B 
49.10
+0.20%
Close of 9 Nov 2026, in NOK
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At a glance
Figures in NOK, from our data supplier.
Revenue
NOK 3.91bn
FY2016FY2025
Net income
NOK 358.7m
FY2016FY2025
Free cash flow
NOK 320.8m
FY2016FY2025
Shareholders' equity
NOK 424.0m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 3.91bn | NOK 3.92bn | NOK 3.53bn | NOK 3.09bn | NOK 2.70bn | NOK 2.40bn | NOK 2.13bn | NOK 1.85bn | NOK 1.61bn | NOK 1.33bn |
| Research and development | NOK 16.5m | NOK 18.4m | NOK 21.2m | NOK 14.9m | NOK 8.9m | NOK 7.2m | NOK 13.9m | NOK 11.0m | NOK 9.7m | NOK 7.8m |
| Operating income | NOK 473.4m | NOK 490.4m | NOK 407.0m | NOK 401.7m | NOK 340.1m | NOK 314.6m | NOK 232.1m | NOK 191.6m | NOK 144.1m | NOK 106.3m |
| Net income | NOK 358.7m | NOK 383.4m | NOK 325.4m | NOK 315.7m | NOK 265.5m | NOK 241.1m | NOK 180.1m | NOK 150.5m | NOK 110.6m | NOK 78.9m |
| Diluted earnings per share | 3.47 | 3.71 | 3.14 | 3.01 | 2.55 | 2.32 | 1.74 | 1.45 | 1.08 | 0.77 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | NOK 1.73bn | NOK 1.80bn | NOK 1.72bn | NOK 1.44bn | NOK 1.36bn | NOK 1.30bn | NOK 1.08bn | NOK 756.6m | NOK 644.1m | NOK 535.9m |
| Cash and short-term investments | — | NOK 743.8m | NOK 398.1m | NOK 367.1m | NOK 475.5m | NOK 518.6m | NOK 292.7m | NOK 234.2m | NOK 166.1m | NOK 127.2m |
| Total liabilities | NOK 1.30bn | NOK 1.34bn | NOK 1.26bn | NOK 993.1m | NOK 911.0m | NOK 872.4m | NOK 761.7m | NOK 479.6m | NOK 423.7m | NOK 359.8m |
| Debt | — | NOK 315.8m | NOK 320.9m | NOK 229.0m | NOK 210.4m | NOK 226.9m | NOK 234.9m | — | — | — |
| Shareholders' equity | NOK 424.0m | NOK 464.8m | NOK 453.3m | NOK 451.8m | NOK 445.6m | NOK 422.0m | NOK 317.0m | NOK 277.0m | NOK 217.4m | NOK 172.5m |
| Shares outstanding | 103m | 103m | 104m | 105m | 104m | 104m | 104m | 104m | 103m | 103m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | NOK 347.1m | NOK 841.1m | NOK 318.7m | NOK 321.3m | NOK 294.1m | NOK 450.9m | NOK 277.1m | NOK 219.0m | NOK 149.0m | NOK 113.5m |
| Capital spending | −NOK 26.3m | −NOK 36.5m | −NOK 45.6m | −NOK 26.7m | −NOK 31.9m | −NOK 27.6m | −NOK 25.4m | −NOK 44.3m | −NOK 30.9m | −NOK 30.9m |
| Free cash flow | NOK 320.8m | NOK 804.6m | NOK 273.1m | NOK 294.6m | NOK 262.3m | NOK 423.2m | NOK 251.7m | NOK 174.6m | NOK 118.1m | NOK 82.6m |
| Dividends paid | −NOK 379.9m | −NOK 373.7m | −NOK 260.5m | −NOK 239.8m | −NOK 277.7m | −NOK 169.1m | −NOK 133.3m | −NOK 87.1m | −NOK 73.8m | −NOK 67.4m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 975.0m | NOK 1.04bn | NOK 998.4m | NOK 870.5m | NOK 968.7m | NOK 1.07bn | NOK 1.03bn | NOK 878.5m |
| Operating income | NOK 122.3m | NOK 127.0m | NOK 103.4m | NOK 91.6m | NOK 123.2m | NOK 155.2m | NOK 118.9m | NOK 100.9m |
| Net income | NOK 92.9m | NOK 97.2m | NOK 71.9m | NOK 70.1m | NOK 95.7m | NOK 121.0m | NOK 95.7m | NOK 77.9m |
