Oatly Group AB (OTLY) Stock Price & How to Invest
Short answer
You can invest in Oatly (OTLY) by buying shares or fractional shares at any major broker, through an ETF that holds it, or as one holding in a thematic basket. Oatly is a Sweden-based maker of oat-based drinks and other plant-based dairy alternatives sold across Europe and International, North America, and Greater China, and OTLY is a US-traded American Depositary Receipt on the Nasdaq. The investment thesis is a turnaround story: after years of heavy losses, Oatly delivered its first full year of positive adjusted EBITDA in 2025 and is trying to convert modest revenue growth into durable profits. The biggest risks are a softening plant-based category, intense competition, a still-large net loss, a heavy debt load, and the dilution and FX exposure that come with a small-cap ADR.
OTLY stock price
As of 2026-06-26, Oatly Group AB (OTLY) last closed at $9.00, down 22.7% over the past year. Over the past 52 weeks it has traded between $8.03 and $18.54.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or Oatly Group AB's investor relations page. Walnut is informational, not investment advice.
What does Oatly Group AB (OTLY) do?
Oatly Group AB is a plant-based food and drink company best known for popularizing oat milk, alongside a broader range of oat-based products such as barista drinks, frozen treats, yogurt alternatives, spreads, and cooking products. It sells through retail grocery channels and foodservice partners, including coffee shops, and reports across three regions: Europe & International, North America, and Greater China. The company makes money by manufacturing oat base and finished goods and selling them to retailers and foodservice customers, so its results hinge on volume growth, pricing, the cost of oats and production, and how efficiently its factory network runs.
Oatly went public on the Nasdaq in May 2021 at $17 per ADR, opening near $22 and briefly carrying a valuation above $10 billion amid peak enthusiasm for plant-based eating. The stock then fell sharply over the following years as the company missed production targets, struggled with capacity expansion, and watched rivals take share, leaving the market value down roughly 98% from its peak. In response, management spent 2023 through 2025 restructuring: it halted or closed several planned and existing factories (including projects in the UK, Texas, Singapore, and China), cut overhead, and focused on margin recovery. In February 2025 Oatly changed its ADR ratio in a 1-for-20 reverse split to lift the per-share price and maintain its listing.
What's driving Oatly Group AB (OTLY)?
1. First full year of positive adjusted EBITDA.
FY2025 marked Oatly's first full year of positive adjusted EBITDA, at about $6.8 million, a milestone after years of deep operating losses. Management guided to adjusted EBITDA of roughly $25 million to $35 million in 2026, implying it expects the profitability trend to continue. This shift is the core of the turnaround thesis, though adjusted EBITDA excludes significant real costs such as restructuring and financing.
2. Gross margin recovery.
Gross margin has climbed substantially, with Q4 2025 gross margin around 34.5%, up from the high-20s a couple of years earlier and a low of roughly 11% during the worst of the supply-chain problems. The improvement reflects better factory utilization, supply-chain fixes, and overhead cuts, with SG&A falling to about 37% of revenue from a 2022 peak above 57%. Sustaining these gains is central to reaching consistent profitability.
3. Slow but positive revenue and volume growth.
FY2025 revenue was about $862.5 million, up roughly 4.7% year over year, with finished-goods volume of about 593 million liters, up about 5.3%. For 2026 the company guided to constant-currency revenue growth of roughly 3% to 5%. Growth is modest rather than explosive, so the story depends more on margins and cost discipline than on a return to hyper-growth.
4. Restructured, leaner footprint.
Over 2023 to 2025 Oatly canceled or closed several factory projects (including sites in the UK, Texas, Singapore, and China) and cut overhead to match a more realistic demand picture. The leaner footprint lowers fixed costs and capital needs and is a major reason margins improved. The trade-off is less spare capacity for upside if demand reaccelerates.
What are the risks to Oatly Group AB (OTLY)?
The plant-based category has cooled from its pandemic-era peak as some consumers return to dairy, which pressures volumes across the segment. Competition is intense from Danone's Silk and Alpro, Hood's Planet Oat, Califia Farms, private label, and others, and Oatly's past supply problems let rivals win shelf space and foodservice slots. Despite improving margins, the company still posted a large net loss (about $152.8 million in FY2025) and carries a heavy debt load against modest cash (about $64 million at year-end 2025), so the path to sustained net profitability and the risk of further share issuance or refinancing are real concerns. As a small-cap ADR reporting in US dollars while earning much of its revenue abroad, the stock also carries currency translation effects and the structural features of an ADR.
How is Oatly Group AB (OTLY) valued? (approximate, FY2025 results (year ended December 31, 2025) and Q4 2025)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Oatly Group AB's investor relations page or your broker.
- Revenue (FY2025): ~$862.5M (+4.7% YoY)
- Gross margin (Q4 2025): ~34.5%
- Adjusted EBITDA (FY2025): ~$6.8M (first full-year positive)
- Net loss (FY2025): ~$152.8M (narrowed ~24%)
- Cash & equivalents: ~$64M (end of 2025)
- Market cap: ~$0.3-0.4B (early 2026)
Reading a turnaround consumer brand like Oatly means watching the trajectory of profitability more than a simple P/E, since the company is not consistently net-profitable. The constructive signals are rising gross margin, the first full year of positive adjusted EBITDA, and slow but positive volume growth; the cautionary signals are the still-large net loss, a heavy debt load relative to a modest cash balance, and the gap between adjusted EBITDA and actual net results. Because the cash runway and financing terms matter to whether the turnaround completes, the balance sheet deserves as much attention as the income statement.
