Avantor vs Danaher
Danaher reported revenue of $24.6 billion in fiscal 2025, 3.7 times Avantor's $6.6 billion in fiscal 2025. Avantor's revenue fell 3.4% in its latest year, and Danaher's grew 2.9%. Avantor had an operating margin of -3.8%, against 19.1% at Danaher. Free cash flow was $495 million at Avantor and $5.3 billion at Danaher.
Side by side
| Avantor | Danaher | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $6.6B | $24.6B |
| Revenue growth | −3.4% | 2.9% |
| Revenue growth a year, last 5 years | 0.5% | 2.0% |
| Gross margin | 32.6% | 59.1% |
| Operating margin | −3.8% | 19.1% |
| Net margin | −8.1% | 14.7% |
| Free cash flow | $495M | $5.3B |
| Free cash flow margin | 7.5% | 21.4% |
| Return on capital | −2.0% | 6.1% |
| Net debt to EBITDA | 22.0x | 1.9x |
| Dividends and buybacks | $75M | $4.0B |
| Change in diluted share count | −0.2% | −2.9% |
| Last close | $17.29 | $232.97 |
| P/E at the last close | — | 38.1× |
| Insider trades, last 12 months | bought $8.7 million, sold $0 | sold $257.9 million |
| Piotroski F-score | 5 of 9 | 7 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
AvantorDanaher
Operating margin
Percent of revenue
AvantorDanaher
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
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