P 
434.80
+0.42%
Close of 9 Nov 2026, in NOK
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At a glance
Figures in DKK, from our data supplier.
Revenue
DKK 10.13bn
FY2016FY2025
Net income
DKK 766.3m
FY2016FY2025
Free cash flow
−DKK 81.7m
FY2016FY2025
Shareholders' equity
DKK 15.96bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | DKK 10.13bn | DKK 7.33bn | DKK 7.14bn | DKK 7.13bn | DKK 5.55bn | DKK 4.65bn | DKK 4.51bn | DKK 3.18bn | DKK 3.77bn | DKK 3.20bn |
| Gross profit | DKK 6.86bn | DKK 5.13bn | DKK 4.88bn | DKK 5.04bn | DKK 3.98bn | DKK 2.76bn | DKK 2.81bn | DKK 2.40bn | DKK 1.93bn | DKK 2.84bn |
| Research and development | — | — | — | — | — | — | — | — | DKK 587,000 | DKK 127,000 |
| Operating income | DKK 1.27bn | DKK 1.04bn | DKK 1.32bn | DKK 1.83bn | DKK 1.18bn | DKK 685.6m | DKK 1.03bn | DKK 1.17bn | DKK 631.8m | DKK 1.65bn |
| Net income | DKK 766.3m | DKK 656.6m | DKK 955.6m | DKK 1.35bn | DKK 964.1m | DKK 462.8m | DKK 810.3m | DKK 960.3m | DKK 511.4m | DKK 1.34bn |
| Diluted earnings per share | 12.93 | 11.09 | 16.14 | 22.76 | 11.97 | 7.83 | 13.71 | 16.25 | 8.65 | 22.65 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | DKK 27.39bn | DKK 25.49bn | DKK 25.79bn | DKK 24.40bn | DKK 14.63bn | DKK 13.21bn | DKK 13.10bn | DKK 5.80bn | DKK 5.16bn | DKK 5.42bn |
| Cash and short-term investments | DKK 433.3m | DKK 694.5m | DKK 595.1m | DKK 1.04bn | DKK 509.2m | DKK 466.9m | DKK 1.31bn | DKK 316.9m | DKK 309.6m | DKK 235.0m |
| Total liabilities | DKK 11.43bn | DKK 9.36bn | DKK 10.08bn | DKK 9.38bn | DKK 5.28bn | DKK 4.48bn | DKK 4.60bn | DKK 1.73bn | DKK 1.53bn | DKK 1.87bn |
| Debt | DKK 5.04bn | DKK 3.78bn | DKK 4.34bn | DKK 3.84bn | DKK 2.97bn | DKK 2.62bn | DKK 2.66bn | DKK 812.1m | DKK 525.0m | DKK 827.1m |
| Shareholders' equity | DKK 15.96bn | DKK 16.14bn | DKK 15.70bn | DKK 15.02bn | DKK 9.35bn | DKK 8.73bn | DKK 8.33bn | DKK 4.08bn | DKK 3.63bn | DKK 3.55bn |
| Shares outstanding | 59m | 59m | 59m | 59m | 81m | 59m | 59m | 59m | 59m | 59m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | DKK 1.56bn | DKK 3.40bn | DKK 2.19bn | DKK 1.74bn | DKK 1.12bn | DKK 474.0m | DKK 1.04bn | DKK 912.9m | DKK 1.46bn | DKK 849.6m |
| Capital spending | −DKK 1.64bn | −DKK 1.48bn | −DKK 1.87bn | −DKK 1.79bn | −DKK 1.12bn | −DKK 836.4m | −DKK 702.2m | −DKK 526.0m | −DKK 638.5m | −DKK 686.6m |
| Free cash flow | −DKK 81.7m | DKK 1.92bn | DKK 326.8m | −DKK 48.9m | DKK 8.9m | −DKK 362.4m | DKK 334.2m | DKK 386.9m | DKK 819.7m | DKK 163.0m |
| Dividends paid | −DKK 723.5m | −DKK 744.8m | −DKK 854.9m | −DKK 439.4m | −DKK 215.9m | −DKK 215.9m | −DKK 401.5m | −DKK 510.7m | −DKK 422.8m | −DKK 400.6m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | DKK 2.64bn | DKK 3.06bn | DKK 2.67bn | DKK 2.44bn | DKK 2.28bn | DKK 1.90bn | DKK 1.32bn | DKK 1.74bn |
| Gross profit | DKK 1.82bn | DKK 2.14bn | DKK 1.90bn | DKK 1.48bn | DKK 1.45bn | DKK 1.41bn | DKK 1.14bn | DKK 1.09bn |
| Operating income | −DKK 279.3m | DKK 654.0m | DKK 1.20bn | DKK 189.9m | −DKK 233.1m | DKK 52.1m | DKK 712.3m | −DKK 117.7m |
| Net income | −DKK 232.9m | DKK 443.1m | DKK 860.9m | DKK 110.6m | −DKK 193.1m | −DKK 5.5m | DKK 481.0m | −DKK 113.7m |
| Diluted earnings per share | -3.93 | 7.47 | 14.52 | 1.86 | -3.25 | -0.09 | 8.12 | -1.92 |
