ALVO Healthcare

Alvotech

$4.54+1.34%

Price as of close on Nov 3, 2026 · Financials updated Oct 31, 2026

Basics

Sector: Healthcare
Industry: Drug Manufacturers - Specialty & Generic
Country: Luxembourg
Market cap: 1.6B USD
Enterprise value: 2.7B USD
Full-time employees: 1,279

Overall health

Drawback: higher risk than most peers on debt, liquidity or share-price swings
About average: profitability and valuation

Ranks #576 of 1,157 healthcare companies (top 50%)

See how it ranks against its peers

Worth knowing

Profitable, but burning cash. Reports a profit, but free cash flow is negative.
Alvotech reports a profit but its free cash flow is negative: it spent more on investment and running the business than it brought in. That's common for companies building capacity, but it means the profit isn't yet turning into cash.
Negative shareholders' equity. Liabilities exceed assets on the balance sheet.
Alvotech's liabilities exceed its assets on the balance sheet. Large share buybacks can cause this in healthy companies, but so can accumulated losses; either way, debt-based ratios need care.
Shareholders being diluted. Shares outstanding up 24% from December 2022 to December 2025.
Alvotech had 24% more shares at December 2025 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Alvotech had 24% more shares at December 2025 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Earnings turned from a loss to a profit. Profit per share this year after a loss last year.
Alvotech made a profit per share in its latest year after a loss the year before.

StockQuotient Score

52/ 100

Oct 5 52 → Nov 4 52

Valuation

Is the price right?

46/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Close to the peer norm on every measure.

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield1.9%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value30% base weight · Z-score 0.27Sector median: 0.0148 · MAD: 0.0148

EBITDA yield2.6%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 monthsReported value50% base weight · Z-score -0.36Sector median: 0.0401 · MAD: 0.0401

Free cash flow yield-7.7%

SEC filings (IFRS mapped) · 12 months to Dec 2025 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score 0.00Sector median: 0.0000 · MAD: 0.0000

Other data (not scored)

Book yield-19.1%

SEC filings (IFRS mapped) · latest balance sheetOutlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.3716 · MAD: 0.2313

Growth

Is it growing?

94/100

Strong

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 4.7%

Why

Stronger than most peers on:

▲ 3-yr revenue
▲ EPS growth
▲ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Earnings per share turned from a loss to a profit33% base weight · Z-score 4.46Sector median: 0.0976 · MAD: 0.2991

3-year revenue growth91.9%

SEC filings (IFRS mapped) · 3 years to Dec 2025Outlier capped at sector 5th/95th percentile33% base weight · Z-score 8.59Sector median: 0.0584 · MAD: 0.0840

Revenue growth19.7%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score 1.40Sector median: 0.0609 · MAD: 0.0974

Profitability

Does it earn well?

59/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

Operating margin rose 3.5 points to 13.3%

Why

Helped by:

▲ Operating margin

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin13.3%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score 0.52Sector median: 0.0706 · MAD: 0.1217

Return on assets1.9%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score 0.04Sector median: 0.0166 · MAD: 0.0537

Return on invested capital7.3%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score 0.26Sector median: 0.0471 · MAD: 0.1004

Other data (not scored)

Gross margin59.8%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported valueInformational · 0% composite weightSector median: 0.4697 · MAD: 0.2310

Return on equityUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: 0.0330 · MAD: 0.1225

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Debt / equity
▼ Current ratio

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.20

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score 1.24Sector median: 0.6250 · MAD: 0.3380

Current ratio1.89×

SEC filings (IFRS mapped) · latest balance sheetReported value33% base weight · Z-score -0.50Sector median: 2.5860 · MAD: 1.3850

Debt / equityUnavailable

Shareholders' equity is negative, so debt/equity counts as among the highest in its peer group33% base weight · Z-score -9.77Sector median: 0.2215 · MAD: 0.2039

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Alvotech

Is Alvotech getting weaker?: Its latest SEC filing (Mar 31, 2026) got stronger: operating margin rose 3.5 points to 13.3%. Its overall score is unchanged at 52/100 since Oct 28, 2026.
How is Alvotech valued vs its peers?: Priced about in line with its peers. Valuation scores 46/100 against 1,393 healthcare peers.
Is Alvotech growing?: Yes, faster than most of its peers. Growth scores 94/100 against 1,393 healthcare peers. 3-year revenue growth 91.9% vs a peer median of 5.8% (stronger than 95% of peers).3-year revenue growth 91.9% vs peers 5.8% (stronger than 95% of peers).
How profitable is Alvotech?: About as profitable as its peers. Profitability scores 59/100 against 1,393 healthcare peers. Operating margin 13.3% vs a peer median of 7.1% (stronger than 68% of peers).Operating margin 13.3% vs peers 7.1% (stronger than 68% of peers).
How risky is Alvotech?: Higher risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Beta 0.20 vs a peer median of 0.63 (stronger than 90% of peers).Beta 0.20 vs peers 0.63 (stronger than 90% of peers). Current ratio 1.89× vs a peer median of 2.59× (weaker than 62% of peers).Current ratio 1.89× vs peers 2.59× (weaker than 62% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Dec 31, 2025 · filed Mar 31, 2026 · compared with the quarter ended Jun 30, 2025

