olivLaw · European equity research
Avantium N.V. AVTX.AS
Netherlands · Euronext Amsterdam · ISIN NL0015002IE0 · Vertical: Listed companies from Netherlands
Avantium N.V. develops the YXY® technology for producing FDCA and PEF, renewable polymers. The company is now moving from development to commercial operations, and its FDCA Flagship Plant is the key test of the business model, with start-up completion expected by mid-2026.
At the close of 05 Nov 2026, Avantium N.V. (AVTX.AS) stock was 2.21 EUR (−5.56% on the day), with beta 0.74, 52-week range 2.21–9.56 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 19.3
- oversold (≤ 30)
- Bollinger (20, 2)
- 1.42 – 5.87
- in the lower half of the band · %B 0.18 · band width 121.9%
- SMA 50 / 200
- 4.45 / 6.47
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.73 / -0.60
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −55.7% | −0.6% | −55.1 pp | — |
| 3 months | −68.4% | −4.2% | −64.2 pp | — |
| 6 months | −72.6% | +4.3% | −77.0 pp | — |
| Year to date | −67.7% | +7.5% | −75.2 pp | — |
| 1 year | −63.2% | +9.9% | −73.1 pp | +0.8% |
| 3 years | −91.9% | +49.8% | −141.7 pp | +5.3% |
| 5 years | −93.5% | +42.8% | −136.3 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 19.7 m | 21.0 m | 14.6 m |
| Revenue YoY | unavailable | +6.8% | −30.6% |
| Net income | -31.4 m | -26.9 m | -22.5 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -159.4% | -127.7% | -154.3% |
| Free cash flow | -106.3 m | -94.3 m | -48.4 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 57.5 m EUR
- Financial debt
- 118.6 m EUR
- Net debt
- 61.1 m EUR
- Equity
- 149.6 m EUR
- Total assets
- 356.2 m EUR
- Debt / equity
- 0.79x
- Current ratio
- 0.46x
- ROE
- -18.2%
- ROA
- -7.0%
- FCF margin
- -331.4%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 19.7 m | 21.0 m | 14.6 m | esef· 24 Mar 2026verified |
| Research & development | 4.3 m | 4.2 m | 6.2 m | esef· 24 Mar 2026verified |
| Operating income | -34.9 m | -38.5 m | -43.0 m | esef· 24 Mar 2026verified |
| Interest expense | 973.0 k | 2.9 m | 2.7 m | esef· 24 Mar 2026verified |
| Pre-tax income | -34.2 m | -32.6 m | -27.1 m | esef· 24 Mar 2026verified |
| Income tax | 0 | 0 | 0 | esef· 24 Mar 2026verified |
| Net income | -31.4 m | -26.9 m | -22.5 m | esef· 24 Mar 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 35.2 m | 23.9 m | 57.5 m | esef· 24 Mar 2026verified |
| Receivables | 12.4 m | 14.2 m | 9.2 m | esef· 24 Mar 2026verified |
| Inventories | 1.4 m | 1.3 m | 1.4 m | esef· 24 Mar 2026verified |
| Current assets | 54.3 m | 42.4 m | 68.1 m | esef· 24 Mar 2026verified |
| Property, plant & equipment, net | 164.1 m | 235.0 m | 278.8 m | esef· 24 Mar 2026verified |
| Intangibles (excl. goodwill) | 2.3 m | 3.3 m | 2.9 m | esef· 24 Mar 2026verified |
| Total assets | 228.5 m | 288.6 m | 356.2 m | esef· 24 Mar 2026verified |
| Short-term debt | 0 | 110.5 m | 105.8 m | esef· 24 Mar 2026verified |
| Long-term debt | — | 7.5 m | 12.8 m | esef· 24 Mar 2026verified |
| Current liabilities | 52.7 m | 171.1 m | 146.6 m | esef· 24 Mar 2026verified |
| Total liabilities | 174.6 m | 190.8 m | 206.6 m | esef· 24 Mar 2026verified |
| Equity | 53.9 m | 97.8 m | 149.6 m | esef· 24 Mar 2026verified |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -17.0 m | -36.0 m | -27.7 m | esef· 24 Mar 2026verified |
| Capex | 89.3 m | 58.3 m | 20.7 m | esef· 24 Mar 2026verified |
| Free cash flow | -106.3 m ≈ | -94.3 m ≈ | -48.4 m ≈ | esef· 24 Mar 2026derived |
| Investing cash flow | -89.8 m | -58.6 m | -20.7 m | esef· 24 Mar 2026verified |
| Financing cash flow | 77.1 m | 83.4 m | 81.9 m | esef· 24 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
27% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · input data missing
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -18.0% | 4 (vs peers) | 38% |
| Net margin · Quality | -154.3% | 3 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -15.8x | 0 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 0.5x | 0 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet0/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality3/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Avantium N.V. (AVTX.AS). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 14.6 m EUR in 2025; YoY growth -30.6%; net margin -154.3%; ROE -18.1%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- ROIC: -18.0%
- Net margin: -154.3%
- Interest coverage: -15.8x
- Current ratio: 0.5x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Netherlands · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ASML.ASASML Holding N.V. | 485.6 bn | 47.6 | 44.2% | 31.3% | +15.6% | +38% / +101% |
| DSFIR.ASDSM-Firmenich AG | 33.7 bn | 120.5 | 1.2% | 2.2% | +20.4% | +60% / +30% |
| AD.ASKoninklijke Ahold Delhaize N.V. | 31.2 bn | 13.9 | 15.3% | 2.5% | +3.4% | −3% / +30% |
| ASM.ASASM International N.V. | 31.2 bn | 43.3 | 18.7% | 22.8% | +8.2% | +34% / +35% |
| ADYEN.ASAdyen N.V. | 28.1 bn | 26.6 | 22.3% | 40.1% | +18.9% | −33% / −17% |
| HAL.ASHAL Trust | 15.5 bn | 9.7 | 10.5% | 12.8% | +1.2% | +22% / +47% |
| EXO.ASExor N.V. | 15.0 bn | — | -10.6% | — | −100.0% | +1% / −18% |
| BESI.ASBE Semiconductor Industries N.V. | 11.2 bn | 84.9 | 28.7% | 22.3% | −2.7% | +8% / +10% |
| AKZA.ASAkzo Nobel N.V. | 10.7 bn | 17.0 | 13.8% | 6.3% | −5.2% | +12% / −11% |
| AALB.ASAalberts N.V. | 4.5 bn | 25.4 | 7.2% | 5.7% | −5.3% | +48% / +13% |
| ARCAD.ASArcadis N.V. | 4.2 bn | 20.2 | 18.3% | 4.3% | −2.4% | +24% / +2% |
| BNJ.ASBanijay Group N.V. | 3.4 bn | 13.8 | 343.8% | 5.1% | +1.6% | −11% / −8% |
| BAMNB.ASKoninklijke BAM Groep N.V. | 3.3 bn | 41.8 | 9.1% | 1.3% | +2.9% | +47% / +400% |
| BFIT.ASBasic-Fit N.V. | 2.0 bn | 138.2 | 3.6% | 1.0% | +16.9% | +7% / +16% |
| HAVAS.ASHavas N.V. | 1.8 bn | 9.6 | 10.2% | 6.5% | +1.7% | +26% / unavailable |
| CRBN.ASCorbion N.V. | 1.6 bn | 8.3 | 27.3% | 14.9% | +1.9% | +40% / +55% |
| ECMPA.ASEurocommercial Properties N.V. | 1.4 bn | 11.2 | 5.9% | 45.4% | +4.2% | −4% / +19% |
| FUR.ASFugro N.V. | 985.3 m | — | -1.5% | -1.1% | −18.8% | −0% / −49% |
| ACOMO.ASAcomo N.V. | 685.9 m | 15.2 | 10.7% | 3.3% | +7.6% | −3% / +37% |
| FAST.ASFastned B.V. | 663.0 m | — | -28.2% | -21.7% | +66.1% | +60% / +25% |
| FFARM.ASForFarmers N.V. | 479.4 m | 9.6 | 14.5% | 1.6% | +14.8% | +22% / +123% |
| BRNL.ASBrunel International N.V. | 383.2 m | 125.5 | 1.0% | 0.3% | −10.8% | −6% / −29% |
| ENVI.ASEnvipco Holding N.V. | 224.1 m | — | -12.7% | -11.9% | −20.8% | −25% / +47% |
| ALFEN.ASAlfen N.V. | 219.8 m | — | -0.1% | -0.0% | −10.7% | −4% / −78% |
| CMCOM.ASCM.com N.V. | 192.5 m | — | -22.2% | -1.5% | −5.4% | +23% / −30% |
1- and 3-year price returns: for AVTX.AS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Avantium N.V. develops the YXY® technology for producing FDCA and PEF, renewable polymers. The company is now moving from development to commercial operations, and its FDCA Flagship Plant is the key test of the business model, with start-up completion expected by mid-2026 1.
SWOT
Strengths
- The YXY® technology is proprietary and protected by a patent portfolio, which supports licensing to third parties 1.
- The FDCA Flagship Plant is built and near the operating phase, offering a technical reference for customers.
- The company has obtained capacity commitments from several partners, showing concrete interest in FDCA and PEF 1.
