K 
349.60
+4.23%
Close of 9 Nov 2026, in NOK
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At a glance
Figures in NOK, from our data supplier.
Revenue
NOK 31.56bn
FY2016FY2025
Net income
NOK 7.95bn
FY2016FY2025
Free cash flow
NOK 10.32bn
FY2016FY2025
Shareholders' equity
NOK 22.58bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 31.56bn | NOK 24.65bn | NOK 40.62bn | NOK 31.80bn | NOK 27.45bn | NOK 25.61bn | NOK 24.08bn | NOK 14.38bn | NOK 14.49bn | NOK 15.85bn |
| Gross profit | NOK 18.69bn | NOK 15.52bn | NOK 25.28bn | NOK 20.59bn | NOK 17.87bn | NOK 16.76bn | NOK 14.75bn | NOK 10.08bn | NOK 10.07bn | NOK 9.90bn |
| Research and development | NOK 913.0m | NOK 794.0m | — | — | — | — | — | — | NOK 663.0m | NOK 793.0m |
| Operating income | NOK 5.31bn | NOK 3.64bn | NOK 4.96bn | NOK 3.70bn | NOK 3.07bn | NOK 2.02bn | NOK 1.37bn | NOK 945.0m | NOK 762.0m | NOK 796.0m |
| Net income | NOK 7.95bn | NOK 5.13bn | NOK 3.71bn | NOK 2.77bn | NOK 2.16bn | NOK 2.89bn | NOK 700.0m | NOK 701.0m | NOK 554.0m | NOK 653.0m |
| Diluted earnings per share | 9.04 | 5.83 | 4.22 | 3.14 | 2.42 | 3.21 | 0.78 | 1.01 | 0.80 | 0.95 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | NOK 82.53bn | NOK 69.41bn | NOK 53.22bn | NOK 43.23bn | NOK 39.31bn | NOK 39.23bn | NOK 39.42bn | NOK 27.66bn | NOK 20.84bn | NOK 21.20bn |
| Cash and short-term investments | NOK 20.19bn | NOK 14.29bn | NOK 5.97bn | NOK 3.93bn | NOK 8.12bn | NOK 7.42bn | NOK 5.65bn | NOK 10.04bn | NOK 2.96bn | NOK 2.22bn |
| Total liabilities | NOK 59.95bn | NOK 50.14bn | NOK 36.76bn | NOK 29.69bn | NOK 25.69bn | NOK 25.93bn | NOK 26.61bn | NOK 15.03bn | NOK 13.48bn | NOK 14.47bn |
| Debt | NOK 4.96bn | NOK 4.69bn | NOK 4.89bn | NOK 4.40bn | NOK 4.33bn | NOK 5.56bn | NOK 6.29bn | NOK 4.33bn | NOK 3.34bn | NOK 4.08bn |
| Shareholders' equity | NOK 22.58bn | NOK 18.68bn | NOK 15.97bn | NOK 13.54bn | NOK 13.47bn | NOK 13.25bn | NOK 12.75bn | NOK 12.61bn | NOK 7.33bn | NOK 6.69bn |
| Shares outstanding | 880m | 880m | 880m | 883m | 893m | 900m | 900m | 692m | 689m | 686m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | NOK 12.73bn | NOK 13.74bn | NOK 2.33bn | NOK 1.11bn | NOK 4.97bn | NOK 2.81bn | NOK 2.01bn | NOK 2.19bn | NOK 2.90bn | NOK 809.0m |
| Capital spending | −NOK 2.41bn | −NOK 1.79bn | −NOK 2.10bn | −NOK 622.0m | −NOK 791.0m | −NOK 759.0m | −NOK 720.0m | −NOK 371.0m | −NOK 528.0m | −NOK 907.0m |
| Free cash flow | NOK 10.32bn | NOK 11.96bn | NOK 234.0m | NOK 484.0m | NOK 4.18bn | NOK 2.05bn | NOK 1.29bn | NOK 1.82bn | NOK 2.37bn | −NOK 98.0m |
| Dividends paid | −NOK 3.87bn | −NOK 2.46bn | −NOK 2.13bn | −NOK 2.74bn | −NOK 1.44bn | −NOK 2.25bn | −NOK 448.0m | −NOK 448.0m | −NOK 448.0m | −NOK 509.0m |
Financial ratios
Data as of 2 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2017 | FY2016 | FY2015 | FY2014 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 59.2% | 63.0% | 62.2% | 64.8% | 65.1% | 65.4% | — | — | — | — |
| Operating margin | 16.8% | 14.8% | 12.2% | 11.6% | 11.2% | 7.9% | — | — | — | — |
| Net margin | 25.2% | 20.8% | 9.1% | 8.7% | 7.9% | 11.3% | — | — | — | — |
| Return on equity | 35.2% | 27.5% | 23.2% | 20.5% | 16.0% | 21.8% | — | — | — | — |
| Return on assets | 9.6% | 7.4% | 7.0% | 6.4% | 5.5% | 7.4% | — | — | — | — |
| Free cash flow yield | 5.5% | 5.6% | 1.6% | 0.6% | 2.1% | 1.3% | — | — | — | — |
| Revenue growth | 28.1% | -39.3% | 27.7% | 15.9% | 7.2% | 6.4% | — | — | — | — |
| Earnings growth | 55.1% | 38.1% | 33.8% | 28.5% | -25.3% | 313.0% | — | — | — | — |
| Current ratio | 1.19x | 1.13x | 1.14x | 1.12x | 1.28x | 1.24x | — | — | — | — |
| Debt to equity | 0.12x | 0.13x | 0.19x | 0.18x | 0.21x | 0.29x | — | — | — | — |
| Equity ratio | 27.4% | 26.9% | 30.0% | 31.3% | 34.3% | 33.8% | — | — | — | — |
| Interest coverage | 8.61x | 8.15x | 13.85x | 9.55x | 15.04x | 8.38x | — | — | — | — |
| R&D as a share of sales | 2.9% | 3.2% | — | — | — | — | 4.6% | 5.0% | 4.4% | 4.8% |
| Buybacks as a share of market value | -0.0% | -0.0% | 0.4% | 1.1% | 0.9% | 0.0% | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -0.3% | 4.3% | 6.4% |
| Operating income | 12.8% | 21.3% | 16.3% |
| Net income | 42.1% | 22.4% | 26.7% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 60.9% | 62.3% | 63.1% | 63.8% |
| Operating margin | 15.9% | 13.7% | 12.5% | 10.4% |
| Net margin | 23.3% | 15.2% | 13.5% | 10.5% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 28.6 | 43.9 | 22.1 | 26.5 | 23.6 | 11.0 | 35.5 | 23.2 | 32.6 | 22.7 |
| Price to sales | 7.2 | 9.1 | 2.0 | 2.3 | 1.9 | 1.2 | 1.0 | 1.1 | 1.3 | 0.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 23 years. Last went ex-dividend on 14 Apr 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 5.70 | 6.40 | 2.80 | 2.40 | 3.06 | 1.60 | 2.50 | 0.50 |
- 5-for-1 split · 3 Jun 2025
- 4-for-1 split · 8 May 2009
- 4-for-1 split · 28 May 1997
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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