Ambu A/S AMBBY

Health CareHealthcare Equipment & SuppliesDenmark

Last close 11.64 USD on Nov 2, 2026, −11.8% year to date

Quant rating

Quant rating B Rank 36 of 211 in Health Care

Growth A 17 of 211
Valuation C 122 of 211
Quality A 24 of 211
Revisions C 88 of 211
Momentum B 83 of 211

Wall Street consensus Hold (2.75)Average target 12.45 USD +7.0%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 2.9B
Enterprise value: 2.9B
52-week range: 8.54 – 15.15
3-year range: 8.54 – 22.65
Dividend yield: 0.55%
Beta (5 years): 1.61
Shares outstanding: 235M
Next earnings: Nov 5, 2026

About the company

Ambu A/S is a Denmark-based company engaged in the development, manufacture and marketing of diagnostic and life-supporting devices for hospitals and rescue services. The Company’s operations are structured into three business areas: Anaesthesia, Patient Monitoring & Diagnostics and Emergency Care. The Anaesthesia business area offers a range of products such as resuscitators, face masks and laryngeal masks. The Patient Monitoring & Diagnostics business area comprises single use electrodes for cardiological and neurological examinations. The target groups for these products are hospitals, clinics, ambulance services and sleep labs. The Emergency Care business area offers ventilation bags, neck collars and manikins for first-aid training. The Company markets its products worldwide. The Company operates King Systems Inc, First Water Heathcote Ltd and Invendo Medical GmbH as subsidiaries.

Growth and profitability fiscal year ends September 30

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	949	805	677	586	625	–
Revenue growth	17.8%	18.9%	15.6%	−6.2%	11.2%	11.1%
EPS (basic, normalized)	0.35	0.13	0.10	0.13	0.15	–
EPS growth	173.5%	33.4%	−27.2%	−13.5%	–	–
Gross margin	60.2%	59.4%	56.8%	58.1%	62.4%	59.4%
Net margin	10.1%	4.4%	3.5%	2.1%	6.2%	5.2%
ROE	10.5%	4.3%	3.5%	2.3%	7.8%	5.7%

Balance sheet, last quarter
Cash & short-term investments (mil)	108
Current ratio	2.77x
Long-term debt (mil)	75.2
Net debt (mil)	−19.3
Total equity (mil)	943
Net debt / equity	−0.02x
Net debt / EBITDA	−0.11x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	949	+17.8%	3.0x	178	+17.7%	16.1x	0.35	+173.5%	33.2x
2026	963	+1.5%	3.0x	183	+2.8%	15.6x	0.35	+0.5%	33.0x
2027	1,083	+12.4%	2.6x	219	+19.8%	13.0x	0.46	+29.3%	25.5x
2028	1,197	+10.6%	2.4x	257	+17.4%	11.1x	0.56	+22.2%	20.9x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	963	+0.1%	−0.5%	−1.0%	0.35	−0.7%	+2.2%	+0.8%
2027	1,083	+1.6%	+0.7%	−0.2%	0.46	+1.4%	−1.6%	−5.2%
2028	1,197	+1.8%	+0.5%	−1.1%	0.56	+0.5%	−7.0%	−10.4%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	1,367	1,383	1,387	1,510	1,554	1,507	1,466	1,558	1,573	1,640
Sales mean (mil)	1,367	1,360	1,414	1,510	1,589	1,490	1,492	1,551	1,624	1,651
Surprise	0.0%	+1.7%	−1.9%	0.0%	−2.2%	+1.2%	−1.8%	+0.5%	−3.1%	−0.6%
EPS reported	0.54	0.50	−0.51	0.68	0.71	0.46	0.43	0.44	0.46	0.59
EPS mean	0.60	0.45	0.50	0.65	0.75	0.59	0.46	0.49	0.50	0.61
Surprise	−10.0%	+12.4%	−202.0%	+4.6%	−5.3%	−22.6%	−7.3%	−9.7%	−8.0%	−3.8%

Peer comparison Healthcare Equipment & Supplies

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
AMBBY Ambu A/S	2.9B	−0.11x	10.1%	3.54x	33.0x	25.5x	15.6x	13.0x
ATRC AtriCure, Inc.	3.0B	−1.62x	−2.1%	5.90x	396.3x	135.1x	33.7x	28.9x
AXGN AxoGen, Inc.	3.0B	−3.99x	−7.0%	10.44x	91.2x	67.7x	79.5x	55.7x
ALFRY Alfresa Holdings Corp	3.0B	−3.06x	1.3%	0.88x	16.6x	14.6x	6.0x	5.8x
OXFYY Oxford Nanopore Technologies PLC	2.8B	–	−64.9%	4.90x	−84.0x	−118.0x	−51.6x	−114.2x
NEOG Neogen Corporation	2.6B	3.39x	−0.9%	1.24x	−66.9x	−136.4x	17.6x	16.9x
Mean		−1.08x	−10.6%	4.48x	64.4x	−1.9x	16.8x	1.0x
Median		−1.62x	−1.5%	4.22x	24.8x	20.1x	16.6x	15.0x

