# A.P. Møller - Mærsk A/S (MAERSK-B.CO)

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

Analysis as of: 2026-10-16T07:33:54.864Z. Financial observations: FY2002–FY2025.

Listing currency: DKK. Reporting currency: USD.

## Verdict

Not a wonderful business

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

Share price: DKK 23,990.00 per share; close as of 2026-10-15.

Estimated value: low DKK 37,788.16 per share, central DKK 41,890.93 per share, high DKK 47,352.58 per share. Buy at or below the central value DKK 41,890.93 per share. Valuation as of 2026-10-16T07:33:54.864Z; scenarios are not confidence intervals.

Expected annual return: 18.3% at the stated quote. About 18.3% 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

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

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 3

- Operating margin variation: 1.03×

Chart: Operating margin; fiscal year observations.

- FY2016: -0.01×

- FY2017: 0.02×

- FY2018: 0.02×

- FY2019: 0.05×

- FY2020: 0.20×

- FY2021: 0.39×

- FY2022: 0.45×

- FY2023: 0.19×

- 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: 6.5%

- ROIC, second-lowest year: 0.9%

- Typical minus recent gross margin: -3.7 pp

- Typical gross margin (annual median): 13.8%

- Recent gross margin (lower of latest and 3-year median): 17.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 7.3%

- ROIC including acquisitions, ten-year median: 5.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -0.4%

- FY2017: 0.9%

- FY2018: 1.5%

- FY2019: 3.0%

- FY2020: 18.4%

- FY2021: 49.9%

- FY2022: 56.2%

- FY2023: 19.6%

- FY2024: 9.0%

- FY2025: 4.1%

### economics: fail

- working capital as a share of revenue rose more than 10pp and ends positive

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

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $58B

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

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 3.7 pp

- Working capital / revenue, change between three-year averages: 29.1 pp

- Working capital / revenue, final three-year average: 28.0%

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

- FY2021: 0.99×

- FY2022: 0.98×

- FY2023: 1.13×

- FY2024: 0.95×

- FY2025: 0.68×

### 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: 0.9% vs 9.0%

- Per-share earnings: -58.38 to 236.68 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -3.1%

- Ordinary dilution, 5-year annual growth: -4.7%

- Market cap gain: $4.6B

- Cumulative retained earnings: $25B

- Diluted shares, 10-year annual growth: -3.1%

- Diluted shares, 5-year annual growth: -4.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: $295.07

- Per-share value, starting three-year median: -$58.38

- Per-share value, ending three-year median: $236.68

- Buybacks concentrated in cheaper years (correlation): 0.55

- Average buyback yield: 4.5%

- Buyback history: 8 years

- Debt-funded buybacks: No

- Acquisition spending: $15B

- Cumulative net income, 10 years: $60B

- ROIC, first three-year median: 0.9%

- ROIC, last three-year median: 9.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: -$94.97

- FY2017: -$58.38

- FY2018: -$7.19

- FY2019: $25.48

- FY2020: $146.89

- FY2021: $961.18

- FY2022: $2K

- FY2023: $236.68

- FY2024: $385.06

- FY2025: $178.42

### accounting: pass

- Sloan accruals: -8.0%

- Receivables to sales index (DSRI): 0.78×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- 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.

- FY2016: -10.3%

- FY2017: -6.0%

- FY2018: -6.0%

- FY2019: -9.8%

- FY2020: -8.9%

- FY2021: -5.6%

- FY2022: -5.6%

- FY2023: -7.0%

- FY2024: -6.0%

- FY2025: -8.0%

## Holders

## Price story

Price needs cash profits to shrink 8.6% a year for ten years · "Ocean’s EBITDA decreased by USD 402m due to higher costs." (MAERSK-B filing, Sep 2026) · sales -2.7%

Story as of 2026-10-16T09:59:58.261Z; price observation 2026-10-15.

Price needs cash profits to shrink 8.6% a year for ten years

- 2025-08-07: Maersk boosts profit outlook as container demand defies trade fears ([finance.yahoo.com](https://finance.yahoo.com/video/maersk-boosts-profit-outlook-container-105313614.html))

### Sales · FY2024–2025

sales -2.7%; source https://filings.xbrl.org/549300D2K6PKKKXVNN73/2026-06-30/ESEF/DK/0/APMM-2026-06-30-1-en/reports/APMM-2026-06-30-1-en.xhtml; observed 2026-09-02.

- FY2016: $27B 

- FY2017: $31B 

- FY2018: $39B 

- FY2019: $39B 

- FY2020: $40B 

- FY2021: $62B 

- FY2022: $82B 

- FY2023: $51B 

- FY2024: $55B 

- FY2025: $54B 

### Gross margin · FY2025

gross margin 17.5%; source https://filings.xbrl.org/549300D2K6PKKKXVNN73/2026-06-30/ESEF/DK/0/APMM-2026-06-30-1-en/reports/APMM-2026-06-30-1-en.xhtml; observed 2026-09-02.

