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Ambu A/S

AMBU-B.CO
63
Medical - Devices · Healthcare
Price
kr 69.10
-1.55 (-2.19%)
Market Cap
kr 18.37B
Exchange
NASDAQ Copenhagen
Winston Score
63
Winston is curious
A decent business — some strong pillars, some weaker.

Share count rising — dilution

+5.4% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 253.2M (2021) → 267.0M (2025)

Ambu is a Danish medical device company that makes tools doctors use to look inside patients' bodies and to help people breathe during emergencies. Its main products are single-use endoscopes — thin, flexible cameras used in hospitals — along with breathing masks, bags, and monitoring equipment. Ambu is best known for pioneering the disposable endoscope, which hospitals use instead of reusable scopes that need to be cleaned between patients.

Ambu earns money by selling its devices directly to hospitals and clinics, mostly on a per-procedure basis as doctors use and discard single-use products. The company operates globally, with strong sales in Europe and North America, and generates roughly $600–700 million in annual revenue. Its main competitive advantage is its early lead in single-use endoscopy, but it faces growing competition from larger device makers entering the same market. The key growth driver is continued hospital adoption of disposable endoscopes, while pricing pressure and competition remain the central risks.

Winston Score History

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+1.2% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-36.6% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$137M/ year

Declining (-58% vs prior year)

2.3% of revenue

Below sector average (18%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

47.2%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$691M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Ambu A/S is growing revenue at 1% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin
60.3%
Premium pricing power — 60.3% gross margin
Operating Margin
11.0%
Modest — 11.0% operating margin
ROCE
2.8%
Weak — 2.8% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY
+7.1%
Steady sales growth (7.1% YoY)
EPS YoY
+111.3%
Earnings growing fast (111.3% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion
165%
Turns 165% of profit into real cash
FCF Margin
10.0%
Modest free cash flow (10.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity
0.00
Conservative — low debt load (0.00)
Interest Cover
18.31x
Comfortably covers interest (18.3x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)
33.7x
Pricey — P/E 33.7

P/E above the market average. People are paying up for expected growth.

P/E vs Forward
+17.1
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (33.7 → 16.6)

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Dividends

Dividend Yield
0.60%
Small dividend — 0.60% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth
-67.2%
Dividend cut (-67.2% YoY) — warning sign

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