725.50
+2.76%
Close of 9 Nov 2026, in DKK
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At a glance
Figures in DKK, from our data supplier.
Revenue
DKK 511.1m
FY2017FY2026
Net income
DKK 201.8m
FY2017FY2026
Free cash flow
DKK 182.0m
FY2017FY2026
Shareholders' equity
DKK 725.4m
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | DKK 511.1m | DKK 495.6m | DKK 407.9m | DKK 444.4m | DKK 428.4m | DKK 281.1m | DKK 214.1m | DKK 175.5m | DKK 112.7m | DKK 90.3m |
| Gross profit | DKK 486.0m | DKK 465.5m | DKK 367.6m | DKK 395.4m | DKK 384.3m | DKK 253.3m | DKK 193.9m | DKK 158.6m | DKK 99.5m | DKK 80.2m |
| Research and development | DKK 15.4m | DKK 10.4m | DKK 8.4m | DKK 7.2m | DKK 7.2m | DKK 6.5m | DKK 6.5m | DKK 5.7m | DKK 3.7m | DKK 3.8m |
| Operating income | DKK 251.0m | DKK 247.7m | DKK 178.8m | DKK 228.5m | DKK 204.7m | DKK 116.0m | DKK 77.5m | DKK 54.1m | DKK 24.3m | DKK 11.5m |
| Net income | DKK 201.8m | DKK 186.4m | DKK 136.3m | DKK 178.7m | DKK 159.5m | DKK 88.4m | DKK 59.2m | DKK 41.8m | DKK 18.2m | DKK 7.5m |
| Diluted earnings per share | 11.60 | 10.71 | 7.83 | 10.26 | 9.16 | 5.08 | 3.40 | 2.56 | 1.19 | 0.48 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | DKK 860.9m | DKK 828.0m | DKK 676.7m | DKK 658.0m | DKK 501.3m | DKK 344.9m | DKK 263.1m | DKK 238.2m | DKK 114.0m | DKK 97.6m |
| Cash and short-term investments | DKK 293.6m | DKK 341.8m | DKK 296.1m | DKK 316.6m | DKK 209.0m | DKK 150.1m | DKK 96.9m | DKK 98.2m | DKK 9.8m | DKK 12.4m |
| Total liabilities | DKK 135.5m | DKK 154.7m | DKK 111.4m | DKK 124.9m | DKK 144.1m | DKK 79.9m | DKK 60.4m | DKK 64.9m | DKK 41.0m | DKK 33.2m |
| Debt | DKK 4.6m | DKK 6.4m | DKK 4.2m | DKK 7.2m | DKK 6.8m | DKK 2.4m | DKK 2.3m | DKK 18.8m | DKK 20.1m | DKK 22.1m |
| Shareholders' equity | DKK 725.4m | DKK 673.4m | DKK 565.3m | DKK 533.0m | DKK 357.2m | DKK 265.0m | DKK 202.8m | DKK 173.3m | DKK 73.0m | DKK 64.4m |
| Shares outstanding | 17m | 17m | 17m | 17m | 17m | 17m | 17m | 16m | 15m | 16m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | DKK 210.4m | DKK 207.4m | DKK 129.0m | DKK 154.1m | DKK 176.9m | DKK 107.9m | DKK 72.0m | DKK 58.3m | DKK 25.4m | DKK 9.8m |
| Capital spending | −DKK 28.3m | −DKK 29.9m | −DKK 43.5m | −DKK 40.8m | −DKK 55.9m | −DKK 24.6m | −DKK 26.7m | −DKK 27.1m | −DKK 16.5m | −DKK 10.6m |
| Free cash flow | DKK 182.0m | DKK 177.6m | DKK 85.5m | DKK 113.3m | DKK 120.9m | DKK 83.3m | DKK 45.3m | DKK 31.2m | DKK 9.0m | −DKK 833,000 |
| Dividends paid | −DKK 123.3m | −DKK 69.6m | −DKK 104.4m | — | −DKK 69.6m | −DKK 26.1m | −DKK 348.1m | −DKK 136.0m | −DKK 136.0m | −DKK 136.0m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Mar 2024 | Dec 2023 | Sept 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | DKK 262.0m | DKK 249.0m | DKK 244.1m | DKK 251.5m | DKK 208.1m | DKK 104.0m | DKK 199.8m | DKK 99.9m |
| Gross profit | DKK 167.7m | DKK 161.0m | DKK 235.0m | DKK 230.5m | DKK 188.0m | DKK 94.0m | DKK 179.6m | DKK 89.8m |
| Operating income | DKK 130.4m | DKK 120.6m | DKK 112.5m | DKK 135.2m | DKK 89.0m | DKK 44.5m | DKK 89.8m | DKK 42.3m |
