N 
36.25
+1.40%
Close of 9 Nov 2026, in NOK
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At a glance
Figures in NOK, from our data supplier.
Revenue
NOK 11.40bn
FY2016FY2025
Net income
NOK 652.0m
FY2016FY2025
Free cash flow
NOK 1.00bn
FY2016FY2025
Shareholders' equity
NOK 3.11bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 11.40bn | NOK 10.41bn | NOK 9.57bn | NOK 8.42bn | NOK 7.42bn | NOK 6.93bn | NOK 6.29bn | NOK 5.33bn | NOK 4.62bn | NOK 4.24bn |
| Research and development | — | — | — | NOK 33.0m | NOK 10.0m | — | — | — | — | — |
| Operating income | NOK 856.0m | NOK 570.0m | NOK 761.0m | NOK 631.0m | NOK 636.0m | NOK 485.3m | NOK 461.1m | NOK 401.8m | NOK 370.9m | NOK 329.4m |
| Net income | NOK 652.0m | NOK 496.0m | NOK 516.0m | NOK 454.0m | NOK 342.0m | NOK 297.9m | NOK 332.5m | NOK 745.9m | NOK 262.7m | NOK 231.6m |
| Diluted earnings per share | 2.12 | 1.68 | 1.75 | 1.61 | 1.21 | 1.06 | 1.18 | 2.64 | 0.93 | 0.82 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | NOK 9.40bn | NOK 7.12bn | NOK 6.35bn | NOK 6.28bn | NOK 5.93bn | NOK 3.97bn | NOK 3.53bn | NOK 3.11bn | NOK 2.44bn | NOK 2.10bn |
| Cash and short-term investments | NOK 1.55bn | NOK 1.61bn | NOK 947.0m | NOK 1.34bn | NOK 1.34bn | NOK 1.26bn | NOK 767.9m | NOK 853.1m | NOK 515.0m | NOK 438.5m |
| Total liabilities | NOK 6.29bn | NOK 4.58bn | NOK 4.28bn | NOK 4.02bn | NOK 3.84bn | NOK 2.28bn | NOK 1.76bn | NOK 1.67bn | NOK 1.56bn | NOK 1.24bn |
| Debt | NOK 2.31bn | NOK 1.60bn | NOK 1.58bn | NOK 1.55bn | NOK 1.62bn | NOK 225.0m | — | — | — | — |
| Shareholders' equity | NOK 3.11bn | NOK 2.53bn | NOK 2.06bn | NOK 2.26bn | NOK 2.08bn | NOK 1.68bn | NOK 1.68bn | NOK 1.43bn | NOK 873.0m | NOK 822.1m |
| Shares outstanding | 308m | 296m | 295m | 282m | 282m | 282m | 282m | 282m | 282m | 282m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | NOK 1.12bn | NOK 1.50bn | NOK 922.0m | NOK 941.0m | NOK 919.0m | NOK 716.9m | NOK 497.9m | NOK 473.3m | — | — |
| Capital spending | −NOK 121.0m | −NOK 81.0m | −NOK 59.0m | −NOK 69.0m | −NOK 50.0m | −NOK 53.1m | −NOK 46.7m | −NOK 43.3m | — | — |
| Free cash flow | NOK 1.00bn | NOK 1.42bn | NOK 863.0m | NOK 872.0m | NOK 869.0m | NOK 663.8m | NOK 451.2m | NOK 430.0m | — | — |
| Dividends paid | −NOK 512.0m | −NOK 343.0m | −NOK 869.0m | −NOK 254.0m | −NOK 245.0m | −NOK 199.9m | −NOK 177.6m | −NOK 287.7m | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 3.25bn | NOK 3.42bn | NOK 3.21bn | NOK 2.47bn | NOK 2.78bn | NOK 2.94bn | NOK 2.88bn | NOK 2.20bn |
| Operating income | NOK 190.0m | NOK 290.0m | NOK 202.0m | NOK 189.0m | NOK 136.0m | NOK 329.0m | NOK 179.0m | NOK 74.0m |
