N 
36.30
+1.11%
Close of 9 Nov 2026, in NOK
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At a glance
Figures in NOK, from our data supplier.
Revenue
NOK 9.45bn
FY2016FY2025
Net income
NOK 405.0m
FY2016FY2025
Free cash flow
−NOK 755.0m
FY2016FY2025
Shareholders' equity
NOK 5.82bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 9.45bn | NOK 9.23bn | NOK 11.79bn | NOK 14.54bn | NOK 9.85bn | NOK 9.17bn | NOK 12.20bn | NOK 12.64bn | NOK 11.53bn | NOK 11.85bn |
| Gross profit | NOK 2.77bn | NOK 3.31bn | NOK 4.06bn | NOK 6.60bn | NOK 3.79bn | NOK 4.07bn | NOK 5.33bn | NOK 5.12bn | NOK 4.61bn | NOK 5.01bn |
| Research and development | — | — | — | — | — | — | — | — | — | NOK 1.0m |
| Operating income | NOK 563.0m | −NOK 60.0m | NOK 896.0m | NOK 2.85bn | NOK 216.0m | −NOK 1.53bn | NOK 2.59bn | NOK 926.0m | −NOK 2.08bn | −NOK 1.06bn |
| Net income | NOK 405.0m | −NOK 982.0m | NOK 481.0m | NOK 2.57bn | −NOK 363.0m | −NOK 1.88bn | NOK 2.04bn | NOK 1.52bn | −NOK 3.55bn | NOK 295.0m |
| Diluted earnings per share | 4.78 | -11.57 | 5.64 | 27.28 | -4.51 | -22.86 | 24.80 | 18.51 | -12.73 | 1.12 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | NOK 14.71bn | NOK 14.47bn | NOK 14.76bn | NOK 13.61bn | NOK 9.13bn | NOK 7.79bn | NOK 10.24bn | NOK 8.56bn | NOK 8.11bn | NOK 10.24bn |
| Cash and short-term investments | NOK 1.08bn | NOK 873.0m | NOK 2.46bn | NOK 2.65bn | NOK 1.49bn | NOK 1.00bn | NOK 1.02bn | NOK 965.0m | NOK 489.0m | NOK 532.0m |
| Total liabilities | NOK 8.89bn | NOK 9.08bn | NOK 8.59bn | NOK 7.70bn | NOK 5.99bn | NOK 4.57bn | NOK 4.75bn | NOK 6.20bn | NOK 9.54bn | NOK 10.06bn |
| Debt | NOK 4.40bn | NOK 5.25bn | NOK 5.05bn | NOK 3.74bn | NOK 2.54bn | NOK 1.71bn | NOK 1.89bn | NOK 3.18bn | NOK 6.15bn | NOK 6.89bn |
| Shareholders' equity | NOK 5.82bn | NOK 5.38bn | NOK 6.16bn | NOK 5.91bn | NOK 3.13bn | NOK 3.22bn | NOK 5.49bn | NOK 2.37bn | −NOK 1.43bn | NOK 184.0m |
| Shares outstanding | 85m | 85m | 85m | 94m | 81m | 82m | 82m | 82m | 279m | 263m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | NOK 227.0m | −NOK 15.0m | NOK 1.93bn | NOK 2.04bn | NOK 191.0m | NOK 549.0m | NOK 602.0m | NOK 881.0m | NOK 404.0m | NOK 230.0m |
| Capital spending | −NOK 982.0m | −NOK 1.56bn | −NOK 3.08bn | −NOK 2.23bn | −NOK 1.02bn | −NOK 632.0m | −NOK 369.0m | −NOK 279.0m | −NOK 276.0m | −NOK 302.0m |
| Free cash flow | −NOK 755.0m | −NOK 1.57bn | −NOK 1.16bn | −NOK 188.0m | −NOK 830.0m | −NOK 83.0m | NOK 233.0m | NOK 602.0m | NOK 128.0m | −NOK 72.0m |
| Dividends paid | — | — | −NOK 57.0m | — | — | −NOK 516.0m | −NOK 516.0m | −NOK 516.0m | −NOK 516.0m | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 2.51bn | NOK 2.38bn | NOK 2.47bn | NOK 2.28bn | NOK 2.26bn | NOK 2.43bn | NOK 1.09bn | NOK 2.87bn |
| Gross profit | NOK 964.0m | NOK 853.0m | NOK 767.0m | −NOK 44.0m | NOK 840.0m | NOK 32.0m | NOK 259.0m | NOK 1.01bn |
| Operating income | −NOK 90.0m | NOK 285.0m | — | NOK 197.0m | NOK 74.0m | NOK 491.0m | −NOK 224.0m | −NOK 127.0m |
| Net income | −NOK 165.0m | NOK 335.0m | −NOK 235.0m | NOK 161.0m | NOK 78.0m | NOK 401.0m | −NOK 746.0m | −NOK 153.0m |
