Cash flow Pandora A/S

Equities

PNDORA

DK0060252690

Apparel & Accessories

Real-time Estimate Cboe Europe Other stock markets 07:56:03 2026-03-09 am EDT			5-day change	1st Jan Change
492.50 ^DKK	-0.22%		+1.13%	-30.51%

01:39am	Citigroup cuts Pandora price target to DKK 539 (574), reiterates Neutral - BN	FW
Mar. 06	Adidas and Puma Remain in Demand – Citigroup Sees Potential for Tariff Refunds	DP

d19325f494410dd0a54ac9ca901.2m5m528vi0a-3w2Ksk9rhbFLF49RMo_v4JjrlM2ebU4.rRxWiwtO7DTwlnv7xHcK1OEcVrgHfN7eiPnZ5pjOFR-7ASGlLBzdCNGKNQ

Published financial data: PANDORA A/S

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	23.39B	26.46B	28.14B	31.68B	32.55B
Total Revenues	23.39B	26.46B	28.14B	31.68B	32.55B
Cost of Goods Sold, Total	5.59B	6.27B	6.01B	6.39B	6.75B
Gross Profit	17.8B	20.19B	22.12B	25.29B	25.8B
Selling General & Admin Expenses, Total	12.17B	13.45B	15.09B	17.32B	17.96B
Other Operating Expenses, Total	12.17B	13.45B	15.09B	17.32B	17.96B
Operating Income	5.63B	6.74B	7.04B	7.97B	7.84B
Interest Expense, Total	-133M	-262M	-644M	-801M	-846M
Interest And Investment Income	21M	7M	40M	39M	45M
Net Interest Expenses	-112M	-255M	-604M	-762M	-801M
Currency Exchange Gains (Loss)	-38M	259M	-34M	-58M	-56M
Other Non Operating Income (Expenses)	-311M	-214M	-166M	-228M	-14M
EBT, Excl. Unusual Items	5.17B	6.53B	6.23B	6.93B	6.97B
Restructuring Charges	-	-	-	-	-
Merger & Related Restructuring Charges	-	-	-	-	-
Asset Writedown	-	-	-	-	-54M
Other Unusual Items	208M	-	-	-	-
EBT, Incl. Unusual Items	5.38B	6.53B	6.23B	6.93B	6.91B
Income Tax Expense	1.22B	1.5B	1.49B	1.7B	1.67B
Earnings From Continuing Operations	4.16B	5.03B	4.74B	5.23B	5.24B
Net Income to Company	4.16B	5.03B	4.74B	5.23B	5.24B
Net Income - (IS)	4.16B	5.03B	4.74B	5.23B	5.24B
Net Income to Common Incl Extra Items	4.16B	5.03B	4.74B	5.23B	5.24B
Net Income to Common Excl. Extra Items	4.16B	5.03B	4.74B	5.23B	5.24B
Per Share Items
Net EPS - Basic	42.12	54.22	55.5	64.85	68.1
Basic EPS - Continuing Operations	42.12	54.22	55.5	64.85	68.1
Basic Weighted Average Shares Outstanding	98.78M	92.75M	85.41M	80.6M	76.96M
Net EPS - Diluted	41.7	53.7	55.1	64.6	67.9
Diluted EPS - Continuing Operations	41.7	53.7	55.1	64.6	67.9
Diluted Weighted Average Shares Outstanding	99.67M	93.7M	86.08M	80.92M	77.19M
Normalized Basic EPS	32.71	44.02	45.62	53.7	56.57
Normalized Diluted EPS	32.42	43.58	45.26	53.5	56.4
Dividend Per Share	16	16	18	20	22
Payout Ratio	-	30.11	29.79	28.14	29.9
American Depositary Receipts Ratio (ADR)	0.12	0.12	0.12	0.12	0.12
Supplemental Items
EBITDA	6.46B	7.6B	7.95B	8.98B	8.96B
EBITA	5.88B	7.04B	7.34B	8.25B	8.07B
