246.00
+1.32%
Close of 9 Nov 2026, in DKK
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At a glance
Figures in DKK, from our data supplier.
Revenue
DKK 6.31bn
FY2016FY2025
Net income
DKK 1.20bn
FY2016FY2025
Free cash flow
DKK 1.54bn
FY2016FY2025
Shareholders' equity
DKK 6.45bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | DKK 6.31bn | DKK 5.54bn | DKK 4.82bn | DKK 4.51bn | DKK 3.92bn | DKK 3.49bn | DKK 3.27bn | DKK 2.92bn | DKK 2.91bn | DKK 3.00bn |
| Gross profit | DKK 4.16bn | DKK 3.55bn | DKK 3.04bn | DKK 2.79bn | DKK 2.40bn | DKK 2.03bn | DKK 1.89bn | DKK 1.63bn | DKK 1.64bn | DKK 2.00bn |
| Research and development | DKK 596.0m | DKK 531.0m | DKK 618.0m | DKK 665.0m | DKK 631.0m | DKK 515.0m | DKK 466.0m | DKK 392.0m | DKK 426.0m | DKK 385.0m |
| Operating income | DKK 1.66bn | DKK 1.09bn | DKK 666.0m | DKK 470.0m | DKK 292.0m | DKK 150.0m | −DKK 14.0m | −DKK 96.0m | −DKK 80.0m | DKK 480.0m |
| Net income | DKK 1.20bn | DKK 815.0m | DKK 486.0m | DKK 335.0m | DKK 219.0m | DKK 25.0m | −DKK 50.0m | −DKK 170.0m | −DKK 158.0m | DKK 270.0m |
| Diluted earnings per share | 5.40 | 3.67 | 2.06 | 1.52 | 1.01 | 0.11 | -0.23 | -0.78 | -0.80 | 1.38 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | DKK 9.17bn | DKK 8.25bn | DKK 6.73bn | DKK 6.31bn | DKK 5.83bn | DKK 5.56bn | DKK 5.50bn | DKK 4.87bn | DKK 4.96bn | DKK 4.80bn |
| Cash and short-term investments | DKK 1.24bn | DKK 589.0m | DKK 474.0m | DKK 221.0m | DKK 194.0m | DKK 298.0m | DKK 316.0m | DKK 396.0m | DKK 711.0m | DKK 840.0m |
| Total liabilities | DKK 2.73bn | DKK 2.87bn | DKK 2.28bn | DKK 2.32bn | DKK 2.35bn | DKK 2.41bn | DKK 2.32bn | DKK 1.69bn | DKK 1.67bn | DKK 1.92bn |
| Debt | DKK 418.0m | DKK 1.19bn | DKK 765.0m | DKK 696.0m | DKK 710.0m | DKK 943.0m | DKK 990.0m | DKK 742.0m | DKK 757.0m | DKK 773.0m |
| Shareholders' equity | DKK 6.45bn | DKK 5.37bn | DKK 4.45bn | DKK 3.99bn | DKK 3.48bn | DKK 3.15bn | DKK 3.18bn | DKK 3.18bn | DKK 3.29bn | DKK 2.88bn |
| Shares outstanding | 222m | 222m | 236m | 221m | 218m | 222m | 215m | 219m | 197m | 195m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | DKK 1.82bn | DKK 1.21bn | DKK 667.0m | DKK 416.0m | DKK 468.0m | DKK 301.0m | DKK 132.0m | −DKK 95.0m | −DKK 387.0m | DKK 405.0m |
| Capital spending | −DKK 276.0m | −DKK 260.0m | −DKK 379.0m | −DKK 298.0m | −DKK 263.0m | −DKK 222.0m | −DKK 167.0m | −DKK 178.0m | −DKK 267.0m | −DKK 225.0m |
| Free cash flow | DKK 1.54bn | DKK 953.0m | DKK 288.0m | DKK 118.0m | DKK 205.0m | DKK 79.0m | −DKK 35.0m | −DKK 273.0m | −DKK 654.0m | DKK 180.0m |
| Dividends paid | — | — | — | — | — | — | — | — | −DKK 51.0m | −DKK 49.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | DKK 1.79bn | DKK 1.77bn | DKK 1.73bn | DKK 1.53bn | DKK 1.53bn | DKK 1.52bn | DKK 1.50bn | DKK 1.31bn |
| Gross profit | DKK 1.20bn | DKK 1.23bn | DKK 1.18bn | DKK 1.04bn | DKK 995.0m | DKK 1.02bn | DKK 954.0m | DKK 842.0m |
| Operating income | DKK 445.0m | DKK 570.0m | DKK 386.0m | DKK 423.0m | DKK 375.0m | DKK 469.0m | DKK 205.0m | DKK 306.0m |
