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Ambu A/S

AMBU-B.CO
60
Medical - Devices · Healthcare
Price
kr 76.80
+1.20 (+1.59%)
Market Cap
kr 20.41B
Exchange
NASDAQ Copenhagen
Winston Score
60
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Aug 23, 2026 · filings through Mar 31, 2026
How the score breaks down
Quality
Good
Growth
Good
Cash Flow
Strong
Stability
Exceptional
Valuation
Good
Dividends
Weak

Share count rising — dilution

+5.4% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 253.2M (2021) → 267.0M (2025)

Winston Score History

The full picture

Ambu is a Danish medical device company that makes tools doctors use to look inside patients' bodies and to help people breathe during emergencies. Its main products are single-use endoscopes — thin, flexible cameras used in hospitals — along with breathing masks, bags, and monitoring equipment. Ambu is best known for pioneering the disposable endoscope, which hospitals use instead of reusable scopes that need to be cleaned between patients.

Ambu earns money by selling its devices directly to hospitals and clinics, mostly on a per-procedure basis as doctors use and discard single-use products. The company operates globally, with strong sales in Europe and North America, and generates roughly $600–700 million in annual revenue. Its main competitive advantage is its early lead in single-use endoscopy, but it faces growing competition from larger device makers entering the same market. The key growth driver is continued hospital adoption of disposable endoscopes, while pricing pressure and competition remain the central risks.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+1.2% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-36.6% YoY

YoY Growth Rate

Earnings declining

R&D Spend

kr 137M/ year

Declining (-58% vs prior year)

2.3% of revenue

Below sector average (18%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

47.2%ownership

Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

kr 691M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Ambu A/S is growing revenue at 1% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Profit per sale
Gross Margin
60.3%
Premium pricing power — 60.3% gross margin
Profit after running costs
Operating Margin
11.0%
Modest — 11.0% operating margin
Return on the money invested
ROCE
10.7%
Below par — 10.7% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+4.6%
Slow sales growth (+4.6% YoY)
Profit growth
EPS YoY
+29.0%
Earnings growing fast (+29.0% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
178%
Turns 178% of profit into real cash
Spare cash per sale
FCF Margin
8.5%
Modest free cash flow (8.5%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
0.00
Conservative — low debt load (0.00)
Covers its interest
Interest Cover
19.24x
Comfortably covers interest (19.2x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
43.1x
Pricey — P/E 43.1

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
+24.0
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (43.1 → 19.2)

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Dividends

Dividend
Dividend Yield
0.54%
Small dividend — 0.54% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
-67.2%
Dividend cut (-67.2% YoY) — warning sign

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