K 
149.60
+2.33%
Close of 9 Nov 2026, in NOK
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At a glance
Figures in NOK, from our data supplier.
Revenue
NOK 3.94bn
FY2016FY2025
Net income
NOK 229.2m
FY2016FY2025
Free cash flow
NOK 304.5m
FY2016FY2025
Shareholders' equity
NOK 1.45bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 3.94bn | NOK 3.78bn | NOK 3.41bn | NOK 3.18bn | NOK 3.10bn | NOK 2.99bn | NOK 2.34bn | NOK 1.47bn | NOK 1.38bn | NOK 1.29bn |
| Gross profit | NOK 2.42bn | NOK 2.34bn | NOK 2.10bn | NOK 1.85bn | NOK 1.94bn | NOK 1.88bn | NOK 1.42bn | NOK 893.5m | NOK 834.0m | NOK 778.6m |
| Operating income | NOK 393.8m | NOK 555.3m | NOK 480.4m | NOK 369.2m | NOK 541.2m | NOK 482.7m | NOK 302.0m | NOK 213.1m | NOK 179.7m | NOK 172.1m |
| Net income | NOK 229.2m | NOK 398.6m | NOK 313.8m | NOK 249.2m | NOK 384.4m | NOK 356.1m | NOK 207.9m | NOK 168.7m | NOK 141.3m | NOK 134.0m |
| Diluted earnings per share | 5.64 | 9.81 | 7.72 | 6.13 | 3.57 | 8.76 | 5.12 | 4.15 | 3.48 | 3.30 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | NOK 4.58bn | NOK 4.42bn | NOK 3.95bn | NOK 3.49bn | NOK 3.53bn | NOK 3.46bn | NOK 3.47bn | NOK 2.09bn | NOK 2.03bn | NOK 2.10bn |
| Cash and short-term investments | — | NOK 228.5m | NOK 225.1m | NOK 75.7m | NOK 239.6m | NOK 301.5m | NOK 339.2m | NOK 242.2m | NOK 130.1m | NOK 291.9m |
| Total liabilities | NOK 3.13bn | NOK 2.88bn | NOK 2.63bn | NOK 2.21bn | NOK 2.27bn | NOK 2.28bn | NOK 2.32bn | NOK 1.00bn | NOK 1.01bn | NOK 1.10bn |
| Debt | NOK 1.56bn | NOK 1.74bn | NOK 1.61bn | NOK 1.33bn | NOK 1.31bn | NOK 1.34bn | NOK 1.48bn | NOK 427.9m | NOK 429.4m | NOK 526.5m |
| Shareholders' equity | NOK 1.45bn | NOK 1.54bn | NOK 1.32bn | NOK 1.27bn | NOK 1.26bn | NOK 1.18bn | NOK 1.15bn | NOK 1.09bn | NOK 1.02bn | NOK 1.00bn |
| Shares outstanding | 41m | 41m | 41m | 41m | 108m | 41m | 41m | 41m | 41m | 41m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | NOK 558.6m | NOK 862.9m | NOK 865.9m | NOK 547.9m | NOK 673.7m | NOK 749.2m | NOK 523.6m | NOK 265.2m | NOK 118.1m | NOK 167.8m |
| Capital spending | −NOK 254.0m | −NOK 208.3m | −NOK 199.2m | −NOK 119.3m | −NOK 92.6m | −NOK 65.4m | −NOK 98.1m | −NOK 37.3m | −NOK 47.1m | −NOK 34.8m |
| Free cash flow | NOK 304.5m | NOK 654.6m | NOK 666.7m | NOK 428.6m | NOK 581.1m | NOK 683.8m | NOK 425.5m | NOK 227.9m | NOK 71.1m | NOK 133.0m |
| Dividends paid | −NOK 304.8m | −NOK 264.2m | −NOK 223.5m | −NOK 264.2m | −NOK 365.8m | −NOK 284.5m | −NOK 130.1m | −NOK 101.6m | −NOK 121.9m | −NOK 61.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 919.0m | NOK 801.8m | NOK 1.45bn | NOK 902.0m | NOK 856.4m | NOK 733.7m | NOK 1.40bn | NOK 886.9m |
| Gross profit | NOK 582.4m | NOK 490.9m | NOK 888.9m | NOK 557.2m | NOK 533.8m | NOK 444.3m | NOK 858.4m | NOK 550.6m |
| Operating income | NOK 78.4m | −NOK 10.9m | NOK 303.8m | NOK 72.8m | NOK 33.5m | −NOK 16.3m | NOK 379.7m | NOK 118.2m |
