MeritValue

Avantor, Inc.

AVTRdata completeness 100%9 fiscal years on file
i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$7.39B1$7.51B2$6.97B3$6.78B3$6.55B3
Net income$572.6M4$686.5M5$321.1M6$711.5M6−$530.2M6
Operating cash flow$953.6M7$843.6M8$870M9$840.8M9$623.8M9
Capital expenditure$111.1M10$133.4M11$146.4M12$148.8M12$128.8M12
Free cash flow (derived)$842.5M7$710.2M8$723.6M9$692M9$495M9
Total debt$14B13$12.6B14$11.1B15$8.11B16$7.89B16
Cash & equivalents$301.7M17$372.9M18$262.9M19$261.9M20$365.4M20
Diluted shares599.6M679.4M678.4M681.9M680.6M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
You’d own
0.0000015%
of the whole company
Your share of last year’s profit
−$7.79
Your share of its debt
$115.97
Your share of free cash flow
$7.27
iii. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
$2.69
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$692M
DCF · Growth Exit 5Y
$3.82
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$692M
Earnings Power Value
$8.87
assumptions (8)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$572.6M
  • growthAssumed0.0%
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

iv. The price question — last, on purpose
What does today’s price assume?
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years0.0%
Discount rate (WACC)8.78%
Terminal growth2.5%
At your growth, a share is worth $3.82

Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001722482-24-000012 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001722482-25-000015 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001628280-26-007118 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001722482-24-000012 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001722482-25-000015 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001628280-26-007118 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001722482-24-000012 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001722482-25-000015 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001628280-26-007118 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001722482-24-000012 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001722482-25-000015 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001628280-26-007118 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001722482-23-000040 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001722482-24-000012 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001722482-25-000015 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001628280-26-007118 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001722482-23-000040 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001722482-24-000012 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001722482-25-000015 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001628280-26-007118 (CashAndCashEquivalentsAtCarryingValue)