Cash flow DSV A/S

Equities

DSV

DK0060079531

Air Freight & Logistics

Market Closed - Nasdaq Copenhagen Other stock markets 16:20:00 16/01/2026 GMT			5-day change	1st Jan Change
1,769.50 ^DKK	-0.48%		+5.23%	+9.57%

01-16	BofA Expects AI Strategy Update from DSV, Says Danish Logistics Group Could Be 'AI Winner'	MT
01-15	Deutsche Bank Raises Target Price for DSV to 1,980 Danish Kroner (from 1,686), Reiterates Buy	FW

4c32eced8a2d8b5b1.UGt5nIQU3wfA3p7_QlC4dfkopOj3ioTup7pGq7-64n4.NF8fpLRmnFOuuO-zciD6Erpf_ouNvbCX1PkOm47NgC5pL0_O6GDmQI2Qzw

Published financial data: DSV A/S

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues	116B	182B	236B	151B	167B
Total Revenues	116B	182B	236B	151B	167B
Cost of Goods Sold, Total	87.4B	145B	184B	107B	124B
Gross Profit	28.53B	37.62B	52.15B	43.82B	42.97B
Selling General & Admin Expenses, Total	14.99B	17.22B	21.89B	20.87B	21.19B
Depreciation & Amortization - (IS)	4.04B	4.19B	5.07B	5.27B	5.74B
Other Operating Expenses, Total	19.03B	21.41B	26.96B	26.14B	26.92B
Operating Income	9.5B	16.21B	25.18B	17.68B	16.05B
Interest Expense, Total	-912M	-977M	-1.36B	-1.43B	-1.93B
Interest And Investment Income	248M	202M	323M	469M	650M
Net Interest Expenses	-664M	-775M	-1.04B	-960M	-1.28B
Income (Loss) On Equity Invest.	6M	4M	7M	4M	-23M
Currency Exchange Gains (Loss)	-1.06B	-53M	276M	-157M	-372M
Other Non Operating Income (Expenses)	-	-	-93M	-73M	-103M
EBT, Excl. Unusual Items	7.79B	15.38B	24.34B	16.49B	14.28B
Restructuring Charges	-2.16B	-392M	-1.12B	-160M	-657M
Merger & Related Restructuring Charges	-3M	-86M	-	-67M	-196M
Other Unusual Items	-	-	-	227M	-
EBT, Incl. Unusual Items	5.63B	14.9B	23.22B	16.49B	13.42B
Income Tax Expense	1.37B	3.65B	5.55B	4.08B	3.25B
Earnings From Continuing Operations	4.26B	11.25B	17.67B	12.41B	10.18B
Net Income to Company	4.26B	11.25B	17.67B	12.41B	10.18B
Minority Interest	-8M	-49M	-103M	-92M	-66M
Net Income - (IS)	4.25B	11.2B	17.57B	12.32B	10.11B
Net Income to Common Incl Extra Items	4.25B	11.2B	17.57B	12.32B	10.11B
Net Income to Common Excl. Extra Items	4.25B	11.2B	17.57B	12.32B	10.11B
Per Share Items
Net EPS - Basic	18.7	49.25	77.28	57.68	47.08
Basic EPS - Continuing Operations	18.7	49.25	77.28	57.68	47.08
Basic Weighted Average Shares Outstanding	227M	228M	227M	214M	215M
Net EPS - Diluted	18.4	48.2	76.2	57.1	47
Diluted EPS - Continuing Operations	18.4	48.2	76.2	57.1	47
Diluted Weighted Average Shares Outstanding	232M	233M	230M	216M	215M
Normalized Basic EPS	21.39	42.04	66.46	47.84	41.25
Normalized Diluted EPS	20.99	41.11	65.55	47.39	41.16
Dividend Per Share	4	5.5	6.5	7	7
Payout Ratio	13.84	8.21	7.51	11.56	15.16
American Depositary Receipts Ratio (ADR)	0.5	0.5	0.5	0.5	0.5
Supplemental Items
EBITDA	10.22B	17.04B	26.31B	18.8B	17.09B
EBITA	9.71B	16.42B	25.44B	17.85B	16.05B
EBIT	9.5B	16.21B	25.18B	17.68B	16.05B
EBITDAR	10.77B	17.9B	27.6B	20.12B	18.51B
Effective Tax Rate - (Ratio)	24.33	24.49	23.9	24.76	24.2
Total Current Taxes	1.9B	3.83B	5.7B	3.96B	3.59B
Total Deferred Taxes	-621M	-220M	-302M	245M	-169M
Normalized Net Income	4.86B	9.56B	15.11B	10.21B	8.86B
Interest on Long-Term Debt	434M	495M	727M	851M	1.15B
Non-Cash Pension Expense	16M	17M	19M	-180M	46M
Supplemental Operating Expense Items
Net Rental Expense, Total	550M	868M	1.3B	1.32B	1.42B
Imputed Operating Lease Interest Expense	192M	234M	372M	381M	356M
Imputed Operating Lease Depreciation	358M	634M	923M	935M	1.06B
Stock-Based Comp., Other (Total)	134M	160M	202M	267M	327M
Total Stock-Based Compensation	134M	160M	202M	267M	327M

