# A. P. Moller Maersk A/S (DP4A.STU)

Canonical: https://gigainvestors.com/s/DP4A.STU

Analysis as of: 2026-10-16T07:33:25.498Z. Financial observations: FY2018–FY2025.

Listing currency: EUR. Reporting currency: USD.

## 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: EUR 3,106.00 per share; close as of 2026-10-14.

## Checklist

### understandable: fail

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

- operating margin variation exceeds 0.35

- Financial history: 8 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.96×

Chart: Operating margin; fiscal year observations.

- FY2018: 0.01×

- FY2019: 0.04×

- FY2020: 0.09×

- FY2021: 0.31×

- FY2022: 0.38×

- FY2023: 0.06×

- FY2024: 0.11×

- FY2025: 0.05×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 5.9%

- ROIC, second-lowest year: 2.9%

- Typical minus recent gross margin: 1.8 pp

- Typical gross margin (annual median): 8.9%

- Recent gross margin (lower of latest and 3-year median): 7.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.1%

- ROIC including acquisitions, ten-year median: 9.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: 1.0%

- FY2019: 2.9%

- FY2020: 7.6%

- FY2021: 32.5%

- FY2022: 38.2%

- FY2023: 4.2%

- FY2024: 7.8%

- FY2025: 3.9%

### economics: pass

- Owner earnings / net income, 5-yr: 0.98×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $59B

- Net income, five-year total: $60B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.3 pp

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

- FY2021: 0.99×

- FY2022: 0.98×

- FY2023: 1.13×

- FY2024: 0.95×

- FY2025: 0.75×

### management: pass

- Historical market-dollar context (not the management verdict): 2018 to 2025 (7 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 2.9% vs 4.2%

- Per-share earnings: 146.85 to 239.11 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -5.4%

- Market cap gain: $8.5B

- Cumulative retained earnings: $39B

- Diluted shares, 5-year annual growth: -5.4%

- $1 test, starting fiscal year: FY2018

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 10.2%

- Per-share value change: $92.26

- Per-share value, starting three-year median: $146.85

- Per-share value, ending three-year median: $239.11

- Buybacks concentrated in cheaper years (correlation): 0.14

- Average buyback yield: 5.1%

- Buyback history: 7 years

- Debt-funded buybacks: Yes

- ROIC, first three-year median: 2.9%

- ROIC, last three-year median: 4.2%

Chart: Earnings per share; fiscal year observations.

- FY2018: $152.64

- FY2019: $52.65

- FY2020: $146.85

- FY2021: $959.16

- FY2022: $2K

- FY2023: $239.11

- FY2024: $388.89

- FY2025: $185.78

### accounting: pass

- Sloan accruals: -8.0%

- Receivables to sales index (DSRI): 0.93×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.58×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.25×

Chart: Sloan accruals; fiscal year observations.

- FY2018: -0.1%

- FY2019: -9.6%

- FY2020: -8.9%

- FY2021: -5.6%

- FY2022: -5.6%

- FY2023: -7.0%

- FY2024: -6.0%

- FY2025: -8.0%

## Holders

## Price story

Up 104% since Oct 2023 · sales -2.7%

Story as of 2026-10-16T09:59:56.119Z; price observation 2026-10-14.