EBIT	5.63B	6.74B	7.04B	7.97B	7.84B
EBITDAR	6.5B	7.66B	8.02B	9.07B	9.05B
Effective Tax Rate - (Ratio)	22.65	23.02	23.97	24.53	24.18
Total Current Taxes	1.46B	1.86B	1.4B	2.01B	1.7B
Total Deferred Taxes	-241M	-353M	96M	-310M	-25M
Normalized Net Income	3.23B	4.08B	3.9B	4.33B	4.35B
Interest on Long-Term Debt	99M	162M	270M	381M	422M
Supplemental Operating Expense Items
Marketing Expenses	3.59B	3.72B	3.85B	4.39B	4.53B
Selling and Marketing Expenses	10.15B	11.32B	12.71B	14.84B	15.47B
General and Administrative Expenses	2.03B	2.12B	2.38B	2.47B	2.5B
Net Rental Expense, Total	39M	60M	67M	88M	92M
Imputed Operating Lease Interest Expense	8.31M	21.84M	36.81M	45.91M	43.81M
Imputed Operating Lease Depreciation	30.69M	38.16M	30.19M	42.09M	48.19M
Stock-Based Comp., Other (Total)	166M	87M	105M	166M	103M
Total Stock-Based Compensation	166M	87M	105M	166M	103M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	1.04B	794M	1.4B	2.39B	1.3B
Trading Asset Securities, Total	-	-	-	7M	9M
Total Cash And Short Term Investments	1.04B	794M	1.4B	2.4B	1.31B
Accounts Receivable, Total	1.01B	1.26B	1.34B	1.31B	1.24B
Other Receivables	806M	1.18B	952M	935M	1.09B
Total Receivables	1.82B	2.44B	2.29B	2.24B	2.33B
Inventory	2.99B	4.21B	4.17B	4.43B	4.88B
Other Current Assets, Total	139M	285M	141M	156M	1.7B
Total Current Assets	5.99B	7.73B	8B	9.23B	10.23B
Gross Property Plant And Equipment	7.4B	8.51B	9.99B	12.06B	13.28B
Accumulated Depreciation	-3.05B	-3.3B	-3.46B	-3.58B	-4.13B
Net Property Plant And Equipment	4.35B	5.2B	6.52B	8.47B	9.15B
Long-term Investments	-	-	-	-	-
Goodwill	4.42B	4.82B	4.91B	5.13B	5.02B
Other Intangibles, Total	2.68B	2.75B	2.89B	3.11B	3.34B
Deferred Tax Assets Long-Term	891M	1.26B	1.26B	1.53B	1.57B
Other Long-Term Assets, Total	222M	249M	215M	298M	296M
Total Assets	18.54B	22.01B	23.8B	27.76B	29.6B
Liabilities
Accounts Payable, Total	3.27B	3.13B	3.21B	3.89B	4.62B
Current Portion of Long-Term Debt	275M	3.51B	313M	397M	1.63B
Current Portion of Leases	886M	950M	1.12B	1.38B	1.48B
Current Income Taxes Payable	1B	1.07B	583M	871M	685M
Unearned Revenue Current, Total	163M	136M	185M	237M	271M
Other Current Liabilities	2.65B	2.39B	2.64B	3.1B	2.57B
Total Current Liabilities	8.25B	11.18B	8.05B	9.88B	11.25B
Long-Term Debt	1.04B	1.02B	6.97B	7.83B	7.73B
Long-Term Leases	1.72B	2.11B	2.76B	3.79B	4.19B
Deferred Tax Liability Non Current	113M	172M	164M	102M	462M
Other Non Current Liabilities	417M	363M	489M	646M	685M
Total Liabilities	11.54B	14.85B	18.44B	22.25B	24.32B
Common Stock, Total	100M	96M	89M	82M	79M
Retained Earnings	9.52B	9.47B	9.01B	7.8B	8.18B
Treasury Stock	-3.42B	-3.32B	-4.35B	-3.23B	-4.24B
