Pandora A/S
Consumer goods·PNDORA · Nasdaq Copenhagen·Fiscal year to 31/12/2025
The significant increase in commodity prices and a slow end to the year also highlight that we need to course-correct in certain areas. years after launching our iconic charms bracelet – and 15 years since our public listing – Pandora is today the world’s largest jewellery brand.
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Precious metals
Raw materials and inputs
DriverNegative impact: weakens
“These external headwinds had an estimated 300bps drag on the EBIT margin.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“actual EBIT margin DKK billion 32.5 2025 actual revenue 23.9% 24.4% Like-for-like -3% to 0% 0.5% Network expansion 2025 EBIT margin, adjusted Temporary drag from forward integration Temporary drag from forward integration Network expansion 2% 0.3% Net operating leverage and other 2026 guidance Commodities 250-350bps of external headwinds Organic growth guidance -1% to +2% Forward integration <0.5% Tariffs* Foreign exchange 1.5% 0.2% Local currency growth -1% to +2% 0.5% Foreign exchange 1.9% Around 0% 1.5-2.5% 2026 guided revenue 2026 guided EBIT margin DKK billion 31.6-32.6 21-22% ORGANIC GROWTH AND EBIT MARGIN GUIDANCE - 1-2% OUTLOOK In 2026, we are targeting organic revenue growth of -1% to 2% and an EBIT margin in the 21-22% range.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Higher commodity prices, adverse foreign exchange movements and US import tariffs created a combined headwind of 220bps to gross margin and 300bps to EBIT margin.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“The price of silver, our main raw material, more than doubled in 2025. By year-end, it had increased to USD 72 per ounce, compared to USD 29 at the start of the year and USD 24 when we set our long-term financial targets in 2023.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“As an accessible luxury brand, a decline in consumer confidence and lower disposable income may adversely impact our revenue and profitability. • Ongoing review and adjustment of commercial tactics, including pricing adjustments and revenue diversification • Continuous monitoring of consumer behaviour and trends • Strict cost control; ongoing targeted cost reduction programme COMMODITY PRICES & FOREIGN EXCHANGE RATES There is a risk of sustained increased prices for silver and gold. Further, Pandora generates significant revenue and incurs costs in multiple foreign currencies, leading to currency exposure. Sustained higher commodity prices may have a negative impact on profitability.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“From 2026, Pandora will introduce platinum-plated jewellery supported by consumer testing and an in-market pilot ahead of a broader launch. Near term, we will use third-party plating capacity, then increasingly leverage our vertically integrated capabilities in Thailand and Vietnam, with the aim of reducing silver exposure and commodity sensitivity over time.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“In 2026, the P&L is 90-100% hedged on silver at a price of around USD 32/oz, resulting in a Y/Y headwind from silver and gold of 150-250bps.”
Annual report 2025A · The company itself
Consumer spending
Macro
DriverNegative impact: weakens
“The result was influenced by weak consumer sentiment impacting holiday sales in North America, and by the need to stimulate demand for a broader range of new products.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“EMPLOYEES ON AVERAGE 32.5 BN DKK REVENUE 44% WOMEN IN SENIOR LEADERSHIP TEAM 6% ORGANIC GROWTH 100% RECYCLED SILVER AND GOLD 23.9% EBIT MARGIN 112 M PIECES * SOLD DELIVERING 6% ORGANIC GROWTH 9% EXECUTIVE SUMMARY Pandora witnessed a generally soft consumer backdrop, impacting instore traffic in some markets, and a highly volatile cost environment with the announcements of tariffs, foreign exchange movements and surging commodity prices.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“The macroeconomic outlook for 2026 and the general consumer environment is associated with elevated uncertainty.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“As an accessible luxury brand, a decline in consumer confidence and lower disposable income may adversely impact our revenue and profitability. • Ongoing review and adjustment of commercial tactics, including pricing adjustments and revenue diversification • Continuous monitoring of consumer behaviour and trends • Strict cost control; ongoing targeted cost reduction programme COMMODITY PRICES & FOREIGN EXCHANGE RATES There is a risk of sustained increased prices for silver and gold.”
