Jyske Bank A/S JYSKY

FinancialsBanking ServicesDenmark

Last close 32.00 USD on Nov 1, 2026, +67.1% year to date

Quant rating

Quant rating A Rank 9 of 304 in Financials

Growth A 29 of 304
Valuation B 121 of 304
Quality B 71 of 304
Revisions A 4 of 304
Momentum A 28 of 304

Wall Street consensus Buy (2.50)Average target 179.21 USD +460.0%

Historical valuation

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

Key data

Market cap: 9.4B
Enterprise value: 71.6B
52-week range: 26.71 – 32.00
3-year range: 14.29 – 32.00
Dividend yield: 2.41%
Beta (5 years): –
Shares outstanding: 58.2M
Next earnings: Feb 2, 2027

About the company

Jyske Bank A/S is a Denmark-based banking group that includes mortgage lender Jyske Realkredit and other subsidiaries. The Group offers a diverse set of financial services including banking, insurance, mortgage, asset management, brokerage, credit card, and leasing services. The Company operates throughout Denmark and serves private individuals, companies, institutions, and the public sector. It reports three segments: Banking, Mortgage and Leasing. The Banking segment comprises personal advisory services, financial solutions, and financing activities aimed at Danish private and corporate customers, and public institutions. The Mortgage segment consists of financial solutions for the financing of real property. The Leasing segment covers car financing and equipment financing for the corporate sector, among others.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	3,301	3,607	3,697	1,626	1,342	–
Revenue growth	−8.5%	−2.4%	127.3%	21.2%	−9.1%	17.5%
EPS (basic, normalized)	13.54	12.12	13.68	8.30	6.44	–
EPS growth	11.8%	−11.4%	64.9%	28.9%	23.5%	21.0%
Gross margin	–	–	–	–	–	–
Net margin	24.5%	19.4%	23.0%	31.9%	34.2%	26.6%
ROE	11.9%	12.0%	14.8%	10.4%	9.3%	11.7%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Tier 1 risk-adjusted capital ratio	–
Long-term debt (mil)	66,636
Net debt (mil)	–
Total equity (mil)	7,892
Net debt / equity	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	3,301	−8.5%	21.7x	126.25	+26.2%	0.3x	13.32	+18.4%	2.4x
2026	1,990	−39.7%	36.0x	126.74	+0.4%	0.3x	12.58	−5.6%	2.5x
2027	2,135	+7.3%	33.5x	135.62	+7.0%	0.2x	14.81	+17.8%	2.2x
2028	2,189	+2.5%	32.7x	145.48	+7.3%	0.2x	16.58	+11.9%	1.9x

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	1,990	+0.8%	+2.6%	+3.1%	12.58	−0.3%	+3.8%	+5.0%
2027	2,135	+4.7%	+7.0%	+7.2%	14.81	+5.2%	+10.9%	+11.8%
2028	2,189	+5.4%	+6.7%	+6.8%	16.58	+7.5%	+10.2%	+11.1%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	FQ0
Sales reported (mil)	3,398	3,479	3,386	3,229	3,274	3,439	3,712	2,754	3,407	–
Sales mean (mil)	3,300	3,481	3,287	3,140	3,092	3,109	3,246	3,040	3,290	3,183
Surprise	+3.0%	−0.1%	+3.0%	+2.8%	+5.9%	+10.6%	+14.3%	−9.4%	+3.6%	–
EPS reported	19.80	21.70	19.54	19.38	20.02	23.18	22.11	16.94	22.48	–
EPS mean	18.67	20.65	18.28	17.29	17.02	17.53	18.26	18.49	20.81	20.72
Surprise	+6.0%	+5.1%	+6.9%	+12.1%	+17.6%	+32.2%	+21.1%	−8.4%	+8.0%	–

Peer comparison Banking Services

Peers in the same industry group, by market capitalization
Company	Market cap	Tier 1 ratio	Net margin	Deposits/loans	FY1 P/E	FY2 P/E	FY1 P/B	FY2 P/B
JYSKY Jyske Bank A/S	9.4B	–	24.5%	0.41x	2.5x	2.2x	0.3x	0.2x
BPOP Popular, Inc.	9.8B	16.1%	22.0%	1.72x	9.7x	8.8x	1.5x	1.4x
CFR Cullen/Frost Bankers, Inc.	9.8B	14.4%	26.3%	1.99x	14.3x	13.1x	2.2x	2.0x
ONB Old National Bancorp	9.5B	11.5%	20.0%	1.14x	9.7x	8.9x	1.1x	1.0x
ZION Zions Bancorporation, National Association	9.5B	11.9%	21.1%	1.26x	8.4x	9.4x	1.2x	1.1x
SYANY AL Sydbank A/S	9.1B	–	33.1%	1.61x	3.0x	2.3x	0.3x	0.3x
Mean		13.5%	24.5%	1.35x	7.9x	7.4x	1.1x	1.0x
Median		13.1%	23.3%	1.43x	9.0x	8.9x	1.2x	1.1x

