olivLaw · European equity research
ISS A/S ISS.CO
Denmark · Nasdaq Copenhagen · ISIN DK0060542181 · Vertical: Listed companies from Denmark
ISS A/S is a global provider of integrated facility management services, offering cleaning, maintenance, catering and related services to public and private sector clients. In the first half of 2026, group revenue reached DKK 44.7 billion and organic growth was 8.2%, supported by price increases, projects and a one-off revenue adjustment linked to the Deutsche Telekom settlement. The company confirmed its 2026 outlook, including an operating margin of around 5.25%.
At the close of 05 Nov 2026, ISS A/S (ISS.CO) stock was 304.20 DKK (+2.63% on the day), with market capitalisation 50.8 bn DKK, P/E 19.8 on diluted EPS of 15.40 DKK over the last 12 months, dividend yield 1.05%, beta 0.46, 52-week range 197.00–304.20 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)
- 61.5
- strong (55–70)
- Bollinger (20, 2)
- 284.87 – 302.89
- above the upper band · %B 1.07 · band width 6.1%
- SMA 50 / 200
- 290.03 / 265.02
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 1.65 / 0.86
- MACD above 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 | +3.8% | +0.4% | +3.4 pp | — |
| 3 months | +8.2% | −3.3% | +11.4 pp | — |
| 6 months | +15.9% | +4.0% | +12.0 pp | — |
| Year to date | +40.1% | +8.1% | +32.0 pp | — |
| 1 year | +46.8% | +10.7% | +36.1 pp | −7.7% |
| 3 years | +163.6% | +50.1% | +113.5 pp | −0.6% |
| 5 years | +120.0% | +43.6% | +76.3 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 9.3, median 11.7, max 14.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | 83.8 bn | 84.7 bn |
| Revenue YoY | unavailable | +1.1% |
| Net income | 2.6 bn | 2.6 bn |
| Net income YoY | unavailable | +0.9% |
| Diluted EPS | 14.10 | 15.40 |
| Diluted EPS YoY | unavailable | +9.2% |
| net % | 3.1% | 3.1% |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.7 bn DKK
- Financial debt
- 15.1 bn DKK
- Net debt
- 13.3 bn DKK
- Equity
- 10.5 bn DKK
- Total assets
- 45.6 bn DKK
- Debt / equity
- 1.43x
- Current ratio
- 0.73x
- ROE
- 23.2%
- ROA
- 5.4%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (DKK)
Margins
Income statement · DKK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 83.8 bn | 84.7 bn | esef· 21 Apr 2026verified |
| Operating income | 3.9 bn | 4.0 bn | esef· 21 Apr 2026verified |
| Interest expense | 904.0 m | 919.0 m | esef· 21 Apr 2026verified |
| Pre-tax income | 3.3 bn | 3.3 bn | esef· 21 Apr 2026verified |
| Income tax | 658.0 m | 676.0 m | esef· 21 Apr 2026verified |
| Net income | 2.6 bn | 2.6 bn | esef· 21 Apr 2026verified |
| Diluted EPS | 14.10 | 15.40 | esef· 21 Apr 2026verified |
| Dividend per share | 2.35 | 3.20 | esef· 21 Apr 2026derived |
Balance sheet · DKK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 6.8 bn | 1.7 bn | esef· 21 Apr 2026verified |
| Inventories | 251.0 m | 245.0 m | esef· 21 Apr 2026verified |
| Current assets | 21.4 bn | 16.6 bn | esef· 21 Apr 2026verified |
| Property, plant & equipment, net | 998.0 m | 1.1 bn | esef· 21 Apr 2026verified |
| Goodwill | — | 20.4 bn | esef· 02 Sept 2026verified |
| Intangibles (excl. goodwill) | — | 3.8 bn | esef· 02 Sept 2026verified |
| Total assets | 50.6 bn | 45.6 bn | esef· 21 Apr 2026verified |
| Accounts payable | 7.4 bn | 7.0 bn | esef· 21 Apr 2026verified |
| Short-term debt | 4.8 bn | 5.3 bn | esef· 21 Apr 2026verified |
| Long-term debt | 13.6 bn | 9.8 bn | esef· 21 Apr 2026verified |
| Current liabilities | 22.3 bn | 22.7 bn | esef· 21 Apr 2026verified |
| Total liabilities | 38.7 bn | 35.1 bn | esef· 21 Apr 2026verified |
| Equity | 11.9 bn | 10.5 bn | esef· 21 Apr 2026verified |
