olivLaw · European equity research
DEMANT A/S DEMANT.CO
Denmark · Nasdaq Copenhagen · ISIN DK0060738599 · Vertical: Listed companies from Denmark
Demant is a global hearing healthcare company that operates through the Oticon brand, hearing aids and hearing care clinics. In the first half of 2026 it reported accelerating organic growth, supported by the Oticon Zeal portfolio and the KIND acquisition, in a market where hearing aid demand is returning to growth. Revenue reached 12913 million DKK.
At the close of 04 Nov 2026, DEMANT A/S (DEMANT.CO) stock was 375.40 DKK (+2.62% on the day), with market capitalisation 79.3 bn DKK, P/E 51.4 on diluted EPS of 7.31 DKK over the last 12 months, beta 0.73, 52-week range 176.20–375.40 DKK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 75.0
- overbought (≥ 70)
- Bollinger (20, 2)
- 336.56 – 380.40
- in the upper half of the band · %B 0.89 · band width 12.2%
- SMA 50 / 200
- 324.56 / 255.83
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 13.09 / 13.67
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +17.6% | +0.4% | +17.2 pp | — |
| 3 months | +33.5% | −3.3% | +36.8 pp | — |
| 6 months | +61.8% | +4.0% | +57.9 pp | — |
| Year to date | +74.4% | +8.1% | +66.3 pp | — |
| 1 year | +71.4% | +10.7% | +60.7 pp | −6.4% |
| 3 years | +36.3% | +50.1% | −13.8 pp | −0.5% |
| 5 years | +12.5% | +43.6% | −31.1 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 2-quarter history (min 24.0, median 26.7, max 29.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | 22.4 bn | 23.0 bn |
| Revenue YoY | unavailable | +2.5% |
| Net income | 2.4 bn | 1.5 bn |
| Net income YoY | unavailable | −35.3% |
| Diluted EPS | 10.99 | 7.31 |
| Diluted EPS YoY | unavailable | −33.5% |
| net % | 10.6% | 6.7% |
| Free cash flow | 3.5 bn | 3.2 bn |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.3 bn DKK
- Financial debt
- 17.6 bn DKK
- Net debt
- 16.3 bn DKK
- Equity
- 9.9 bn DKK
- Total assets
- 39.1 bn DKK
- Debt / equity
- 1.77x
- Current ratio
- 1.36x
- ROE
- 15.8%
- ROA
- 4.3%
- FCF margin
- 13.9%
Financial statements (source on every figure)
Revenue and net income (DKK)
Margins
Income statement · DKK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 22.4 bn | 23.0 bn | esef· 10 Mar 2026verified |
| Cost of revenue | 5.3 bn | 5.6 bn | esef· 10 Mar 2026verified |
| Gross profit | 17.1 bn | 17.4 bn | esef· 10 Mar 2026verified |
| Research & development | 1.4 bn | 1.4 bn | esef· 10 Mar 2026verified |
| Operating income | 4.5 bn | 3.8 bn | esef· 10 Mar 2026verified |
| Interest expense | 925.0 m | 833.0 m | esef· 10 Mar 2026verified |
| Pre-tax income | 3.7 bn | 3.1 bn | esef· 10 Mar 2026verified |
| Income tax | 824.0 m | 734.0 m | esef· 10 Mar 2026verified |
| Net income | 2.4 bn | 1.5 bn | esef· 10 Mar 2026verified |
| Diluted EPS | 10.99 | 7.31 | esef· 10 Mar 2026verified |
Balance sheet · DKK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 1.1 bn | 1.3 bn | esef· 10 Mar 2026verified |
| Inventories | 2.5 bn | 2.6 bn | esef· 10 Mar 2026verified |
| Current assets | 9.9 bn | 10.1 bn | esef· 10 Mar 2026verified |
| Property, plant & equipment, net | 2.9 bn | 3.4 bn | esef· 10 Mar 2026verified |
| Goodwill | — | 19.0 bn | esef· 02 Sept 2026verified |
| Total assets | 32.5 bn | 39.1 bn | esef· 10 Mar 2026verified |
| Short-term debt | 423.0 m | 1.2 bn | esef· 10 Mar 2026verified |
| Long-term debt | 12.5 bn | 16.4 bn | esef· 10 Mar 2026verified |
| Current liabilities | 6.1 bn | 7.4 bn | esef· 10 Mar 2026verified |
