# NKT A/S (NKT.CO)

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

Analysis as of: 2026-10-16T07:36:41.230Z. Financial observations: FY2000–FY2025.

Listing currency: DKK. Reporting currency: EUR.

## 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 849.50 per share; close as of 2026-10-15.

Estimated value: low DKK 171.14 per share, central DKK 179.79 per share, high DKK 191.29 per share. Buy at or below the central value DKK 179.79 per share. Valuation as of 2026-10-16T07:36:41.230Z; scenarios are not confidence intervals.

Expected annual return: 3.7% at the stated quote. About 3.7% 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

- 2 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: 2

- Years with a net loss: 5

- Operating margin variation: 2.08×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.01×

- FY2017: 0.01×

- FY2018: -0.02×

- FY2019: -0.06×

- FY2020: -0.03×

- FY2021: 0.01×

- FY2022: 0.03×

- FY2023: 0.19×

- FY2024: 0.07×

- FY2025: 0.16×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 2.2%

- ROIC, second-lowest year: -6.2%

- Typical minus recent gross margin: 2.9 pp

- Typical gross margin (annual median): 34.8%

- Recent gross margin (lower of latest and 3-year median): 32.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 8.4%

- ROIC including acquisitions, ten-year median: -1.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 0.8%

- FY2017: 1.9%

- FY2018: -3.9%

- FY2019: -9.8%

- FY2020: -6.2%

- FY2021: 2.6%

- FY2022: 6.6%

- FY2023: 73.1%

- FY2024: >100%

- FY2025: 67.2%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.14×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 115M

- Net income, five-year total: EUR 803M

- Return on incremental invested capital: 28.8%

- Working capital / revenue, annual change: 0.9 pp

- Working capital / revenue, change between three-year averages: 4.7 pp

- Working capital / revenue, final three-year average: 14.4%

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

- FY2021: -1.45×

- FY2022: 0.38×

- FY2023: 0.90×

- FY2024: 0.64×

- FY2025: -0.83×

### management: fail

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

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 0.8% vs 73.1%

- Per-share earnings: -0.12 to 5.13 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 6.0%

- Ordinary dilution, 5-year annual growth: 4.5%

- Market cap gain: EUR 5.0B

- Cumulative retained earnings: EUR 989M

- Diluted shares, 10-year annual growth: 6.0%

- Diluted shares, 5-year annual growth: 4.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: EUR 5.25

- Per-share value, starting three-year median: EUR -0.12

- Per-share value, ending three-year median: EUR 5.13

- Buybacks concentrated in cheaper years (correlation): -0.60

- Average buyback yield: 1.7%

- Buyback history: 5 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 731M

- Cumulative net income, 10 years: EUR 585M

- ROIC, first three-year median: 0.8%

- ROIC, last three-year median: 73.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR -0.61

- FY2017: EUR -0.12

- FY2018: EUR -1.56

- FY2019: EUR -2.38

- FY2020: EUR -1.73

- FY2021: EUR 0.10

- FY2022: EUR 1.43

- FY2023: EUR 1.97

- FY2024: EUR 6.27

- FY2025: EUR 5.13

### accounting: pass

- Sloan accruals: -4.0%

- Receivables to sales index (DSRI): 1.36×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.81×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.32×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -9.8%

- FY2017: -4.8%

- FY2018: -0.2%

- FY2019: -11.2%

- FY2020: -9.8%

- FY2021: -8.0%

- FY2022: -8.5%

- FY2023: -11.6%

- FY2024: -19.6%

- FY2025: -4.0%

## Holders

## Price story

Price needs cash profits to grow 31.5% a year for ten years · sales +9.6%

Story as of 2026-10-16T10:00:07.909Z; price observation 2026-10-15.

Price needs cash profits to grow 31.5% a year for ten years

- 2025-08-14: NKT updates financial outlook for 2025 ([finance.yahoo.com](https://finance.yahoo.com/news/nkt-updates-financial-outlook-2025-152100463.html))

- 2025-09-15: NKT is selected as preferred bidder for high-voltage interconnector project connecting Scotland and England ([finance.yahoo.com](https://finance.yahoo.com/news/nkt-selected-preferred-bidder-high-064800342.html))

### Sales · FY2024–2025

sales +9.6%; source https://filings.xbrl.org/529900197LKWCEQ0NL18/2026-06-30/ESEF/DK/0/nkt-2026-06-30-en/reports/nkt-2026-06-30-en.xhtml; observed 2026-09-02.

- FY2016: EUR 1.0B 

- FY2017: EUR 1.5B 

- FY2018: EUR 1.5B 

- FY2019: EUR 1.3B 

- FY2020: EUR 1.5B 

- FY2021: EUR 1.9B 

- FY2022: EUR 2.1B 

- FY2023: EUR 2.6B 

- FY2024: EUR 3.3B 

- FY2025: EUR 3.6B 

### Gross margin · FY2025

gross margin 33.2%; source https://filings.xbrl.org/529900197LKWCEQ0NL18/2026-06-30/ESEF/DK/0/nkt-2026-06-30-en/reports/nkt-2026-06-30-en.xhtml; observed 2026-09-02.

