E 
30.94
+2.18%
Close of 9 Nov 2026, in NOK
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At a glance
Figures in NOK, from our data supplier.
Revenue
NOK 16.54bn
FY2016FY2025
Net income
−NOK 668.0m
FY2016FY2025
Free cash flow
−NOK 1.18bn
FY2016FY2025
Shareholders' equity
NOK 23.92bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 16.54bn | NOK 17.81bn | NOK 21.13bn | NOK 45.02bn | NOK 33.08bn | NOK 24.03bn | NOK 22.25bn | NOK 25.66bn | NOK 16.44bn | NOK 14.05bn |
| Gross profit | NOK 8.90bn | NOK 9.50bn | NOK 10.31bn | NOK 21.70bn | NOK 15.89bn | NOK 9.88bn | NOK 9.61bn | NOK 13.64bn | NOK 8.32bn | NOK 7.15bn |
| Research and development | — | — | — | — | — | — | — | — | NOK 359.6m | NOK 290.0m |
| Operating income | NOK 1.02bn | NOK 2.09bn | NOK 3.58bn | NOK 12.41bn | NOK 6.02bn | NOK 1.17bn | NOK 1.38bn | NOK 4.57bn | NOK 1.33bn | NOK 998.1m |
| Net income | −NOK 668.0m | NOK 487.0m | NOK 73.0m | NOK 9.56bn | NOK 4.63bn | NOK 239.0m | NOK 855.0m | NOK 3.34bn | NOK 973.2m | NOK 721.9m |
| Diluted earnings per share | -1.05 | 0.77 | 0.11 | 15.04 | 7.30 | 0.41 | 1.47 | 5.74 | 1.67 | 1.24 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | NOK 47.48bn | NOK 53.43bn | NOK 50.50bn | NOK 52.78bn | NOK 41.85bn | NOK 30.89bn | NOK 29.00bn | NOK 31.13bn | NOK 16.35bn | NOK 14.81bn |
| Cash and short-term investments | NOK 2.69bn | NOK 4.40bn | NOK 6.37bn | NOK 9.26bn | NOK 7.04bn | NOK 3.15bn | NOK 4.50bn | NOK 7.08bn | NOK 1.49bn | NOK 1.23bn |
| Total liabilities | NOK 23.46bn | NOK 27.41bn | NOK 26.04bn | NOK 24.01bn | NOK 21.98bn | NOK 18.25bn | NOK 16.05bn | NOK 17.41bn | NOK 8.02bn | NOK 7.35bn |
| Debt | NOK 11.96bn | NOK 12.88bn | NOK 16.18bn | NOK 12.26bn | NOK 12.46bn | NOK 10.48bn | NOK 9.60bn | NOK 9.18bn | NOK 8.23bn | NOK 3.11bn |
| Shareholders' equity | NOK 23.92bn | NOK 25.91bn | NOK 24.32bn | NOK 28.64bn | NOK 19.79bn | NOK 12.53bn | NOK 12.86bn | NOK 13.62bn | NOK 8.23bn | NOK 7.37bn |
| Shares outstanding | 634m | 634m | 637m | 635m | 634m | 581m | 581m | 581m | 581m | 581m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | NOK 1.18bn | NOK 2.03bn | NOK 5.08bn | NOK 9.31bn | NOK 4.91bn | NOK 2.11bn | NOK 1.84bn | NOK 4.46bn | NOK 1.53bn | NOK 1.30bn |
| Capital spending | −NOK 2.36bn | −NOK 3.40bn | −NOK 5.36bn | −NOK 4.21bn | −NOK 3.27bn | −NOK 2.35bn | −NOK 2.14bn | −NOK 1.92bn | −NOK 930.3m | −NOK 755.3m |
| Free cash flow | −NOK 1.18bn | −NOK 1.37bn | −NOK 276.0m | NOK 5.10bn | NOK 1.65bn | −NOK 235.0m | −NOK 302.0m | NOK 2.54bn | NOK 604.1m | NOK 548.7m |
| Dividends paid | −NOK 190.0m | — | −NOK 3.81bn | −NOK 1.90bn | −NOK 96.0m | −NOK 349.0m | −NOK 1.51bn | −NOK 1.51bn | −NOK 143.9m | −NOK 144.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 3.55bn | NOK 4.00bn | NOK 3.94bn | NOK 4.08bn | NOK 4.30bn | NOK 4.22bn | NOK 4.30bn | NOK 7.73bn |
| Gross profit | NOK 1.80bn | NOK 1.75bn | NOK 2.15bn | NOK 2.22bn | NOK 2.25bn | NOK 2.29bn | NOK 2.33bn | NOK 3.85bn |
| Operating income | NOK 255.0m | −NOK 139.0m | NOK 157.0m | NOK 345.0m | NOK 326.0m | NOK 432.0m | NOK 496.0m | NOK 470.0m |
| Net income | −NOK 768.0m | NOK 27.0m | −NOK 176.0m | NOK 29.0m | −NOK 307.0m | −NOK 212.0m | −NOK 18.0m | NOK 93.0m |
