Nkt A/S NRKBY

IndustrialsMachinery, Tools, Heavy Vehicles, Trains & ShipsDenmark

Last close 27.20 USD on Nov 1, 2026, +5.6% year to date

Quant rating

Quant rating A Rank 40 of 418 in Industrials

Growth A 45 of 418
Valuation D 316 of 418
Quality A 61 of 418
Revisions A 60 of 418
Momentum A 54 of 418

Wall Street consensus Buy (2.29)Average target 150.86 USD +454.6%

Historical valuation

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

Key data

Market cap: 6.7B
Enterprise value: 6.1B
52-week range: 22.42 – 30.78
3-year range: 13.80 – 30.78
Dividend yield: –
Beta (5 years): –
Shares outstanding: 53.7M
Next earnings: Nov 19, 2026

About the company

Nkt A/S is a Denmark-based provider of turnkey AC/DC cable solutions. The Company serves customers within the energy sector. NKT addresses three of the power cable industry’s market segments through its business lines Solutions, Applications and Service & Accessories. Each business line specializes in separate areas of the power cable market. Solutions specializes in high-voltage power cable solutions. Applications offers a broad range of low- and medium-voltage power cable solutions. Service & Accessories supplies off- and onshore power cable services and offers a full portfolio of power cable accessories across the medium- and high-voltage categories. The company operates in over 10 countries, with the main production sites located in the northern part of Europe.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	4,187	3,367	2,833	2,225	2,078	–
Revenue growth	24.4%	18.8%	27.3%	7.1%	15.7%	18.5%
EPS (basic, normalized)	5.79	6.38	2.49	1.22	0.21	–
EPS growth	−9.3%	156.4%	104.5%	485.9%	–	–
Gross margin	33.2%	31.9%	33.2%	32.2%	33.6%	32.8%
Net margin	7.4%	6.9%	4.2%	2.2%	0.2%	4.2%
ROE	13.6%	13.8%	8.7%	4.8%	1.1%	8.4%

Balance sheet, last quarter
Cash & short-term investments (mil)	971
Current ratio	1.23x
Long-term debt (mil)	270
Net debt (mil)	−675
Total equity (mil)	2,581
Net debt / equity	−0.26x
Net debt / EBITDA	−1.47x

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	4,187	+24.4%	1.5x	461	+30.6%	13.2x	5.79	−9.3%	4.7x
2026	3,842	−8.2%	1.6x	476	+3.4%	12.8x	4.71	−18.5%	5.8x
2027	4,605	+19.9%	1.3x	638	+34.0%	9.5x	6.45	+36.8%	4.2x
2028	5,375	+16.7%	1.1x	857	+34.2%	7.1x	8.85	+37.2%	3.1x

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	3,842	+0.7%	0.0%	0.0%	4.71	+4.6%	+6.5%	+15.0%
2027	4,605	+1.7%	+1.0%	+4.6%	6.45	+3.0%	+8.3%	+12.5%
2028	5,375	+1.2%	+0.1%	+4.0%	8.85	+0.6%	+2.3%	+5.1%

Earnings surprises EPS beat in 4 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)	704	802	856	890	837	945	936	847	864	947
Sales mean (mil)	582	728	778	735	753	789	807	826	804	917
Surprise	+21.0%	+10.1%	+10.1%	+21.0%	+11.2%	+19.8%	+16.0%	+2.6%	+7.4%	+3.3%
EPS reported	0.80	3.30	1.00	1.00	1.00	0.90	1.20	1.75	1.10	0.93
EPS mean	0.80	0.97	0.96	0.69	0.89	0.91	1.06	0.59	0.36	0.47
Surprise	0.0%	+240.2%	+4.2%	+44.1%	+12.6%	−0.8%	+13.6%	+196.1%	+205.6%	+97.9%

Peer comparison Machinery, Tools, Heavy Vehicles, Trains & Ships

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
NRKBY Nkt A/S	6.7B	−1.47x	7.4%	2.66x	5.8x	4.2x	12.8x	9.5x
HTCMY Hitachi Construction Machinery Co Ltd	7.1B	2.20x	5.2%	1.20x	25.0x	21.3x	6.7x	6.1x
OMRNY OMRON Corporation	6.9B	1.98x	4.5%	1.23x	24.9x	15.3x	10.0x	8.9x
FSS Federal Signal Corp	6.9B	0.79x	11.3%	4.35x	21.5x	19.5x	13.2x	12.2x
MSM MSC Industrial Direct Co., Inc.	6.8B	0.86x	5.3%	4.74x	21.6x	18.4x	12.9x	11.5x
YASKY YASKAWA Electric Corporation	6.8B	0.99x	6.5%	2.05x	44.5x	35.0x	13.5x	10.9x
Mean		0.89x	6.7%	2.70x	23.9x	19.0x	11.5x	9.9x
Median		0.92x	5.9%	2.36x	23.3x	19.0x	12.8x	10.2x