- FY2016: 34.6% 

- FY2017: 37.8% 

- FY2018: 35.0% 

- FY2019: 35.3% 

- FY2020: 36.9% 

- FY2021: 35.6% 

- FY2022: 32.2% 

- FY2023: 32.0% 

- FY2024: 31.9% 

- FY2025: 33.2% 

## Owner memo

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

### How it makes money

Operates in electrical equipment & parts; annual sales are EUR 3.6 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2025: revenue 3565000000; grossProfit 1182000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); NKT.CO: NKT A/S designs, manufactures, and installs low, medium, and high voltage power cable solutions in Denmark. It operates through Solutions, Applications and Service & Accessories segments. The company offers high voltage cable solutions, including high voltage onshore and offshore cables; medium voltage, dynamic, and universal cables; and low voltage building wires, flexible cables and conduits, control cables, 1 kV cables, and telecom energy and fire performance cables. The company also provides medium voltage cable accessories, such as joints, terminations, separable connector, paper-insulated lead sheath and pre-assembled connection cables, cable branch cabinets, and pre-assembled connection cables; and high voltage cable accessories comprising GIS/transformer terminations, low pressure oil-filled cable systems, outdoor terminations, wind power applications, and transition joints. In addition, it offers lifecycle cable services; and installation, operation and maintenance, repair, decommissioning, and cable monitoring solutions. Further, the company provides oil and gas cable competence center services, and technology consulting services; and offshore and onshore wind, and solar solutions. It operates in Germany, Sweden, the United Kingdom, Poland, the United States, Norway, the Czech Republic, France, the Netherlands, Portugal, and internationally. The company was formerly known as NKT Holding A/S and changed its name to NKT A/S in May 2017. NKT A/S was founded in 1891 and is based in Copenhagen, Denmark.

### Why customers stay

Margins ranged from 31.9% to 33.2% during 2023–25; it earns 2.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2023: grossProfit / revenue = 32%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2024: grossProfit / revenue = 31.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2025: grossProfit / revenue = 33.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); 10-year return on capital observations [[2016,0.008342882822154814],[2017,0.01891658262498199],[2018,-0.03935110393107162],[2019,-0.09803453059966086],[2020,-0.06223194748358862],[2021,0.025934333581621918],[2022,0.06617087933813913],[2023,0.7309453058858902],[2024,1.0546700431997618],[2025,0.6717899129726704]]; median 0.022425458103301953. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 8 of 10 years; bought back EUR 20 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2022: growth capex 74834765.15867609; upkeep 116265234.84132391; owner earnings 24014765.158676088. Growth capex / owner earnings = 3.1161980833129106.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2023: growth capex 148000000; upkeep 90000000; owner earnings 111520000. Growth capex / owner earnings = 1.327116212338594.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2024: growth capex 288904432.3176559; upkeep 206095567.68234408; owner earnings 214504432.31765592. Growth capex / owner earnings = 1.3468459798062462.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); Dividend observations: [[2016,13100000],[2017,8100000],[2018,8100000],[2019,8100000],[2020,8100000],[2021,8100000],[2022,7400000],[2023,0],[2024,11000000],[2025,0]]. 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 20000000 EUR.

### Are managers owners

Insiders own 0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); NKT.CO SharesStats.PercentInsiders = 0.146 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 31.5% 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 0.45009356956132796. Price 849.5; FX 7.470219853431046; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.3973300618320407 → FY2025 -4.264325354346888. Closing-price date 2026-10-15.

