# Iss A/S (ISS.CO)

Canonical: https://gigainvestors.com/s/ISS.CO

Analysis as of: 2026-10-16T07:36:45.475Z. Financial observations: FY2000–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 298.00 per share; close as of 2026-10-15.

Estimated value: low DKK 232.27 per share, central DKK 263.36 per share, high DKK 304.75 per share. Buy at or below the central value DKK 263.36 per share. Valuation as of 2026-10-16T07:36:45.475Z; scenarios are not confidence intervals.

Expected annual return: 9.1% at the stated quote. About 9.1% 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

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 1

- Operating margin variation: 1.17×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.05×

- FY2017: 0.04×

- FY2018: 0.03×

- FY2019: 0.03×

- FY2020: -0.07×

- FY2021: 0.02×

- FY2022: 0.04×

- FY2023: 0.04×

- FY2024: 0.05×

- FY2025: 0.05×

### moat: fail

- Recent gross margin fell 86.1pp below the typical margin (limit 4pp)

- ROIC, median of available years: >100%

- ROIC, second-lowest year: 27.2%

- Typical minus recent gross margin: 86.1 pp

- Typical gross margin (annual median): 90.9%

- Recent gross margin (lower of latest and 3-year median): 4.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.0%

- ROIC including acquisitions, ten-year median: 7.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 98.8%

- FY2017: >100%

- FY2018: 68.5%

- FY2019: 27.2%

- FY2020: -136.9%

- FY2021: 84.3%

- FY2022: >100%

- FY2023: >100%

- FY2024: >100%

- FY2025: >100%

### economics: pass

- Owner earnings / net income, 5-yr: 1.56×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: DKK 13B

- Net income, five-year total: DKK 8.1B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.5 pp

- Working capital / revenue, change between three-year averages: -4.8 pp

- Working capital / revenue, final three-year average: 7.6%

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

- FY2021: 2.84×

- FY2022: 1.34×

- FY2023: 3.75×

- FY2024: 1.36×

- FY2025: 1.38×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 98.8% vs 154.6%

- Per-share earnings: 11.73 to 14.27 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.3%

- Ordinary dilution, 5-year annual growth: -2.2%

- Market cap gain: DKK -8.2B

- Cumulative retained earnings: DKK 953M

- Diluted shares, 10-year annual growth: -1.3%

- Diluted shares, 5-year annual growth: -2.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 2.5%

- Per-share value change: DKK 2.54

- Per-share value, starting three-year median: DKK 11.73

- Per-share value, ending three-year median: DKK 14.27

- Buybacks concentrated in cheaper years (correlation): 0.50

- Average buyback yield: 4.4%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: DKK 3.1B

- Cumulative net income, 10 years: DKK 8.8B

- ROIC, first three-year median: 98.8%

- ROIC, last three-year median: >100%

Chart: Earnings per share; fiscal year observations.

- FY2016: DKK 11.97

- FY2017: DKK 10.82

- FY2018: DKK 1.51

- FY2019: DKK 7.26

- FY2020: DKK -28.18

- FY2021: DKK 3.33

- FY2022: DKK 10.90

- FY2023: DKK 1.49

- FY2024: DKK 14.27

- FY2025: DKK 15.73

### accounting: pass

- Sloan accruals: -3.0%

- Receivables to sales index (DSRI): 1.01×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 2.3%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.53×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 2.48×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.0%

- FY2017: -3.2%

- FY2018: -6.2%

- FY2019: -1.4%

- FY2020: -11.1%

- FY2021: -6.0%

- FY2022: -2.7%

- FY2023: -6.5%

- FY2024: -2.2%

- FY2025: -3.0%

## Holders

## Price story

Price needs cash profits to grow 2.5% a year for ten years · "ISS UPGRADES FINANCIAL OUTLOOK FOR 2026 AND INCREASES SHARE BUYBACK PROGRAMME" (finance.yahoo.com, May 2026) · sales +1.1%

Story as of 2026-10-16T10:00:08.021Z; price observation 2026-10-15.

Price needs cash profits to grow 2.5% a year for ten years

- 2026-05-19: ISS UPGRADES FINANCIAL OUTLOOK FOR 2026 AND INCREASES SHARE BUYBACK PROGRAMME ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/iss-upgrades-financial-outlook-2026-100700458.html))

### Sales · FY2024–2025

sales +1.1%; source https://filings.xbrl.org/213800LEZA58SZNCBN19/2026-06-30/ESEF/DK/0/ISS-2026-06-30-en/reports/ISS-2026-06-30-en.xhtml; observed 2026-09-02.

- FY2016: DKK 79B 

- FY2017: DKK 80B 

- FY2018: DKK 74B 

- FY2019: DKK 79B 

- FY2020: DKK 70B 

- FY2021: DKK 71B 

- FY2022: DKK 77B 

- FY2023: DKK 79B 

- FY2024: DKK 84B 

- FY2025: DKK 85B 

### Gross margin · FY2025

gross margin 4.8%; source https://filings.xbrl.org/213800LEZA58SZNCBN19/2026-06-30/ESEF/DK/0/ISS-2026-06-30-en/reports/ISS-2026-06-30-en.xhtml; observed 2026-09-02.

