A 
36.56
+1.56%
Close of 9 Nov 2026, in NOK
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At a glance
Figures in NOK, from our data supplier.
Revenue
NOK 62.20bn
FY2016FY2025
Net income
NOK 2.55bn
FY2016FY2025
Free cash flow
NOK 2.12bn
FY2016FY2025
Shareholders' equity
NOK 11.39bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 62.20bn | NOK 52.41bn | NOK 35.88bn | NOK 27.30bn | NOK 29.20bn | NOK 28.43bn | NOK 37.92bn | NOK 25.23bn | NOK 22.46bn | NOK 25.56bn |
| Research and development | — | NOK 88.0m | NOK 59.0m | NOK 21.0m | NOK 51.0m | NOK 307.0m | — | NOK 300.0m | NOK 324.0m | NOK 125.0m |
| Operating income | NOK 2.58bn | NOK 2.62bn | NOK 146.0m | NOK 647.0m | NOK 693.0m | −NOK 776.0m | NOK 988.0m | NOK 1.05bn | NOK 571.0m | NOK 687.0m |
| Net income | NOK 2.55bn | NOK 2.66bn | NOK 11.64bn | NOK 1.18bn | NOK 254.0m | −NOK 1.54bn | NOK 242.0m | NOK 511.0m | NOK 221.0m | NOK 57.0m |
| Diluted earnings per share | 5.29 | 5.51 | 23.81 | 2.42 | 0.52 | -3.13 | 0.89 | 1.88 | 0.81 | 0.21 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | NOK 38.35bn | NOK 36.20bn | NOK 41.25bn | NOK 33.09bn | NOK 28.87bn | NOK 26.83bn | NOK 33.00bn | NOK 20.96bn | NOK 19.74bn | NOK 21.51bn |
| Cash and short-term investments | — | NOK 5.06bn | NOK 11.72bn | NOK 6.17bn | NOK 4.56bn | NOK 3.17bn | NOK 4.48bn | NOK 2.47bn | NOK 1.98bn | NOK 2.48bn |
| Total liabilities | NOK 27.11bn | NOK 25.08bn | NOK 22.30bn | NOK 23.85bn | NOK 21.01bn | NOK 18.92bn | NOK 22.38bn | NOK 13.36bn | NOK 12.69bn | NOK 15.10bn |
| Debt | — | NOK 3.35bn | NOK 3.54bn | NOK 5.43bn | NOK 7.11bn | NOK 7.83bn | NOK 9.03bn | NOK 2.91bn | NOK 3.12bn | NOK 3.95bn |
| Shareholders' equity | NOK 11.39bn | NOK 11.27bn | NOK 19.08bn | NOK 9.24bn | NOK 7.83bn | NOK 7.87bn | NOK 10.53bn | NOK 7.50bn | NOK 6.98bn | NOK 6.28bn |
| Shares outstanding | 482m | 482m | 489m | 487m | 489m | 492m | 272m | 272m | 272m | 271m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | NOK 2.61bn | NOK 3.11bn | NOK 6.22bn | NOK 4.52bn | NOK 2.80bn | NOK 901.0m | NOK 360.0m | NOK 921.0m | NOK 587.0m | NOK 312.0m |
| Capital spending | −NOK 498.0m | −NOK 1.45bn | −NOK 2.22bn | −NOK 620.0m | −NOK 362.0m | −NOK 628.0m | −NOK 901.0m | −NOK 505.0m | −NOK 360.0m | −NOK 626.0m |
| Free cash flow | NOK 2.12bn | NOK 1.66bn | NOK 4.00bn | NOK 3.90bn | NOK 2.44bn | NOK 273.0m | −NOK 541.0m | NOK 416.0m | NOK 227.0m | −NOK 314.0m |
| Dividends paid | −NOK 1.59bn | −NOK 11.02bn | −NOK 489.0m | −NOK 97.0m | −NOK 3.0m | −NOK 19.0m | −NOK 268.0m | −NOK 268.0m | −NOK 27.0m | −NOK 34.0m |
Latest quarters
By quarter end
| Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | Jun 2024 | Mar 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 16.59bn | NOK 16.69bn | NOK 14.89bn | NOK 14.20bn | NOK 15.54bn | NOK 12.94bn | NOK 12.57bn | NOK 11.27bn |
| Operating income | NOK 632.0m | NOK 829.0m | NOK 1.75bn | NOK 1.02bn | NOK 685.0m | NOK 654.0m | NOK 1.64bn | NOK 493.0m |