Comprehensive Income and Other	794M	917M	609M	859M	1.26B
Total Common Equity	7B	7.17B	5.36B	5.51B	5.28B
Total Equity	7B	7.17B	5.36B	5.51B	5.28B
Total Liabilities And Equity	18.54B	22.01B	23.8B	27.76B	29.6B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	95.74M	89.4M	82.21M	78.82M	74.58M
ECS Total Common Shares Outstanding	95.74M	89.4M	82.21M	78.82M	74.58M
Book Value / Share	73.13	80.17	65.14	69.88	70.82
Tangible Book Value	-92M	-401M	-2.44B	-2.72B	-3.08B
Tangible Book Value Per Share	-0.96	-4.49	-29.74	-34.56	-41.31
Total Debt	3.93B	7.59B	11.17B	13.4B	15.02B
Net Debt	2.88B	6.79B	9.77B	11B	13.71B
Debt Equivalent of Unfunded Proj. Benefit Obligation	81M	80M	104M	145M	187M
Debt Equivalent Oper. Leases	312M	480M	536M	704M	736M
Account Code - Inventory Valuation	5	5	5	5	5
Inventories - Raw Materials, Total	779M	743M	615M	751M	780M
Inventories - Work In Process, Total	148M	151M	141M	141M	134M
Inventories - Finished Goods, Total	2.06B	3.32B	3.41B	3.53B	3.97B
Land - (BS)	1.19B	1.3B	1.29B	1.39B	1.77B
Machinery, Total	3.58B	3.94B	4.66B	5.27B	5.91B
Full Time Employees	22.44K	32K	37.14K	35.08K	34.2K
Accumulated Allowance for Doubtful Accounts (Supple)	86M	83M	94M	95M	90M

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	4.16B	5.03B	4.74B	5.23B	5.24B
Depreciation & Amortization - CF	1.66B	1.68B	1.78B	2.07B	2.35B
Amortization of Goodwill and Intangible Assets - (CF)	251M	297M	302M	280M	233M
Depreciation & Amortization, Total	1.91B	1.97B	2.08B	2.35B	2.59B
Asset Writedown & Restructuring Costs	85M	-	-	-	-
Stock-Based Compensation (CF)	166M	87M	105M	166M	103M
Other Operating Activities, Total	452M	-553M	-252M	63M	-139M
Change In Accounts Receivable	-77M	-531M	56M	106M	-424M
Change In Inventories	-799M	-1.01B	210M	-126M	-565M
Change In Accounts Payable	327M	-559M	446M	932M	559M
Cash from Operations	6.23B	4.43B	7.38B	8.72B	7.36B
Capital Expenditure	-296M	-838M	-1.13B	-1.34B	-1.45B
Sale of Property, Plant, and Equipment	2M	5M	-	14M	7M
Cash Acquisitions	-66M	-562M	-349M	-194M	-373M
Sale (Purchase) of Intangible assets	-289M	-353M	-359M	-343M	-462M
Other Investing Activities, Total	18M	-37M	37M	-30M	-9M
Cash from Investing	-631M	-1.78B	-1.8B	-1.89B	-2.29B
Long-Term Debt Issued, Total	1.32B	4.99B	5.93B	3.67B	1.2B
Total Debt Issued	1.32B	4.99B	5.93B	3.67B	1.2B
Long-Term Debt Repaid, Total	-4B	-3.05B	-4.43B	-3.89B	-1.37B
Total Debt Repaid	-4B	-3.05B	-4.43B	-3.89B	-1.37B
Issuance of Common Stock	-	-	-	-	-
Repurchase of Common Stock	-3.32B	-3.53B	-5.02B	-4.01B	-4.38B
Common Dividends Paid	-	-1.51B	-1.41B	-1.47B	-1.57B
