# Novonesis (Novozymes) A/S (NSIS-B.CO)

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

Analysis as of: 2026-10-16T07:34:16.189Z. Financial observations: FY2019–FY2025.

Listing currency: DKK. Reporting currency: EUR.

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

Estimated value: low DKK 128.08 per share, central DKK 145.24 per share, high DKK 168.07 per share. Buy at or below the central value DKK 145.24 per share. Valuation as of 2026-10-16T07:34:16.189Z; scenarios are not confidence intervals.

Expected annual return: 5.1% at the stated quote. About 5.1% 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: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 7 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.21×

Chart: Operating margin; fiscal year observations.

- FY2019: 0.28×

- FY2020: 0.26×

- FY2021: 0.27×

- FY2022: 0.26×

- FY2023: 0.22×

- FY2024: 0.13×

- FY2025: 0.20×

### moat: fail

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

- ROIC, median of available years: 27.7%

- ROIC, second-lowest year: 4.5%

- Typical minus recent gross margin: 0.6 pp

- Typical gross margin (annual median): 54.6%

- Recent gross margin (lower of latest and 3-year median): 53.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 9.4%

- ROIC including acquisitions, ten-year median: 26.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2019: 29.5%

- FY2020: 27.7%

- FY2021: 28.3%

- FY2022: 27.9%

- FY2023: 4.5%

- FY2024: 5.2%

- FY2025: 2.4%

### economics: pass

- Owner earnings / net income, 5-yr: 1.07×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 2.4B

- Net income, five-year total: EUR 2.2B

- Return on incremental invested capital: 46.7%

- Working capital / revenue, annual change: -2.7 pp

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

- FY2021: 1.03×

- FY2022: 0.98×

- FY2023: 0.67×

- FY2024: 1.60×

- FY2025: 1.18×

### management: fail

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 28.3% vs 4.5%

- Per-share earnings: 1.47 to 1.25 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 10.6%

- Diluted shares, 5-year annual growth: 10.6%

- Per-share value growth: -4.1%

- Per-share value change: EUR -0.23

- Per-share value, starting three-year median: EUR 1.47

- Per-share value, ending three-year median: EUR 1.25

- Buybacks concentrated in cheaper years (correlation): 0.20

- Average buyback yield: 1.1%

- Buyback history: 5 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 28.3%

- ROIC, last three-year median: 4.5%

Chart: Earnings per share; fiscal year observations.

- FY2019: EUR 1.47

- FY2020: EUR 1.34

- FY2021: EUR 1.53

- FY2022: EUR 1.77

- FY2023: EUR 1.46

- FY2024: EUR 0.67

- FY2025: EUR 1.25

### accounting: pass

- Sloan accruals: -3.9%

- Receivables to sales index (DSRI): 0.99×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.7%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.09×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.02×

Chart: Sloan accruals; fiscal year observations.

- FY2019: -0.2%

- FY2020: -7.4%

- FY2021: -3.7%

- FY2022: -1.2%

- FY2023: -4.0%

- FY2024: -4.7%

- FY2025: -3.9%

## Holders

## Price story

Price needs cash profits to grow 15.7% a year for ten years · sales +8.5%

Story as of 2026-10-16T09:59:59.933Z; price observation 2026-10-15.

Price needs cash profits to grow 15.7% a year for ten years

- 2025-05-08: Novonesis delivered a strong Q1 with 11% organic growth and confirms full-year outlook ([finance.yahoo.com](https://finance.yahoo.com/news/novonesis-delivered-strong-q1-11-060000338.html))

- 2025-11-12: Novozymes (CPSE:NSIS B): Assessing Valuation After Upward Sales Growth Guidance and Improved Q3 Results ([finance.yahoo.com](https://finance.yahoo.com/news/novozymes-cpse-nsis-b-assessing-181100745.html))

- 2026-08-19: H1 2026: Novonesis delivered strong 8% organic sales growth and increases full-year outlook ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/h1-2026-novonesis-delivered-strong-162600601.html))

### Sales · FY2024–2025

sales +8.5%; source https://filings.xbrl.org/529900T6WNZXD2R3JW38/2026-06-30/ESEF/DK/0/Novonesis-2026-06-30-1-en/reports/Novonesis-2026-06-30-1-en.xhtml; observed 2026-09-02.