| Shares outstanding at year end | 180.5 m | 166.9 m | esef· 21 Apr 2026derived |
Cash flow · DKK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 3.7 bn | 4.0 bn | esef· 21 Apr 2026verified |
| Investing cash flow | -1.5 bn | -1.2 bn | esef· 21 Apr 2026verified |
| Financing cash flow | -1.4 bn | -7.6 bn | esef· 21 Apr 2026verified |
| Dividends paid | 425.0 m | 534.0 m | esef· 21 Apr 2026verified |
| Share repurchases | 1.2 bn | 2.8 bn | esef· 21 Apr 2026verified |
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: 43.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 50.8 bn DKK
Key indicators
Coverage and freshness
Score by group
44% · 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: 43.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 18.1% | 94 (vs peers) | 24% |
| Net margin · Quality | 3.1% | 50 (vs peers) | 14% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 4.3x | 43 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 0.9x | 5 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 19.8x | 36 (vs peers) | 24% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 6.6% | 94 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet28/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality78/100 · 2/3 factors with a value
- Returns· partial94/100 · 1/2 factors with a value
- Valuation· partial36/100 · 1/3 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
ISS A/S (ISS.CO). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 84.7 bn DKK in 2025; YoY growth 1.1%; net margin 3.1%; ROE 27.7%.
The estimated value range is 177.00–345.01 DKK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 203.11 DKK, the price of 304.20 DKK leaves a potential of -33.2% (value / price − 1) and a margin of safety of -49.8% (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: 43.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 18.1%
- Shareholder yield (distributions): 6.6%
What contradicts it
- Current ratio: 0.9x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, 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% |
| PNDORA.COPandora A | 68.8 bn | 13.2 | 133.4% | 16.1% | unavailable | +16% / −3% |
| NEWCAP.CONewcap Holding A | 65.3 bn | 13,125.0 | 29.1% | 41.6% | −99.9% | +121% / +62% |
| ISS.COIss A | 50.8 bn | 19.8 | 27.7% | 3.1% | +1.1% | +43% / +158% |
| BAVA.COBavarian Nordic A | 19.2 bn | 13.9 | 10.9% | 22.0% | unavailable | +33% / +47% |
| GN.COGn Store Nord A | 18.1 bn | 27.7 | 6.3% | 6.8% | unavailable | +20% / −23% |
| NETC.CONetcompany Group A | 16.8 bn | 66.2 | 7.2% | 3.3% | unavailable | +11% / +64% |
| BIOMAR.COBiomar Group A | 12.1 bn | 16.9 | 28.3% | 4.3% | −0.5% | unavailable / unavailable |
| JDAN.COJeudan A | 11.1 bn | 11.1 | 7.7% | 57.1% | unavailable | +2% / −7% |
| DFDS.CODfds A | 8.7 bn | — | -0.2% | -0.1% | +1.9% | +73% / −25% |
| GUBRA.COGubra A | 4.8 bn | 2.9 | 149.6% | 64.1% | +892.2% | −40% / +157% |
| MATAS.COMatas A | 3.1 bn | 12.9 | 6.6% | 2.8% | +4.7% | −31% / −21% |
| CBRAIN.COCbrain A | 2.4 bn | 54.7 | 13.8% | 17.2% | −6.2% | −21% / −52% |
| BO.COBang & Olufsen A | 1.7 bn | — | -10.0% | -4.3% | −3.3% | −24% / +12% |
| COLUM.COColumbus A | 1.2 bn | 84.0 | 2.0% | 0.9% | unavailable | −5% / +30% |
| NNIT.CONnit A | 1.0 bn | — | -3.0% | -1.3% | −3.4% | −16% / −54% |
| NORTHM.CONorth Media A | 873.1 m | 13.2 | 5.5% | 5.1% | −0.4% | +11% / −16% |
| FFARMS.COFirstfarms A | 789.8 m | — | -2.3% | -5.4% | −16.5% | −9% / −1% |
| HUSCO.COHusCompagniet A | 507.2 m | — | -1.3% | -0.9% | +28.7% | −41% / −46% |
| BIOPOR.COBioporto A | 456.2 m | — | -117.6% | -203.8% | +11.2% | −8% / −53% |
| GABR.COGabriel Holding A | 429.4 m | 57.5 | 2.8% | 1.4% | +6.7% | −10% / −29% |
