B 
159.00
+1.79%
Close of 9 Nov 2026, in NOK
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At a glance
Figures in NOK, from our data supplier.
Revenue
NOK 7.58bn
FY2016FY2025
Net income
NOK 620.0m
FY2016FY2025
Free cash flow
NOK 563.0m
FY2016FY2025
Shareholders' equity
NOK 5.85bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 7.58bn | NOK 7.50bn | NOK 7.02bn | NOK 6.88bn | NOK 5.80bn | NOK 5.33bn | NOK 5.06bn | NOK 4.79bn | NOK 4.62bn | NOK 4.49bn |
| Gross profit | NOK 4.92bn | NOK 4.77bn | NOK 4.48bn | NOK 4.25bn | NOK 3.65bn | NOK 3.41bn | NOK 3.17bn | NOK 2.94bn | NOK 2.94bn | NOK 2.81bn |
| Research and development | — | NOK 121.0m | NOK 99.0m | NOK 97.0m | NOK 85.0m | NOK 100.0m | NOK 114.0m | NOK 117.0m | NOK 133.0m | NOK 107.0m |
| Operating income | NOK 997.0m | NOK 1.28bn | NOK 1.29bn | NOK 1.19bn | NOK 952.0m | NOK 568.0m | NOK 558.0m | NOK 576.0m | NOK 736.0m | NOK 756.0m |
| Net income | NOK 620.0m | NOK 823.0m | NOK 870.0m | NOK 892.0m | NOK 692.0m | NOK 436.0m | NOK 417.0m | NOK 476.0m | NOK 566.0m | NOK 555.0m |
| Diluted earnings per share | 6.22 | 8.29 | 8.72 | 8.94 | 6.95 | 4.36 | 4.17 | 4.76 | 5.66 | 5.55 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | NOK 9.67bn | NOK 9.58bn | NOK 9.12bn | NOK 8.11bn | NOK 7.17bn | NOK 7.00bn | NOK 6.74bn | NOK 5.95bn | NOK 5.33bn | NOK 4.67bn |
| Cash and short-term investments | — | NOK 82.0m | NOK 469.0m | NOK 234.0m | NOK 121.0m | NOK 205.0m | NOK 147.0m | NOK 86.0m | NOK 180.0m | NOK 265.0m |
| Total liabilities | NOK 3.79bn | NOK 4.49bn | NOK 4.22bn | NOK 3.67bn | NOK 2.86bn | NOK 3.23bn | NOK 3.28bn | NOK 2.63bn | NOK 2.34bn | NOK 1.96bn |
| Debt | NOK 2.18bn | NOK 2.32bn | NOK 2.26bn | NOK 2.07bn | NOK 1.54bn | NOK 2.00bn | NOK 2.03bn | NOK 1.39bn | NOK 1.03bn | NOK 586.0m |
| Shareholders' equity | NOK 5.85bn | NOK 5.04bn | NOK 4.86bn | NOK 4.39bn | NOK 4.22bn | NOK 3.67bn | NOK 3.31bn | NOK 3.12bn | NOK 2.89bn | NOK 2.68bn |
| Shares outstanding | 100m | 99m | 100m | 100m | 100m | 100m | 100m | 100m | 100m | 100m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | NOK 1.36bn | NOK 1.07bn | NOK 1.56bn | NOK 735.0m | NOK 1.43bn | NOK 886.0m | NOK 697.0m | NOK 558.0m | NOK 780.0m | NOK 1.08bn |
| Capital spending | −NOK 793.0m | −NOK 711.0m | −NOK 667.0m | −NOK 464.0m | −NOK 556.0m | −NOK 503.0m | −NOK 583.0m | −NOK 762.0m | −NOK 968.0m | −NOK 622.0m |
| Free cash flow | NOK 563.0m | NOK 357.0m | NOK 896.0m | NOK 271.0m | NOK 875.0m | NOK 383.0m | NOK 114.0m | −NOK 204.0m | −NOK 188.0m | NOK 459.0m |
| Dividends paid | −NOK 424.0m | −NOK 374.0m | −NOK 324.0m | −NOK 499.0m | −NOK 249.0m | −NOK 229.0m | −NOK 224.0m | −NOK 199.0m | −NOK 349.0m | −NOK 149.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 2.11bn | NOK 2.00bn | NOK 1.83bn | NOK 1.80bn | NOK 2.04bn | NOK 2.04bn | NOK 1.74bn | NOK 1.95bn |
| Gross profit | — | — | — | NOK 293.0m | NOK 2.04bn | NOK 2.04bn | NOK 246.0m | NOK 524.0m |
| Operating income | NOK 367.0m | NOK 276.0m | NOK 249.0m | NOK 293.0m | NOK 378.0m | NOK 367.0m | NOK 216.0m | NOK 385.0m |