- FY2019: EUR 1.9B 

- FY2020: EUR 1.9B 

- FY2021: EUR 2.0B 

- FY2022: EUR 2.4B 

- FY2023: EUR 2.4B 

- FY2024: EUR 3.8B 

- FY2025: EUR 4.2B 

### Gross margin · FY2025

gross margin 53.9%; source https://filings.xbrl.org/529900T6WNZXD2R3JW38/2026-06-30/ESEF/DK/0/Novonesis-2026-06-30-1-en/reports/Novonesis-2026-06-30-1-en.xhtml; observed 2026-09-02.

- FY2019: 55.3% 

- FY2020: 56.0% 

- FY2021: 57.7% 

- FY2022: 54.6% 

- FY2023: 54.3% 

- FY2024: 47.2% 

- FY2025: 53.9% 

## Owner memo

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

### How it makes money

Operates in specialty chemicals; annual sales are EUR 4.2 billion.

- Source: https://filings.xbrl.org/529900T6WNZXD2R3JW38/2025-12-31/ESEF/DK/0/Novonesis-2025-12-31-en.json (filed 2026-09-02); FY2025: revenue 4157600000; grossProfit 2241500000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); NSIS-B.CO: Novozymes A/S produces and sells industrial enzymes, functional proteins, and microorganisms in Denmark, rest of Europe, North America, the Asia Pacific, the Middle East, Africa, and Latin America. It provides biosolutions for the food and beverage industry, such as dairy, baking, beverage, meat, plant-based, functional, and other foods, as well as precision protein and early lie nutrition. The company also offers bioenergy solutions including biodiesel; biogas from agricultural and industrial residues and food waste; biomass; carbon capture; ethanol for liquefaction, saccharification, fermentation, and fiber conversion; and renewable diesel. In addition, it provides dishwashing, home cleaning, laundry, medical, and industrial and institutional cleaning services; gastrointestinal, immune, mental, women's, children's cardiometabolic, and oral human health solutions. Further, the company offers corn and wheat separation, liquefaction, saccharification, filtration, isomerization, maltose, and specialties solutions; corn, cotton, forages, peanuts, pulses, soybeans, wheat, small grains, bioyield, and biocontrol solutions; silage, diary and beef cattle, poultry, swine, aquaculture solutions; pet care solutions; leather and textiles solutions; fiber modification, bleach boosting, deposit control, and starch modification solutions; and distilling, oils and fats, sustainable plastic solutions. Additionally, it provides lipases, proteases, oxidoreductases, and carbohydrases. Novozymes A/S is headquartered in Lyngby, Denmark.

### Why customers stay

Margins ranged from 47.2% to 54.3% during 2023–25; it earns 27.7% on its capital.

- Source: https://filings.xbrl.org/529900T6WNZXD2R3JW38/2024-12-31/ESEF/DK/0/NOVOZYMES-2024-12-31-en.json (filed 2026-09-02); FY2023: grossProfit / revenue = 54.3%.

- Source: https://filings.xbrl.org/529900T6WNZXD2R3JW38/2025-12-31/ESEF/DK/0/Novonesis-2025-12-31-en.json (filed 2026-09-02); FY2024: grossProfit / revenue = 47.2%.

- Source: https://filings.xbrl.org/529900T6WNZXD2R3JW38/2025-12-31/ESEF/DK/0/Novonesis-2025-12-31-en.json (filed 2026-09-02); FY2025: grossProfit / revenue = 53.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); 7-year return on capital observations [[2019,0.29509452938840536],[2020,0.27676105478264357],[2021,0.28306217849590115],[2022,0.27928936712387964],[2023,0.04511891904496558],[2024,0.051823120800215575],[2025,0.02389257272015023]]; median 0.27676105478264357. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Earns 46.7% on new investment; paid dividends in 7 of 7 years.

- Source: https://eodhd.com/api/eod/EURDKK.FOREX (filed 2026-09-02); FY2019: growth capex 0; upkeep 133527878.56271426; owner earnings 430699847.3887995. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/eod/EURDKK.FOREX (filed 2026-09-02); FY2020: growth capex 0; upkeep 126100379.08231345; owner earnings 408677024.0967547. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/eod/EURDKK.FOREX (filed 2026-09-02); FY2021: growth capex 0; upkeep 166736889.16624764; owner earnings 433731463.02968353. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/eod/EURDKK.FOREX (filed 2026-09-02); FY2022: growth capex 192626565.09473434; upkeep 195852690.39987996; owner earnings 483080974.91393876. Growth capex / owner earnings = 0.3987459144485061.

