# Ambu A/S (AMBU-B.CO)

Canonical: https://gigainvestors.com/s/AMBU-B.CO

Analysis as of: 2026-10-16T07:39:15.838Z. Financial observations: FY2002–FY2025.

Listing currency: DKK. Reporting currency: DKK.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: DKK 77.95 per share; close as of 2026-10-15.

Estimated value: low DKK 5.76 per share, central DKK 7.05 per share, high DKK 7.89 per share. Buy at or below the central value DKK 7.05 per share. Valuation as of 2026-10-16T07:39:15.838Z; scenarios are not confidence intervals.

Expected annual return: 3.5% at the stated quote. About 3.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; DK 10-year bond 3.2% + 4 points).

## Checklist

### understandable: fail

- 0 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.43×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.17×

- FY2017: 0.19×

- FY2018: 0.22×

- FY2019: 0.18×

- FY2020: 0.12×

- FY2021: 0.08×

- FY2022: 0.03×

- FY2023: 0.06×

- FY2024: 0.12×

- FY2025: 0.13×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 14.7%

- ROIC, second-lowest year: 5.7%

- Typical minus recent gross margin: 1.8 pp

- Typical gross margin (annual median): 57.8%

- Recent gross margin (lower of latest and 3-year median): 56.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.8%

- ROIC including acquisitions, ten-year median: 6.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 24.2%

- FY2017: 27.2%

- FY2018: 25.2%

- FY2019: 22.9%

- FY2020: 14.4%

- FY2021: 8.5%

- FY2022: 2.9%

- FY2023: 5.7%

- FY2024: 12.6%

- FY2025: 15.0%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.72×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: DKK 975M

- Net income, five-year total: DKK 1.4B

- Return on incremental invested capital: 32.9%

- Working capital / revenue, annual change: 0.1 pp

- Working capital / revenue, change between three-year averages: 0.0 pp

- Working capital / revenue, final three-year average: 27.5%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: -0.61×

- FY2022: -2.08×

- FY2023: 0.33×

- FY2024: 1.70×

- FY2025: 1.42×

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 25.2% vs 12.6%

- Per-share earnings: 1.06 to 0.87 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.9%

- Ordinary dilution, 5-year annual growth: 1.2%

- Market cap gain: DKK 31M

- Cumulative retained earnings: DKK 4.9B

- Diluted shares, 10-year annual growth: 0.9%

- Diluted shares, 5-year annual growth: 1.2%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -2.4%

- Per-share value change: DKK -0.19

- Per-share value, starting three-year median: DKK 1.06

- Per-share value, ending three-year median: DKK 0.87

- Average buyback yield: 1.3%

- Buyback history: 1 years

- Debt-funded buybacks: Yes

- Acquisition spending: DKK 2.6B

- Cumulative net income, 10 years: DKK 2.8B

- ROIC, first three-year median: 25.2%

- ROIC, last three-year median: 12.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: DKK 1.06

- FY2017: DKK 1.18

- FY2018: DKK 1.34

- FY2019: DKK 1.28

- FY2020: DKK 0.95

- FY2021: DKK 0.99

- FY2022: DKK 0.37

- FY2023: DKK 0.63

- FY2024: DKK 0.87

- FY2025: DKK 2.27

### accounting: pass

- Sloan accruals: -2.4%

- Receivables to sales index (DSRI): 0.98×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.30×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.54×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.0%

- FY2017: -6.4%

- FY2018: -5.1%

- FY2019: -4.7%

- FY2020: -1.1%

- FY2021: -1.4%

- FY2022: -0.0%

- FY2023: -5.1%

- FY2024: -8.1%

- FY2025: -2.4%

## Holders

## Price story

Down 58% since Nov 2021 · sales +12%

Story as of 2026-10-16T10:00:10.675Z; price observation 2026-10-15.

Price needs cash profits to grow 42.5% a year for ten years

### Sales · FY2024–2025

sales +12%; source https://filings.xbrl.org/5299008W2A69WX355710/2026-06-30/ESEF/DK/0/Ambu-2026-06-30-en/reports/Ambu-2026-06-30-en.xhtml; observed 2026-09-02.

- FY2016: DKK 2.1B 

- FY2017: DKK 2.4B 

- FY2018: DKK 2.6B 

- FY2019: DKK 2.8B 

- FY2020: DKK 3.6B 

- FY2021: DKK 4.0B 

- FY2022: DKK 4.4B 

- FY2023: DKK 4.8B 

- FY2024: DKK 5.4B 

- FY2025: DKK 6.0B 

### Gross margin · FY2025

gross margin 56%; source https://filings.xbrl.org/5299008W2A69WX355710/2026-06-30/ESEF/DK/0/Ambu-2026-06-30-en/reports/Ambu-2026-06-30-en.xhtml; observed 2026-09-02.

