Bang & Olufsen a/s

BO.CO

Consumer Electronics · Technology

Also trades as: 0MRM.L

Price

kr 9.30

+0.10 (+1.09%)

Market Cap

kr 1.33B

Exchange

NASDAQ Copenhagen

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Data as of Jul 25, 2026 · filings through May 31, 2026

Share count rising — dilution

+19.3% over 4y

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

Diluted shares outstanding: 119.5M (2022) → 142.6M (2026)

Bang & Olufsen is a Danish company that makes high-end speakers, headphones, televisions, and sound systems. Its products are sold to wealthy consumers who want premium audio and visual quality, often at prices far above typical electronics brands. The company is known for its distinctive design and craftsmanship, and its products are sold in its own stores and through luxury retail partners around the world.

Bang & Olufsen makes money by selling hardware directly to consumers, with prices ranging from a few hundred to several thousand dollars per product. It operates primarily in Europe but also has a presence in Asia and North America, generating roughly $400–500 million in annual revenue. Its moat comes from strong brand recognition in the luxury segment and a loyal customer base, but the company currently runs at a small operating loss, and its main challenge is growing sales volume without diluting the premium image that justifies its high prices.

Winston Score History

Growth Profile

For growth stock investors

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

Revenue Growth

-6.3% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-25.8% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$340M/ year

→ Flat (+0% vs prior year)

13.8% of revenue

In line with sector average (15%)

Steady R&D investment year-over-year

Insider Activity

27.9%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$374M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue declining

Bang & Olufsen a/s's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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

Every number that matters to educated investors.

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Quality

Gross Margin

58.7%

Premium pricing power — 58.7% gross margin

Operating Margin

3.2%

Thin — 3.2% operating margin

ROCE

1.5%

Weak — 1.5% 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

-0.2%

Shrinking sales (-0.2% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

2.0%

Thin free cash flow (2.0%)

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

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Stability

Debt / Equity

0.32

Conservative — low debt load (0.32)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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