Alvotech
ALVO Nasdaq Biological Products, (No Diagnostic Substances) Financials FY2020–FY2025
Last close · Oct 23, 2026
$4.58
4.4%
Revenue
Total sales reported in the income statement.
$586M
19.7%
vs prior year
Operating margin
Operating income as a share of revenue.
13.3%
0.9 pts
Net income
Profit after all expenses, interest and tax.
$27.9M
Free cash flow
Cash from operations minus capital spending.
−$115M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
6.0%
3.1 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
$1.3B
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
45.8x
On $0.10 EPS (TTM)
What Alvotech does
No business description yet.
- Legal name
- Alvotech
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 20-F · Mar 31, 2026
- Accession · CIK
- 0001898416-26-000004
0001898416
Revenue and margins
Alvotech had $586M of revenue in fiscal 2025, up 19.7% on the year before.
FY20
Revenue $66.6M
FY21
Revenue $36.8M
FY22
Revenue $83.0M
FY23
Revenue $91.4M
FY24
Revenue $490M
FY25
Revenue $586M
FY20
Gross —
Operating −206.5%
Net −255.3%
FCF −122.8%
FY21
Gross 100.0%
Operating −640.3%
Net −276.0%
FCF −676.1%
FY22
Gross 22.8%
Operating −417.3%
Net −618.6%
FCF −421.9%
FY23
Gross −75.9%
Operating −388.1%
Net −603.4%
FCF −377.8%
FY24
Gross 62.2%
Operating 14.2%
Net −47.3%
FCF −59.3%
FY25
Gross 59.8%
Operating 13.3%
Net 4.8%
FCF −19.6%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY20
Net income −$170M
FY21
Net income −$102M
FY22
Net income −$514M
FY23
Net income −$552M
FY24
Net income −$232M
FY25
Net income $27.9M
FY20
Diluted EPS −$1.82
FY21
Diluted EPS −$0.92
FY22
Diluted EPS −$2.60
FY23
Diluted EPS −$2.43
FY24
Diluted EPS −$0.87
FY25
Diluted EPS $0.10
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY20
Return on capital —
Return on equity —
Return on assets —
FY21
Return on capital −75.1%
Return on equity —
Return on assets −17.0%
FY22
Return on capital −204.7%
Return on equity —
Return on assets −72.0%
FY23
Return on capital −1,698.1%
Return on equity —
Return on assets −62.0%
FY24
Return on capital 9.1%
Return on equity —
Return on assets −21.4%
FY25
Return on capital 6.0%
Return on equity —
Return on assets 2.1%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$115M in fiscal 2025, −19.6% of revenue. Cash from operations minus capital spending.
FY20
Free cash flow −$81.8M
FY21
Free cash flow −$249M
FY22
Free cash flow −$350M
FY23
Free cash flow −$345M
FY24
Free cash flow −$291M
FY25
Free cash flow −$115M
FY20
Cash from operations −$74.3M
Capital spending $7.5M
FY21
Cash from operations −$228M
Capital spending $20.5M
FY22
Cash from operations −$312M
Capital spending $37.9M
FY23
Cash from operations −$312M
Capital spending $33.2M
FY24
Cash from operations −$237M
Capital spending $53.7M
FY25
Cash from operations −$50.2M
Capital spending $64.5M
Cash from operations
Capital spending
Dividends, buybacks and share count
Alvotech returned $0.0M to shareholders in fiscal 2025. The diluted share count rose 8.7%.
FY20
Dividends $0.0M
Buybacks —
FY21
Dividends $0.0M
Buybacks —
FY22
Dividends $0.0M
Buybacks —
FY23
Dividends $0.0M
Buybacks —
FY24
Dividends $0.0M
Buybacks —
FY25
Dividends $0.0M
Buybacks —
Dividends
Buybacks
FY20
Diluted shares 0.09B
FY21
Diluted shares 0.11B
FY22
Diluted shares 0.20B
FY23
Diluted shares 0.23B
FY24
Diluted shares 0.27B
FY25
Diluted shares 0.29B
Balance sheet
Cash, debt and the ratios that show how comfortably Alvotech can carry it.
