# Avantor, Inc. (AVTR)

> Source: Nexqual · https://nexqual.com/AVTR · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Avantor, Inc. (AVTR), nexqual.com/AVTR" · informational, not investment advice.

**Price:** USD 17.15 (-0.64% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 17.26 · day 16.97–17.45 · 52w 7.27–17.45 · market cap $11.6B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $6.56B, net income -$578M (-8.8% margin), free cash flow $455M (SEC filings).
- 5 of 80 tracked superinvestors hold AVTR (13F, Q2 2026): 0 new, 5 added, 0 reduced, 0 unchanged.
- Insider open-market purchases, last ~7 months: 2 Form 4 filings, $287K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Hold (mean 3.00 on a 1–5 scale) (15 analysts), mean target USD 15.5 (range 13–19).
- Total return with dividends: 1Y +10.9% vs S&P 500 +14.9%; 5Y -55.4% vs S&P 500 +80.3%.
- Next earnings: 2026-10-28, EPS estimate USD 0.21, revenue estimate $1.64B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $7.39B | $7.51B | $6.97B | $6.78B | $6.55B | $6.56B |
| Gross profit | $2.50B | $2.60B | $2.36B | $2.28B | $2.14B | — |
| Operating income | $972M | $1.13B | $696M | $1.08B | -$246M | -$301M |
| Net income | $573M | $687M | $321M | $712M | -$530M | -$578M |
| EPS (diluted) | $0.85 | $1.01 | $0.47 | $1.04 | -$0.78 | — |
| Free cash flow | $843M | $710M | $724M | $692M | $495M | $455M |
| Gross margin | 33.9% | 34.6% | 33.9% | 33.6% | 32.7% | — |
| Operating margin | 13.2% | 15.0% | 10.0% | 16.0% | -3.8% | -4.6% |
| Net margin | 7.8% | 9.1% | 4.6% | 10.5% | -8.1% | -8.8% |
| Revenue growth | +15.5% | +1.7% | -7.3% | -2.6% | -3.4% | — |
| Cash + short-term investments | $302M | $373M | $263M | $262M | $365M | — |
| Total debt | $7.02B | $6.29B | $5.54B | $4.06B | $3.95B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 1.8x · EV/EBITDA 127.8x · EV/Sales 2.3x · P/FCF 25.5x · P/B 2.1x · FCF yield 3.92% · Earnings yield -4.98% · Net debt $3.39B · EV $15.0B
P/E at fiscal year-ends: Dec 2024 20.2x, Dec 2023 48.2x.

## Superinvestors (SEC 13F-HR, Q2 2026)
5 of 80 tracked investors hold AVTR. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Greenhaven Associates |  | 2.82% | $244M | Added +9.0% |
| Mason Hawkins | Southeastern Asset Management | 2.44% | $46.8M | Added +34.2% |
| First Pacific Advisors |  | 1.02% | $81.1M | Added +1.3% |
| Dodge & Cox Funds | Dodge & Cox | 0.62% | $1.19B | Added +0.3% |
| Yacktman Asset Management |  | 0.58% | $47.2M | Added +0.5% |

## Insider purchases (SEC Form 4, open-market, last ~7 months)
2 purchases, $287K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-05-08 | Lucier Gregory T | Director | 10,000 | $83K | 8.32 | Too little history (no open-market trades in 2023–2025) |
| 2026-05-01 | Dingemans Simon | Director | 25,000 | $204K | 8.14 | Too little history (no open-market trades in 2023–2025) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 3.00 on a 1–5 scale), 15 analysts; mean target USD 15.5 (low 13, high 19).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-13 | Morgan Stanley | Target raised | Equal-Weight | $14 → $15 |
| 2026-10-13 | TD Cowen | Target raised | Hold | $15 → $17 |
| 2026-10-07 | Barclays | Target raised | Underweight | $13 → $15 |
| 2026-09-09 | UBS | Target raised | Neutral | $10.5 → $16 |
| 2026-07-30 | Morgan Stanley | Target raised | Equal-Weight | $10 → $14 |
| 2026-07-30 | RBC Capital | Target raised | Sector Perform | $9 → $14 |
| 2026-07-30 | Stifel | Target raised | Hold | $8 → $15 |
| 2026-07-30 | Evercore ISI Group | Target raised | In-Line | $10.5 → $14 |
| 2026-07-30 | Wells Fargo | Target raised | Overweight | $14 → $16 |
| 2026-07-08 | Citigroup | Target raised | Neutral | $9 → $11 |
| 2026-07-06 | Evercore ISI Group | Target raised | In-Line | $8 → $10.5 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +10.9% | -55.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +11.0% | -14.9% |
| Volatility (annualized) | 51.0% | 40.9% |
| Max drawdown | -52.1% (Oct 2025→Mar 2026) | -82.4% (Dec 2021→Mar 2026) |