- Source: https://query2.finance.yahoo.com/ws/fundamentals-timeseries/v1/finance/timeseries/NSIS-B.CO?type=annualTotalRevenue%2CannualCostOfRevenue%2CannualGrossProfit%2CannualOperatingIncome%2CannualOperatingExpense%2CannualNetIncome%2CannualPretaxIncome%2CannualTaxProvision%2CannualDepreciationAndAmortization%2CannualStockBasedCompensation%2CannualOperatingCashFlow%2CannualCapitalExpenditure%2CannualCashDividendsPaid%2CannualRepurchaseOfCapitalStock%2CannualIssuanceOfCapitalStock%2CannualNetBusinessPurchaseAndSale%2CannualReceivables%2CannualInventory%2CannualAccountsPayable%2CannualCashCashEquivalentsAndShortTermInvestments%2CannualTotalDebt%2CannualCurrentDebt%2CannualStockholdersEquity%2CannualGoodwill%2CannualOtherIntangibleAssets%2CannualNetPPE%2CannualTotalAssets%2CannualTotalLiabilitiesNetMinorityInterest%2CannualCurrentAssets%2CannualCurrentLiabilities%2CannualDilutedAverageShares%2CannualDilutedEPS%2CannualRetainedEarnings&period1=1262304000&period2=1790802351 (filed 2026-09-02); FY2023: growth capex 29500060.201386064; upkeep 246299939.79861394; cash acquisitions 10900000; owner earnings 272200060.2013861. Growth capex plus acquisitions / owner earnings = 0.1484204675469074.

- Source: https://eodhd.com/api/fundamentals/NZM2.F.json#2024-12-31 (filed 2026-09-02); FY2024: growth capex 0; upkeep 359800000; cash acquisitions 0; owner earnings 490100000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/NZM2.F.json#2025-12-31 (filed 2026-09-02); FY2025: growth capex 0; upkeep 470800000; cash acquisitions 1519800000; owner earnings 687600000. Growth capex plus acquisitions / owner earnings = 2.2102966841186737.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); Incremental return on capital 0.46735988996410105, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); Dividend observations: [[2019,192724791.62662572],[2020,198943470.40326685],[2021,197126031.86912826],[2022,204993378.7644591],[2023,383200000],[2024,249800000],[2025,402700000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/529900T6WNZXD2R3JW38/2025-12-31/ESEF/DK/0/Novonesis-2025-12-31-en.json (filed 2026-09-02); FY2025: cash repurchases 99900000 EUR.

### Are managers owners

Insiders own 15.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); NSIS-B.CO SharesStats.PercentInsiders = 15.805 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 15.7% 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 0.21379641400353544. Price 458; FX 7.470219853431046; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

