One-glance verdict
Not enough data
Fair value unavailable
Not enough cash-flow history to value this one with our method.
Fundamentals snapshot
Oatly Group AB
OTLY · NMS · Consumer Defensive · Packaged Foods
Current price
$7.75
52-week range
$7.47 - $16.20
Market cap
$247.32M
Balance sheet
Distressed
-0.99x Concerning
Net debt $528.03M. Interest coverage shows how many times profit covers the interest bill.
What stands out
1 Reward
2 Risks
1 rewards · 2 risks
- Reward Revenue grew 4.7% last year.
- Risk Net debt grew 618.1% over 3 years.
- Risk Insider ownership is only 10.4% (peer median: 12.4%).
What this company does
Oatly Group AB
Oatly Group AB sells a variety of oat-based milk and dairy alternatives in countries like the US and UK, with most of their money coming from selling these products in grocery stores and to restaurants. This is important because it shows how widely their plant-based options are reaching consumers and contributing to their overall sales.
How the company got here
Oatly began in 1994 in Sweden, founded by brothers Rickard and Björn Öste, who were food scientists researching alternatives to dairy for people with lactose intolerance. For nearly two decades, Oatly was a niche brand focused on health-conscious consumers. A significant turning point came around 2012 when the company, under new leadership, decided to rebrand itself. Instead of just being a functional, lactose-free product, Oatly transformed into a lifestyle brand emphasizing sustainability and challenging the dairy industry with a bold and irreverent tone. This pivot helped Oatly gain wider appeal beyond those with dietary restrictions. The company went public in May 2021, with its stock reaching a peak shortly after.
What it actually does
Oatly makes and sells a variety of food and beverage products derived from oats. Their core offering is oat milk, which is a plant-based alternative to traditional dairy milk. Beyond oat milk, their product line has expanded to include oat-based yogurts, ice creams, cooking creams, and spreads. Oatly's products are known for their creamy texture and are often fortified with nutrients. The company emphasizes the environmental benefits of its products compared to dairy, highlighting lower carbon emissions.
Oatmilk
This is Oatly's primary business line and accounts for the vast majority of its revenue, around 90% in 2025. Oatly offers a wide range of oat milk varieties, including original, low-fat, full-fat, chocolate-flavored, unsweetened, and 'Barista Edition' oat milk, which is specifically designed for coffee shops to foam well. These products are sold through various channels, including grocery stores, coffee shops, and online. The company's oat milk is positioned as a sustainable and tasty alternative to dairy milk.
Other Oat-Based Products
While oatmilk is the main focus, Oatly also generates revenue from other oat-based food and beverage items. This segment includes products like oat-based yogurts (Oatgurts), frozen desserts, cooking creams, and spreads. These items cater to a broader range of consumer needs and preferences within the plant-based market. This diversification allows Oatly to offer a more complete plant-based dairy alternative experience beyond just beverages.
What management is betting on now
Oatly's current strategy focuses on continued innovation and expansion within the plant-based market. Management is investing in developing new product varieties, such as different flavors of oat milk and creamers, to cater to evolving consumer tastes and dietary preferences. They are also prioritizing expanding their reach in key markets like North America and China, while continuing to leverage their sustainability message as a core differentiator. The company aims to encourage more consumers to switch from dairy to oat-based products by emphasizing both taste and environmental benefits.
Price history
How the share price has moved
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Is it cheap or expensive?
Fair value — vs current price $7.75
We couldn't calculate a fair value right now.
Is it drowning in debt?
Distressed
Net debt $528.0M. Interest coverage -1.0x.
Net debt
$528.03M
Interest coverage
-0.99x
Oatly Group AB's profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here and 2 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Distressed
Worse cushion
Baseline
Better cushion
OTLY
BASELINE
Oatly Group AB
Total debt $551.35M Interest coverage -0.99x This is the baseline the peer rows are being compared against.
Total debt $407.81M Interest coverage -16.63x Neither company has much profit cushion over interest right now.
Total debt $108.25M Interest coverage 101.11x This peer still has a real interest-payment cushion, while OTLY does not.
Total debt $609.46M Interest coverage 0.23x This peer still has a real interest-payment cushion, while OTLY does not.
What you should know
The case for and against OTLY
1 Reward
2 Risks
Rewards
-
Revenue grew 4.7% last year.
Risks
-
Net debt grew 618.1% over 3 years.
-
Insider ownership is only 10.4% (peer median: 12.4%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
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Forward P/E
-2.63x
P/B
-4.87x
P/S
0.26x
EV/EBITDA
-186.12x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
34.0%
Operating margin
-3.8%
Net margin
-9.5%
ROE
—
ROA
-3.4%
Health
Liquidity and balance-sheet strength
Debt / equity
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Current ratio
0.40x
Quick ratio
0.24x
Total debt
$551.35M
Total cash
$23.32M
Growth
How the business has been compounding
Revenue TTM
$945.25M
Revenue 5Y CAGR
6.1%
EPS TTM
-2.80
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$-23.72M
Free CF TTM
$-38.98M
FCF margin
-4.1%
Dividend
Shareholder payout
Yield
0.0%
Payout ratio
—
Last ex-div date
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