Annual report 2025A · The company itself
Market
“In 2025, we generated 6% organic growth compared to our guidance of 7-8%.”
Annual report 2025A · The company itself
Market
“FINANCIAL AMBITION* We expect to outgrow the jewellery market, targeting annual high single-digit organic growth, while maintaining bestin-class profitability.”
Annual report 2025A · The company itself
Chains in: Inflation weakens
Chains out: this strengthens Retail, strengthens Hospitality and leisure, strengthens Premium consumers, strengthens Grocery retail and private label
Premium consumers
End markets
StrategyPositive impact: strengthens
“The essence of our growth strategy is for Pandora to become the most desirable, accessible jewellery brand and leverage our existing infrastructure.”
Annual report 2025A · The company itself
Market
“RUZICKA Chair of the Board of Directors BERTA DE PABLOS-BARBIER 915 M The largest jewellery brand in the world 2025 AT A GLANCE In 2025, we welcomed 915 million visitors to our stores and online channels, with more than 3 pieces of jewellery sold every second.”
Annual report 2025A · The company itself
Market
“OUR BUSINESS IMAN Legendary supermodel, entrepreneur and philanthropist Annual Report 2025 A STRONG BRAND WITH VAST GROWTH OPPORTUNITIES EQUITY STORY A STRONG BRAND IN AN ATTRACTIVE CATEGORY Pandora stands as the sole global brand in accessible luxury jewellery, owning the distinct position of “jewellery with a meaning” with consumers worldwide.”
Annual report 2025A · The company itself
Market
“Pandora’s ambition to become the most desirable accessible jewellery brand remains unchanged and is supported by significant long-term headroom for growth across categories, aesthetics and geographies. These opportunities build on the strength of the brand and the scalability of Pandora's operating model. The strategy continues to centre on attracting new consumers to the brand and positioning Pandora as the brand of choice for consumers seeking beautiful, handcrafted, precious-metal jewellery that carries personal meaning for the wearer, offered at accessible price points.”
Annual report 2025A · The company itself
Chains in: Consumer spending strengthens
Circular economy and recycling
Regulation
StrategyPositive impact: strengthens
“This year’s results reflect our continued focus on cornerstone commitments – 100% recycled silver and gold and 100% renewable electricity for own operations – alongside efforts to broaden renewable electricity with suppliers and partners and improve operational efficiency.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“A RESILIENT BUSINESS COMMITTED TO SUSTAINABILITY Sustainability is an integral part of our business, and we are progressing towards some of the most ambitious sustainability targets in the industry, spearheading the use of recycled silver and gold and lab-grown diamonds.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Our three strategic sustainability priorities – lowcarbon business, circular innovation and inclusive, diverse and fair culture – guided our 2025 performance and reinforced our commitment to responsible practices across the value chain. By 2024, we reached all short-term targets ahead of schedule: adopting 100% renewable electricity for our operations and switching to crafting all our jewellery with 100% recycled silver and gold.”
Annual report 2025A · The company itself
Chains in: EU climate and energy policy strengthens
Consumer preference shifts
End markets
DriverPositive impact: strengthens
“Its organic and fluid design aesthetics taps into a consumer preference for nature-inspired jewellery, a segment that comprises 17% of the global market. The collection’s minimalist elegance continues to attract new audiences.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“HIGHLIGHTS 2025 WINONA RYDER STARS IN NEW GLOBAL CAMPAIGN In 2025, Pandora launched the next chapter of our BE LOVE brand campaign, starring acclaimed actress Winona Ryder. Known for her authenticity and emotional depth, Winona brought a powerful presence to the campaign, which celebrates love in all its forms. The campaign featured our most iconic pieces from the Moments collection, PANDORA ESSENCE and Pandora Lab-Grown Diamonds and highlighted the emotional connection people have with their jewellery and the stories they tell.”