Technical analysis

1M0.0%
3M+19.8%
1Y+67.1%
3Y+60.5%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Jyske Bank A/S, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Interest income	3,301	3,607	3,697	1,626	1,342	1,476
Total interest expense	1,923	2,308	2,269	777	571	647
Net interest income	1,378	1,299	1,428	849	771	829
Loan loss provision	0.3	2.9	18.8	−87.1	−33.3	−20.0
Net interest income after loan loss provision	1,378	1,296	1,410	936	804	849
Non-interest income	1,405	1,403	2,360	5,403	2,048	853
Non-interest expense	−1,642	−1,704	−2,602	−5,683	−2,237	−1,355
Net income before taxes	1,141	995	1,168	656	616	346
Provision for taxes	290	257	294	116	130	82.2
Minority interest & equity in affiliates	–	–	–	–	–	–
Other	0	0	0	0	0	0
Net income before extraordinary items	851	738	874	540	486	264
Extraordinary items	–	–	–	–	–	–
Net income	851	738	874	540	486	264
Basic weighted average shares (mil)	60.2	63.1	64.3	65.1	70.7	72.9
Diluted weighted average shares (mil)	60.2	63.1	64.3	65.1	70.7	72.9
Basic EPS excluding extraordinary items	13.44	11.11	13.23	7.97	6.48	3.24
Basic EPS, normalized	13.54	12.12	13.68	8.30	6.44	5.21

Balance sheet in millions of USD, fiscal years

Balance sheet, Jyske Bank A/S, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & due from banks	7,043	5,192	11,065	8,424	4,692	5,737
Other earning assets	21,148	17,568	19,041	18,958	18,389	22,225
Net loans	90,768	78,757	82,513	77,977	74,186	80,654
Property, plant & equipment	821	645	583	604	658	738
Goodwill	447	394	421	409	–	–
Intangibles	66.1	67.6	82.0	70.1	0	0
Long-term investments	29.7	26.8	30.6	26.9	34.7	38.4
Other long-term assets	0	44.0	95.6	174	–	–
Other assets	1,881	1,468	1,604	1,322	982	1,016
Total assets	122,204	104,163	115,436	107,965	98,941	110,408
Liabilities
Accounts payable	543	498	502	294	203	232
Payable/accrued	–	–	–	–	–	–
Accrued expenses	–	–	–	–	–	–
Total deposits	37,588	31,268	36,941	34,093	22,809	27,414
Other bearing liabilities	–	–	–	–	–	–
Short-term borrowings	1,214	908	959	835	842	1,254
Current portion of long-term debt	15,076	15,025	21,668	21,205	19,034	19,768
Long-term debt	56,066	45,606	44,344	40,157	45,083	48,960
Minority interest	–	–	–	–	–	–
Other liabilities	3,490	3,834	4,228	5,532	5,118	6,766
Total liabilities	113,977	97,139	108,642	102,117	93,090	104,395
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	96.7	89.3	95.2	92.6	111	119
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	7,323	6,226	6,184	5,256	5,201	5,318
Treasury stock	–	–	–	–	–	–
Other equity	807	709	515	499	539	576
Total equity	8,227	7,024	6,794	5,848	5,851	6,013
Total liabilities & shareholders' equity	122,204	104,163	115,436	107,965	98,941	110,408

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Jyske Bank A/S, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	851	738	874	540	486	264
Depreciation, depletion & amortization	120	83.0	99.6	94.7	92.3	106
Deferred taxes	–	–	–	–	–	–
Non-cash items	280	227	338	153	153	145
Changes in working capital	−403	−5,656	1,181	7,873	−1,203	1,510
Cash from operations	848	−4,608	2,493	8,661	−472	2,025
Investing activities
Capital expenditures	−230	−339	−255	−240	−157	−189
Other investing cash flows	43.2	168	195	−4,428	104	97.2
Cash from investing	−186	−171	−60.3	−4,668	−53.5	−92.1
Financing activities
Financing cash flow items	−30.2	183	−24.4	−20.7	−18.5	−27.6
Cash dividends paid	−243	−69.4	−74.0	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	264	−9.2	−48.4	−43.3	−272	147
Cash from financing	−8.8	105	−147	−64.1	−291	120
Foreign exchange effects	−82.1	−4.3	−37.6	−58.2	−26.6	−47.9
Net change in cash	571	−4,679	2,248	3,871	−843	2,005
Free cash flow	618	−4,947	2,238	8,421	−629	1,836

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 1, 2026 after market close.