| Net income | NOK 132.0m | NOK 193.0m | NOK 149.0m | NOK 132.0m | NOK 113.0m | NOK 257.0m | NOK 202.0m | NOK 51.0m |
| Diluted earnings per share | 0.43 | 0.62 | 0.48 | 0.43 | 0.37 | 0.83 | 0.68 | 0.17 |
| Cash from operations | NOK 234.0m | NOK 189.0m | NOK 1.12bn | −NOK 118.0m | NOK 395.0m | −NOK 53.0m | NOK 938.0m | −NOK 126.0m |
| Capital spending | −NOK 18.0m | −NOK 25.0m | −NOK 120.0m | −NOK 18.0m | −NOK 29.0m | −NOK 41.0m | −NOK 59.0m | −NOK 20.0m |
| Free cash flow | NOK 216.0m | NOK 164.0m | NOK 1.00bn | −NOK 136.0m | NOK 366.0m | −NOK 94.0m | NOK 879.0m | −NOK 146.0m |
| Total assets | NOK 8.64bn | NOK 9.56bn | NOK 9.40bn | NOK 8.29bn | NOK 7.00bn | NOK 7.26bn | NOK 7.12bn | NOK 6.42bn |
| Cash and short-term investments | — | — | NOK 1.55bn | NOK 809.0m | NOK 1.19bn | NOK 1.40bn | NOK 1.61bn | NOK 815.0m |
| Debt | NOK 627.0m | NOK 956.0m | NOK 2.31bn | NOK 2.54bn | NOK 1.94bn | NOK 1.97bn | NOK 1.60bn | NOK 1.62bn |
| Shareholders' equity | NOK 2.94bn | NOK 3.27bn | NOK 3.11bn | NOK 2.93bn | NOK 2.49bn | NOK 2.79bn | NOK 2.53bn | NOK 2.33bn |
Financial ratios
Data as of 3 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | 7.5% | 5.5% | 8.0% | 7.5% | 8.6% | 7.0% |
| Net margin | 5.7% | 4.8% | 5.4% | 5.4% | 4.6% | 4.3% |
| Return on equity | 20.9% | 19.6% | 25.0% | 20.1% | 16.4% | 17.7% |
| Return on assets | 6.9% | 7.0% | 8.1% | 7.2% | 5.8% | 7.5% |
| Free cash flow yield | 10.7% | 14.1% | 8.8% | 9.5% | — | — |
| Revenue growth | 9.5% | 8.9% | 13.6% | 13.5% | 7.1% | 10.2% |
| Earnings growth | 31.5% | -3.9% | 13.7% | 32.7% | 14.8% | -10.4% |
| Current ratio | 1.15x | 1.29x | 1.17x | 1.31x | 1.39x | 1.43x |
| Debt to equity | 0.36x | 0.16x | 0.19x | 0.15x | 0.15x | 0.13x |
| Equity ratio | 33.1% | 35.6% | 32.5% | 35.9% | 35.1% | 42.4% |
| Interest coverage | 8.15x | 6.87x | 42.28x | 19.12x | 17.19x | 124.75x |
| R&D as a share of sales | — | — | — | 0.4% | 0.1% | — |
| Buybacks as a share of market value | -4.2% | -0.4% | -4.5% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 10.6% | 10.5% | 11.1% |
| Operating income | 10.7% | 12.0% | 9.9% |
| Net income | 12.8% | 17.0% | 11.3% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 6.5% | 7.1% | 7.3% | 7.4% |
| Net margin | 5.3% | 5.3% | 5.1% | 5.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | |
|---|---|---|---|
| Price to earnings | 21.7 | 26.4 | 13.9 |
| Price to sales | 1.2 | 1.3 | 0.8 |
Dividends and splits
Per share, in the currency the company pays
Paid for 2 years. Last went ex-dividend on 5 May 2026.
| FY2026 | FY2025 | FY2024 | |
|---|---|---|---|
| Paid in the year | 1.80 | 1.70 | 1.20 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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