Avantor vs Danaher
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The short version
- Danaher is the larger business, with $24.6B of revenue in fiscal 2025 against $6.6B for Avantor, about 3.7 times as much.
- Danaher grew revenue faster (2.9%, against −3.4%).
- Danaher kept more of each dollar of sales as operating profit (19.1% operating margin, against −3.8%).
- Danaher turned more of its sales into free cash flow (21.4% FCF margin, against 7.6%).
- Danaher earned a higher return on the capital invested in it (6.1%, against −2.1%).
| Latest fiscal year | AVTR · FY25 | DHR · FY25 |
|---|---|---|
| Size | ||
| Market cap | $11.7B | $162.9B |
| Revenue | $6.6B | $24.6B |
| Free cash flow | $495M | $5.3B |
| Net income | −$530M | $3.6B |
| Growth | ||
| Revenue growth | −3.4% | 2.9% |
| 5-year growth | 0.5% | 2.0% |
| Share count change | −0.2% | −2.9% |
| Profitability | ||
| Gross margin | 32.7% | 59.1% |
| Operating margin | −3.8% | 19.1% |
| Net margin | −8.1% | 14.7% |
| FCF margin | 7.6% | 21.4% |
| Return on capital | −2.1% | 6.1% |
| Return on equity | −9.2% | 7.1% |
| Balance sheet | ||
| Net debt | $3.6B | $13.8B |
| Net debt / EBITDA | 22.0x | 1.9x |
| Dividends and buybacks | $75.1M | $4.0B |
| Valuation & quality | ||
| P/E | — | 37.7x |
| Piotroski F-score | 5 | 7 |
Revenue
FY16
AVTR —
DHR $16.9B
FY17
AVTR $1.2B
DHR $18.3B
FY18
AVTR $5.9B
DHR $19.9B
FY19
AVTR $6.0B
DHR $17.9B
FY20
AVTR $6.4B
DHR $22.3B
FY21
AVTR $7.4B
DHR $24.8B
FY22
AVTR $7.5B
DHR $26.6B
FY23
AVTR $7.0B
DHR $23.9B
FY24
AVTR $6.8B
DHR $23.9B
FY25
AVTR $6.6B
DHR $24.6B
AVTR
DHR
Operating margin
FY16
AVTR —
DHR 16.2%
FY17
AVTR −16.9%
DHR 14.0%
FY18
AVTR 7.1%
DHR 15.4%
FY19
AVTR 9.1%
DHR 18.3%
FY20
AVTR 11.1%
DHR 19.0%
FY21
AVTR 13.2%
DHR 25.7%
FY22
AVTR 15.0%
DHR 28.3%
FY23
AVTR 10.0%
DHR 21.8%
FY24
AVTR 16.0%
DHR 20.4%
FY25
AVTR −3.8%
DHR 19.1%
AVTR
DHR
Free cash flow
FY16
AVTR —
DHR $2.9B
FY17
AVTR −$193M
DHR $2.9B
FY18
AVTR $163M
DHR $3.4B
FY19
AVTR $302M
DHR $3.3B
FY20
AVTR $868M
DHR $5.4B
FY21
AVTR $843M
DHR $7.1B
FY22
AVTR $710M
DHR $7.4B
FY23
AVTR $724M
DHR $5.8B
FY24
AVTR $692M
DHR $5.3B
FY25
AVTR $495M
DHR $5.3B
AVTR
DHR
Return on capital
FY16
AVTR —
DHR —
FY17
AVTR —
DHR 6.2%
FY18
AVTR —
DHR 6.8%
FY19
AVTR 9.2%
DHR 6.9%
FY20
AVTR 9.6%
DHR 7.9%
FY21
AVTR 8.1%
DHR 8.9%
FY22
AVTR 8.4%
DHR 10.4%
FY23
AVTR 5.1%
DHR 6.7%
FY24
AVTR 8.9%
DHR 6.3%
FY25
AVTR −2.1%
DHR 6.1%
AVTR
DHR
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.