N 
13.29
+2.78%
Close of 9 Nov 2026, in NOK
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At a glance
Figures in NOK, from our data supplier.
Revenue
NOK 37.65bn
FY2016FY2025
Net income
NOK 2.71bn
FY2016FY2025
Free cash flow
NOK 2.96bn
FY2016FY2025
Shareholders' equity
NOK 7.67bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 37.65bn | NOK 35.32bn | NOK 25.54bn | NOK 18.87bn | NOK 5.07bn | NOK 9.10bn | NOK 43.52bn | NOK 40.27bn | NOK 30.95bn | NOK 26.05bn |
| Operating income | NOK 3.73bn | NOK 1.87bn | NOK 2.23bn | NOK 1.70bn | NOK 2.56bn | −NOK 23.77bn | NOK 467.0m | −NOK 3.85bn | −NOK 2.05bn | NOK 1.82bn |
| Net income | NOK 2.71bn | NOK 1.36bn | NOK 1.74bn | NOK 1.01bn | NOK 1.87bn | −NOK 23.04bn | −NOK 1.61bn | −NOK 1.46bn | −NOK 1.79bn | NOK 1.14bn |
| Diluted earnings per share | 2.57 | 1.20 | 1.81 | 0.89 | 1.67 | -614.79 | -1,097.01 | -3,215.45 | -5,018.32 | 3,331.17 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | NOK 42.03bn | NOK 37.60bn | NOK 30.55bn | NOK 22.67bn | NOK 18.83bn | NOK 49.55bn | NOK 85.34bn | NOK 55.99bn | NOK 43.52bn | NOK 37.76bn |
| Cash and short-term investments | — | NOK 9.79bn | NOK 9.48bn | NOK 7.76bn | NOK 6.80bn | NOK 1.76bn | NOK 3.10bn | NOK 3.97bn | NOK 4.12bn | NOK 2.32bn |
| Total liabilities | NOK 34.36bn | NOK 30.36bn | NOK 24.78bn | NOK 18.47bn | NOK 15.56bn | NOK 56.18bn | NOK 81.22bn | NOK 54.28bn | NOK 41.42bn | NOK 33.71bn |
| Debt | NOK 3.78bn | NOK 14.38bn | NOK 13.00bn | NOK 9.28bn | NOK 8.57bn | NOK 7.87bn | NOK 38.70bn | NOK 4.71bn | NOK 4.99bn | NOK 4.48bn |
| Shareholders' equity | NOK 7.67bn | NOK 7.24bn | NOK 5.77bn | NOK 4.20bn | NOK 3.27bn | −NOK 6.62bn | NOK 4.10bn | NOK 1.69bn | NOK 2.09bn | NOK 4.04bn |
| Shares outstanding | 1,052m | 1,126m | 962m | 1,126m | 1,123m | 37m | 1m | 0m | 0m | 0m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | NOK 7.84bn | NOK 6.95bn | NOK 5.26bn | NOK 2.43bn | NOK 139.1m | −NOK 1.39bn | NOK 3.04bn | NOK 462.7m | NOK 2.90bn | NOK 3.05bn |
| Capital spending | −NOK 4.88bn | −NOK 1.31bn | −NOK 585.7m | −NOK 874.2m | −NOK 14.8m | −NOK 32.4m | −NOK 943.2m | −NOK 11.76bn | −NOK 8.42bn | −NOK 8.03bn |
| Free cash flow | NOK 2.96bn | NOK 5.64bn | NOK 4.67bn | NOK 1.55bn | NOK 124.3m | −NOK 1.42bn | NOK 2.09bn | −NOK 11.29bn | −NOK 5.52bn | −NOK 4.99bn |
| Dividends paid | −NOK 950.0m | — | — | −NOK 7.6m | −NOK 377.7m | −NOK 377.7m | −NOK 377.7m | −NOK 377.7m | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 10.41bn | NOK 6.90bn | NOK 8.52bn | NOK 12.25bn | NOK 10.29bn | NOK 6.58bn | NOK 8.23bn | NOK 11.59bn |
| Operating income | NOK 214.0m | −NOK 503.0m | NOK 21.0m | NOK 3.07bn | NOK 1.25bn | −NOK 610.9m | −NOK 86.0m | NOK 2.13bn |
| Net income | −NOK 555.0m | −NOK 362.0m | −NOK 16.0m | NOK 2.55bn | NOK 931.5m | −NOK 756.5m | −NOK 222.7m | NOK 2.00bn |
