Demant A/S

DEMANT.CO

Medical - Devices · Healthcare

Exchange

NASDAQ Copenhagen

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Strong

Growth

Mixed

Cash Flow

Exceptional

Stability

Good

Valuation

Good

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Winston Score History

The full picture

Demant A/S is a Danish company that makes hearing aids and other hearing health products. Its main brands include Oticon, Philips Hearing Solutions, and Bernafon, and it sells to people with hearing loss around the world. Demant also makes equipment that audiologists and clinics use to test and diagnose hearing problems, and it owns a network of hearing care retail stores.

Demant earns most of its revenue by selling hearing devices directly to consumers through its retail clinics and through independent hearing care professionals. It operates across more than 130 countries, making it one of the largest hearing health companies in the world, competing closely with Sonova and William Demant's longtime rival, GN Audio. Its moat comes from strong brand recognition, proprietary sound-processing technology, and deep relationships with hearing care professionals. The key growth driver is the large share of people with untreated hearing loss globally, though rising competition and potential pricing pressure from lower-cost alternatives remain ongoing risks.

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

+15.3% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+6.4% YoY

YoY Growth Rate

Slow EPS growth

Insider Activity

60.3%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

kr 2.7B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth + cash flow

Demant A/S is a rare growth stock that's already generating positive cash flow while growing at 15%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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.

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Quality

Profit per sale

Gross Margin

77.2%

Premium pricing power — 77.2% gross margin

Profit after running costs

Operating Margin

17.1%

Healthy — 17.1% operating margin

Return on the money invested

ROCE

15.3%

Strong — 15.3% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+9.7%

Steady sales growth (+9.7% YoY)

Profit growth

EPS YoY

-29.1%

Earnings shrinking (-29.1% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

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

246%

Turns 246% of profit into real cash

Spare cash per sale

FCF Margin

13.6%

Converts sales into free cash efficiently (13.6%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

1.58

Elevated debt (1.58)

Covers its interest

Interest Cover

8.18x

Comfortably covers interest (8.2x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

36.7x

no trend

Pricey — P/E 36.7

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

Cheaper or dearer next year

P/E vs Forward

+20.7

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (36.7 → 15.9)

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Dividends

Not applicable for this business.

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