Bang & Olufsen a/s

BO.CO

Consumer Electronics · Technology

Also trades as: 0MRM.L

Price

kr 10.60

-0.04 (-0.38%)

Market Cap

kr 1.51B

Exchange

NASDAQ Copenhagen

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through May 31, 2026

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Weak

Stability

Mixed

Valuation

Data not available

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Share count rising — dilution

+19.3% over 4y

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

Diluted shares outstanding: 119.5M (2022) → 142.6M (2026)

Winston Score History

The full picture

Bang & Olufsen is a Danish company that makes high-end speakers, headphones, televisions, and sound systems. Its products are sold to wealthy consumers who want premium audio and visual quality, often at prices far above typical electronics brands. The company is known for its distinctive design and craftsmanship, and its products are sold in its own stores and through luxury retail partners around the world.

Bang & Olufsen makes money by selling hardware directly to consumers, with prices ranging from a few hundred to several thousand dollars per product. It operates primarily in Europe but also has a presence in Asia and North America, generating roughly $400–500 million in annual revenue. Its moat comes from strong brand recognition in the luxury segment and a loyal customer base, but the company currently runs at a small operating loss, and its main challenge is growing sales volume without diluting the premium image that justifies its high prices.

Growth Profile

For growth stock investors

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

Revenue Growth

-6.3% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-25.8% YoY

YoY Growth Rate

Earnings declining

R&D Spend

kr 340M/ year

→ Flat (+0% vs prior year)

13.8% of revenue

In line with sector average (15%)

Steady R&D investment year-over-year

Insider Activity

27.9%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

kr 374M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue declining

Bang & Olufsen a/s's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

58.7%

Premium pricing power — 58.7% gross margin

Profit after running costs

Operating Margin

3.2%

Thin — 3.2% operating margin

Return on the money invested

ROCE

-2.4%

Weak — -2.4% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-0.2%

Shrinking sales (-0.2% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

2.0%

Thin free cash flow (2.0%)

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

0.32

Conservative — low debt load (0.32)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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