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Held by 438 of 6,047 reporting institutions (96th percentile) — extremely crowded.
Data as of Q2 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Ranked against 11 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| A | $48.8B | 37.9× | 28.5× | 7.0× | 6.7% | 52.4% | 18.8% | 19.3% | 12.9% | 0.9× | 1,079 |
| WAT | $42.9B | 40.6× | 48.6× | 13.6× | 7.0% | 59.3% | 20.3% | 25.1% | 18.3% | 0.4× | 1,143 |
| ILMN | $39.6B | 48.2× | 36.8× | 9.1× | -0.7% | 66.1% | 19.6% | 31.2% | 31.2% | 0.0× | 903 |
| MTD | $32.5B | 38.6× | 32.0× | 8.1× | 4.0% | 59.4% | 21.6% | — | 40.8% | 2.0× | 787 |
| RVTY | $17.0B | 73.7× | 25.4× | 6.0× | 3.7% | — | 8.4% | 3.3% | 2.3% | 3.0× | 521 |
| AVTR | $11.1B | — | — | 1.7× | -3.4% | 32.7% | -8.1% | -9.5% | -5.6% | — | 438 |
| BIO | $9.5B | 12.7× | 47.6× | 3.7× | 0.7% | 51.9% | 29.4% | 10.2% | 8.8% | 3.2× | — |
| TXG | $9.1B | — | — | 14.2× | 5.2% | 69.1% | -6.8% | -5.5% | -5.5% | — | 377 |
| BRKR | $8.3B | — | 34.3× | 2.4× | 2.1% | 45.9% | -0.3% | -0.4% | -0.2% | 5.4× | — |
| CTKB | $682M | — | — | 3.4× | 0.5% | 51.8% | -33.0% | -19.5% | -19.5% | — | 152 |
| LAB | $247M | — | — | 2.9× | -6.2% | 49.9% | -87.8% | -17.7% | -17.7% | — | 141 |
| QTRX | $136M | — | — | 1.0× | 1.1% | 46.8% | -77.1% | -36.2% | -36.2% | — | 133 |
Peers = companies sharing AVTR's sector (Laboratory Analytical Instruments) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $16.42 today, the market must believe free cash flow compounds 10.1%/yr for a decade (off $636.9M on the 3-yr avg basis).
On the basis ($592.3M) the requirement is 11.0%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 10.1% is more conservative than its 7-yr track record.
Default is 10.2% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.68B shares (market data) · net debt $3.58B
mean 31.9% · volatility σ 78% · implied rate exceeded in 2/7 yrs
Central path = implied 10.1%/yr growth; shaded band = ±1σ (78%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $75.1M buybacks = $75.1M returned on $495.0M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 9 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: -6%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 9 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-16
Where each multiple sits in its own 7-yr range · 14th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 7-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE -10% against ROIC -6% — -4% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 36.0× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 69.0 | 68.2 | 67.5 | 66.1 | 65.4 | 66.1 | 66.4 | 67.3 |
| Gross Profit | 31.0 | 31.8 | 32.5 | 33.9 | 34.6 | 33.9 | 33.6 | 32.7 |
| SG&A | 24.0 | 22.7 | 21.5 | 20.7 | 19.6 | 21.6 | 24.2 | 24.4 |
| Operating Income | 7.1 | 9.1 | 11.1 | 13.2 | 15.0 | 10.0 | 16.0 | -3.8 |
| Income Tax | -0.5 | 0.0 | -0.8 | 2.4 | 2.2 | 1.3 | 2.1 | 1.4 |
| Net Income | -1.5 | 0.6 | 1.8 | 7.8 | 9.1 | 4.6 | 10.5 | -8.1 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on AVTR: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $365.4M covers the $30.8M due within a year 11.9× over. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~4.3% on $3.95B of debt.
Cash of $365.4M fully covers short-term debt of $30.8M.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-10-16
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.55B 100.0% | $6.78B 100.0% | $6.97B 100.0% | $7.51B 100.0% | $7.39B 100.0% | $6.39B 100.0% | $6.04B 100.0% | $5.86B 100.0% | $1.25B 100.0% |
| Cost of Revenue | $4.41B 67.3% | $4.50B 66.4% | $4.60B 66.1% | $4.91B 65.4% | $4.88B 66.1% | $4.31B 67.5% | $4.12B 68.2% | $4.04B 69.0% | $814.6M 65.3% |
| Gross Profit | $2.14B 32.7% | $2.28B 33.6% | $2.36B 33.9% | $2.60B 34.6% | $2.50B 33.9% | $2.08B 32.5% | $1.92B 31.8% | $1.82B 31.0% | $432.8M 34.7% |
| Selling, General & Admin | $1.60B 24.4% | $1.64B 24.2% | $1.51B 21.6% | $1.47B 19.6% | $1.53B 20.7% | $1.37B 21.5% | $1.37B 22.7% | $1.41B 24.0% | $449.7M 36.1% |
| Operating Income | -$246.2M -3.8% | $1.08B 16.0% | $696.4M 10.0% | $1.13B 15.0% | $972.2M 13.2% | $706.8M 11.1% | $551.8M 9.1% | $413.5M 7.1% | -$210.4M -16.9% |
| Interest Expense | $169.8M 2.6% | $218.8M 3.2% | $284.8M 4.1% | $265.8M 3.5% | $217.4M 2.9% | $307.6M 4.8% | $440.0M 7.3% | $523.8M 8.9% | $200.9M 16.1% |
| Other Income (Expense), net | -$20.7M -0.3% | -$1.2M -0.0% | $5.8M 0.1% | -$800K -0.0% | $10.6M 0.1% | $9.9M 0.2% | $2.5M 0.0% | -$3.5M -0.1% | $7.5M 0.6% |