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	4.06B	8.3B	10.16B	6.45B	83.58B
Total Cash And Short Term Investments	4.06B	8.3B	10.16B	6.45B	83.58B
Accounts Receivable, Total	22.32B	46.17B	38.17B	27.28B	33.58B
Other Receivables	2.64B	4.01B	4.18B	4.28B	4.32B
Total Receivables	24.96B	50.18B	42.35B	31.56B	37.89B
Inventory	1.43B	284M	1.89B	4.31B	5.01B
Other Current Assets, Total	110M	66M	38M	44M	37M
Total Current Assets	30.55B	58.82B	54.44B	42.37B	127B
Gross Property Plant And Equipment	16.59B	22.74B	23.99B	25.45B	29.71B
Accumulated Depreciation	-2.46B	-2.76B	-3.02B	-3.58B	-4.22B
Net Property Plant And Equipment	14.12B	19.97B	20.98B	21.87B	25.49B
Goodwill	47.48B	75.06B	76.29B	75.77B	76.64B
Other Intangibles, Total	1.19B	1.6B	1.38B	1.33B	1.23B
Deferred Tax Assets Long-Term	2.54B	3.54B	3.49B	3.3B	3.31B
Other Long-Term Assets, Total	372M	2.4B	2.46B	2.46B	3.35B
Total Assets	96.25B	161B	159B	147B	237B
Liabilities
Accounts Payable, Total	9.93B	17.04B	14.99B	13.11B	14.46B
Short-term Borrowings	645M	1.08B	-	677M	292M
Current Portion of Long-Term Debt	540M	3.39B	814M	1.46B	-
Current Portion of Leases	2.85B	3.44B	3.58B	3.81B	4.35B
Current Income Taxes Payable	1.4B	3.07B	3.25B	1.26B	1.86B
Unearned Revenue Current, Total	5.91B	13.29B	12.08B	7.92B	8.06B
Other Current Liabilities	7.84B	12.1B	12.05B	10.1B	10.2B
Total Current Liabilities	29.11B	53.41B	46.77B	38.34B	39.21B
Long-Term Debt	7.7B	16.99B	21.4B	20B	60.85B
Long-Term Leases	9.43B	11.85B	13.19B	14.14B	17.32B
Pension & Other Post Retirement Benefits	1.22B	908M	1.18B	1.28B	457M
Deferred Tax Liability Non Current	243M	447M	504M	609M	408M
Other Non Current Liabilities	1.25B	3.51B	4.26B	3.77B	3.79B
Total Liabilities	48.95B	87.12B	87.3B	78.14B	122B
Common Stock, Total	230M	240M	219M	219M	240M
Additional Paid In Capital	-	-	-	-	-
Retained Earnings	49.99B	74.22B	70.38B	69.2B	114B
Treasury Stock	-4M	-6M	-2M	-10M	-6M
Comprehensive Income and Other	-2.83B	-350M	921M	-708M	243M
Total Common Equity	47.38B	74.1B	71.52B	68.7B	114B
Minority Interest	-88M	175M	222M	263M	321M
Total Equity	47.3B	74.28B	71.74B	68.97B	115B
Total Liabilities And Equity	96.25B	161B	159B	147B	237B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	224M	233M	216M	209M	235M
ECS Total Common Shares Outstanding	226M	234M	217M	209M	235M
Book Value / Share	209.58	316.41	329.73	328.47	486
Tangible Book Value	-1.28B	-2.56B	-6.16B	-8.4B	36.3B
Tangible Book Value Per Share	-5.66	-10.92	-28.38	-40.17	154.53
Total Debt	21.16B	36.75B	38.98B	40.09B	82.82B
Net Debt	17.1B	28.45B	28.82B	33.64B	-759M
Debt Equivalent of Unfunded Proj. Benefit Obligation	1.22B	908M	1.18B	1.28B	457M
Debt Equivalent Oper. Leases	4.4B	6.94B	10.36B	10.53B	11.34B
Minority Interest, Total (Incl. Fin. Div)	-88M	175M	222M	263M	321M
Account Code - Inventory Valuation	3	3	3	3	3
Inventories - Raw Materials, Total	57M	119M	93M	67M	81M
Inventories - Work In Process, Total	1.37B	165M	1.8B	4.25B	4.93B
Land - (BS)	2.36B	4.91B	4.46B	3.96B	4.2B
Machinery, Total	2.65B	3.84B	4.42B	5.26B	6.21B
Full Time Employees	56.62K	77.96K	76.28K	73.58K	73.34K
Accumulated Allowance for Doubtful Accounts (Supple)	423M	757M	873M	331M	371M