| Diluted earnings per share | 0.91 | 0.95 | 0.70 | 0.68 | 0.93 | 1.18 | 0.92 | 0.76 |
| Cash from operations | −NOK 54.0m | −NOK 48.0m | NOK 347.0m | −NOK 16.0m | −NOK 28.0m | −NOK 34.0m | NOK 841.0m | NOK 318.0m |
| Capital spending | −NOK 10.0m | −NOK 4.0m | −NOK 26.0m | −NOK 22.0m | −NOK 15.0m | −NOK 3.0m | −NOK 36.0m | −NOK 29.0m |
| Free cash flow | −NOK 64.0m | −NOK 52.0m | NOK 321.0m | −NOK 38.0m | −NOK 43.0m | −NOK 37.0m | NOK 805.0m | NOK 289.0m |
| Total assets | NOK 1.41bn | NOK 1.83bn | NOK 1.73bn | NOK 1.66bn | NOK 1.67bn | NOK 2.02bn | NOK 1.80bn | NOK 1.68bn |
| Cash and short-term investments | — | — | NOK 672.3m | NOK 373.4m | NOK 383.5m | NOK 741.2m | NOK 834.3m | NOK 386.7m |
| Debt | — | — | NOK 256.8m | NOK 262.6m | NOK 278.1m | NOK 238.9m | NOK 242.8m | NOK 255.3m |
| Shareholders' equity | NOK 268.8m | NOK 476.7m | NOK 424.0m | NOK 388.0m | NOK 311.9m | NOK 548.4m | NOK 464.8m | NOK 439.8m |
Financial ratios
Data as of 16 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Operating margin | 12.7% | 12.5% | 11.5% | 13.0% | 12.6% | 13.2% | — | — | — |
| Net margin | 9.2% | 9.8% | 9.2% | 10.2% | 9.9% | 10.0% | — | — | — |
| Return on equity | 84.6% | 82.5% | 71.8% | 69.9% | 59.6% | 57.1% | — | — | — |
| Return on assets | 20.7% | 21.3% | 19.0% | 21.8% | 19.5% | 18.6% | — | — | — |
| Free cash flow yield | — | — | — | 6.8% | 6.4% | 9.5% | 6.0% | 5.2% | 3.6% |
| Revenue growth | -0.2% | 11.2% | 14.3% | 14.5% | 12.2% | 12.7% | — | — | — |
| Earnings growth | -6.5% | 17.8% | 3.1% | 18.9% | 10.1% | 33.8% | — | — | — |
| Current ratio | 1.20x | 1.23x | 1.23x | 1.34x | 1.38x | 1.39x | — | — | — |
| Debt to equity | — | 0.00x | 0.00x | 0.00x | 0.09x | 0.09x | 0.11x | — | — |
| Equity ratio | 24.5% | 25.8% | 26.4% | 31.3% | 32.8% | 32.6% | — | — | — |
| Interest coverage | 19.55x | 20.72x | 46.52x | 59.85x | 67.52x | 60.10x | — | — | — |
| R&D as a share of sales | 0.4% | 0.5% | 0.6% | 0.5% | 0.3% | 0.3% | — | — | — |
| Buybacks as a share of market value | — | — | — | -0.7% | 0.0% | -0.4% | -0.2% | -0.7% | -0.1% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 8.2% | 10.2% | 12.2% |
| Operating income | 5.6% | 8.5% | 16.9% |
| Net income | 4.3% | 8.3% | 17.2% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 12.3% | 12.3% | 12.4% | 11.6% |
| Net margin | 9.5% | 9.6% | 9.7% | 9.0% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 17.8 | 20.6 | 19.4 | 19.9 | 29.6 | 30.7 | 22.3 | 13.5 | 18.9 | 18.0 |
| Price to sales | 1.6 | 2.0 | 1.8 | 2.0 | 2.9 | 3.1 | 1.9 | 1.1 | 1.3 | 1.1 |
Dividends and splits
Per share, in the currency the company pays
Paid for 18 years. Last went ex-dividend on 15 May 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 3.00 | 3.70 | 3.60 | 3.05 | 2.31 | 2.70 | 1.65 | 1.30 |
- 10-for-1 split · 3 Jun 2021
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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