| Pretax Income | -$441.3M -6.7% | $853.9M 12.6% | $410.5M 5.9% | $851.1M 11.3% | $753.0M 10.2% | $62.3M 1.0% | $40.6M 0.7% | -$113.8M -1.9% | -$460.2M -36.9% |
| Income Tax Expense | $88.9M 1.4% | $142.4M 2.1% | $89.4M 1.3% | $164.6M 2.2% | $180.4M 2.4% | -$54.3M -0.8% | $2.8M 0.0% | -$26.9M -0.5% | -$314.9M -25.2% |
| Net Income | -$530.2M -8.1% | $711.5M 10.5% | $321.1M 4.6% | $686.5M 9.1% | $572.6M 7.8% | $116.6M 1.8% | $37.8M 0.6% | -$86.9M -1.5% | -$112.7M -9.0% |
| Per Share | |||||||||
| EPS (Basic) | -$0.78 | $1.05 | $0.48 | $1.02 | $0.86 | $0.09 | -$0.84 | -$2.69 | — |
| EPS (Diluted) | -$0.78 | $1.04 | $0.47 | $1.01 | $0.85 | $0.09 | -$0.84 | -$2.69 | — |
| Weighted Avg Shares (Basic) | 680.6M | 679.6M | 675.6M | 650.9M | 590.5M | 576.3M | 401.2M | 132.7M | — |
| Weighted Avg Shares (Diluted) | 680.6M | 681.9M | 678.4M | 679.4M | 599.6M | 583.4M | 401.2M | 132.7M | — |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Earns -12.25pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 5.8% | 10.2% (today's — no rate published for this year) | -4.4pts |
| FY2020 | 7.7% | 10.2% (today's — no rate published for this year) | -2.5pts |
| FY2021 | 7.0% | 5.9% | 1.1pts |
| FY2022 | 8.2% | 7.6% | 0.6pts |
| FY2023 | 5.2% | 8.4% | -3.2pts |
| FY2024 | 8.7% | 8.2% | 0.5pts |
| FY2025 | -2.1% | 8.9% | -10.9pts |
| Now | -5.6% | 10.2% | -15.8pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2017 | 34.7% | -16.9% | -9.0% |
| FY2018 | 31.0% | 7.1% | -1.5% |
| FY2019 | 31.8% | 9.1% | 0.6% |
| FY2020 | 32.5% | 11.1% | 1.8% |
| FY2021 | 33.9% | 13.2% | 7.8% |
| FY2022 | 34.6% | 15.0% | 9.1% |
| FY2023 | 33.9% | 10.0% | 4.6% |
| FY2024 | 33.6% | 16.0% | 10.5% |
| FY2025 | 32.7% | -3.8% | -8.1% |
Return on equity is 4 points BELOW the return on invested capital, which means the equity base is carrying capital the operations are not earning on — usually cash, goodwill, or a recent raise.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
$5.0B of goodwill — 51% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer. With goodwill over half the base, the ex-goodwill figure divides by a small remainder and moves sharply — read it as a direction, not a precise rate.
Margins have compressed 3 years running even as the spread stayed positive.
Converts 2.64x of reported profit into free cash flow over 5 years, with accruals negative.
Shares outstanding are up 19% since FY2019 — per-share cash flow has grown more slowly than the totals above, and the gap is the owners'.
Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.
Ladder as of 2025-12-31 (10-K); cash from the 2025-12-31 balance sheet; FCF from FY2025.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
No material counter-signal in the checked set: net debt / EBITDA, interest coverage, stressed coverage, maturity schedule vs cash and one year of FCF, liquidity ratios.
Missing from our data, so excluded from this answer: ebitda.
At $16.42, free cash flow must compound 10.25%/yr for 10 years. It has done 8.56%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 187.1% | 10.2% |
| FY2021 | −3.0% | 10.2% |
| FY2022 | −15.7% | 10.2% |
| FY2023 | 1.9% | 10.2% |
| FY2024 | −4.4% | 10.2% |
| FY2025 | −28.5% | 10.2% |
The implied rate has been matched or beaten in 1 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | −$530M | −$530M |
| Share-based comp | $46M | −$484M |
| Other non-cash & working capital | $1.11B | $624M |
| Operating cash flow | $624M | $624M |
| Capex | −$129M | $495M |
| Free cash flow | $495M | $495M |
| FCF after SBC | $449M | $449M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 5.8% | 12.6% | 6.7 points |
| FY2021 | 15.5% | 9.8% | -5.8 points |
| FY2022 | 1.7% | -0.3% | -2.0 points |
| FY2023 | -7.3% | -5.6% | 1.7 points |
| FY2024 | -2.6% | -10.1% | -7.4 points |
| FY2025 | -3.4% | 3.9% | 7.3 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 59.8 days | 63 days | 49.6 days | 73.1 days |
| FY2020 | 63.6 days | 62.6 days | 57.5 days | 68.7 days |
| FY2021 | 60.4 days | 65.2 days | 56.4 days | 69.1 days |
| FY2022 | 59.2 days | 67.9 days | 56.4 days | 70.7 days |
| FY2023 | 60.3 days | 65.7 days | 49.6 days | 76.3 days |
| FY2024 | 55.7 days | 59.3 days | 53.7 days | 61.2 days |
| FY2025 | 59.9 days | 67.7 days | 61.3 days | 66.2 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -3.2 percent |
| FY2020 | -8.2 percent |
| FY2021 | -2.7 percent |
| FY2022 | -1.2 percent |
| FY2023 | -4.2 percent |
| FY2024 | -1.1 percent |
| FY2025 | -9.8 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.