DSV A/S DSDVY

IndustrialsFreight & Logistics ServicesDenmark

Last close 108.29 USD on Nov 2, 2026, −13.9% year to date

Quant rating

Quant rating C Rank 205 of 418 in Industrials

Growth C 184 of 418
Valuation C 252 of 418
Quality B 107 of 418
Revisions D 326 of 418
Momentum C 169 of 418

Wall Street consensus Strong Buy (1.50)Average target 148.50 USD +37.1%

Historical valuation

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

Key data

Market cap: 52.0B
Enterprise value: 64.3B
52-week range: 84.51 – 151.98
3-year range: 70.51 – 151.98
Dividend yield: 0.52%
Beta (5 years): 1.21
Shares outstanding: 240M
Next earnings: Feb 2, 2027

About the company

DSV A/S, formerly DSV Panalpina A/S, is a Denmark-based company engaged in the transportation and logistics services. The Company’s operations are divided into three business segments: The Air and Sea service, which provides air and sea freight services across the globe; The Road, that provides road freight services across Europe, North America and South Africa and The Solutions segment, which offers contract logistics services, including warehousing and inventory management, across the globe. The Company operates worldwide.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	38,896	23,202	22,325	33,925	27,873	–
Revenue growth	67.6%	3.9%	−34.2%	21.7%	46.5%	15.4%
EPS (basic, normalized)	4.03	3.59	4.28	11.94	–	–
EPS growth	12.1%	−16.1%	−64.1%	–	–	–
Gross margin	27.0%	25.7%	29.1%	22.1%	20.6%	24.9%
Net margin	3.4%	6.0%	8.2%	7.5%	6.1%	6.2%
ROE	7.2%	11.1%	17.6%	24.1%	18.4%	15.7%

Balance sheet, last quarter
Cash & short-term investments (mil)	2,084
Current ratio	1.02x
Long-term debt (mil)	11,256
Net debt (mil)	12,368
Total equity (mil)	19,597
Net debt / equity	0.63x
Net debt / EBITDA	2.77x

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	38,896	+67.6%	1.7x	4,468	+44.2%	14.4x	4.03	+12.1%	26.9x
2026	45,928	+18.1%	1.4x	5,247	+17.4%	12.3x	3.88	−3.5%	27.9x
2027	46,965	+2.3%	1.4x	5,796	+10.4%	11.1x	5.72	+47.2%	18.9x
2028	50,073	+6.6%	1.3x	6,355	+9.7%	10.1x	7.05	+23.3%	15.4x

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	45,928	+2.8%	+3.4%	+4.7%	3.88	−26.8%	+2.7%	−28.9%
2027	46,965	+3.0%	+3.7%	+3.2%	5.72	−37.9%	−10.6%	−43.4%
2028	50,073	+4.6%	+4.9%	+4.8%	7.05	−50.8%	−9.2%	−56.9%

Earnings surprises EPS beat in 2 of the last 4 quarters

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)	38,340	41,157	44,095	43,514	41,680	61,983	71,983	71,685	70,416	76,688
Sales mean (mil)	39,853	39,563	42,394	43,143	38,416	64,905	75,528	72,927	72,609	73,393
Surprise	−3.8%	+4.0%	+4.0%	+0.9%	+8.5%	−4.5%	−4.7%	−1.7%	−3.0%	+4.5%
EPS reported	5.88	6.62	7.09	6.62	6.45	6.46	7.91	4.63	11.85	7.25
EPS mean	6.44	6.46	6.79	6.67	5.53	6.67	6.73	6.74	6.23	7.91
Surprise	−8.6%	+2.4%	+4.4%	−0.7%	+16.6%	−3.0%	+17.5%	−31.4%	+90.3%	−8.4%

Peer comparison Freight & Logistics Services

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
DSDVY DSV A/S	52.0B	2.77x	3.4%	2.67x	27.9x	18.9x	12.3x	11.1x
MAERSKb AP Moeller - Maersk A/S	49.6B	1.24x	5.0%	0.90x	7.2x	17.9x	4.4x	6.6x
UPS United Parcel Service Inc	93.3B	1.60x	6.3%	6.20x	15.1x	13.6x	9.0x	8.3x
FDX FedEx Corp	74.5B	–	4.7%	2.15x	17.4x	15.1x	8.4x	7.7x
DHLn DHL AG	76.1B	2.14x	4.2%	2.95x	16.4x	15.1x	7.6x	7.3x
KNIN Kuehne + Nagel International AG	35.3B	1.40x	3.6%	10.90x	25.8x	24.3x	13.1x	12.5x
Mean		1.83x	4.5%	4.29x	18.3x	17.5x	9.1x	8.9x
Median		1.60x	4.4%	2.81x	16.9x	16.5x	8.7x	8.0x

