AVTRAvantor, Inc.

Laboratory Analytical Instruments

Revenue: $6.6B; 3.4% YoY
Operating margin: -3.8%; 123% YoY
EBITDA: $164M; 89% YoY
Market cap: $11.0B
Employees: 2,000; $3M revenue each
Net debt / EBITDA: 19.6×; $3.2B net debt
AI in 10-K: 1.6; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
12% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
42% of assets
Over 40% of assets
Shareholder dissentNo
96% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$3M · 95th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.6 per 10K words · 49th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
19.6× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$11.0B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$8M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$7.4B	$7.5B	$7.0B	$6.8B	$6.6B	3.4%
Operating income	$972M	$1.1B	$696M	$1.1B	−$246M	123%
Net income	$573M	$687M	$321M	$712M	−$530M	175%
Operating cash flow	$954M	$844M	$870M	$841M	$624M	26%
Capex	$111M	$133M	$146M	$149M	$129M	13%
Stock-based comp	$51M	$46M	$41M	$47M	$46M	0.9%
Buybacks	—	—	$0	$0	$75M

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
May 7, 2021	GOLDMAN SACHS GROUP INC	SC 13D/A	—	Passive
May 7, 2021	GOLDMAN SACHS GROUP INC	SC 13D/A	—	Passive
May 7, 2021	GOLDMAN SACHS GROUP INC	SC 13D/A	—	Passive
May 7, 2021	GOLDMAN SACHS GROUP INC	SC 13D/A	—	Passive
Nov 13, 2020	GOLDMAN SACHS GROUP INC	SC 13D/A	—	Passive
Aug 26, 2020	GOLDMAN SACHS GROUP INC	SC 13D/A	7.5%	Passive
May 29, 2020	GOLDMAN SACHS GROUP INC	SC 13D/A	—	Passive
May 31, 2019	GOLDMAN SACHS GROUP INC	SC 13D	—	Passive

Insider trading

Open-market buys, 12 mo: $8M · 7
Open-market sells, 12 mo: $0 · 0
Net: $8M

Pay vs performance

No pay-versus-performance disclosure yet.