E 
46.75
—
Close of 3 Nov 2026, in NOK
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At a glance
Figures in NOK, from our data supplier.
Revenue
NOK 12.12bn
FY2016FY2025
Net income
NOK 162.8m
FY2016FY2025
Free cash flow
−NOK 757.0m
FY2016FY2025
Shareholders' equity
NOK 1.36bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 12.12bn | NOK 12.23bn | NOK 18.92bn | NOK 25.52bn | NOK 15.08bn | NOK 4.15bn | NOK 7.12bn | NOK 6.72bn | NOK 4.45bn | NOK 3.93bn |
| Gross profit | NOK 1.69bn | NOK 1.78bn | NOK 1.73bn | NOK 1.70bn | NOK 1.72bn | NOK 868.2m | NOK 1.30bn | NOK 627.4m | NOK 708.9m | NOK 780.5m |
| Research and development | — | — | — | NOK 19.1m | — | — | — | — | — | — |
| Operating income | NOK 385.3m | NOK 436.2m | NOK 359.2m | NOK 272.8m | NOK 407.8m | NOK 525.2m | NOK 482.7m | NOK 326.9m | NOK 322.6m | NOK 337.2m |
| Net income | NOK 162.8m | NOK 353.9m | NOK 192.3m | NOK 73.8m | NOK 257.0m | NOK 400.1m | NOK 370.2m | NOK 253.6m | NOK 251.9m | NOK 257.1m |
| Diluted earnings per share | 1.46 | 3.20 | 1.75 | 0.66 | 2.22 | 3.57 | 3.51 | 2.41 | 2.41 | 2.46 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | NOK 7.10bn | NOK 6.03bn | NOK 8.33bn | NOK 14.37bn | NOK 10.12bn | NOK 5.13bn | NOK 3.01bn | NOK 3.45bn | NOK 2.12bn | NOK 1.72bn |
| Cash and short-term investments | NOK 1.37bn | NOK 144.0m | NOK 338.7m | NOK 70.5m | NOK 306.3m | NOK 599.3m | NOK 775.5m | NOK 381.4m | NOK 363.2m | NOK 193.2m |
| Total liabilities | NOK 5.75bn | NOK 4.41bn | NOK 6.82bn | NOK 13.13bn | NOK 8.44bn | NOK 3.19bn | NOK 2.01bn | NOK 2.58bn | NOK 1.41bn | NOK 1.12bn |
| Debt | NOK 3.32bn | NOK 1.03bn | NOK 966.7m | NOK 1.51bn | NOK 806.3m | NOK 927.0m | NOK 206.9m | NOK 194.6m | — | — |
| Shareholders' equity | NOK 1.36bn | NOK 1.50bn | NOK 1.40bn | NOK 1.24bn | NOK 1.67bn | NOK 1.94bn | NOK 1.00bn | NOK 871.0m | NOK 716.3m | NOK 604.7m |
| Shares outstanding | 111m | 111m | 110m | 112m | 116m | 112m | 105m | 105m | 104m | 104m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −NOK 679.6m | −NOK 2.6m | NOK 1.02bn | −NOK 370.1m | NOK 379.3m | NOK 519.3m | NOK 764.7m | NOK 187.0m | NOK 445.1m | NOK 130.2m |
| Capital spending | −NOK 77.3m | −NOK 68.4m | −NOK 52.8m | −NOK 44.3m | −NOK 86.0m | −NOK 65.3m | −NOK 51.4m | −NOK 64.0m | −NOK 37.1m | −NOK 28.1m |
| Free cash flow | −NOK 757.0m | −NOK 71.0m | NOK 965.6m | −NOK 414.4m | NOK 293.3m | NOK 454.0m | NOK 713.3m | NOK 123.1m | NOK 408.0m | NOK 102.1m |
| Dividends paid | −NOK 327.5m | −NOK 250.6m | −NOK 163.0m | −NOK 400.2m | −NOK 400.0m | −NOK 313.7m | −NOK 229.9m | −NOK 100.0m | −NOK 120.1m | −NOK 156.5m |
Financial ratios
Data as of 20 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 13.9% | 14.5% | 9.1% | 6.7% | 11.4% | 20.9% |
| Operating margin | 3.3% | 5.0% | 2.3% | 1.1% | 2.7% | 12.7% |
| Net margin | 1.3% | 2.9% | 1.0% | 0.3% | 1.7% | 9.6% |
| Return on equity | 12.0% | 23.7% | 13.8% | 6.0% | 15.4% | 20.6% |
| Return on assets | 2.3% | 5.9% | 2.3% | 0.5% | 2.5% | 7.8% |
| Free cash flow yield | -11.6% | 1.3% | 20.8% | -6.2% | 8.6% | 11.2% |
| Revenue growth | -0.9% | -35.4% | -25.9% | 69.3% | 263.4% | -41.7% |
| Earnings growth | -54.0% | 84.1% | 160.4% | -71.3% | -35.8% | 8.1% |
| Current ratio | 1.03x | 1.11x | 1.00x | 1.01x | 1.04x | 1.21x |
| Debt to equity | 2.40x | 0.64x | 0.66x | 1.25x | 0.50x | 0.49x |
| Equity ratio | 19.1% | 24.8% | 16.8% | 8.6% | 16.5% | 37.9% |
| Interest coverage | 2.28x | 3.52x | 2.67x | 1.71x | 5.15x | 27.64x |
| R&D as a share of sales | — | — | — | 0.1% | — | — |
| Buybacks as a share of market value | -0.6% | -0.7% | 1.5% | 3.8% | -3.5% | -6.3% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -22.0% | 23.9% | 12.5% |
| Operating income | 12.2% | -6.0% | 2.4% |
| Net income | 30.1% | -16.5% | -3.2% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 14.2% | 10.0% | 10.8% | 11.9% |
| Operating margin | 3.4% | 2.1% | 2.7% | 3.6% |
| Net margin | 2.1% | 1.1% | 1.6% | 2.5% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Price to earnings | 26.3 | 11.9 | 17.3 | 24.2 | 21.5 | 23.4 | 16.5 | 14.1 |
| Price to sales | 0.3 | 0.3 | 0.2 | 0.1 | 0.4 | 2.3 | 0.9 | 0.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 7 years. Last went ex-dividend on 4 May 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 2.00 | 3.00 | 2.30 | 1.50 | 3.50 | 3.50 | 3.00 | 2.20 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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