates at meaningful scale in laboratory analytical instruments and related scientific supply. If this holds, revenue can stabilize and recover without excessive customer-acquisition cost; if it breaks, the business becomes a lower-growth distributor with weaker bargaining power.
Watch: Large biopharma, academic, or government labs consolidate procurement with Thermo Fisher Scientific or Merck KGaA/MilliporeSigma because those rivals offer broader catalogs, better digital procurement tools, or more attractive bundled pricing.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
FY2025 GAAP annual revenue was $6.552 billion, showing Avantor still operates at meaningful scale in laboratory analytical instruments and related.
Open source ↗Avantor’s product mix, supplier relationships, and scientific workflow importance allow it to defend pricing and gross margin despite competition, rather than competing mainly on commodity distribution economics.HoldingMateriality: High
FY2025 GAAP annual gross profit was $2.139 billion on $6.552 billion of revenue, implying a still-material gross profit pool. Durable gross profit is the bridge between a large revenue base and investable earnings power; if price/mix erodes, growth would be lower quality.
Watch: Thermo Fisher Scientific, Merck KGaA/MilliporeSigma, or other scaled suppliers use bundled contracts to pressure Avantor’s pricing on reagents, consumables, and lab supplies.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
FY2025 GAAP annual gross profit was $2.139 billion on $6.552 billion of revenue, implying a still-material gross profit pool.
Open source ↗Avantor’s cost base and global operating footprint can be right-sized so that stable lab demand again converts into positive GAAP operating income rather than being absorbed by fixed costs, restructuring, or impairments.WeakeningMateriality: Medium
Avantor generated positive GAAP annual operating income in FY2022, FY2023, and FY2024, including $1.085 billion in FY2024. The equity value depends on Avantor proving that the 2025 GAAP operating loss is not the new earnings baseline.
Watch: Management cannot reduce distribution, manufacturing, sales, or corporate costs quickly enough if volumes remain below the 2022 level.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Avantor generated positive GAAP annual operating income in FY2022, FY2023, and FY2024, including $1.085 billion in FY2024.
Open source ↗Avantor’s consumables and laboratory-supply model continues to convert earnings volatility into positive operating cash flow, giving management room to invest and reduce leverage without relying on equity issuance.StrengtheningMateriality: Medium
GAAP annual operating cash flow remained positive at $623.8 million in FY2025 despite negative GAAP net income. Cash conversion is what keeps a temporarily impaired earnings story from becoming a balance-sheet or dilution problem.
Watch: Inventory builds or obsolescence rise because demand remains weak or product mix shifts faster than Avantor can manage working capital.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating cash flow remained positive at $623.8 million in FY2025 despite negative GAAP net income.
Open source ↗Management prioritizes balance-sheet repair so that Avantor’s enterprise value accretes to equity holders rather than being consumed by leverage, refinancing, or acquisition risk.HoldingMateriality: Medium
Total liabilities declined from $8.609 billion at FY2022 year-end to $6.230 billion at FY2025 year-end. With earnings under pressure, lower liabilities can protect per-share value and increase flexibility; renewed leverage would make the turnaround riskier.
Watch: Management resumes debt-funded acquisitions before core revenue and operating income have recovered.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Total liabilities declined from $8.609 billion at FY2022 year-end to $6.230 billion at FY2025 year-end.
Open source ↗
Full investment case & evidence
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Original research
Avantor’s embedded position in laboratory workflows remains strong enough that customers continue routing recurring scientific-supply demand through the platform rather than shifting procurement to Thermo Fisher Scientific, Merck KGaA/MilliporeSigma, Danaher/Cytiva, or direct manufacturers. If this holds, revenue can stabilize and recover without excessive customer-acquisition cost; if it breaks, the business becomes a lower-growth distributor with weaker bargaining power.
Avantor’s product mix, supplier relationships, and scientific workflow importance allow it to defend pricing and gross margin despite competition, rather than competing mainly on commodity distribution economics. Durable gross profit is the bridge between a large revenue base and investable earnings power; if price/mix erodes, growth would be lower quality.
Avantor’s cost base and global operating footprint can be right-sized so that stable lab demand again converts into positive GAAP operating income rather than being absorbed by fixed costs, restructuring, or impairments. The equity value depends on Avantor proving that the 2025 GAAP operating loss is not the new earnings baseline.
