A 
159.00
+0.63%
Close of 9 Nov 2026, in NOK
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At a glance
Figures in NOK, from our data supplier.
Revenue
NOK 4.40bn
FY2016FY2025
Net income
NOK 180.4m
FY2016FY2025
Free cash flow
NOK 367.9m
FY2016FY2025
Shareholders' equity
NOK 1.37bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 4.40bn | NOK 3.52bn | NOK 3.41bn | NOK 3.32bn | NOK 3.11bn | NOK 3.16bn | NOK 3.00bn | NOK 2.52bn | NOK 2.03bn | NOK 1.60bn |
| Gross profit | NOK 1.88bn | NOK 1.58bn | NOK 1.42bn | NOK 1.21bn | NOK 1.24bn | NOK 1.25bn | NOK 1.13bn | NOK 1.00bn | NOK 831.6m | NOK 682.5m |
| Research and development | — | — | — | — | — | — | — | — | NOK 59.0m | NOK 38.4m |
| Operating income | NOK 279.7m | NOK 250.3m | NOK 67.6m | −NOK 56.5m | NOK 59.6m | NOK 129.8m | NOK 62.3m | NOK 67.2m | NOK 97.0m | NOK 67.3m |
| Net income | NOK 180.4m | NOK 130.2m | −NOK 17.8m | −NOK 131.2m | NOK 11.5m | NOK 90.7m | NOK 14.6m | NOK 89.7m | NOK 99.7m | NOK 27.5m |
| Diluted earnings per share | 4.96 | 3.58 | -0.49 | -3.61 | 0.35 | 2.73 | 0.44 | 2.71 | 3.01 | 0.83 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | NOK 4.22bn | NOK 4.12bn | NOK 3.68bn | NOK 3.58bn | NOK 3.45bn | NOK 3.23bn | NOK 3.03bn | NOK 2.70bn | NOK 1.66bn | NOK 1.38bn |
| Cash and short-term investments | NOK 285.4m | NOK 160.9m | NOK 219.4m | NOK 278.0m | NOK 303.4m | NOK 220.6m | NOK 130.2m | NOK 112.1m | NOK 87.5m | NOK 165.5m |
| Total liabilities | NOK 2.84bn | NOK 2.81bn | NOK 2.53bn | NOK 2.44bn | NOK 2.15bn | NOK 2.18bn | NOK 2.04bn | NOK 1.64bn | NOK 1.16bn | NOK 941.0m |
| Debt | NOK 1.35bn | NOK 1.60bn | NOK 1.40bn | NOK 1.27bn | NOK 1.23bn | NOK 1.31bn | NOK 1.22bn | NOK 761.4m | NOK 473.0m | NOK 377.9m |
| Shareholders' equity | NOK 1.37bn | NOK 1.30bn | NOK 1.14bn | NOK 1.14bn | NOK 1.30bn | NOK 1.04bn | NOK 990.5m | NOK 1.06bn | NOK 499.9m | NOK 434.6m |
| Shares outstanding | 36m | 36m | 36m | 36m | 33m | 33m | 33m | 33m | 33m | 33m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | NOK 543.9m | NOK 152.1m | NOK 80.6m | NOK 218.2m | NOK 60.8m | NOK 305.0m | NOK 210.8m | NOK 153.9m | NOK 87.4m | NOK 211.6m |
| Capital spending | −NOK 176.1m | −NOK 189.2m | −NOK 183.7m | −NOK 167.9m | −NOK 80.3m | −NOK 103.2m | −NOK 141.9m | −NOK 99.1m | −NOK 104.4m | −NOK 89.3m |
| Free cash flow | NOK 367.9m | −NOK 37.1m | −NOK 103.1m | NOK 50.3m | −NOK 19.6m | NOK 201.8m | NOK 68.9m | NOK 54.9m | −NOK 17.0m | NOK 122.3m |
| Dividends paid | −NOK 72.7m | — | — | −NOK 36.4m | −NOK 33.0m | −NOK 35.0m | −NOK 58.1m | −NOK 44.3m | −NOK 32.3m | −NOK 19.4m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 1.19bn | NOK 1.14bn | NOK 1.11bn | NOK 1.11bn | NOK 1.17bn | NOK 1.01bn | NOK 792.0m | NOK 1.01bn |
| Gross profit | NOK 557.5m | NOK 531.1m | NOK 460.5m | NOK 454.8m | NOK 517.7m | NOK 447.8m | NOK 397.1m | NOK 488.3m |
| Operating income | NOK 111.5m | NOK 90.6m | NOK 44.1m | NOK 89.1m | NOK 89.4m | NOK 57.0m | NOK 22.8m | NOK 149.9m |
| Net income | NOK 67.6m | NOK 55.8m | NOK 26.9m | NOK 63.4m | NOK 47.8m | NOK 42.3m | NOK 10.3m | NOK 88.6m |
| Diluted earnings per share | 1.86 | 1.53 | 0.74 | 1.74 | 1.32 | 1.16 | 0.28 | 2.44 |