### Sales · FY2024–2025

sales -2.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2018: $39B 

- FY2019: $38B 

- FY2020: $40B 

- FY2021: $62B 

- FY2022: $82B 

- FY2023: $51B 

- FY2024: $55B 

- FY2025: $54B 

### Gross margin · FY2025

gross margin 7.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2018: 0.8% 

- FY2019: 3.8% 

- FY2020: 10.2% 

- FY2021: 32.1% 

- FY2022: 38.4% 

- FY2023: 7.6% 

- FY2024: 12.5% 

- FY2025: 7.1% 

## Owner memo

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

### How it makes money

Annual sales are USD 54 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:25.498Z); FY2025: revenue 53988000000; grossProfit 3809000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 7.1% to 12.5% during 2023–25; it earns 5.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:25.498Z); FY2023: grossProfit / revenue = 7.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:25.498Z); FY2024: grossProfit / revenue = 12.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:25.498Z); FY2025: grossProfit / revenue = 7.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:25.498Z); 8-year return on capital observations [[2018,0.010390473325859288],[2019,0.028540462427745664],[2020,0.07640912761468129],[2021,0.32522208108166295],[2022,0.38212186662462555],[2023,0.04206345863606051],[2024,0.07837046033039978],[2025,0.03910133550820675]]; median 0.0592362931253709. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 8 of 8 years; bought back USD 2 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:25.498Z); FY2018: growth capex 0; upkeep 2876000000; owner earnings 3618000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:25.498Z); FY2019: growth capex 0; upkeep 1484000000; owner earnings 2145600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:25.498Z); FY2020: growth capex 0; upkeep 1322000000; owner earnings 4319600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:25.498Z); FY2021: growth capex 0; upkeep 2976000000; owner earnings 17799800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:25.498Z); FY2022: growth capex 0; upkeep 4163000000; owner earnings 28672200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:25.498Z); FY2023: growth capex 0; upkeep 3646000000; owner earnings 4324400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:25.498Z); FY2024: growth capex 0; upkeep 4201000000; owner earnings 5803600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:25.498Z); FY2025: growth capex 0; upkeep 4799000000; owner earnings 2033600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:25.498Z); Dividend observations: [[2018,517000000],[2019,430000000],[2020,430000000],[2021,1017000000],[2022,6847000000],[2023,10876000000],[2024,1333000000],[2025,2547000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:25.498Z); FY2025: cash repurchases 2040000000 USD.

### Are managers owners

Insiders own 0% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DP4A.STU SharesStats.PercentInsiders = 0 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.9 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:25.498Z); Closing price 3106 EUR; reporting-to-trading FX 0.891837899543379; FY2025 annual sales per share 3680.783837603719; price multiple 0.9461831592553722. FY2025 cash earnings/share 138.64640312941623. Closing-price date 2026-10-14.