- FY2016: 1.5% 

- FY2017: 3.6% 

- FY2018: 0.8% 

- FY2019: 3.8% 

- FY2020: 10.2% 

- FY2021: 32.1% 

- FY2022: 38.4% 

- FY2023: 18.9% 

- FY2024: 21.8% 

- FY2025: 17.5% 

## Owner memo

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

### How it makes money

Operates in marine shipping; annual sales are USD 54 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2025: revenue 53988000000; grossProfit 9443000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MAERSK-B.CO: A.P. Møller - Mærsk A/S, together with its subsidiaries, operates as an integrated logistics company in Denmark and internationally. The company operates through Ocean, Logistics & Services, and Terminals segments. The company offers ocean, inland, less-than-container load, and air and ground freight solutions; warehousing, distribution, and depot services; cold chain solutions, cold chain management, pharmaceutical cold chain management, and cold storage solutions; and customs clearance, e-commerce logistics, and lead logistics services. It also provides ocean transport, specialized airlift, and vessel chartering services; project planning, orchestration, and site support; specialized cargo handling, cargo storage, and survey services. In addition, the company offers value-added services, such as labelling, relabeling, tagging or retagging, kitting and product customization, garments on hangers, re-packing, quality controls, reporting, shaving/topping off pallets, reverse logistics, and goods disposal services. It serves FMCG, fashion and lifestyle, retail, chemicals, automotive, technology, pharma and healthcare, and perishables industries. The company was founded in 1904 and is based in Copenhagen, Denmark.

### Why customers stay

Margins ranged from 17.5% to 21.8% during 2023–25; it earns 6.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2023: grossProfit / revenue = 18.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2024: grossProfit / revenue = 21.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2025: grossProfit / revenue = 17.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); 10-year return on capital observations [[2016,-0.004240653650657926],[2017,0.009212417361310721],[2018,0.015220942897152638],[2019,0.02977765946658554],[2020,0.18402484527609214],[2021,0.4985672329555629],[2022,0.5615716604719726],[2023,0.19565377140583776],[2024,0.0898667108430639],[2025,0.04079642579197562]]; median 0.06533156831751977. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 2.1 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2018: growth capex 0; upkeep 2876000000; owner earnings 301000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2019: growth capex 0; upkeep 2035000000; owner earnings 1045600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); 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 2026-09-02); 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 2026-09-02); 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 2026-09-02); 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 2026-09-02); 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 2026-09-02); FY2025: growth capex 0; upkeep 4979349066; owner earnings 1853250934. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); Dividend observations: [[2016,953000000],[2017,454000000],[2018,517000000],[2019,469000000],[2020,430000000],[2021,1017000000],[2022,6847000000],[2023,10876000000],[2024,1333000000],[2025,2642717664]]. 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 2116664324 USD.

### Are managers owners

Insiders own 31.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MAERSK-B.CO SharesStats.PercentInsiders = 31.14 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 8.6% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); Ten-year compound average after fade. Initial solved rate -0.13319465593466945. Price 23990; FX 6.662225183211192; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -189.0657757440576 → FY2025 121.34084986021175. Closing-price date 2026-10-15.

