Pandora A/S PNDRY

Consumer DiscretionaryTextiles & ApparelDenmark

Last close 15.66 USD on Nov 2, 2026, +19.3% year to date

Quant rating

Quant rating A Rank 14 of 297 in Consumer Discretionary

Growth C 127 of 297
Valuation A 18 of 297
Quality A 5 of 297
Revisions A 42 of 297
Momentum C 132 of 297

Wall Street consensus Hold (2.75)Average target 125.84 USD +703.6%

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: 11.8B
52-week range: 8.25 – 16.86
3-year range: 8.25 – 51.00
Dividend yield: 2.78%
Beta (5 years): 1.76
Shares outstanding: 75.0M
Next earnings: Nov 4, 2026

About the company

Pandora A/S is a Denmark-based company engaged in the design, manufacture and marketing of jewelry. Its product offering is divided into five categories: charms and bracelets, earrings, rings, watches, and necklaces and pendants, among others. Its products are made of gold, silver, leather and textile, among others. The Company’s products are sold globally through such points of sale, as concept stores, shop-in-shops, gold stores, silver stores, white and travel retail stores, third party stores and a number of unbranded boutiques. The Company is present in more than 70 countries in such geographical regions, as Europe, the Middle East, Africa, North America, South and Central America and Asia Pacific.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	5,119	4,399	4,166	3,809	3,577	–
Revenue growth	16.4%	5.6%	9.4%	6.5%	14.6%	10.4%
EPS (basic, normalized)	10.57	9.01	7.96	7.73	6.40	–
EPS growth	17.4%	13.2%	2.9%	20.8%	–	–
Gross margin	79.1%	79.8%	78.6%	76.3%	76.1%	78.0%
Net margin	16.1%	16.5%	16.8%	19.0%	17.8%	17.2%
ROE	97.2%	96.2%	75.7%	71.0%	57.8%	79.6%

Balance sheet, last quarter
Cash & short-term investments (mil)	139
Current ratio	0.84x
Long-term debt (mil)	2,123
Net debt (mil)	2,391
Total equity (mil)	658
Net debt / equity	3.63x
Net debt / EBITDA	1.48x

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	5,119	+16.4%	2.3x	1,615	+12.5%	7.3x	10.57	+17.4%	1.5x
2026	5,007	−2.2%	2.4x	1,539	−4.7%	7.7x	9.77	−7.6%	1.6x
2027	5,250	+4.9%	2.2x	1,288	−16.3%	9.2x	7.22	−26.1%	2.2x
2028	5,504	+4.8%	2.1x	1,535	+19.2%	7.7x	9.90	+37.1%	1.6x

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	5,007	+0.1%	+1.3%	+2.8%	9.77	−0.1%	+6.4%	+11.1%
2027	5,250	+0.4%	+1.9%	+3.2%	7.22	−1.6%	+10.7%	+20.0%
2028	5,504	+0.6%	+1.9%	+3.6%	9.90	+2.4%	+13.5%	+25.6%

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)	6,834	6,771	6,103	11,973	7,347	7,075	6,269	11,858	7,109	7,219
Sales mean (mil)	6,578	6,672	6,100	11,894	7,328	7,163	6,320	12,343	7,043	7,241
Surprise	+3.9%	+1.5%	+0.1%	+0.7%	+0.3%	−1.2%	−0.8%	−3.9%	+0.9%	−0.3%
EPS reported	11.80	9.70	7.30	35.50	14.00	10.30	6.30	36.90	12.60	11.70
EPS mean	10.21	10.07	7.09	35.89	13.10	10.14	6.55	37.79	9.97	8.55
Surprise	+15.6%	−3.7%	+2.9%	−1.1%	+6.9%	+1.5%	−3.8%	−2.3%	+26.3%	+36.9%

Peer comparison Textiles & Apparel

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
PNDRY Pandora A/S	9.4B	1.48x	16.1%	14.64x	1.6x	2.2x	7.7x	9.2x
SWGAY The Swatch Group AG	11.4B	–	0.0%	0.83x	–	–	–	–
DECK Deckers Outdoor Corporation	11.3B	−0.90x	18.7%	4.89x	10.9x	10.5x	7.4x	7.3x
LEVI Levi Strauss & Co	8.8B	0.29x	8.0%	3.66x	14.8x	13.7x	8.8x	8.4x
VFC VF Corp	7.6B	2.31x	2.7%	3.75x	16.4x	13.8x	10.6x	9.4x
GIL Gildan Activewear Inc.	7.6B	5.00x	10.9%	2.27x	8.9x	7.8x	7.9x	7.4x
Mean		1.63x	9.4%	5.01x	10.5x	9.6x	8.5x	8.3x
Median		1.48x	9.4%	3.71x	10.9x	10.5x	7.9x	8.4x

