A 
189.00
+0.80%
Close of 9 Nov 2026, in NOK
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At a glance
Figures in NOK, from our data supplier.
Revenue
NOK 3.70bn
FY2016FY2025
Net income
−NOK 56.0m
FY2016FY2025
Free cash flow
−NOK 56.0m
FY2016FY2025
Shareholders' equity
NOK 4.89bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 3.70bn | NOK 4.32bn | NOK 3.88bn | NOK 4.57bn | NOK 4.20bn | NOK 3.62bn | NOK 4.76bn | NOK 4.87bn | NOK 4.38bn | NOK 6.42bn |
| Research and development | — | NOK 12.1m | NOK 1.5m | — | NOK 257,000 | NOK 3.1m | — | — | NOK 122.5m | NOK 140.6m |
| Operating income | NOK 32.0m | NOK 394.0m | NOK 483.4m | NOK 428.7m | NOK 450.2m | NOK 200.5m | NOK 237.6m | NOK 322.6m | NOK 261.1m | NOK 638.6m |
| Net income | −NOK 56.0m | NOK 2.24bn | NOK 32.6m | NOK 5.7m | NOK 106.7m | NOK 64.9m | NOK 44.8m | NOK 112.4m | NOK 2.41bn | NOK 384.1m |
| Diluted earnings per share | -1.02 | 40.70 | 0.59 | 0.10 | 1.15 | 1.46 | 1.01 | 2.53 | 54.44 | 8.66 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | NOK 8.34bn | NOK 8.85bn | NOK 9.06bn | NOK 7.84bn | NOK 6.84bn | NOK 6.99bn | NOK 6.15bn | NOK 5.89bn | NOK 8.54bn | NOK 7.77bn |
| Cash and short-term investments | NOK 1.54bn | NOK 1.80bn | NOK 1.91bn | NOK 2.35bn | NOK 2.72bn | NOK 2.50bn | NOK 2.08bn | NOK 1.89bn | NOK 4.46bn | NOK 2.89bn |
| Total liabilities | NOK 3.16bn | NOK 3.43bn | NOK 6.06bn | NOK 4.72bn | NOK 2.93bn | NOK 3.13bn | NOK 2.83bn | NOK 2.72bn | NOK 4.15bn | NOK 4.59bn |
| Debt | NOK 1.44bn | NOK 1.84bn | NOK 2.94bn | NOK 1.39bn | NOK 1.11bn | NOK 1.28bn | NOK 1.17bn | NOK 972.9m | NOK 2.27bn | NOK 2.37bn |
| Shareholders' equity | NOK 4.89bn | NOK 5.48bn | NOK 3.00bn | NOK 3.12bn | NOK 3.36bn | NOK 3.55bn | NOK 3.18bn | NOK 3.00bn | NOK 4.22bn | NOK 2.68bn |
| Shares outstanding | 55m | 55m | 55m | 57m | 93m | 44m | 44m | 44m | 44m | 44m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | NOK 278.0m | NOK 743.5m | −NOK 9.9m | NOK 466.0m | NOK 857.3m | NOK 222.1m | NOK 473.0m | NOK 250.5m | NOK 402.0m | NOK 613.5m |
| Capital spending | −NOK 334.0m | −NOK 477.0m | −NOK 553.5m | −NOK 359.0m | −NOK 252.9m | −NOK 207.3m | −NOK 178.4m | −NOK 236.1m | −NOK 205.3m | −NOK 297.6m |
| Free cash flow | −NOK 56.0m | NOK 266.5m | −NOK 563.4m | NOK 107.0m | NOK 604.4m | NOK 14.8m | NOK 294.6m | NOK 14.4m | NOK 196.7m | NOK 315.8m |
| Dividends paid | −NOK 135.0m | −NOK 250.3m | −NOK 245.5m | −NOK 231.0m | −NOK 1.80bn | −NOK 234.0m | −NOK 144.8m | −NOK 12.4m | −NOK 1.25bn | −NOK 266.7m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 876.0m | NOK 921.0m | NOK 995.0m | NOK 853.0m | NOK 891.0m | NOK 965.0m | NOK 1.14bn | NOK 911.0m |
| Operating income | NOK 147.0m | NOK 150.0m | −NOK 107.0m | — | NOK 32.0m | NOK 75.0m | NOK 153.8m | NOK 52.0m |
| Net income | −NOK 14.0m | NOK 30.0m | −NOK 252.0m | NOK 734.0m | NOK 46.0m | NOK 8.0m | NOK 2.67bn | NOK 1.0m |
