A 
166.20
+0.48%
Close of 9 Nov 2026, in NOK
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At a glance
Figures in NOK, from our data supplier.
Revenue
NOK 37.38bn
FY2016FY2025
Net income
NOK 877.0m
FY2016FY2025
Free cash flow
NOK 772.0m
FY2016FY2025
Shareholders' equity
NOK 4.54bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 37.38bn | NOK 34.58bn | NOK 34.70bn | NOK 32.40bn | NOK 41.32bn | NOK 39.50bn | NOK 36.66bn | NOK 34.71bn | NOK 32.44bn | NOK 31.19bn |
| Gross profit | NOK 11.05bn | NOK 10.40bn | NOK 10.25bn | NOK 9.00bn | NOK 8.45bn | NOK 8.24bn | NOK 7.76bn | NOK 7.53bn | NOK 7.22bn | NOK 6.94bn |
| Operating income | NOK 1.38bn | NOK 1.17bn | NOK 1.24bn | NOK 1.20bn | NOK 1.14bn | NOK 854.0m | NOK 747.0m | NOK 690.0m | NOK 799.0m | NOK 677.0m |
| Net income | NOK 877.0m | NOK 775.0m | NOK 800.0m | NOK 848.0m | NOK 760.0m | NOK 590.0m | NOK 530.0m | NOK 467.0m | NOK 543.0m | NOK 512.0m |
| Diluted earnings per share | 7.76 | 6.86 | 7.10 | 7.56 | 6.84 | 5.39 | 4.84 | 4.26 | 4.96 | 4.67 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | NOK 21.34bn | NOK 21.11bn | NOK 18.64bn | NOK 17.86bn | NOK 16.05bn | NOK 16.58bn | NOK 14.96bn | NOK 14.78bn | NOK 14.91bn | NOK 13.46bn |
| Cash and short-term investments | NOK 1.59bn | NOK 2.00bn | NOK 1.59bn | NOK 926.0m | NOK 1.36bn | NOK 1.61bn | NOK 1.77bn | NOK 610.0m | NOK 1.13bn | NOK 883.0m |
| Total liabilities | NOK 16.80bn | NOK 16.69bn | NOK 14.44bn | NOK 14.13bn | NOK 12.52bn | NOK 13.20bn | NOK 11.88bn | NOK 11.54bn | NOK 11.54bn | NOK 10.26bn |
| Debt | NOK 2.19bn | NOK 2.20bn | NOK 2.10bn | NOK 2.00bn | NOK 1.88bn | NOK 2.04bn | NOK 2.34bn | NOK 781.0m | NOK 1.02bn | NOK 1.23bn |
| Shareholders' equity | NOK 4.54bn | NOK 4.42bn | NOK 4.20bn | NOK 3.73bn | NOK 3.53bn | NOK 3.38bn | NOK 3.08bn | NOK 3.24bn | NOK 3.37bn | NOK 3.20bn |
| Shares outstanding | 113m | 113m | 113m | 112m | 111m | 110m | 110m | 110m | 110m | 110m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | NOK 1.20bn | NOK 2.03bn | NOK 1.88bn | NOK 1.03bn | NOK 1.10bn | NOK 1.39bn | NOK 1.90bn | NOK 946.0m | NOK 1.24bn | NOK 1.40bn |
| Capital spending | −NOK 432.0m | −NOK 426.0m | −NOK 322.0m | −NOK 397.0m | −NOK 328.0m | −NOK 330.0m | −NOK 325.0m | −NOK 307.0m | −NOK 230.0m | −NOK 282.0m |
| Free cash flow | NOK 772.0m | NOK 1.60bn | NOK 1.56bn | NOK 633.0m | NOK 768.0m | NOK 1.06bn | NOK 1.57bn | NOK 639.0m | NOK 1.01bn | NOK 1.12bn |
| Dividends paid | −NOK 780.0m | −NOK 782.0m | −NOK 693.0m | −NOK 612.0m | −NOK 555.0m | −NOK 550.0m | −NOK 710.0m | −NOK 700.0m | −NOK 692.0m | −NOK 682.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 10.42bn | NOK 9.65bn | NOK 11.25bn | NOK 8.43bn | NOK 9.14bn | NOK 8.55bn | NOK 10.61bn | NOK 7.98bn |
| Gross profit | NOK 2.87bn | NOK 2.84bn | NOK 3.09bn | NOK 561.0m | NOK 2.78bn | NOK 2.68bn | NOK 2.84bn | NOK 510.0m |
| Operating income | NOK 320.0m | NOK 324.0m | NOK 480.0m | NOK 348.0m | NOK 268.0m | NOK 281.0m | NOK 366.0m | NOK 307.0m |
| Net income | NOK 218.0m | NOK 389.0m | NOK 333.0m | NOK 226.0m | NOK 157.0m | NOK 162.0m | NOK 253.0m | NOK 192.0m |