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

- 2016-10: DKK 8,724.37 per share

- 2016-11: DKK 7,809.99 per share

- 2016-12: DKK 9,454.19 per share

- 2017-01: DKK 9,638.75 per share

- 2017-02: DKK 9,596.80 per share

- 2017-03: DKK 9,705.86 per share

- 2017-04: DKK 9,907.19 per share

- 2017-05: DKK 10,578.29 per share

- 2017-06: DKK 10,980.96 per share

- 2017-07: DKK 11,509.45 per share

- 2017-08: DKK 10,804.79 per share

- 2017-09: DKK 10,033.02 per share

- 2017-10: DKK 10,293.08 per share

- 2017-11: DKK 9,412.25 per share

- 2017-12: DKK 9,093.47 per share

- 2018-01: DKK 8,976.03 per share

- 2018-02: DKK 8,409.79 per share

- 2018-03: DKK 7,838.51 per share

- 2018-04: DKK 8,351.90 per share

- 2018-05: DKK 7,992.86 per share

- 2018-06: DKK 6,667.43 per share

- 2018-07: DKK 7,685.83 per share

- 2018-08: DKK 8,314.99 per share

- 2018-09: DKK 7,566.71 per share

- 2018-10: DKK 7,016.40 per share

- 2018-11: DKK 7,868.71 per share

- 2018-12: DKK 6,865.41 per share

- 2019-01: DKK 7,266.39 per share

- 2019-02: DKK 7,415.71 per share

- 2019-03: DKK 7,081.84 per share

- 2019-04: DKK 8,344.60 per share

- 2019-05: DKK 6,908.93 per share

- 2019-06: DKK 7,834.61 per share

- 2019-07: DKK 7,301.53 per share

- 2019-08: DKK 6,945.49 per share

- 2019-09: DKK 7,453.56 per share

- 2019-10: DKK 8,215.66 per share

- 2019-11: DKK 9,120.17 per share

- 2019-12: DKK 9,245.26 per share

- 2020-01: DKK 7,786.50 per share

- 2020-02: DKK 6,514.41 per share

- 2020-03: DKK 5,862.00 per share

- 2020-04: DKK 6,514.41 per share

- 2020-05: DKK 6,302.71 per share

- 2020-06: DKK 7,436.24 per share

- 2020-07: DKK 7,771.10 per share

- 2020-08: DKK 9,202.92 per share

- 2020-09: DKK 9,699.44 per share

- 2020-10: DKK 9,824.54 per share

- 2020-11: DKK 12,254.21 per share

- 2020-12: DKK 13,081.74 per share

- 2021-01: DKK 12,239.77 per share

- 2021-02: DKK 12,740.14 per share

- 2021-03: DKK 14,178.70 per share

- 2021-04: DKK 14,789.73 per share

- 2021-05: DKK 16,194.61 per share

- 2021-06: DKK 17,344.49 per share

- 2021-07: DKK 16,757.52 per share

- 2021-08: DKK 17,195.34 per share

- 2021-09: DKK 16,728.65 per share

- 2021-10: DKK 17,892.97 per share

- 2021-11: DKK 19,028.42 per share

- 2021-12: DKK 22,564.68 per share

- 2022-01: DKK 22,776.37 per share

- 2022-02: DKK 20,226.42 per share

- 2022-03: DKK 19,600.96 per share

- 2022-04: DKK 19,899.25 per share

- 2022-05: DKK 19,456.62 per share

- 2022-06: DKK 15,929.99 per share

- 2022-07: DKK 19,042.86 per share

- 2022-08: DKK 17,084.68 per share

- 2022-09: DKK 13,341.55 per share

- 2022-10: DKK 15,165.00 per share

- 2022-11: DKK 14,770.48 per share

- 2022-12: DKK 15,030.29 per share

- 2023-01: DKK 14,255.68 per share

- 2023-02: DKK 15,790.46 per share

- 2023-03: DKK 11,975.16 per share

- 2023-04: DKK 11,734.59 per share

- 2023-05: DKK 11,272.72 per share

- 2023-06: DKK 11,522.90 per share

- 2023-07: DKK 13,408.90 per share

- 2023-08: DKK 12,032.89 per share

- 2023-09: DKK 12,254.21 per share

- 2023-10: DKK 11,282.34 per share

- 2023-11: DKK 10,392.26 per share

- 2023-12: DKK 11,681.67 per share

- 2024-01: DKK 12,244.58 per share

- 2024-02: DKK 9,378.05 per share

- 2024-03: DKK 8,654.44 per share

- 2024-04: DKK 10,190.00 per share

- 2024-05: DKK 12,465.00 per share

- 2024-06: DKK 12,105.00 per share

- 2024-07: DKK 11,430.00 per share

- 2024-08: DKK 10,065.00 per share

- 2024-09: DKK 11,260.00 per share

- 2024-10: DKK 10,800.00 per share

- 2024-11: DKK 11,975.00 per share

- 2024-12: DKK 11,905.00 per share

- 2025-01: DKK 10,645.00 per share

- 2025-02: DKK 12,575.00 per share

- 2025-03: DKK 11,985.00 per share

- 2025-04: DKK 11,235.00 per share

- 2025-05: DKK 11,885.00 per share

- 2025-06: DKK 11,775.00 per share

- 2025-07: DKK 12,995.00 per share

- 2025-08: DKK 13,135.00 per share

- 2025-09: DKK 12,465.00 per share

- 2025-10: DKK 13,355.00 per share

- 2025-11: DKK 12,875.00 per share

- 2025-12: DKK 14,640.00 per share

- 2026-01: DKK 15,630.00 per share

- 2026-02: DKK 15,675.00 per share

- 2026-03: DKK 16,055.00 per share

- 2026-04: DKK 15,085.00 per share

- 2026-05: DKK 15,810.00 per share

- 2026-06: DKK 15,540.00 per share

- 2026-07: DKK 17,405.00 per share

- 2026-08: DKK 21,540.00 per share

- 2026-09: DKK 23,650.00 per share

- 2026-10: DKK 23,990.00 per share

## Annual estimated value (DKK per share)

- FY2020: low DKK 2,891.80 per share, central DKK 3,050.43 per share, high DKK 3,261.61 per share

- FY2021: low DKK 10,572.04 per share, central DKK 11,896.06 per share, high DKK 13,229.86 per share

- FY2022: low DKK 42,382.62 per share, central DKK 52,454.80 per share, high DKK 60,669.51 per share

- FY2023: low DKK 35,953.09 per share, central DKK 44,298.12 per share, high DKK 50,500.44 per share

- FY2024: low DKK 30,639.27 per share, central DKK 34,455.83 per share, high DKK 39,536.49 per share

- FY2025: low DKK 30,955.78 per share, central DKK 34,668.22 per share, high DKK 39,610.28 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 2026-10-15T06:39:39.521Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/549300D2K6PKKKXVNN73/2026-06-30/ESEF/DK/0/APMM-2026-06-30-1-en/reports/APMM-2026-06-30-1-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