Demant A/S WILYY

Health CareHealthcare Equipment & SuppliesDenmark

Last close 27.25 USD on Nov 1, 2026, +66.2% year to date

Quant rating

Quant rating A Rank 23 of 211 in Health Care

Growth B 46 of 211
Valuation C 99 of 211
Quality C 117 of 211
Revisions A 5 of 211
Momentum A 11 of 211

Wall Street consensus Buy (2.41)Average target 52.90 USD +94.1%

Historical valuation

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

Key data

Market cap: 11.6B
Enterprise value: 14.4B
52-week range: 13.45 – 28.10
3-year range: 13.45 – 28.10
Dividend yield: –
Beta (5 years): 1.30
Shares outstanding: 212M
Next earnings: Feb 4, 2027

About the company

Demant A/S, formerly William Demant Holding A/S, is a Denmark-based company engaged in the healthcare industry. It develops, manufactures and sells products and equipment designed to aid the hearing and communication of individuals. The Group focuses on four business areas: Hearing Devices, including such brands as Bernafon, Oticon, Frontrow, Phonic Ear and Sonic; Hearing Implants, including Oticon Medical; Diagnostic Instruments, comprising operations of such audiometer companies as Interacoustics, Grason-Stadler, Amplivox, Maico and MedRx, and Personal Communication, which includes the business of Sennheiser Communications, a headset producer. The Company operates globally, through more than 90 subsidiaries and associates worldwide.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	3,613	3,113	3,198	2,837	2,738	–
Revenue growth	16.1%	−2.7%	12.7%	3.6%	15.3%	8.8%
EPS (basic, normalized)	1.77	1.61	1.16	1.33	1.64	–
EPS growth	10.0%	39.2%	−12.8%	−19.1%	–	–
Gross margin	75.6%	76.2%	75.6%	74.4%	75.2%	75.4%
Net margin	10.3%	12.9%	13.1%	11.5%	15.1%	12.6%
ROE	24.4%	30.7%	31.7%	27.5%	33.2%	29.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
Net debt / equity	–
Net debt / EBITDA	–

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	3,613	+16.1%	4.0x	847	+4.9%	17.0x	1.77	+10.0%	15.4x
2026	3,963	+9.7%	3.6x	958	+13.1%	15.0x	2.15	+21.3%	12.7x
2027	4,259	+7.5%	3.4x	1,077	+12.5%	13.4x	2.54	+18.1%	10.7x
2028	4,563	+7.1%	3.2x	1,173	+8.9%	12.3x	2.90	+14.0%	9.4x

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	3,963	+1.2%	+2.4%	+4.1%	2.15	+5.3%	+11.9%	+17.6%
2027	4,259	+1.5%	+3.0%	+5.1%	2.54	+7.0%	+11.5%	+16.7%
2028	4,563	+2.0%	+3.6%	+5.7%	2.90	+6.5%	+11.5%	+15.3%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	5,620	–	–	–	–	6,667
Sales mean (mil)	5,483	5,775	5,431	6,023	5,620	5,797	5,470	6,107	6,172	6,438
Surprise	–	–	–	–	0.0%	–	–	–	–	+3.6%
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	0.00	6.00	–	7.40	–	5.70	0.00	–	0.00	6.30
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

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
WILYY Demant A/S	11.6B	–	10.3%	6.79x	12.7x	10.7x	15.0x	13.4x
OLYMY OLYMPUS CORPORATION	12.3B	–	6.7%	2.45x	–	–	–	–
BMXXY Biomerieux SA	12.0B	–	9.8%	2.48x	2.2x	2.0x	10.6x	9.7x
BAX Baxter International Inc.	11.9B	2.57x	−8.0%	1.83x	11.0x	11.2x	8.5x	8.5x
COO The Cooper Companies, Inc.	11.3B	1.94x	9.2%	1.36x	13.1x	12.7x	10.4x	10.0x
RGEN Repligen Corporation	11.2B	−2.19x	6.6%	4.80x	85.3x	66.6x	63.0x	44.5x
Mean		0.77x	5.8%	3.28x	24.9x	20.6x	21.5x	17.2x
Median		1.94x	8.0%	2.46x	12.7x	11.2x	10.6x	10.0x