- FY2016: 91.6% 

- FY2017: 90.8% 

- FY2018: 90.5% 

- FY2019: 90.3% 

- FY2020: 91.9% 

- FY2021: 93.0% 

- FY2022: 91.4% 

- FY2023: 90.5% 

- FY2024: 91.0% 

- FY2025: 4.8% 

## Owner memo

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

### How it makes money

Operates in specialty business services; annual sales are DKK 84.7 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2025: revenue 84684000000; grossProfit 4073000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ISS.CO: ISS A/S operates as workplace experience and facility management company in the United Kingdom, Ireland, the United States, Canada, Switzerland, Germany, Australia, New Zealand, Türkiye, Spain, Denmark, and internationally. The company offers space office, space plus, and space production; transportation and infrastructure cleaning, food hygiene, and hospitality and cleaning services; and catering, fine dining and event catering; and micro-kitchens and vending services, as well as operates restaurants and pop-ups. It also provides security services comprising front of house, concierge and manned guarding, video surveillance, and technical services. In addition, the company offers support services, which include front desk and reception, meeting and conference management, switchboards and service desk, concierge, mail and courier, document, executive and administrative support, and experience curation and management services. Further, the company provides energy management, asset management, critical environments, and waste management services. Additionally, it designs and delivers workplace strategies and solutions, such as portfolio strategy, curated experience and workplace strategy, workplace and service design, relocation strategy, capital projects, and mental rebuild services. It serves financial and professional services, life science, and technology industries. ISS A/S was founded in 1901 and is headquartered in Søborg, Denmark.

### Why customers stay

Margins ranged from 4.8% to 91% during 2023–25; it earns over 100% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2023: grossProfit / revenue = 90.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2024: grossProfit / revenue = 91%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2025: grossProfit / revenue = 4.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); 10-year return on capital observations [[2016,0.9876578743686143],[2017,1.0910077842703663],[2018,0.6846881725274221],[2019,0.27154215670034787],[2020,-1.369120029455081],[2021,0.8427210365853659],[2022,1.880621693121693],[2023,3.471864461414998],[2024,1.5458400773247467],[2025,1.236950175871197]]; median 1.0393328293194903. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 7 of 10 years; bought back DKK 2.8 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2016: growth capex 0; upkeep 875000000; owner earnings 2033000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2017: growth capex 16124681.363527894; upkeep 975875318.6364721; owner earnings 1738124681.3635278. Growth capex / owner earnings = 0.00927705678218571.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2019: growth capex 0; upkeep 1133000000; owner earnings 1834000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2021: growth capex 0; upkeep 628000000; owner earnings 1747000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2022: growth capex 0; upkeep 809000000; owner earnings 2766000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2023: growth capex 0; upkeep 719000000; owner earnings 1046000000. 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 634000000; owner earnings 3507000000. 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 667000000; owner earnings 3587000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); Dividend observations: [[2016,2092000000],[2017,1418000000],[2018,1422000000],[2019,1422000000],[2020,0],[2021,0],[2022,0],[2023,390000000],[2024,425000000],[2025,534000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2025: cash repurchases 2810000000 DKK.

### Are managers owners

Insiders own 0% of the company.

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

### What the price says

The price assumes cash profits grow 2.5% yearly over ten years; actual growth was 6.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); Ten-year compound average after fade. Initial solved rate 0.022581299468766525. Price 298; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 11.455590441785372 → FY2025 21.67083529681855. Closing-price date 2026-10-15.

