Does Avantor, Inc. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores Avantor, Inc. (AVTR) 32.3 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 58, returns on capital 20, balance-sheet safety 0, capital discipline 44.

Is AVTR stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $13.70 per share versus a recent price of $11.07 — 19% below value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has AVTR's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 32.3 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

Avantor, Inc.

AVTR · Healthcare · $7.5B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power58

Median gross margin 33.6% over 9y, very stable.

Returns on capital20

Median ROIC 7.7%, above the 9% hurdle in 25% of years.

Balance-sheet safety0

Net debt/EBITDA 21.8x, interest coverage -1x.

Capital discipline44

Owner earnings trend unclear, share count n/a.

Margin of safety

Above valueOn sale

19% below value

Owner earnings (normalized): $840.7M
Est. intrinsic value / share: $13.70
Recent price: $11.07
Discount to value: 19% below value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

10 years of fundamentals

The business, in plain English

Avantor, Inc. booked $6.6B of revenue in FY2025 in the Healthcare sector and kept 32.7% of it as gross profit — a moderate-margin business by that measure. After every other cost, −8.1% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $1.2B (FY2017) to $6.6B (FY2025) — about 23.0% a year compounded over 8 years.

It earned −2.1% on invested capital in FY2025, with a median of 7.7% across 8 filed years. The Returns on Capital filter above scores it 20/100.

The balance sheet carried $3.9B of total debt in FY2025. Balance-Sheet Safety scores it 0/100.

The share count rose 413.6% between FY2018 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 44/100.

Put together: Pricing Power is the strongest of the four filters (58/100) and Balance-Sheet Safety the weakest (0/100), which is how AVTR lands at 32/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$6.6B FY2025

Gross marginRevenue kept after cost of goods32.7% FY2025

Return on invested capitalOperating profit on the capital employed−2.1% FY2025

Owner earningsCash an owner could take out−$248.8M FY2025

Gaps in a line mean that item isn’t in AVTR’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale32.3 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — AVTR has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Healthcare context

#332 of 440 scored Healthcare companies, ranked by Moat Score.

Nearest peers by Moat Score

#330PRCT PROCEPT BioRobotics Corporation32.5 out of 100, No moatNo moat
#331WGS GeneDx Holdings Corp.32.5 out of 100, No moatNo moat
#333CATX PERSPECTIVE THERAPEUTICS, INC.32.2 out of 100, No moatNo moat
#334HIND VYOME HOLDINGS, INC.32.2 out of 100, No moatNo moat

Compare AVTR with its nearest peers →All Healthcare companies on the Index →

Common questions about AVTR

Does Avantor, Inc. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores Avantor, Inc. (AVTR) 32.3 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 58, returns on capital 20, balance-sheet safety 0, capital discipline 44.
Is AVTR stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $13.70 per share versus a recent price of $11.07 — 19% below value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has AVTR's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 32.3 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell AVTR. See the disclaimer.