121.85
-1.46%
Close of 9 Nov 2026, in DKK
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At a glance
Figures in DKK, from our data supplier.
Revenue
DKK 16.88bn
FY2016FY2025
Net income
DKK 653.0m
FY2016FY2025
Free cash flow
DKK 2.53bn
FY2016FY2025
Shareholders' equity
DKK 10.90bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | DKK 16.88bn | DKK 17.98bn | DKK 18.12bn | DKK 18.69bn | DKK 15.78bn | DKK 13.45bn | DKK 12.57bn | DKK 10.61bn | DKK 9.59bn | DKK 8.65bn |
| Gross profit | DKK 8.14bn | DKK 9.56bn | DKK 9.04bn | DKK 9.13bn | DKK 8.68bn | DKK 7.30bn | DKK 7.58bn | DKK 6.57bn | DKK 6.01bn | DKK 5.40bn |
| Research and development | DKK 839.0m | DKK 1.49bn | DKK 1.55bn | DKK 1.41bn | DKK 1.39bn | DKK 1.15bn | DKK 981.0m | DKK 861.0m | DKK 710.0m | DKK 677.0m |
| Operating income | DKK 2.39bn | DKK 1.86bn | DKK 869.0m | DKK 1.01bn | DKK 2.40bn | DKK 1.63bn | DKK 2.00bn | DKK 1.80bn | DKK 1.56bn | DKK 1.45bn |
| Net income | DKK 653.0m | DKK 988.0m | DKK 228.0m | DKK 511.0m | DKK 1.76bn | DKK 1.25bn | DKK 1.45bn | DKK 1.24bn | DKK 1.18bn | DKK 1.03bn |
| Diluted earnings per share | 4.48 | 6.78 | 1.64 | 3.99 | 13.66 | 9.72 | 11.15 | 9.29 | 8.57 | 7.00 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | DKK 29.23bn | DKK 30.61bn | DKK 30.64bn | DKK 30.59bn | DKK 23.55bn | DKK 16.68bn | DKK 16.68bn | DKK 13.02bn | DKK 11.74bn | DKK 12.84bn |
| Cash and short-term investments | DKK 1.12bn | DKK 980.0m | DKK 2.16bn | DKK 990.0m | DKK 6.21bn | DKK 1.66bn | DKK 1.73bn | DKK 636.0m | DKK 526.0m | DKK 178.0m |
| Total liabilities | DKK 18.33bn | DKK 19.79bn | DKK 21.05bn | DKK 23.79bn | DKK 17.32bn | DKK 11.50bn | DKK 11.83bn | DKK 7.92bn | DKK 6.95bn | DKK 7.21bn |
| Debt | DKK 10.81bn | DKK 11.49bn | DKK 13.50bn | DKK 16.25bn | DKK 11.57bn | DKK 5.86bn | DKK 7.03bn | DKK 3.87bn | DKK 3.56bn | DKK 3.58bn |
| Shareholders' equity | DKK 10.90bn | DKK 10.82bn | DKK 9.59bn | DKK 6.80bn | DKK 6.23bn | DKK 5.18bn | DKK 4.85bn | DKK 5.10bn | DKK 4.78bn | DKK 5.62bn |
| Shares outstanding | 146m | 146m | 139m | 128m | 129m | 129m | 130m | 134m | 138m | 148m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | DKK 2.70bn | DKK 2.73bn | DKK 2.64bn | DKK 627.0m | DKK 2.11bn | DKK 3.21bn | DKK 2.21bn | DKK 2.07bn | DKK 1.89bn | DKK 1.80bn |
| Capital spending | −DKK 168.0m | −DKK 1.40bn | −DKK 1.43bn | −DKK 1.67bn | −DKK 1.52bn | −DKK 1.09bn | −DKK 947.0m | −DKK 724.0m | −DKK 680.0m | −DKK 723.0m |
| Free cash flow | DKK 2.53bn | DKK 1.32bn | DKK 1.21bn | −DKK 1.04bn | DKK 588.0m | DKK 2.11bn | DKK 1.26bn | DKK 1.35bn | DKK 1.21bn | DKK 1.08bn |
| Dividends paid | −DKK 85.0m | — | −DKK 32.0m | −DKK 198.0m | −DKK 188.0m | −DKK 187.0m | −DKK 178.0m | −DKK 169.0m | −DKK 161.0m | −DKK 149.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | DKK 2.17bn | DKK 2.10bn | DKK 4.78bn | DKK 3.96bn | DKK 4.16bn | DKK 3.99bn | DKK 5.02bn | DKK 4.16bn |
| Gross profit | DKK 1.07bn | −DKK 66.3m | DKK 1.57bn | DKK 2.06bn | DKK 2.31bn | DKK 2.19bn | DKK 2.67bn | DKK 2.28bn |
| Operating income | −DKK 16.0m | −DKK 472.0m | DKK 806.0m | DKK 332.0m | DKK 460.0m | DKK 215.0m | DKK 601.0m | DKK 516.0m |
