104.50
+1.85%
Close of 9 Nov 2026, in NOK
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At a glance
Figures in NOK, from our data supplier.
Revenue
NOK 71.55bn
FY2016FY2025
Net income
NOK 11.47bn
FY2016FY2025
Free cash flow
NOK 6.72bn
FY2016FY2025
Shareholders' equity
NOK 48.66bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 71.55bn | NOK 70.66bn | NOK 67.80bn | NOK 58.39bn | NOK 50.44bn | NOK 47.14bn | NOK 43.62bn | NOK 40.84bn | NOK 39.56bn | NOK 37.76bn |
| Gross profit | NOK 35.10bn | NOK 35.49bn | NOK 33.00bn | NOK 29.52bn | NOK 25.27bn | NOK 23.71bn | NOK 21.92bn | NOK 20.49bn | NOK 19.84bn | NOK 19.05bn |
| Research and development | — | — | — | — | — | — | — | — | NOK 286.0m | NOK 280.0m |
| Operating income | NOK 9.28bn | NOK 9.30bn | NOK 8.07bn | NOK 7.77bn | NOK 6.59bn | NOK 5.55bn | NOK 5.17bn | NOK 4.53bn | NOK 4.87bn | NOK 4.60bn |
| Net income | NOK 11.47bn | NOK 6.06bn | NOK 5.20bn | NOK 5.02bn | NOK 4.81bn | NOK 4.37bn | NOK 3.84bn | NOK 3.27bn | NOK 8.58bn | NOK 4.29bn |
| Diluted earnings per share | 11.47 | 6.05 | 5.21 | 5.03 | 4.82 | 4.37 | 3.84 | 3.27 | 8.42 | 4.24 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | NOK 88.70bn | NOK 89.97bn | NOK 86.59bn | NOK 80.67bn | NOK 70.56bn | NOK 63.01bn | NOK 57.41bn | NOK 53.79bn | NOK 53.41bn | NOK 55.60bn |
| Cash and short-term investments | NOK 1.92bn | NOK 1.64bn | NOK 991.0m | NOK 1.50bn | NOK 917.0m | NOK 3.03bn | NOK 1.49bn | NOK 1.99bn | NOK 4.85bn | NOK 1.31bn |
| Total liabilities | NOK 36.55bn | NOK 38.59bn | NOK 39.84bn | NOK 37.52bn | NOK 31.21bn | NOK 25.30bn | NOK 22.50bn | NOK 19.84bn | NOK 18.57bn | NOK 21.73bn |
| Debt | NOK 14.96bn | NOK 18.54bn | NOK 20.77bn | NOK 19.10bn | NOK 14.33bn | NOK 10.02bn | NOK 8.59bn | NOK 5.13bn | NOK 5.13bn | NOK 9.64bn |
| Shareholders' equity | NOK 48.66bn | NOK 48.04bn | NOK 45.27bn | NOK 41.69bn | NOK 38.44bn | NOK 37.24bn | NOK 34.45bn | NOK 33.52bn | NOK 34.41bn | NOK 33.47bn |
| Shares outstanding | 1,000m | 1,002m | 998m | 997m | 997m | 1,000m | 1,000m | 1,002m | 1,019m | 1,013m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | NOK 9.27bn | NOK 9.65bn | NOK 7.25bn | NOK 5.23bn | NOK 6.35bn | NOK 6.60bn | NOK 6.12bn | NOK 4.39bn | NOK 6.07bn | NOK 4.12bn |
| Capital spending | −NOK 2.55bn | −NOK 2.03bn | −NOK 2.92bn | −NOK 2.82bn | −NOK 2.69bn | −NOK 2.61bn | −NOK 2.52bn | −NOK 2.33bn | −NOK 1.73bn | −NOK 1.65bn |
| Free cash flow | NOK 6.72bn | NOK 7.62bn | NOK 4.33bn | NOK 2.41bn | NOK 3.67bn | NOK 3.99bn | NOK 3.60bn | NOK 2.06bn | NOK 4.34bn | NOK 2.47bn |
| Dividends paid | −NOK 10.15bn | −NOK 5.99bn | −NOK 2.99bn | −NOK 2.99bn | −NOK 2.74bn | −NOK 2.60bn | −NOK 2.60bn | −NOK 2.64bn | −NOK 7.74bn | −NOK 2.54bn |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 16.70bn | NOK 17.40bn | NOK 18.77bn | NOK 17.95bn | NOK 17.65bn | NOK 17.18bn | NOK 18.79bn | NOK 17.51bn |
| Gross profit | — | — | — | NOK 17.95bn | NOK 17.65bn | NOK 17.18bn | NOK 18.79bn | NOK 17.51bn |
| Operating income | NOK 1.77bn | NOK 1.74bn | NOK 1.83bn | NOK 1.64bn | NOK 1.87bn | NOK 1.75bn | NOK 1.83bn | NOK 1.41bn |
