Oatly Group AB
OTLY Nasdaq Food And Kindred Products Financials FY2019โFY2025
Revenue
Total sales reported in the income statement.
$862M
4.7%
vs prior year
Operating margin
Operating income as a share of revenue.
โ7.9%
14.7ย pts
Net income
Profit after all expenses, interest and tax.
โ$153M
Free cash flow
Cash from operations minus capital spending.
โ$36.1M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
โ11.2%
21.3ย pts
Market cap
Last close times the latest diluted share count, so it is approximate.
โ
P/E
Last close divided by diluted earnings per share over the last four quarters.
โ
What Oatly Group AB does
No business description yet.
- Legal name
- Oatly Group AB
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 20-F ยท Mar 13, 2026
- Accession ยท CIK
- 0001843586-26-000004
0001843586
Revenue and margins
Oatly Group AB had $862M of revenue in fiscal 2025, up 4.7% on the year before.
FY19
Revenue $204M
FY20
Revenue $421M
FY21
Revenue $643M
FY22
Revenue $722M
FY23
Revenue $783M
FY24
Revenue $824M
FY25
Revenue $862M
Q1 '24
Revenue โ
Q2 '24
Revenue $202M
Q1 '25
Revenue โ
Q2 '25
Revenue $208M
FY19
Gross 32.6%
Operating โ15.1%
Net โ17.5%
FCF โ45.4%
FY20
Gross 30.7%
Operating โ11.2%
Net โ14.3%
FCF โ42.4%
FY21
Gross 24.1%
Operating โ33.2%
Net โ33.0%
FCF โ75.8%
FY22
Gross 11.1%
Operating โ54.8%
Net โ54.4%
FCF โ65.2%
FY23
Gross 19.4%
Operating โ58.3%
Net โ53.2%
FCF โ29.6%
FY24
Gross 28.7%
Operating โ22.6%
Net โ24.5%
FCF โ18.6%
FY25
Gross 32.1%
Operating โ7.9%
Net โ17.7%
FCF โ4.2%
Gross
Operating
Net
FCF
Q1 '24
Gross โ
Operating โ
Net โ
FCF โ
Q2 '24
Gross 29.2%
Operating โ19.3%
Net โ15.0%
FCF โ
Q1 '25
Gross โ
Operating โ
Net โ
FCF โ
Q2 '25
Gross 32.5%
Operating โ10.6%
Net โ26.8%
FCF โ
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY19
Net income โ$35.6M
FY20
Net income โ$60.4M
FY21
Net income โ$212M
FY22
Net income โ$393M
FY23
Net income โ$417M
FY24
Net income โ$202M
FY25
Net income โ$153M
Q1 '24
Net income โ$45.8M
Q2 '24
Net income โ$30.4M
Q1 '25
Net income โ$12.5M
Q2 '25
Net income โ$55.9M
FY19
Diluted EPS โ
FY20
Diluted EPS โ$0.13
FY21
Diluted EPS โ$0.39
FY22
Diluted EPS โ$0.66
FY23
Diluted EPS โ$0.70
FY24
Diluted EPS โ$0.34
FY25
Diluted EPS โ$0.25
Q1 '24
Diluted EPS โ
Q2 '24
Diluted EPS โ$0.05
Q1 '25
Diluted EPS โ
Q2 '25
Diluted EPS โ$0.09
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY19
Return on capital โ
Return on equity โ19.0%
Return on assets โ
FY20
Return on capital โ11.7%
Return on equity โ23.5%
Return on assets โ8.9%
FY21
Return on capital โ17.7%
Return on equity โ27.0%
Return on assets โ18.4%
FY22
Return on capital โ41.1%
Return on equity โ38.6%
Return on assets โ27.5%
FY23
Return on capital โ176.1%
Return on equity โ74.1%
Return on assets โ35.6%
FY24
Return on capital โ32.5%
Return on equity โ92.1%
Return on assets โ21.0%
FY25
Return on capital โ11.2%
Return on equity โ247.9%
Return on assets โ19.2%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was โ$36.1M in fiscal 2025, โ4.2% of revenue. Cash from operations minus capital spending.
FY19
Free cash flow โ$92.7M
FY20
Free cash flow โ$179M
FY21
Free cash flow โ$488M
FY22
Free cash flow โ$471M
FY23
Free cash flow โ$232M
FY24
Free cash flow โ$154M
FY25
Free cash flow โ$36.1M
FY19
Cash from operations โ$39.1M
Capital spending $53.6M
FY20
Cash from operations โ$44.3M
Capital spending $134M
FY21
Cash from operations โ$214M
Capital spending $274M
FY22
Cash from operations โ$269M
Capital spending $202M
FY23
Cash from operations โ$166M
Capital spending $66.1M
FY24
Cash from operations โ$114M
Capital spending $39.1M
FY25
Cash from operations โ$23.7M
Capital spending $12.4M
Cash from operations
Capital spending
Dividends, buybacks and share count
Oatly Group AB returned โ to shareholders in fiscal 2025. The diluted share count rose 1.8%.
