889.00
+3.01%
Close of 9 Nov 2026, in DKK
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At a glance
Figures in DKK, from our data supplier.
Revenue
DKK 34.13bn
FY2016FY2025
Net income
DKK 650.0m
FY2016FY2025
Free cash flow
DKK 2.35bn
FY2016FY2025
Shareholders' equity
DKK 11.31bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | DKK 34.13bn | DKK 34.67bn | DKK 37.21bn | DKK 32.64bn | DKK 24.22bn | DKK 21.27bn | DKK 20.95bn | DKK 18.25bn | DKK 17.03bn | DKK 14.37bn |
| Research and development | DKK 198.0m | DKK 159.0m | DKK 140.0m | DKK 130.0m | DKK 105.0m | DKK 106.0m | DKK 116.0m | DKK 84.0m | DKK 86.3m | DKK 73.0m |
| Operating income | DKK 1.45bn | DKK 1.85bn | DKK 1.72bn | DKK 2.23bn | DKK 1.35bn | DKK 1.38bn | DKK 1.19bn | DKK 1.05bn | DKK 1.10bn | DKK 1.62bn |
| Net income | DKK 650.0m | DKK 950.0m | DKK 935.0m | DKK 960.0m | DKK 1.01bn | DKK 912.0m | DKK 911.0m | DKK 801.0m | DKK 879.5m | DKK 1.34bn |
| Diluted earnings per share | 28.56 | 41.24 | 39.82 | 40.99 | 42.19 | 37.88 | 38.02 | 33.74 | 36.51 | 56.05 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | DKK 26.98bn | DKK 28.12bn | DKK 27.90bn | DKK 28.45bn | DKK 21.52bn | DKK 17.99bn | DKK 18.78bn | DKK 16.94bn | DKK 14.39bn | DKK 12.27bn |
| Cash and short-term investments | DKK 1.25bn | DKK 892.0m | DKK 584.0m | DKK 712.0m | DKK 490.0m | DKK 635.0m | DKK 538.0m | DKK 585.0m | DKK 478.2m | DKK 1.68bn |
| Total liabilities | DKK 15.18bn | DKK 15.89bn | DKK 16.34bn | DKK 17.21bn | DKK 10.84bn | DKK 8.39bn | DKK 9.26bn | DKK 8.28bn | DKK 6.06bn | DKK 4.46bn |
| Debt | DKK 5.31bn | DKK 6.44bn | DKK 7.11bn | DKK 6.68bn | DKK 3.45bn | DKK 2.60bn | DKK 3.88bn | DKK 3.06bn | DKK 1.81bn | DKK 723.1m |
| Shareholders' equity | DKK 11.31bn | DKK 11.28bn | DKK 10.66bn | DKK 10.35bn | DKK 10.67bn | DKK 9.61bn | DKK 9.52bn | DKK 8.65bn | DKK 8.32bn | DKK 7.80bn |
| Shares outstanding | 23m | 23m | 23m | 23m | 24m | 24m | 24m | 24m | 24m | 24m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | DKK 2.91bn | DKK 2.55bn | DKK 1.78bn | DKK 319.0m | DKK 531.0m | DKK 2.30bn | DKK 1.41bn | DKK 837.0m | DKK 763.2m | DKK 1.60bn |
| Capital spending | −DKK 569.0m | −DKK 692.0m | −DKK 867.0m | −DKK 1.11bn | −DKK 799.0m | −DKK 502.0m | −DKK 804.0m | −DKK 719.0m | −DKK 833.6m | −DKK 847.1m |
| Free cash flow | DKK 2.35bn | DKK 1.86bn | DKK 910.0m | −DKK 787.0m | −DKK 268.0m | DKK 1.79bn | DKK 606.0m | DKK 118.0m | −DKK 70.4m | DKK 751.0m |
| Dividends paid | −DKK 368.0m | −DKK 399.0m | −DKK 377.0m | −DKK 374.0m | −DKK 348.0m | −DKK 336.0m | −DKK 309.0m | −DKK 314.0m | −DKK 285.6m | −DKK 237.7m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | DKK 8.96bn | DKK 7.70bn | DKK 8.48bn | DKK 9.20bn | DKK 8.53bn | DKK 7.93bn | DKK 8.55bn | DKK 9.54bn |
| Operating income | DKK 530.0m | DKK 292.0m | DKK 137.0m | DKK 594.0m | DKK 429.0m | DKK 287.0m | DKK 428.0m | DKK 565.0m |
| Net income | DKK 322.0m | DKK 164.0m | −DKK 52.0m | DKK 355.0m | DKK 234.0m | DKK 114.0m | DKK 220.0m | DKK 340.0m |
