Oatly Group AB
OTLY · Food and Kindred Products · EDGAR filings ↗
Grade
D46Category-leading oatmilk brand still posting net losses, weak liquidity and extreme leverage despite reaching positive adjusted EBITDA.
Strengths
- Strong brand and #1 oatmilk position with decent gross margin (32%, 63rd pct) and reached positive adjusted EBITDA in 2025
- Modest revenue growth (5%, 57th pct) with improving loss trajectory
Risks
- Persistent net losses (net margin -18%), ROE -7.8 (9th pct), and current ratio 0.48 (18th pct)
- Debt-to-equity 26.6 (100th pct), input-cost/supply concentration, and customer concentration in foodservice
Notable findings
- No interest coverageInterest coverage -0.78 (cannot cover interest)
- High leverageHigh leverage (debt/equity 26.59)
- Net lossNet loss (net margin -17.8%)
- Cash burnNegative free cash flow (-36.1M)
- Weak liquidityCurrent ratio 0.48 (<1)
Key metrics
Gross margin
32.1%
Operating margin
-7.9%
Net margin
-17.8%
Return on equity
-778.4%
Return on assets
-19.5%
ROIC
-9.9%
Revenue growth (QoQ)
4.7%
Debt / equity
26.6×
Interest coverage
-0.8×
Current ratio
0.5×
Free cash flow
-$36M
Tangible book value
$20M
Cash & investments
$64M
Cash runway
7q
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-03-13 | 2025-12-31 | 0001843586-26-000004 ↗ |
| 20-F | 2025-03-13 | 2024-12-31 | 0000950170-25-038739 ↗ |
| 20-F | 2024-03-22 | 2023-12-31 | 0000950170-24-035039 ↗ |
| 20-F | 2023-04-20 | 2022-12-31 | 0000950170-23-013559 ↗ |
| 20-F | 2022-04-06 | 2021-12-31 | 0001564590-22-013633 ↗ |