DSV · DSV A/S

Nasdaq Copenhagen · DKK IFRS

Latest filing: FY2025 annual report · ESEF (Inline XBRL)

This is a quantitative scorecard. The numbers below are read from DSV A/S’s ESEF annual report, in DKK. The narrative — what the business does, its risks, what changed this year — is not machine-read here, so we do not paraphrase it. The filed annual report →

The record

What the business has done across the cycle, read straight from the ESEF filing: the multi-year record, and the walk from reported profit to the cash an owner could take out.

The record, 2019–2025

realized figures from each filing · older years to the left

2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25
							Income statement
DKK 94.7B	DKK 115.9B	DKK 182.3B	DKK 235.7B	DKK 150.8B	DKK 167.1B	DKK 247.3B	RevenueRevenue
DKK 6.0B	DKK 7.6B	DKK 15.9B	DKK 24.6B	DKK 18.1B	DKK 15.8B	DKK 15.8B	Operating incomeOp. inc.
6.3%	6.6%	8.7%	10.4%	12.0%	9.5%	6.4%	Operating marginOp. mgn
DKK 3.7B	DKK 4.3B	DKK 11.2B	DKK 17.6B	DKK 12.3B	DKK 10.1B	DKK 8.1B	Net incomeNet inc.
26%	24%	25%	24%	25%	24%	31%	Effective tax rateTax rate
							Cash flow & returns
DKK 6.9B	DKK 10.3B	DKK 12.2B	DKK 26.8B	DKK 16.5B	DKK 11.7B	DKK 21.5B	Operating cash flowOp. cash
DKK 3.6B	DKK 4.0B	DKK 4.2B	DKK 5.1B	DKK 5.3B	DKK 5.7B	DKK 8.6B	DepreciationDeprec.
(DKK 459M)	DKK 2.0B	(DKK 3.2B)	DKK 4.2B	(DKK 1.1B)	(DKK 4.2B)	DKK 4.8B	Working capital & otherWC & other
DKK 1.0B	DKK 1.1B	DKK 1.2B	DKK 1.5B	DKK 2.0B	DKK 2.1B	DKK 2.1B	CapexCapex
1.1%	1.0%	0.6%	0.6%	1.3%	1.3%	0.8%	Capex / revenueCapex/rev
DKK 5.9B	DKK 9.2B	DKK 11.0B	DKK 25.3B	DKK 14.4B	DKK 9.6B	DKK 19.4B	Owner earningsOwner earn.
6.2%	7.9%	6.0%	10.7%	9.6%	5.7%	7.9%	Owner earnings marginOE mgn
DKK 5.9B	DKK 9.2B	DKK 11.0B	DKK 25.3B	DKK 14.4B	DKK 9.6B	DKK 19.4B	Free cash flowFCF
6.2%	7.9%	6.0%	10.7%	9.6%	5.7%	7.9%	Free cash flow marginFCF mgn
DKK 423M	DKK 588M	DKK 920M	DKK 1.3B	DKK 1.4B	DKK 1.5B	DKK 1.7B	Dividends paidDiv. paid
8%	11%	14%	22%	16%	13%	6%	ROICROIC
8%	9%	15%	24%	18%	9%	7%	Return on equityROE
7%	8%	14%	23%	16%	7%	5%	Retained to equityRetained/eq
							Balance sheet
DKK 2.0B	DKK 4.1B	DKK 8.3B	DKK 10.2B	DKK 6.5B	DKK 83.6B	DKK 13.2B	Cash & investmentsCash+inv
DKK 18.3B	DKK 19.0B	DKK 36.4B	DKK 32.4B	DKK 22.3B	DKK 27.2B	DKK 45.1B	ReceivablesReceiv.
DKK 1.3B	DKK 1.4B	DKK 284M	DKK 1.9B	DKK 4.3B	DKK 5.0B	DKK 2.1B	InventoryInvent.
DKK 19.6B	DKK 20.5B	DKK 36.7B	DKK 34.3B	DKK 26.6B	DKK 32.2B	DKK 47.2B	Operating working capitalOper. WC
DKK 28.2B	DKK 30.6B	DKK 58.8B	DKK 54.4B	DKK 42.4B	DKK 126.5B	DKK 78.2B	Current assetsCur. assets
DKK 29.3B	DKK 29.1B	DKK 53.4B	DKK 46.8B	DKK 38.3B	DKK 39.2B	DKK 82.3B	Current liabilitiesCur. liab.
1.0×	1.0×	1.1×	1.2×	1.1×	3.2×	1.0×	Current ratioCurr. ratio
DKK 97.6B	DKK 96.3B	DKK 161.4B	DKK 159.0B	DKK 147.1B	DKK 236.5B	DKK 290.4B	Total assetsAssets
DKK 8.0B	DKK 8.9B	DKK 21.5B	DKK 22.2B	DKK 22.1B	DKK 61.1B	DKK 67.0B	Total debtDebt
DKK 5.9B	DKK 4.8B	DKK 13.2B	DKK 12.1B	DKK 15.7B	(DKK 22.4B)	DKK 53.8B	Net debt / (cash)Net debt
6.0×	3.8×	15.2×	16.7×	10.6×	6.4×	3.9×	Interest coverageInt. cov.
DKK 49.3B	DKK 47.3B	DKK 74.3B	DKK 71.7B	DKK 69.0B	DKK 114.5B	DKK 117.4B	Shareholders’ equityEquity
							Per share
198M	227M	227M	227M	213M	215M	236M	Shares out (diluted)Shares
DKK 478.62	DKK 510.10	DKK 802.11	DKK 1036.94	DKK 706.48	DKK 778.58	DKK 1047.99	Revenue / shareRev/sh
DKK 18.70	DKK 18.70	DKK 49.30	DKK 77.30	DKK 57.70	DKK 47.10	DKK 34.30	EPS (diluted)EPS
DKK 29.71	DKK 40.28	DKK 48.49	DKK 111.46	DKK 67.60	DKK 44.54	DKK 82.27	Owner earnings / shareOE/sh
DKK 29.71	DKK 40.28	DKK 48.49	DKK 111.46	DKK 67.60	DKK 44.54	DKK 82.27	Free cash flow / shareFCF/sh
DKK 2.14	DKK 2.59	DKK 4.05	DKK 5.81	DKK 6.67	DKK 7.14	DKK 7.13	Dividends / shareDiv/sh
DKK 5.05	DKK 4.93	DKK 5.19	DKK 6.66	DKK 9.51	DKK 9.75	DKK 8.75	Cap. spending / shareCapex/sh
DKK 249.26	DKK 208.11	DKK 326.81	DKK 315.66	DKK 323.13	DKK 533.49	DKK 497.50	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	6-yr	5-yr
Revenue / share	+14.0%/yr	+15.5%/yr
Owner earnings / share	+18.5%/yr	+15.4%/yr
EPS	+10.6%/yr	+12.9%/yr
Dividends / share	+22.2%/yr	+22.5%/yr
Capital spending / share	+9.6%/yr	+12.1%/yr
Book value / share	+12.2%/yr	+19.0%/yr

