167.60
+3.78%
Close of 9 Nov 2026, in NOK
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At a glance
Figures in NOK, from our data supplier.
Revenue
NOK 2.50bn
FY2016FY2025
Net income
NOK 404.3m
FY2016FY2025
Free cash flow
NOK 299.8m
FY2016FY2025
Shareholders' equity
NOK 1.21bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 2.50bn | NOK 1.75bn | NOK 1.52bn | NOK 1.17bn | NOK 787.8m | NOK 618.8m | NOK 668.2m | NOK 438.4m | NOK 350.1m | NOK 310.2m |
| Gross profit | NOK 1.39bn | NOK 1.05bn | NOK 887.7m | NOK 618.0m | NOK 424.5m | NOK 326.1m | NOK 363.7m | NOK 228.8m | NOK 162.2m | NOK 140.8m |
| Research and development | — | NOK 60.0m | NOK 49.9m | — | NOK 33.9m | — | NOK 86.9m | — | — | — |
| Operating income | NOK 555.4m | NOK 341.7m | NOK 284.2m | NOK 148.8m | NOK 73.5m | NOK 44.3m | NOK 113.2m | NOK 64.2m | NOK 7.9m | −NOK 4.3m |
| Net income | NOK 404.3m | NOK 243.3m | NOK 185.3m | NOK 106.7m | NOK 47.9m | NOK 27.3m | NOK 77.3m | NOK 47.6m | NOK 28.5m | −NOK 6.2m |
| Diluted earnings per share | 6.33 | 3.81 | 3.08 | 1.81 | 0.83 | 0.48 | 1.40 | 1.10 | 0.66 | -0.14 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | NOK 2.64bn | NOK 2.19bn | NOK 1.50bn | NOK 1.22bn | NOK 976.9m | NOK 671.6m | NOK 600.0m | NOK 470.5m | NOK 353.4m | NOK 274.2m |
| Cash and short-term investments | NOK 158.9m | NOK 193.3m | NOK 60.7m | NOK 33.5m | NOK 13.2m | NOK 8.6m | NOK 15.4m | NOK 4.3m | — | — |
| Total liabilities | NOK 1.42bn | NOK 1.03bn | NOK 703.2m | NOK 621.5m | NOK 479.0m | NOK 234.8m | NOK 156.4m | NOK 312.6m | NOK 238.5m | NOK 206.3m |
| Debt | NOK 717.5m | NOK 542.5m | NOK 266.2m | NOK 373.2m | NOK 303.2m | NOK 117.9m | NOK 27.7m | NOK 182.8m | NOK 66.4m | NOK 52.5m |
| Shareholders' equity | NOK 1.21bn | NOK 1.16bn | NOK 793.4m | NOK 599.3m | NOK 497.9m | NOK 436.3m | NOK 443.0m | NOK 148.2m | NOK 105.5m | NOK 52.9m |
| Shares outstanding | 64m | 64m | 60m | 59m | 58m | 57m | 55m | 43m | 43m | 43m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | NOK 500.5m | NOK 430.9m | NOK 345.7m | NOK 85.7m | NOK 47.7m | NOK 92.1m | NOK 41.2m | NOK 15.9m | NOK 10.3m | NOK 24.3m |
| Capital spending | −NOK 200.7m | −NOK 144.6m | −NOK 46.3m | −NOK 92.0m | −NOK 90.7m | −NOK 136.7m | −NOK 82.3m | −NOK 37.3m | −NOK 4.0m | −NOK 21.9m |
| Free cash flow | NOK 299.8m | NOK 286.3m | NOK 299.4m | −NOK 6.3m | −NOK 43.0m | −NOK 44.6m | −NOK 41.1m | −NOK 21.4m | NOK 6.3m | NOK 2.4m |
| Dividends paid | −NOK 382.3m | −NOK 152.9m | −NOK 41.6m | −NOK 17.5m | −NOK 17.0m | −NOK 34.1m | −NOK 6.0m | −NOK 6.0m | −NOK 6.0m | −NOK 3.8m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 831.6m | NOK 732.1m | NOK 791.1m | NOK 505.4m | NOK 684.4m | NOK 521.7m | NOK 556.1m | NOK 371.9m |
| Gross profit | NOK 431.7m | NOK 389.4m | NOK 402.7m | NOK 286.3m | NOK 378.9m | NOK 324.7m | NOK 344.8m | NOK 232.9m |
| Operating income | NOK 205.2m | NOK 155.9m | NOK 178.4m | NOK 75.4m | NOK 174.2m | NOK 127.4m | NOK 145.0m | NOK 53.7m |