| Net income | −DKK 22.0m | −DKK 955.0m | DKK 344.0m | DKK 73.0m | DKK 165.0m | DKK 71.0m | DKK 367.0m | DKK 271.0m |
| Diluted earnings per share | -0.15 | -6.56 | 2.36 | 0.50 | 1.13 | 0.49 | 2.52 | 1.86 |
| Cash from operations | −DKK 248.0m | DKK 349.0m | DKK 1.24bn | DKK 848.0m | DKK 650.0m | −DKK 43.0m | DKK 711.0m | DKK 1.01bn |
| Capital spending | −DKK 70.0m | −DKK 47.0m | −DKK 82.0m | −DKK 61.0m | −DKK 341.0m | −DKK 286.0m | −DKK 549.0m | −DKK 193.0m |
| Free cash flow | −DKK 318.0m | DKK 302.0m | DKK 1.15bn | DKK 787.0m | DKK 309.0m | −DKK 329.0m | DKK 162.0m | DKK 813.0m |
| Total assets | DKK 29.55bn | DKK 28.55bn | DKK 29.23bn | DKK 29.06bn | DKK 29.49bn | DKK 29.94bn | DKK 30.61bn | DKK 29.58bn |
| Cash and short-term investments | DKK 806.0m | DKK 865.0m | DKK 1.12bn | DKK 767.0m | DKK 1.13bn | DKK 787.0m | DKK 980.0m | DKK 1.10bn |
| Debt | DKK 2.44bn | DKK 9.88bn | DKK 10.58bn | DKK 2.09bn | DKK 11.46bn | DKK 11.42bn | DKK 11.13bn | DKK 11.39bn |
| Shareholders' equity | DKK 10.27bn | DKK 10.12bn | DKK 10.90bn | DKK 10.54bn | DKK 10.45bn | DKK 10.75bn | DKK 10.82bn | DKK 10.19bn |
Financial ratios
Data as of 1 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 48.2% | 53.2% | 49.9% | 48.9% | 55.0% | 54.3% |
| Operating margin | 14.1% | 10.3% | 4.8% | 5.4% | 15.2% | 12.1% |
| Net margin | 3.9% | 5.5% | 1.3% | 2.7% | 11.1% | 9.3% |
| Return on equity | 6.0% | 9.1% | 2.4% | 7.5% | 28.2% | 24.2% |
| Return on assets | 2.2% | 3.2% | 0.7% | 1.7% | 7.5% | 7.5% |
| Free cash flow yield | 18.0% | 25.9% | 26.7% | 16.4% | 25.8% | 30.5% |
| Revenue growth | -6.1% | -0.7% | -3.0% | 18.5% | 17.3% | 7.0% |
| Earnings growth | -33.9% | 333.3% | -55.4% | -70.9% | 40.3% | -13.9% |
| Current ratio | 1.18x | 1.14x | 0.65x | 0.80x | 1.95x | 1.30x |
| Debt to equity | 0.96x | 1.03x | 1.39x | 2.35x | 1.81x | 1.07x |
| Equity ratio | 37.3% | 35.4% | 31.3% | 22.2% | 26.4% | 31.0% |
| Interest coverage | 3.70x | 2.64x | 1.77x | 3.31x | 14.44x | 10.11x |
| R&D as a share of sales | 5.0% | 8.3% | 8.5% | 7.5% | 8.8% | 8.5% |
| Buybacks as a share of market value | 0.1% | -4.8% | -8.5% | 0.3% | 0.2% | 1.2% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -3.3% | 4.6% | 7.2% |
| Operating income | 33.2% | 8.0% | 6.9% |
| Net income | 8.5% | -12.2% | -2.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 50.8% | 50.0% | 51.4% | 54.8% |
| Operating margin | 12.2% | 8.5% | 10.1% | 12.1% |
| Net margin | 4.7% | 3.3% | 5.3% | 7.4% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 23.7 | 19.7 | 104.7 | 40.0 | 30.1 | 50.1 | 28.1 | 26.2 | 23.4 | 20.9 |
| Price to sales | 0.9 | 1.1 | 1.3 | 1.1 | 3.4 | 4.7 | 3.3 | 3.1 | 2.9 | 2.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 10 Mar 2022.
| FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 1.55 | 1.45 | 1.45 | 1.35 | 1.25 | 1.15 | 0.99 | 0.90 |
- 5-for-1 split · 4 Oct 2000
- 5-for-1 split · 2 Sept 1997
- 20-for-9 split · 4 Jul 1991
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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