Common & Preferred Stock Dividends Paid	-	-1.51B	-1.41B	-1.47B	-1.57B
Special Dividend Paid	-1.48B	-	-	-	-
Other Financing Activities, Total	-	-	-	-	-
Cash from Financing	-7.48B	-3.1B	-4.94B	-5.7B	-6.12B
Foreign Exchange Rate Adjustments	18M	4M	-61M	-11M	-65M
Miscellaneous Cash Flow Adjustments	-	-1M	-	-	-
Net Change in Cash	-1.87B	-448M	588M	1.12B	-1.11B
Supplemental Items
Cash Interest Paid	468M	466M	683M	922M	1.01B
Cash Income Tax Paid (Refund)	832M	1.79B	1.83B	1.74B	1.88B
Levered Free Cash Flow	5.34B	2.57B	4.93B	6.58B	3.12B
Unlevered Free Cash Flow	5.42B	2.73B	5.33B	7.08B	3.65B
Change In Net Working Capital	-406M	2.35B	-236M	-1.25B	2.03B
Net Debt Issued / Repaid	-2.68B	1.94B	1.5B	-217M	-168M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	18.27	20.78	19.2	19.33	17.08
Return on Total Capital	28.87	32.82	28.13	28.13	24.98
Return On Equity %	57.82	70.99	75.71	96.23	97.15
Return on Common Equity	57.82	70.99	75.71	96.23	97.15
Margin Analysis
Gross Profit Margin %	76.1	76.3	78.63	79.83	79.27
SG&A Margin	52.03	50.81	53.62	54.66	55.19
EBITDA Margin %	27.63	28.73	28.27	28.36	27.52
EBITA Margin %	25.14	26.6	26.09	26.05	24.79
EBIT Margin %	24.07	25.48	25.01	25.17	24.08
Income From Continuing Operations Margin %	17.78	19	16.85	16.5	16.1
Net Income Margin %	17.78	19	16.85	16.5	16.1
Net Avail. For Common Margin %	17.78	19	16.85	16.5	16.1
Normalized Net Income Margin	13.81	15.43	13.85	13.66	13.38
Levered Free Cash Flow Margin	22.81	9.7	17.52	20.76	9.57
Unlevered Free Cash Flow Margin	23.17	10.31	18.95	22.34	11.2
Asset Turnover
Asset Turnover	1.21	1.31	1.23	1.23	1.13
Fixed Assets Turnover	4.97	5.54	4.8	4.22	3.69
Receivables Turnover (Average Receivables)	24.9	23.31	21.61	23.42	25.6
Inventory Turnover (Average Inventory)	2.26	1.74	1.44	1.49	1.45
Short Term Liquidity
Current Ratio	0.73	0.69	0.99	0.93	0.91
Quick Ratio	0.35	0.29	0.46	0.47	0.32
Operating Cash Flow to Current Liabilities	0.76	0.4	0.92	0.88	0.65
Days Sales Outstanding (Average Receivables)	14.66	15.66	16.89	15.63	14.26
Days Outstanding Inventory (Average Inventory)	161.28	209.53	254.29	246.02	251.76
Average Days Payable Outstanding	178.26	155.83	193.97	195.49	215.73
Cash Conversion Cycle (Average Days)	-2.33	69.36	77.21	66.16	50.29
Long Term Solvency
Total Debt/Equity	56.08	105.87	208.53	243.3	284.44
Total Debt / Total Capital	35.93	51.43	67.59	70.87	73.99
LT Debt/Equity	39.49	43.67	181.83	211.06	225.71
Long-Term Debt / Total Capital	25.3	21.21	58.93	61.48	58.71
Total Liabilities / Total Assets	62.24	67.44	77.5	80.16	82.16
EBIT / Interest Expense	42.34	25.74	10.93	9.96	9.26
EBITDA / Interest Expense	56.73	33.27	14.16	12.89	12.32