Who competes with Oatly Group AB (OTLY)?
Plant-based and oat-milk peers
Hood's Planet Oat, Califia Farms, SunOpta (a major private-label oat-milk supplier), and Chobani's oat line compete directly for retail shelf space and foodservice accounts in oat and broader plant-based drinks.
Large food and dairy companies
Danone, which owns Silk and Alpro, plus Nestle and traditional dairy producers, have deep distribution and marketing budgets and can push plant-based or dairy products that pressure Oatly's volumes and pricing.
ETFs and alternatives
Investors seeking exposure to plant-based or food-innovation themes more often hold diversified consumer-staples or thematic ETFs, or larger packaged-food names, rather than a single small-cap ADR like OTLY.
How to invest in Oatly Group AB (OTLY)
There are three common ways to get OTLY exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic basket, so OTLY sits alongside other stocks that express the same thesis.
Walnut takes the basket route. Describe a thesis where OTLY fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
The bottom line on Oatly Group AB (OTLY)
Oatly is a speculative small-cap turnaround in the plant-based dairy category: revenue is growing slowly, gross margins have improved sharply, and adjusted EBITDA turned positive in 2025, but the company still posts large net losses and carries meaningful debt. The stock tends to trade like a high-volatility recovery bet, where the question is whether margin and volume gains can outrun category softness and financing pressure, not whether it pays you to wait.
More on Oatly Group AB (OTLY)
Whether OTLY is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is OTLY a buy?, and where the stock could go from here in the OTLY stock forecast.
For income investors, whether OTLY pays a dividend and how the payout looks is covered in does OTLY pay a dividend?
Build a basket around OTLY with Walnut
Use Oatly Group AB as one constituent in a thematic basket Walnut's AI helps you assemble. Describe a thesis you believe in, the AI proposes the holdings and weights, and you approve before any broker order.
FAQ
What does Oatly do?
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Oatly is a Sweden-based plant-based food and drink company best known for oat milk. It makes oat-based drinks, barista products, frozen desserts, yogurt alternatives, spreads, and cooking products, selling them to grocery retailers and foodservice partners such as coffee shops across Europe and International, North America, and Greater China. OTLY trades in the US as an American Depositary Receipt.
Does OTLY pay a dividend?
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No. Oatly does not pay a dividend. It is a turnaround-stage company still working toward consistent net profitability and reinvesting in the business, so any potential return to shareholders would come from share-price appreciation rather than income.
Is OTLY a good stock?
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This is descriptive, not advice. The bull case is a turnaround: gross margins have improved sharply, 2025 was the first full year of positive adjusted EBITDA, and revenue and volume are growing modestly. The bear case is a softening plant-based category, intense competition, a still-large net loss, and a heavy debt load. Whether it fits depends on your own goals and risk tolerance.
Is OTLY a good stock to buy right now?
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This is informational, not a recommendation. OTLY trades like a speculative small-cap turnaround, with sharp swings tied to each quarter's margin and profitability progress against category and balance-sheet pressures. Some investors weigh the improving margins and adjusted EBITDA against the net losses and debt. Walnut provides information, not investment advice.
Is Oatly's turnaround working?
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Partly. By FY2025 Oatly had lifted gross margin to around the mid-30s in Q4, cut SG&A from a 2022 peak above 57% of revenue to about 37%, and reached its first full year of positive adjusted EBITDA at roughly $6.8 million, with 2026 adjusted EBITDA guidance of about $25 million to $35 million. The unfinished part is converting that into consistent net profit, since the company still reported a large net loss and carries meaningful debt.
Why did Oatly stock fall so much, and what was the reverse split?
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After a 2021 IPO at $17 per ADR and a valuation that briefly topped $10 billion, Oatly fell roughly 98% from its peak as it missed production targets, struggled with costly capacity expansion, and lost share to rivals. In February 2025 it changed its ADR ratio in a 1-for-20 reverse split, which raised the per-ADR price and helped it keep its Nasdaq listing without changing the underlying business.
What are the main risks of owning OTLY?
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Key risks include a cooling plant-based category as some consumers return to dairy, strong competition from Danone, Hood's Planet Oat, Califia Farms, and private label, a still-large net loss, a heavy debt load against modest cash, and the possibility of further share issuance. As a small-cap ADR earning much of its revenue abroad, it also carries currency-translation effects.
Which ETFs or baskets include OTLY?
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As a small-cap ADR, Oatly may appear in some small-cap, food-innovation, or plant-based or ESG-themed ETFs, though weightings are typically small and holdings change over time. In Walnut you can also hold OTLY as one constituent of a thematic basket, for example a plant-based or alternative-protein theme, alongside other names rather than as a standalone bet.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with Oatly Group AB's investor relations page or your broker before making investment decisions.