Technical analysis

1M+20.0%
3M+0.1%
1Y+2.5%
3Y+40.0%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, DSV A/S, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	38,896	23,202	22,325	33,925	27,873	19,029
Cost of revenue	28,382	17,235	15,837	26,418	22,122	14,345
Gross profit	10,515	5,967	6,488	7,507	5,751	4,684
Selling, general & administrative expenses	6,073	2,936	3,083	3,149	2,629	2,458
Research & development	–	–	–	–	–	–
Depreciation/amortization	1,364	801	786	730	641	663
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	705	114	−5.5	161	73.1	355
Other operating expenses	0	0	0	0	0	0
Operating income	2,372	2,116	2,624	3,467	2,407	1,207
Net interest income (expense)	−450	−232	−165	−109	−52.3	−281
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−11.6	−20.7	−17.8	−16.1	−76.3	−2.6
Net income before taxes	1,910	1,864	2,441	3,343	2,279	924
Provision for taxes	579	451	605	799	558	225
Minority interest	−12.1	−9.2	−13.6	−14.8	−7.5	−1.3
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	1,319	1,404	1,823	2,529	1,713	698
Extraordinary items	−45.8	–	–	–	–	–
Net income	1,273	1,404	1,823	2,529	1,713	698
EBIT, normalized	3,077	2,230	2,619	3,628	2,480	1,563
EBITDA, normalized	4,442	3,031	3,405	4,358	3,122	2,226
Basic EPS, normalized	4.03	3.59	4.28	11.94	–	–

Balance sheet in millions of USD, fiscal years

Balance sheet, DSV A/S, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	2,073	11,604	955	1,463	1,269	666
Receivables	9,891	5,261	4,673	6,097	7,671	4,096
Total inventory	329	695	639	272	43.4	234
Prepaid expenses	–	–	–	–	–	–
Other current assets	6.4	5.1	6.5	5.5	10.1	18.1
Total current assets	12,299	17,566	6,274	7,837	8,994	5,015
Property, plant & equipment	8,208	3,539	3,238	3,020	3,053	2,318
Goodwill	23,187	10,642	11,219	10,983	11,477	7,793
Intangibles	553	171	197	199	244	195
Long-term investments	–	–	–	–	–	–
Note receivable	525	465	364	354	366	61.1
Other long-term assets	893	460	489	503	542	416
Total assets	45,665	32,843	21,781	22,895	24,676	15,798
Liabilities
Accounts payable	3,695	2,007	1,941	2,158	2,605	1,629
Payable/accrued	–	–	–	–	–	–
Accrued expenses	2,001	1,120	1,173	1,740	2,032	971
Short-term debt	1,581	40.5	100	0	165	106
Current portion of long-term debt	1,077	604	780	632	1,045	556
Other current liabilities	4,588	1,674	1,682	2,203	2,320	1,517
Total current liabilities	12,942	5,445	5,676	6,733	8,167	4,779
Long-term debt	12,744	10,854	5,055	4,979	4,410	2,811
Minority interest	43.4	44.6	38.9	32.0	26.8	−14.4
Other liabilities	1,471	646	838	856	744	446
Total liabilities	27,200	16,990	11,609	12,600	13,346	8,021
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	37.7	33.3	32.4	31.5	36.7	37.8
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	19,275	15,788	10,246	10,132	11,348	8,205
Treasury stock	−0.6	−0.8	−1.5	−0.3	−0.9	−0.7
Other equity	−848	33.7	−105	133	−53.5	−465
Total equity	18,465	15,854	10,172	10,295	11,330	7,778
Total liabilities & shareholders' equity	45,665	32,843	21,781	22,895	24,676	15,798

Cash flow statement in millions of USD, fiscal years

Cash flow statement, DSV A/S, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	4,442	3,031	3,405	4,358	3,122	2,226
Depreciation, depletion & amortization	–	–	–	–	–	–
Deferred taxes	–	–	–	–	–	–
Non-cash items	−811	−128	−104	8.3	−86.1	−282
Changes in working capital	−252	−1,286	−864	−502	−1,170	−257
Cash from operations	3,378	1,618	2,437	3,865	1,866	1,687
Investing activities
Capital expenditures	−407	−337	−352	−258	−227	−220
Other investing cash flows	−11,816	7.5	51.1	119	291	129
Cash from investing	−12,223	−330	−301	−139	64.2	−91.3
Financing activities
Financing cash flow items	−37.9	1.0	10.8	−24.5	17.1	−0.8
Cash dividends paid	−265	−213	−211	−190	−141	−96.5
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−1,814	9,646	−2,402	−3,276	−1,204	−1,051
Cash from financing	−2,116	9,434	−2,602	−3,490	−1,327	−1,149
Foreign exchange effects	−110	−13.2	−83.2	32.5	45.4	−116
Net change in cash	−11,071	10,708	−549	268	648	331
Free cash flow	2,971	1,280	2,085	3,606	1,639	1,467

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.