Income Statement DSV A/S

Equities

DSV

DK0060079531

Air Freight & Logistics

Market Closed - Nasdaq Copenhagen Other stock markets 16:20:00 13/05/2026 BST			5-day change	1st Jan Change
1,591.50 ^DKK	-1.12%		+5.43%	-1.46%

05-16	DSV A/S - Analyst/Investor Day
05-15	BNP Paribas raises DSV price target to DKK 2,100 (2,000), reiterates Outperform - BN	FW

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Published financial data: DSV A/S

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	182B	236B	151B	167B	247B
Total Revenues	182B	236B	151B	167B	247B
Cost of Goods Sold, Total	145B	184B	107B	124B	180B
Gross Profit	37.62B	52.15B	43.82B	42.97B	66.86B
Selling General & Admin Expenses, Total	17.22B	21.89B	20.87B	21.19B	38.69B
Depreciation & Amortization - (IS)	4.19B	5.07B	5.27B	5.74B	8.63B
Other Operating Expenses, Total	21.41B	26.96B	26.14B	26.92B	47.32B
Operating Income	16.21B	25.18B	17.68B	16.05B	19.54B
Interest Expense, Total	-977M	-1.36B	-1.43B	-1.93B	-3.62B
Interest And Investment Income	202M	323M	469M	650M	1.08B
Net Interest Expenses	-775M	-1.04B	-960M	-1.28B	-2.54B
Income (Loss) On Equity Invest.	4M	7M	4M	-23M	5M
Currency Exchange Gains (Loss)	-53M	276M	-157M	-372M	-199M
Other Non Operating Income (Expenses)	-	-93M	-73M	-103M	-132M
EBT, Excl. Unusual Items	15.38B	24.34B	16.49B	14.28B	16.67B
Restructuring Charges	-392M	-1.12B	-160M	-657M	-3.97B
Merger & Related Restructuring Charges	-86M	-	-67M	-196M	-554M
Other Unusual Items	-	-	227M	-	-
EBT, Incl. Unusual Items	14.9B	23.22B	16.49B	13.42B	12.15B
Income Tax Expense	3.65B	5.55B	4.08B	3.25B	3.68B
Earnings From Continuing Operations	11.25B	17.67B	12.41B	10.18B	8.46B
Earnings Of Discontinued Operations	-	-	-	-	-291M
Net Income to Company	11.25B	17.67B	12.41B	10.18B	8.17B
Minority Interest	-49M	-103M	-92M	-66M	-77M
Net Income - (IS)	11.2B	17.57B	12.32B	10.11B	8.1B
Net Income to Common Incl Extra Items	11.2B	17.57B	12.32B	10.11B	8.1B
Net Income to Common Excl. Extra Items	11.2B	17.57B	12.32B	10.11B	8.39B
Per Share Items
Net EPS - Basic	49.25	77.28	57.68	47.08	34.33
Basic EPS - Continuing Operations	49.25	77.28	57.68	47.08	35.57
Basic Weighted Average Shares Outstanding	228M	227M	214M	215M	236M
Net EPS - Diluted	48.2	76.2	57.1	47	34.27
Diluted EPS - Continuing Operations	48.2	76.2	57.1	47	35.5
Diluted Weighted Average Shares Outstanding	233M	230M	216M	215M	236M
Normalized Basic EPS	42.04	66.46	47.84	41.25	43.87
Normalized Diluted EPS	41.11	65.55	47.39	41.16	43.8
Dividend Per Share	5.5	6.5	7	7	7
Payout Ratio	8.21	7.51	11.56	15.16	20.79
American Depositary Receipts Ratio (ADR)	0.5	0.5	0.5	0.5	0.5
Supplemental Items
EBITDA	17.04B	26.31B	18.8B	17.22B	21.57B
