olivLaw · European equity research
RTX A/S RTX.CO
Denmark · Nasdaq Copenhagen · ISIN DK0010267129 · Vertical: Listed companies from Denmark
RTX A/S designs, develops and manufactures wireless IP telephony products and subsystems, and wireless communication solutions for three segments: Enterprise, ProAudio and Healthcare. In the nine months to 30 June 2026, revenue grew 8.5% at constant currencies and the company raised its profitability outlook for fiscal 2025/26, while component shortages limit how far demand converts into deliveries. For investors following a niche producer with in-house development, these developments show how sensitive the company is to supply chains and the US dollar.
At the close of 06 Nov 2026, RTX A/S (RTX.CO) stock was 100.00 DKK (+0.00% on the day), with market capitalisation 804.2 m DKK, P/E 76.9 on diluted EPS of 1.30 DKK over the last 12 months, beta 0.24, 52-week range 93.00–119.00 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)
- 46.3
- neutral
- Bollinger (20, 2)
- 98.58 – 103.51
- in the lower half of the band · %B 0.29 · band width 4.9%
- SMA 50 / 200
- 101.00 / 99.66
- mixed trend
- MACD (12, 26, 9)
- -0.24 / -0.04
- 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 | −0.5% | −0.6% | +0.2 pp | — |
| 3 months | +5.5% | −4.2% | +9.7 pp | — |
| 6 months | +4.2% | +4.3% | −0.2 pp | — |
| Year to date | −7.0% | +7.5% | −14.5 pp | — |
| 1 year | −8.3% | +9.9% | −18.2 pp | −8.6% |
| 3 years | +25.9% | +49.8% | −23.9 pp | +3.6% |
| 5 years | −37.7% | +42.8% | −80.6 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 1-quarter history (min 71.5, median 71.5, max 71.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2025 |
|---|---|
| Revenue | 547.1 m |
| Revenue YoY | unavailable |
| Net income | 10.5 m |
| Net income YoY | unavailable |
| Diluted EPS | 1.30 |
| Diluted EPS YoY | unavailable |
| net % | 1.9% |
| Free cash flow | 78.3 m |
Balance sheet & financial health
Fiscal year 2025 · 30 Sept 2025
- Cash
- 118.5 m DKK
- Financial debt
- unavailable DKK
- Net debt
- unavailable DKK
- Equity
- 333.7 m DKK
- Total assets
- 490.5 m DKK
- Debt / equity
- unavailable
- Current ratio
- 3.34x
- ROE
- unavailable
- ROA
- 2.1%
- FCF margin
- 14.3%
Financial statements (source on every figure)
Revenue and net income (DKK)
Income statement · DKK
| Line | 2025 | Source (latest year) |
|---|---|---|
| Revenue | 547.1 m | esef· 27 May 2026verified |
| Operating income | 8.7 m | esef· 27 May 2026verified |
| Depreciation & amortisation | 26.8 m | esef· 27 May 2026verified |
| EBITDA | 35.5 m ≈ | esef· 27 May 2026derived |
| Interest expense | 2.3 m | esef· 27 May 2026verified |
| Pre-tax income | 14.0 m | esef· 27 May 2026verified |
| Income tax | 3.5 m | esef· 27 May 2026verified |
| Net income | 10.5 m | esef· 27 May 2026verified |
| Diluted EPS | 1.30 | esef· 27 May 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · DKK
| Line | 2025 | Source (latest year) |
|---|---|---|
| Cash | 118.5 m | esef· 27 May 2026verified |
| Receivables | 127.6 m | esef· 27 May 2026verified |
| Inventories | 36.8 m | esef· 27 May 2026verified |
| Current assets | 317.3 m | esef· 27 May 2026verified |
| Property, plant & equipment, net | 67.0 m | esef· 27 May 2026verified |
| Goodwill | 7.8 m | esef· 27 May 2026verified |
| Total assets | 490.5 m | esef· 27 May 2026verified |
| Current liabilities | 94.9 m | esef· 27 May 2026verified |
| Total liabilities | 156.8 m | esef· 27 May 2026verified |
| Equity | 333.7 m | esef· 27 May 2026verified |
| Shares outstanding at year end | 8.0 m | esef· 02 Sept 2026derived |
Cash flow · DKK
| Line | 2025 | Source (latest year) |
|---|---|---|
| Operating cash flow | 82.8 m | esef· 27 May 2026verified |
| Capex | 4.5 m | esef· 27 May 2026verified |
| Free cash flow | 78.3 m ≈ | esef· 27 May 2026derived |
| Investing cash flow | -30.0 m | esef· 27 May 2026verified |
| Financing cash flow | -9.9 m | esef· 27 May 2026verified |
| Share repurchases | 2.1 m | esef· 27 May 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: 47.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 804.2 m DKK
Key indicators
Coverage and freshness
Score by group
48% · 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: 47.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 1.9% | 42 (vs peers) | 13% |
| FCF conversion · Quality | 749.1% | 100 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 3.8x | 35 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 2.7x | 100 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | 76.9x | 9 (vs peers) | 22% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 9.7% | 100 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 0.3% | 4 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet61/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality71/100 · 2/3 factors with a value
- Returns· partial4/100 · 1/2 factors with a value
- Valuation49/100 · 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
RTX A/S (RTX.CO). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 547.1 m DKK in 2025; net margin 1.9%; ROE 3.2%.