Annual report 2025A · The company itself
Chains out: this mixed effect Beer and beverages
Digitalisation
Technology
StrategyPositive impact: strengthens
“Pandora continues to invest in marketing to strengthen brand desirability, developing creative expressions that build on our storytelling heritage while supporting our longterm brand elevation. Locally, we are working to build stronger cultural relevance through collaborations with influencers, an area where we see further opportunity to deepen impact.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Furthermore, in 2025, Pandora implemented a significant transformation of its e-commerce platform through the launch of a new website. The website is now live across more than 30 markets, enhancing many aspects of the customer journey and how the brand is portrayed. As such, the new website is driving stronger engagement and delivering robust commercial performance.”
Annual report 2025A · The company itself
Chains in: Cybersecurity (products and services) strengthens, Public investment and infrastructure strengthens
Chains out: this strengthens IT consulting and public-sector IT
E-commerce
Technology
StrategyPositive impact: strengthens
“Furthermore, in 2025, Pandora implemented a significant transformation of its e-commerce platform through the launch of a new website. The website is now live across more than 30 markets, enhancing many aspects of the customer journey and how the brand is portrayed. As such, the new website is driving stronger engagement and delivering robust commercial performance.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“During 2025, the Pandora website was improved to elevate the brand and the experience for our consumers. The platform is now live in more than 30 markets, and has strengthened engagement through time spent on site, leading to a low singledigit uplift in revenue per customer.”
Annual report 2025A · The company itself
EU climate and energy policy
Regulation
StrategyPositive impact: strengthens
“In 2025, we reduced greenhouse gas emissions across our value chain by 5% compared to 2024. Since 2019, we have reduced emissions by 17% while growing revenue by 49%.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“We made progress across our three strategic sustainability priorities: low-carbon business, circular innovation and inclusive, diverse and fair culture. Since our baseline year 2019, we have reduced greenhouse gas emissions across our value chain by 17% while growing revenue by 49%, maintaining focus on halving emissions by 2030 and demonstrating a clear decoupling of business growth from emissions.”
Annual report 2025A · The company itself
Chains out: this strengthens Circular economy and recycling, strengthens Energy efficiency
Automation and robotics
Technology
StrategyPositive impact: strengthens
“This integration provides unrivalled scale and, together with our brand strength, drives our strong margin profile and high returns.”
Annual report 2025A · The company itself
Carbon tax and ETS prices
Regulation
StrategyPositive impact: strengthens
“Our three strategic sustainability priorities – lowcarbon business, circular innovation and inclusive, diverse and fair culture – guided our 2025 performance and reinforced our commitment to responsible practices across the value chain. By 2024, we reached all short-term targets ahead of schedule: adopting 100% renewable electricity for our operations and switching to crafting all our jewellery with 100% recycled silver and gold.”
Annual report 2025A · The company itself
Chains out: this weakens Shipping and logistics, strengthens Energy efficiency, weakens Cement and building materials
Labour regulation
Regulation
StrategyPositive impact: strengthens
“We are advancing towards our goal of achieving full gender parity in the Senior Leadership Team no later than 2030. Women in senior leadership roles increased from 35% in 2024 to 44% in 2025 – exceeding our short-term target of 33% by 2025.”
Annual report 2025A · The company itself
Retail
End markets
Market
“In 2025, we opened a net total of 23 concept stores and 33 Pandora-operated shop-in-shops, delivering an organic revenue growth of 4%.”
