OTLY Nasdaq Food And Kindred Products Financials FY2019βFY2025
Oatly Group AB had $862M of revenue in fiscal 2025, up 4.7% on the year before. Over five years, revenue changed +15.4% a year on average.
Hi! I read Oatly Group ABβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+4.7%
Only a little. Sales grew 4.7% last year.
Does it make a profit?
β17.7%
No. It lost money last year.
Does profit turn into cash?
β4.2%
No. It spent more cash than it brought in.
How healthy are the accounts?
4 / 9
Mixed. It passes 4 of 9 health tests.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
In plain words: Every quarter, companies publish how much they sold and earned. These are the days Oatly Group AB did it, and the next one. Share prices often move a lot on those days.
Next results
October 28, 2026
Wednesday Β· in 2 days
| Date | Results for | Time | Source |
|---|---|---|---|
| Mar 13, 2026 | Period ended Dec 31, 2025 | After the market closes | 20-F β |
| Mar 13, 2025 | Period ended Dec 31, 2024 | After the market closes | 20-F β |
| Mar 22, 2024 | Period ended Dec 31, 2023 | Before the market opens | 20-F β |
| Apr 20, 2023 | Period ended Dec 31, 2022 | Time not announced | 20-F β |
| Apr 6, 2022 | Period ended Dec 31, 2021 | Before the market opens | 20-F β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
KIRA Β· Oatly Group AB had $862M of revenue in fiscal 2025, up 4.7% on the year before. Over five years, revenue changed +15.4% a year on average. Its operating margin was β7.9%, up 14.7Β pts: of every 100 in sales, about β8 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Oatly Group AB lost $153M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$36.1M in fiscal 2025, β4.2% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders sold $0.5M of shares on the open market and bought none.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.5M
4 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Jun 2, 2026 | Daniel Eduardo OrdonezGlobal President & COO | Sold | 39,066 | $8.95 | $0.3M | Form 4 |
| Jun 2, 2026 | Jean-Christophe Marie FlatinChief Executive Officer | Sold | 1,934 | $8.94 | $0.0M | Form 4 |
| Jun 2, 2026 | Martin Fredrik LindPrincipal Accounting Officer | Sold | 2,968 | $8.96 | $0.0M | Form 4 |
| Jun 2, 2026 | Simon Kenneth James BroadbentSVP Operations & Sust. | Sold | 7,820 | $8.95 | $0.1M | Form 4 |
Can it carry its debts, and how well does it use its money?
KIRA Β· Oatly Group AB owes $459M more than it holds in cash.
Cash, debt and the ratios that show how comfortably Oatly Group AB can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| 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 | β13.6x | β23.8x | β6.6x | β2.7x | β0.8x |
| 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 (β = net cash) | β$290M | β$30.1M | β$129M | $347M | $459M |
KIRA Β· Its return on capital was β11.2%: every 100 invested in the business earned about β11 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Oatly Group AB passes 4 of 9 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β |
| F-score | β / 3 | β / 5 | 2 / 9 | 2 / 9 | 3 / 9 | 4 / 9 | 4 / 9 |
| Accruals ratio | β | β2.4% | 0.1% | β8.7% | β21.5% | β9.1% | β16.2% |
| Altman Z'' | β | 0.04 | 4.18 | β1.28 | β5.99 | β8.39 | β8.78 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| 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 | β$30.8M | β$47.1M | β$214M | β$396M | β$457M | β$186M | β$67.7M |
| Interest expense | $3.7M | $11.4M | $15.7M | $16.7M | $69.0M | $70.2M | $87.1M |
| Pretax income | β$34.4M | β$58.0M | β$215M | β$397M | β$408M | β$199M | β$145M |
| Income tax | $1.3M | $2.4M | β$2.7M | β$4.8M | $8.9M | $3.7M | $8.2M |
| Net income | β$35.6M | β$60.4M | β$212M | β$393M | β$417M | β$202M | β$153M |
| Net income to common | β$35.6M | β$60.4M | β$212M | β$393M | β$417M | β$202M | β$153M |
| Diluted EPS | β | β$0.13 | β$0.39 | β$0.66 | β$0.70 | β$0.34 | β$0.25 |
| Diluted shares | 0.41B | 0.45B | 0.55B | 0.59B | 0.59B | 0.60B | 0.61B |
| Cash flow | |||||||
| Cash from operations | β$39.1M | β$44.3M | β$214M | β$269M | β$166M | β$114M | β$23.7M |
| Capital expenditure | $53.6M | $134M | $274M | $202M | $66.1M | $39.1M | $12.4M |
| Free cash flow | β$92.7M | β$179M | β$488M | β$471M | β$232M | β$154M | β$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 | β | β | β | β | β | β |
| Balance sheet | |||||||
| Cash and short-term investments | $10.6M | $105M | $296M | $82.6M | $249M | $98.9M | $64.3M |
| Total debt | β | $97.2M | $6.0M | $52.6M | $120M | $446M | $523M |
| Current assets | β | $240M | $807M | $482M | $483M | $299M | $265M |
| Current liabilities | β | $229M | $243M | $342M | $584M | $535M | $557M |
| Inventory | β | $39.1M | $95.7M | $114M | $67.9M | $65.6M | $68.5M |
| Property and equipment, net | β | $238M | $510M | $493M | $360M | $294M | $295M |
| Total assets | β | $679M | $1.6B | $1.2B | $1.1B | $804M | $787M |
| Total liabilities | β | $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 | β15.1% | β11.2% | β33.2% | β54.8% | β58.3% | β22.6% | β7.9% |
| EBITDA margin | β11.1% | β8.1% | β29.0% | β48.1% | β51.7% | β16.5% | β2.1% |
| Net margin | β17.5% | β14.3% | β33.0% | β54.4% | β53.2% | β24.5% | β17.7% |
| FCF margin | β45.4% | β42.4% | β75.8% | β65.2% | β29.6% | β18.6% | β4.2% |
| Returns | |||||||
| Return on capital | β | β11.7% | β17.7% | β41.1% | β176.1% | β32.5% | β11.2% |
| Return on capital employed | β | β10.5% | β15.4% | β44.8% | β85.7% | β69.2% | β29.5% |
| Return on equity | β19.0% | β23.5% | β27.0% | β38.6% | β74.1% | β92.1% | β247.9% |
| Return on assets | β | β8.9% | β18.4% | β27.5% | β35.6% | β21.0% | β19.2% |
| Return on tangible equity | β19.0% | β18.5% | β17.1% | β49.6% | β124.8% | β192.9% | β823.3% |
| Growth | |||||||
| Revenue growth | β | 106.5% | 52.6% | 12.3% | 8.5% | 5.1% | 4.7% |
| Share count change | β | 11.5% | 20.9% | 7.8% | 0.3% | 0.6% | 1.8% |
| Financial health | |||||||
| Debt / equity | β | 0.3x | 0.0x | 0.1x | 0.4x | 4.3x | 28.2x |
| Interest coverage | β8.4x | β4.1x | β13.6x | β23.8x | β6.6x | β2.7x | β0.8x |
| Current ratio | β | 1.1x | 3.3x | 1.4x | 0.8x | 0.6x | 0.5x |
| Quick ratio | β | 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 | β | β | 2.0 | 2.0 | 3.0 | 4.0 | 4.0 |
| Altman Z'' | β | 0.0 | 4.2 | β1.3 | β6.0 | β8.4 | β8.8 |
| Accruals ratio | β | β2.4% | 0.1% | β8.7% | β21.5% | β9.1% | β16.2% |
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 β not investment advice. Check the original filings before relying on any figure.