Technical analysis

1M+17.8%
3M+31.9%
1Y+45.9%
3Y+32.9%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Demant A/S, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	3,613	3,113	3,198	2,837	2,738	2,375
Cost of revenue	881	740	782	725	680	678
Gross profit	2,732	2,373	2,416	2,112	2,058	1,697
Selling, general & administrative expenses	1,688	1,407	1,409	1,330	1,331	1,188
Research & development	212	187	174	182	167	196
Depreciation/amortization	215	181	174	154	33.2	106
Interest expense (income), operating	−5.7	−13.7	−10.1	−17.6	−18.3	−8.5
Unusual expense (income)	20.1	−17.2	2.1	2.2	–	−35.6
Other operating expenses	0	0	0	0	−15.1	0
Operating income	603	629	667	462	560	251
Net interest income (expense)	−79.7	−82.8	−88.2	−21.3	−10.5	−13.3
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−35.2	−30.0	−24.4	−19.0	−20.3	−18.5
Net income before taxes	488	516	554	421	529	219
Provision for taxes	115	114	137	93.7	115	33.2
Minority interest	0.2	−0.1	−0.4	−0.3	−2.3	−2.1
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	372	401	418	327	412	184
Extraordinary items	−129	−70.0	−152	−27.6	−28.0	–
Net income	243	331	266	300	384	184
EBIT, normalized	617	598	659	445	537	207
EBITDA, normalized	856	798	857	615	692	373
Basic EPS, normalized	1.77	1.61	1.16	1.33	1.64	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Demant A/S, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	209	154	168	163	179	156
Receivables	761	618	687	652	617	562
Total inventory	412	347	421	418	362	323
Prepaid expenses	70.6	60.4	61.4	56.7	47.1	43.2
Other current assets	132	198	50.8	154	0.9	13.3
Total current assets	1,584	1,377	1,389	1,443	1,206	1,098
Property, plant & equipment	1,052	774	801	699	666	654
Goodwill	2,993	1,924	1,833	1,654	1,448	1,366
Intangibles	212	168	172	157	129	129
Long-term investments	86.3	78.4	152	174	174	180
Note receivable	105	102	95.8	93.6	87.0	82.6
Other long-term assets	113	81.6	80.2	77.4	91.1	90.8
Total assets	6,145	4,506	4,523	4,298	3,801	3,599
Liabilities
Accounts payable	145	91.4	118	125	124	132
Payable/accrued	–	–	–	–	–	–
Accrued expenses	–	–	–	–	–	–
Short-term debt	15.7	33.3	78.5	110	489	194
Current portion of long-term debt	300	118	253	928	571	474
Other current liabilities	707	604	566	503	494	411
Total current liabilities	1,167	846	1,016	1,665	1,678	1,210
Long-term debt	2,985	2,026	1,809	1,132	673	810
Minority interest	12.1	11.1	12.1	0.1	0.6	4.8
Other liabilities	432	294	315	268	229	220
Total liabilities	4,597	3,178	3,152	3,066	2,581	2,245
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	6.8	6.1	6.7	6.6	7.3	7.9
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	1,639	1,307	1,376	1,205	1,219	1,405
Treasury stock	–	–	–	–	–	–
Other equity	−98.4	15.3	−12.0	20.7	−7.0	−58.9
Total equity	1,548	1,328	1,370	1,232	1,220	1,354
Total liabilities & shareholders' equity	6,145	4,506	4,523	4,298	3,801	3,599

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Demant A/S, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	603	629	614	462	560	251
Depreciation, depletion & amortization	239	199	198	169	163	172
Deferred taxes	–	–	–	–	–	–
Non-cash items	52.1	−30.3	−11.3	−50.7	−63.6	−32.0
Changes in working capital	−269	−233	−168	−239	−158	39.1
Cash from operations	625	564	632	341	501	430
Investing activities
Capital expenditures	−103	−80.0	−96.8	−93.1	−85.9	−83.2
Other investing cash flows	−1,005	−174	−168	−386	−113	−79.6
Cash from investing	−1,108	−254	−265	−479	−199	−163
Financing activities
Financing cash flow items	−0.3	−0.4	−0.4	−0.6	−5.2	−0.5
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	523	−310	−361	135	−267	−235
Cash from financing	523	−311	−361	134	−272	−236
Foreign exchange effects	−5.8	−3.2	−5.0	−2.4	3.2	−5.6
Net change in cash	34.3	−3.6	1.2	−6.0	33.6	26.3
Free cash flow	522	484	535	248	415	347

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.