EBITA	16.42B	25.44B	17.85B	16.18B	19.87B
EBIT	16.21B	25.18B	17.68B	16.05B	19.54B
EBITDAR	17.9B	27.6B	20.12B	18.64B	24.44B
Effective Tax Rate - (Ratio)	24.49	23.9	24.76	24.2	30.33
Total Current Taxes	3.83B	5.7B	3.96B	3.59B	3.82B
Total Deferred Taxes	-220M	-302M	245M	-169M	33M
Normalized Net Income	9.56B	15.11B	10.21B	8.86B	10.34B
Interest on Long-Term Debt	495M	727M	851M	1.15B	1.67B
Non-Cash Pension Expense	17M	19M	-180M	46M	74M
Supplemental Operating Expense Items
Net Rental Expense, Total	868M	1.3B	1.32B	1.42B	2.87B
Imputed Operating Lease Interest Expense	234M	372M	381M	356M	919M
Imputed Operating Lease Depreciation	634M	923M	935M	1.06B	1.95B
Stock-Based Comp., Other (Total)	160M	202M	267M	327M	359M
Total Stock-Based Compensation	160M	202M	267M	327M	359M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	8.3B	10.16B	6.45B	83.58B	13.18B
Total Cash And Short Term Investments	8.3B	10.16B	6.45B	83.58B	13.18B
Accounts Receivable, Total	46.17B	38.17B	27.28B	33.58B	55.06B
Other Receivables	4.01B	4.18B	4.28B	4.32B	7.83B
Total Receivables	50.18B	42.35B	31.56B	37.89B	62.89B
Inventory	284M	1.89B	4.31B	5.01B	2.1B
Other Current Assets, Total	66M	38M	44M	37M	41M
Total Current Assets	58.82B	54.44B	42.37B	127B	78.21B
Gross Property Plant And Equipment	22.74B	23.99B	25.45B	29.71B	57.8B
Accumulated Depreciation	-2.76B	-3.02B	-3.58B	-4.22B	-5.61B
Net Property Plant And Equipment	19.97B	20.98B	21.87B	25.49B	52.19B
Goodwill	75.06B	76.29B	75.77B	76.64B	147B
Other Intangibles, Total	1.6B	1.38B	1.33B	1.23B	3.51B
Deferred Tax Assets Long-Term	3.54B	3.49B	3.3B	3.31B	5.68B
Other Long-Term Assets, Total	2.4B	2.46B	2.46B	3.35B	3.34B
Total Assets	161B	159B	147B	237B	290B
Liabilities
Accounts Payable, Total	17.04B	14.99B	13.11B	14.46B	23.49B
Short-term Borrowings	1.08B	-	677M	292M	629M
Current Portion of Long-Term Debt	3.39B	814M	1.46B	-	9.43B
Current Portion of Leases	3.44B	3.58B	3.81B	4.35B	6.85B
Current Income Taxes Payable	3.07B	3.25B	1.26B	1.86B	3.57B
Unearned Revenue Current, Total	13.29B	12.08B	7.92B	8.06B	12.73B
Other Current Liabilities	12.1B	12.05B	10.1B	10.2B	25.6B
Total Current Liabilities	53.41B	46.77B	38.34B	39.21B	82.29B
Long-Term Debt	16.99B	21.4B	20B	60.85B	56.95B
Long-Term Leases	11.85B	13.19B	14.14B	17.32B	24.08B
Pension & Other Post Retirement Benefits	908M	1.18B	1.28B	457M	2.1B
Deferred Tax Liability Non Current	447M	504M	609M	408M	1.33B
Other Non Current Liabilities	3.51B	4.26B	3.77B	3.79B	5.93B
Total Liabilities	87.12B	87.3B	78.14B	122B	173B
Common Stock, Total	240M	219M	219M	240M	240M
Additional Paid In Capital	-	-	-	-	-
Retained Earnings	74.22B	70.38B	69.2B	114B	123B
Treasury Stock	-6M	-2M	-10M	-6M	-4M