- FY2016: 53.9% 

- FY2017: 56.5% 

- FY2018: 59.4% 

- FY2019: 58.0% 

- FY2020: 62.0% 

- FY2021: 62.4% 

- FY2022: 57.5% 

- FY2023: 56.8% 

- FY2024: 59.4% 

- FY2025: 56.0% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in medical devices; annual sales are DKK 6 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2025: revenue 6037000000; grossProfit 3379000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AMBU-B.CO: Ambu A/S, together with its subsidiaries, researches, develops, manufactures, markets, and sells medical technology solutions in North America, Europe, and internationally. The company offers endoscopy products, including bronchoscopes, video laryngoscopes, rhinolaryngoscopes, duodenoscopes, gastroscopes, cystoscopes, ureteroscopes, and displaying and processing units; neurology products, such as EEG and EMG electrodes, EMG guided injections, and intraoperative monitoring products; and cardiology products comprising ECG electrodes. It also provides airway management and anaesthesia products, which include double and single lumen tubes, endobronchial blockers, laryngeal and face masks, breathing bags, and resuscitators. In addition, the company offers emergency care and training products, such as extrication collars and ALS and BLS training manikins, as well as mobile workstations, IOMs, and patient monitoring and diagnostics devices. Further, the company manufactures video capture solutions for OEMs in medical and defense imaging applications. Ambu A/S was founded in 1937 and is headquartered in Ballerup, Denmark.

### Why customers stay

Margins ranged from 56% to 59.4% during 2023–25; it earns 14.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2023: grossProfit / revenue = 56.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2024: grossProfit / revenue = 59.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2025: grossProfit / revenue = 56%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); 10-year return on capital observations [[2016,0.24202671539833792],[2017,0.2724557221736113],[2018,0.251555891438951],[2019,0.22934711690420612],[2020,0.14423025831909414],[2021,0.08502099708834976],[2022,0.02859925170416688],[2023,0.056780258519388956],[2024,0.12599750623441397],[2025,0.14989145602752607]]; median 0.1470608571733101. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 8 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2016: growth capex 0; upkeep 59000000; owner earnings 291000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2017: growth capex 42677190.77087113; upkeep 116322809.22912887; owner earnings 288677190.77087116. Growth capex / owner earnings = 0.1478370724646024.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2018: growth capex 0; upkeep 2000000; owner earnings 450000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2019: growth capex 33959765.31004211; upkeep 227040234.6899579; owner earnings 173959765.3100421. Growth capex / owner earnings = 0.19521620559510913.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2020: growth capex 124207680.8673935; upkeep 305792319.1326065; owner earnings 67207680.8673935. Growth capex / owner earnings = 1.8481173470702832.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2023: growth capex 0; upkeep 326000000; owner earnings 55200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2024: growth capex 0; upkeep 88000000; owner earnings 399400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2025: growth capex 0; upkeep 117000000; owner earnings 864000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); Dividend observations: [[2016,46000000],[2017,75000000],[2018,92000000],[2019,98000000],[2020,94000000],[2021,72000000],[2022,74000000],[2023,0],[2024,0],[2025,101000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AMBU-B.CO SharesStats.PercentInsiders = 0 percentage points; cache date 2026-10-16.

### What could break it

US import tariffs could raise product costs.

- Source: https://filings.xbrl.org/5299008W2A69WX355710/2026-06-30/ESEF/DK/0/Ambu-2026-06-30-en/reports/Ambu-2026-06-30-en.xhtml (filed 2026-09-02); r aView 2 Advance and aBox 2.

Continued investments in EndoIntelligence to drive differentiated, high-impact solutions.

Strategic AI partnerships initiated with leading U.S. medical institutions to accelerate

algorithm development for future bronchoscopy solutions.

Britt Meelby Jensen

Chief Executive Officer

•

•

Ambu UK recognized as ‘Best Single-Use Cystoscopy Platform in UK’ by MedTech Outlook.

Continued scaling of Mexico manufacturing facility to balance global footprint and manage

tariff costs.

•

•

•

•

First refunds received of IEEPA tariffs, with reclaim process ongoing.

Enhanced supply chain resilience via supplier diversification and strengthened partnerships.

‘A-’ CDP leadership rating, demonstrating strong sustainability focus across global supply chain.

New multinational survey of 456 endoscopy nurses published, showing that 62% experience

procedure delays due to endoscope availability, with 63% seeing single-use scopes as a solution.