FY19
Dividends โ
Buybacks โ
FY20
Dividends โ
Buybacks โ
FY21
Dividends โ
Buybacks โ
FY22
Dividends โ
Buybacks โ
FY23
Dividends โ
Buybacks โ
FY24
Dividends โ
Buybacks โ
FY25
Dividends โ
Buybacks โ
Dividends
Buybacks
FY19
Diluted shares 0.41B
FY20
Diluted shares 0.45B
FY21
Diluted shares 0.55B
FY22
Diluted shares 0.59B
FY23
Diluted shares 0.59B
FY24
Diluted shares 0.60B
FY25
Diluted shares 0.61B
Balance sheet
Cash, debt and the ratios that show how comfortably Oatly Group AB can carry it.
FY19
Cash $10.6M
Debt โ
FY20
Cash $105M
Debt $97.2M
FY21
Cash $296M
Debt $6.0M
FY22
Cash $82.6M
Debt $52.6M
FY23
Cash $249M
Debt $120M
FY24
Cash $98.9M
Debt $446M
FY25
Cash $64.3M
Debt $523M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $296M | $82.6M | $249M | $98.9M | $64.3M |
| Debt incl. finance leases | $6.0M | $52.6M | $120M | $446M | $523M |
| Debt / equity | 0.0x | 0.1x | 0.4x | 4.3x | 28.2x |
| Interest coverage | โ13.6x | โ23.8x | โ6.6x | โ2.7x | โ0.8x |
| Current ratio | 3.3x | 1.4x | 0.8x | 0.6x | 0.5x |
| Quick ratio | 2.9x | 1.1x | 0.7x | 0.4x | 0.4x |
| Total assets | $1.6B | $1.2B | $1.1B | $804M | $787M |
| Total liabilities | $384M | $434M | $781M | $698M | $768M |
| Shareholders' equity | $1.2B | $791M | $334M | $105M | $18.6M |
| Net debt (โ = net cash) | โ$290M | โ$30.1M | โ$129M | $347M | $459M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. โPlanโ 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
โ
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8โ9 is strong, 0โ2 weak.
| Test | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Net income is positive | โ | โ | โ | โ | โ | โ | โ |
| Cash from operations is positive | โ | โ | โ | โ | โ | โ | โ |
| Return on assets rose | โ | โ | โ | โ | โ | โ | โ |
| Cash from operations exceeds net income | โ | โ | โ | โ | โ | โ | โ |
| Debt fell relative to assets | โ | โ | โ | โ | โ | โ | โ |
| Current ratio rose | โ | โ | โ | โ | โ | โ | โ |
| Share count didn't rise | โ | โ | โ | โ | โ | โ | โ |
| Gross margin rose | โ | โ | โ | โ | โ | โ | โ |
| Revenue rose relative to assets | โ | โ | โ | โ | โ | โ | โ |
| F-score | โ / 3 | โ / 5 | 2 / 9 | 2 / 9 | 3 / 9 | 4 / 9 | 4 / 9 |
| Accruals ratio | โ | โ2.4% | 0.1% | โ8.7% | โ21.5% | โ9.1% | โ16.2% |
| Altman Z'' | โ | 0.04 | 4.18 | โ1.28 | โ5.99 | โ8.39 | โ8.78 |
7 years of figures
Amounts in USD. Hover a ratioโs name for its definition.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | $204M | $421M | $643M | $722M | $783M | $824M | $862M |
| Gross profit | $66.6M | $129M | $155M | $80.0M | $152M | $236M | $277M |
| Research and development | $4.3M | $6.8M | $16.8M | $22.3M | $21.0M | $30.1M | $18.6M |
| Operating income | โ$30.8M | โ$47.1M | โ$214M | โ$396M | โ$457M | โ$186M | โ$67.7M |
| Interest expense | $3.7M | $11.4M | $15.7M | $16.7M | $69.0M | $70.2M | $87.1M |
| Pretax income | โ$34.4M | โ$58.0M | โ$215M | โ$397M | โ$408M | โ$199M | โ$145M |
| Income tax | $1.3M | $2.4M | โ$2.7M | โ$4.8M | $8.9M | $3.7M | $8.2M |
| Net income | โ$35.6M | โ$60.4M | โ$212M | โ$393M | โ$417M | โ$202M | โ$153M |
| Net income to common | โ$35.6M | โ$60.4M | โ$212M | โ$393M | โ$417M | โ$202M | โ$153M |
| Diluted EPS | โ | โ$0.13 | โ$0.39 | โ$0.66 | โ$0.70 | โ$0.34 | โ$0.25 |
| Diluted shares | 0.41B | 0.45B | 0.55B | 0.59B | 0.59B | 0.60B | 0.61B |