Comprehensive Income and Other	-350M	921M	-708M	243M	-5.39B
Total Common Equity	74.1B	71.52B	68.7B	114B	117B
Minority Interest	175M	222M	263M	321M	276M
Total Equity	74.28B	71.74B	68.97B	115B	118B
Total Liabilities And Equity	161B	159B	147B	237B	290B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	233M	216M	209M	235M	238M
ECS Total Common Shares Outstanding	234M	217M	209M	235M	237M
Book Value / Share	316.41	329.73	328.47	486	495.95
Tangible Book Value	-2.56B	-6.16B	-8.4B	36.3B	-33.54B
Tangible Book Value Per Share	-10.92	-28.38	-40.17	154.53	-141.67
Total Debt	36.75B	38.98B	40.09B	82.82B	97.94B
Net Debt	28.45B	28.82B	33.64B	-759M	84.76B
Debt Equivalent of Unfunded Proj. Benefit Obligation	908M	1.18B	1.28B	457M	2.1B
Debt Equivalent Oper. Leases	6.94B	10.36B	10.53B	11.34B	22.94B
Minority Interest, Total (Incl. Fin. Div)	175M	222M	263M	321M	276M
Account Code - Inventory Valuation	3	3	3	3	3
Inventories - Raw Materials, Total	119M	93M	67M	81M	109M
Inventories - Work In Process, Total	165M	1.8B	4.25B	4.93B	1.99B
Land - (BS)	4.91B	4.46B	3.96B	4.2B	19.32B
Machinery, Total	3.84B	4.42B	5.26B	6.21B	9.39B
Full Time Employees	77.96K	76.28K	73.58K	60.15K	127K
Part Time Employees	-	-	-	500	528
Accumulated Allowance for Doubtful Accounts (Supple)	757M	873M	331M	371M	1.26B

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	11.2B	17.57B	12.32B	10.11B	8.1B
Depreciation & Amortization - CF	3.76B	4.63B	4.98B	5.46B	8.08B
Amortization of Goodwill and Intangible Assets - (CF)	212M	254M	178M	131M	331M
Depreciation & Amortization, Total	3.98B	4.89B	5.16B	5.59B	8.41B
Amortization of Deferred Charges, Total - (CF)	218M	185M	154M	180M	268M
(Gain) Loss From Sale Of Asset	-	-	-37M	-34M	-43M
Asset Writedown & Restructuring Costs	-	-1.12B	-160M	-657M	-3.97B
Stock-Based Compensation (CF)	160M	202M	267M	327M	359M
Other Operating Activities, Total	1.25B	2.28B	-2.06B	349M	3.34B
Change in Other Net Operating Assets	-4.6B	2.84B	826M	-4.21B	5.03B
Cash from Operations	12.2B	26.85B	16.46B	11.65B	21.48B
Capital Expenditure	-1.18B	-1.51B	-2.03B	-2.09B	-2.06B
Sale of Property, Plant, and Equipment	420M	824M	1.26B	984M	329M
Cash Acquisitions	1.63B	-	-685M	-	-75.79B
Sale (Purchase) of Intangible assets	-303M	-280M	-345M	-337M	-523M
Investment in Marketable and Equity Securities, Total	-148M	4M	-228M	-930M	326M
Cash from Investing	420M	-966M	-2.03B	-2.38B	-77.72B
Long-Term Debt Issued, Total	12.95B	4.39B	320M	41.41B	14.56B
Total Debt Issued	12.95B	4.39B	320M	41.41B	14.56B
Long-Term Debt Repaid, Total	-3.65B	-7.61B	-4.23B	-6.7B	-27.82B
Total Debt Repaid	-3.65B	-7.61B	-4.23B	-6.7B	-27.82B
Issuance of Common Stock	784M	618M	1.79B	38.11B	2.08B
