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Danish hearing healthcare company making hearing aids, diagnostic instruments and running hearing clinics.
Danish hearing healthcare company making hearing aids, diagnostic instruments and running hearing clinics.
Sells hearing aids through independent hearing professionals and large chains, and increasingly through its own clinics, so it earns the maker's margin plus the retailer's when it fits the device itself. A Danish foundation, the Oticon Foundation, controls it through William Demant Invest.
Moat: narrow (brand, distribution, IP / patents). Vertically integrated from hearing-aid R&D through owned retail clinics.
Headquarters: Smorum, Denmark · Founded: 1904 · Employees: 26,704
Size Demant A/S (DEMANT.CO) is a Denmark Health Care company (Medical Specialties) with a market value of $11.6B, the 12th largest of 59 Denmark companies the cockpit tracks. Shares closed at DKK 377.20 on 6 Nov 2026.
Performance Over six months the shares gained 61.9%, against +33.8% for the median peer and +8.8% for the Denmark market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue grew 9.6% over the last twelve months (peer median +4.6%); the operating margin is 17.6% (peer median 13.6%).
Valuation It trades at 25.7× forward earnings against a peer median of 20.4× (9th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 7% a year for seven years (Req g). Recent delivered growth is +10%, so the hurdle is -3 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 5.0 points above its cost of capital (6.3% WACC).
Next results Next results expected around 9 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | DKK 24.8B | DKK 23.1B | DKK 22.4B | DKK 21.7B | DKK 19.5B |
| Revenue growth | — | +3% | +3% | +11% | — |
| Gross profit | DKK 18.9B | DKK 16.1B | DKK 15.8B | DKK 15.2B | DKK 13.5B |
| EBITDA | DKK 6.01B | DKK 5.58B | DKK 6.15B | DKK 5.89B | DKK 4.16B |
| Net income | DKK 1.61B | DKK 1.54B | DKK 2.41B | DKK 1.79B | DKK 2.08B |
| Free cash flow | DKK 3.37B | DKK 3.30B | DKK 3.26B | DKK 3.47B | DKK 1.74B |
| Capital expenditure | DKK 1.02B | DKK 1.11B | DKK 1.03B | DKK 1.10B | DKK 1.28B |
| Total debt | n/a | DKK 21.0B | DKK 15.7B | DKK 14.5B | DKK 15.1B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Demant A/S DEMANT.CO | $11.6B | +62% | +10% | 18% | 25.7× | 6.8% |
| Sonova SOON.SW | $20.3B | +62% | -7% | 21% | 25.6× | 7.1% |
| GN Store Nord A/S GN.CO | $2.70B | +30% | -26% | 3% | n/a | 18.5% |
| Cochlear COH.AX | $7.05B | +55% | -1% | 13% | 29.4× | 24.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | DEMANT.CO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +17.4% | +8.4% | 3rd highest of 21 |
| 6-month return | +61.9% | +33.8% | 3rd highest of 21 |
| Distance from 52-week high | -2.3% | -12.5% | 3rd highest of 21 |
| Revenue growth (TTM) | +9.6% | +4.6% | 7th highest of 21 |
| Operating margin | 17.6% | 13.6% | 6th highest of 21 |
| Forward P/E | 25.7× | 20.4× | 9th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 6.8% | 10.7% | 6th least demanding of 19 |
| Growth delivered (Del g) | +9.8% | +7.0% | 9th highest of 19 |
| Hurdle (Req g minus delivered) | -3.0 pp | +4.4 pp | 5th least demanding of 19 |
| ROIC minus cost of capital | +5.0 pp | +2.4 pp | 5th highest of 21 |
| EV / EBITDA | 15.9× | 12.2× | 6th most expensive of 18 |
| Net debt / EBITDA | 3.1× | 0.7× | 3rd most indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Demant A/S DEMANT.CO | Denmark | $11.6B | +62% | +10% | 18% | 25.7× | 6.8% | +9.8% |
| Align Technology ALGN | United States | $11.8B | -2% | +4% | 19% | 13.9× | 11.4% | +10.3% |
| Cooper Companies (The) COO | United States | $11.9B | +4% | +5% | 19% | 13.8× | 9.4% | +11.0% |
| Olympus 7733.T | Japan | $12.2B | +13% | +8% | 16% | 18.0× | -1.5% | +6.7% |
| bioMerieux BIM.PA | France | $12.4B | +29% | -3% | 15% | 20.9× | 8.9% | +5.5% |
| Penumbra PEN | United States | $12.6B | -1% | +17% | 12% | 54.9× | 30.1% | +20.2% |
| Avantor AVTR | United States | $10.5B | +86% | +1% | 8% | 17.7× | 16.1% | +0.5% |
| Qiagen QGEN | United States | $10.4B | +52% | +3% | 25% | 19.8× | 8.8% | +2.2% |
| Bio-Rad Laboratories BIO | United States | $10.3B | +50% | +1% | 9% | 35.7× | 26.5% | +0.3% |
| Smith & Nephew SN..L | United Kingdom | $13.1B | +5% | +2% | 17% | 14.4× | 11.1% | +5.6% |
| Insulet PODD | United States | $10.2B | -5% | +26% | 18% | 19.5× | 10.3% | +24.5% |
| Glaukos GKOS | United States | $13.3B | +68% | +47% | -9% | 155.4× | n/a | n/a |
| Baxter International BAX | United States | $13.3B | +43% | +5% | 6% | 12.6× | 12.7% | -0.7% |
| Lenskart Solutions LENSKART.NS | India | $13.4B | +49% | +35% | 10% | 137.4× | 52.8% | +33.5% |
| Globus Medical GMED | United States | $9.54B | -9% | +20% | 22% | 14.1× | 5.5% | +30.1% |
| Bruker BRKR | United States | $9.34B | +39% | +2% | 9% | 26.2× | 25.7% | +11.6% |
| Shanghai United Imaging Healthcare 688271.SS | China | $14.8B | +9% | +27% | 9% | 46.9× | n/a | n/a |
| Sysmex 6869.T | Japan | $7.89B | +50% | +4% | 13% | 31.2× | 4.4% | +10.4% |
| Shimadzu 7701.T | Japan | $7.79B | +15% | +6% | 13% | 19.5× | 6.3% | +7.3% |
| Getinge GETI-B.ST | Sweden | $7.73B | +45% | -4% | 14% | 21.0× | 4.7% | +3.2% |
| Revvity RVTY | United States | $17.3B | +54% | +5% | 15% | 26.7× | 27.3% | -5.5% |