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Avantor

AVTR on NYSE. Avantor sells lab products and services to science and healthcare customers. Market value $10.7bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Health care stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
4.4%fair

For every $100 of what the whole company costs, it produced $4.36 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
7.0%five-year median

Each dollar kept in the business earns 7 cents a year. Above 10 is good.

Quality score: 68 of 100. Price score: 24 of 100. Our list needs 70 on quality and 60 on price.

$15.43 a share, 112% above its 1-year low

Over the past year the price has ranged from $7.26 to $16.38.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

0.8
0.7
0.7
0.7
0.5
0.5
2021202220232024202512 monthsto Jun '26
Revenue
$7.4bn$7.5bn$7.0bn$6.8bn$6.6bn
Operating margin
13.2%15.0%10.0%16.0%-3.8%
Debt to equity
1.691.311.070.680.71
Shares outstanding
0.67bn0.68bn0.68bn0.68bn0.68bn

Health checks

  • Free cash flow positive5 of 5 years
  • Accounting looks honest (Beneish)Nothing unusual
  • Financial strength (Piotroski)4 of 9
  • Profit backed by cash (accruals)Yes
  • Debt0.71× equity
  • Revenue growth, five yearsSlow, 0.5% a year
  • Buying back its own sharesRoughly flat

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $1.7 billion last quarter, about the same as a year ago.
  • Profit: $38 million, down 41% on a year ago.
  • It loses 5 cents on each $1 of sales, after keeping 16 cents a year earlier.
  • Spare cash over the past 12 months: $455 million, down from $556 million.
  • 1% fewer shares than a year ago. Each share owns a bit more of the company.
  • Debt is $3.4 billion more than cash, down from $3.8 billion a year ago.
  • Sales grew on a year ago in 1 of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$1.7bn
December 2024$1.7bn
March 2025$1.6bn
June 2025$1.7bn
September 2025$1.6bn
December 2025$1.7bn
March 2026$1.6bn
June 2026$1.7bn
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$58m
December 2024$500m
March 2025$65m
June 2025$65m
September 2025-$712m
December 2025$52m
March 2026$43m
June 2026$38m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
11 February 2026
Next quarterly (estimated, 10-Q)
28 October 2026

Who owns it

13 long-term investors we follow own it, down from 14 last quarter. 459 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

3 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 5 insiders bought $9m of shares on the open market.

  • LUCIER GREGORY T
    Director
    Bought
    Date
    8 May 2026
    Shares
    10,000
    Price
    $8.32
    Value
    $83,200
  • Dingemans Simon
    Director
    Bought
    Date
    1 May 2026
    Shares
    25,000
    Price
    $8.14
    Value
    $203,500
  • MEHRA SANJEEV K
    Director
    Bought
    Date
    10 March 2026
    Shares
    125,000
    Price
    $8.01
    Value
    $1m
  • LUCIER GREGORY T
    Director
    Bought
    Date
    19 February 2026
    Shares
    50,000
    Price
    $9.16
    Value
    $458,000
  • SUMME GREGORY L
    Director
    Bought
    Date
    12 February 2026
    Shares
    100,000
    Price
    $9.40
    Value
    $940,000
  • MEHRA SANJEEV K
    Director
    Bought
    Date
    5 December 2025
    Shares
    350,000
    Price
    $11.09
    Value
    $4m
  • Ligner Emmanuel
    President and CEO, Director
    Bought
    Date
    17 November 2025
    Shares
    87,500
    Price
    $11.35
    Value
    $993,125
  • SUMME GREGORY L
    Director
    Bought
    Date
    30 October 2025
    Shares
    100,000
    Price
    $11.25
    Value
    $1m

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 11 Feb 2026, plus the 10-Q filed 29 Jul 2026 and 8 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

  • Sales have barely grown: 0.5% a year.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.