Repurchase of Common Stock	-17.84B	-20.31B	-14B	-3.35B	-
Common Dividends Paid	-920M	-1.32B	-1.42B	-1.53B	-1.68B
Common & Preferred Stock Dividends Paid	-920M	-1.32B	-1.42B	-1.53B	-1.68B
Other Financing Activities, Total	-6M	-9M	-35M	1M	-593M
Cash from Financing	-8.68B	-24.24B	-17.57B	67.94B	-13.46B
Foreign Exchange Rate Adjustments	297M	226M	-562M	-95M	-698M
Net Change in Cash	4.24B	1.86B	-3.71B	77.12B	-70.4B
Supplemental Items
Cash Interest Paid	938M	1.47B	1.55B	2.08B	3.83B
Cash Income Tax Paid (Refund)	2.26B	5.18B	5.59B	3.62B	3.89B
Levered Free Cash Flow	8.78B	21.49B	11.73B	7.66B	25.12B
Unlevered Free Cash Flow	9.39B	22.34B	12.62B	8.87B	27.38B
Change In Net Working Capital	3.61B	-3.12B	1.63B	4.83B	-8.73B
Net Debt Issued / Repaid	9.3B	-3.22B	-3.91B	34.72B	-13.26B

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	7.86	9.82	7.22	5.23	4.63
Return on Total Capital	11.29	14.2	10.05	6.55	5.91
Return On Equity %	18.51	24.2	17.64	11.09	7.29
Return on Common Equity	18.45	24.13	17.56	11.06	7.24
Margin Analysis
Gross Profit Margin %	20.63	22.13	29.06	25.72	27.03
SG&A Margin	9.44	9.29	13.84	12.68	15.64
EBITDA Margin %	9.35	11.16	12.47	10.31	8.72
EBITA Margin %	9.01	10.79	11.84	9.68	8.03
EBIT Margin %	8.89	10.69	11.72	9.6	7.9
Income From Continuing Operations Margin %	6.17	7.5	8.23	6.09	3.42
Net Income Margin %	6.15	7.45	8.17	6.05	3.27
Net Avail. For Common Margin %	6.15	7.45	8.17	6.05	3.39
Normalized Net Income Margin	5.25	6.41	6.77	5.3	4.18
Levered Free Cash Flow Margin	4.82	9.12	7.78	4.58	10.16
Unlevered Free Cash Flow Margin	5.15	9.48	8.37	5.31	11.07
Asset Turnover
Asset Turnover	1.42	1.47	0.99	0.87	0.94
Fixed Assets Turnover	10.69	11.51	7.04	7.06	6.37
Receivables Turnover (Average Receivables)	5.32	5.59	4.61	5.49	5.58
Inventory Turnover (Average Inventory)	169.23	168.91	34.49	26.63	50.82
Short Term Liquidity
Current Ratio	1.1	1.16	1.11	3.23	0.95
Quick Ratio	1.09	1.12	0.99	3.1	0.92
Operating Cash Flow to Current Liabilities	0.23	0.57	0.43	0.3	0.26
Days Sales Outstanding (Average Receivables)	68.56	65.31	79.22	66.65	65.4
Days Outstanding Inventory (Average Inventory)	2.16	2.16	10.58	13.74	7.18
Average Days Payable Outstanding	34.28	31.58	46.88	40.41	39
Cash Conversion Cycle (Average Days)	36.43	35.89	42.92	39.97	33.58
Long Term Solvency
Total Debt/Equity	49.48	54.33	58.13	72.33	83.21
Total Debt / Total Capital	33.1	35.2	36.76	41.97	45.42
LT Debt/Equity	38.83	48.21	49.51	68.27	68.85
Long-Term Debt / Total Capital	25.98	31.24	31.31	39.62	37.58
Total Liabilities / Total Assets	53.98	54.89	53.12	51.59	59.47
EBIT / Interest Expense	16.59	18.52	12.37	8.33	5.4
EBITDA / Interest Expense	20.66	22.11	15.98	11.24	7.72