## Peers (Medical Instruments & Supplies)
COO (The Cooper Companies, Inc.) USD 61.65 +4.54% · RGEN (Repligen Corporation) USD 178.71 -0.72% · ALGN (Align Technology, Inc.) USD 155.51 +2.74% · BAX (Baxter International Inc.) USD 25.65 +3.85% · SOLV (Solventum Corporation) USD 87.45 +0.90% · ATR (AptarGroup, Inc.) USD 128.1 +1.97%

## More
Full page: https://nexqual.com/AVTR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name AVTR in their own reports (relationship from AVTR's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| customer | ESTABLISHMENT LABS HOLDINGS INC. (ESTA) | 10-K 2026-02-27 | "In particular, we obtain NuSil brand medical-grade silicone from Avantor, Inc. (formerly NuSil Technology LLC), or Avantor, which is a sole-source supplier of such products to the majority of the sili…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| VWR Distribution & Services | $1.24B | 73.3% | +2.7% |
| Bioscience & Medtech Products | $451.8M | 26.7% | -5.1% |
| Total revenue | $1.69B | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Proprietary | $880.4M | 52.0% | -1.5% |
| Third-party | $811.9M | 48.0% | +2.8% |
| Total revenue | $1.69B | 100% | — |

## Customer concentration

Period ended 2025-12-31: 5% of revenue from unnamed direct customers (10-K, filed 2026-02-11).

## Company outlook (8-K filed 2026-07-29)

- "Avantor updates its fiscal 2026 financial guidance."
- "Fiscal 2026 guidance (as of April 29, 2026) Updated Fiscal 2026 guidance (as of July 29, 2026) Organic revenue growth (1) -2.5% to -0.5% -0.5% to +0.5% Adjusted EBITDA margin (1) 14.8% to 15.3% 14.8% to 15.3% Adjusted EPS (1) $0.77 to $0.83 $0.80 to $0.83 Free cash flow (1)(2) $500M to $550M $500M to $550M (1) Non-GAAP measure (definitions and/or reconciliations below)."
- "We are unable to provide a reconciliation of the non-GAAP measures provided in our full-year 2026 guidance without unreasonable effort because of the difficulty in forecasting and quantifying certain amounts and adjustment items with a reasonable degree of certainty including net income, restructuring charges, foreign currency exchange gains and losses and income tax expense."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.21 | $0.20 | +2.0% | $1.64B | 15 |
| Next quarter (ends 2026-12-31) | $0.23 | $0.23 | -0.9% | $1.68B | 14 |
| Current fiscal year (ends 2026-12-31) | $0.81 | $0.79 | +3.0% | $6.59B | 15 |
| Next fiscal year (ends 2027-12-31) | $0.88 | $0.85 | +2.9% | $6.74B | 15 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-28): ±13.7%; last 8 reports averaged ±13.7%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 61.0% | ±13.7% |
| 2026-12-18 | 56 | 53.0% | ±16.6% |
| 2027-01-15 | 84 | 46.5% | ±17.8% |
| 2027-02-19 | 119 | 48.8% | ±22.2% |
| 2027-05-21 | 210 | 48.4% | ±29.3% |