Avantor’s consumables and laboratory-supply model continues to convert earnings volatility into positive operating cash flow, giving management room to invest and reduce leverage without relying on equity issuance. Cash conversion is what keeps a temporarily impaired earnings story from becoming a balance-sheet or dilution problem.
Management prioritizes balance-sheet repair so that Avantor’s enterprise value accretes to equity holders rather than being consumed by leverage, refinancing, or acquisition risk. With earnings under pressure, lower liabilities can protect per-share value and increase flexibility; renewed leverage would make the turnaround riskier.
All standing thesis claims
Original report summary
the recent revenue, margin, and GAAP-profit reset proves cyclical rather than evidence that its customer embeddedness and pricing power have cracked.
Bull case and bear case
Bull case and bear case for Avantor
Where the evidence on Avantor disagrees: Mixed on the latest evidence (Oct 15, 2026). Of its 5 thesis points, 1 strengthening, 2 holding and 2 weakening.
Bull case: what the evidence supports
Avantor’s product mix, supplier relationships, and scientific workflow importance allow it to defend pricing and gross margin despite competition, rather than competing mainly on commodity distribution economics.
Avantor’s consumables and laboratory-supply model continues to convert earnings volatility into positive operating cash flow, giving management room to invest and reduce leverage without relying on equity issuance.
Management prioritizes balance-sheet repair so that Avantor’s enterprise value accretes to equity holders rather than being consumed by leverage, refinancing, or acquisition risk.
Bear case: what the evidence questions
Avantor’s embedded position in laboratory workflows remains strong enough that customers continue routing recurring scientific-supply demand through the platform rather than shifting procurement to Thermo Fisher Scientific, Merck KGaA/MilliporeSigma, Danaher/Cytiva, or direct manufacturers.
Avantor’s cost base and global operating footprint can be right-sized so that stable lab demand again converts into positive GAAP operating income rather than being absorbed by fixed costs, restructuring, or impairments.
Thesis-Break Engine
What has broken in Avantor’s thesis
Each break OptimistFi flagged on Avantor, dated — with what has historically followed the same kind of break across the market, not a forecast for Avantor.
- CEO / officer changecondition set before this filing
Across all companies, this kind of break has happened 16,849 times before. Those stocks trailed comparable companies by a median of 2% over the next six months, and 38% of them trailed it by 10 points or more.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedDirector or principal officer change.
Avantor filed an SEC 8-K on 2026-09-21: Director or principal officer change. It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
Avantor filed an SEC 8-K on 2026-07-29: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedEntered a material definitive agreement.
Avantor filed an SEC 8-K on 2026-07-17: Entered a material definitive agreement. It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Large biopharma, academic, or government labs consolidate procurement with Thermo Fisher Scientific or Merck KGaA/MilliporeSigma because those rivals offer broader catalogs, better digital procurement tools, or more attractive bundled pricing.
- Thermo Fisher Scientific, Merck KGaA/MilliporeSigma, or other scaled suppliers use bundled contracts to pressure Avantor’s pricing on reagents, consumables, and lab supplies.
- Management cannot reduce distribution, manufacturing, sales, or corporate costs quickly enough if volumes remain below the 2022 level.
- Inventory builds or obsolescence rise because demand remains weak or product mix shifts faster than Avantor can manage working capital.
- Management resumes debt-funded acquisitions before core revenue and operating income have recovered.
AVTR news
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Financial statements
AVTR income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
AVTR: quick answers
- When does Avantor (AVTR) report earnings next?
- Avantor's next results are projected for February 10, 2027, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on October 28, 2026. Earnings calendar
- What is AVTR's short interest?
- As of October 30, 2026, 26.9M AVTR shares were sold short, 3.97% of its shares outstanding, down 22.3% from the count before. At the stock's average daily volume that is 2.0 days to cover. FINRA publishes the count twice a month. AVTR short interest history
- Have members of Congress traded AVTR?
- 22 trades in AVTR have been disclosed under the STOCK Act by members of Congress, the President or senior officials, none in reports made public in the last 90 days. Every disclosed AVTR trade
- Which well-known investors own AVTR?
- 1 of the 37 well-known funds tracked here reported AVTR shares in their latest 13F filing. By share of the fund's portfolio: Bridgewater Associates (Ray Dalio), 0.0%. Fund portfolios
AVTR in well-known investors’ portfolios
1 of 37 funds reported AVTR shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Ray DalioBridgewater Associates | 0.01% | $3.0M | +134.9% | Q2 2026 |