| Diluted earnings per share | 14.18 | 7.22 | -2.28 | 15.60 | 10.28 | 5.01 | 9.55 | 14.76 |
| Cash from operations | DKK 411.0m | DKK 26.0m | DKK 1.24bn | DKK 910.0m | DKK 542.0m | DKK 220.0m | DKK 888.0m | DKK 1.16bn |
| Capital spending | −DKK 181.0m | −DKK 130.0m | −DKK 173.0m | −DKK 112.0m | −DKK 130.0m | −DKK 172.0m | −DKK 144.0m | −DKK 185.0m |
| Free cash flow | DKK 230.0m | −DKK 104.0m | DKK 1.07bn | DKK 798.0m | DKK 412.0m | DKK 48.0m | DKK 744.0m | DKK 973.0m |
| Total assets | DKK 30.73bn | DKK 27.48bn | DKK 26.98bn | DKK 28.10bn | DKK 27.66bn | DKK 27.60bn | DKK 28.12bn | DKK 28.59bn |
| Cash and short-term investments | DKK 3.55bn | DKK 1.33bn | DKK 1.25bn | DKK 1.01bn | DKK 1.05bn | DKK 877.0m | DKK 892.0m | DKK 792.0m |
| Debt | DKK 2.55bn | DKK 1.39bn | DKK 5.31bn | DKK 1.01bn | DKK 1.50bn | DKK 2.00bn | DKK 5.88bn | DKK 2.29bn |
| Shareholders' equity | DKK 13.56bn | DKK 11.57bn | DKK 11.31bn | DKK 11.04bn | DKK 10.70bn | DKK 11.23bn | DKK 11.28bn | DKK 10.79bn |
Financial ratios
Data as of 29 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | 4.2% | 5.3% | 4.6% | 6.8% | 5.6% | 6.5% |
| Net margin | 1.9% | 2.7% | 2.5% | 2.9% | 4.2% | 4.3% |
| Return on equity | 5.7% | 8.4% | 8.8% | 9.3% | 9.4% | 9.5% |
| Return on assets | 2.4% | 3.4% | 3.4% | 3.4% | 4.7% | 5.1% |
| Free cash flow yield | 18.9% | 17.4% | 13.9% | 7.5% | 6.9% | 14.3% |
| Revenue growth | -1.6% | -6.8% | 14.0% | 34.8% | 13.8% | 1.6% |
| Earnings growth | -31.6% | 1.6% | -2.6% | -4.8% | 10.5% | 0.1% |
| Current ratio | 1.65x | 1.53x | 1.53x | 1.59x | 1.43x | 1.43x |
| Debt to equity | 0.47x | 0.52x | 0.61x | 0.60x | 0.28x | 0.21x |
| Equity ratio | 41.9% | 40.1% | 38.2% | 36.4% | 49.6% | 53.4% |
| Interest coverage | 4.03x | 3.45x | 3.81x | 11.74x | 13.88x | 15.12x |
| R&D as a share of sales | 0.6% | 0.5% | 0.4% | 0.4% | 0.4% | 0.5% |
| Buybacks as a share of market value | 1.2% | 1.9% | -0.3% | 2.0% | 0.8% | -0.5% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 1.5% | 9.9% | 10.5% |
| Operating income | -13.4% | 1.0% | 5.7% |
| Net income | -12.2% | -6.5% | 0.0% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 4.8% | 5.2% | 5.4% | 5.9% |
| Net margin | 2.3% | 2.5% | 2.9% | 3.7% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 23.0 | 13.1 | 13.9 | 12.8 | 13.5 | 16.3 | 14.7 | 14.4 | 15.9 | 9.4 |
| Price to sales | 0.4 | 0.4 | 0.3 | 0.4 | 0.6 | 0.7 | 0.6 | 0.6 | 0.8 | 0.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 36 years. Last went ex-dividend on 17 Apr 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 17.00 | 16.00 | 16.00 | 15.00 | 15.00 | 14.00 | 14.00 | 13.00 |
- 2-for-1 split · 22 Apr 2008
- 1-to-1 reverse split · 27 Jun 2002
- 2-for-1 split · 17 Jul 2001
- 2-for-1 split · 26 May 1999
- 5-for-1 split · 12 Jun 1995
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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