| GREENM.COGreenMobility A | 392.5 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 | 300.9 m | 13.5 | 5.4% | 29.7% | +0.9% | −3% / +36% |
| CEMAT.COCemat A | 213.9 m | 3.5 | 28.7% | 37.5% | +318.0% | −9% / +3% |
1- and 3-year price returns: for ISS.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 | 175.92 Total return -41% · Per year -41% | 311.55 Total return 3% · Per year 3% | 470.00 Total return 56% · Per year 56% |
| 3 years | 159.27 Total return -45% · Per year -18% | 318.45 Total return 8% · Per year 3% | 529.10 Total return 78% · Per year 21% |
| 5 years | 144.20 Total return -49% · Per year -13% | 325.51 Total return 13% · Per year 2% | 595.65 Total return 103% · Per year 15% |
- Exit P/E± 79.61
- Net margin± 55.73
- Annual revenue growth± 47.29
- Annual dilution± 4.68
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
ISS A/S is a global provider of integrated facility management services, offering cleaning, maintenance, catering and related services to public and private sector clients. In the first half of 2026, group revenue reached DKK 44.7 billion and organic growth was 8.2%, supported by price increases, projects and a one-off revenue adjustment linked to the Deutsche Telekom settlement 1. The company confirmed its 2026 outlook, including an operating margin of around 5.25% 1.
SWOT
Strengths
- A broad portfolio of key account contracts with high client retention and a recurring revenue base.
- A proven ability to pass cost increases on to clients through contractual price adjustments.
- Investment discipline and operational efficiencies that supported the margin in the first half of 2026.
Weaknesses
- Net debt and leverage have increased, and finance costs are higher than in the previous year.
- The operating margin remains modest, leaving limited room for execution errors.
- Some segments, such as the Americas, recorded weak organic growth and costs from contract exits.
Opportunities
- Demand for integrated facility management solutions could grow, especially at local and regional level.
- Refurbishment programmes and above-base work for clients could continue to support revenue.
- Expanding existing contracts with large clients could add volume without high acquisition costs.
Threats
- Wage inflation pressure could outpace the price adjustments provided in contracts.
- Macroeconomic and geopolitical uncertainty could reduce client activity levels.
- An adverse outcome of the investigation into the Hong Kong incident could generate additional costs.
Risks
- Litigation and safety incidentshigh
A serious incident at a client site or an investigation with legal implications could affect reputation and costs. The company says insurance cover is in place, but the outcome of the investigation is not yet known 1.
- Indebtedness and financing costsmedium
Higher net debt and elevated interest rates could pressure profitability and refinancing flexibility, particularly with bond maturities in 2027 1.
- Dependence on large contractsmedium
A high share of revenue comes from key account clients, and losing major contracts could materially reduce revenue 1.
- Currency exposuremedium
Exchange rate movements reduced reported revenue in 2026, and the impact could continue if currencies weaken 1.
- Hyperinflation in Türkiyelow
Applying IAS 29 in Türkiye affects reported results and could create additional accounting volatility 1.
Investment thesis
What would need to be true (bull case)
- Strong organic growth in the first half of 2026, combined with the updated outlook, suggests that the pricing model and long-term contracts are working. If the margin keeps rising, the company could exceed its medium-term targets 1.