The estimated value range is 14.74–30.48 DKK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 17.39 DKK, the price of 100.00 DKK leaves a potential of -82.6% (value / price − 1) and a margin of safety of -475.1% (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: 47.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 749.1%
- Current ratio: 2.7x
- FCF yield: 9.7%
What contradicts it
- P/E (TTM): 76.9x
- Shareholder yield (distributions): 0.3%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, 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 | 79.7 bn | 51.6 | 15.0% | 6.7% | +2.5% | +72% / +30% |
| NEWCAP.CONewcap Holding A | 64.6 bn | 13,000.0 | 29.1% | 41.6% | −99.9% | +118% / +60% |
| ISS.COIss A | 49.6 bn | 19.3 | 27.7% | 3.1% | +1.1% | +40% / +152% |
| BAVA.COBavarian Nordic A | 18.8 bn | 13.7 | 10.9% | 22.0% | unavailable | +30% / +44% |
| GN.COGn Store Nord A | 18.0 bn | 27.6 | 6.3% | 6.8% | unavailable | +19% / −23% |
| NETC.CONetcompany Group A | 16.5 bn | 65.0 | 7.2% | 3.3% | unavailable | +9% / +61% |
| BIOMAR.COBiomar Group A | 12.0 bn | 16.9 | 28.3% | 4.3% | −0.5% | unavailable / unavailable |
| JDAN.COJeudan A | 11.0 bn | 11.0 | 7.7% | 57.1% | unavailable | +1% / −9% |
| DFDS.CODfds A | 8.4 bn | — | -0.2% | -0.1% | +1.9% | +69% / −27% |
| GUBRA.COGubra A | 4.9 bn | 2.9 | 149.6% | 64.1% | +892.2% | −39% / +161% |
| MATAS.COMatas A | 3.1 bn | 13.0 | 6.6% | 2.8% | +4.7% | −31% / −21% |
| CBRAIN.COCbrain A | 2.3 bn | 52.4 | 13.8% | 17.2% | −6.2% | −24% / −54% |
| BO.COBang & Olufsen A | 1.7 bn | — | -10.0% | -4.3% | −3.3% | −23% / +14% |
| COLUM.COColumbus A | 1.2 bn | 82.9 | 2.0% | 0.9% | unavailable | −7% / +28% |
| NNIT.CONnit A | 989.7 m | — | -3.0% | -1.3% | −3.4% | −18% / −55% |
| NORTHM.CONorth Media A | 882.1 m | 13.3 | 5.5% | 5.1% | −0.4% | +12% / −15% |
| RTX.CORtx A | 804.2 m | 76.9 | 3.2% | 1.9% | unavailable | −2% / +36% |
| FFARMS.COFirstfarms A | 787.5 m | — | -2.3% | -5.4% | −16.5% | −9% / −1% |
| HUSCO.COHusCompagniet A | 524.7 m | — | -1.3% | -0.9% | +28.7% | −38% / −45% |
| BIOPOR.COBioporto A | 451.6 m | — | -117.6% | -203.8% | +11.2% | −9% / −53% |
| GABR.COGabriel Holding A | 429.4 m | 57.5 | 2.8% | 1.4% | +6.7% | −10% / −29% |
| GREENM.COGreenMobility A | 386.6 m | 11.7 | 74.3% | 21.5% | +20.0% | −20% / +88% |
| EGNETY.COEgnsinvest Ejendomme Tyskland A | 320.0 m | 13.0 | 4.0% | 40.9% | −2.6% | −21% / +11% |
| PFINV.COPapirfabrikken Invest A | 299.0 m | 13.4 | 5.4% | 29.7% | +0.9% | −3% / +35% |
| CEMAT.COCemat A | 214.4 m | 3.5 | 28.7% | 37.5% | +318.0% | −9% / +4% |
1- and 3-year price returns: for RTX.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
Scenarios are not available. input data missing
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
RTX A/S designs, develops and manufactures wireless IP telephony products and subsystems, and wireless communication solutions for three segments: Enterprise, ProAudio and Healthcare. In the nine months to 30 June 2026, revenue grew 8.5% at constant currencies and the company raised its profitability outlook for fiscal 2025/26, while component shortages limit how far demand converts into deliveries 1. For investors following a niche producer with in-house development, these developments show how sensitive the company is to supply chains and the US dollar.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Component supplyhigh
Component shortages could limit deliveries if they are not resolved in the coming period 1.