(EBITDA - Capex) / Interest Expense	54.5	30.07	12.4	11.22	10.61
Total Debt / EBITDA	0.52	0.87	1.22	1.3	1.44
Net Debt / EBITDA	0.38	0.78	1.07	1.07	1.32
Total Debt / (EBITDA - Capex)	0.54	0.96	1.4	1.49	1.67
Net Debt / (EBITDA - Capex)	0.4	0.86	1.22	1.22	1.53
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	23.07	13.12	6.32	12.6	2.74
Gross Profit, 1 Yr. Growth %	22.5	13.4	9.58	14.31	2.02
EBITDA, 1 Yr. Growth %	35.91	14.9	4.63	12.95	-0.3
EBITA, 1 Yr. Growth %	44.98	16.67	4.26	12.45	-2.23
EBIT, 1 Yr. Growth %	50.92	16.6	4.37	13.3	-1.72
Earnings From Cont. Operations, 1 Yr. Growth %	114.65	20.89	-5.75	10.27	0.27
Net Income, 1 Yr. Growth %	114.65	20.89	-5.75	10.27	0.27
Normalized Net Income, 1 Yr. Growth %	46	22.75	-4.58	11.1	0.58
Diluted EPS Before Extra, 1 Yr. Growth %	109.55	28.78	2.61	17.24	5.11
Accounts Receivable, 1 Yr. Growth %	15.98	25.07	6.34	-6.37	-5.58
Inventory, 1 Yr. Growth %	53.46	40.79	-1.07	6.24	10.33
Net Property, Plant and Equip., 1 Yr. Growth %	-14.09	19.69	25.38	29.84	8.03
Total Assets, 1 Yr. Growth %	-7.22	18.72	8.11	16.64	6.65
Tangible Book Value, 1 Yr. Growth %	-120.63	335.87	509.73	11.41	13.11
Common Equity, 1 Yr. Growth %	-5.25	2.37	-25.28	2.86	-4.1
Cash From Operations, 1 Yr. Growth %	4.23	-28.81	66.53	18.11	-15.59
Capital Expenditures, 1 Yr. Growth %	-20.86	183.11	34.73	18.33	8.46
Levered Free Cash Flow, 1 Yr. Growth %	-0.65	-52.77	92.09	33.46	-52.57
Unlevered Free Cash Flow, 1 Yr. Growth %	-0.92	-50.51	95.31	32.77	-48.45
Dividend Per Share, 1 Yr. Growth %	-	0	12.5	11.11	10
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	3.43	17.99	9.67	9.41	7.56
Gross Profit, 2 Yr. CAGR %	2.59	17.86	11.47	11.92	7.99
EBITDA, 2 Yr. CAGR %	-4.16	26.43	9.65	8.71	6.12
EBITA, 2 Yr. CAGR %	-3.67	31.73	10.29	8.28	4.85
EBIT, 2 Yr. CAGR %	-1.83	34.44	10.32	8.75	5.52
Earnings From Cont. Operations, 2 Yr. CAGR %	18.85	61.09	6.74	1.95	5.15
Net Income, 2 Yr. CAGR %	18.85	61.09	6.74	1.95	5.15
Normalized Net Income, 2 Yr. CAGR %	-5.95	35.83	8.23	2.96	5.71
Diluted EPS Before Extra, 2 Yr. CAGR %	17.7	64.27	14.95	9.68	11.01
Accounts Receivable, 2 Yr. CAGR %	-21.63	20.44	15.33	1.81	-5.98
Inventory, 2 Yr. CAGR %	18.31	46.99	18.02	2.52	8.26
Net Property, Plant and Equip., 2 Yr. CAGR %	-18.8	1.4	22.5	27.59	18.43
Total Assets, 2 Yr. CAGR %	-7.29	4.95	13.29	12.29	11.53
Tangible Book Value, 2 Yr. CAGR %	-79.53	-5.18	415.52	160.63	12.26
Common Equity, 2 Yr. CAGR %	15.49	-1.51	-12.54	-12.33	-0.68
Cash From Operations, 2 Yr. CAGR %	-4.12	-13.86	8.89	40.24	-0.16
Capital Expenditures, 2 Yr. CAGR %	-25.96	49.69	95.3	26.26	13.29