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	4.25B	11.2B	17.57B	12.32B	10.11B
Depreciation & Amortization - CF	3.5B	3.76B	4.63B	4.98B	5.46B
Amortization of Goodwill and Intangible Assets - (CF)	208M	212M	254M	178M	-
Depreciation & Amortization, Total	3.71B	3.98B	4.89B	5.16B	5.46B
Amortization of Deferred Charges, Total - (CF)	332M	218M	185M	154M	180M
Minority Interest in Earnings - (CF)	-	-	-	-	131M
(Gain) Loss From Sale Of Asset	-	-	-	-37M	-34M
Asset Writedown & Restructuring Costs	-1.94B	-	-1.12B	-160M	-657M
Stock-Based Compensation (CF)	134M	160M	202M	267M	327M
Other Operating Activities, Total	3.59B	1.25B	2.28B	-2.06B	349M
Change in Other Net Operating Assets	209M	-4.6B	2.84B	826M	-4.21B
Cash from Operations	10.28B	12.2B	26.85B	16.46B	11.65B
Capital Expenditure	-1.12B	-1.18B	-1.51B	-2.03B	-2.09B
Sale of Property, Plant, and Equipment	803M	420M	824M	1.26B	984M
Cash Acquisitions	-140M	1.63B	-	-685M	-
Sale (Purchase) of Intangible assets	-220M	-303M	-280M	-345M	-337M
Investment in Marketable and Equity Securities, Total	122M	-148M	4M	-228M	-930M
Cash from Investing	-556M	420M	-966M	-2.03B	-2.38B
Long-Term Debt Issued, Total	4.11B	12.95B	4.39B	320M	41.41B
Total Debt Issued	4.11B	12.95B	4.39B	320M	41.41B
Long-Term Debt Repaid, Total	-6.3B	-3.65B	-7.61B	-4.23B	-6.7B
Total Debt Repaid	-6.3B	-3.65B	-7.61B	-4.23B	-6.7B
Issuance of Common Stock	818M	784M	618M	1.79B	38.11B
Repurchase of Common Stock	-5.03B	-17.84B	-20.31B	-14B	-3.35B
Common Dividends Paid	-588M	-920M	-1.32B	-1.42B	-1.53B
Common & Preferred Stock Dividends Paid	-588M	-920M	-1.32B	-1.42B	-1.53B
Other Financing Activities, Total	-10M	-6M	-9M	-35M	1M
Cash from Financing	-7B	-8.68B	-24.24B	-17.57B	67.94B
Foreign Exchange Rate Adjustments	-704M	297M	226M	-562M	-95M
Net Change in Cash	2.02B	4.24B	1.86B	-3.71B	77.12B
Supplemental Items
Cash Interest Paid	933M	938M	1.47B	1.55B	2.08B
Cash Income Tax Paid (Refund)	1.07B	2.26B	5.18B	5.59B	3.62B
Levered Free Cash Flow	8.55B	8.78B	21.49B	11.73B	7.53B
Unlevered Free Cash Flow	9.12B	9.39B	22.34B	12.62B	8.73B
Change In Net Working Capital	-351M	3.61B	-3.12B	1.63B	4.83B
Net Debt Issued / Repaid	-2.19B	9.3B	-3.22B	-3.91B	34.72B