| Net income | DKK 339.0m | DKK 437.0m | DKK 266.0m | DKK 314.0m | DKK 263.0m | DKK 354.0m | DKK 170.0m | DKK 212.0m |
| Diluted earnings per share | 1.53 | 1.97 | 1.20 | 1.42 | 1.19 | 1.60 | 0.77 | 0.95 |
| Cash from operations | DKK 289.0m | DKK 761.0m | DKK 722.0m | DKK 386.0m | DKK 320.0m | DKK 389.0m | DKK 453.0m | DKK 218.0m |
| Capital spending | −DKK 46.0m | −DKK 90.0m | −DKK 96.0m | −DKK 74.0m | −DKK 106.0m | −DKK 57.0m | −DKK 1.08bn | −DKK 65.0m |
| Free cash flow | DKK 243.0m | DKK 671.0m | DKK 626.0m | DKK 312.0m | DKK 214.0m | DKK 332.0m | −DKK 629.0m | DKK 153.0m |
| Total assets | DKK 9.72bn | DKK 9.29bn | DKK 9.17bn | DKK 8.47bn | DKK 8.27bn | DKK 8.19bn | DKK 8.25bn | DKK 7.15bn |
| Cash and short-term investments | DKK 1.74bn | DKK 1.54bn | DKK 1.24bn | DKK 666.0m | DKK 509.0m | DKK 517.0m | DKK 589.0m | DKK 556.0m |
| Debt | DKK 203.0m | DKK 208.0m | DKK 260.0m | DKK 220.0m | DKK 336.0m | DKK 527.0m | DKK 902.0m | DKK 236.0m |
| Shareholders' equity | DKK 6.94bn | DKK 6.57bn | DKK 6.45bn | DKK 6.17bn | DKK 5.85bn | DKK 5.68bn | DKK 5.37bn | DKK 5.09bn |
Financial ratios
Data as of 18 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 65.9% | 64.2% | 62.9% | 61.9% | 61.2% | 58.1% |
| Operating margin | 26.3% | 19.7% | 13.8% | 10.4% | 7.5% | 4.3% |
| Net margin | 19.0% | 14.7% | 10.1% | 7.4% | 5.6% | 0.7% |
| Return on equity | 18.6% | 15.2% | 10.9% | 8.4% | 6.3% | 0.8% |
| Return on assets | 13.1% | 9.9% | 7.2% | 5.3% | 3.8% | 0.4% |
| Free cash flow yield | 4.7% | 3.3% | 2.2% | 1.6% | 1.7% | 1.2% |
| Revenue growth | 14.0% | 14.8% | 6.9% | 15.2% | 12.2% | 6.6% |
| Earnings growth | 46.9% | 67.7% | 45.1% | 53.0% | 776.0% | -150.0% |
| Current ratio | 3.38x | 1.69x | 2.26x | 1.89x | 1.74x | 2.27x |
| Debt to equity | 0.03x | 0.17x | 0.11x | 0.12x | 0.14x | 0.23x |
| Equity ratio | 70.3% | 65.2% | 66.1% | 63.2% | 59.7% | 56.7% |
| Interest coverage | 72.30x | 17.60x | 30.27x | 19.58x | 12.70x | 4.41x |
| R&D as a share of sales | 9.4% | 9.6% | 12.8% | 14.7% | 16.1% | 14.8% |
| Buybacks as a share of market value | 0.3% | 6.0% | -7.1% | -1.4% | 2.1% | -3.2% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 11.8% | 12.6% | 9.4% |
| Operating income | 52.4% | 61.8% | 19.0% |
| Net income | 52.9% | 116.8% | 13.3% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 65.1% | 63.9% | 62.8% | 62.1% |
| Operating margin | 23.2% | 18.4% | 15.2% | 11.4% |
| Net margin | 17.0% | 13.4% | 10.8% | 7.7% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 42.2 | 43.4 | 49.2 | 63.3 | — | — | -7043.1 | -1234.8 | -921.9 | — |
| Price to sales | 8.0 | 6.4 | 5.0 | 4.7 | 190.6 | 159.1 | 107.6 | 72.0 | 50.1 | 59.7 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 17 Mar 2026.
| FY2026 | FY2017 | FY2016 | FY2015 | FY2014 | FY2013 | FY2012 | FY2011 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 1.60 | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 |
- 20-for-1 split · 28 Mar 2022
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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