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

- 2016-10: EUR 1,327.00 per share

- 2016-11: EUR 1,178.30 per share

- 2016-12: EUR 1,438.50 per share

- 2017-01: EUR 1,470.40 per share

- 2017-02: EUR 1,456.20 per share

- 2017-03: EUR 1,503.00 per share

- 2017-04: EUR 1,492.20 per share

- 2017-05: EUR 1,594.90 per share

- 2017-06: EUR 1,660.70 per share

- 2017-07: EUR 1,734.90 per share

- 2017-08: EUR 1,638.30 per share

- 2017-09: EUR 1,549.80 per share

- 2017-10: EUR 1,602.60 per share

- 2017-11: EUR 1,453.70 per share

- 2017-12: EUR 1,352.12 per share

- 2018-01: EUR 1,393.00 per share

- 2018-02: EUR 1,278.00 per share

- 2018-03: EUR 1,174.00 per share

- 2018-04: EUR 1,204.00 per share

- 2018-05: EUR 1,181.00 per share

- 2018-06: EUR 1,054.00 per share

- 2018-07: EUR 1,100.00 per share

- 2018-08: EUR 1,256.00 per share

- 2018-09: EUR 1,137.00 per share

- 2018-10: EUR 1,016.00 per share

- 2018-11: EUR 1,206.00 per share

- 2018-12: EUR 1,007.00 per share

- 2019-01: EUR 1,112.00 per share

- 2019-02: EUR 1,117.00 per share

- 2019-03: EUR 1,073.00 per share

- 2019-04: EUR 1,108.00 per share

- 2019-05: EUR 907.50 per share

- 2019-06: EUR 990.00 per share

- 2019-07: EUR 963.00 per share

- 2019-08: EUR 896.00 per share

- 2019-09: EUR 968.00 per share

- 2019-10: EUR 1,066.00 per share

- 2019-11: EUR 1,179.00 per share

- 2019-12: EUR 1,220.00 per share

- 2020-01: EUR 1,007.00 per share

- 2020-02: EUR 842.00 per share

- 2020-03: EUR 752.50 per share

- 2020-04: EUR 839.50 per share

- 2020-05: EUR 829.00 per share

- 2020-06: EUR 957.50 per share

- 2020-07: EUR 1,022.00 per share

- 2020-08: EUR 1,194.00 per share

- 2020-09: EUR 1,189.00 per share

- 2020-10: EUR 1,249.00 per share

- 2020-11: EUR 1,576.00 per share

- 2020-12: EUR 1,721.00 per share

- 2021-01: EUR 1,559.00 per share

- 2021-02: EUR 1,673.00 per share

- 2021-03: EUR 1,868.00 per share

- 2021-04: EUR 1,987.00 per share

- 2021-05: EUR 2,160.00 per share

- 2021-06: EUR 2,334.00 per share

- 2021-07: EUR 2,218.00 per share

- 2021-08: EUR 2,296.00 per share

- 2021-09: EUR 2,344.00 per share

- 2021-10: EUR 2,352.00 per share

- 2021-11: EUR 2,494.00 per share

- 2021-12: EUR 2,980.00 per share

- 2022-01: EUR 2,962.00 per share

- 2022-02: EUR 2,672.00 per share

- 2022-03: EUR 2,688.00 per share

- 2022-04: EUR 2,702.00 per share

- 2022-05: EUR 2,740.00 per share

- 2022-06: EUR 2,272.00 per share

- 2022-07: EUR 2,610.00 per share

- 2022-08: EUR 2,340.00 per share

- 2022-09: EUR 1,812.00 per share

- 2022-10: EUR 2,048.00 per share

- 2022-11: EUR 2,008.00 per share

- 2022-12: EUR 2,094.00 per share

- 2023-01: EUR 1,944.00 per share

- 2023-02: EUR 2,198.00 per share

- 2023-03: EUR 1,647.00 per share

- 2023-04: EUR 1,618.00 per share

- 2023-05: EUR 1,561.00 per share

- 2023-06: EUR 1,575.00 per share

- 2023-07: EUR 1,844.00 per share

- 2023-08: EUR 1,661.00 per share

- 2023-09: EUR 1,650.00 per share

- 2023-10: EUR 1,520.00 per share

- 2023-11: EUR 1,430.00 per share

- 2023-12: EUR 1,586.00 per share

- 2024-01: EUR 1,679.00 per share

- 2024-02: EUR 1,270.00 per share

- 2024-03: EUR 1,195.00 per share

- 2024-04: EUR 1,350.00 per share

- 2024-05: EUR 1,647.00 per share

- 2024-06: EUR 1,591.00 per share

- 2024-07: EUR 1,498.00 per share

- 2024-08: EUR 1,326.00 per share

- 2024-09: EUR 1,457.00 per share

- 2024-10: EUR 1,300.00 per share

- 2024-11: EUR 1,513.00 per share

- 2024-12: EUR 1,550.00 per share

- 2025-01: EUR 1,392.00 per share

- 2025-02: EUR 1,655.00 per share

- 2025-03: EUR 1,579.00 per share

- 2025-04: EUR 1,459.00 per share

- 2025-05: EUR 1,585.00 per share

- 2025-06: EUR 1,592.00 per share

- 2025-07: EUR 1,755.00 per share

- 2025-08: EUR 1,727.00 per share

- 2025-09: EUR 1,711.00 per share

- 2025-10: EUR 1,762.00 per share

- 2025-11: EUR 1,724.00 per share

- 2025-12: EUR 1,942.00 per share

- 2026-01: EUR 2,060.00 per share

- 2026-02: EUR 2,058.00 per share

- 2026-03: EUR 2,128.00 per share

- 2026-04: EUR 1,990.00 per share

- 2026-05: EUR 2,054.00 per share

- 2026-06: EUR 2,026.00 per share

- 2026-07: EUR 2,252.00 per share

- 2026-08: EUR 2,784.00 per share

- 2026-09: EUR 3,038.00 per share

- 2026-10: EUR 3,106.00 per share

## Annual estimated value (EUR 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

## Sources

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.