Technical analysis

1M0.0%
3M0.0%
1Y+16.0%
3Y+147.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Nkt A/S, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	4,187	3,367	2,833	2,225	2,078	1,796
Cost of revenue	2,799	2,293	1,893	1,508	1,379	1,134
Gross profit	1,388	1,074	940	717	699	662
Selling, general & administrative expenses	566	407	374	324	354	366
Research & development	–	–	–	–	–	–
Depreciation/amortization	154	106	98.8	91.4	107	119
Interest expense (income), operating	–	–	0.2	–	–	–
Unusual expense (income)	2.3	2.1	0.6	−1.1	–	0
Other operating expenses	364	311	285	228	210	236
Operating income	302	248	181	74.1	27.2	−58.5
Net interest income (expense)	43.5	35.2	−17.2	9.7	−9.3	−20.4
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	345	284	164	83.8	17.8	−78.9
Provision for taxes	22.3	39.3	33.2	24.8	4.3	12.1
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	323	244	131	59.0	13.5	−91.0
Extraordinary items	0	105	6.2	7.8	−8.9	–
Net income	323	349	137	66.8	4.7	−91.0
EBIT, normalized	304	251	182	94.1	27.2	−46.4
EBITDA, normalized	460	356	282	185	135	72.4
Basic EPS, normalized	5.79	6.38	2.49	1.22	0.21	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Nkt A/S, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,426	1,572	980	277	228	292
Receivables	1,001	590	491	635	666	407
Total inventory	516	439	343	358	327	298
Prepaid expenses	–	34.2	18.8	32.9	56.4	31.6
Other current assets	143	136	354	176	0	0
Total current assets	3,085	2,770	2,187	1,479	1,277	1,028
Property, plant & equipment	2,540	1,516	1,119	904	890	803
Goodwill	503	419	387	375	460	502
Intangibles	317	250	213	190	247	264
Long-term investments	9.4	8.3	9.9	–	–	–
Note receivable	2.3	5.2	1.1	0.9	0.9	1.2
Other long-term assets	114	62.1	59.6	12.5	28.3	28.2
Total assets	6,571	5,031	3,977	2,962	2,903	2,627
Liabilities
Accounts payable	651	553	402	376	389	334
Payable/accrued	–	–	–	–	–	–
Accrued expenses	–	–	–	–	–	–
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	25.8	17.6	12.1	15.9	19.9	15.6
Other current liabilities	1,643	1,093	1,102	1,037	800	586
Total current liabilities	2,320	1,664	1,516	1,429	1,208	935
Long-term debt	269	229	216	194	223	245
Minority interest	–	–	–	–	–	–
Other liabilities	1,407	1,220	507	115	153	132
Total liabilities	3,996	3,112	2,239	1,738	1,584	1,312
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	169	149	159	124	131	141
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	2,159	1,626	1,376	–	–	–
Treasury stock	−23.5	−3.1	−4.4	–	–	–
Other equity	271	146	207	1,101	1,187	1,174
Total equity	2,576	1,918	1,738	1,224	1,319	1,315
Total liabilities & shareholders' equity	6,571	5,031	3,977	2,962	2,903	2,627

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Nkt A/S, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	458	355	281	165	135	60.3
Depreciation, depletion & amortization	–	–	–	–	–	–
Deferred taxes	–	–	–	–	–	–
Non-cash items	−2.3	265	8.2	−28.6	55.5	−14.3
Changes in working capital	130	712	305	187	47.6	120
Cash from operations	586	1,332	595	324	238	166
Investing activities
Capital expenditures	−816	−479	−226	−167	−210	−80.0
Other investing cash flows	−56.4	−182	−46.9	−52.1	−30.4	−51.2
Cash from investing	−873	−662	−273	−219	−240	−131
Financing activities
Financing cash flow items	−12.9	−11.4	−10.0	−9.6	−9.2	−9.9
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−55.2	−16.6	378	−28.9	−32.4	259
Cash from financing	−68.1	−28.0	368	−38.5	−41.6	249
Foreign exchange effects	−2.3	7.2	0.2	−4.0	0	−0.4
Net change in cash	−357	650	691	62.1	−44.0	284
Free cash flow	−230	853	369	157	28.0	86.5

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.