| Diluted earnings per share | 1.96 | 3.49 | 2.95 | 2.00 | 1.39 | 1.43 | 2.24 | 1.70 |
| Cash from operations | −NOK 727.0m | −NOK 447.0m | NOK 1.20bn | NOK 220.0m | −NOK 111.0m | −NOK 881.0m | NOK 2.15bn | NOK 112.0m |
| Capital spending | −NOK 128.0m | −NOK 110.0m | −NOK 432.0m | −NOK 93.0m | −NOK 108.0m | −NOK 103.0m | −NOK 144.0m | −NOK 89.0m |
| Free cash flow | −NOK 855.0m | −NOK 557.0m | NOK 772.0m | NOK 127.0m | −NOK 219.0m | −NOK 984.0m | NOK 2.01bn | NOK 23.0m |
| Total assets | NOK 22.01bn | NOK 18.44bn | NOK 21.34bn | NOK 17.01bn | NOK 20.70bn | NOK 17.08bn | NOK 21.11bn | NOK 16.16bn |
| Cash and short-term investments | — | — | NOK 1.59bn | NOK 907.0m | NOK 1.07bn | NOK 879.0m | NOK 2.00bn | NOK 1.03bn |
| Debt | NOK 588.0m | NOK 588.0m | NOK 1.71bn | NOK 2.97bn | NOK 3.20bn | NOK 2.24bn | NOK 2.20bn | NOK 1.55bn |
| Shareholders' equity | NOK 4.00bn | NOK 4.58bn | NOK 4.54bn | NOK 4.15bn | NOK 4.00bn | NOK 4.46bn | NOK 4.42bn | NOK 4.15bn |
Financial ratios
Data as of 30 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2008 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 29.6% | 30.1% | 29.5% | 27.8% | 20.4% | 20.9% | — |
| Operating margin | 3.7% | 3.4% | 3.6% | 3.7% | 2.7% | 2.2% | — |
| Net margin | 2.3% | 2.2% | 2.3% | 2.6% | 1.8% | 1.5% | — |
| Return on equity | 19.3% | 17.5% | 19.1% | 22.7% | 21.5% | 17.4% | — |
| Return on assets | 4.1% | 3.7% | 4.3% | 4.7% | 4.7% | 3.6% | — |
| Free cash flow yield | 8.7% | 13.1% | 11.8% | 7.7% | 7.7% | 9.4% | — |
| Revenue growth | 8.1% | -0.3% | 7.1% | -21.6% | 4.6% | 7.8% | — |
| Earnings growth | 13.2% | -3.1% | -5.7% | 11.6% | 28.8% | 11.3% | — |
| Current ratio | 0.94x | 0.94x | 0.93x | 0.87x | 0.91x | 0.87x | — |
| Debt to equity | 0.13x | 0.24x | 0.24x | 0.25x | 0.24x | 0.27x | — |
| Equity ratio | 21.3% | 21.0% | 22.5% | 20.9% | 22.0% | 20.4% | — |
| Interest coverage | 7.57x | 5.47x | 5.48x | 7.92x | 10.81x | 8.29x | — |
| R&D as a share of sales | — | — | — | — | — | — | 0.0% |
| Buybacks as a share of market value | -0.0% | -0.3% | -0.3% | -1.0% | -1.4% | 0.0% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 4.9% | -1.1% | 3.0% |
| Operating income | 4.8% | 10.0% | 10.4% |
| Net income | 1.1% | 8.3% | 8.4% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 29.8% | 29.3% | 26.1% | 24.4% |
| Operating margin | 3.5% | 3.6% | 3.2% | 2.7% |
| Net margin | 2.3% | 2.4% | 2.1% | 1.9% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 20.3 | 20.6 | 18.2 | 15.1 | 24.0 | 22.5 | 26.6 | 26.0 | 23.3 | 17.0 |
| Price to sales | 0.5 | 0.5 | 0.4 | 0.4 | 0.4 | 0.3 | 0.4 | 0.3 | 0.4 | 0.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 17 years. Last went ex-dividend on 20 May 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 3.75 | 7.00 | 10.50 | 6.25 | 5.50 | 5.00 | 5.00 | 6.50 |
- 10-to-1 reverse split · 1 Jun 2006
- 5-for-1 split · 30 Apr 1998
- 3-for-2 split · 24 Mar 1994
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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