R 
212.20
+1.34%
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 EUR, from our data supplier.
Revenue
€3.87bn
FY2016FY2025
Net income
€28.0m
FY2016FY2025
Free cash flow
€148.8m
FY2016FY2025
Shareholders' equity
€2.74bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €3.87bn | €3.85bn | €3.62bn | €3.91bn | €3.09bn | €2.60bn | €2.76bn | €2.67bn | €2.37bn | €2.20bn |
| Research and development | €72.9m | €67.0m | €64.0m | €409.2m | €334.7m | €305.6m | €306.1m | €38.0m | €32.0m | €32.0m |
| Operating income | €568.1m | €684.0m | €700.0m | €368.0m | €403.0m | €338.0m | €396.0m | €351.0m | €280.5m | €229.4m |
| Net income | €28.0m | €550.0m | €389.0m | €273.0m | €303.0m | €251.0m | €285.0m | €265.0m | €213.3m | €166.2m |
| Diluted earnings per share | 0.14 | 2.60 | 1.79 | 1.27 | 1.39 | 1.14 | 1.31 | 1.21 | 0.98 | 0.77 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €3.64bn | €3.89bn | €3.55bn | €3.43bn | €3.08bn | €2.74bn | €2.69bn | €2.43bn | €2.16bn | €2.00bn |
| Cash and short-term investments | €107.9m | €403.0m | €354.0m | €209.0m | €166.0m | €241.0m | €275.0m | €386.0m | €261.9m | €120.3m |
| Total liabilities | €900.3m | €802.0m | €750.0m | €848.0m | €686.0m | €652.0m | €576.0m | €554.0m | €479.6m | €463.4m |
| Debt | €276.0m | €122.0m | €115.0m | €233.0m | €90.0m | €146.0m | €63.0m | €11.0m | €3.2m | €4.3m |
| Shareholders' equity | €2.74bn | €3.08bn | €2.80bn | €2.58bn | €2.39bn | €2.09bn | €2.11bn | €1.87bn | €1.68bn | €1.53bn |
| Shares outstanding | 207m | 211m | 217m | 214m | 217m | 219m | 218m | 219m | 217m | 215m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €609.0m | €817.0m | €707.0m | €394.0m | €426.0m | €438.0m | €402.0m | €408.0m | €332.2m | €326.0m |
| Capital spending | −€460.3m | −€387.0m | −€326.0m | −€334.0m | −€302.0m | −€362.0m | −€400.0m | −€223.0m | −€131.9m | −€100.2m |
| Free cash flow | €148.8m | €430.0m | €381.0m | €60.0m | €124.0m | €76.0m | €2.0m | €185.0m | €200.3m | €225.8m |
| Dividends paid | −€177.7m | −€125.0m | −€101.0m | −€102.0m | −€93.0m | −€94.0m | −€87.0m | −€70.0m | −€54.9m | −€33.4m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €999.9m | €905.8m | €967.0m | €963.0m | €988.0m | €959.0m | €970.0m | €957.0m |
| Operating income | €120.0m | €119.0m | €95.9m | €150.0m | €153.0m | €154.0m | €170.0m | €173.0m |
| Net income | €93.0m | −€85.0m | −€331.7m | €122.0m | €122.0m | €116.0m | €137.0m | €155.0m |
| Diluted earnings per share | 0.44 | -0.40 | -1.60 | 0.59 | 0.59 | 0.56 | 0.65 | 0.73 |
| Cash from operations | €173.0m | €34.0m | €160.0m | €225.0m | €178.0m | €46.0m | €211.0m | €270.0m |
| Capital spending | −€173.0m | −€154.0m | −€160.0m | −€224.0m | −€1.33bn | — | −€376.0m | — |
| Free cash flow | €0 | −€120.0m | €0 | €1.0m | −€1.15bn | — | −€165.0m | — |
| Total assets | €4.10bn | €4.04bn | €3.64bn | €4.05bn | €4.00bn | €4.18bn | €3.89bn | €3.74bn |
| Cash and short-term investments | €103.0m | €207.0m | €107.9m | €376.0m | €352.0m | €499.0m | €403.0m | €455.0m |
| Debt | — | — | €226.8m | — | — | — | €67.0m | — |
| Shareholders' equity | €2.81bn | €2.83bn | €2.74bn | €3.07bn | €3.03bn | €3.20bn | €3.08bn | €2.96bn |
Financial ratios
Data as of 15 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | 5.4% | 18.5% | 15.0% | 9.4% | 13.1% | 13.1% |
| Net margin | 0.7% | 14.3% | 10.7% | 7.0% | 9.8% | 9.6% |
| Return on equity | 1.0% | 17.8% | 13.9% | 10.6% | 12.7% | 12.0% |
| Return on assets | 0.8% | 14.1% | 10.9% | 8.0% | 9.8% | 9.1% |
| Free cash flow yield | 2.7% | 3.0% | 2.5% | 1.8% | 1.8% | 1.9% |
| Revenue growth | 0.4% | 6.5% | -7.3% | 26.5% | 18.7% | -5.6% |
| Earnings growth | -94.9% | 41.4% | 42.5% | -9.9% | 20.7% | -11.9% |
| Current ratio | 1.42x | 2.08x | 2.17x | 1.76x | 1.82x | 1.65x |
| Debt to equity | 0.08x | 0.02x | 0.02x | 0.07x | 0.02x | 0.06x |
| Equity ratio | 75.3% | 79.3% | 78.9% | 75.3% | 77.7% | 76.1% |
| Interest coverage | 11.61x | 41.94x | 24.73x | 33.45x | 40.30x | 28.42x |
| R&D as a share of sales | 1.9% | 1.7% | 1.8% | 10.5% | 10.8% | 11.7% |
| Buybacks as a share of market value | 2.1% | 2.7% | -1.3% | 1.4% | 1.0% | -0.7% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -0.3% | 8.3% | 5.8% |
| Operating income | 15.6% | 10.9% | 15.5% |
| Net income | -53.2% | -35.5% | -11.2% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 16.2% | 15.2% | 14.6% | 13.4% |
| Net margin | 7.5% | 8.1% | 8.6% | 8.5% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 223.8 | 13.2 | 14.8 | 17.2 | 27.5 | 26.7 | 16.2 | 18.8 | 23.9 | 21.6 |
| Price to sales | 1.6 | 1.9 | 1.6 | 1.2 | 2.7 | 2.6 | 1.7 | 1.9 | 2.1 | 1.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 30 years. Last went ex-dividend on 16 Apr 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 4.15 | 6.30 | 4.30 | 3.50 | 3.50 | 3.20 | 3.20 | 2.99 |
- 10-for-1 split · 9 Apr 2025
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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