| Net income | NOK 699.0m | NOK 872.0m | NOK 311.0m | NOK 664.0m | NOK 661.0m | NOK 570.0m | NOK 534.0m | NOK 890.0m |
| Diluted earnings per share | 1.45 | 1.81 | 0.65 | 1.38 | 1.37 | 1.18 | 1.11 | 1.85 |
| Cash from operations | NOK 947.0m | NOK 618.0m | NOK 401.0m | NOK 839.0m | NOK 1.18bn | −NOK 319.0m | NOK 1.42bn | NOK 1.09bn |
| Capital spending | −NOK 175.0m | −NOK 84.0m | −NOK 127.0m | −NOK 85.0m | −NOK 196.0m | −NOK 241.0m | −NOK 400.0m | −NOK 583.0m |
| Free cash flow | NOK 772.0m | NOK 534.0m | NOK 274.0m | NOK 754.0m | NOK 988.0m | −NOK 560.0m | NOK 1.02bn | NOK 506.0m |
| Total assets | NOK 38.35bn | NOK 36.14bn | NOK 35.35bn | NOK 36.80bn | NOK 36.20bn | NOK 45.29bn | NOK 43.09bn | NOK 43.35bn |
| Cash and short-term investments | — | NOK 4.23bn | NOK 3.81bn | NOK 5.65bn | NOK 5.06bn | NOK 13.99bn | NOK 13.57bn | NOK 12.40bn |
| Debt | — | NOK 571.0m | NOK 1.25bn | NOK 1.26bn | NOK 1.42bn | NOK 1.42bn | NOK 1.30bn | NOK 1.23bn |
| Shareholders' equity | NOK 11.39bn | NOK 10.54bn | NOK 9.68bn | NOK 11.29bn | NOK 11.27bn | NOK 20.07bn | NOK 19.38bn | NOK 20.18bn |
Financial ratios
Data as of 28 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Operating margin | 5.2% | 5.0% | 0.4% | 2.4% | 2.4% | -2.7% | — | — |
| Net margin | 4.1% | 5.1% | 32.4% | 4.3% | 0.9% | -5.4% | — | — |
| Return on equity | 22.4% | 23.6% | 61.0% | 12.8% | 3.2% | -19.6% | — | — |
| Return on assets | 6.6% | 7.3% | 28.2% | 3.6% | 0.9% | -5.7% | — | — |
| Free cash flow yield | 15.2% | 22.3% | 40.7% | 24.9% | 15.3% | 7.3% | — | — |
| Revenue growth | 18.7% | 46.1% | 31.4% | -6.5% | 2.7% | -25.0% | — | — |
| Earnings growth | -4.1% | -77.2% | 887.0% | 364.2% | -116.5% | -736.4% | — | — |
| Current ratio | 0.94x | 0.85x | 1.32x | 1.09x | 1.05x | 1.21x | — | — |
| Debt to equity | — | 0.13x | 0.06x | 0.19x | 0.39x | 0.43x | 0.39x | — |
| Equity ratio | 29.7% | 31.1% | 46.3% | 27.9% | 27.1% | 29.3% | — | — |
| Interest coverage | 12.86x | 9.92x | 0.63x | 2.14x | 1.55x | -1.45x | — | — |
| R&D as a share of sales | — | 0.2% | 0.2% | 0.1% | 0.2% | 1.1% | — | 1.2% |
| Buybacks as a share of market value | 0.0% | 1.4% | -0.4% | 0.3% | 0.7% | -80.9% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 31.6% | 16.9% | 6.9% |
| Operating income | 58.5% | — | 10.4% |
| Net income | 29.3% | — | 20.6% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 4.5% | 3.4% | 2.5% | 2.7% |
| Net margin | 4.5% | 10.1% | 7.1% | 4.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 5.8 | 5.6 | 1.0 | 9.1 | 26.6 | -3.1 | 12.0 | 9.1 | 24.5 | 84.9 |
| Price to sales | 0.2 | 0.3 | 0.3 | 0.4 | 0.2 | 0.2 | 0.1 | 0.2 | 0.2 | 0.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 4 years. Last went ex-dividend on 17 Apr 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2015 | |
|---|---|---|---|---|---|---|
| Paid in the year | 3.60 | 3.30 | 2.21 | 1.00 | 0.20 | 1.45 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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