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	6.13	7.86	9.82	7.22	5.23
Return on Total Capital	8.59	11.29	14.2	10.05	6.55
Return On Equity %	8.81	18.51	24.2	17.64	11.09
Return on Common Equity	8.78	18.45	24.13	17.56	11.06
Margin Analysis
Gross Profit Margin %	24.61	20.63	22.13	29.06	25.72
SG&A Margin	12.93	9.44	9.29	13.84	12.68
EBITDA Margin %	8.82	9.35	11.16	12.47	10.23
EBITA Margin %	8.38	9.01	10.79	11.84	9.6
EBIT Margin %	8.2	8.89	10.69	11.72	9.6
Income From Continuing Operations Margin %	3.67	6.17	7.5	8.23	6.09
Net Income Margin %	3.67	6.15	7.45	8.17	6.05
Net Avail. For Common Margin %	3.67	6.15	7.45	8.17	6.05
Normalized Net Income Margin	4.19	5.25	6.41	6.77	5.3
Levered Free Cash Flow Margin	7.38	4.82	9.12	7.78	4.51
Unlevered Free Cash Flow Margin	7.87	5.15	9.48	8.37	5.23
Asset Turnover
Asset Turnover	1.2	1.42	1.47	0.99	0.87
Fixed Assets Turnover	8.05	10.69	11.51	7.04	7.06
Receivables Turnover (Average Receivables)	5.31	5.32	5.59	4.61	5.49
Inventory Turnover (Average Inventory)	63.56	169.23	168.91	34.49	26.63
Short Term Liquidity
Current Ratio	1.05	1.1	1.16	1.11	3.23
Quick Ratio	1	1.09	1.12	0.99	3.1
Operating Cash Flow to Current Liabilities	0.35	0.23	0.57	0.43	0.3
Days Sales Outstanding (Average Receivables)	68.87	68.56	65.31	79.22	66.65
Days Outstanding Inventory (Average Inventory)	5.76	2.16	2.16	10.58	13.74
Average Days Payable Outstanding	41.22	34.28	31.58	46.88	40.41
Cash Conversion Cycle (Average Days)	33.4	36.43	35.89	42.92	39.97
Long Term Solvency
Total Debt/Equity	44.74	49.48	54.33	58.13	72.33
Total Debt / Total Capital	30.91	33.1	35.2	36.76	41.97
LT Debt/Equity	36.21	38.83	48.21	49.51	68.27
Long-Term Debt / Total Capital	25.01	25.98	31.24	31.31	39.62
Total Liabilities / Total Assets	50.86	53.98	54.89	53.12	51.59
EBIT / Interest Expense	10.42	16.59	18.52	12.37	8.33
EBITDA / Interest Expense	14.49	20.66	22.11	15.98	11.17
(EBITDA - Capex) / Interest Expense	13.26	19.45	21	14.56	10.08
Total Debt / EBITDA	1.6	1.82	1.3	1.76	3.85
Net Debt / EBITDA	1.29	1.41	0.96	1.47	-0.04
Total Debt / (EBITDA - Capex)	1.75	1.93	1.36	1.93	4.27
Net Debt / (EBITDA - Capex)	1.41	1.5	1.01	1.62	-0.04
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	22.42	57.25	29.27	-36.02	10.82
Gross Profit, 1 Yr. Growth %	20.12	31.83	38.64	-15.98	-1.93
EBITDA, 1 Yr. Growth %	41.64	66.69	54.43	-28.53	-8.24
EBITA, 1 Yr. Growth %	44.22	69.05	54.95	-29.82	-9.2