(EBITDA - Capex) / Interest Expense	19.45	21	14.56	10.15	7.15
Total Debt / EBITDA	1.82	1.3	1.76	3.83	3.5
Net Debt / EBITDA	1.41	0.96	1.47	-0.04	3.03
Total Debt / (EBITDA - Capex)	1.93	1.36	1.93	4.24	3.78
Net Debt / (EBITDA - Capex)	1.5	1.01	1.62	-0.04	3.27
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	57.25	29.27	-36.02	10.82	48.01
Gross Profit, 1 Yr. Growth %	31.83	38.64	-15.98	-1.93	55.58
EBITDA, 1 Yr. Growth %	66.69	54.43	-28.53	-8.41	25.25
EBITA, 1 Yr. Growth %	69.05	54.95	-29.82	-9.37	22.79
EBIT, 1 Yr. Growth %	70.52	55.41	-29.82	-9.2	21.73
Earnings From Cont. Operations, 1 Yr. Growth %	164.3	57.02	-29.79	-17.99	-16.83
Net Income, 1 Yr. Growth %	163.65	56.79	-29.9	-17.91	-19.92
Normalized Net Income, 1 Yr. Growth %	96.75	57.96	-32.39	-13.29	16.8
Diluted EPS Before Extra, 1 Yr. Growth %	161.96	58.09	-25.07	-17.69	-24.47
Accounts Receivable, 1 Yr. Growth %	106.83	-17.32	-28.53	23.07	63.98
Inventory, 1 Yr. Growth %	-80.08	565.14	128.37	16.06	-58.16
Net Property, Plant and Equip., 1 Yr. Growth %	41.39	5.04	4.25	16.57	104.74
Total Assets, 1 Yr. Growth %	67.68	-1.46	-7.5	60.79	22.76
Tangible Book Value, 1 Yr. Growth %	99.84	140.62	36.52	-532.05	-192.38
Common Equity, 1 Yr. Growth %	56.38	-3.49	-3.94	66.2	2.83
Cash From Operations, 1 Yr. Growth %	18.74	120.01	-38.69	-29.21	84.37
Capital Expenditures, 1 Yr. Growth %	5.26	28.3	34.08	3.05	-1.29
Levered Free Cash Flow, 1 Yr. Growth %	2.63	143.57	-45.44	-34.67	227.89
Unlevered Free Cash Flow, 1 Yr. Growth %	2.91	137.98	-43.52	-29.76	208.9
Dividend Per Share, 1 Yr. Growth %	37.5	18.18	7.69	0	0
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	38.75	42.58	-9.06	-15.79	28.07
Gross Profit, 2 Yr. CAGR %	25.84	35.19	7.93	-9.22	23.52
EBITDA, 2 Yr. CAGR %	53.66	60.44	5.06	-19.09	7.1
EBITA, 2 Yr. CAGR %	56.14	61.84	4.28	-20.25	5.49
EBIT, 2 Yr. CAGR %	56.32	62.79	4.44	-20.17	5.13
Earnings From Cont. Operations, 2 Yr. CAGR %	74.26	103.72	5	-24.12	-17.41
Net Income, 2 Yr. CAGR %	74.02	103.31	4.84	-24.14	-18.92
Normalized Net Income, 2 Yr. CAGR %	62.63	76.29	3.34	-23.44	0.63
Diluted EPS Before Extra, 2 Yr. CAGR %	61.85	103.5	8.84	-21.46	-21.15
Accounts Receivable, 2 Yr. CAGR %	47.2	30.77	-23.13	-6.21	42.06
Inventory, 2 Yr. CAGR %	-53.69	15.09	289.75	62.81	-30.31
Net Property, Plant and Equip., 2 Yr. CAGR %	16.59	21.87	4.64	10.24	54.49
Total Assets, 2 Yr. CAGR %	28.62	28.55	-4.53	21.95	40.49
Tangible Book Value, 2 Yr. CAGR %	0	119.28	81.25	142.87	99.79
Common Equity, 2 Yr. CAGR %	22.44	22.85	-3.71	26.35	30.73
Cash From Operations, 2 Yr. CAGR %	33.18	61.63	16.14	-34.12	14.25
Capital Expenditures, 2 Yr. CAGR %	8.63	16.21	31.16	17.55	0.86