Annual report 2025A · The company itself
Chains in: Consumer spending strengthens
Tariffs and trade policy
Macro
DriverNegative impact: weakens
“Additional headwinds from US import tariffs and foreign exchange rates added complexity, but we responded with targeted mitigation measures.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“These external headwinds had an estimated 300bps drag on the EBIT margin.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“actual EBIT margin DKK billion 32.5 2025 actual revenue 23.9% 24.4% Like-for-like -3% to 0% 0.5% Network expansion 2025 EBIT margin, adjusted Temporary drag from forward integration Temporary drag from forward integration Network expansion 2% 0.3% Net operating leverage and other 2026 guidance Commodities 250-350bps of external headwinds Organic growth guidance -1% to +2% Forward integration <0.5% Tariffs* Foreign exchange 1.5% 0.2% Local currency growth -1% to +2% 0.5% Foreign exchange 1.9% Around 0% 1.5-2.5% 2026 guided revenue 2026 guided EBIT margin DKK billion 31.6-32.6 21-22% ORGANIC GROWTH AND EBIT MARGIN GUIDANCE - 1-2% OUTLOOK In 2026, we are targeting organic revenue growth of -1% to 2% and an EBIT margin in the 21-22% range.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Assumes a silver spot price of USD 82/oz, and that the current level of tariffs remains in place for the rest of 2026 (this includes the 19% on imports from Thailand, 20% for China and 18% for India).”
Annual report 2025A · The company itself
Chains in: Geopolitical uncertainty strengthens
Chains out: this weakens Global trade volumes
Currency exposure
Macro
DriverNegative impact: weakens
“Additional headwinds from US import tariffs and foreign exchange rates added complexity, but we responded with targeted mitigation measures.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“These external headwinds had an estimated 300bps drag on the EBIT margin.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Higher commodity prices, adverse foreign exchange movements and US import tariffs created a combined headwind of 220bps to gross margin and 300bps to EBIT margin.”
Annual report 2025A · The company itself
Inflation
Macro
DriverNegative impact: weakens
“Higher commodity prices, adverse foreign exchange movements and US import tariffs created a combined headwind of 220bps to gross margin and 300bps to EBIT margin.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Annual salary increases and cost inflation is a headwind to margins also.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“As an accessible luxury brand, a decline in consumer confidence and lower disposable income may adversely impact our revenue and profitability. • Ongoing review and adjustment of commercial tactics, including pricing adjustments and revenue diversification • Continuous monitoring of consumer behaviour and trends • Strict cost control; ongoing targeted cost reduction programme COMMODITY PRICES & FOREIGN EXCHANGE RATES There is a risk of sustained increased prices for silver and gold. Further, Pandora generates significant revenue and incurs costs in multiple foreign currencies, leading to currency exposure. Sustained higher commodity prices may have a negative impact on profitability.”
Annual report 2025A · The company itself
Chains out: this weakens Consumer spending, strengthens Interest rates
Business cycle and GDP growth
Macro
DriverNegative impact: weakens
“EMPLOYEES ON AVERAGE 32.5 BN DKK REVENUE 44% WOMEN IN SENIOR LEADERSHIP TEAM 6% ORGANIC GROWTH 100% RECYCLED SILVER AND GOLD 23.9% EBIT MARGIN 112 M PIECES * SOLD DELIVERING 6% ORGANIC GROWTH 9% EXECUTIVE SUMMARY Pandora witnessed a generally soft consumer backdrop, impacting instore traffic in some markets, and a highly volatile cost environment with the announcements of tariffs, foreign exchange movements and surging commodity prices.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“OUR REGIONS In 2025, Pandora delivered resilient performance in a persistently challenging global environment.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“The macroeconomic outlook for 2026 and the general consumer environment is associated with elevated uncertainty.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“As an accessible luxury brand, a decline in consumer confidence and lower disposable income may adversely impact our revenue and profitability. • Ongoing review and adjustment of commercial tactics, including pricing adjustments and revenue diversification • Continuous monitoring of consumer behaviour and trends • Strict cost control; ongoing targeted cost reduction programme COMMODITY PRICES & FOREIGN EXCHANGE RATES There is a risk of sustained increased prices for silver and gold.”
