GN Store Nord A/S

GN.CO

Medical - Devices · Healthcare

Price

kr 91.42

-0.20 (-0.22%)

Market Cap

kr 13.31B

Exchange

NASDAQ Copenhagen

Winston Score

Winston is worried

Weak fundamentals across most pillars.

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

Share count rising — dilution

+11.9% over 4y

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

Diluted shares outstanding: 130.2M (2021) → 145.7M (2025)

GN Store Nord is a Danish company that makes two main types of products: hearing aids and audio headsets. Its hearing aid brand, ReSound, sells devices to people with hearing loss through audiologists and clinics. Its other division, Jabra, makes headsets and earbuds used by office workers, call centers, and everyday consumers.

The company earns money by selling hardware — both the hearing aids and the headsets are physical products, though some software and services are bundled in. GN operates globally, with strong presence in Europe and North America, and competes against larger rivals like Sonova and Demant in hearing care, and Poly and Plantronics in audio. The low ROIC of 3.4% reflects recent pressure on profitability, partly from heavy investment and a competitive headset market. The key growth driver is the hearing aid segment, where an aging global population is expanding demand, but the company faces ongoing pricing pressure and competition from tech giants like Apple entering the audio space.

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

-47.4% YoY

YoY Growth Rate

Revenue declining

EPS Growth

<−1,000% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$839M/ year

↓ Declining (-44% vs prior year)

5.0% of revenue

Below sector average (18%)

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

Insider Activity

0.1%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

$865M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue declining

GN Store Nord 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

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Quality

Gross Margin

-3.2%

Thin — -3.2% gross margin

Operating Margin

-22.5%

Losing money on operations — -22.5%

ROCE

-2.4%

Weak — -2.4% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

-15.2%

Shrinking sales (-15.2% YoY)

EPS YoY

-146.5%

Earnings shrinking (-146.5% YoY)

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

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

17.0%

Converts sales into free cash efficiently (17.0%)

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

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Stability

Debt / Equity

0.97

Moderate — manageable debt (0.97)

Interest Cover

1.86x

Dangerous — barely covers interest (1.9x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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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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