82.90
+0.73%
Close of 9 Nov 2026, in NOK
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At a glance
Figures in NOK, from our data supplier.
Revenue
NOK 39.32bn
FY2016FY2025
Net income
NOK 449.0m
FY2016FY2025
Free cash flow
NOK 2.59bn
FY2016FY2025
Shareholders' equity
NOK 16.01bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 39.32bn | NOK 35.38bn | NOK 33.73bn | NOK 31.17bn | NOK 26.57bn | NOK 22.43bn | NOK 23.31bn | NOK 22.63bn | NOK 20.80bn | NOK 18.91bn |
| Gross profit | NOK 17.22bn | NOK 17.19bn | NOK 15.07bn | NOK 16.06bn | NOK 13.58bn | NOK 8.40bn | NOK 10.44bn | NOK 12.13bn | NOK 8.48bn | NOK 9.93bn |
| Operating income | NOK 1.49bn | NOK 5.67bn | NOK 3.15bn | NOK 5.86bn | NOK 4.64bn | NOK 1.21bn | NOK 3.12bn | NOK 5.36bn | NOK 2.80bn | NOK 4.72bn |
| Net income | NOK 449.0m | NOK 2.75bn | NOK 292.0m | NOK 4.29bn | NOK 3.44bn | NOK 822.0m | NOK 2.20bn | NOK 2.30bn | NOK 1.01bn | NOK 1.65bn |
| Diluted earnings per share | 2.18 | 13.50 | 1.45 | 21.24 | 17.00 | 4.06 | 10.86 | 11.36 | 4.99 | 8.13 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | NOK 53.09bn | NOK 55.63bn | NOK 52.99bn | NOK 48.06bn | NOK 43.78bn | NOK 39.74bn | NOK 39.83bn | NOK 37.95bn | NOK 35.31bn | NOK 35.00bn |
| Cash and short-term investments | NOK 5.10bn | NOK 5.72bn | NOK 5.32bn | NOK 4.15bn | NOK 5.14bn | NOK 4.46bn | NOK 4.25bn | NOK 4.39bn | NOK 5.08bn | NOK 3.75bn |
| Total liabilities | NOK 37.08bn | NOK 25.97bn | NOK 25.95bn | NOK 19.90bn | NOK 18.59bn | NOK 16.75bn | NOK 16.50bn | NOK 15.50bn | NOK 16.14bn | NOK 16.79bn |
| Debt | NOK 12.22bn | NOK 15.91bn | NOK 13.89bn | NOK 11.33bn | NOK 10.93bn | NOK 10.38bn | NOK 9.58bn | NOK 8.35bn | NOK 9.18bn | NOK 9.20bn |
| Shareholders' equity | NOK 16.01bn | NOK 17.07bn | NOK 14.83bn | NOK 15.32bn | NOK 13.37bn | NOK 12.11bn | NOK 12.28bn | NOK 11.66bn | NOK 9.79bn | NOK 9.25bn |
| Shares outstanding | 206m | 203m | 201m | 202m | 202m | 202m | 202m | 202m | 202m | 202m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | NOK 4.87bn | NOK 2.90bn | NOK 3.20bn | NOK 3.19bn | NOK 4.63bn | NOK 2.94bn | NOK 3.17bn | NOK 3.16bn | NOK 4.22bn | NOK 3.25bn |
| Capital spending | −NOK 2.28bn | −NOK 2.28bn | −NOK 1.97bn | −NOK 1.83bn | −NOK 1.34bn | −NOK 1.53bn | −NOK 1.54bn | −NOK 2.53bn | −NOK 1.84bn | −NOK 1.14bn |
| Free cash flow | NOK 2.59bn | NOK 623.0m | NOK 1.23bn | NOK 1.36bn | NOK 3.30bn | NOK 1.42bn | NOK 1.63bn | NOK 629.0m | NOK 2.38bn | NOK 2.11bn |
| Dividends paid | −NOK 2.10bn | −NOK 908.0m | −NOK 1.11bn | −NOK 908.0m | −NOK 706.0m | −NOK 507.0m | −NOK 706.0m | −NOK 565.0m | −NOK 505.0m | −NOK 1.70bn |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 8.69bn | NOK 9.80bn | NOK 9.41bn | NOK 9.98bn | NOK 10.07bn | NOK 9.79bn | NOK 9.10bn | NOK 9.30bn |
| Gross profit | NOK 2.90bn | NOK 4.43bn | NOK 4.51bn | NOK 20.0m | NOK 3.58bn | NOK 3.04bn | NOK 5.12bn | NOK 3.33bn |
| Operating income | −NOK 361.0m | NOK 1.05bn | NOK 876.0m | NOK 956.0m | NOK 169.0m | −NOK 463.0m | NOK 1.44bn | NOK 158.0m |