| Cash from operations | NOK 68.0m | NOK 42.0m | NOK 543.0m | NOK 279.0m | NOK 102.0m | NOK 81.0m | NOK 152.0m | NOK 178.0m |
| Capital spending | −NOK 55.0m | −NOK 45.0m | −NOK 176.0m | −NOK 117.0m | −NOK 34.0m | −NOK 38.0m | −NOK 189.0m | −NOK 128.0m |
| Free cash flow | NOK 13.0m | −NOK 3.0m | NOK 367.0m | NOK 162.0m | NOK 68.0m | NOK 43.0m | −NOK 37.0m | NOK 50.0m |
| Total assets | NOK 4.27bn | NOK 4.32bn | NOK 4.22bn | NOK 4.24bn | NOK 4.22bn | NOK 4.15bn | NOK 4.05bn | NOK 4.02bn |
| Cash and short-term investments | — | — | NOK 285.4m | NOK 211.0m | NOK 254.6m | NOK 194.9m | NOK 161.2m | NOK 168.6m |
| Debt | NOK 972.9m | NOK 962.6m | NOK 1.35bn | NOK 1.28bn | NOK 1.28bn | NOK 1.31bn | NOK 1.40bn | NOK 1.35bn |
| Shareholders' equity | NOK 1.43bn | NOK 1.38bn | NOK 1.37bn | NOK 1.37bn | NOK 1.32bn | NOK 1.31bn | NOK 1.31bn | NOK 1.29bn |
Financial ratios
Data as of 22 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | FY2013 | FY2012 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 42.7% | 45.0% | 41.5% | 43.0% | 39.8% | 39.6% | — | — | — | — | — | — | — | — |
| Operating margin | 6.9% | 7.1% | 2.0% | -1.6% | 1.4% | 5.3% | — | — | — | — | — | — | — | — |
| Net margin | 4.1% | 3.7% | -0.5% | -4.0% | 0.4% | 2.9% | — | — | — | — | — | — | — | — |
| Return on equity | 13.1% | 10.0% | -1.6% | -11.5% | 0.9% | 8.7% | — | — | — | — | — | — | — | — |
| Return on assets | 4.3% | 3.2% | -0.5% | -3.7% | 0.3% | 2.8% | — | — | — | — | — | — | — | — |
| Free cash flow yield | — | — | — | 6.7% | 2.7% | 7.8% | 6.7% | 4.8% | 3.7% | — | — | — | — | — |
| Revenue growth | 25.2% | 3.0% | 2.9% | 6.7% | -1.5% | 5.5% | — | — | — | — | — | — | — | — |
| Earnings growth | 38.6% | -829.8% | -86.4% | -1243.3% | -87.3% | 519.6% | — | — | — | — | — | — | — | — |
| Current ratio | 1.25x | 1.28x | 1.25x | 1.25x | 1.23x | 1.44x | — | — | — | — | — | — | — | — |
| Debt to equity | 0.81x | 0.80x | 0.78x | 0.61x | 0.64x | 0.81x | — | — | — | — | — | — | — | — |
| Equity ratio | 32.6% | 31.5% | 31.0% | 32.0% | 37.6% | 32.3% | — | — | — | — | — | — | — | — |
| Interest coverage | 3.39x | 33.65x | 6.59x | -7.62x | 1.06x | 3.64x | — | — | — | — | — | — | — | — |
| R&D as a share of sales | — | — | — | — | — | — | — | — | 2.9% | 2.4% | 2.1% | 1.6% | 2.1% | 2.3% |
| Buybacks as a share of market value | — | — | — | -10.2% | 0.5% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 9.9% | 6.9% | 12.0% |
| Operating income | — | 16.6% | 12.9% |
| Net income | — | 14.7% | 12.2% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 43.7% | 41.6% | 41.0% | 40.7% |
| Operating margin | 6.7% | 3.7% | 3.5% | 3.5% |
| Net margin | 3.9% | 1.1% | 1.3% | 1.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 17.9 | 19.0 | -118.5 | -15.8 | 253.5 | 38.4 | 167.7 | 25.1 | 23.1 | 101.3 |
| Price to sales | 0.7 | 0.7 | 0.6 | 0.6 | 0.9 | 1.1 | 0.8 | 0.9 | 1.1 | 1.8 |
Dividends and splits
Per share, in the currency the company pays
Paid for 1 years. Last went ex-dividend on 28 Oct 2025.
| FY2025 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 2.00 | 1.00 | 1.00 | 1.00 | 1.75 | 1.50 | 1.25 | 0.75 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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