# Orsted A/S (ORSTED.CO)

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

Analysis as of: 2026-10-16T07:34:32.561Z. Financial observations: FY2001–FY2025.

Listing currency: DKK. Reporting currency: DKK.

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

## Checklist

### understandable: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 2

- Operating margin variation: 1.52×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.16×

- FY2017: 0.09×

- FY2018: 0.14×

- FY2019: 0.20×

- FY2020: 0.24×

- FY2021: 0.12×

- FY2022: 0.11×

- FY2023: -0.26×

- FY2024: 0.10×

- FY2025: -0.03×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 31.9pp below the typical margin (limit 4pp)

- ROIC, median of available years: 7.5%

- ROIC, second-lowest year: -1.0%

- Typical minus recent gross margin: 31.9 pp

- Typical gross margin (annual median): 29.2%

- Recent gross margin (lower of latest and 3-year median): -2.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 43.9%

- ROIC including acquisitions, ten-year median: -3.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 13.6%

- FY2017: 7.3%

- FY2018: 10.2%

- FY2019: 7.7%

- FY2020: 7.6%

- FY2021: 5.2%

- FY2022: 9.2%

- FY2023: -11.5%

- FY2024: 2.8%

- FY2025: -1.0%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: -13.28×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: DKK -94B

- Net income, five-year total: DKK 7.1B

- Return on incremental invested capital: 0.5%

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

- Working capital / revenue, change between three-year averages: -3.6 pp

- Working capital / revenue, final three-year average: 18.9%

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

- FY2021: 0.86×

- FY2022: 0.89×

- FY2023: 2.47×

- FY2024: 38.07×

- FY2025: -12.89×

### 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: 10.2% vs -1.0%

- Per-share earnings: 19.15 to -2.20 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- 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: 12.2%

- Ordinary dilution, 5-year annual growth: 25.7%

- Market cap gain: DKK 49B

- Cumulative retained earnings: DKK 101B

- Diluted shares, 10-year annual growth: 12.2%

- Diluted shares, 5-year annual growth: 25.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: DKK -21.35

- Per-share value, starting three-year median: DKK 19.15

- Per-share value, ending three-year median: DKK -2.20

- Buybacks concentrated in cheaper years (correlation): -0.45

- Average buyback yield: 0.6%

- Buyback history: 8 years

- Debt-funded buybacks: No

- Acquisition spending: DKK 3.5B

- Cumulative net income, 10 years: DKK 69B

- ROIC, first three-year median: 10.2%

- ROIC, last three-year median: -1.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: DKK 19.15

- FY2017: DKK 31.69

- FY2018: DKK 44.67

- FY2019: DKK 16.39

- FY2020: DKK 37.03

- FY2021: DKK 24.61

- FY2022: DKK 35.99

- FY2023: DKK -48.80

- FY2024: DKK -2.20

- FY2025: DKK 1.85

### accounting: pass

- Sloan accruals: -5.6%

- Receivables to sales index (DSRI): 1.04×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 9.47×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.01×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.4%

- FY2017: 8.4%

- FY2018: 4.5%

- FY2019: -3.1%

- FY2020: -0.4%

- FY2021: -0.4%

- FY2022: 1.0%

- FY2023: -17.4%

- FY2024: -6.5%

- FY2025: -5.6%

## Holders

## Price story

Down 86% since Oct 2021 · "Orsted axes quarter of jobs, pivots to Europe after US setbacks" (finance.yahoo.com, Oct 2025) · sales +8.1%

Story as of 2026-10-16T10:00:01.151Z; price observation 2026-10-15.

- 2025-08-25: Orsted cash plan at risk as Trump government blocks US wind project ([ca.finance.yahoo.com](https://ca.finance.yahoo.com/news/orsted-cash-plan-risk-trump-050734430.html))

- 2025-09-05: Orsted Cuts Earnings Guidance Following Lower Summer Wind Speeds ([finance.yahoo.com](https://finance.yahoo.com/m/589a3c33-204d-34aa-9cc9-a0719d0e585e/orsted-cuts-earnings-guidance.html))

- 2025-10-09: Orsted axes quarter of jobs, pivots to Europe after US setbacks ([finance.yahoo.com](https://finance.yahoo.com/video/orsted-axes-quarter-jobs-pivots-135027501.html))

- 2025-11-05: Orsted Swings to Loss Following U.S. Stop-Work Order, But Stays Upbeat for Full Year ([finance.yahoo.com](https://finance.yahoo.com/m/9babde8a-1c3f-3380-8fd1-6f291da79551/orsted-swings-to-loss.html))

- 2026-01-13: Orsted shares jump as US court lifts Trump block on wind project ([finance.yahoo.com](https://finance.yahoo.com/video/orsted-shares-jump-us-court-143911454.html))

- 2026-02-06: Orsted Shares Rise After Guidance Confirmation Despite Blow From U.S. Disruption ([finance.yahoo.com](https://finance.yahoo.com/m/3f9408a4-6a26-3fdd-a12e-ebcfa8f3a87d/orsted-shares-rise-after.html))

### Sales · FY2024–2025

sales +8.1%; source https://filings.xbrl.org/W9NG6WMZIYEU8VEDOG48/2026-06-30/ESEF/DK/0/Orsted-2026-06-30-en/reports/Orsted-2026-06-30-en.xhtml; observed 2026-09-02.

