86.90
-0.80%
Close of 9 Nov 2026, in DKK
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At a glance
Figures in DKK, from our data supplier.
Revenue
DKK 6.04bn
FY2016FY2025
Net income
DKK 609.0m
FY2016FY2025
Free cash flow
DKK 674.0m
FY2016FY2025
Shareholders' equity
DKK 6.04bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | DKK 6.04bn | DKK 5.39bn | DKK 4.78bn | DKK 4.44bn | DKK 4.01bn | DKK 3.57bn | DKK 2.82bn | DKK 2.61bn | DKK 2.35bn | DKK 2.08bn |
| Gross profit | DKK 3.38bn | DKK 3.20bn | DKK 2.71bn | DKK 2.55bn | DKK 2.50bn | DKK 2.21bn | DKK 1.64bn | DKK 1.55bn | DKK 1.33bn | DKK 1.12bn |
| Research and development | DKK 137.0m | DKK 325.0m | DKK 295.0m | DKK 281.0m | DKK 225.0m | DKK 157.0m | DKK 103.0m | DKK 111.0m | DKK 76.0m | DKK 66.0m |
| Operating income | DKK 784.0m | DKK 645.0m | DKK 302.0m | DKK 144.0m | DKK 340.0m | DKK 428.0m | DKK 499.0m | DKK 563.0m | DKK 450.0m | DKK 356.0m |
| Net income | DKK 609.0m | DKK 235.0m | DKK 168.0m | DKK 93.0m | DKK 247.0m | DKK 241.0m | DKK 317.0m | DKK 337.0m | DKK 301.0m | DKK 250.0m |
| Diluted earnings per share | 2.27 | 0.87 | 0.63 | 0.37 | 0.99 | 0.95 | 1.28 | 1.34 | 1.18 | 1.06 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | DKK 7.67bn | DKK 7.15bn | DKK 6.86bn | DKK 7.21bn | DKK 5.74bn | DKK 4.93bn | DKK 4.56bn | DKK 4.23bn | DKK 2.50bn | DKK 2.37bn |
| Cash and short-term investments | DKK 866.0m | DKK 615.0m | DKK 157.0m | DKK 187.0m | DKK 64.0m | DKK 98.0m | DKK 120.0m | DKK 63.0m | DKK 19.0m | DKK 35.0m |
| Total liabilities | DKK 1.64bn | DKK 1.56bn | DKK 1.47bn | DKK 2.95bn | DKK 1.79bn | DKK 2.55bn | DKK 2.38bn | DKK 2.35bn | DKK 1.22bn | DKK 1.37bn |
| Debt | DKK 547.0m | DKK 558.0m | DKK 584.0m | DKK 1.84bn | DKK 823.0m | DKK 1.44bn | DKK 1.16bn | DKK 1.31bn | DKK 786.0m | DKK 990.0m |
| Shareholders' equity | DKK 6.04bn | DKK 5.59bn | DKK 5.39bn | DKK 4.26bn | DKK 3.95bn | DKK 2.37bn | DKK 2.18bn | DKK 1.88bn | DKK 1.28bn | DKK 992.0m |
| Shares outstanding | 268m | 269m | 266m | 254m | 250m | 253m | 247m | 252m | 255m | 235m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | DKK 791.0m | DKK 813.0m | DKK 518.0m | DKK 95.0m | DKK 328.0m | DKK 295.0m | DKK 533.0m | DKK 554.0m | DKK 462.0m | DKK 369.0m |
| Capital spending | −DKK 117.0m | −DKK 88.0m | −DKK 326.0m | −DKK 558.0m | −DKK 584.0m | −DKK 430.0m | −DKK 261.0m | −DKK 2.0m | −DKK 159.0m | −DKK 59.0m |
| Free cash flow | DKK 674.0m | DKK 725.0m | DKK 192.0m | −DKK 463.0m | −DKK 256.0m | −DKK 135.0m | DKK 272.0m | DKK 552.0m | DKK 303.0m | DKK 310.0m |
| Dividends paid | −DKK 101.0m | — | — | −DKK 74.0m | −DKK 72.0m | −DKK 94.0m | −DKK 98.0m | −DKK 92.0m | −DKK 75.0m | −DKK 46.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | DKK 1.64bn | DKK 1.57bn | DKK 1.56bn | DKK 1.47bn | DKK 1.51bn | DKK 1.55bn | DKK 1.51bn | DKK 1.39bn |
| Gross profit | DKK 975.0m | DKK 948.0m | DKK 947.0m | DKK 625.0m | DKK 887.0m | DKK 942.0m | DKK 925.0m | DKK 817.0m |
| Operating income | DKK 221.0m | DKK 173.0m | DKK 164.0m | DKK 147.0m | DKK 170.0m | DKK 224.0m | DKK 243.0m | −DKK 187.0m |