Weaknesses
Opportunities
Threats
- A delay in starting product sales could postpone milestone payments and affect loan conditions 1.
- If government funding is not approved, the company could have insufficient resources for its obligations 1.
- Competition in the polymer industry and slower chemical investment could limit adoption of the technology 1.
Risks
- Going concernhigh
Management identified a material uncertainty that may cast significant doubt on the company's ability to continue as a going concern if financing or start-up is delayed 1.
- Loan covenant compliancehigh
A technical breach of an insurance-related covenant exists. If it is not remedied or waived, lenders could accelerate repayment 1.
- Start-up delayhigh
Titanium weld defects pose a safety risk and delayed the schedule. Further technical issues could add costs 1.
- Contract negotiationsmedium
Offtake agreements and licenses depend on negotiated timelines that could take longer than expected or fail 1.
- Construction close-out disputemedium
Discussions on closing the construction phase with the contractor could lead to unexpected payments and affect liquidity 1.
Investment thesis
What would need to be true (bull case)
- If the FDCA Flagship Plant starts commercial production on schedule, product and license revenue could change the company's financial profile 1.
- Interest from numerous prospective licensees and capacity reservations could turn discussions into firm contracts 1.
- If public funding is approved and non-core assets are divested, the company could reduce cash burn and focus resources on YXY® technology 1.
What would break the thesis
- The company had no binding license agreements at the reporting date, and delays could extend the period without product sales revenue 1.
- If start-up slips further or funding is not approved, liquidity could become insufficient 1.
- The polymer market is competitive, and adoption of new technology could take longer than estimated 1.
What to watch
- Completion of start-up of the FDCA Flagship Plantmid-2026
- Start of product sales under offtake agreementssecond half of 2026
- Approval of government funding and outcome of construction close-out talks2026
- Remedy of the insurance covenant breach and lender conditionsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Avantium is a Dutch company developing its proprietary YXY® technology to convert sugars from biomass into furandicarboxylic acid (FDCA), the raw material for the PEF polymer. The company aims to sell products under offtake agreements and technology licenses to third parties 1.
The core activity is Renewable Polymers, which includes the FDCA Flagship Plant. Construction was completed in October 2024, but start-up was delayed by titanium weld quality issues. Product sales revenue is expected after commercial sales begin in the second half of 2026 1.
The Avantium R&D Solutions unit provides niche services to a small number of customers and is currently the main revenue source. The company is evaluating strategic options for non-core assets such as Volta, Dawn and Parana Technology 1.
Segments
Renewable Polymers
The core segment targets FDCA and PEF, with YXY® licenses and offtake agreements. Revenue depends on completing start-up of the FDCA Flagship Plant and achieving license milestones 1.
Avantium R&D Solutions
This unit provides research and development services to a small number of customers. The company said it operates as a stand-alone entity while strategic alternatives are evaluated 1.
Market context
The bio-based polymer market is dominated by large, established players, and commercial success depends on market acceptance of FDCA and PEF. The company said it has identified over 20 near-term licensing prospects and discussions with more than 10 potential licensees 1.
The company reported that capacity reservations exceed 100 kilotonnes, an indicator of declared demand. These expressions of interest have not yet become binding license agreements, and a slowdown in chemical industry investment could affect timing 1.
Trends
- Growing interest in bio-based polymerstailwind
The company noted rising market interest in bio-based polymers and related building blocks. If this trend strengthens, it could support demand for PEF and YXY® licenses 1.
- Economic slowdown in chemicalsheadwind
The company flagged an economic downturn in the chemical industry that could reduce investor appetite for new technologies. Such conditions could delay the signing of license agreements 1.
- Public funding and grantsmixed
The company is pursuing government-related funding in the form of a subsidy, grant or loan, but availability and timing depend on external decisions. This support could complement liquidity if approved 1.
- Stricter European regulationmixed
Increased European Union regulation has added complexity to operations, including permits and registrations for manufacturing and export. Compliance costs could rise, but well-documented processes may also offer an advantage 1.
Competitive position
Avantium competes in a well-established polymer market with large players and companies with new technologies. The company noted that a new competitor could affect revenue in its R&D Solutions unit 1.
Avantium aims to differentiate through YXY® technology and the demonstration plant, which can show potential customers the technology's performance. Industry competition remains a long-term risk factor 1.
- Large polymer producers
The source mentions large, established players in the market without naming them.
- Furanic polymer technology developers
The source mentions new technology competitors without specific names.
- Conventional polymer manufacturers
Competition comes from established base materials, with no details in the source.
- New market entrants
The company warned that a new competitor could affect revenue.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202524 Mar 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Avantium N.V. · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.