- FY2016: DKK 57B 

- FY2017: DKK 60B 

- FY2018: DKK 69B 

- FY2019: DKK 59B 

- FY2020: DKK 37B 

- FY2021: DKK 69B 

- FY2022: DKK 126B 

- FY2023: DKK 69B 

- FY2024: DKK 59B 

- FY2025: DKK 64B 

### Gross margin · FY2024

gross margin 38.9%; source https://filings.xbrl.org/W9NG6WMZIYEU8VEDOG48/2026-06-30/ESEF/DK/0/Orsted-2026-06-30-en/reports/Orsted-2026-06-30-en.xhtml; observed 2026-09-02.

- FY2016: 34.4% 

- FY2017: 31.8% 

- FY2018: 21.3% 

- FY2019: 27.8% 

- FY2020: 30.5% 

- FY2021: 23.2% 

- FY2022: 22.9% 

- FY2023: 32.5% 

- FY2024: 38.9% 

## Owner memo

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

### How it makes money

Operates in utilities renewable; annual sales are DKK 63.6 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2025: revenue 63606000000; grossProfit -1716000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ORSTED.CO: Ørsted A/S, together with its subsidiaries, owns, develops, constructs, and operates offshore and onshore wind farms, solar farms, and energy storage and combined heat and power (CHP) plants. It operates through Offshore, Onshore, and Bioenergy & Other segments. The Offshore segment owns, develops, constructs, and operates offshore wind farms in Europe, the United States, and the Asia-Pacific region. The Onshore segment owns, develops, constructs, and operates onshore wind and solar farms in the United States, including integrated storage. The Bioenergy & Other segment generates heat and power and offers ancillary services from CHP plants in Denmark; and optimizes its gas portfolio, as well as manages its Danish and Swedish B2B business. The company was formerly known as DONG Energy A/S and changed its name to Ørsted A/S in November 2017. Ørsted A/S was incorporated in 1972 and is based in Fredericia, Denmark.

### Why customers stay

It earns 7.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2023: grossProfit / revenue = 32.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2024: grossProfit / revenue = 38.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2025: grossProfit / revenue = -2.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); 10-year return on capital observations [[2016,0.13592575048836414],[2017,0.07304716764191135],[2018,0.10192851343724207],[2019,0.07662181071552296],[2020,0.0759728682183407],[2021,0.052486270229156896],[2022,0.09245576766253547],[2023,-0.11520510684179573],[2024,0.02765166138149731],[2025,-0.010415149308084487]]; median 0.07451001793012603. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 9 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2017: growth capex 2795516647.5623627; upkeep 14796483352.437637; owner earnings 4263516647.5623627. Growth capex / owner earnings = 0.6556832958915924.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2018: growth capex 8677000000; upkeep 5978000000; owner earnings 18251000000. Growth capex / owner earnings = 0.47542600405457236.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2021: growth capex 26597000000; upkeep 7972000000; owner earnings 9455600000. Growth capex / owner earnings = 2.8128304919835863.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2022: growth capex 23250000000; upkeep 9754000000; owner earnings 13472800000. Growth capex / owner earnings = 1.7256991865091147.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); Dividend observations: [[2016,640000000],[2017,2521000000],[2018,3781000000],[2019,4096000000],[2020,4410000000],[2021,4830000000],[2022,5252000000],[2023,5673000000],[2024,687000000],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 65.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ORSTED.CO SharesStats.PercentInsiders = 65.11 percentage points; cache date 2026-10-16.

### What the price says

The price is 2.6 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); Closing price 125.55 DKK; reporting-to-trading FX 1; FY2025 annual sales per share 48.14773602087416; price multiple 2.607599242995944. FY2025 cash earnings/share -23.80285885003014. Closing-price date 2026-10-15.