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

- 2016-11: DKK 192.66 per share

- 2016-12: DKK 201.09 per share

- 2017-01: DKK 214.22 per share

- 2017-02: DKK 199.55 per share

- 2017-03: DKK 206.16 per share

- 2017-04: DKK 217.05 per share

- 2017-05: DKK 219.46 per share

- 2017-06: DKK 210.40 per share

- 2017-07: DKK 222.69 per share

- 2017-08: DKK 201.41 per share

- 2017-09: DKK 217.05 per share

- 2017-10: DKK 221.86 per share

- 2017-11: DKK 231.51 per share

- 2017-12: DKK 229.64 per share

- 2018-01: DKK 211.89 per share

- 2018-02: DKK 173.79 per share

- 2018-03: DKK 159.36 per share

- 2018-04: DKK 149.39 per share

- 2018-05: DKK 146.88 per share

- 2018-06: DKK 141.45 per share

- 2018-07: DKK 139.02 per share

- 2018-08: DKK 133.02 per share

- 2018-09: DKK 135.21 per share

- 2018-10: DKK 100.51 per share

- 2018-11: DKK 83.09 per share

- 2018-12: DKK 72.10 per share

- 2019-01: DKK 95.41 per share

- 2019-02: DKK 98.41 per share

- 2019-03: DKK 95.57 per share

- 2019-04: DKK 99.38 per share

- 2019-05: DKK 82.60 per share

- 2019-06: DKK 81.79 per share

- 2019-07: DKK 80.57 per share

- 2019-08: DKK 71.94 per share

- 2019-09: DKK 107.73 per share

- 2019-10: DKK 95.16 per share

- 2019-11: DKK 115.59 per share

- 2019-12: DKK 130.34 per share

- 2020-01: DKK 118.10 per share

- 2020-02: DKK 134.40 per share

- 2020-03: DKK 98.49 per share

- 2020-04: DKK 123.62 per share

- 2020-05: DKK 115.43 per share

- 2020-06: DKK 119.97 per share

- 2020-07: DKK 142.10 per share

- 2020-08: DKK 161.71 per share

- 2020-09: DKK 153.69 per share

- 2020-10: DKK 140.80 per share

- 2020-11: DKK 210.99 per share

- 2020-12: DKK 249.01 per share

- 2021-01: DKK 231.74 per share

- 2021-02: DKK 220.73 per share

- 2021-03: DKK 253.23 per share

- 2021-04: DKK 236.15 per share

- 2021-05: DKK 251.58 per share

- 2021-06: DKK 264.25 per share

- 2021-07: DKK 273.61 per share

- 2021-08: DKK 260.21 per share

- 2021-09: DKK 255.98 per share

- 2021-10: DKK 284.81 per share

- 2021-11: DKK 280.77 per share

- 2021-12: DKK 289.77 per share

- 2022-01: DKK 254.52 per share

- 2022-02: DKK 255.80 per share

- 2022-03: DKK 280.59 per share

- 2022-04: DKK 311.44 per share

- 2022-05: DKK 311.99 per share

- 2022-06: DKK 276.92 per share

- 2022-07: DKK 341.01 per share

- 2022-08: DKK 347.80 per share

- 2022-09: DKK 331.27 per share

- 2022-10: DKK 345.60 per share

- 2022-11: DKK 347.07 per share

- 2022-12: DKK 359.37 per share

- 2023-01: DKK 390.22 per share

- 2023-02: DKK 300.06 per share

- 2023-03: DKK 327.78 per share

- 2023-04: DKK 325.21 per share

- 2023-05: DKK 383.24 per share

- 2023-06: DKK 413.80 per share

- 2023-07: DKK 387.80 per share

- 2023-08: DKK 373.00 per share

- 2023-09: DKK 369.00 per share

- 2023-10: DKK 354.00 per share

- 2023-11: DKK 424.60 per share

- 2023-12: DKK 463.80 per share

- 2024-01: DKK 482.00 per share

- 2024-02: DKK 518.00 per share

- 2024-03: DKK 570.00 per share

- 2024-04: DKK 584.00 per share

- 2024-05: DKK 593.00 per share

- 2024-06: DKK 609.50 per share

- 2024-07: DKK 620.50 per share

- 2024-08: DKK 642.00 per share

- 2024-09: DKK 632.50 per share

- 2024-10: DKK 640.00 per share

- 2024-11: DKK 544.50 per share

- 2024-12: DKK 514.50 per share

- 2025-01: DKK 482.60 per share

- 2025-02: DKK 490.00 per share

- 2025-03: DKK 467.60 per share

- 2025-04: DKK 534.50 per share

- 2025-05: DKK 562.00 per share

- 2025-06: DKK 512.50 per share

- 2025-07: DKK 578.00 per share

- 2025-08: DKK 607.50 per share

- 2025-09: DKK 617.00 per share

- 2025-10: DKK 726.00 per share

- 2025-11: DKK 774.00 per share

- 2025-12: DKK 798.50 per share

- 2026-01: DKK 826.00 per share

- 2026-02: DKK 819.50 per share

- 2026-03: DKK 831.50 per share

- 2026-04: DKK 938.50 per share

- 2026-05: DKK 1,025.00 per share

- 2026-06: DKK 976.00 per share

- 2026-07: DKK 884.00 per share

- 2026-08: DKK 915.50 per share

- 2026-09: DKK 880.50 per share

- 2026-10: DKK 862.00 per share

## Annual estimated value (DKK per share)

- FY2016: low DKK 84.75 per share, central DKK 92.57 per share, high DKK 102.99 per share

- FY2017: low DKK 26.87 per share, central DKK 30.02 per share, high DKK 34.22 per share

- FY2024: low DKK 259.14 per share, central DKK 267.01 per share, high DKK 277.49 per share

- FY2025: low DKK 221.83 per share, central DKK 230.47 per share, high DKK 241.98 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

[Original ESEF filing](https://filings.xbrl.org/529900197LKWCEQ0NL18/2026-06-30/ESEF/DK/0/nkt-2026-06-30-en/reports/nkt-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.