| Diluted earnings per share | -0.25 | 0.55 | -4.59 | 13.35 | 0.84 | 0.15 | 48.68 | 0.02 |
| Cash from operations | NOK 80.0m | NOK 195.0m | NOK 278.0m | NOK 134.0m | NOK 57.0m | NOK 89.0m | NOK 743.0m | NOK 158.0m |
| Capital spending | −NOK 29.0m | −NOK 46.0m | −NOK 334.0m | −NOK 232.0m | −NOK 158.0m | −NOK 59.0m | −NOK 477.0m | −NOK 171.0m |
| Free cash flow | NOK 51.0m | NOK 149.0m | −NOK 56.0m | −NOK 98.0m | −NOK 101.0m | NOK 30.0m | NOK 266.0m | −NOK 13.0m |
| Total assets | NOK 7.99bn | NOK 8.20bn | NOK 8.34bn | NOK 9.14bn | NOK 8.52bn | NOK 8.56bn | NOK 8.85bn | NOK 7.47bn |
| Cash and short-term investments | — | — | NOK 1.54bn | NOK 1.60bn | NOK 1.61bn | NOK 1.71bn | NOK 1.83bn | NOK 967.0m |
| Debt | NOK 860.0m | NOK 857.0m | NOK 1.44bn | NOK 1.62bn | NOK 1.67bn | NOK 1.65bn | NOK 1.67bn | NOK 1.98bn |
| Shareholders' equity | NOK 4.63bn | NOK 4.82bn | NOK 4.89bn | NOK 5.74bn | NOK 5.03bn | NOK 5.08bn | NOK 5.14bn | NOK 2.46bn |
Financial ratios
Data as of 6 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating margin | 7.7% | 8.0% | 11.2% | 9.7% | 9.4% | 4.9% | — | — | — | — |
| Net margin | -1.5% | 51.8% | 0.8% | 0.1% | 2.5% | 1.8% | — | — | — | — |
| Return on equity | -1.1% | 40.8% | 1.1% | 0.2% | 3.2% | 1.8% | — | — | — | — |
| Return on assets | -0.7% | 25.3% | 0.4% | 0.1% | 1.6% | 0.9% | — | — | — | — |
| Free cash flow yield | — | — | — | 8.0% | 6.6% | 5.3% | 8.1% | 6.0% | 7.5% | — |
| Revenue growth | -14.2% | 11.2% | -15.0% | 8.9% | 16.0% | -24.0% | — | — | — | — |
| Earnings growth | -102.5% | 6761.0% | 467.4% | -94.6% | 64.4% | 44.9% | — | — | — | — |
| Current ratio | 1.72x | 2.06x | 1.75x | 1.60x | 2.39x | 2.02x | — | — | — | — |
| Debt to equity | 0.26x | 0.26x | 0.80x | 0.31x | 0.32x | 0.35x | — | — | — | — |
| Equity ratio | 58.6% | 62.0% | 33.1% | 39.8% | 49.2% | 50.8% | — | — | — | — |
| Interest coverage | 1.75x | 126.68x | 5.25x | 9.20x | 7.39x | 2.44x | — | — | — | — |
| R&D as a share of sales | — | 0.3% | 0.0% | — | 0.0% | 0.1% | — | — | 2.8% | 2.2% |
| Buybacks as a share of market value | — | — | — | 38.8% | -109.8% | 0.0% | 0.0% | 0.0% | 0.0% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -6.8% | 0.5% | -4.7% |
| Operating income | -57.9% | -30.7% | -22.6% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 5.3% | 8.1% | 8.2% | 7.6% |
| Net margin | 27.2% | 13.5% | 9.8% | 11.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -132.5 | 3.5 | 277.4 | — | 384.5 | 122.8 | 101.7 | 48.7 | 1.8 | 11.0 |
| Price to sales | 2.0 | 1.8 | 2.3 | 3.1 | 9.8 | 2.2 | 1.0 | 1.1 | 1.0 | 0.7 |
Dividends and splits
Per share, in the currency the company pays
Paid for 7 years. Last went ex-dividend on 13 May 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 3.00 | 2.00 | 4.00 | 3.95 | 3.75 | 3.138 | 3.44 | 2.24 |
- 25-for-1 split · 20 Nov 2020
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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