DSV (CPSE:DSV) has wrapped up FY 2025 with fourth quarter revenue of DKK 71.7b and basic EPS of DKK 4.72. Trailing 12 month revenue stands at DKK 247.3b with EPS of DKK 35.57. The company has seen quarterly revenue move from DKK 43.5b in Q4 2024 to DKK 71.7b in Q4 2025, with basic EPS shifting from DKK 9.46 to DKK 4.72 over the same period. Trailing net profit margin sits at 3.4% versus 6% a year earlier. Overall, the print points to healthy top line scale but thinner margins that keep the focus firmly on profitability quality.
See our full analysis for DSV.
With the headline results on the table, the next step is to see how these numbers line up against the prevailing narratives around DSV’s growth potential, risk profile, and long term earnings power.
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CPSE:DSV Earnings & Revenue History as at Feb 2026 3.4% Net Margin Puts Profit Quality in Focus Over the last 12 months, DSV generated DKK 247.3b in revenue and DKK 8.4b in net income from continuing operations, which works out to a 3.4% net margin compared with 6% a year earlier. Critics highlight that a large DKK 4.5b one off loss sits inside these trailing numbers, and that matters because:
The loss weighs on the reported 3.4% margin, so the gap versus last year’s 6% margin is not only about day to day operations. At the same time, trailing basic EPS of DKK 35.57 over the last 12 months still reflects meaningful profit generation, so the bearish angle of permanently weaker earnings is not fully supported by the data provided. DKK 71.7b Q4 Revenue, EPS Step Down Through 2025 Within 2025, revenue grew from DKK 41,680m in Q1 to DKK 71,685m in Q4, while quarterly basic EPS moved from DKK 11.90 in Q1 to DKK 4.72 in Q4, alongside quarterly net income from continuing operations of DKK 2,797m in Q1 and DKK 1,118m in Q4. Bears argue that this pattern points to pressure on profitability, and the quarterly figures give that view some backing:
Net income from continuing operations across 2025 is lower in Q4 (DKK 1,118m) than in earlier quarters such as Q2 (DKK 2,330m) and Q3 (DKK 2,141m), even though Q4 revenue remains high. Earnings from discontinued operations are reported as losses of DKK 201m in Q4 and DKK 90m in Q3, which adds to the drag and supports the cautious view that headline profit is under strain in the most recent periods. High 52.2x P/E Versus DCF Fair Value The shares trade on a trailing P/E of 52.2x compared with peer and industry levels of 14.9x and 15.5x, while the DKK 1,843 share price sits about 28.8% below a DCF fair value of DKK 2,587.14 and below an analyst price target of DKK 1,984.75 mentioned in the data. What is interesting for a bullish view is how valuation metrics point in different directions:
The 52.2x P/E is far higher than peer and industry averages, which cautious investors may see as rich relative to the 3.4% trailing net margin. In contrast, the DCF fair value of DKK 2,587.14 and the analyst target of DKK 1,984.75 are both above the current DKK 1,843 price, which supports the optimistic angle that the market price does not fully reflect the earnings and cash flow profile described in the data.
Some investors will want to see how this mix of high P/E, lower trailing margins, and DCF fair value stacks up against a fuller narrative on growth, risks, and long term potential for DSV, which you can get in the broader community view at 📊 Read the full DSV Consensus Narrative.
Next Steps
Don’t just look at this quarter; the real story is in the long-term trend. We’ve done an in-depth analysis on DSV’s growth and its valuation to see if today’s price is a bargain. Add the company to your watchlist or portfolio now so you don’t miss the next big move.
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DSV’s 3.4% trailing net margin, step down in quarterly EPS through 2025, and high 52.2x P/E all highlight pressure on profit quality and valuation.
If that mix of thinner margins and a rich P/E makes you cautious about paying up for earnings, consider using our 237 high quality undervalued stocks to quickly zero in on companies where the price tag looks more grounded in current fundamentals.
This article by Simply Wall St is general in nature. We provide commentary based on historical data
and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your
financial situation. We aim to bring you long-term focused analysis driven by fundamental data.
Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.
Simply Wall St has no position in any stocks mentioned.
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