Avantor, Inc. (AVTR) Stock

Avantor, Inc. (AVTR) is a Technology stock trading at $15.44 (as of 2026-09-15), with a market capitalization of $10.44B. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Avantor, Inc. provides products and services to customers in biopharma, healthcare, education and government, advanced technologies, and applied materials industries in the Americas, Europe, Asia, the Middle East, and Africa. The company offers materials and consumables, such as purity chemicals and reagents, lab products and supplies, formulated silicone materials, customized excipients, customized single-use assemblies, process chromatography resins and columns, analytical sample prep kits, education and microbiology products, clinical trial kits, peristaltic pumps, and fluid handling tips. It also provides equipment and instrumentation products, including filtration systems, virus inactivation systems, incubators, analytical instruments, evaporators, ultra-low-temperature freezers, biological safety cabinets, and critical environment supplies. In addition, the company offers services and specialty procurements comprising onsite lab and production, clinical, equipment, procurement and sourcing, and biopharmaceutical material scale-up and development services. Avantor, Inc. was founded in 1904 and is headquartered in Radnor, Pennsylvania.

Understand Avantor, Inc.: how it makes money

Avantor distributes lab consumables (reagents, chemicals, tips, columns) and custom bioscience products to pharma, academic, and government labs worldwide, earning revenue through product markups and fulfillment. Roughly three-quarters of sales are recurring distribution of standard items; the smaller custom-bioproducts arm adds differentiation but is far less profitable.

Profit is the narrow spread between bulk-purchase cost of chemicals and supplies and the per-order fulfillment fee charged to tens of thousands of labs; structurally it is a labor-intensive, low-margin warehousing and logistics business wearing a science brand.

Revenue by segment (latest quarter)
VWR Distribution$1.1B
Bioscience & Medtech$0.4B

Business quality (Weak): Flat revenue, 6% operating margin, and negative ROE signal a value-destroying distribution model that has not yet found a path to durable above-9% returns on capital.

Bull case

  • Sticky consumables order flow: VWR Distribution and Services generated $1.1B in quarterly net sales, or 72% of total revenue. Because labs reorder reagents, tips, and purity chemicals on a recurring schedule across thousands of SKUs, this distribution flow is structurally less lumpy than project-based sales and provides a predictable volume base.
  • Low-base operating leverage: With a 32% gross margin and just a 6% operating margin, the roughly 26-percentage-point gap of SG&A and overhead means that any stabilization in volume or direct cost savings flows disproportionately to the bottom line from a very low base.

Bear case

  • Growth engine has stalled: Quarterly revenue of $1.6B is flat year over year (0% YoY), confirming that the legacy distribution volumes have stopped expanding and the company is no longer growing into its acquisition-driven cost-structure targets.
  • Custom segment too small to matter: Bioscience and Medtech Products, the higher-value custom-manufacturing business that could differentiate Avantor from pure distributors, generated only $430M (27% of revenue). At that scale it cannot offset the structural softness of the toll-distribution core or meaningfully re-rate the multiple.
Valuation — source: SEC EDGAR (first-party)
Price$15.44
Market Cap$10.44B
EV / EBITDA117.9
Price / Book1.85
Price / Sales1.59
FCF Yield4.4%
DCF Value (model)$13.31
DCF Upside vs Price-13.8%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$6.55B
Net Margin-8.1%
Return on Equity-10.3%
Debt / Equity0.66
Current Ratio1.78
Revenue Growth (YoY)0.5%
EPS Growth (YoY)-33.3%
FCF Growth (YoY)12.7%
Financial Health — source: SEC EDGAR
Altman Z-Score1.81 (grey)
Piotroski F-Score4/9 (moderate)
Valuation vs Sector & Industry
Sector P/E (Technology)30.8
Industry P/E (Measuring & Control Equipment)43.9
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderDodge & Cox ($1.19B)
Institutional Holders Tracked10
Congressional Trades (recent)9
Company
SectorTechnology
IndustryMeasuring & Control Equipment
CEOEmmanuel Ligner
Employees13,500
CountryUS
IPO Date2019-05-17

Avantor, Inc. earnings call transcripts

  • AVTR Q3 FY25 earnings call transcript (reported 2025-10-29) · analysis
  • AVTR Q2 FY25 earnings call transcript (reported 2025-08-01) · analysis

All AVTR earnings calls

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AVTR earnings history · AVTR institutional & insider holders · AVTR KPIs & operating metrics · AVTR financials · AVTR filings, presentations & press releases · AVTR investor presentations & press releases · AVTR SEC filings · AVTR peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-09-15.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.