Technical analysis

1M+5.4%
3M+0.1%
1Y−1.8%
3Y−42.7%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Pandora A/S, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	5,119	4,399	4,166	3,809	3,577	3,120
Cost of revenue	1,070	887	890	903	855	735
Gross profit	4,049	3,511	3,276	2,906	2,722	2,386
Selling, general & administrative expenses	2,678	2,283	2,122	1,843	1,732	1,812
Research & development	–	–	–	–	–	–
Depreciation/amortization	148	121	111	93.0	106	125
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	–	–	−8.6	7.7
Other operating expenses	0	0	−0.1	0	0	0
Operating income	1,224	1,107	1,042	971	893	441
Net interest income (expense)	−114	−129	−109	−21.7	−58.6	−15.8
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−23.0	−16.1	−10.7	−8.5	−11.9	−15.4
Net income before taxes	1,087	962	923	940	822	409
Provision for taxes	263	236	221	217	186	91.3
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	824	726	702	724	636	318
Extraordinary items	–	–	–	–	–	–
Net income	824	726	702	724	636	318
EBIT, normalized	1,231	1,107	1,042	979	861	582
EBITDA, normalized	1,631	1,434	1,350	1,263	1,154	948
Basic EPS, normalized	10.57	9.01	7.96	7.73	6.40	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Pandora A/S, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	205	332	207	114	159	478
Receivables	355	299	340	351	278	279
Total inventory	768	615	617	606	457	320
Prepaid expenses	–	–	–	–	–	–
Other current assets	280	35.3	20.9	41.0	21.3	67.8
Total current assets	1,608	1,281	1,184	1,113	916	1,144
Property, plant & equipment	1,439	1,176	966	749	665	831
Goodwill	789	712	728	694	675	697
Intangibles	526	431	427	395	409	443
Long-term investments	46.6	41.4	31.8	35.8	33.9	40.0
Note receivable	–	–	–	–	–	–
Other long-term assets	246	212	186	182	136	125
Total assets	4,656	3,854	3,523	3,169	2,835	3,280
Liabilities
Accounts payable	727	541	475	451	500	527
Payable/accrued	–	–	–	–	–	–
Accrued expenses	–	–	–	–	–	–
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	488	247	212	642	178	656
Other current liabilities	555	584	505	517	584	424
Total current liabilities	1,770	1,371	1,192	1,610	1,261	1,607
Long-term debt	1,875	1,614	1,442	451	423	339
Minority interest	–	–	–	–	–	–
Other liabilities	180	104	96.7	77.0	81.0	121
Total liabilities	3,825	3,089	2,731	2,137	1,765	2,067
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	12.4	11.4	13.2	13.8	15.3	16.4
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	1,286	1,082	1,334	1,364	1,456	1,089
Treasury stock	−666	−448	−644	−478	−522	−15.3
Other equity	199	119	90.2	132	121	123
Total equity	831	765	793	1,032	1,070	1,213
Total liabilities & shareholders' equity	4,656	3,854	3,523	3,169	2,835	3,280

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Pandora A/S, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	1,224	1,107	1,042	971	893	441
Depreciation, depletion & amortization	407	327	308	284	306	380
Deferred taxes	–	–	–	–	–	–
Non-cash items	21.4	16.9	7.4	9.9	36.1	−14.0
Changes in working capital	−494	−240	−264	−626	−282	174
Cash from operations	1,158	1,211	1,093	638	952	981
Investing activities
Capital expenditures	−301	−233	−220	−171	−89.4	−82.7
Other investing cash flows	−59.0	−29.2	−46.2	−85.5	−7.0	3.3
Cash from investing	−360	−262	−267	−257	−96.5	−79.4
Financing activities
Financing cash flow items	–	–	–	–	0	−6.9
Cash dividends paid	−246	−204	−209	−218	−226	−135
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−716	−587	−522	−228	−918	−444
Cash from financing	−962	−792	−731	−446	−1,144	−586
Foreign exchange effects	−10.2	−1.5	−9.0	0.6	2.8	−10.2
Net change in cash	−174	156	87.1	−64.3	−286	305
Free cash flow	857	978	873	467	863	898

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.