EBIT, 1 Yr. Growth %	43.31	70.52	55.41	-29.82	-9.2
Earnings From Cont. Operations, 1 Yr. Growth %	14.89	164.3	57.02	-29.79	-17.99
Net Income, 1 Yr. Growth %	14.86	163.65	56.79	-29.9	-17.91
Normalized Net Income, 1 Yr. Growth %	34.42	96.75	57.96	-32.39	-13.29
Diluted EPS Before Extra, 1 Yr. Growth %	0	161.96	58.09	-25.07	-17.69
Accounts Receivable, 1 Yr. Growth %	4.76	106.83	-17.32	-28.53	23.07
Inventory, 1 Yr. Growth %	7.7	-80.08	565.14	128.37	16.06
Net Property, Plant and Equip., 1 Yr. Growth %	-3.87	41.39	5.04	4.25	16.57
Total Assets, 1 Yr. Growth %	-1.34	67.68	-1.46	-7.5	60.79
Tangible Book Value, 1 Yr. Growth %	-49.96	99.84	140.62	36.52	-532.05
Common Equity, 1 Yr. Growth %	-4.14	56.38	-3.49	-3.94	66.2
Cash From Operations, 1 Yr. Growth %	49.38	18.74	120.01	-38.69	-29.21
Capital Expenditures, 1 Yr. Growth %	12.1	5.26	28.3	34.08	3.05
Levered Free Cash Flow, 1 Yr. Growth %	37.39	2.63	143.57	-45.44	-34.8
Unlevered Free Cash Flow, 1 Yr. Growth %	35.92	2.91	137.98	-43.52	-29.8
Dividend Per Share, 1 Yr. Growth %	60	37.5	18.18	7.69	0
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	21.1	38.75	42.58	-9.06	-15.79
Gross Profit, 2 Yr. CAGR %	27.73	25.84	35.19	7.93	-9.22
EBITDA, 2 Yr. CAGR %	31.6	53.66	60.44	5.06	-19.4
EBITA, 2 Yr. CAGR %	33.44	56.14	61.84	4.28	-20.57
EBIT, 2 Yr. CAGR %	32.35	56.32	62.79	4.44	-20.17
Earnings From Cont. Operations, 2 Yr. CAGR %	3.33	74.26	103.72	5	-24.12
Net Income, 2 Yr. CAGR %	3.08	74.02	103.31	4.84	-24.14
Normalized Net Income, 2 Yr. CAGR %	22.07	62.63	76.29	3.34	-23.44
Diluted EPS Before Extra, 2 Yr. CAGR %	-7.7	61.85	103.5	8.84	-21.46
Accounts Receivable, 2 Yr. CAGR %	22.78	47.2	30.77	-23.13	-6.21
Inventory, 2 Yr. CAGR %	40.93	-53.69	15.09	289.75	62.81
Net Property, Plant and Equip., 2 Yr. CAGR %	138.17	16.59	21.87	4.64	10.24
Total Assets, 2 Yr. CAGR %	57.48	28.62	28.55	-4.53	21.95
Tangible Book Value, 2 Yr. CAGR %	-23.39	0	119.28	81.25	142.87
Common Equity, 2 Yr. CAGR %	80.4	22.44	22.85	-3.71	26.35
Cash From Operations, 2 Yr. CAGR %	54.57	33.18	61.63	16.14	-34.12
Capital Expenditures, 2 Yr. CAGR %	25.74	8.63	16.21	31.16	17.55
Levered Free Cash Flow, 2 Yr. CAGR %	65.85	18.75	58.52	15.28	-40.81
Unlevered Free Cash Flow, 2 Yr. CAGR %	65.49	18.27	56.5	15.94	-37.48
Dividend Per Share, 2 Yr. CAGR %	33.33	48.32	27.48	12.82	3.77
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	15.67	32.12	35.51	9.16	-2.86