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

- 2016-10: DKK 251.70 per share

- 2016-11: DKK 237.80 per share

- 2016-12: DKK 243.50 per share

- 2017-01: DKK 268.30 per share

- 2017-02: DKK 269.90 per share

- 2017-03: DKK 276.40 per share

- 2017-04: DKK 295.00 per share

- 2017-05: DKK 299.80 per share

- 2017-06: DKK 284.90 per share

- 2017-07: DKK 290.20 per share

- 2017-08: DKK 317.80 per share

- 2017-09: DKK 323.10 per share

- 2017-10: DKK 352.80 per share

- 2017-11: DKK 338.40 per share

- 2017-12: DKK 354.50 per share

- 2018-01: DKK 332.50 per share

- 2018-02: DKK 315.00 per share

- 2018-03: DKK 312.40 per share

- 2018-04: DKK 291.50 per share

- 2018-05: DKK 324.60 per share

- 2018-06: DKK 323.70 per share

- 2018-07: DKK 335.50 per share

- 2018-08: DKK 352.00 per share

- 2018-09: DKK 352.60 per share

- 2018-10: DKK 325.50 per share

- 2018-11: DKK 307.10 per share

- 2018-12: DKK 290.90 per share

- 2019-01: DKK 272.10 per share

- 2019-02: DKK 297.80 per share

- 2019-03: DKK 306.00 per share

- 2019-04: DKK 310.20 per share

- 2019-05: DKK 314.60 per share

- 2019-06: DKK 306.10 per share

- 2019-07: DKK 313.30 per share

- 2019-08: DKK 289.30 per share

- 2019-09: DKK 288.00 per share

- 2019-10: DKK 315.40 per share

- 2019-11: DKK 324.00 per share

- 2019-12: DKK 326.00 per share

- 2020-01: DKK 351.90 per share

- 2020-02: DKK 343.10 per share

- 2020-03: DKK 309.30 per share

- 2020-04: DKK 333.60 per share

- 2020-05: DKK 366.40 per share

- 2020-06: DKK 383.50 per share

- 2020-07: DKK 377.40 per share

- 2020-08: DKK 369.10 per share

- 2020-09: DKK 399.90 per share

- 2020-10: DKK 384.10 per share

- 2020-11: DKK 356.90 per share

- 2020-12: DKK 349.50 per share

- 2021-01: DKK 369.20 per share

- 2021-02: DKK 380.80 per share

- 2021-03: DKK 406.30 per share

- 2021-04: DKK 440.30 per share

- 2021-05: DKK 443.80 per share

- 2021-06: DKK 472.70 per share

- 2021-07: DKK 492.70 per share

- 2021-08: DKK 508.80 per share

- 2021-09: DKK 440.00 per share

- 2021-10: DKK 473.20 per share

- 2021-11: DKK 497.10 per share

- 2021-12: DKK 537.20 per share

- 2022-01: DKK 452.90 per share

- 2022-02: DKK 435.20 per share

- 2022-03: DKK 463.00 per share

- 2022-04: DKK 494.20 per share

- 2022-05: DKK 439.90 per share

- 2022-06: DKK 426.00 per share

- 2022-07: DKK 464.30 per share

- 2022-08: DKK 425.60 per share

- 2022-09: DKK 383.20 per share

- 2022-10: DKK 395.70 per share

- 2022-11: DKK 410.40 per share

- 2022-12: DKK 351.90 per share

- 2023-01: DKK 354.90 per share

- 2023-02: DKK 339.20 per share

- 2023-03: DKK 350.90 per share

- 2023-04: DKK 351.40 per share

- 2023-05: DKK 335.70 per share

- 2023-06: DKK 317.90 per share

- 2023-07: DKK 340.00 per share

- 2023-08: DKK 298.50 per share

- 2023-09: DKK 284.70 per share

- 2023-10: DKK 316.60 per share

- 2023-11: DKK 355.10 per share

- 2023-12: DKK 371.10 per share

- 2024-01: DKK 354.30 per share

- 2024-02: DKK 388.80 per share

- 2024-03: DKK 405.20 per share

- 2024-04: DKK 388.60 per share

- 2024-05: DKK 408.60 per share

- 2024-06: DKK 426.10 per share

- 2024-07: DKK 439.00 per share

- 2024-08: DKK 468.00 per share

- 2024-09: DKK 482.20 per share

- 2024-10: DKK 429.70 per share

- 2024-11: DKK 413.70 per share

- 2024-12: DKK 407.70 per share

- 2025-01: DKK 413.20 per share

- 2025-02: DKK 434.40 per share

- 2025-03: DKK 401.00 per share

- 2025-04: DKK 426.10 per share

- 2025-05: DKK 461.80 per share

- 2025-06: DKK 454.10 per share

- 2025-07: DKK 425.80 per share

- 2025-08: DKK 405.60 per share

- 2025-09: DKK 389.10 per share

- 2025-10: DKK 387.20 per share

- 2025-11: DKK 401.60 per share

- 2025-12: DKK 407.80 per share

- 2026-01: DKK 385.70 per share

- 2026-02: DKK 375.50 per share

- 2026-03: DKK 382.50 per share

- 2026-04: DKK 390.90 per share

- 2026-05: DKK 372.50 per share

- 2026-06: DKK 412.90 per share

- 2026-07: DKK 422.00 per share

- 2026-08: DKK 462.40 per share

- 2026-09: DKK 419.50 per share

- 2026-10: DKK 442.50 per share

## Annual estimated value (DKK per share)

- FY2023: low DKK 155.02 per share, central DKK 176.02 per share, high DKK 203.97 per share

- FY2024: low DKK 142.74 per share, central DKK 161.97 per share, high DKK 187.56 per share

- FY2025: low DKK 123.15 per share, central DKK 139.70 per share, high DKK 161.74 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 2026-10-15T06:40:04.400Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/529900T6WNZXD2R3JW38/2026-06-30/ESEF/DK/0/Novonesis-2026-06-30-1-en/reports/Novonesis-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