L 
43.18
+0.98%
Close of 9 Nov 2026, in NOK
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At a glance
Figures in NOK, from our data supplier.
Revenue
NOK 34.36bn
FY2016FY2025
Net income
NOK 366.0m
FY2016FY2025
Free cash flow
NOK 2.54bn
FY2016FY2025
Shareholders' equity
NOK 18.80bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 34.36bn | NOK 31.12bn | NOK 30.87bn | NOK 26.65bn | NOK 23.07bn | NOK 19.96bn | NOK 20.43bn | NOK 19.84bn | NOK 18.62bn | NOK 17.27bn |
| Gross profit | NOK 14.70bn | NOK 14.20bn | NOK 13.44bn | NOK 12.24bn | NOK 11.42bn | NOK 8.03bn | NOK 8.91bn | NOK 10.21bn | NOK 7.25bn | NOK 8.47bn |
| Operating income | NOK 931.3m | NOK 2.97bn | NOK 3.19bn | NOK 4.28bn | NOK 3.60bn | NOK 1.34bn | NOK 2.37bn | NOK 4.48bn | NOK 2.29bn | NOK 4.45bn |
| Net income | NOK 366.0m | NOK 2.67bn | NOK 272.5m | NOK 2.91bn | NOK 2.63bn | NOK 794.3m | NOK 1.86bn | NOK 3.44bn | NOK 1.75bn | NOK 3.22bn |
| Diluted earnings per share | 0.61 | 4.49 | 0.46 | 4.88 | 24.46 | 1.33 | 3.11 | 5.76 | 2.93 | 5.40 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | NOK 40.71bn | NOK 42.83bn | NOK 41.42bn | NOK 37.06bn | NOK 34.19bn | NOK 30.16bn | NOK 30.19bn | NOK 28.37bn | NOK 25.66bn | NOK 25.08bn |
| Cash and short-term investments | NOK 2.66bn | NOK 3.34bn | NOK 4.45bn | NOK 3.30bn | NOK 4.20bn | NOK 2.97bn | NOK 2.90bn | NOK 3.04bn | NOK 3.51bn | NOK 2.23bn |
| Total liabilities | NOK 21.91bn | NOK 21.66bn | NOK 22.73bn | NOK 17.35bn | NOK 14.87bn | NOK 12.53bn | NOK 12.43bn | NOK 11.24bn | NOK 11.18bn | NOK 11.60bn |
| Debt | NOK 12.89bn | NOK 13.42bn | NOK 10.96bn | NOK 9.19bn | NOK 8.83bn | NOK 7.55bn | NOK 6.91bn | NOK 5.58bn | NOK 5.78bn | NOK 5.64bn |
| Shareholders' equity | NOK 18.80bn | NOK 20.01bn | NOK 18.69bn | NOK 19.71bn | NOK 18.20bn | NOK 16.76bn | NOK 16.85bn | NOK 16.15bn | NOK 13.61bn | NOK 12.54bn |
| Shares outstanding | 595m | 595m | 595m | 595m | 108m | 597m | 597m | 597m | 597m | 597m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | NOK 4.12bn | NOK 2.04bn | NOK 3.34bn | NOK 2.28bn | NOK 3.74bn | NOK 2.37bn | NOK 2.86bn | NOK 2.78bn | NOK 3.69bn | NOK 2.77bn |
| Capital spending | −NOK 1.58bn | −NOK 1.88bn | −NOK 1.33bn | −NOK 887.4m | −NOK 1.02bn | −NOK 1.19bn | −NOK 1.45bn | −NOK 1.88bn | −NOK 1.58bn | −NOK 770.4m |
| Free cash flow | NOK 2.54bn | NOK 160.7m | NOK 2.01bn | NOK 1.39bn | NOK 2.72bn | NOK 1.17bn | NOK 1.41bn | NOK 897.7m | NOK 2.11bn | NOK 2.00bn |
| Dividends paid | −NOK 1.50bn | −NOK 1.54bn | −NOK 1.53bn | −NOK 1.56bn | −NOK 1.20bn | −NOK 924.3m | −NOK 1.27bn | −NOK 949.5m | −NOK 834.2m | −NOK 664.8m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 7.89bn | NOK 8.08bn | NOK 8.83bn | NOK 8.75bn | NOK 8.83bn | NOK 7.95bn | NOK 8.48bn | NOK 7.89bn |
| Gross profit | NOK 2.56bn | NOK 3.78bn | NOK 4.03bn | NOK 3.08bn | NOK 3.58bn | NOK 4.02bn | NOK 3.97bn | NOK 3.30bn |
| Operating income | −NOK 332.7m | NOK 546.2m | NOK 857.2m | NOK 870.0m | NOK 52.8m | −NOK 783.8m | NOK 1.25bn | −NOK 236.5m |