| Net income | NOK 157.1m | NOK 111.0m | NOK 131.5m | NOK 51.8m | NOK 131.4m | NOK 89.7m | NOK 105.9m | NOK 35.1m |
| Diluted earnings per share | 2.46 | 1.74 | 2.06 | 0.81 | 2.06 | 1.40 | 1.66 | 0.55 |
| Cash from operations | NOK 275.0m | NOK 212.0m | NOK 500.0m | −NOK 1.0m | NOK 186.0m | NOK 101.0m | NOK 143.0m | NOK 83.0m |
| Capital spending | −NOK 56.0m | −NOK 56.0m | −NOK 200.0m | −NOK 40.0m | −NOK 45.0m | −NOK 47.0m | −NOK 50.0m | −NOK 36.0m |
| Free cash flow | NOK 219.0m | NOK 156.0m | NOK 300.0m | −NOK 41.0m | NOK 141.0m | NOK 54.0m | NOK 93.0m | NOK 47.0m |
| Total assets | NOK 2.70bn | NOK 2.62bn | NOK 2.64bn | NOK 2.50bn | NOK 2.41bn | NOK 2.37bn | NOK 2.19bn | NOK 2.03bn |
| Cash and short-term investments | — | — | NOK 158.9m | NOK 144.2m | NOK 175.0m | NOK 241.0m | NOK 193.3m | NOK 116.1m |
| Debt | NOK 429.4m | NOK 425.6m | NOK 604.5m | NOK 613.8m | NOK 562.3m | NOK 533.7m | NOK 542.5m | NOK 561.7m |
| Shareholders' equity | NOK 1.17bn | NOK 1.31bn | NOK 1.21bn | NOK 1.25bn | NOK 1.19bn | NOK 1.24bn | NOK 1.16bn | NOK 1.04bn |
Financial ratios
Data as of 3 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 55.6% | 59.8% | 58.4% | 52.9% | 53.9% | 52.7% | — |
| Operating margin | 22.2% | 19.5% | 18.7% | 12.7% | 9.3% | 7.2% | — |
| Net margin | 16.2% | 13.9% | 12.2% | 9.1% | 6.1% | 4.4% | — |
| Return on equity | 33.4% | 21.0% | 23.4% | 17.8% | 9.6% | 6.3% | — |
| Return on assets | 15.3% | 11.1% | 12.4% | 8.7% | 4.9% | 4.1% | — |
| Free cash flow yield | 6.7% | 5.5% | 4.0% | 1.9% | 1.5% | 2.5% | — |
| Revenue growth | 42.9% | 15.3% | 30.1% | 48.2% | 27.3% | -7.4% | — |
| Earnings growth | 66.2% | 31.3% | 73.7% | 122.8% | 75.5% | -64.7% | — |
| Current ratio | 1.54x | 2.03x | 1.58x | 1.55x | 1.56x | 1.58x | — |
| Debt to equity | 0.37x | 0.40x | 0.29x | 0.58x | 0.61x | 0.24x | — |
| Equity ratio | 46.0% | 53.0% | 53.0% | 49.1% | 51.0% | 65.0% | — |
| Interest coverage | 8.23x | 5.71x | 9.57x | 9.19x | 8.96x | 44.30x | — |
| R&D as a share of sales | — | 3.4% | 3.3% | — | 4.3% | — | 13.0% |
| Buybacks as a share of market value | -0.1% | -6.2% | -1.8% | -1.8% | -2.1% | -3.0% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 28.9% | 32.2% | 20.7% |
| Operating income | 55.1% | 65.8% | 37.5% |
| Net income | 55.9% | 71.4% | 46.8% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 57.3% | 56.8% | 56.3% | 55.0% |
| Operating margin | 21.1% | 19.2% | 17.3% | 15.7% |
| Net margin | 15.2% | 13.5% | 12.2% | 11.2% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Price to earnings | 29.8 | 25.3 | 18.5 | 15.9 | 37.9 | 37.4 | 14.3 |
| Price to sales | 4.8 | 3.5 | 2.3 | 1.5 | 2.3 | 1.6 | 1.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 6 years. Last went ex-dividend on 18 Nov 2025.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Paid in the year | 5.00 | 1.55 | 0.70 | 0.30 | 0.30 | 0.60 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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