Q3 2025/26 conference call

A conference call is broad cast live tomorrow, 26 August 2026 at 11:00 (CEST),

via Ambu.com/webcastQ32026. To ask questions during the Q&A session,

please register prior to the call via Ambu.com/conferencecallQ32026register.

Upon registration, you will receive an email with information to access the call.

Updated 2025/26 financial guidance

•

•

Organic revenue growth: ~10%

EBIT margin: 12-14%1

The presentation can be downloaded at Ambu.com/presentations.

1

We initially assumed a ~2%-pts tariff impact in FY 2025/26, but tariff refunds have reduced the expected headwind, supporting the

upper end of our 12-14% EBIT margin guidance. We continue to mitigate future tariff exposure through measures, including

investments in the Americas.

Company announcement no. 17 2025/26

|

25 August 2026

2

BUSINESS PERFORMANCE – IN BRIEF

Businesses and business groups

Growth composition

Growth composition

Q3 2025/26

Split

Q3 2024/25

Organic Currency Reported 9M 2025/26

Split

9M 2024/25

Organic Currency Reported

Revenue, DKKm

1,046

514

64%

32%

32%

916

446

470

16.0%

17.1%

15.0%

-1.8%

-1.9%

-1.8%

14.2%

15.2%

13.2%

3,028

1,502

1,526

63%

31%

32%

2,755

1,387

1,368

14.8%

12.5%

17.1%

-4.9%

-4.2%

-5.6%

9.9%

8.3%

Endoscopy Solutions

- Respiratory

532

11.5%

- URO, ENT & GI

Anesthesia &

Patient Monitoring

594

36%

591

1.6%

-1.1%

0.5%

1,743

37%

1,816

-0.3%

-3.7%

-4.0%

298

18%

304

-0.4%

-1.6%

-2.0%

884

19%

948

-2.0%

-4.8%

-6.8%

- Anesthesia

- Patient Monitoring

Total

296

18%

287

3.6%

-0.5%

3.1%

859

18%

868

1.4%

-2.4%

-1.0%

1,640

100%

1,507

10.3%

-1.5%

8.8%

4,771

100%

4,571

8.7%

-4.3%

4.4%

Geographies

Growth composition

Organic Currency Reported 9M 2025/26

Growth composition

Or

### What the price says

The price assumes cash profits grow 42.5% yearly over ten years; actual growth was 16.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); Ten-year compound average after fade. Initial solved rate 0.6185846262840637. Price 77.95; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.7031614218818144 → FY2025 3.2216951336742463. Closing-price date 2026-10-15.