Annual report 2025A · The company itself
Chains out: this strengthens Global trade volumes, strengthens Construction
Labour and wages
Raw materials and inputs
InputNegative impact: weakens
“By the end of 2025, Pandora employed 42,281 people worldwide, an increase of 63% compared to five years ago.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Annual salary increases and cost inflation is a headwind to margins also.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“A CULTURE WITH HEART As the world’s largest jewellery brand, our global workforce comprised 42,281 employees at the end of 2025, representing 146 nationalities and covering career paths across crafting, distribution, retail and office functions.”
Annual report 2025A · The company itself
Geopolitical uncertainty
Macro
DriverNegative impact: weakens
“OUR REGIONS In 2025, Pandora delivered resilient performance in a persistently challenging global environment.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Disruption, physical damage and interruption may temporarily impact our revenue and profitability. • Continued loss prevention reviews and improvements • Business Impact Analysis • Business continuity planning • Crisis management training • Insurance for insurable events • Geographical diversification and expansion of crafting capacity • Dual sourcing when feasible • Optimised B2B and B2C distribution capacity CYBERATTACKS AND BREAKDOWN OF IT There is a risk of disruption to critical IT systems due to large-scale cyberattacks, cloud outages and cyber war.”
Annual report 2025A · The company itself
Chains out: this strengthens Defence budgets, strengthens Energy security, strengthens Tariffs and trade policy, weakens Global trade volumes, strengthens Sea freight and freight rates, weakens Reconstruction of Ukraine
Climate change and extreme weather
Macro
DriverNegative impact: weakens
“Disruption, physical damage and interruption may temporarily impact our revenue and profitability. • Continued loss prevention reviews and improvements • Business Impact Analysis • Business continuity planning • Crisis management training • Insurance for insurable events • Geographical diversification and expansion of crafting capacity • Dual sourcing when feasible • Optimised B2B and B2C distribution capacity CYBERATTACKS AND BREAKDOWN OF IT There is a risk of disruption to critical IT systems due to large-scale cyberattacks, cloud outages and cyber war.”
Annual report 2025A · The company itself
Chains out: this weakens Agriculture and food production
Cyber attacks and IT security risk
Macro
DriverNegative impact: weakens
“Such disruptions may significantly impact our operations and data security. A breach of data confidentiality or business interruption may temporarily affect our revenue and profitability.”
Annual report 2025A · The company itself
Chains out: this strengthens Cybersecurity (products and services)
Cybersecurity (products and services)
Technology
DriverNegative impact: weakens
“Such disruptions may significantly impact our operations and data security. A breach of data confidentiality or business interruption may temporarily affect our revenue and profitability.”
Annual report 2025A · The company itself
Chains in: Cyber attacks and IT security risk strengthens
Chains out: this strengthens Digitalisation
Asia and emerging markets
Geography
Geography
“Asia Pacific contributed with 1% like-for-like growth, supported by stable performance in Australia and strong growth in Japan.”
Annual report 2025A · The company itself
Geography
“Built to the highest standards of safety, wellbeing and sustainability, the facility will run on 100% renewable electricity. Once fully operational, it can employ up to 7,000 craftspeople and produce up to 60 million pieces of jewellery annually, boosting our global crafting capacity by around 50% and bringing innovation to the heart of our jewellery crafting.”
Annual report 2025A · The company itself
Geography
“Building reach remains a priority in lower-penetration markets – particularly North America and parts of Asia – while mature core markets will increasingly shift focus from reach to relevance and earned-media impact.”
Annual report 2025A · The company itself
Geography
“Consumer testing shows high acceptance, and an in-market pilot is starting imminently ahead of a broader Strengthening our focus in Asia Our new Asia cluster office in Singapore will drive growth across key markets like Greater China, Japan, South Korea and India.”