| Cash from operations | DKK 395.0m | DKK 655.0m | DKK 1.56bn | DKK 911.0m | DKK 557.0m | DKK 852.0m | DKK 3.40bn | DKK 3.31bn |
| Capital spending | −DKK 324.0m | −DKK 312.0m | −DKK 1.64bn | −DKK 1.23bn | −DKK 782.0m | −DKK 429.0m | −DKK 1.48bn | −DKK 1.05bn |
| Free cash flow | DKK 71.0m | DKK 343.0m | −DKK 81.0m | −DKK 321.0m | −DKK 225.0m | DKK 423.0m | DKK 1.93bn | DKK 2.26bn |
| Total assets | DKK 27.48bn | DKK 27.76bn | DKK 27.50bn | DKK 26.45bn | DKK 25.45bn | DKK 18.05bn | DKK 17.67bn | DKK 17.26bn |
| Cash and short-term investments | — | — | DKK 433.3m | DKK 413.9m | DKK 296.9m | DKK 250.5m | DKK 480.5m | DKK 839.2m |
| Debt | DKK 6.31bn | DKK 5.97bn | DKK 7.22bn | DKK 7.34bn | DKK 7.08bn | DKK 3.94bn | DKK 3.71bn | DKK 3.81bn |
| Shareholders' equity | DKK 15.84bn | DKK 16.40bn | DKK 15.96bn | DKK 15.11bn | DKK 15.08bn | DKK 11.12bn | DKK 11.17bn | DKK 10.66bn |
Financial ratios
Data as of 28 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2017 | FY2016 | FY2015 | FY2014 | FY2013 | FY2012 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 67.7% | 69.9% | 68.4% | 70.7% | 71.6% | 59.3% | — | — | — | — | — | — | — |
| Operating margin | 12.5% | 14.2% | 18.5% | 25.6% | 21.2% | 14.7% | — | — | — | — | — | — | — |
| Net margin | 7.6% | 9.0% | 13.4% | 18.9% | 17.4% | 9.9% | — | — | — | — | — | — | — |
| Return on equity | 4.8% | 5.9% | 8.8% | 12.9% | 10.3% | 5.3% | — | — | — | — | — | — | — |
| Return on assets | 2.8% | 3.7% | 5.4% | 8.0% | 6.6% | 3.5% | — | — | — | — | — | — | — |
| Free cash flow yield | — | 12.8% | 10.6% | 9.2% | 6.2% | 5.0% | 6.6% | — | — | — | — | — | — |
| Revenue growth | -4.5% | 2.7% | 0.2% | 28.4% | 19.4% | 3.1% | — | — | — | — | — | — | — |
| Earnings growth | -19.3% | -31.3% | -29.0% | 39.5% | 108.3% | -42.9% | — | — | — | — | — | — | — |
| Current ratio | 6.55x | 6.75x | 7.89x | 6.19x | 5.66x | 5.17x | — | — | — | — | — | — | — |
| Debt to equity | 0.38x | 0.31x | 0.36x | 0.33x | 0.29x | 0.27x | — | — | — | — | — | — | — |
| Equity ratio | 58.3% | 63.3% | 60.9% | 61.6% | 63.9% | 66.1% | — | — | — | — | — | — | — |
| Interest coverage | 24.34x | 22.16x | 18.68x | 31.71x | 29.02x | 18.88x | — | — | — | — | — | — | — |
| R&D as a share of sales | — | — | — | — | — | — | — | 0.0% | 0.0% | 0.0% | 0.1% | 0.1% | 0.1% |
| Buybacks as a share of market value | — | -0.0% | -0.2% | 26.6% | -36.2% | 0.0% | 0.0% | — | — | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 12.4% | 16.8% | 13.5% |
| Operating income | -11.4% | 13.1% | 3.2% |
| Net income | -17.1% | 10.6% | -0.6% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 68.7% | 69.1% | 68.3% | 68.4% |
| Operating margin | 13.2% | 17.2% | 17.5% | 21.4% |
| Net margin | 8.1% | 11.7% | 12.3% | 16.1% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 27.0 | 38.6 | 22.3 | 18.3 | 32.9 | 52.8 | 32.0 | 17.6 | 27.1 | 10.2 |
| Price to sales | 2.0 | 3.5 | 3.0 | 3.5 | 5.7 | 5.3 | 5.8 | 5.3 | 3.7 | 4.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 5 years. Last went ex-dividend on 4 May 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 3.45 | 8.44 | 8.70 | 10.00 | 11.84 | 3.65 | 8.241 | 10.489 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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