| Cash flow | |||||||
| Cash from operations | โ$39.1M | โ$44.3M | โ$214M | โ$269M | โ$166M | โ$114M | โ$23.7M |
| Capital expenditure | $53.6M | $134M | $274M | $202M | $66.1M | $39.1M | $12.4M |
| Free cash flow | โ$92.7M | โ$179M | โ$488M | โ$471M | โ$232M | โ$154M | โ$36.1M |
| Depreciation and amortization | $8.1M | $13.1M | $27.2M | $48.6M | $51.9M | $50.0M | $49.3M |
| Stock-based compensation | $1.9M | $1.0M | $23.6M | $35.5M | $21.4M | $13.6M | $13.3M |
| Acquisitions | $7.6M | โ | โ | โ | โ | โ | โ |
| Balance sheet | |||||||
| Cash and short-term investments | $10.6M | $105M | $296M | $82.6M | $249M | $98.9M | $64.3M |
| Total debt | โ | $97.2M | $6.0M | $52.6M | $120M | $446M | $523M |
| Current assets | โ | $240M | $807M | $482M | $483M | $299M | $265M |
| Current liabilities | โ | $229M | $243M | $342M | $584M | $535M | $557M |
| Inventory | โ | $39.1M | $95.7M | $114M | $67.9M | $65.6M | $68.5M |
| Property and equipment, net | โ | $238M | $510M | $493M | $360M | $294M | $295M |
| Total assets | โ | $679M | $1.6B | $1.2B | $1.1B | $804M | $787M |
| Total liabilities | โ | $353M | $384M | $434M | $781M | $698M | $768M |
| Shareholders' equity | $188M | $326M | $1.2B | $791M | $334M | $105M | $18.6M |
| Margins | |||||||
| Gross margin | 32.6% | 30.7% | 24.1% | 11.1% | 19.4% | 28.7% | 32.1% |
| Operating margin | โ15.1% | โ11.2% | โ33.2% | โ54.8% | โ58.3% | โ22.6% | โ7.9% |
| EBITDA margin | โ11.1% | โ8.1% | โ29.0% | โ48.1% | โ51.7% | โ16.5% | โ2.1% |
| Net margin | โ17.5% | โ14.3% | โ33.0% | โ54.4% | โ53.2% | โ24.5% | โ17.7% |
| FCF margin | โ45.4% | โ42.4% | โ75.8% | โ65.2% | โ29.6% | โ18.6% | โ4.2% |
| Returns | |||||||
| Return on capital | โ | โ11.7% | โ17.7% | โ41.1% | โ176.1% | โ32.5% | โ11.2% |
| Return on capital employed | โ | โ10.5% | โ15.4% | โ44.8% | โ85.7% | โ69.2% | โ29.5% |
| Return on equity | โ19.0% | โ23.5% | โ27.0% | โ38.6% | โ74.1% | โ92.1% | โ247.9% |
| Return on assets | โ | โ8.9% | โ18.4% | โ27.5% | โ35.6% | โ21.0% | โ19.2% |
| Return on tangible equity | โ19.0% | โ18.5% | โ17.1% | โ49.6% | โ124.8% | โ192.9% | โ823.3% |
| Growth | |||||||
| Revenue growth | โ | 106.5% | 52.6% | 12.3% | 8.5% | 5.1% | 4.7% |
| Share count change | โ | 11.5% | 20.9% | 7.8% | 0.3% | 0.6% | 1.8% |
| Financial health | |||||||
| Debt / equity | โ | 0.3x | 0.0x | 0.1x | 0.4x | 4.3x | 28.2x |
| Interest coverage | โ8.4x | โ4.1x | โ13.6x | โ23.8x | โ6.6x | โ2.7x | โ0.8x |
| Current ratio | โ | 1.1x | 3.3x | 1.4x | 0.8x | 0.6x | 0.5x |
| Quick ratio | โ | 0.9x | 2.9x | 1.1x | 0.7x | 0.4x | 0.4x |
| Capital allocation | |||||||
| Capex / revenue | 26.3% | 31.9% | 42.6% | 27.9% | 8.4% | 4.8% | 1.4% |
| Stock comp / revenue | 0.9% | 0.2% | 3.7% | 4.9% | 2.7% | 1.7% | 1.5% |
| Quality scores | |||||||
| Piotroski F-score | โ | โ | 2.0 | 2.0 | 3.0 | 4.0 | 4.0 |
| Altman Z'' | โ | 0.0 | 4.2 | โ1.3 | โ6.0 | โ8.4 | โ8.8 |
| Accruals ratio | โ | โ2.4% | 0.1% | โ8.7% | โ21.5% | โ9.1% | โ16.2% |
Source: SEC EDGAR XBRL filings (CIK 0001843586). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. The ADS ratio could not be read from the filing, so market cap and valuation are not shown. For information only โ not investment advice. Check the original filings before relying on any figure.