Gross Profit, 3 Yr. CAGR %	19.78	29.08	29.97	15.37	4.54
EBITDA, 3 Yr. CAGR %	23.78	42.39	53.91	22.53	0.11
EBITA, 3 Yr. CAGR %	25.73	44.39	55.74	22.5	-0.75
EBIT, 3 Yr. CAGR %	25.17	44.01	56.01	22.98	-0.32
Earnings From Cont. Operations, 3 Yr. CAGR %	12.23	41.31	68.31	42.83	-3.3
Net Income, 3 Yr. CAGR %	12.55	40.97	68.08	42.57	-3.37
Normalized Net Income, 3 Yr. CAGR %	22.11	43.12	61.06	28.08	-2.53
Diluted EPS Before Extra, 3 Yr. CAGR %	5.21	30.68	60.59	45.86	-0.84
Accounts Receivable, 3 Yr. CAGR %	17.22	46.09	21.45	6.92	-10.07
Inventory, 3 Yr. CAGR %	45.6	-26.59	12.58	44.63	160.27
Net Property, Plant and Equip., 3 Yr. CAGR %	79.78	100.17	12.6	15.69	8.48
Total Assets, 3 Yr. CAGR %	35.85	60.81	17.69	15.19	13.59
Tangible Book Value, 3 Yr. CAGR %	-9.69	5.46	34	87.24	142.12
Common Equity, 3 Yr. CAGR %	47.27	72.01	13.1	13.18	15.5
Cash From Operations, 3 Yr. CAGR %	30.12	41.56	57.44	17	-1.53
Capital Expenditures, 3 Yr. CAGR %	21.83	18.51	14.83	21.89	21.03
Levered Free Cash Flow, 3 Yr. CAGR %	44.38	41.33	51.14	11.09	-5.15
Unlevered Free Cash Flow, 3 Yr. CAGR %	43.84	41.25	49.31	11.42	-2.38
Dividend Per Share, 3 Yr. CAGR %	25.99	34.71	37.51	20.51	8.37
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	17.91	21.89	25.77	13.79	12.03
Gross Profit, 5 Yr. CAGR %	20.56	18.89	25.72	20.16	12.59
EBITDA, 5 Yr. CAGR %	24.54	32.38	37.32	26.08	18.82
EBITA, 5 Yr. CAGR %	25.42	34.79	39.09	26.77	18.97
EBIT, 5 Yr. CAGR %	25.76	36.32	39.04	26.64	19.33
Earnings From Cont. Operations, 5 Yr. CAGR %	15.65	46.32	42.46	25.48	22.38
Net Income, 5 Yr. CAGR %	15.63	46.37	42.58	25.22	22.26
Normalized Net Income, 5 Yr. CAGR %	23.17	36.12	41.43	25.64	19.62
Diluted EPS Before Extra, 5 Yr. CAGR %	9.02	40.19	36.98	21.46	20.63
Accounts Receivable, 5 Yr. CAGR %	21.62	26.3	22.47	13	9.52
Inventory, 5 Yr. CAGR %	-	-	32.53	43.14	30.48
Net Property, Plant and Equip., 5 Yr. CAGR %	31.68	43.05	53.88	54.43	11.65
Total Assets, 5 Yr. CAGR %	28.26	31.94	32.88	30.54	19.38
Tangible Book Value, 5 Yr. CAGR %	-14.57	-7.76	28.78	30.97	69.99
Common Equity, 5 Yr. CAGR %	32.03	40.75	36.97	36.38	18.23
Cash From Operations, 5 Yr. CAGR %	26.6	57.15	41.91	30.79	11.11
Capital Expenditures, 5 Yr. CAGR %	30.43	20.89	19.55	23.42	15.91
Levered Free Cash Flow, 5 Yr. CAGR %	37.73	169.17	49.88	30.41	3.88
Unlevered Free Cash Flow, 5 Yr. CAGR %	36.71	99.75	48.77	30.52	5.41
Dividend Per Share, 5 Yr. CAGR %	18.66	25.03	26.58	25.48	22.87