Bavarian Nordic A/S BAVA.CO · DKK

Health Care · Nasdaq Copenhagen · 🇩🇰 Denmark

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246.80

+2.41%

Close of 9 Nov 2026, in DKK

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Reference data, closing prices and charts across 45,000 companies, plus crypto, commodities and currencies.

At a glance

Figures in DKK, from our data supplier.

FY2025

Revenue

DKK 6.17bn

FY2016FY2025

Net income

DKK 1.38bn

FY2016FY2025

Free cash flow

DKK 1.36bn

FY2016FY2025

Shareholders' equity

DKK 12.87bn

FY2016FY2025

Income statement

Fiscal years

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Revenue	DKK 6.17bn	DKK 5.72bn	DKK 7.06bn	DKK 3.15bn	DKK 1.90bn	DKK 1.85bn	DKK 662.5m	DKK 500.6m	DKK 1.37bn	DKK 1.01bn
Research and development	DKK 774.0m	DKK 862.5m	DKK 2.23bn	DKK 1.18bn	DKK 399.2m	DKK 341.4m	DKK 409.3m	DKK 386.3m	DKK 518.4m	DKK 463.2m
Operating income	DKK 920.8m	DKK 985.0m	DKK 1.50bn	−DKK 3.8m	−DKK 351.9m	DKK 449.6m	−DKK 343.3m	−DKK 319.5m	DKK 307.6m	DKK 67.3m
Net income	DKK 1.38bn	DKK 988.0m	DKK 1.48bn	−DKK 347.4m	−DKK 464.8m	DKK 277.5m	−DKK 346.8m	−DKK 361.9m	DKK 181.3m	DKK 30.6m
Diluted earnings per share	17.57	12.57	19.23	-4.92	-7.42	5.27	-8.57	-9.03	4.49	0.80

Balance sheet

At each fiscal year end

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Total assets	DKK 14.95bn	DKK 14.41bn	DKK 14.35bn	DKK 12.39bn	DKK 12.09bn	DKK 8.76bn	DKK 7.05bn	DKK 3.06bn	DKK 3.15bn	DKK 2.82bn
Cash and short-term investments	DKK 3.33bn	DKK 2.18bn	DKK 1.87bn	DKK 2.85bn	DKK 3.72bn	DKK 1.67bn	DKK 472.4m	DKK 2.32bn	DKK 2.59bn	DKK 1.91bn
Total liabilities	DKK 2.08bn	DKK 3.00bn	DKK 4.01bn	DKK 5.24bn	DKK 4.71bn	DKK 3.86bn	DKK 5.18bn	DKK 880.3m	DKK 646.4m	DKK 806.5m
Debt	DKK 56.4m	DKK 128.3m	DKK 145.3m	DKK 1.19bn	DKK 4.12bn	DKK 3.29bn	DKK 4.98bn	DKK 646.5m	DKK 401.9m	DKK 31.9m
Shareholders' equity	DKK 12.87bn	DKK 11.41bn	DKK 10.34bn	DKK 7.15bn	DKK 7.37bn	DKK 4.89bn	DKK 1.87bn	DKK 2.18bn	DKK 2.51bn	DKK 2.02bn
Shares outstanding	78m	79m	77m	71m	63m	53m	40m	40m	40m	38m

Cash flow

Fiscal years

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Cash from operations	DKK 2.72bn	DKK 1.95bn	DKK 1.12bn	DKK 220.1m	−DKK 358.5m	DKK 571.9m	−DKK 275.9m	−DKK 288.5m	DKK 216.1m	DKK 267.6m
Capital spending	−DKK 1.36bn	−DKK 1.69bn	−DKK 977.4m	−DKK 1.38bn	−DKK 1.06bn	−DKK 706.7m	−DKK 2.67bn	−DKK 212.0m	−DKK 78.7m	−DKK 91.5m
Free cash flow	DKK 1.36bn	DKK 262.2m	DKK 141.8m	−DKK 1.16bn	−DKK 1.42bn	−DKK 134.8m	−DKK 2.95bn	−DKK 500.5m	DKK 137.4m	DKK 176.1m

