N 
70.32
+2.84%
Close of 9 Nov 2026, in NOK
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At a glance
Figures in NOK, from our data supplier.
Revenue
NOK 207.97bn
FY2016FY2025
Net income
NOK 6.72bn
FY2016FY2025
Free cash flow
NOK 11.73bn
FY2016FY2025
Shareholders' equity
NOK 99.84bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 207.97bn | NOK 203.63bn | NOK 192.09bn | NOK 207.93bn | NOK 149.65bn | NOK 138.12bn | NOK 149.77bn | NOK 159.38bn | NOK 109.22bn | NOK 81.95bn |
| Research and development | — | NOK 980.0m | NOK 786.0m | NOK 655.0m | NOK 512.0m | NOK 510.0m | NOK 625.0m | NOK 594.0m | NOK 500.0m | NOK 370.0m |
| Operating income | NOK 14.40bn | NOK 12.06bn | NOK 8.85bn | NOK 33.05bn | NOK 19.59bn | NOK 5.92bn | NOK 372.0m | NOK 7.35bn | NOK 11.34bn | NOK 9.61bn |
| Net income | NOK 6.72bn | NOK 5.79bn | NOK 3.58bn | NOK 24.15bn | NOK 12.16bn | NOK 1.84bn | −NOK 2.37bn | NOK 4.26bn | NOK 8.78bn | NOK 6.39bn |
| Diluted earnings per share | 3.42 | 2.92 | 1.78 | 11.80 | 5.93 | 0.90 | -1.16 | 2.08 | 4.29 | 3.13 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | NOK 208.30bn | NOK 207.37bn | NOK 206.46bn | NOK 198.62bn | NOK 174.51bn | NOK 164.41bn | NOK 164.40bn | NOK 161.85bn | NOK 163.33bn | NOK 130.79bn |
| Cash and short-term investments | NOK 27.75bn | NOK 16.77bn | NOK 27.26bn | NOK 31.70bn | NOK 26.57bn | NOK 21.25bn | NOK 13.74bn | NOK 7.65bn | NOK 13.48bn | NOK 12.65bn |
| Total liabilities | NOK 101.20bn | NOK 99.92bn | NOK 99.28bn | NOK 90.82bn | NOK 86.13bn | NOK 86.96bn | NOK 80.32bn | NOK 71.09bn | NOK 71.08bn | NOK 43.15bn |
| Debt | NOK 36.57bn | NOK 34.75bn | NOK 36.09bn | NOK 32.77bn | NOK 28.42bn | NOK 29.56bn | NOK 25.02bn | NOK 18.71bn | NOK 17.26bn | NOK 6.68bn |
| Shareholders' equity | NOK 99.84bn | NOK 101.46bn | NOK 100.58bn | NOK 102.45bn | NOK 84.06bn | NOK 74.28bn | NOK 79.93bn | NOK 85.83bn | NOK 87.07bn | NOK 81.91bn |
| Shares outstanding | 1,965m | 1,985m | 2,017m | 2,047m | 2,051m | 2,049m | 2,048m | 2,046m | 2,045m | 2,043m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | NOK 23.31bn | NOK 15.36bn | NOK 22.22bn | NOK 29.39bn | NOK 10.68bn | NOK 13.52bn | NOK 12.55bn | NOK 7.03bn | NOK 14.35bn | NOK 10.02bn |
| Capital spending | −NOK 11.58bn | −NOK 13.55bn | −NOK 13.64bn | −NOK 9.60bn | −NOK 6.02bn | −NOK 6.29bn | −NOK 8.73bn | −NOK 7.22bn | −NOK 7.30bn | −NOK 6.91bn |
| Free cash flow | NOK 11.73bn | NOK 1.80bn | NOK 8.58bn | NOK 19.79bn | NOK 4.66bn | NOK 7.23bn | NOK 3.82bn | −NOK 194.0m | NOK 7.05bn | NOK 3.10bn |
| Dividends paid | −NOK 4.58bn | −NOK 5.01bn | −NOK 11.50bn | −NOK 14.18bn | −NOK 2.82bn | −NOK 2.63bn | −NOK 2.65bn | −NOK 3.62bn | −NOK 3.07bn | −NOK 2.36bn |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 56.49bn | NOK 50.39bn | NOK 47.22bn | NOK 50.55bn | NOK 53.12bn | NOK 57.09bn | NOK 55.06bn | NOK 49.18bn |
| Operating income | NOK 14.71bn | NOK 9.11bn | −NOK 1.97bn | NOK 3.52bn | NOK 4.12bn | NOK 9.80bn | NOK 4.03bn | NOK 3.01bn |