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business turned DKK 8.1B of profit into DKK 19.4B of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

Reported net incomeDKK 8.1B

Owner earningsDKK 19.4B · 8% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	DKK 8.1B	DKK 10.1B	DKK 12.3B	DKK 17.6B	DKK 11.2B
Depreciation & amortizationnon-cash charge added back	+DKK 8.6B	+DKK 5.7B	+DKK 5.3B	+DKK 5.1B	+DKK 4.2B
Working capital & othertiming of cash in and out, other non-cash items	+DKK 4.8B	−DKK 4.2B	−DKK 1.1B	+DKK 4.2B	−DKK 3.2B
Cash from operations	DKK 21.5B	DKK 11.7B	DKK 16.5B	DKK 26.8B	DKK 12.2B
Capital expenditurecash put back in to keep running and to grow	−DKK 2.1B	−DKK 2.1B	−DKK 2.0B	−DKK 1.5B	−DKK 1.2B
Owner earnings	DKK 19.4B	DKK 9.6B	DKK 14.4B	DKK 25.3B	DKK 11.0B
Owner-earnings marginowner earnings ÷ revenue	8%	6%	10%	11%	6%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position .

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

Quality & stewardship

Returns, the balance sheet, and stewardship. The same checks the US pages run, in the reporting currency.

Owner’s Scorecard

FY2025 ESEF (Inline XBRL) · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 3.9×

Adequate

Operating income DKK 15.8B ÷ interest expense DKK 4.0B

What this means
Comfortable in a normal year, but below the margin of safety Graham looked for. Worth checking how stable the coverage has been across a full cycle.
How heavy is the debt, net of cash? DKK 53.8B · 3.4× operating profit

Meaningful net debt

Cash DKK 13.2B − debt DKK 67.0B

What this means
Netting DKK 13.2B of cash and short-term investments against DKK 67.0B of debt leaves DKK 53.8B owed, about 3.4× a year's operating profit (4.2× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? —

Not enough data

What this means
The filing data didn't include the inputs for this check.

Is it a good business?