Latest quarters

By quarter end

	Jun 2026	Mar 2026	Dec 2025	Sept 2025	Jun 2025	Mar 2025	Dec 2024	Sept 2024
Revenue	DKK 2.03bn	DKK 1.06bn	DKK 1.41bn	DKK 1.79bn	DKK 1.65bn	DKK 1.35bn	DKK 2.09bn	DKK 1.36bn
Operating income	DKK 745.1m	−DKK 6.2m	−DKK 18.4m	DKK 1.15bn	DKK 374.9m	DKK 258.9m	DKK 710.8m	DKK 93.6m
Net income	DKK 731.6m	DKK 17.0m	−DKK 298.8m	DKK 1.09bn	DKK 362.6m	DKK 218.8m	DKK 770.8m	DKK 70.5m
Diluted earnings per share	9.63	0.22	-3.82	13.96	4.63	2.79	9.81	0.90
Cash from operations	DKK 351.0m	−DKK 751.0m	DKK 545.0m	DKK 1.29bn	DKK 1.27bn	−DKK 387.0m	DKK 955.0m	−DKK 71.0m
Capital spending	−DKK 21.0m	−DKK 32.0m	−DKK 99.0m	−DKK 47.0m	−DKK 803.0m	−DKK 367.0m	−DKK 630.0m	−DKK 398.0m
Free cash flow	DKK 330.0m	−DKK 783.0m	DKK 446.0m	DKK 1.25bn	DKK 467.0m	−DKK 754.0m	DKK 325.0m	−DKK 469.0m
Total assets	DKK 14.72bn	DKK 14.10bn	DKK 14.95bn	DKK 15.16bn	DKK 13.91bn	DKK 13.55bn	DKK 14.41bn	DKK 13.95bn
Cash and short-term investments	DKK 2.36bn	DKK 2.29bn	DKK 3.33bn	DKK 2.98bn	DKK 1.66bn	DKK 1.24bn	DKK 2.18bn	DKK 1.87bn
Debt	DKK 45.9m	DKK 56.2m	DKK 54.3m	DKK 54.3m	DKK 54.1m	DKK 52.5m	DKK 54.6m	DKK 51.4m
Shareholders' equity	DKK 13.22bn	DKK 12.69bn	DKK 12.87bn	DKK 13.16bn	DKK 12.05bn	DKK 11.56bn	DKK 11.41bn	DKK 10.69bn

Financial ratios

Data as of 30 Sept 2026

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Operating margin	14.9%	17.2%	21.2%	-0.1%	-18.5%	24.3%
Net margin	22.3%	17.3%	20.9%	-11.0%	-24.5%	15.0%
Return on equity	10.7%	8.7%	14.3%	-4.9%	-6.3%	5.7%
Return on assets	9.2%	6.9%	10.3%	-2.8%	-3.8%	3.2%
Free cash flow yield	23.8%	21.2%	12.5%	10.4%	5.1%	11.1%
Revenue growth	8.0%	-19.1%	124.1%	66.0%	2.5%	179.6%
Earnings growth	39.2%	-33.0%	-524.7%	-25.3%	-267.5%	-180.0%
Current ratio	4.22x	2.07x	1.94x	1.96x	2.49x	2.50x
Debt to equity	0.00x	0.00x	0.01x	0.24x	0.15x	0.09x
Equity ratio	86.1%	79.2%	72.0%	57.7%	61.0%	55.9%
Interest coverage	70.08x	71.34x	14.19x	-0.03x	-2.31x	2.54x
R&D as a share of sales	12.5%	15.1%	31.5%	37.5%	21.0%	18.4%
Buybacks as a share of market value	0.4%	-2.4%	-8.7%	-12.6%	-18.9%	-30.3%

Growth per year

Compound annual rate

	3 years	5 years	10 years
Revenue	25.1%	27.2%	19.7%
Operating income	—	15.4%	27.1%
Net income	—	37.7%	36.9%

Average margins

Over each period

	1 year	3 years	5 years	10 years
Operating margin	16.0%	15.4%	13.5%	10.8%
Net margin	19.9%	15.8%	12.8%	9.4%

Valuation history

At each fiscal year end

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Price to earnings	10.9	15.1	9.2	-43.3	-36.2	35.5	-20.0	-14.1	49.9	119.3
Price to sales	2.4	2.6	1.9	4.8	8.9	5.3	10.5	10.2	6.6	3.6

Sources and methodology

Data on this tab: Our data supplier
Chart on the Overview: TradingView

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Bavarian Nordic A/S BAVA.CO · DKK

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At a glance

Income statement

Balance sheet

Cash flow

Latest quarters

Financial ratios

Growth per year

Average margins

Valuation history

Sources and methodology