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Forensic Analysis · Industrial & Scientific Instruments · as of Nov 10, 2026

Avantor, Inc. (AVTR)

A forensic read on Avantor, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

B · Sound & dependable
Forensic grade
Grey Zone
Financial health
1.9
Distress distance
Clean
Earnings quality
2
Forensic signals
-9.2%
ROE
-3.4%
Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Avantor, Inc. earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 1.9, placing it in the Grey zone. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

-1.9%
FY2025
Return on invested capital. Return on invested capital is -1.9% in the latest fiscal year, against 4.7% in FY2023, having run between -1.9% and 8.2% across FY2023–FY2025 with no direction held. After-tax operating profit was $545M in FY2023 and ($194M) in FY2025, with operating income at 10.0% of revenue in FY2023, 16.0% in FY2024 and -3.8% in FY2025. The capital base behind it went from $11.5B in FY2023 to $10.4B in FY2025 (-10%), while the revenue it carried went from $7.0B to $6.6B. FY2023's operating profit carried a $161M asset write-down and a $26M restructuring charge that took about 1.3 points off that year's return, and FY2025's carried a $785M asset write-down, a $785M goodwill write-off and a $30M restructuring charge that took about 12.2 points off the latest; so, net of each other, the two charges take about 10.9 points off the -6.6-point change across FY2023–FY2025. A non-cash write-down lowers the reported return in the year it lands.
$785M
FY2025
Goodwill impairments. Took $785M of goodwill writedowns across 1 year (FY2025 ($785M)). Writedowns mean past acquisitions underperformed what was paid for them.

Key fundamentals

Latest Revenue$6.55B
Revenue Growth YoY-3.4%
Revenue CAGR (2yr)-3.0%
Net Margin-8.1%
Free Cash Flow$495.0M
Return on Equity-9.2%
Debt / Equity0.71x

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Data from SEC EDGAR public filings · metrics as of Nov 10, 2026. Forensic signals flag probability, not certainty.

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