Rankings Pharma & medtech Ambu
Ambu
70
15070100
A view of the same findings, not a new score. How it works
A strong score: the model found few serious problems, but analysts see limited upside from here.
Biggest deductions
- Multiples vs own history and peers−7
- Guidance−4
- Margin−3
Strengths
- Insider buying+2
- Buybacks+2
- Net cash+1
How the score is built
From 100 to 70, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 81.50 DKK
- Median analyst target
- 76.50 DKK
- Upside to median
- −6.1%
- Analysts
- 8
- Target range
- 61.00 – 111.70 DKK
- 52-week change
- −19%
- P/E (trailing)
- 42.5
- Forward P/E
- 24.2
- PEG
- 0.78
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−9 of −30
- −3MarginThe operating margin has fallen from 13.0% (2024/25) to 11.3% TTM, and the adjusted EBIT margin was 12.5% in Q3 vs 15.2% and 14.5% in Q1 and Q2. A 60% gross margin turns into a low operating margin for medtech (Stryker: 23.8%).
- −3ROICROIC is 9.0% TTM, below a WACC of 11.7% and down from 11.2% in 2024/25. It was 2.0–8.9% in 2021/22–2023/24, so the company has never consistently earned its cost of capital.
- −2Quality of growthEndoscopy (64% of revenue) grew 16% organically in Q3, but anaesthesia and patient monitoring are only +1.3% over 12 months. Reported growth in DKK was only 4.7% TTM because of the weak dollar.
- −1Quality of earningsA full-year margin at the upper end of 12–14% partly rests on tariff refunds: DKK 85m received after Q3, and another 70m may come. Management expects an ongoing tariff cost of about 1 percentage point of margin before refunds next year.
Price
Today's multiples against the company's own history and its peers. · 1 finding−7 of −35
- −7Multiples vs own history and peersForward P/E 24.1 vs 33–92 in 2020/21–2024/25; EV/EBITDA 19.1 vs 26–107; P/FCF 24.5 vs 37–48 in 2022/23–2024/25. It is the lowest in the company's history, but the history is inflated by years with almost no earnings. Against peers Ambu is still more expensive than Stryker (forward P/E 17.2, EV/EBITDA 15.9), which has twice the margin. (The old list used PEG, which does not belong in Price.)
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−12 of −35
- −4GuidanceOrganic growth guidance for 2025/26 has been cut for the second time this year (Ritzau): on 25/8 from 10–12% (set 6/5) to about 10%, because anaesthesia and patient monitoring are now only expected to grow at a low single-digit rate. (The old list said 'three times'.)
- −3Customers are shiftingAfter the price increases Ambu lost volume at selected anaesthesia customers, cf. the Q2 report. The effect now shows in the 12-month figures. Management says no further customers were lost in Q3.
- −3Competition (urology)Competition in urology has intensified. Ambu has given price concessions on aScope 4 Cysto at selected customers and ambulatory surgery centres (strategic pricing below the earlier level). Management will not quantify the effect on gross margin, and analysts are asking about higher commercial investment.
- −2Currency and tariffsAccording to the CFO, the weak dollar is the biggest external headwind for the margin. Goods from Malaysia face a 10% US tariff, and contracts typically have no automatic price adjustment.
Plus
Only documented strengths. · 3 findings+5 of +15
- +2Insider buyingCFO Henrik Skak Bender bought 10,000 shares at about DKK 62 (DKK 620,000) on 7/5/2026. There is no insider selling.
- +2BuybacksA buyback of about DKK 300m has been completed (4.49m shares at an average of DKK 66.78) and extended in September. Buybacks (DKK 274m) and dividends (110m) are below FCF of 737m TTM.
- +1Net cashNet cash is DKK 126m (debt 579m, cash 705m). That is modest against a market value of DKK 18bn, but gives freedom.
Caveats
What the score does not capture, or where the data is weak.
Growth guidance for 2025/26 has been cut twice, most recently on 25/8 to about 10% organic. The Q4 margin is lifted by one-off tariff refunds (DKK 85m received after Q3 and a further DKK 70m outstanding). The annual report and 2026/27 guidance come 5/11. The target of about 20% EBIT margin in 2027/28 is far from the current 11–13%.
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