N 
867.00
+3.21%
Close of 9 Nov 2026, in DKK
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At a glance
Figures in EUR, from our data supplier.
Revenue
€3.56bn
FY2016FY2025
Net income
€275.0m
FY2016FY2025
Free cash flow
−€244.0m
FY2016FY2025
Shareholders' equity
€2.19bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €3.56bn | €3.25bn | €2.57bn | €2.08bn | €1.91bn | €1.47bn | €1.34bn | €1.50bn | €1.48bn | €1.05bn |
| Gross profit | €1.18bn | €1.04bn | €820.5m | €669.5m | €678.1m | €541.9m | €474.2m | €526.2m | €558.6m | €361.9m |
| Research and development | — | €18.0m | €14.5m | €17.6m | €24.0m | €25.1m | €27.4m | €21.3m | €17.3m | €14.0m |
| Operating income | €576.0m | €240.0m | €498.1m | €68.7m | €21.4m | −€50.4m | −€82.5m | −€36.8m | €18.9m | €9.4m |
| Net income | €275.0m | €337.0m | €124.3m | €62.4m | €4.1m | −€74.5m | −€76.0m | −€46.3m | −€3.4m | −€17.5m |
| Diluted earnings per share | 5.13 | 6.27 | 1.97 | 1.43 | 0.10 | -1.73 | -2.38 | -1.56 | -0.12 | -0.61 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €5.59bn | €4.86bn | €3.60bn | €2.77bn | €2.55bn | €2.15bn | €1.79bn | €1.86bn | €1.90bn | €1.75bn |
| Cash and short-term investments | €1.21bn | €1.52bn | €887.9m | €258.5m | €200.5m | €239.2m | €6.9m | €28.2m | €44.7m | €127.8m |
| Total liabilities | €3.40bn | €3.01bn | €2.03bn | €1.62bn | €1.39bn | €1.07bn | €985.6m | €963.6m | €1.09bn | €795.7m |
| Debt | €251.0m | €266.0m | €207.4m | €195.8m | €213.9m | €213.4m | €249.2m | €276.6m | €340.0m | €93.5m |
| Shareholders' equity | €2.19bn | €1.85bn | €1.57bn | €1.14bn | €1.16bn | €1.08bn | €803.8m | €895.6m | €816.3m | €951.4m |
| Shares outstanding | 54m | 54m | 63m | 44m | 43m | 43m | 32m | 30m | 28m | 29m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €499.0m | €1.29bn | €541.1m | €298.2m | €207.8m | €136.3m | €125.0m | −€42.2m | €87.8m | €153.9m |
| Capital spending | −€743.0m | −€495.0m | −€238.0m | −€191.1m | −€227.8m | −€107.8m | −€70.2m | −€62.1m | −€94.4m | −€79.2m |
| Free cash flow | −€244.0m | €792.0m | €303.1m | €107.1m | −€20.0m | €28.5m | €54.8m | −€104.3m | −€6.6m | €74.7m |
| Dividends paid | — | −€11.0m | — | −€7.4m | −€8.1m | −€8.1m | −€8.1m | −€8.1m | −€8.1m | −€13.1m |
Financial ratios
Data as of 14 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 33.2% | 31.9% | 32.0% | 32.2% | 35.6% | 36.9% | — |
| Operating margin | 8.6% | 8.7% | 6.2% | 4.2% | 1.4% | -3.3% | — |
| Net margin | 7.7% | 10.4% | 4.8% | 3.0% | 0.2% | -5.1% | — |
| Return on equity | 12.5% | 18.2% | 7.9% | 5.5% | 0.4% | -6.9% | — |
| Return on assets | 4.9% | 6.9% | 3.4% | 2.3% | 0.2% | -3.5% | — |
| Free cash flow yield | 2.7% | 3.8% | 1.4% | 1.3% | 1.2% | 0.7% | — |
| Revenue growth | 9.6% | 26.7% | 23.5% | 9.0% | 29.7% | 9.5% | — |
| Earnings growth | -18.4% | 171.1% | 99.2% | 1422.0% | -105.5% | -2.0% | — |
| Current ratio | 1.33x | 1.67x | 1.16x | 1.03x | 1.06x | 1.10x | — |
| Debt to equity | 0.07x | 0.10x | 0.09x | 0.14x | 0.15x | 0.16x | — |
| Equity ratio | 39.2% | 38.1% | 43.7% | 41.3% | 45.4% | 50.1% | — |
| Interest coverage | 22.00x | 35.25x | 15.90x | 10.55x | 2.44x | -3.06x | — |
| R&D as a share of sales | — | 0.6% | 0.6% | 0.8% | 1.3% | 1.7% | 2.0% |
| Buybacks as a share of market value | 0.2% | 14.7% | -44.7% | -1.2% | 0.0% | -34.3% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 19.7% | 19.4% | 4.8% |
| Operating income | 103.2% | — | 27.5% |
| Net income | 64.0% | — | 75.4% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 32.6% | 32.4% | 33.2% | 34.7% |
| Operating margin | 12.0% | 12.1% | 9.1% | 5.9% |
| Net margin | 9.0% | 7.0% | 4.9% | 2.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 20.9 | 11.0 | 31.5 | 33.6 | 406.9 | -19.3 | -7.3 | -6.2 | -256.3 | -44.0 |
| Price to sales | 1.6 | 1.1 | 1.5 | 1.0 | 0.9 | 1.0 | 0.4 | 0.2 | 0.6 | 0.7 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 1 Apr 2016.
| FY2016 | FY2015 | FY2014 | FY2013 | FY2012 | FY2011 | FY2010 | FY2008 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 3.531 | 3.531 | 3.09 | 7.063 | 1.766 | 1.766 | 3.09 | 9.711 |
- 5-for-1 split · 26 Apr 2001
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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