FY20
Cash $31.7M
Debt $568M
FY21
Cash $17.6M
Debt $401M
FY22
Cash $66.4M
Debt $765M
FY23
Cash $11.2M
Debt $960M
FY24
Cash $51.4M
Debt $1.1B
FY25
Cash $172M
Debt $1.3B
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $17.6M | $66.4M | $11.2M | $51.4M | $172M |
| Debt incl. finance leases | $401M | $765M | $960M | $1.1B | $1.3B |
| Net debt / EBITDA | — | — | — | 10.1x | 9.7x |
| Interest coverage | −2.0x | −1.8x | −1.3x | 0.2x | 0.5x |
| Current ratio | 1.1x | 1.4x | 0.7x | 2.4x | 1.9x |
| Quick ratio | 0.7x | 1.0x | 0.5x | 1.7x | 1.2x |
| Total assets | $598M | $828M | $950M | $1.2B | $1.5B |
| Total liabilities | $734M | $1.4B | $1.9B | $1.6B | $1.8B |
| Shareholders' equity | −$136M | −$564M | −$932M | −$413M | −$284M |
| Net debt (− = net cash) | $383M | $698M | $949M | $1.0B | $1.1B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✕ | ✕ | ✕ | ✓ |
| Cash from operations is positive | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Return on assets rose | — | — | ✕ | ✓ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✕ | ✓ | ✓ | ✕ | ✕ |
| Debt fell relative to assets | — | — | ✕ | ✕ | ✓ | ✓ |
| Current ratio rose | — | — | ✓ | ✕ | ✓ | ✕ |
| Share count didn't rise | — | ✕ | ✕ | ✕ | ✕ | ✕ |
| Gross margin rose | — | — | ✕ | ✕ | ✓ | ✕ |
| Revenue rose relative to assets | — | — | ✓ | ✕ | ✓ | ✕ |
| F-score | — / 3 | — / 4 | 3 / 9 | 2 / 9 | 5 / 9 | 3 / 9 |
| Accruals ratio | — | 21.2% | −28.2% | −26.9% | 0.5% | 5.8% |
| Altman Z'' | — | −8.97 | −9.24 | −11.06 | −4.98 | −3.91 |
6 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| Revenue | $66.6M | $36.8M | $83.0M | $91.4M | $490M | $586M |
| Gross profit | — | $36.8M | $18.9M | −$69.4M | $304M | $351M |
| Research and development | $148M | $191M | $181M | $211M | $171M | $184M |
| Operating income | −$138M | −$235M | −$346M | −$355M | $69.6M | $78.2M |
| Interest expense | $162M | $117M | $188M | $267M | $303M | $149M |
| Pretax income | −$292M | −$149M | −$552M | −$651M | −$218M | $136M |
| Income tax | −$122M | −$47.7M | −$38.1M | −$99.3M | $14.3M | $108M |
| Net income | −$170M | −$102M | −$514M | −$552M | −$232M | $27.9M |
| Diluted EPS | −$1.82 | −$0.92 | −$2.60 | −$2.43 | −$0.87 | $0.10 |
| Diluted shares | 0.09B | 0.11B | 0.20B | 0.23B | 0.27B | 0.29B |
| Cash flow | ||||||
| Cash from operations | −$74.3M | −$228M | −$312M | −$312M | −$237M | −$50.2M |
| Capital expenditure | $7.5M | $20.5M | $37.9M | $33.2M | $53.7M | $64.5M |
| Free cash flow | −$81.8M | −$249M | −$350M | −$345M | −$291M | −$115M |
| Depreciation and amortization | $16.4M | $18.2M | $20.4M | $24.2M | $31.3M | $37.9M |
| Stock-based compensation | — | $0.0M | $10.3M | $18.0M | $7.6M | $7.4M |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Balance sheet | ||||||
| Cash and short-term investments | $31.7M | $17.6M | $66.4M | $11.2M | $51.4M | $172M |
| Total debt | $568M | $401M | $765M | $960M | $1.1B | $1.3B |
| Current assets | — | $120M | $231M | $195M | $455M | $574M |
| Current liabilities | — | $112M | $167M | $261M | $193M | $304M |
| Inventory | — | $39.1M | $71.5M | $74.4M | $128M | $220M |
| Property and equipment, net | — | $78.5M | $221M | $237M | $285M | $356M |
| Goodwill | $13.4M | $12.4M | $11.6M | $12.1M | $11.3M | $12.8M |
| Intangible assets | — | $21.5M | $25.7M | $19.1M | $20.6M | $81.8M |
| Total assets | — | $598M | $828M | $950M | $1.2B | $1.5B |
| Total liabilities | — | $734M | $1.4B | $1.9B | $1.6B | $1.8B |
| Shareholders' equity | −$867M | −$136M | −$564M | −$932M | −$413M | −$284M |
| Margins | ||||||
| Gross margin | — | 100.0% | 22.8% | −75.9% | 62.2% | 59.8% |
| Operating margin | −206.5% | −640.3% | −417.3% | −388.1% | 14.2% | 13.3% |
| EBITDA margin | −181.8% | −590.8% | −392.7% | −361.6% | 20.6% | 19.8% |
| Net margin | −255.3% | −276.0% | −618.6% | −603.4% | −47.3% | 4.8% |
| FCF margin | −122.8% | −676.1% | −421.9% | −377.8% | −59.3% | −19.6% |
| Returns | ||||||
| Return on capital | — | −75.1% | −204.7% | −1,698.1% | 9.1% | 6.0% |
| Return on capital employed | — | −48.4% | −52.4% | −51.5% | 6.8% | 6.6% |
| Return on assets | — | −17.0% | −72.0% | −62.0% | −21.4% | 2.1% |
| Growth | ||||||
| Revenue growth | — | −44.8% | 125.8% | 10.1% | 435.6% | 19.7% |
| Share count change | — | 18.2% | 78.7% | 14.9% | 17.9% | 8.7% |
| Financial health | ||||||
| Net debt / EBITDA | — | — | — | — | 10.1x | 9.7x |
| Interest coverage | −0.9x | −2.0x | −1.8x | −1.3x | 0.2x | 0.5x |
| Current ratio | — | 1.1x | 1.4x | 0.7x | 2.4x | 1.9x |
| Quick ratio | — | 0.7x | 1.0x | 0.5x | 1.7x | 1.2x |
| Capital allocation | ||||||
| Capex / revenue | 11.2% | 55.6% | 45.6% | 36.3% | 11.0% | 11.0% |
| Stock comp / revenue | — | 0.0% | 12.4% | 19.7% | 1.6% | 1.3% |
| Quality scores | ||||||
| Piotroski F-score | — | — | 3.0 | 2.0 | 5.0 | 3.0 |
| Altman Z'' | — | −9.0 | −9.2 | −11.1 | −5.0 | −3.9 |
| Accruals ratio | — | 21.2% | −28.2% | −26.9% | 0.5% | 5.8% |
Source: SEC EDGAR XBRL filings (CIK 0001898416). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.