| Net income | −NOK 127.0m | NOK 182.0m | −NOK 81.0m | NOK 195.0m | NOK 255.0m | NOK 251.0m | NOK 129.0m | NOK 250.0m |
| Diluted earnings per share | -1.27 | 1.82 | -0.81 | 1.96 | 2.56 | 2.52 | 1.30 | 2.52 |
| Cash from operations | NOK 695.0m | NOK 77.0m | NOK 419.0m | NOK 423.0m | NOK 385.0m | NOK 129.0m | NOK 314.0m | NOK 391.0m |
| Capital spending | −NOK 138.0m | −NOK 105.0m | −NOK 329.0m | −NOK 137.0m | −NOK 184.0m | −NOK 143.0m | −NOK 287.0m | −NOK 137.0m |
| Free cash flow | NOK 557.0m | −NOK 28.0m | NOK 90.0m | NOK 286.0m | NOK 201.0m | −NOK 14.0m | NOK 27.0m | NOK 254.0m |
| Total assets | NOK 9.51bn | NOK 10.15bn | NOK 9.67bn | NOK 9.91bn | NOK 9.96bn | NOK 9.92bn | NOK 9.58bn | NOK 9.23bn |
| Cash and short-term investments | — | — | — | NOK 212.0m | NOK 96.0m | NOK 191.0m | NOK 73.0m | NOK 172.0m |
| Debt | NOK 1.65bn | NOK 1.74bn | NOK 1.72bn | NOK 596.0m | NOK 2.45bn | NOK 2.32bn | NOK 2.32bn | NOK 2.25bn |
| Shareholders' equity | NOK 5.59bn | NOK 6.31bn | NOK 5.85bn | NOK 5.91bn | NOK 5.64bn | NOK 5.73bn | NOK 5.04bn | NOK 5.10bn |
Financial ratios
Data as of 29 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 64.9% | 63.6% | 63.8% | 61.8% | 62.9% | 63.9% | — |
| Operating margin | 13.2% | 17.1% | 18.4% | 17.2% | 16.4% | 10.7% | — |
| Net margin | 8.2% | 11.0% | 12.4% | 13.0% | 11.9% | 8.2% | — |
| Return on equity | 10.6% | 16.3% | 17.9% | 20.3% | 16.4% | 11.9% | — |
| Return on assets | 6.4% | 8.6% | 9.5% | 11.0% | 9.7% | 6.2% | — |
| Free cash flow yield | 14.3% | 11.9% | 14.8% | 8.0% | 13.2% | 9.2% | — |
| Revenue growth | 1.0% | 6.8% | 2.1% | 18.5% | 9.0% | 5.2% | — |
| Earnings growth | -24.7% | -5.4% | -2.5% | 28.9% | 58.7% | 4.6% | — |
| Current ratio | 1.86x | 1.62x | 1.73x | 1.46x | 1.58x | 1.38x | — |
| Debt to equity | 0.29x | 0.46x | 0.47x | 0.47x | 0.37x | 0.55x | — |
| Equity ratio | 60.5% | 52.6% | 53.3% | 54.2% | 58.9% | 52.4% | — |
| Interest coverage | 6.15x | 6.45x | 7.25x | 13.18x | 13.22x | 6.93x | — |
| R&D as a share of sales | — | 1.6% | 1.4% | 1.4% | 1.5% | 1.9% | 2.3% |
| Buybacks as a share of market value | -0.5% | 0.5% | -0.0% | -0.2% | 0.4% | 0.0% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 3.3% | 7.3% | 6.2% |
| Operating income | -5.6% | 11.9% | 6.5% |
| Net income | -11.4% | 7.3% | 4.9% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 64.3% | 63.6% | 63.5% | 63.0% |
| Operating margin | 15.1% | 16.4% | 15.6% | 14.9% |
| Net margin | 9.6% | 11.1% | 10.8% | 10.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 31.9 | 22.0 | 19.6 | 17.0 | 31.9 | 32.5 | 22.8 | 15.7 | 14.4 | 15.2 |
| Price to sales | 2.6 | 2.4 | 2.4 | 2.2 | 3.8 | 2.7 | 1.9 | 1.6 | 1.8 | 1.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 13 years. Last went ex-dividend on 17 Apr 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 4.75 | 4.25 | 3.75 | 3.25 | 2.25 | 2.50 | 2.30 | 2.25 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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