| Net income | NOK 36.6m | −NOK 38.9m | NOK 222.2m | NOK 39.8m | −NOK 2.7m | −NOK 30.1m | NOK 289.1m | NOK 70.2m |
| Diluted earnings per share | 0.90 | -0.96 | 5.47 | 0.98 | -0.07 | -0.74 | 7.11 | 1.73 |
| Cash from operations | NOK 209.0m | −NOK 108.0m | NOK 558.0m | −NOK 56.0m | −NOK 150.0m | −NOK 255.0m | NOK 862.0m | NOK 94.0m |
| Capital spending | −NOK 49.0m | −NOK 41.0m | −NOK 254.0m | −NOK 180.0m | −NOK 136.0m | −NOK 38.0m | −NOK 208.0m | −NOK 120.0m |
| Free cash flow | NOK 160.0m | −NOK 149.0m | NOK 304.0m | −NOK 236.0m | −NOK 286.0m | −NOK 293.0m | NOK 654.0m | −NOK 26.0m |
| Total assets | NOK 4.54bn | NOK 4.67bn | NOK 4.59bn | — | NOK 4.44bn | NOK 4.25bn | NOK 4.42bn | NOK 4.24bn |
| Cash and short-term investments | — | — | — | — | — | — | NOK 228.5m | — |
| Debt | NOK 870.0m | NOK 830.0m | NOK 1.56bn | — | NOK 1.77bn | NOK 1.35bn | NOK 1.35bn | NOK 1.56bn |
| Shareholders' equity | NOK 1.35bn | NOK 1.40bn | NOK 1.45bn | — | NOK 1.24bn | NOK 1.45bn | NOK 1.54bn | NOK 1.33bn |
Financial ratios
Data as of 17 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 61.5% | 61.9% | 61.5% | 58.1% | 62.6% | 62.8% | — | — | — |
| Operating margin | 10.2% | 14.7% | 14.1% | 11.6% | 17.0% | 16.9% | — | — | — |
| Net margin | 5.8% | 10.5% | 9.2% | 7.8% | 12.4% | 11.9% | — | — | — |
| Return on equity | 15.8% | 25.9% | 23.9% | 19.6% | 30.4% | 30.1% | — | — | — |
| Return on assets | 5.0% | 9.0% | 7.9% | 7.2% | 10.9% | 10.3% | — | — | — |
| Free cash flow yield | — | — | — | 11.8% | 5.1% | 14.4% | 11.0% | 5.3% | 2.9% |
| Revenue growth | 4.2% | 10.9% | 7.4% | 2.6% | 3.4% | 27.9% | — | — | — |
| Earnings growth | -42.5% | 27.0% | 25.9% | -35.2% | 8.0% | 71.2% | — | — | — |
| Current ratio | 0.87x | 0.96x | 0.86x | 1.00x | 0.98x | 0.91x | — | — | — |
| Debt to equity | 0.40x | 0.30x | 0.37x | 0.41x | 0.63x | 0.64x | — | — | — |
| Equity ratio | 31.7% | 34.8% | 33.3% | 36.5% | 35.7% | 34.2% | — | — | — |
| Interest coverage | 3.35x | 5.82x | 6.20x | 7.94x | 12.39x | 9.86x | — | — | — |
| Buybacks as a share of market value | — | — | — | 62.2% | -164.8% | 0.0% | 0.0% | 0.0% | 0.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 7.5% | 5.7% | 12.7% |
| Operating income | 2.2% | -4.0% | 13.3% |
| Net income | -2.7% | -8.4% | 6.3% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 61.7% | 60.8% | 61.4% | 61.0% |
| Operating margin | 12.3% | 12.6% | 13.8% | 13.5% |
| Net margin | 8.1% | 8.3% | 9.5% | 9.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 24.0 | 13.7 | 15.2 | 11.8 | 31.5 | 10.9 | 9.7 | 8.7 | 12.8 | 9.7 |
| Price to sales | 1.4 | 1.4 | 1.4 | 0.9 | 3.9 | 1.3 | 0.9 | 1.0 | 1.3 | 1.0 |
Dividends and splits
Per share, in the currency the company pays
Paid for 10 years. Last went ex-dividend on 12 May 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 2.50 | 7.50 | 10.00 | 5.75 | 6.50 | 8.00 | 7.00 | 3.20 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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