| Net income | −NOK 115.0m | NOK 501.0m | NOK 83.0m | NOK 288.0m | NOK 67.0m | NOK 12.0m | NOK 976.0m | NOK 265.0m |
| Diluted earnings per share | -0.57 | 2.48 | 0.40 | 1.40 | 0.33 | 0.06 | 4.80 | 1.30 |
| Cash from operations | NOK 1.71bn | NOK 1.45bn | NOK 4.87bn | NOK 1.37bn | NOK 1.21bn | NOK 1.55bn | −NOK 394.0m | NOK 1.60bn |
| Capital spending | −NOK 298.0m | −NOK 255.0m | −NOK 2.28bn | −NOK 492.0m | −NOK 616.0m | −NOK 621.0m | −NOK 659.0m | −NOK 675.0m |
| Free cash flow | NOK 1.41bn | NOK 1.20bn | NOK 2.59bn | NOK 880.0m | NOK 595.0m | NOK 929.0m | −NOK 1.05bn | NOK 928.0m |
| Total assets | NOK 50.27bn | NOK 52.37bn | NOK 53.09bn | NOK 51.97bn | NOK 51.91bn | NOK 53.02bn | NOK 55.63bn | NOK 52.59bn |
| Cash and short-term investments | — | — | NOK 5.10bn | NOK 4.69bn | NOK 4.46bn | NOK 5.20bn | NOK 5.58bn | NOK 5.81bn |
| Debt | NOK 7.66bn | NOK 6.85bn | NOK 12.22bn | NOK 15.15bn | NOK 15.63bn | NOK 14.66bn | NOK 15.91bn | NOK 13.90bn |
| Shareholders' equity | NOK 14.96bn | NOK 16.25bn | NOK 16.01bn | NOK 15.74bn | NOK 15.48bn | NOK 16.79bn | NOK 17.07bn | NOK 15.86bn |
Financial ratios
Data as of 28 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 43.8% | 48.6% | 44.7% | 51.5% | 51.1% | 37.5% |
| Operating margin | 3.8% | 16.0% | 9.3% | 18.8% | 17.5% | 5.4% |
| Net margin | 1.1% | 7.8% | 0.9% | 13.8% | 12.9% | 3.7% |
| Return on equity | 2.8% | 16.1% | 2.0% | 28.0% | 25.7% | 6.8% |
| Return on assets | 0.8% | 4.9% | 0.6% | 8.9% | 7.9% | 2.1% |
| Free cash flow yield | 41.5% | 30.5% | 30.7% | 29.8% | 35.3% | 26.4% |
| Revenue growth | 11.1% | 4.9% | 8.2% | 17.3% | 18.4% | -3.8% |
| Earnings growth | -83.6% | 840.1% | -93.2% | 24.7% | 318.1% | -62.6% |
| Current ratio | 1.97x | 2.53x | 2.60x | 2.40x | 2.76x | 2.49x |
| Debt to equity | 0.61x | 0.78x | 0.78x | 0.58x | 0.64x | 0.68x |
| Equity ratio | 30.2% | 30.7% | 28.0% | 31.9% | 30.5% | 30.5% |
| Interest coverage | 29.78x | 6.19x | 4.01x | 13.02x | 13.29x | 3.35x |
| Buybacks as a share of market value | -1.2% | -1.0% | 0.2% | 0.2% | 0.0% | 0.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 8.1% | 11.9% | 9.9% |
| Operating income | -36.7% | 4.3% | -0.9% |
| Net income | -52.9% | -11.4% | -4.6% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 46.1% | 47.0% | 46.4% | 46.5% |
| Operating margin | 9.6% | 11.6% | 11.7% | 13.7% |
| Net margin | 4.3% | 5.6% | 6.4% | 6.9% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 44.6 | 7.2 | 51.1 | 4.2 | 6.3 | 21.6 | 8.3 | 9.4 | 13.7 | 10.3 |
| Price to sales | 0.5 | 0.6 | 0.4 | 0.6 | 0.8 | 0.8 | 0.8 | 0.9 | 0.7 | 0.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 16 years. Last went ex-dividend on 29 May 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 6.50 | 6.50 | 4.50 | 5.50 | 4.50 | 3.50 | 2.50 | 3.50 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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