Got stronger

Operating margin rose 3.5 points to 13.3%

	Previous quarter	Latest quarter	Change
Revenue (12 months)	560.1M USD	586.3M USD	+4.7%
Net income (12 months)	63.4M USD	27.9M USD	−55.9%
Operating margin	9.8%	13.3%	+3.5 pts
Free cash flow (12 months)	−122.7M USD	−114.7M USD	−6.6%
Debt	1.1B USD	1.3B USD	+16.2%
Cash	151.5M USD	172.4M USD	+13.8%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	100.0%	22.8%	-75.9%	62.2%	59.8%	▼ 2.3 pts
Operating margin	-640.3%	-417.3%	-388.1%	14.2%	13.3%	▼ 0.9 pts
Net margin	-276.0%	-618.6%	-603.4%	-47.3%	4.8%	▲ 52 pts
Return on assets (ROA)	-17.0%	-62.0%	-58.1%	-19.0%	1.9%	▲ 21 pts
Free cash flow margin	-676.1%	-421.9%	-377.8%	-59.3%	-19.6%	▲ 40 pts
Current ratio	1.07×	1.38×	0.75×	2.35×	1.89×	▼ 20%
Quick ratio	0.72×	0.95×	0.46×	1.69×	1.16×	▼ 31%
Interest coverage	-2.01×	-1.84×	-1.33×	0.23×	0.52×	▲ 128%

ALVO price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Worth knowing

Profitable, but burning cash. Reports a profit, but free cash flow is negative.

Alvotech reports a profit but its free cash flow is negative: it spent more on investment and running the business than it brought in. That's common for companies building capacity, but it means the profit isn't yet turning into cash.

Negative shareholders' equity. Liabilities exceed assets on the balance sheet.

Alvotech's liabilities exceed its assets on the balance sheet. Large share buybacks can cause this in healthy companies, but so can accumulated losses; either way, debt-based ratios need care.

Shareholders being diluted. Shares outstanding up 24% from December 2022 to December 2025.

Alvotech had 24% more shares at December 2025 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Alvotech had 24% more shares at December 2025 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Earnings turned from a loss to a profit. Profit per share this year after a loss last year.

Alvotech made a profit per share in its latest year after a loss the year before.

Questions investors ask about Alvotech

Is Alvotech getting weaker?

Its latest SEC filing (Mar 31, 2026) got stronger: operating margin rose 3.5 points to 13.3%. Its overall score is unchanged at 52/100 since Oct 28, 2026.

How is Alvotech valued vs its peers?

Priced about in line with its peers. Valuation scores 46/100 against 1,393 healthcare peers.

Is Alvotech growing?

Yes, faster than most of its peers. Growth scores 94/100 against 1,393 healthcare peers. 3-year revenue growth 91.9% vs a peer median of 5.8% (stronger than 95% of peers).3-year revenue growth 91.9% vs peers 5.8% (stronger than 95% of peers).

How profitable is Alvotech?

About as profitable as its peers. Profitability scores 59/100 against 1,393 healthcare peers. Operating margin 13.3% vs a peer median of 7.1% (stronger than 68% of peers).Operating margin 13.3% vs peers 7.1% (stronger than 68% of peers).

How risky is Alvotech?

Higher risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Beta 0.20 vs a peer median of 0.63 (stronger than 90% of peers).Beta 0.20 vs peers 0.63 (stronger than 90% of peers). Current ratio 1.89× vs a peer median of 2.59× (weaker than 62% of peers).Current ratio 1.89× vs peers 2.59× (weaker than 62% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

560.1M USD

586.3M USD

+4.7%

Net income (12 months)

63.4M USD

27.9M USD

−55.9%

Operating margin

9.8%

13.3%

+3.5 pts

Free cash flow (12 months)

−122.7M USD

−114.7M USD

−6.6%

Debt

1.1B USD

1.3B USD

+16.2%

Cash

151.5M USD

172.4M USD

+13.8%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

100.0%

22.8%

-75.9%

62.2%

59.8%

▼ 2.3 pts

Operating margin

-640.3%

-417.3%

-388.1%

14.2%

13.3%

▼ 0.9 pts

Net margin

-276.0%

-618.6%

-603.4%

-47.3%

4.8%

▲ 52 pts

Return on assets (ROA)

-17.0%

-62.0%

-58.1%

-19.0%

1.9%

▲ 21 pts

Free cash flow margin

-676.1%

-421.9%

-377.8%

-59.3%

-19.6%

▲ 40 pts

Current ratio

1.07×

1.38×

0.75×

2.35×

1.89×

▼ 20%

Quick ratio

0.72×

0.95×

0.46×

1.69×

1.16×

▼ 31%

Interest coverage

-2.01×

-1.84×

-1.33×

0.23×

0.52×

▲ 128%