- Expanding large client contracts and high retention provide a predictable revenue base. Operational efficiencies could support profit growth even in an uncertain economic environment 1.
- The settlement with Deutsche Telekom, extending the contract to 2035, reduces uncertainty around a major client and could improve the long-term margin 1.
What would break the thesis
- First-half organic growth was partly supported by a one-off revenue adjustment linked to the Deutsche Telekom settlement, so the growth pace could slow in the second half 1.
- Net debt and leverage have risen, and higher finance costs could limit the capacity to invest or return capital to shareholders 1.
- The Hong Kong incident and the ongoing investigation create legal uncertainty that the company cannot yet estimate, and the outcome could bring unexpected costs 1.
What to watch
- Findings of the independent investigation into the Hong Kong fireQ4 2026
- Updated financial targets presented at the Capital Markets Day14 September 2026
- Operating margin and free cash flow development against the outlookQ3 2026
- Refinancing strategy for the EUR 600 million EMTN bonds maturing in August 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
ISS A/S, headquartered in Copenhagen, delivers facility management services mainly through long-term key account contracts, which made up 70% of group revenue in H1 2026 1. Its model combines recurring services with projects and above-base work, the latter reaching 17% of revenue in H1 2026 1. The company pursues organic growth through its OneISS strategy and strict investment discipline, with investments in intangibles and property equal to about 0.7% of revenue 1.
Revenue by region shows an important weight for Central & Southern Europe and Northern Europe, where several contracts with UK, Swiss and Danish clients were won or extended 1. Customer retention was maintained at 95% (LTM) in the second quarter, according to the report 1. The company also extended several large contracts while exiting some in the Americas, a deliberate decision according to the document 1.
The financing structure is dominated by EMTN bonds and a share buyback programme, and the investment grade target (BBB/Stable at S&P and Baa2/Stable at Moody's) shapes capital policy 1. Net debt stood at DKK 15.8 billion on 30 June 2026, with leverage up to 2.5x from 2.3x at the end of 2025 1.
Segments
Market context
The integrated facility management market is broad and depends on clients outsourcing activities across the public and private sectors. According to the report, demand for integrated solutions remains solid, with opportunities mainly at local and regional level 1. Service companies are generally exposed to wage inflation, which ISS offsets through price adjustments provided in contracts 1.
The macroeconomic and geopolitical environment remains uncertain, which the company believes can make its business model more relevant 1. Fuel prices are a cost factor, but contracts with adjustment mechanisms reduce the exposure 1.
Trends
- Price adjustments for inflationtailwind
Contractual price increases contributed around 4 percentage points to organic growth, about half of it from Türkiye 1. This trend could continue if wage inflation stays high.
- Projects and above-base workmixed
Refurbishment and client project work grew organically by around 15% in H1 2026, which can support revenue but also adds volatility 1.
- Financing costsheadwind
Higher interest rates raised net finance costs, and higher debt added pressure on leverage, which could limit financial flexibility if rates remain elevated 1.
- Operational efficiencies and scaletailwind
Efficiencies and operating scale slightly reduced corporate costs relative to revenue, supporting the margin 1. If this continues, it could support the margin targets.
Competitive position
ISS operates in a competitive market where rivals include other large facility management groups and regional providers. Competition is based on pricing, the ability to win large contracts and operational quality. The document does not give a detailed list of competitors, so the information below is limited to the wider market context 1.
Competitive pressure is particularly visible in key account contracts, where providers compete over long terms. The company has at times chosen to exit unprofitable contracts, as happened in the Americas 1.
- Sodexo
Global facility management and catering competitor; not named in the ISS report, included as general market context.
- Aramark
Catering and facility services provider with public and private clients, competing in large contract segments.
- Compass Group
International catering and services group active in markets similar to ISS.
- Regional facility management providers
Local and regional companies competing for mid-sized contracts and market opportunities.
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 202521 Apr 2026
Sources
- [1] Annual report, fiscal year ended 2026-06-30 (ESEF) · SEC / ISS 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.