| Diluted earnings per share | -0.53 | -0.34 | -0.02 | 2.42 | 0.88 | -0.78 | -0.20 | 1.78 |
| Cash from operations | NOK 1.54bn | NOK 5.43bn | NOK 7.84bn | NOK 7.27bn | NOK 6.45bn | NOK 3.26bn | NOK 6.95bn | NOK 1.11bn |
| Capital spending | −NOK 967.0m | −NOK 377.0m | −NOK 4.88bn | −NOK 4.49bn | −NOK 3.22bn | −NOK 3.00bn | −NOK 1.09bn | −NOK 351.0m |
| Free cash flow | NOK 570.0m | NOK 5.05bn | NOK 2.96bn | NOK 2.78bn | NOK 3.23bn | NOK 266.0m | NOK 5.85bn | NOK 762.0m |
| Total assets | NOK 46.97bn | NOK 47.52bn | NOK 42.03bn | NOK 41.96bn | NOK 44.19bn | NOK 39.25bn | NOK 37.60bn | NOK 37.52bn |
| Cash and short-term investments | — | — | — | NOK 10.51bn | NOK 13.79bn | NOK 10.46bn | NOK 10.88bn | NOK 11.46bn |
| Debt | NOK 4.02bn | NOK 3.49bn | NOK 3.78bn | NOK 11.48bn | NOK 11.70bn | NOK 12.01bn | NOK 12.25bn | NOK 6.48bn |
| Shareholders' equity | NOK 6.66bn | NOK 9.07bn | NOK 7.67bn | NOK 7.68bn | NOK 5.91bn | NOK 6.15bn | NOK 7.24bn | NOK 7.11bn |
Financial ratios
Data as of 28 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Operating margin | 9.9% | 5.3% | 8.7% | 9.0% | 50.5% | -261.3% | — |
| Net margin | 7.2% | 3.8% | 6.8% | 5.3% | 36.9% | -253.3% | — |
| Return on equity | 35.3% | 18.7% | 30.1% | 23.9% | 57.2% | 347.8% | — |
| Return on assets | 6.4% | 3.6% | 5.7% | 4.4% | 9.9% | -46.5% | — |
| Free cash flow yield | — | 60.0% | 49.8% | 24.0% | 1.1% | -296.9% | 22228.3% |
| Revenue growth | 6.6% | 38.3% | 35.3% | 272.3% | -44.3% | -79.1% | — |
| Earnings growth | 99.8% | -22.0% | 72.7% | -46.2% | -108.1% | 1331.8% | — |
| Current ratio | 1.03x | 1.16x | 1.46x | 1.32x | 1.63x | 0.70x | — |
| Debt to equity | 0.49x | 0.41x | 0.92x | 1.12x | 2.91x | -1.80x | — |
| Equity ratio | 18.2% | 19.3% | 18.9% | 18.5% | 17.4% | -13.4% | — |
| Interest coverage | 2.94x | 6.31x | 2.63x | 2.61x | 3.75x | -8.83x | — |
| Buybacks as a share of market value | — | -17.1% | 14.6% | -0.3% | -2897.3% | -2454.9% | -222.8% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 25.9% | 32.9% | 5.3% |
| Operating income | 30.1% | — | 26.8% |
| Net income | 39.1% | — | 27.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 7.7% | 8.1% | -8.9% | -5.1% |
| Net margin | 5.6% | 5.8% | -10.9% | -6.1% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 6.8 | 9.1 | 5.9 | 8.2 | 6.5 | -0.0 | -0.5 | -0.4 | -0.3 | 0.7 |
| Price to sales | 0.5 | 0.3 | 0.4 | 0.4 | 2.4 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 |
Dividends and splits
Per share, in the currency the company pays
Paid for 2 years. Last went ex-dividend on 7 May 2026.
| FY2026 | FY2025 | FY2024 | |
|---|---|---|---|
| Paid in the year | 0.80 | 0.90 | 0.60 |
- 100-to-1 reverse split · 18 Dec 2020
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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