| Net income | NOK 5.69bn | NOK 4.24bn | −NOK 2.36bn | NOK 2.19bn | NOK 2.05bn | NOK 4.83bn | NOK 1.91bn | NOK 793.0m |
| Diluted earnings per share | 2.89 | 2.16 | -1.20 | 1.12 | 1.04 | 2.46 | 0.96 | 0.40 |
| Cash from operations | NOK 9.03bn | −NOK 1.89bn | NOK 23.31bn | NOK 3.70bn | NOK 7.64bn | NOK 3.98bn | NOK 6.60bn | NOK 4.66bn |
| Capital spending | −NOK 2.57bn | −NOK 2.75bn | −NOK 11.58bn | −NOK 2.16bn | −NOK 2.66bn | −NOK 2.70bn | −NOK 4.37bn | −NOK 2.87bn |
| Free cash flow | NOK 6.46bn | −NOK 4.64bn | NOK 11.73bn | NOK 1.54bn | NOK 4.98bn | NOK 1.28bn | NOK 2.23bn | NOK 1.79bn |
| Total assets | NOK 209.66bn | NOK 206.93bn | NOK 208.30bn | NOK 205.46bn | NOK 203.29bn | NOK 208.05bn | NOK 207.37bn | NOK 206.75bn |
| Cash and short-term investments | — | — | NOK 27.75bn | NOK 22.84bn | NOK 21.86bn | NOK 23.18bn | NOK 16.77bn | NOK 24.09bn |
| Debt | NOK 29.04bn | NOK 28.65bn | NOK 28.43bn | NOK 37.00bn | NOK 37.55bn | NOK 37.17bn | NOK 23.16bn | NOK 37.80bn |
| Shareholders' equity | NOK 103.80bn | NOK 102.51bn | NOK 99.84bn | NOK 101.66bn | NOK 99.26bn | NOK 102.41bn | NOK 101.46bn | NOK 99.12bn |
Financial ratios
Data as of 6 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Operating margin | 6.9% | 5.9% | 4.6% | 15.9% | 13.1% | 4.3% | — |
| Net margin | 3.2% | 2.8% | 1.9% | 11.6% | 8.1% | 1.3% | — |
| Return on equity | 6.7% | 5.7% | 3.6% | 23.6% | 14.5% | 2.5% | — |
| Return on assets | 3.2% | 2.8% | 1.7% | 12.2% | 7.0% | 1.1% | — |
| Free cash flow yield | 18.9% | 15.5% | 18.9% | 20.3% | 8.7% | 10.3% | — |
| Revenue growth | 2.1% | 6.0% | -7.6% | 38.9% | 8.4% | -7.8% | — |
| Earnings growth | 16.0% | 61.6% | -85.2% | 98.6% | 559.1% | -177.9% | — |
| Current ratio | 1.73x | 1.53x | 1.91x | 2.08x | 1.91x | 2.07x | — |
| Debt to equity | 0.29x | 0.18x | 0.31x | 0.32x | 0.34x | 0.40x | — |
| Equity ratio | 47.9% | 48.9% | 48.7% | 51.6% | 48.2% | 45.2% | — |
| Interest coverage | 119.02x | 3.86x | 4.31x | 33.35x | 19.55x | 5.95x | — |
| R&D as a share of sales | — | 0.5% | 0.4% | 0.3% | 0.3% | 0.4% | 0.4% |
| Buybacks as a share of market value | 1.0% | 1.6% | 1.5% | 0.2% | -0.1% | -0.0% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 0.0% | 8.5% | 9.0% |
| Operating income | -24.2% | 19.5% | 14.2% |
| Net income | -34.7% | 29.5% | 12.8% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 6.4% | 8.4% | 8.5% | 7.5% |
| Net margin | 3.0% | 5.0% | 4.9% | 4.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 22.9 | 21.4 | 38.5 | 6.2 | 11.7 | 44.3 | -28.2 | 18.9 | 14.5 | 13.2 |
| Price to sales | 0.7 | 0.6 | 0.7 | 0.7 | 0.9 | 0.6 | 0.5 | 0.5 | 1.2 | 1.0 |
Dividends and splits
Per share, in the currency the company pays
Paid for 16 years. Last went ex-dividend on 8 May 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 3.00 | 2.25 | 2.50 | 5.65 | 3.45 | 1.25 | 1.25 | 1.25 |
- 5-for-1 split · 10 May 2006
- 1.11-for-1 split · 25 Mar 2004
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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