- Currency exposurehigh
Revenue in USD and costs in other currencies can weigh on EBITDA 1.
- Customer concentrationmedium
Dependence on a few key customers in ProAudio and Healthcare could affect revenue if those relationships change 1.
- Staff costsmedium
Salary growth and strategic hiring can pressure profitability if revenue does not grow enough 1.
- Working capitallow
Higher receivables can reduce operating cash flow 1.
Investment thesis
What would need to be true (bull case)
What to watch
- Delivery of the fiscal 2025/26 revenue and EBITDA outlook2026
- Enterprise deliveries and component availabilityQ4 2026
- Working capital and operating cash flow trendsnext 10-K
- Publication of the annual report for fiscal 2025/262026
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
The business model combines in-house product development, with capitalised development costs, and module sales to industrial customers. The gross margin rose to 54.8% in the nine-month period, helped by a more favourable product mix and a larger share of ProAudio and Healthcare 1. Capacity costs rose due to salary inflation, organisational adjustments and strategic hires, and the average number of employees increased to 319 1. Operating cash flow remains volatile, mainly because of working capital 1.
The company keeps a solid financial position: the equity ratio was 64.3% at 30 June 2026, and the net liquidity position, cash plus current asset investments, amounted to 135.9 million DKK 1. A share buy-back programme started in August 2025 was expanded, and part of it had already been used by the end of Q3 1. This structure gives flexibility, but operating profitability remains low at EBIT level 1.
Segments
Enterprise
The Enterprise segment designs, develops and manufactures wireless IP telephony products and subsystems with reliable system integration 1. Revenue for the nine months was 258 million DKK, below the prior year, due to component shortages and constrained production capacity 1. The order backlog and customer forecasts improved during the third quarter 1.
ProAudio
The ProAudio segment provides embedded wireless modules for commercial audio solutions, focused on sound quality and reliable transmission 1. Revenue for the nine months was 80 million DKK, up from 56 million DKK a year earlier, reflecting good momentum with key module customers 1.
Healthcare
The Healthcare segment provides wireless communication infrastructure that can be embedded in medical devices, including multi-parametric patient monitoring 1. Revenue for the nine months was 78 million DKK, compared with 52 million DKK a year earlier, and the company reported closer collaboration with a strategic healthcare partner 1.
Market context
The market RTX serves is professional wireless communications, where customers require reliable solutions for demanding environments, commercial audio and medical devices 1. Revenue growth was driven mainly by ProAudio and Healthcare, while Enterprise was limited by component availability 1. The company says customer order momentum supports its revised outlook, but this depends on demand, exchange rates and supply 1.
A weaker US dollar affected quarterly results, because revenue is mostly in USD while costs are in DKK, EUR and HKD 1. If component shortages persist into Q4, the conversion of demand into sales could remain limited, especially in Enterprise 1.
Trends
- Rising demand in professional audio and medicaltailwind
Growth in ProAudio and Healthcare suggests that wireless module markets for audio and medical devices could support longer-term expansion 1.
- Component shortagesheadwind
Constrained capacity and component availability reduce the conversion of demand into deliveries, mainly in Enterprise, and could persist into Q4 1.
- Currency movementsmixed
Revenue in USD and costs in European currencies and HKD make results sensitive to exchange rates, in either direction 1.
- Investment in development and capacitymixed
Higher development spending and staff costs may support new products, but weigh on operating margins if revenue does not grow enough 1.
Competitive position
The supplied sources do not name direct competitors or market shares. The company presents itself as a specialised provider of integrated wireless solutions, which points to competition from makers of professional communication equipment and suppliers of audio or medical modules 1.
Competitive pressure could show up in pricing, component availability and the ability to deliver quickly to Enterprise and ProAudio customers 1. The documents do not allow a quantitative assessment of the position against competitors.
- Professional IP telephony suppliers
Not named in the supplied sources; Enterprise competition could come from makers of wireless IP telephony equipment.
- Wireless audio module producers
Not named in the supplied sources; ProAudio competition could come from embedded module suppliers.
- Medical wireless communication suppliers
Not named in the supplied sources; Healthcare competition could come from makers of medical device connectivity infrastructure.
- Electronic component suppliers
Not named in the supplied sources; dependence on components makes supply an indirect competitive factor.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202602 Sept 2026
- Annual report 202627 May 2026
Sources
- [1] Annual report, fiscal year ended 2026-06-30 (ESEF) · SEC / RTX 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.