V 
207.00
-1.38%
Close of 9 Nov 2026, in DKK
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At a glance
Figures in EUR, from our data supplier.
Revenue
€18.82bn
FY2016FY2025
Net income
€778.0m
FY2016FY2025
Free cash flow
€1.47bn
FY2016FY2025
Shareholders' equity
€3.87bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €18.82bn | €17.30bn | €15.38bn | €14.49bn | €15.59bn | €14.82bn | €12.15bn | €10.13bn | €9.95bn | €10.24bn |
| Gross profit | €2.50bn | €2.06bn | €1.28bn | €118.0m | €1.56bn | €1.54bn | €1.76bn | €1.63bn | €1.96bn | €2.13bn |
| Research and development | €424.0m | €380.0m | €371.0m | €457.0m | €364.0m | €265.0m | €268.0m | €229.0m | €235.0m | €227.0m |
| Operating income | €1.07bn | €794.0m | €292.0m | −€1.65bn | €322.0m | €974.0m | €956.0m | €921.0m | €1.23bn | €1.42bn |
| Net income | €778.0m | €499.0m | €77.0m | −€1.57bn | €134.0m | €765.0m | €704.0m | €684.0m | €894.0m | €965.0m |
| Diluted earnings per share | 0.77 | 0.49 | 0.08 | -1.60 | 0.13 | 0.78 | 0.70 | 0.67 | 0.84 | 0.87 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €25.73bn | €24.62bn | €22.51bn | €20.09bn | €19.71bn | €18.16bn | €14.33bn | €11.90bn | €10.87bn | €9.93bn |
| Cash and short-term investments | €4.53bn | €3.97bn | €3.32bn | €2.35bn | €2.51bn | €3.15bn | €3.04bn | €3.31bn | €3.20bn | €3.23bn |
| Total liabilities | €21.85bn | €21.10bn | €19.47bn | €17.03bn | €14.95bn | €13.46bn | €10.99bn | €8.79bn | €7.76bn | €6.74bn |
| Debt | €3.37bn | €3.27bn | €3.39bn | €2.43bn | €1.44bn | €1.35bn | €820.0m | €498.0m | €497.0m | €496.0m |
| Shareholders' equity | €3.87bn | €3.53bn | €3.03bn | €3.04bn | €4.75bn | €4.65bn | €3.29bn | €3.09bn | €3.11bn | €3.19bn |
| Shares outstanding | 1,009m | 1,009m | 996m | 980m | 1,017m | 979m | 1,000m | 1,017m | 1,063m | 1,110m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €2.29bn | €2.33bn | €1.03bn | −€195.0m | €996.0m | €743.0m | €823.0m | €1.02bn | €1.63bn | €2.18bn |
| Capital spending | −€819.7m | −€1.16bn | −€892.0m | −€819.0m | −€876.0m | −€688.0m | −€776.0m | −€607.0m | −€491.0m | −€489.0m |
| Free cash flow | €1.47bn | €1.18bn | €135.0m | −€1.01bn | €120.0m | €55.0m | €47.0m | €414.0m | €1.13bn | €1.69bn |
| Dividends paid | −€74.0m | — | — | −€50.0m | −€228.0m | −€209.0m | −€197.0m | −€250.0m | −€278.0m | −€201.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €4.72bn | €3.97bn | €6.27bn | €5.34bn | €3.75bn | €3.47bn | €6.14bn | €5.18bn |
| Gross profit | €791.9m | €471.0m | €949.0m | €772.0m | €417.0m | €359.0m | €1.11bn | €544.0m |
| Operating income | €435.9m | €129.0m | €574.0m | €416.0m | €57.0m | €21.0m | €812.0m | €235.0m |
| Net income | €280.0m | €82.0m | €439.0m | €302.0m | €32.0m | €5.0m | €598.0m | €127.0m |
| Diluted earnings per share | 0.28 | 0.08 | 0.44 | 0.30 | 0.03 | 0.00 | 0.59 | 0.13 |
| Cash from operations | €430.0m | −€289.0m | €1.30bn | €840.0m | €120.0m | €28.0m | €2.17bn | €89.0m |
| Capital spending | −€197.0m | −€198.0m | −€409.0m | −€274.0m | −€288.0m | −€307.0m | −€403.0m | −€272.0m |
| Free cash flow | €233.0m | −€487.0m | €889.0m | €566.0m | −€168.0m | −€279.0m | €1.76bn | −€183.0m |
| Total assets | €26.72bn | €26.71bn | €25.73bn | €25.92bn | €25.55bn | €25.28bn | €24.62bn | €22.92bn |
| Cash and short-term investments | €3.63bn | €4.36bn | €4.53bn | €3.71bn | €3.22bn | €3.60bn | €3.97bn | €2.36bn |
| Debt | €332.0m | €785.0m | €781.4m | €748.9m | €746.0m | €247.0m | €199.8m | €187.0m |
| Shareholders' equity | €3.96bn | €3.92bn | €3.87bn | €3.47bn | €3.11bn | €3.35bn | €3.53bn | €2.91bn |
Financial ratios
Data as of 25 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 13.3% | 11.9% | 8.3% | 0.8% | 10.0% | 10.4% |
| Operating margin | 5.7% | 4.6% | 1.9% | -11.4% | 2.1% | 6.6% |
| Net margin | 4.1% | 2.9% | 0.5% | -10.9% | 0.9% | 5.2% |
| Return on equity | 20.1% | 14.2% | 2.5% | -51.6% | 2.8% | 16.4% |
| Return on assets | 3.0% | 2.0% | 0.3% | -7.8% | 0.7% | 4.2% |
| Free cash flow yield | 1.5% | 1.7% | 1.0% | 0.3% | 0.9% | 0.7% |
| Revenue growth | 8.8% | 12.4% | 6.2% | -7.1% | 5.2% | 22.0% |
| Earnings growth | 55.9% | 548.1% | -104.9% | -1273.1% | -82.5% | 8.7% |
| Current ratio | 1.00x | 1.04x | 1.06x | 1.01x | 1.01x | 1.09x |
| Debt to equity | 0.20x | 0.06x | 0.05x | 0.08x | 1.10x | 0.22x |
| Equity ratio | 15.0% | 14.3% | 13.4% | 15.2% | 24.1% | 25.6% |
| Interest coverage | 7.36x | 4.09x | 1.24x | -26.25x | 6.19x | 24.35x |
| R&D as a share of sales | 2.3% | 2.2% | 2.4% | 3.2% | 2.3% | 1.8% |
| Buybacks as a share of market value | 0.0% | -1.3% | -1.7% | 3.6% | -3.8% | 2.1% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 9.1% | 4.9% | 8.4% |
| Operating income | — | 1.8% | 1.6% |
| Net income | — | 0.3% | 1.3% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 12.6% | 9.0% | 9.4% | 12.2% |
| Operating margin | 5.2% | 0.8% | 1.9% | 4.9% |
| Net margin | 3.5% | -0.3% | 0.7% | 3.1% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 30.1 | 26.6 | 371.5 | -16.9 | 203.3 | 49.4 | 25.6 | 19.6 | 13.7 | 14.2 |
| Price to sales | 1.3 | 0.8 | 1.9 | 1.8 | 1.8 | 2.5 | 1.5 | 1.3 | 1.2 | 1.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 1 years. Last went ex-dividend on 9 Apr 2026.
| FY2026 | FY2025 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.74 | 0.55 | 0.37 | 1.69 | 1.586 | 1.488 | 1.846 | 1.942 |
- 5-for-1 split · 27 Apr 2021
- 10-for-1 split · 10 May 2000
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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