| Total liabilities | 22.8 bn | 29.2 bn | esef· 10 Mar 2026verified |
| Equity | 9.6 bn | 9.9 bn | esef· 10 Mar 2026verified |
| Shares outstanding at year end | 217.2 m | 211.4 m | esef· 02 Sept 2026derived |
Cash flow · DKK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 4.1 bn | 3.9 bn | esef· 10 Mar 2026verified |
| Capex | 576.0 m | 652.0 m | esef· 10 Mar 2026verified |
| Free cash flow | 3.5 bn ≈ | 3.2 bn ≈ | esef· 10 Mar 2026derived |
| Investing cash flow | -1.8 bn | -7.0 bn | esef· 10 Mar 2026verified |
| Financing cash flow | -2.2 bn | 3.3 bn | esef· 10 Mar 2026verified |
| Share repurchases | 2.3 bn | 582.0 m | esef· 10 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 58.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 79.3 bn DKK
Key indicators
Coverage and freshness
Score by group
58% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 58.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 12.0% | 78 (vs peers) | 18% |
| Net margin · Quality | 6.7% | 66 (vs peers) | 11% |
| FCF conversion · Quality | 207.1% | 100 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 4.6x | 48 (on a fixed band) | 11% |
| Current ratio · Balance sheet | 0.8x | 2 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 51.4x | 18 (vs peers) | 18% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 4.0% | 50 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | 0.7% | 10 (on a fixed band) | 11% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet29/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality81/100 · 3/3 factors with a value
- Returns· partial10/100 · 1/2 factors with a value
- Valuation33/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
DEMANT A/S (DEMANT.CO). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 23.0 bn DKK in 2025; YoY growth 2.5%; net margin 6.7%; ROE 15.0%.
The estimated value range is 91.86–152.69 DKK per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 123.29 DKK, the price of 375.40 DKK leaves a potential of -67.2% (value / price − 1) and a margin of safety of -204.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 58.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 12.0%
- FCF conversion: 207.1%
What contradicts it
- Current ratio: 0.8x
- P/E (TTM): 51.4x
- Shareholder yield (distributions): 0.7%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Listed companies from Denmark · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DEMANT.CODemant A | 79.3 bn | 51.4 | 15.0% | 6.7% | +2.5% | +71% / +29% |
| PNDORA.COPandora A | 70.8 bn | 13.5 | 133.4% | 16.1% | unavailable | +20% / −0% |
| NEWCAP.CONewcap Holding A | 65.3 bn | 13,125.0 | 29.1% | 41.6% | −99.9% | +121% / +62% |
| ISS.COIss A | 49.5 bn | 19.2 | 27.7% | 3.1% | +1.1% | +39% / +151% |
| BAVA.COBavarian Nordic A | 19.3 bn | 14.0 | 10.9% | 22.0% | unavailable | +34% / +48% |
| NETC.CONetcompany Group A | 16.9 bn | 66.6 | 7.2% | 3.3% | unavailable | +12% / +65% |
| GN.COGn Store Nord A | 16.2 bn | 24.8 | 6.3% | 6.8% | unavailable | +7% / −31% |
| BIOMAR.COBiomar Group A | 12.1 bn | 17.0 | 28.3% | 4.3% | −0.5% | unavailable / unavailable |
| JDAN.COJeudan A | 11.0 bn | 11.0 | 7.7% | 57.1% | unavailable | +1% / −8% |
| DFDS.CODfds A | 8.9 bn | — | -0.2% | -0.1% | +1.9% | +77% / −24% |
| GUBRA.COGubra A | 4.8 bn | 2.9 | 149.6% | 64.1% | +892.2% | −40% / +155% |
| MATAS.COMatas A | 3.7 bn | 15.2 | 6.6% | 2.8% | +4.7% | −19% / −8% |
| CBRAIN.COCbrain A | 2.0 bn | 47.4 | 13.8% | 17.2% | −6.2% | −31% / −58% |
| BO.COBang & Olufsen A | 1.7 bn | — | -10.0% | -4.3% | −3.3% | −23% / +13% |