Annual report 2025A · The company itself
Geography
“In our most established markets – such as the UK, Italy and Australia – we anticipate steady like-for-like growth, maintaining our leading position while leveraging our vision to become the most desirable, accessible jewellery brand, to further expand market share in less penetrated categories. In markets where our presence is less developed – such as the US, Canada, Asia and smaller markets across our regions – we expect to grow our market share across segments and see potential for consistently higher like-for-like growth.”
Annual report 2025A · The company itself
Geography
“Pandora operates a fully integrated value chain, with crafting facilities based in Thailand and primary distribution centres located in Germany, Thailand, the UK (third-party operated) and the US.”
Annual report 2025A · The company itself
United States
Geography
Geography
“North America is our second-largest region by revenue, with a share of revenue of 36% in 2025. Our approach in North America has remained consistent, and our continued focus on elevating the brand has successfully generated traffic both in the stores and online. As such, the like-for-like growth was 6%, with organic growth at 10%.”
Annual report 2025A · The company itself
Geography
“FLAGSHIP STORE OPENS IN LAS VEGAS The grand opening of our second global flagship store took place on the iconic Las Vegas Strip. Las Vegas attracts over 40 million visitors yearly. The new store spans over 280 square metres and offers an immersive brand experience, including a charm bar inspired by casino card tables, a diamond salon and a craftsmanship studio, where visitors can watch live jewellery-making and engraving.”
Annual report 2025A · The company itself
Geography
“Building reach remains a priority in lower-penetration markets – particularly North America and parts of Asia – while mature core markets will increasingly shift focus from reach to relevance and earned-media impact.”
Annual report 2025A · The company itself
Geography
“In our most established markets – such as the UK, Italy and Australia – we anticipate steady like-for-like growth, maintaining our leading position while leveraging our vision to become the most desirable, accessible jewellery brand, to further expand market share in less penetrated categories. In markets where our presence is less developed – such as the US, Canada, Asia and smaller markets across our regions – we expect to grow our market share across segments and see potential for consistently higher like-for-like growth.”
Annual report 2025A · The company itself
Geography
“Pandora operates a fully integrated value chain, with crafting facilities based in Thailand and primary distribution centres located in Germany, Thailand, the UK (third-party operated) and the US.”
Annual report 2025A · The company itself
Chains in: USD vs DKK/EUR mixed effect
Europe
Geography
Geography
“The EMEA region delivered 0% like-for-like growth and 3% organic growth.”
Annual report 2025A · The company itself
Geography
“Consumer sentiment has generally remained low in Europe throughout 2025, which has been clear in the UK and Germany.”
Annual report 2025A · The company itself
Geography
“In our most established markets – such as the UK, Italy and Australia – we anticipate steady like-for-like growth, maintaining our leading position while leveraging our vision to become the most desirable, accessible jewellery brand, to further expand market share in less penetrated categories. In markets where our presence is less developed – such as the US, Canada, Asia and smaller markets across our regions – we expect to grow our market share across segments and see potential for consistently higher like-for-like growth.”
Annual report 2025A · The company itself
Geography
“Pandora operates a fully integrated value chain, with crafting facilities based in Thailand and primary distribution centres located in Germany, Thailand, the UK (third-party operated) and the US.”
Annual report 2025A · The company itself
Denmark
Geography
Geography
“This year delivered record-high revenue of DKK 32.5 billion, corresponding to organic growth of 6%.”
Annual report 2025A · The company itself
Latin America
Geography
Geography
“Latin America delivered -4% like-for-like growth, with a notable drag from Mexico as the largest market in the region.”
Annual report 2025A · The company itself
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 32.55 bn DKK |
| Revenue growth vs. the year before, same method | 2.7 % |
| EBITDA reported by the company | 10.37 bn DKK |
| Net debt debt incl. leasing minus cash | N/A |
| Diluted EPS per share | 67.9 DKK |
Source: annual report (ESEF) A. See the report
Criteria
| Profit | ✓ |
| Growing | ✓ |
| Healthy balance sheet | N/A |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.