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

- 2016-10: DKK 266.40 per share

- 2016-11: DKK 240.00 per share

- 2016-12: DKK 238.40 per share

- 2017-01: DKK 244.70 per share

- 2017-02: DKK 273.40 per share

- 2017-03: DKK 263.70 per share

- 2017-04: DKK 283.20 per share

- 2017-05: DKK 274.50 per share

- 2017-06: DKK 255.70 per share

- 2017-07: DKK 257.70 per share

- 2017-08: DKK 243.10 per share

- 2017-09: DKK 253.20 per share

- 2017-10: DKK 270.40 per share

- 2017-11: DKK 236.40 per share

- 2017-12: DKK 240.30 per share

- 2018-01: DKK 233.90 per share

- 2018-02: DKK 222.30 per share

- 2018-03: DKK 223.60 per share

- 2018-04: DKK 216.00 per share

- 2018-05: DKK 217.60 per share

- 2018-06: DKK 219.30 per share

- 2018-07: DKK 238.20 per share

- 2018-08: DKK 224.20 per share

- 2018-09: DKK 226.00 per share

- 2018-10: DKK 216.60 per share

- 2018-11: DKK 213.70 per share

- 2018-12: DKK 182.05 per share

- 2019-01: DKK 184.25 per share

- 2019-02: DKK 204.70 per share

- 2019-03: DKK 202.50 per share

- 2019-04: DKK 207.00 per share

- 2019-05: DKK 188.15 per share

- 2019-06: DKK 198.10 per share

- 2019-07: DKK 189.35 per share

- 2019-08: DKK 172.15 per share

- 2019-09: DKK 169.50 per share

- 2019-10: DKK 175.30 per share

- 2019-11: DKK 155.65 per share

- 2019-12: DKK 159.85 per share

- 2020-01: DKK 163.70 per share

- 2020-02: DKK 121.00 per share

- 2020-03: DKK 93.48 per share

- 2020-04: DKK 101.60 per share

- 2020-05: DKK 111.35 per share

- 2020-06: DKK 105.00 per share

- 2020-07: DKK 97.18 per share

- 2020-08: DKK 96.04 per share

- 2020-09: DKK 83.90 per share

- 2020-10: DKK 82.94 per share

- 2020-11: DKK 114.05 per share

- 2020-12: DKK 105.40 per share

- 2021-01: DKK 106.00 per share

- 2021-02: DKK 111.00 per share

- 2021-03: DKK 118.25 per share

- 2021-04: DKK 117.45 per share

- 2021-05: DKK 130.45 per share

- 2021-06: DKK 147.20 per share

- 2021-07: DKK 148.00 per share

- 2021-08: DKK 144.55 per share

- 2021-09: DKK 135.70 per share

- 2021-10: DKK 128.10 per share

- 2021-11: DKK 117.80 per share

- 2021-12: DKK 125.00 per share

- 2022-01: DKK 123.75 per share

- 2022-02: DKK 121.70 per share

- 2022-03: DKK 120.85 per share

- 2022-04: DKK 117.95 per share

- 2022-05: DKK 126.00 per share

- 2022-06: DKK 111.90 per share

- 2022-07: DKK 126.55 per share

- 2022-08: DKK 130.25 per share

- 2022-09: DKK 117.70 per share

- 2022-10: DKK 138.30 per share

- 2022-11: DKK 154.15 per share

- 2022-12: DKK 147.30 per share

- 2023-01: DKK 149.00 per share

- 2023-02: DKK 153.45 per share

- 2023-03: DKK 139.60 per share

- 2023-04: DKK 141.00 per share

- 2023-05: DKK 132.45 per share

- 2023-06: DKK 144.25 per share

- 2023-07: DKK 136.95 per share

- 2023-08: DKK 122.20 per share

- 2023-09: DKK 108.70 per share

- 2023-10: DKK 102.00 per share

- 2023-11: DKK 118.00 per share

- 2023-12: DKK 128.95 per share

- 2024-01: DKK 131.00 per share

- 2024-02: DKK 124.00 per share

- 2024-03: DKK 125.70 per share

- 2024-04: DKK 131.20 per share

- 2024-05: DKK 133.20 per share

- 2024-06: DKK 119.40 per share

- 2024-07: DKK 126.10 per share

- 2024-08: DKK 124.70 per share

- 2024-09: DKK 133.90 per share

- 2024-10: DKK 131.70 per share

- 2024-11: DKK 128.00 per share

- 2024-12: DKK 131.30 per share

- 2025-01: DKK 136.00 per share

- 2025-02: DKK 161.60 per share

- 2025-03: DKK 158.30 per share

- 2025-04: DKK 165.20 per share

- 2025-05: DKK 176.50 per share

- 2025-06: DKK 176.60 per share

- 2025-07: DKK 188.40 per share

- 2025-08: DKK 186.60 per share

- 2025-09: DKK 201.20 per share

- 2025-10: DKK 204.20 per share

- 2025-11: DKK 212.80 per share

- 2025-12: DKK 217.20 per share

- 2026-01: DKK 239.00 per share

- 2026-02: DKK 225.00 per share

- 2026-03: DKK 234.60 per share

- 2026-04: DKK 233.60 per share

- 2026-05: DKK 263.80 per share

- 2026-06: DKK 267.60 per share

- 2026-07: DKK 287.40 per share

- 2026-08: DKK 288.20 per share

- 2026-09: DKK 285.40 per share

- 2026-10: DKK 298.60 per share

## Annual estimated value (DKK per share)

- FY2016: low DKK 71.55 per share, central DKK 79.96 per share, high DKK 90.52 per share

- FY2017: low DKK 127.97 per share, central DKK 142.13 per share, high DKK 160.98 per share

- FY2018: low DKK 123.10 per share, central DKK 136.09 per share, high DKK 153.38 per share

- FY2019: low DKK 114.02 per share, central DKK 128.88 per share, high DKK 148.65 per share

- FY2020: low DKK 97.37 per share, central DKK 109.76 per share, high DKK 126.26 per share

- FY2021: low DKK 103.08 per share, central DKK 115.74 per share, high DKK 132.60 per share

- FY2022: low DKK 123.50 per share, central DKK 137.76 per share, high DKK 156.74 per share

- FY2023: low DKK 131.71 per share, central DKK 146.46 per share, high DKK 166.10 per share

- FY2024: low DKK 153.20 per share, central DKK 170.29 per share, high DKK 193.03 per share

- FY2025: low DKK 203.12 per share, central DKK 230.99 per share, high DKK 268.08 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 2026-10-15T06:42:30.085Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/213800LEZA58SZNCBN19/2026-06-30/ESEF/DK/0/ISS-2026-06-30-en/reports/ISS-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.

## Reported holder observations