| Net income | −NOK 201.6m | NOK 288.4m | NOK 175.1m | NOK 448.6m | NOK 125.3m | −NOK 383.1m | NOK 1.61bn | −NOK 55.5m |
| Diluted earnings per share | -0.34 | 0.48 | 0.29 | 0.75 | 0.21 | -0.64 | 2.70 | -0.09 |
| Cash from operations | NOK 1.35bn | NOK 849.0m | NOK 4.12bn | NOK 3.50bn | NOK 2.42bn | NOK 1.39bn | NOK 2.04bn | NOK 2.18bn |
| Capital spending | −NOK 187.0m | −NOK 180.0m | −NOK 1.58bn | −NOK 1.23bn | −NOK 876.0m | −NOK 449.0m | −NOK 1.66bn | −NOK 1.15bn |
| Free cash flow | NOK 1.17bn | NOK 669.0m | NOK 2.54bn | NOK 2.27bn | NOK 1.54bn | NOK 938.0m | NOK 380.0m | NOK 1.03bn |
| Total assets | NOK 39.03bn | NOK 40.26bn | NOK 40.71bn | NOK 40.26bn | NOK 39.38bn | NOK 39.85bn | NOK 42.83bn | NOK 40.15bn |
| Cash and short-term investments | — | — | NOK 2.66bn | NOK 2.41bn | NOK 1.94bn | NOK 2.43bn | NOK 3.33bn | NOK 3.03bn |
| Debt | NOK 5.57bn | NOK 4.72bn | NOK 9.54bn | NOK 10.53bn | NOK 11.06bn | NOK 10.21bn | NOK 11.50bn | NOK 9.34bn |
| Shareholders' equity | NOK 17.35bn | NOK 19.01bn | NOK 18.80bn | NOK 18.60bn | NOK 18.20bn | NOK 19.51bn | NOK 20.01bn | NOK 18.36bn |
Financial ratios
Data as of 22 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 42.8% | 45.6% | 43.5% | 45.9% | 49.5% | 40.2% | — |
| Operating margin | 2.7% | 9.6% | 10.3% | 16.1% | 15.6% | 6.7% | — |
| Net margin | 1.1% | 8.6% | 0.9% | 10.9% | 11.4% | 4.0% | — |
| Return on equity | 1.9% | 13.4% | 1.5% | 14.7% | 14.5% | 4.7% | — |
| Return on assets | 0.9% | 6.2% | 0.7% | 7.8% | 7.7% | 2.6% | — |
| Free cash flow yield | — | 16.0% | 19.0% | 12.9% | 107.1% | 14.5% | 17.5% |
| Revenue growth | 10.4% | 0.8% | 15.8% | 15.5% | 15.6% | -2.3% | — |
| Earnings growth | -86.3% | 881.1% | -90.6% | 10.4% | 231.4% | -57.2% | — |
| Current ratio | 1.81x | 2.38x | 2.66x | 2.75x | 2.91x | 2.68x | — |
| Debt to equity | 0.37x | 0.43x | 0.42x | 0.31x | 0.37x | 0.34x | — |
| Equity ratio | 46.2% | 46.7% | 45.1% | 53.2% | 53.2% | 55.6% | — |
| Interest coverage | 1.48x | 4.15x | 5.77x | 13.32x | 14.73x | 5.67x | — |
| Buybacks as a share of market value | — | 0.0% | 0.0% | -453.4% | 82.0% | 0.0% | 0.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 8.8% | 11.5% | 9.8% |
| Operating income | -39.9% | -7.0% | -4.9% |
| Net income | -49.9% | -14.4% | -11.0% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 44.1% | 44.4% | 44.6% | 44.5% |
| Operating margin | 6.0% | 9.3% | 9.8% | 12.3% |
| Net margin | 4.6% | 5.1% | 5.8% | 8.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 82.1 | 10.9 | 91.4 | 11.3 | 2.8 | 45.5 | 18.7 | 11.4 | 15.0 | 8.9 |
| Price to sales | 0.9 | 0.9 | 0.8 | 1.2 | 0.3 | 1.8 | 1.7 | 2.0 | 1.4 | 1.7 |
Dividends and splits
Per share, in the currency the company pays
Paid for 24 years. Last went ex-dividend on 28 May 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 2.50 | 2.50 | 2.50 | 2.50 | 2.50 | 2.00 | 1.50 | 2.00 |
- 10-for-1 split · 24 May 2017
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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