| Net income | DKK 107.9m | DKK 94.0m | DKK 83.1m | DKK 103.4m | DKK 65.7m | DKK 32.9m | DKK 70.6m | DKK 35.3m |
| Diluted earnings per share | 6.20 | 5.40 | 4.77 | 5.94 | 3.78 | 1.89 | 4.05 | 2.03 |
| Cash from operations | DKK 119.0m | DKK 90.0m | DKK 119.0m | DKK 88.0m | DKK 88.0m | DKK 44.0m | DKK 40.0m | DKK 20.0m |
| Capital spending | −DKK 16.0m | −DKK 11.0m | −DKK 19.0m | −DKK 10.0m | −DKK 13.0m | −DKK 6.0m | −DKK 7.0m | −DKK 3.0m |
| Free cash flow | DKK 103.0m | DKK 79.0m | DKK 100.0m | DKK 78.0m | DKK 75.0m | DKK 38.0m | DKK 33.0m | DKK 17.0m |
| Total assets | DKK 860.9m | DKK 783.4m | DKK 828.0m | DKK 730.2m | DKK 676.7m | DKK 676.7m | DKK 593.5m | DKK 593.5m |
| Cash and short-term investments | DKK 293.6m | DKK 274.7m | DKK 341.8m | DKK 264.7m | DKK 296.1m | DKK 296.1m | DKK 232.2m | DKK 232.2m |
| Debt | DKK 2.5m | DKK 2.4m | DKK 3.4m | DKK 3.1m | DKK 3.2m | DKK 3.2m | DKK 3.3m | DKK 3.3m |
| Shareholders' equity | DKK 725.4m | DKK 652.6m | DKK 673.4m | DKK 598.0m | DKK 565.3m | DKK 565.3m | DKK 498.7m | DKK 498.7m |
Financial ratios
Data as of 11 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Gross margin | 95.1% | 93.9% | 90.1% | 89.0% | 89.7% | 90.1% |
| Operating margin | 49.1% | 47.7% | 43.3% | 52.1% | 47.8% | 40.4% |
| Net margin | 39.5% | 37.6% | 33.4% | 40.2% | 37.2% | 31.4% |
| Return on equity | 27.8% | 27.7% | 24.1% | 33.5% | 44.6% | 33.3% |
| Return on assets | 23.4% | 22.5% | 20.1% | 27.2% | 31.8% | 25.6% |
| Free cash flow yield | 2.3% | 2.3% | 1.7% | 1.9% | 2.3% | 1.3% |
| Revenue growth | 3.1% | 21.5% | -8.2% | 3.7% | 52.4% | 31.3% |
| Earnings growth | 8.3% | 36.8% | -23.7% | 12.0% | 80.5% | 49.3% |
| Current ratio | 4.09x | 3.70x | 4.97x | 4.13x | 2.57x | 3.40x |
| Debt to equity | 0.00x | 0.01x | 0.01x | 0.01x | 0.01x | 0.01x |
| Equity ratio | 84.3% | 81.3% | 83.5% | 81.0% | 71.3% | 76.8% |
| Interest coverage | 640.29x | 379.03x | 965.93x | 212.73x | 134.96x | 123.80x |
| R&D as a share of sales | 3.0% | 2.1% | 2.1% | 1.6% | 1.7% | 2.3% |
| Buybacks as a share of market value | 0.0% | -0.0% | 0.1% | -0.1% | 0.0% | 0.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 4.8% | 12.7% | 19.6% |
| Operating income | 3.2% | 16.7% | 31.8% |
| Net income | 4.1% | 18.0% | 34.4% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 94.5% | 92.2% | 91.6% | 91.1% |
| Operating margin | 49.5% | 48.7% | 47.8% | 43.4% |
| Net margin | 38.6% | 37.8% | 37.0% | 33.5% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 55.6 | 38.1 | 36.9 | 22.5 | 44.8 | 97.5 | 101.0 | 47.6 | 42.9 | 32.6 |
| Price to sales | 21.9 | 14.3 | 12.3 | 9.0 | 16.7 | 30.6 | 27.9 | 11.3 | 6.9 | 2.7 |
Dividends and splits
Per share, in the currency the company pays
Paid for 3 years. Last went ex-dividend on 10 Oct 2025.
| FY2026 | FY2025 | FY2024 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Paid in the year | 7.00 | 4.00 | 6.00 | 4.00 | 1.50 | 20.50 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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