## Monthly share-price history (DKK per share)

- 2016-10: DKK 70.20 per share

- 2016-11: DKK 54.30 per share

- 2016-12: DKK 56.70 per share

- 2017-01: DKK 58.90 per share

- 2017-02: DKK 56.52 per share

- 2017-03: DKK 60.00 per share

- 2017-04: DKK 67.20 per share

- 2017-05: DKK 88.80 per share

- 2017-06: DKK 84.00 per share

- 2017-07: DKK 81.90 per share

- 2017-08: DKK 89.82 per share

- 2017-09: DKK 97.44 per share

- 2017-10: DKK 117.80 per share

- 2017-11: DKK 104.60 per share

- 2017-12: DKK 111.20 per share

- 2018-01: DKK 128.70 per share

- 2018-02: DKK 118.10 per share

- 2018-03: DKK 136.40 per share

- 2018-04: DKK 143.60 per share

- 2018-05: DKK 191.40 per share

- 2018-06: DKK 215.20 per share

- 2018-07: DKK 250.60 per share

- 2018-08: DKK 240.60 per share

- 2018-09: DKK 154.30 per share

- 2018-10: DKK 137.30 per share

- 2018-11: DKK 131.70 per share

- 2018-12: DKK 156.60 per share

- 2019-01: DKK 172.60 per share

- 2019-02: DKK 153.80 per share

- 2019-03: DKK 176.10 per share

- 2019-04: DKK 190.95 per share

- 2019-05: DKK 103.85 per share

- 2019-06: DKK 106.35 per share

- 2019-07: DKK 98.78 per share

- 2019-08: DKK 116.00 per share

- 2019-09: DKK 113.50 per share

- 2019-10: DKK 105.20 per share

- 2019-11: DKK 117.20 per share

- 2019-12: DKK 111.70 per share

- 2020-01: DKK 123.50 per share

- 2020-02: DKK 153.10 per share

- 2020-03: DKK 165.20 per share

- 2020-04: DKK 213.60 per share

- 2020-05: DKK 223.90 per share

- 2020-06: DKK 208.40 per share

- 2020-07: DKK 219.90 per share

- 2020-08: DKK 183.40 per share

- 2020-09: DKK 180.00 per share

- 2020-10: DKK 193.75 per share

- 2020-11: DKK 209.10 per share

- 2020-12: DKK 263.20 per share

- 2021-01: DKK 290.50 per share

- 2021-02: DKK 285.40 per share

- 2021-03: DKK 297.90 per share

- 2021-04: DKK 346.60 per share

- 2021-05: DKK 227.00 per share

- 2021-06: DKK 241.10 per share

- 2021-07: DKK 232.00 per share

- 2021-08: DKK 199.10 per share

- 2021-09: DKK 189.85 per share

- 2021-10: DKK 183.30 per share

- 2021-11: DKK 185.80 per share

- 2021-12: DKK 173.00 per share

- 2022-01: DKK 139.25 per share

- 2022-02: DKK 122.80 per share

- 2022-03: DKK 100.00 per share

- 2022-04: DKK 94.42 per share

- 2022-05: DKK 94.92 per share

- 2022-06: DKK 68.92 per share

- 2022-07: DKK 82.48 per share

- 2022-08: DKK 74.64 per share

- 2022-09: DKK 66.42 per share

- 2022-10: DKK 84.36 per share

- 2022-11: DKK 88.70 per share

- 2022-12: DKK 89.00 per share

- 2023-01: DKK 94.00 per share

- 2023-02: DKK 103.35 per share

- 2023-03: DKK 102.75 per share

- 2023-04: DKK 107.20 per share

- 2023-05: DKK 109.10 per share

- 2023-06: DKK 111.65 per share

- 2023-07: DKK 100.05 per share

- 2023-08: DKK 83.50 per share

- 2023-09: DKK 73.86 per share

- 2023-10: DKK 69.48 per share

- 2023-11: DKK 93.08 per share

- 2023-12: DKK 105.20 per share

- 2024-01: DKK 114.90 per share

- 2024-02: DKK 120.60 per share

- 2024-03: DKK 113.55 per share

- 2024-04: DKK 112.55 per share

- 2024-05: DKK 131.40 per share

- 2024-06: DKK 134.00 per share

- 2024-07: DKK 139.95 per share

- 2024-08: DKK 127.95 per share

- 2024-09: DKK 131.15 per share

- 2024-10: DKK 126.90 per share

- 2024-11: DKK 111.00 per share

- 2024-12: DKK 104.00 per share

- 2025-01: DKK 134.75 per share

- 2025-02: DKK 131.50 per share

- 2025-03: DKK 117.95 per share

- 2025-04: DKK 117.70 per share

- 2025-05: DKK 101.30 per share

- 2025-06: DKK 99.40 per share

- 2025-07: DKK 96.30 per share

- 2025-08: DKK 96.25 per share

- 2025-09: DKK 92.60 per share

- 2025-10: DKK 100.70 per share

- 2025-11: DKK 87.30 per share

- 2025-12: DKK 88.00 per share

- 2026-01: DKK 85.10 per share

- 2026-02: DKK 79.50 per share

- 2026-03: DKK 68.40 per share

- 2026-04: DKK 63.05 per share

- 2026-05: DKK 67.40 per share

- 2026-06: DKK 61.00 per share

- 2026-07: DKK 72.35 per share

- 2026-08: DKK 71.15 per share

- 2026-09: DKK 68.95 per share

- 2026-10: DKK 76.20 per share

## Annual estimated value (DKK per share)

- FY2016: low DKK 15.14 per share, central DKK 19.38 per share, high DKK 22.65 per share

- FY2017: low DKK 14.17 per share, central DKK 18.56 per share, high DKK 21.71 per share

- FY2018: low DKK 17.41 per share, central DKK 21.88 per share, high DKK 25.54 per share

- FY2019: low DKK 17.19 per share, central DKK 21.71 per share, high DKK 25.31 per share

- FY2020: low DKK 19.01 per share, central DKK 21.62 per share, high DKK 25.09 per share

- FY2021: low DKK 12.54 per share, central DKK 16.64 per share, high DKK 19.48 per share

- FY2022: low DKK 4.02 per share, central DKK 4.55 per share, high DKK 5.23 per share

- FY2023: low DKK 2.50 per share, central DKK 2.81 per share, high DKK 3.22 per share

- FY2024: low DKK 4.64 per share, central DKK 5.32 per share, high DKK 5.90 per share

- FY2025: low DKK 6.16 per share, central DKK 7.38 per share, high DKK 8.17 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:44:58.596Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/5299008W2A69WX355710/2026-06-30/ESEF/DK/0/Ambu-2026-06-30-en/reports/Ambu-2026-06-30-en.xhtml); period 2026-06-30, filed 2026-09-02.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.