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

- 2016-10: DKK 268.70 per share

- 2016-11: DKK 239.50 per share

- 2016-12: DKK 267.60 per share

- 2017-01: DKK 260.70 per share

- 2017-02: DKK 258.30 per share

- 2017-03: DKK 268.90 per share

- 2017-04: DKK 269.00 per share

- 2017-05: DKK 289.10 per share

- 2017-06: DKK 293.90 per share

- 2017-07: DKK 302.90 per share

- 2017-08: DKK 325.20 per share

- 2017-09: DKK 360.40 per share

- 2017-10: DKK 358.00 per share

- 2017-11: DKK 363.80 per share

- 2017-12: DKK 338.70 per share

- 2018-01: DKK 364.00 per share

- 2018-02: DKK 380.90 per share

- 2018-03: DKK 392.00 per share

- 2018-04: DKK 407.10 per share

- 2018-05: DKK 381.50 per share

- 2018-06: DKK 386.00 per share

- 2018-07: DKK 393.00 per share

- 2018-08: DKK 406.00 per share

- 2018-09: DKK 436.30 per share

- 2018-10: DKK 418.50 per share

- 2018-11: DKK 428.90 per share

- 2018-12: DKK 435.70 per share

- 2019-01: DKK 469.00 per share

- 2019-02: DKK 476.00 per share

- 2019-03: DKK 504.40 per share

- 2019-04: DKK 509.60 per share

- 2019-05: DKK 532.80 per share

- 2019-06: DKK 567.60 per share

- 2019-07: DKK 616.20 per share

- 2019-08: DKK 647.80 per share

- 2019-09: DKK 636.60 per share

- 2019-10: DKK 587.60 per share

- 2019-11: DKK 625.00 per share

- 2019-12: DKK 689.00 per share

- 2020-01: DKK 736.00 per share

- 2020-02: DKK 695.40 per share

- 2020-03: DKK 666.40 per share

- 2020-04: DKK 688.40 per share

- 2020-05: DKK 786.80 per share

- 2020-06: DKK 765.40 per share

- 2020-07: DKK 901.00 per share

- 2020-08: DKK 882.60 per share

- 2020-09: DKK 875.40 per share

- 2020-10: DKK 1,014.50 per share

- 2020-11: DKK 1,124.00 per share

- 2020-12: DKK 1,243.50 per share

- 2021-01: DKK 1,167.00 per share

- 2021-02: DKK 998.00 per share

- 2021-03: DKK 1,024.50 per share

- 2021-04: DKK 902.20 per share

- 2021-05: DKK 922.80 per share

- 2021-06: DKK 880.00 per share

- 2021-07: DKK 931.40 per share

- 2021-08: DKK 1,001.00 per share

- 2021-09: DKK 848.80 per share

- 2021-10: DKK 908.00 per share

- 2021-11: DKK 844.80 per share

- 2021-12: DKK 835.20 per share

- 2022-01: DKK 699.00 per share

- 2022-02: DKK 861.20 per share

- 2022-03: DKK 849.20 per share

- 2022-04: DKK 792.90 per share

- 2022-05: DKK 784.20 per share

- 2022-06: DKK 741.90 per share

- 2022-07: DKK 845.60 per share

- 2022-08: DKK 726.90 per share

- 2022-09: DKK 607.50 per share

- 2022-10: DKK 621.40 per share

- 2022-11: DKK 620.50 per share

- 2022-12: DKK 631.30 per share

- 2023-01: DKK 605.00 per share

- 2023-02: DKK 615.20 per share

- 2023-03: DKK 583.40 per share

- 2023-04: DKK 606.60 per share

- 2023-05: DKK 610.00 per share

- 2023-06: DKK 644.80 per share

- 2023-07: DKK 591.20 per share

- 2023-08: DKK 442.50 per share

- 2023-09: DKK 385.10 per share

- 2023-10: DKK 339.80 per share

- 2023-11: DKK 322.40 per share

- 2023-12: DKK 374.30 per share

- 2024-01: DKK 391.50 per share

- 2024-02: DKK 386.70 per share

- 2024-03: DKK 384.40 per share

- 2024-04: DKK 385.70 per share

- 2024-05: DKK 418.90 per share

- 2024-06: DKK 370.60 per share

- 2024-07: DKK 410.40 per share

- 2024-08: DKK 390.60 per share

- 2024-09: DKK 445.20 per share

- 2024-10: DKK 400.70 per share

- 2024-11: DKK 391.80 per share

- 2024-12: DKK 324.20 per share

- 2025-01: DKK 278.10 per share

- 2025-02: DKK 315.20 per share

- 2025-03: DKK 301.40 per share

- 2025-04: DKK 261.80 per share

- 2025-05: DKK 268.30 per share

- 2025-06: DKK 272.00 per share

- 2025-07: DKK 308.30 per share

- 2025-08: DKK 193.15 per share

- 2025-09: DKK 113.55 per share

- 2025-10: DKK 115.80 per share

- 2025-11: DKK 136.75 per share

- 2025-12: DKK 122.35 per share

- 2026-01: DKK 141.60 per share

- 2026-02: DKK 150.00 per share

- 2026-03: DKK 156.00 per share

- 2026-04: DKK 170.35 per share

- 2026-05: DKK 164.15 per share

- 2026-06: DKK 146.80 per share

- 2026-07: DKK 145.00 per share

- 2026-08: DKK 135.95 per share

- 2026-09: DKK 135.35 per share

- 2026-10: DKK 131.40 per share

## Annual estimated value (DKK per share)

- FY2018: low DKK 81.55 per share, central DKK 83.76 per share, high DKK 86.69 per share

- FY2021: low DKK 160.79 per share, central DKK 191.01 per share, high DKK 217.74 per share

- FY2022: low DKK 463.94 per share, central DKK 553.54 per share, high DKK 631.58 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/W9NG6WMZIYEU8VEDOG48/2026-06-30/ESEF/DK/0/Orsted-2026-06-30-en/reports/Orsted-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.