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Danish jewelry maker and retailer known for customizable charm bracelets sold globally.
Danish jewelry maker and retailer known for customizable charm bracelets sold globally.
Makes nearly all its jewellery in its own factories in Thailand and sells it through its own stores and online shop, partner-run concept stores and third-party retailers, keeping the retail margin on direct sales. Low-priced charms encourage repeat purchases. The US is its largest market.
Moat: narrow (brand, scale, distribution). Globally recognized affordable-luxury jewelry brand with a large owned/franchised store network.
Headquarters: Copenhagen, Denmark · Founded: 1982 · Employees: 42,281
Size Pandora A/S (PNDORA.CO) is a Denmark Consumer Discretionary company (Other Consumer Specialties) with a market value of $10.1B, the 13th largest of 59 Denmark companies the cockpit tracks. Shares closed at DKK 901.60 on 6 Nov 2026.
Performance Over six months the shares gained 67.5%, against +0.9% for the median peer and +8.8% for the Denmark market (cap-weighted) — 3rd highest of 20 in its peer set.
Growth Revenue grew 0.7% over the last twelve months (peer median +10.8%); the operating margin is 24.3% (peer median 12.1%).
Valuation It trades at 13.7× forward earnings against a peer median of 22.9× (5th cheapest of 17).
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 +11%, so the hurdle is -18 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 22.5 points above its cost of capital (6.1% WACC).
Credit Pandora A/S has 2 bonds outstanding ($1.11B), rated BBB by the agencies.
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | DKK 32.9B | DKK 32.5B | DKK 31.7B | DKK 28.1B | DKK 26.5B |
| Revenue growth | — | +3% | +13% | +6% | — |
| Gross profit | DKK 26.3B | DKK 24.8B | DKK 24.4B | DKK 21.4B | DKK 19.5B |
| EBITDA | DKK 10.8B | DKK 10.4B | DKK 10.3B | DKK 9.12B | DKK 8.72B |
| Net income | DKK 5.18B | DKK 5.24B | DKK 5.23B | DKK 4.74B | DKK 5.03B |
| Free cash flow | DKK 5.80B | DKK 5.91B | DKK 7.38B | DKK 6.25B | DKK 3.59B |
| Capital expenditure | DKK 1.91B | DKK 1.92B | DKK 1.71B | DKK 1.49B | DKK 1.23B |
| Total debt | DKK 17.7B | DKK 15.0B | DKK 13.4B | DKK 11.2B | DKK 7.59B |
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 |
|---|---|---|---|---|---|---|
| Pandora A/S PNDORA.CO | $10.1B | +67% | +1% | 24% | 13.7× | -6.9% |
| LVMH Moet Hennessy Louis Vuitton MC.PA | $226B | -11% | -4% | 22% | 18.6× | 10.2% |
| Signet Jewelers SIG | $4.37B | +34% | +1% | 7% | 9.4× | -1.3% |
| Chow Tai Fook 1929.HK | $15.0B | +3% | +5% | 19% | 11.3× | -8.1% |
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 | PNDORA.CO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +11.9% | +1.5% | 4th highest of 21 |
| 6-month return | +67.5% | +0.9% | 3rd highest of 20 |
| Distance from 52-week high | -4.5% | -23.9% | 2nd highest of 21 |
| Revenue growth (TTM) | +0.7% | +10.8% | 5th lowest of 21 |
| Operating margin | 24.3% | 12.1% | 3rd highest of 21 |
| Forward P/E | 13.7× | 22.9× | 5th cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | -6.9% | 10.3% | 5th least demanding of 13 |
| Growth delivered (Del g) | +11.4% | +13.1% | 7th highest of 13 |
| Hurdle (Req g minus delivered) | -18.2 pp | -9.6 pp | 3rd least demanding of 13 |
| ROIC minus cost of capital | +22.5 pp | +6.8 pp | 4th highest of 20 |
| EV / EBITDA | 7.8× | 15.9× | 4th cheapest of 15 |
| Net debt / EBITDA | 1.6× | 0.7× | 5th most indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Pandora A/S PNDORA.CO | Denmark | $10.1B | +67% | +1% | 24% | 13.7× | -6.9% | +11.4% |
| Swatch Group Ltd. Bearer UHR.SW | Switzerland | $11.3B | -13% | 0% | 2% | 43.1× | 21.6% | +2.3% |
| Laopu Gold 6181.HK | Hong Kong | $6.84B | -48% | +109% | 27% | 6.9× | n/a | n/a |
| Chow Tai Fook 1929.HK | Hong Kong | $15.0B | +3% | +5% | 19% | 11.3× | -8.1% | +6.1% |
| Seiko 8050.T | Japan | $4.71B | +54% | +16% | 11% | 21.0× | 24.4% | +10.6% |
| Samsonite 1910.HK | Hong Kong | $2.52B | -6% | +1% | 15% | 10.3× | -12.2% | +18.0% |
| Titan TITAN.NS | India | $46.9B | +16% | +45% | 9% | 68.6× | n/a | n/a |
| Lao Feng Xiang 600612.SS | China | $2.04B | -17% | -40% | 6% | 17.2× | -16.9% | +0.4% |
| China National Gold Group Gold Jewellery 600916.SS | China | $1.80B | -20% | -9% | 0% | 28.6× | 24.2% | +15.6% |
| PC Jeweller PCJEWELLER.NS | India | $1.63B | +67% | +29% | 24% | n/a | n/a | n/a |
| Sky Gold and Diamonds SKYGOLD.NS | India | $1.56B | +92% | +73% | 7% | 31.5× | n/a | n/a |
| Savaria SIS.TO | Canada | $1.53B | +3% | +7% | 14% | 19.9× | 9.3% | +20.8% |
| Thangamayil Jewellery THANGAMAYL.NS | India | $1.37B | +1% | +78% | 6% | 29.4× | 28.5% | +36.1% |
| Mokingran Jewellery 2585.HK | Hong Kong | $1.37B | +118% | +5% | 4% | 29.7× | n/a | n/a |
| DR Corporation Limited Class A 301177.SZ | China | $1.29B | -26% | -4% | -6% | 124.3× | n/a | n/a |
| Gens Aurea OROX.MI | Italy | $1.27B | n/a | +95% | 11% | n/a | n/a | n/a |
| Mitsubishi Pencil 7976.T | Japan | $1.16B | +52% | +6% | 13% | 20.6× | n/a | n/a |
| Guangdong CHJ Industry 002345.SZ | China | $1.11B | -19% | +14% | 13% | 10.8× | -11.5% | +23.9% |
| Beijing Kingee Culture Development 002721.SZ | China | $965M | -21% | +45% | 15% | n/a | 26.5% | -25.9% |
| Wiselink 8932.TWO | Taiwan | $941M | -19% | +24% | 47% | n/a | 10.0% | +23.2% |
| Compagnie Financiere Richemont CFR.SW | Switzerland | $122B | +10% | +2% | 21% | 24.8× | 10.5% | +8.1% |
Pandora A/S has 2 bonds outstanding with $1.11B face value. The agencies rate it BBB.