Return on invested capital 13%

Solid through the cycle

7-yr median, range 6%–22%; 6% latest = NOPAT DKK 10.9B ÷ invested capital DKK 171.2B

Industry peers: median 9%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 7 years (it ran 6% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 8%

Solid through the cycle

7-yr median margin, range 6%–11%; latest DKK 19.4B = operating cash DKK 21.5B − maintenance capex DKK 2.1B

Industry peers: median 2%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 8% of revenue this year, a 8% median across 7 years.
Are earnings backed by cash? 2.65×

Cash-backed

Cash from ops DKK 21.5B ÷ net income DKK 8.1B

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 9%

Reinvests most of it

Dividends + buybacks DKK 1.7B ÷ Owner Earnings DKK 19.4B

What this means
Of DKK 19.4B Owner Earnings, DKK 1.7B (9%) went back to shareholders, DKK 1.7B dividends, DKK 0 buybacks. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
Investing or harvesting? 0.24×

Harvesting

Capex DKK 2.1B ÷ depreciation DKK 8.6B

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 2 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size —

Revenue ≥ $2B (a dollar floor) · DKK 247.3B

What this means
Big enough to weather a storm. Graham's floor is a dollar figure — about $2B of revenue as a conservative modern stand-in. This company reports in its home currency and we carry no exchange rate, so we show the figure and leave the size bar for you to apply rather than convert it with a number we don't have.
Strong liquidity Miss

Current ratio ≥ 2× · 0.95×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Miss

Debt ≤ working capital · DKK 67.0B vs (DKK 4.1B) WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Pass

A profit every year (7-yr record) · no losses

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · 7 of 8 yrs

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Pass

Earnings +33% over the record · +59%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are DKK 43.10/share (latest year DKK 34.30), the averaged base the calculator's gate runs on, and book value is DKK 497.50/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2019–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 7 of 7

What this means
Never lost money over the record, the earnings stability Graham insisted on.
Return on capital ≥ 15% 2 of 7 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin 7% → 9% (3-yr avg ends)

What this means
Through the cycle the operating margin widened — about 7% early to 9% lately, median 9% — pricing power intact or improving.
Reinvestment, incremental ROIC 9%

What this means
Reinvested capital came back at only a modest incremental return — near the cost of capital, where extra growth adds little per dollar. The record shows whether it is a soft stretch or a thinning moat.
Owner earnings growth +12%/yr

What this means
Owner earnings grew about 12% a year over the record.
Worst year 2019 · 6.3% op. margin

What this means
Stayed profitable even in its hardest year, the resilience that survives recessions.
Share count +3.0%/yr

What this means
The share count is rising, dilution works against you on a per-share basis.
Dividend record rising

What this means
Paid and raised the dividend across the record, the continuity Graham prized.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

How the cash was used, 2019–2025

Over the record, the business generated DKK 105.8B of operating cash; how management split it reads as a balanced allocator, splitting cash between the business, owners, and the balance sheet.

ReinvestedDKK 11.0B · 10%
DividendsDKK 7.9B · 7%
Retained (debt / cash)DKK 86.9B · 82%

Returned to ownersDKK 7.9B
8% of the owner earnings the business produced over the span, DKK 7.9B as dividends and DKK 0 as buybacks.
Source of fundingOperating cash
Operating cash covered reinvestment and returns; over the span debt rose DKK 59.0B and cash and short-term investments rose DKK 11.1B.
Net change in share count19.3%
The diluted count rose from 198M to 236M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend recordDKK 7.13/sh
Paid in 7 of the years on record, the per-share dividend growing about 22% a year. It was never cut over the span.
Return on what it retained10%
Of the earnings it kept rather than paid out (DKK 59.4B over the span), annual owner earnings (first three years vs last three) grew DKK 5.8B, so each retained DKK 1 added about 0.10 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Inverting the record

Invert: instead of why DSV A/S is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2019–2026.

2 of the 4 tests turned up something to look into; the other 2 came back clean.

Look hereDid the share count rise anyway?19.3%
Diluted shares grew 19.3% over 2019–2025. Owners were diluted on net; each share owns less of the business than it did. Read the buyback line beside this one, not on its own.
Look hereDid debt outgrow the business?DKK 8.0B → DKK 63.1B
Debt rose from DKK 8.0B to DKK 63.1B while owner earnings went from about DKK 8.7B to DKK 14.5B — about 0.9 years of owner earnings in debt then, about 4.4 now: measured against what the business earns, the balance sheet carries more debt than it did. Debt raised for buybacks or deals rather than growth is the kind that bites in a downturn.

And these came back clean

Is it less profitable than it was?
Did reported profit become cash?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

III

The price

What a price would have to assume, set against the record above. You bring the price, in the reporting currency.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what DSV A/S has delivered.

Today’s price DKK

Through the cycle, DSV A/S earns about DKK 19.4B on its 7.9% median owner-earnings margin. This year’s 7.9% margin runs in line with that. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle (DKK 19.4B) Net of stock comp

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’21→’25−6%/yr

Owner-earnings growth · ’19→’25+12%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings DKK 19.4B on 236M diluted shares; net debt DKK 53.8B. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

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