Technical analysis

1M+5.8%
3M+7.2%
1Y−24.9%
3Y+19.7%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Ambu A/S, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	949	805	677	586	625	562
Cost of revenue	378	327	292	246	235	213
Gross profit	571	478	385	340	390	348
Selling, general & administrative expenses	381	323	291	274	292	248
Research & development	21.5	17.2	15.2	17.3	18.1	10.4
Depreciation/amortization	45.1	41.8	35.9	29.4	26.9	22.4
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	0	49.9	1.1	24.0	–	0
Other operating expenses	0	0	0	0	0	0
Operating income	123	46.5	41.7	−4.2	52.9	67.4
Net interest income (expense)	−4.6	−1.6	−11.8	18.9	−4.4	−16.2
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	−0.1	−0.3	−0.6	−0.5
Net income before taxes	119	44.8	29.8	14.4	48.0	50.7
Provision for taxes	23.0	9.7	6.0	2.1	9.5	12.8
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	95.7	35.1	23.8	12.3	38.5	37.9
Extraordinary items	–	–	–	–	–	–
Net income	95.7	35.1	23.8	12.3	38.5	37.9
EBIT, normalized	123	96.5	45.4	27.7	53.7	68.5
EBITDA, normalized	181	150	78.1	66.1	86.7	95.4
Basic EPS, normalized	0.35	0.13	0.10	0.13	0.15	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Ambu A/S, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	136	91.9	22.3	24.7	10.0	15.4
Receivables	143	124	122	106	114	88.8
Total inventory	200	161	129	161	116	81.1
Prepaid expenses	17.6	16.7	10.4	10.3	10.0	9.4
Other current assets	0	0.4	1.6	1.5	0	0
Total current assets	496	394	285	304	250	195
Property, plant & equipment	178	168	164	168	132	105
Goodwill	235	228	222	214	234	236
Intangibles	275	254	290	256	271	226
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	21.5	23.9	12.1	9.2	6.5	14.2
Total assets	1,207	1,069	973	951	894	776
Liabilities
Accounts payable	89.9	73.2	50.9	79.1	56.7	40.8
Payable/accrued	–	–	–	–	–	–
Accrued expenses	–	–	–	–	–	–
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	12.6	11.2	10.2	10.4	9.8	6.8
Other current liabilities	79.7	73.8	72.5	63.6	86.1	116
Total current liabilities	182	158	134	153	153	164
Long-term debt	73.4	72.2	72.6	233	118	221
Minority interest	–	–	–	–	–	–
Other liabilities	2.2	2.7	1.7	3.6	7.5	17.8
Total liabilities	258	233	208	390	278	402
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	21.2	20.2	19.1	17.0	20.1	19.8
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	922	794	716	495	579	342
Treasury stock	–	–	–	–	–	–
Other equity	5.7	21.7	29.9	50.0	16.5	11.5
Total equity	949	836	765	562	615	373
Total liabilities & shareholders' equity	1,207	1,069	973	951	894	776

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Ambu A/S, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	95.7	35.1	23.8	−3.4	52.9	67.4
Depreciation, depletion & amortization	58.2	53.0	49.3	46.3	33.6	28.5
Deferred taxes	–	–	–	–	–	–
Non-cash items	31.3	65.7	20.3	−2.2	−1.1	−1.4
Changes in working capital	−60.8	−32.4	−20.0	−28.1	−34.4	−48.0
Cash from operations	124	121	73.5	12.5	51.1	46.4
Investing activities
Capital expenditures	−60.4	−43.2	−46.2	−73.6	−90.9	−67.7
Other investing cash flows	0	0	0	0	−45.2	0
Cash from investing	−60.4	−43.2	−46.2	−73.6	−136	−67.7
Financing activities
Financing cash flow items	0.2	–	–	–	–	–
Cash dividends paid	−16.0	–	0	−9.9	−11.4	−15.1
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−8.2	−9.7	−31.5	87.2	91.1	33.1
Cash from financing	−24.1	−9.7	−31.5	77.3	79.7	17.9
Foreign exchange effects	−0.5	−0.1	–	0	0	−0.2
Net change in cash	39.5	68.4	−4.3	16.2	−5.3	−3.5
Free cash flow	64.0	78.3	27.2	−61.1	−39.9	−21.3

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.