Levered Free Cash Flow, 2 Yr. CAGR %	18.75	58.52	15.28	-40.3	46.36
Unlevered Free Cash Flow, 2 Yr. CAGR %	18.27	56.5	15.94	-37.01	47.3
Dividend Per Share, 2 Yr. CAGR %	48.32	27.48	12.82	3.77	0
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	32.12	35.51	9.16	-2.86	1.62
Gross Profit, 3 Yr. CAGR %	29.08	29.97	15.37	4.54	8.64
EBITDA, 3 Yr. CAGR %	42.39	53.91	22.53	0.36	-6.41
EBITA, 3 Yr. CAGR %	44.39	55.74	22.5	-0.48	-7.91
EBIT, 3 Yr. CAGR %	44.01	56.01	22.98	-0.32	-8.12
Earnings From Cont. Operations, 3 Yr. CAGR %	41.31	68.31	42.83	-3.3	-21.76
Net Income, 3 Yr. CAGR %	40.97	68.08	42.57	-3.37	-22.76
Normalized Net Income, 3 Yr. CAGR %	43.12	61.06	28.08	-2.53	-11.86
Diluted EPS Before Extra, 3 Yr. CAGR %	30.68	60.59	45.86	-0.84	-22.48
Accounts Receivable, 3 Yr. CAGR %	46.09	21.45	6.92	-10.07	12.99
Inventory, 3 Yr. CAGR %	-26.59	12.58	44.63	160.27	3.51
Net Property, Plant and Equip., 3 Yr. CAGR %	100.17	12.6	15.69	8.48	35.5
Total Assets, 3 Yr. CAGR %	60.81	17.69	15.19	13.59	22.22
Tangible Book Value, 3 Yr. CAGR %	5.46	34	87.24	142.12	75.97
Common Equity, 3 Yr. CAGR %	72.01	13.1	13.18	15.5	17.97
Cash From Operations, 3 Yr. CAGR %	41.56	57.44	17	-1.53	-7.16
Capital Expenditures, 3 Yr. CAGR %	18.51	14.83	21.89	21.03	10.9
Levered Free Cash Flow, 3 Yr. CAGR %	41.33	51.14	11.09	-4.6	5.34
Unlevered Free Cash Flow, 3 Yr. CAGR %	41.25	49.31	11.42	-1.89	7.02
Dividend Per Share, 3 Yr. CAGR %	34.71	37.51	20.51	8.37	2.5
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	21.89	25.77	13.79	12.03	16.36
Gross Profit, 5 Yr. CAGR %	18.89	25.72	20.16	12.59	18.57
EBITDA, 5 Yr. CAGR %	32.38	37.32	26.08	19	16.11
EBITA, 5 Yr. CAGR %	34.79	39.09	26.77	19.16	15.39
EBIT, 5 Yr. CAGR %	36.32	39.04	26.64	19.33	15.5
Earnings From Cont. Operations, 5 Yr. CAGR %	46.32	42.46	25.48	22.38	14.73
Net Income, 5 Yr. CAGR %	46.37	42.58	25.22	22.26	13.75
Normalized Net Income, 5 Yr. CAGR %	36.12	41.43	25.64	19.62	16.3
Diluted EPS Before Extra, 5 Yr. CAGR %	40.19	36.98	21.46	20.63	14.05
Accounts Receivable, 5 Yr. CAGR %	26.3	22.47	13	9.52	19.79
Inventory, 5 Yr. CAGR %	-	32.53	43.14	30.48	8
Net Property, Plant and Equip., 5 Yr. CAGR %	43.05	53.88	54.43	11.65	29.87
Total Assets, 5 Yr. CAGR %	31.94	32.88	30.54	19.38	24.71
Tangible Book Value, 5 Yr. CAGR %	-7.76	28.78	30.97	69.99	92.16
Common Equity, 5 Yr. CAGR %	40.75	36.97	36.38	18.23	19.9
Cash From Operations, 5 Yr. CAGR %	57.15	41.91	30.79	11.11	15.89
Capital Expenditures, 5 Yr. CAGR %	20.89	19.55	23.42	15.91	13
Levered Free Cash Flow, 5 Yr. CAGR %	169.17	49.88	30.41	4.24	24.05
Unlevered Free Cash Flow, 5 Yr. CAGR %	99.75	48.77	30.52	5.72	24.59
Dividend Per Share, 5 Yr. CAGR %	25.03	26.58	25.48	22.87	11.84