Demant A/S (WILYY)
NEUTRALFundamental
49
Price
$823.00
Market Cap
$33.77B
Part 1 · What the company is worth
Overview
Demant is a Danish hearing healthcare group that designs and manufactures hearing aids sold under brands including Oticon and Bernafon, and runs a network of owned and franchised clinics where audiologists test patients' hearing and fit them with a device. A smaller unit sells diagnostic equipment, such as audiometers and balance-testing systems, to clinics and hospitals. It sold a separate communications business, which made headsets and speakerphones, and has treated it as a discontinued operation since 2024.
How it makes money
Most revenue comes from selling hearing aids, physical devices fitted to a patient's ear that are typically replaced every several years, plus recurring sales of batteries, accessories, repairs and clinical services around them. A smaller stream comes from selling diagnostic equipment to clinics and hospitals. Because hearing loss is a chronic, progressive condition, each patient tends to return to buy a replacement device or accessories over time, and purchases are often reimbursed or subsidized by public healthcare systems in Demant's main markets.
What drives demand
DefensiveHearing loss is mainly a consequence of aging, so the number of people who need a hearing aid grows steadily with an older population and is not closely tied to how the economy is doing in a given year. Purchases can still be postponed for a few months by a household under financial strain, but the underlying medical need does not disappear the way demand for a discretionary product would in a downturn.
The case for
Buyers argue that an aging population in Demant's main markets keeps the number of potential hearing aid users growing for decades to come, and that 2025's revenue growth shows the underlying demand for its devices and clinics remaining solid.
The case against
Sellers worry that 2025's profit fell even as revenue grew, forcing the company into a cost-cutting programme, and that pricing and reimbursement pressure in a market with several well-capitalized rivals could keep squeezing margins even if the number of patients keeps rising.
Written by the editors, published on August 18, 2026
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
Balance Sheet & Liquidity
Revenue
$3.48B
Trailing 12 months to the last reported quarter — estimated from per-share metrics
Net Income
$234M
Trailing 12 months to the last reported quarter — estimated from per-share metrics
Free Cash Flow
-
Total Equity
$24.56B
Total Liabilities
$426M
Current Ratio
1.63
Interest Coverage
-
Debt/EBITDA
2.60
Earnings Per Share
Revenue & Net Income
Free Cash Flow
Income Breakdown
Historical statement
Margins over time
Debt over time
How heavy the debt is
Growth grid
Growth — Revenue
Fair Value Estimation
Fair Value
$1931.85
Current Price
$823.00
Margin of Safety
+57.4%
Fair Value Range
$1255.70 - $2608.00
Estimation Methods
Valuation Metrics
P/E Ratio
111.11
ROE
2.7%
P/B Ratio
17.40
P/FCF
-
Gross Margin
75.6%
ROIC
0.5%
Profitability Radar
Value Creation (Economic Moat)
ROIC
0.5%
WACC
7.9%
ROIC − WACC
-7.4 pp
ROIC is below the cost of capital — the company is destroying value for every dollar invested.
Fundamental Analysis Criteria
Passed (10)
- Price CAGR 13.59%
- Gross Margin 75.6%
- Debt/Equity ratio
- Operating Margin 16.7%
- Current Ratio
- Debt/EBITDA
- ROE 16.1%
- Revenue Growth 5Y 9.7%
- Analyst Consensus 65% Buy
- Net Margin Trend 53.0% vs 43.8%
Failed (8)
- ROIC 0.5%
- P/B Ratio 17.40
- Price below Graham Number
- DCF valuation (Unknown)
- Earnings Surprise avg -11.2%
- PEG Ratio 4.10
- Earnings Quality (OCF/NI) 0.29
- Piotroski F-Score 1/9
Unavailable (9)
- EPS data insufficient
- P/FCF NaN
- Dividend Payout NaN%
- Positive Free Cash Flow
- CapEx intensity
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- Share Dilution (missing shares data)
Piotroski F-Score
Serious financial concerns
Earnings Quality
Low quality: investigate accounting
Share Dilution
Buying back shares. Shareholder friendly
Governance
Executive Team
| Name | Title | Age |
|---|---|---|
| Mr. Thomas Wilhelmsen | Group Chief Executive Officer | 51 |
| Mr. Christian Berg | Group Chief Financial Officer | 56 |
| Mr. Bjorge Grimholt | Executive Vice President of Maritime Services | - |
| Ms. Benedicte Teigen Gude | Chief of Staff | - |
| Mr. Geir Flaesen | Executive Vice President of New Energy | - |
| Mr. Carl Schou | President & CEO of Wilhelmsen Ship Management (WSM) | - |
| Mr. John Egil Stangeland | Chief Executive Officer of NorSea Group | - |
| Mr. Age Sturtzel Holm | Vice President of Investor Relations & Corporate Support | - |
| Ms. Anna Kverneland | Vice President of Investor Relations | - |
Audit Risk
2
Board Risk
4
Compensation Risk
6
Shareholder Rights Risk
9
Part 2 · The price and when to enter
This part won't tell you whether the company is worth owning: it helps you choose when to buy it, once the fundamentals have convinced you. Inside: technical analysis, potential, historical drawdowns, gamma exposure.
Latest News
Recent headlines for WILYY, sourced from Markets Gazette.