| Diluted earnings per share | -1.95 | 3.95 | -2.77 | 1.90 | 0.92 | 4.73 | -8.79 | -1.80 |
| Cash from operations | NOK 273.0m | −NOK 307.0m | NOK 227.0m | −NOK 89.0m | NOK 327.0m | −NOK 173.0m | NOK 28.0m | −NOK 272.0m |
| Capital spending | −NOK 106.0m | −NOK 59.0m | −NOK 982.0m | −NOK 216.0m | −NOK 255.0m | −NOK 372.0m | −NOK 462.0m | −NOK 316.0m |
| Free cash flow | NOK 167.0m | −NOK 366.0m | −NOK 755.0m | −NOK 305.0m | NOK 72.0m | −NOK 545.0m | −NOK 434.0m | −NOK 588.0m |
| Total assets | NOK 14.18bn | NOK 14.22bn | NOK 14.71bn | NOK 14.00bn | NOK 14.07bn | NOK 14.39bn | NOK 14.47bn | NOK 14.82bn |
| Cash and short-term investments | — | — | NOK 1.08bn | NOK 758.0m | NOK 1.12bn | NOK 1.05bn | NOK 873.0m | NOK 1.60bn |
| Debt | — | — | NOK 4.40bn | NOK 5.00bn | NOK 5.08bn | NOK 5.14bn | NOK 5.25bn | NOK 636.0m |
| Shareholders' equity | NOK 5.80bn | NOK 5.93bn | NOK 5.82bn | NOK 6.00bn | NOK 5.88bn | NOK 5.65bn | NOK 5.38bn | NOK 6.13bn |
Financial ratios
Data as of 31 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2016 | FY2015 | FY2014 | FY2013 | FY2012 | FY2008 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 29.3% | 35.8% | 34.4% | 45.4% | 38.5% | 44.4% | — | — | — | — | — | — |
| Operating margin | 6.4% | -3.8% | 7.1% | 20.0% | -0.8% | -16.7% | — | — | — | — | — | — |
| Net margin | 4.3% | -10.6% | 4.1% | 17.7% | -3.7% | -20.5% | — | — | — | — | — | — |
| Return on equity | 7.0% | -18.2% | 7.8% | 43.5% | -11.6% | -58.5% | — | — | — | — | — | — |
| Return on assets | 2.8% | -6.8% | 3.3% | 18.9% | -4.0% | -24.2% | — | — | — | — | — | — |
| Free cash flow yield | 38.9% | 49.6% | 160.3% | 123.5% | 41.1% | 39.1% | — | — | — | — | — | — |
| Revenue growth | 2.3% | -21.7% | -18.9% | 47.6% | 7.4% | -24.8% | — | — | — | — | — | — |
| Earnings growth | -141.2% | -304.2% | -81.3% | -808.5% | -80.7% | -192.2% | — | — | — | — | — | — |
| Current ratio | 1.14x | 1.24x | 1.95x | 2.00x | 1.76x | 1.79x | — | — | — | — | — | — |
| Debt to equity | 0.76x | 0.96x | 0.81x | 0.63x | 0.81x | 0.50x | — | — | — | — | — | — |
| Equity ratio | 39.6% | 37.2% | 41.8% | 43.4% | 34.3% | 41.3% | — | — | — | — | — | — |
| Interest coverage | 1.69x | -1.01x | 2.65x | 15.31x | -0.39x | -9.68x | — | — | — | — | — | — |
| R&D as a share of sales | — | — | — | — | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% |
| Buybacks as a share of market value | 0.1% | 0.6% | 9.5% | -17.1% | 2.3% | 0.0% | — | — | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -13.4% | 0.6% | -2.0% |
| Operating income | -41.7% | — | — |
| Net income | -46.0% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 32.5% | 37.2% | 38.4% | 39.9% |
| Operating margin | 2.7% | 9.4% | 4.6% | 2.5% |
| Net margin | -3.1% | 5.5% | 0.4% | -0.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Price to earnings | 3.5 | -2.1 | 7.3 | 2.5 | -8.5 | -1.7 | 1.8 |
| Price to sales | 0.1 | 0.2 | 0.3 | 0.4 | 0.3 | 0.3 | 0.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 20 Nov 2023.
| FY2023 | FY2020 | |
|---|---|---|
| Paid in the year | 0.67 | 6.25 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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