Levered Free Cash Flow, 2 Yr. CAGR %	-7.15	-30.89	-4.75	60.11	-20.48
Unlevered Free Cash Flow, 2 Yr. CAGR %	-7.04	-29.37	-1.69	61.03	-17.31
Dividend Per Share, 2 Yr. CAGR %	-5.72	-	6.07	11.8	10.55
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	0.85	6.56	13.96	10.64	7.14
Gross Profit, 3 Yr. CAGR %	1.67	6.07	15.03	12.41	8.52
EBITDA, 3 Yr. CAGR %	-4.5	2.61	18.7	10.74	5.62
EBITA, 3 Yr. CAGR %	-4.84	3.56	21.85	11.01	4.66
EBIT, 3 Yr. CAGR %	-4.33	4.89	23.56	11.3	5.14
Earnings From Cont. Operations, 3 Yr. CAGR %	-6.23	19.53	34.73	7.91	1.39
Net Income, 3 Yr. CAGR %	-6.23	19.53	34.73	7.91	1.39
Normalized Net Income, 3 Yr. CAGR %	-7.73	3.78	20.75	9.18	2.16
Diluted EPS Before Extra, 3 Yr. CAGR %	-3.91	21.28	40.42	15.71	8.13
Accounts Receivable, 3 Yr. CAGR %	-15.12	-8.42	15.54	9.04	-0.72
Inventory, 3 Yr. CAGR %	-1.79	25.37	28.82	13.95	5.06
Net Property, Plant and Equip., 3 Yr. CAGR %	18.18	-7.59	8.84	24.9	20.71
Total Assets, 3 Yr. CAGR %	-1.23	0.68	6	14.4	10.38
Tangible Book Value, 3 Yr. CAGR %	-59.24	-43.26	76.33	209.37	97.33
Common Equity, 3 Yr. CAGR %	2.94	10.94	-10.18	-7.68	-9.67
Cash From Operations, 3 Yr. CAGR %	-2.03	-13.18	7.31	11.88	18.41
Capital Expenditures, 3 Yr. CAGR %	-25.88	15.78	44.52	65.26	20.03
Levered Free Cash Flow, 3 Yr. CAGR %	4.86	-25.44	-2.83	6.58	6.7
Unlevered Free Cash Flow, 3 Yr. CAGR %	5.26	-24.22	-0.86	8.67	10.12
Dividend Per Share, 3 Yr. CAGR %	-3.85	-3.85	-	7.72	11.2
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	2.9	3.04	4.29	7.69	11.36
Gross Profit, 5 Yr. CAGR %	3.18	3.54	5.48	8.37	12.16
EBITDA, 5 Yr. CAGR %	-3.99	-2.22	1.4	5.01	13.5
EBITA, 5 Yr. CAGR %	-5.02	-2.7	1.46	5.42	14.74
EBIT, 5 Yr. CAGR %	-5.34	-2.83	1.82	6.42	16
Earnings From Cont. Operations, 5 Yr. CAGR %	-7.14	-2.7	-1.24	12.16	22.01
Net Income, 5 Yr. CAGR %	-7.14	-2.7	-1.24	12.16	22.01
Normalized Net Income, 5 Yr. CAGR %	-7.54	-3.15	-1.08	3.45	14.49
Diluted EPS Before Extra, 5 Yr. CAGR %	-4.5	0.72	3.23	16.5	27.82
Accounts Receivable, 5 Yr. CAGR %	-9.62	-8.37	-4.05	-4.46	7.26
Inventory, 5 Yr. CAGR %	1.85	9.06	5.7	15.68	20.16
Net Property, Plant and Equip., 5 Yr. CAGR %	19.73	17.5	19.89	5.14	12.58
Total Assets, 5 Yr. CAGR %	4.21	4.78	4.34	5.17	8.18
Tangible Book Value, 5 Yr. CAGR %	-38.29	-3.73	12.46	4.41	47.19
Common Equity, 5 Yr. CAGR %	0.6	1.93	-3.56	0.97	-6.49
Cash From Operations, 5 Yr. CAGR %	-0.95	-7.66	2.2	5.18	4.26
Capital Expenditures, 5 Yr. CAGR %	-18.54	-1.2	9.2	19.86	31.11
Levered Free Cash Flow, 5 Yr. CAGR %	6.77	-7.48	1.26	1.22	-10.32
Unlevered Free Cash Flow, 5 Yr. CAGR %	7.02	-6.39	2.78	2.44	-7.8
Dividend Per Share, 5 Yr. CAGR %	12.2	12.2	0	2.13	-