| Diluted earnings per share | -2.12 | 0.04 | -0.28 | 0.05 | -0.48 | -0.33 | -0.03 | 0.15 |
| Cash from operations | NOK 1.47bn | NOK 267.0m | NOK 1.18bn | NOK 621.0m | NOK 701.0m | −NOK 229.0m | NOK 2.03bn | NOK 272.0m |
| Capital spending | −NOK 287.0m | −NOK 313.0m | −NOK 2.36bn | −NOK 1.74bn | −NOK 1.32bn | −NOK 639.0m | −NOK 3.40bn | −NOK 555.0m |
| Free cash flow | NOK 1.18bn | −NOK 46.0m | −NOK 1.18bn | −NOK 1.12bn | −NOK 617.0m | −NOK 868.0m | −NOK 1.37bn | −NOK 283.0m |
| Total assets | NOK 28.80bn | NOK 47.29bn | NOK 47.48bn | NOK 47.55bn | NOK 48.27bn | NOK 49.79bn | NOK 53.43bn | NOK 52.41bn |
| Cash and short-term investments | — | — | NOK 2.69bn | NOK 2.93bn | NOK 2.90bn | NOK 2.99bn | NOK 4.40bn | — |
| Debt | NOK 9.22bn | NOK 8.47bn | NOK 9.65bn | NOK 11.27bn | NOK 11.36bn | NOK 11.08bn | NOK 11.82bn | NOK 14.63bn |
| Shareholders' equity | NOK 12.51bn | NOK 23.71bn | NOK 23.92bn | NOK 23.84bn | NOK 23.84bn | NOK 24.75bn | NOK 25.91bn | NOK 25.53bn |
Financial ratios
Data as of 28 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 53.8% | 53.3% | 48.8% | 48.2% | 48.0% | 41.1% | — | — | — | — | — | — |
| Operating margin | 6.2% | 11.8% | 16.9% | 27.6% | 18.2% | 4.9% | — | — | — | — | — | — |
| Net margin | -4.0% | 2.7% | 0.3% | 21.2% | 14.0% | 1.0% | — | — | — | — | — | — |
| Return on equity | -2.8% | 1.9% | 0.3% | 33.4% | 23.4% | 1.9% | — | — | — | — | — | — |
| Return on assets | -1.4% | 0.9% | 0.1% | 18.1% | 11.1% | 0.8% | — | — | — | — | — | — |
| Free cash flow yield | — | — | 49.6% | 64.4% | 39.0% | 23.2% | 20.7% | 33.2% | — | — | — | — |
| Revenue growth | -7.2% | -15.7% | -53.1% | 36.1% | 37.7% | 8.0% | — | — | — | — | — | — |
| Earnings growth | -237.2% | 567.1% | -99.2% | 106.6% | 1836.4% | -72.0% | — | — | — | — | — | — |
| Current ratio | 2.72x | 2.86x | 2.03x | 2.25x | 1.75x | 1.36x | — | — | — | — | — | — |
| Debt to equity | 0.39x | 0.44x | 0.60x | 0.41x | 0.60x | 0.88x | — | — | — | — | — | — |
| Equity ratio | 50.4% | 48.5% | 48.2% | 54.3% | 47.3% | 40.6% | — | — | — | — | — | — |
| Interest coverage | 2.78x | 7.93x | 5.45x | 40.31x | 22.62x | 4.29x | — | — | — | — | — | — |
| R&D as a share of sales | — | — | — | — | — | — | — | — | 2.2% | 2.1% | 1.0% | 1.4% |
| Buybacks as a share of market value | — | — | -0.2% | -0.2% | -9.1% | 0.0% | 0.0% | 0.0% | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -28.4% | -7.2% | 1.4% |
| Operating income | -56.5% | -2.7% | -4.0% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 53.6% | 50.2% | 48.3% | 48.9% |
| Operating margin | 9.1% | 19.0% | 16.7% | 14.4% |
| Net margin | -0.5% | 9.4% | 9.1% | 8.4% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2003 | FY2002 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -28.9 | 22.8 | 184.6 | 2.3 | 4.1 | 69.0 | 16.8 | 3.9 | 12.8 | 8.0 |
| Price to sales | 1.2 | 0.6 | 0.6 | 0.5 | 0.6 | 0.7 | 0.7 | 0.5 | 0.5 | 0.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 1 years. Last went ex-dividend on 2 May 2025.
| FY2025 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|
| Paid in the year | 0.30 | 6.00 | 3.00 | 0.15 | 0.60 | 2.60 |
- 49-for-43 split · 21 Dec 1992
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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