| COLUM.COColumbus A | 1.2 bn | 83.1 | 2.0% | 0.9% | unavailable | −6% / +29% |
| NNIT.CONnit A | 1.0 bn | — | -3.0% | -1.3% | −3.4% | −13% / −52% |
| NORTHM.CONorth Media A | 908.9 m | 13.7 | 5.5% | 5.1% | −0.4% | +15% / −12% |
| FFARMS.COFirstfarms A | 789.8 m | — | -2.3% | -5.4% | −16.5% | −9% / −1% |
| HUSCO.COHusCompagniet A | 516.0 m | — | -1.3% | -0.9% | +28.7% | −39% / −45% |
| BIOPOR.COBioporto A | 463.0 m | — | -117.6% | -203.8% | +11.2% | −6% / −52% |
| GABR.COGabriel Holding A | 418.2 m | 56.0 | 2.8% | 1.4% | +6.7% | −13% / −31% |
| GREENM.COGreenMobility A | 393.7 m | 11.9 | 74.3% | 21.5% | +20.0% | −19% / +91% |
| EGNETY.COEgnsinvest Ejendomme Tyskland A | 320.0 m | 13.0 | 4.0% | 40.9% | −2.6% | −21% / +11% |
| PFINV.COPapirfabrikken Invest A | 302.9 m | 13.6 | 5.4% | 29.7% | +0.9% | −2% / +37% |
| CEMAT.COCemat A | 212.4 m | 3.4 | 28.7% | 37.5% | +318.0% | −9% / +3% |
1- and 3-year price returns: for DEMANT.CO from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (DKK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 217.35 Total return -42% · Per year -42% | 384.64 Total return 2% · Per year 2% | 579.91 Total return 54% · Per year 54% |
| 3 years | 202.39 Total return -46% · Per year -19% | 403.82 Total return 8% · Per year 2% | 669.68 Total return 78% · Per year 21% |
| 5 years | 188.46 Total return -50% · Per year -13% | 423.95 Total return 13% · Per year 2% | 773.36 Total return 106% · Per year 16% |
- Exit P/E± 100.95
- Net margin± 70.67
- Annual revenue growth± 59.16
- Annual dilution± 5.94
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Demant is a global hearing healthcare company that operates through the Oticon brand, hearing aids and hearing care clinics. In the first half of 2026 it reported accelerating organic growth, supported by the Oticon Zeal portfolio and the KIND acquisition, in a market where hearing aid demand is returning to growth. Revenue reached 12913 million DKK 1.
SWOT
Strengths
- High gross margins and strong organic growth in hearing aids, supported by a recently launched product portfolio.
- Solid operating cash flow that allowed net debt to be reduced in the first half of 2026.
- An owned network of hearing care clinics that gives direct access to customers and supports device sales.
Weaknesses
- Debt remains above the medium- to long-term target, which limits financial flexibility.
- Reliance on markets with managed care and public programmes exposes the company to changes in reimbursement policy.
- Integration costs and special items weighed on reported profitability in the first half.
Opportunities
- Growth in emerging markets and in acquired clinics could widen the company's customer base.
- Cost savings announced in February 2026 could improve margins if second-half results confirm expectations.
- Recovery of tariffs paid in the US could bring a one-off positive effect in the second half.
Threats
- Competitor launches in the second half could reduce the company's market share.
- Macroeconomic and trade uncertainty could affect hearing aid demand in several regions.
- Currency fluctuations, particularly in the US dollar, could again reduce reported EBIT in local currency terms.
Risks
- High indebtednessmedium
Net debt remains above the company's target, and this level could limit the ability to invest or buy back shares if cash flow weakens.
- Managed care pressurehigh
Declining managed care affiliations in the US could slow unit growth, especially in the reimbursement channel.