| Net income | DKK 156.0m | DKK 121.0m | DKK 118.0m | DKK 115.0m | DKK 123.0m | DKK 188.0m | DKK 183.0m | −DKK 135.0m |
| Diluted earnings per share | 0.59 | 0.45 | 0.44 | 0.43 | 0.46 | 0.70 | 0.68 | -0.50 |
| Cash from operations | DKK 331.0m | DKK 255.0m | DKK 106.0m | DKK 249.0m | DKK 237.0m | DKK 161.0m | DKK 144.0m | DKK 193.0m |
| Capital spending | −DKK 76.0m | −DKK 151.0m | −DKK 23.0m | −DKK 48.0m | −DKK 109.0m | −DKK 81.0m | −DKK 75.0m | −DKK 95.0m |
| Free cash flow | DKK 255.0m | DKK 104.0m | DKK 83.0m | DKK 201.0m | DKK 128.0m | DKK 80.0m | DKK 69.0m | DKK 98.0m |
| Total assets | DKK 7.78bn | DKK 7.61bn | DKK 7.58bn | DKK 7.67bn | DKK 7.40bn | DKK 7.41bn | DKK 7.38bn | DKK 7.15bn |
| Cash and short-term investments | DKK 705.0m | DKK 691.0m | DKK 735.0m | DKK 866.0m | DKK 751.0m | DKK 640.0m | DKK 588.0m | DKK 615.0m |
| Debt | DKK 87.0m | DKK 102.0m | DKK 98.0m | DKK 80.0m | DKK 150.0m | DKK 152.0m | DKK 75.0m | DKK 75.0m |
| Shareholders' equity | DKK 6.17bn | DKK 6.10bn | DKK 6.04bn | DKK 6.04bn | DKK 5.91bn | DKK 5.91bn | DKK 5.79bn | DKK 5.59bn |
Financial ratios
Data as of 25 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 56.0% | 59.4% | 56.8% | 57.5% | 62.4% | 62.0% |
| Operating margin | 13.0% | 12.0% | 6.3% | 3.2% | 8.5% | 12.0% |
| Net margin | 10.1% | 4.4% | 3.5% | 2.1% | 6.2% | 6.8% |
| Return on equity | 10.1% | 4.2% | 3.1% | 2.2% | 6.3% | 10.2% |
| Return on assets | 7.9% | 3.3% | 2.4% | 1.3% | 4.3% | 4.9% |
| Free cash flow yield | 5.0% | 4.9% | 4.7% | 3.8% | 5.4% | 4.2% |
| Revenue growth | 12.0% | 12.9% | 7.4% | 10.7% | 12.5% | 26.5% |
| Earnings growth | 159.1% | 39.9% | 80.6% | -62.3% | 2.5% | -24.0% |
| Current ratio | 2.72x | 2.49x | 2.13x | 1.98x | 1.64x | 1.19x |
| Debt to equity | 0.01x | 0.01x | 0.01x | 0.31x | 0.16x | 0.55x |
| Equity ratio | 78.6% | 78.2% | 78.6% | 59.1% | 68.9% | 48.2% |
| Interest coverage | 26.17x | 23.89x | 4.95x | 4.50x | 13.08x | 15.29x |
| R&D as a share of sales | 2.3% | 6.0% | 6.2% | 6.3% | 5.6% | 4.4% |
| Buybacks as a share of market value | 0.3% | -1.1% | -4.8% | -1.6% | 1.1% | -2.3% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 10.8% | 11.1% | 12.3% |
| Operating income | 75.9% | 12.9% | 12.8% |
| Net income | 87.1% | 20.4% | 14.9% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 57.6% | 57.4% | 58.7% | 57.8% |
| Operating margin | 12.5% | 9.1% | 9.4% | 11.9% |
| Net margin | 7.4% | 5.4% | 5.6% | 7.4% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 38.8 | 119.1 | 166.8 | 243.2 | 175.1 | 276.1 | 87.1 | 117.1 | 94.0 | 53.3 |
| Price to sales | 3.9 | 5.2 | 5.9 | 5.1 | 10.8 | 18.6 | 9.8 | 15.1 | 12.0 | 6.4 |
Dividends and splits
Per share, in the currency the company pays
Paid for 2 years. Last went ex-dividend on 4 Dec 2025.
| FY2026 | FY2025 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.41 | 0.38 | 0.29 | 0.29 | 0.38 | 0.40 | 0.37 | 0.31 |
- 5-for-1 split · 3 Jan 2018
- 4-for-1 split · 23 Dec 2014
- 2.411-for-1 split · 1 Mar 2005
- 10-for-1 split · 10 Feb 2004
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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