Demant A/S

DEMANT.CO

Medical - Devices · Healthcare

Price

kr 282.20

+1.20 (+0.43%)

Market Cap

kr 59.52B

Exchange

NASDAQ Copenhagen

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 9, 2026 · filings through Dec 31, 2025

Share count falling — buybacks

−10.0% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 234.8M (2021) → 211.3M (2025)

Demant A/S is a Danish company that makes hearing aids and other hearing health products. Its main brands include Oticon, Philips Hearing Solutions, and Bernafon, and it sells to people with hearing loss around the world. Demant also makes equipment that audiologists and clinics use to test and diagnose hearing problems, and it owns a network of hearing care retail stores.

Demant earns most of its revenue by selling hearing devices directly to consumers through its retail clinics and through independent hearing care professionals. It operates across more than 130 countries, making it one of the largest hearing health companies in the world, competing closely with Sonova and William Demant's longtime rival, GN Audio. Its moat comes from strong brand recognition, proprietary sound-processing technology, and deep relationships with hearing care professionals. The key growth driver is the large share of people with untreated hearing loss globally, though rising competition and potential pricing pressure from lower-cost alternatives remain ongoing risks.

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

+4.2% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-63.3% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$1.3B/ year

→ Flat (-0% vs prior year)

5.8% of revenue

Below sector average (18%)

Steady R&D investment year-over-year

Insider Activity

60.3%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$2.7B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth context

Demant A/S is growing revenue at 4% 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

64.1%

Premium pricing power — 64.1% gross margin

Operating Margin

18.8%

Healthy — 18.8% operating margin

ROCE

7.4%

Weak — 7.4% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+2.8%

Nearly flat sales (+2.8% YoY)

EPS YoY

-37.1%

Earnings shrinking (-37.1% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

251%

Turns 251% of profit into real cash

FCF Margin

14.0%

Converts sales into free cash efficiently (14.0%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

2.05

Heavy debt load (2.05)

Interest Cover

7.35x

Adequate interest coverage (7.3x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

38.3x

Pricey — P/E 38.3

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+22.3

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (38.3 → 15.9)

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Dividends

Not applicable for this business.

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