- Competitive launchesmedium
New competitor products in the second half could pressure prices and the company's market share.
- Currency exposuremedium
A weaker dollar has already reduced operating profit, and a further deterioration could again affect reported results.
- Acquisition integrationlow
Integrating KIND and the UK retailer could generate extra costs or delay synergies if execution becomes more difficult.
Investment thesis
What would need to be true (bull case)
- If second-quarter organic growth is sustained, the company could exceed its updated 2026 guidance, supported by Oticon Zeal and cost savings.
- High gross margins and strong cash flow could allow a faster reduction in debt and a return to share buy-backs.
- Growth in the portfolio of clinics and a larger share of wallet for in-house products could strengthen the company's long-term position.
What would break the thesis
- If the hearing aid market stays below expectations because of managed care and the NHS, organic growth could slow in the second half.
- Debt still above the company's target could limit flexibility in the event of weaker demand or a currency shock.
- Competitor launches and high special items in 2026 could delay the improvement in reported profitability.
What to watch
- Organic growth trajectory and confirmation of the 6-7% guidance for 2026Q3 2026
- Gearing multiple and progress toward the medium- to long-term target2026
- Impact of competitor launches on hearing aid market share2026
- Realisation of the cost savings and the special items expected for 2026 and 20272027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Demant operates through two segments: Hearing Aids, which designs and sells hearing aids, and Hearing Care, which runs hearing care clinics and sales to end customers. Beyond revenue, the company's main profit measure is EBIT before special items, which reached 2134 million DKK, with a margin of 16.5% 1. The company also tracks a social impact goal of improving more than 16 million lives by 2030 1.
First-half 2026 results show a gross margin of 77.1%, up 1.1 percentage points from the same period in 2025, driven mainly by a higher average selling price for hearing aids 1. The KIND acquisition added capacity in Hearing Care, and its integration was described as ahead of expectations 1. The company had 26616 employees at the end of the period 1.
Segments
Hearing Aids
The Hearing Aids segment reported total revenue of 6799 million DKK in the first half of 2026, with organic growth of 12%. Growth came from both units and average selling price, and the Oticon Zeal launch supported market share gains 1. External sales grew 10% organically in the second quarter, accelerating from the first quarter 1.
Market context
The global hearing healthcare market, which includes hearing aids and diagnostic instruments, grew 4% in value in the first half of 2026, at the high end of management's expectations but below its structural growth rate of 4-6% 1. Hearing aid unit volumes rose about 3% in the first half 1. Management expects value growth in the hearing aid market of 3-4% in 2026, a deliberately conservative assumption 1.
The market remains affected by macroeconomic uncertainty and by declining managed care volumes in the US and NHS volumes in the UK, while growth in Europe and emerging markets partly offset this 1. Unit growth in Europe was 2% in the second quarter, and in the US commercial market it was flat 1.
Competitive position
Management expects several competitors to launch new products in the second half, which could intensify competitive pressure on market share and prices 1. The company defends its position through innovation and its own clinic network, which lets it influence demand directly 1.
Competition is spread across global hearing aid makers and regional suppliers, and each market segment has different dynamics depending on channel, geography and product type. The supplied sources do not name specific competitors, so detailed comparisons cannot be made in this profile 1.
- Global hearing aid manufacturers
Competitors launching new products in the second half of 2026, according to Demant management; the source does not name them.
- Hearing care clinic networks
Players competing for end customers through their own or affiliated sales channels, similar to the Hearing Care segment.
- Regional suppliers
Local manufacturers competing in emerging markets and smaller economies, where Demant reported positive growth.
- Managed care and public programmes
Not direct competitors, but they influence volumes, and negative affiliations in the US and UK have reduced demand.
News & filings
In the press
- Demant’s Latest AI Hearing Aid Fuels Best Quarter in 26 YearsBloomberg Markets · 26 Jun 2026 · EN
Annual reports (ESEF)
- Annual report 202602 Sept 2026
- Annual report 202510 Mar 2026
Sources
- [1] Annual report, fiscal year ended 2026-06-30 (ESEF) · SEC / DEMANT A/S · 30 Jun 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.