| Net income | NOK 1.67bn | NOK 1.69bn | NOK 1.89bn | NOK 1.57bn | NOK 6.22bn | NOK 1.79bn | NOK 1.36bn | NOK 1.19bn |
| Diluted earnings per share | 1.72 | 1.72 | 1.89 | 1.57 | 6.22 | 1.79 | 1.36 | 1.18 |
| Cash from operations | NOK 1.07bn | NOK 1.71bn | NOK 9.27bn | NOK 2.91bn | NOK 1.42bn | NOK 1.25bn | NOK 3.35bn | NOK 3.10bn |
| Capital spending | −NOK 716.0m | −NOK 410.0m | −NOK 2.44bn | −NOK 704.0m | −NOK 528.0m | −NOK 391.0m | −NOK 647.0m | −NOK 407.0m |
| Free cash flow | NOK 355.0m | NOK 1.30bn | NOK 6.83bn | NOK 2.21bn | NOK 896.0m | NOK 860.0m | NOK 2.71bn | NOK 2.69bn |
| Total assets | NOK 87.52bn | NOK 89.88bn | NOK 88.70bn | NOK 87.47bn | NOK 88.01bn | NOK 89.75bn | NOK 89.97bn | NOK 89.23bn |
| Cash and short-term investments | — | — | NOK 2.04bn | NOK 1.05bn | NOK 929.0m | NOK 478.0m | NOK 1.64bn | NOK 1.15bn |
| Debt | NOK 13.87bn | NOK 12.94bn | NOK 14.96bn | NOK 19.19bn | NOK 21.29bn | NOK 18.00bn | NOK 18.54bn | NOK 18.88bn |
| Shareholders' equity | NOK 42.34bn | NOK 47.62bn | NOK 48.66bn | NOK 46.12bn | NOK 44.86bn | NOK 48.20bn | NOK 48.04bn | NOK 46.27bn |
Financial ratios
Data as of 7 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2017 | FY2016 | FY2015 | FY2014 | FY2013 | FY2012 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 49.1% | 50.2% | 48.7% | 50.6% | 50.1% | 50.3% | — | — | — | — | — | — |
| Operating margin | 13.0% | 13.2% | 11.9% | 13.3% | 13.1% | 11.8% | — | — | — | — | — | — |
| Net margin | 16.0% | 8.6% | 7.7% | 8.6% | 9.5% | 9.3% | — | — | — | — | — | — |
| Return on equity | 23.6% | 12.6% | 11.5% | 12.0% | 12.5% | 11.7% | — | — | — | — | — | — |
| Return on assets | 12.9% | 6.7% | 6.0% | 6.2% | 6.8% | 6.9% | — | — | — | — | — | — |
| Free cash flow yield | 12.7% | 12.6% | 11.0% | 8.7% | 9.8% | 9.9% | — | — | — | — | — | — |
| Revenue growth | 1.3% | 4.2% | 16.1% | 15.8% | 7.0% | 8.1% | — | — | — | — | — | — |
| Earnings growth | 89.4% | 16.6% | 3.5% | 4.4% | 10.0% | 13.9% | — | — | — | — | — | — |
| Current ratio | 1.43x | 1.40x | 1.27x | 1.19x | 1.08x | 1.57x | — | — | — | — | — | — |
| Debt to equity | 0.27x | 0.35x | 0.41x | 0.42x | 0.33x | 0.24x | — | — | — | — | — | — |
| Equity ratio | 54.9% | 53.4% | 52.3% | 51.7% | 54.5% | 59.1% | — | — | — | — | — | — |
| Interest coverage | 11.00x | 8.06x | 7.17x | 17.47x | 28.76x | 27.07x | — | — | — | — | — | — |
| R&D as a share of sales | — | — | — | — | — | — | 0.7% | 0.7% | 0.8% | 0.9% | 0.5% | 0.4% |
| Buybacks as a share of market value | 0.2% | -0.4% | -0.1% | -0.1% | 0.3% | 0.0% | — | — | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 7.0% | 8.7% | 8.0% |
| Operating income | 6.1% | 10.8% | 11.6% |
| Net income | 31.7% | 21.3% | 13.3% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 49.6% | 49.6% | 49.8% | 50.0% |
| Operating margin | 13.1% | 12.8% | 12.7% | 12.3% |
| Net margin | 12.3% | 10.3% | 10.1% | 10.7% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 9.8 | 16.3 | 15.1 | 14.1 | 18.3 | 19.9 | 23.2 | 20.8 | 10.3 | 18.5 |
| Price to sales | 1.6 | 1.4 | 1.2 | 1.2 | 1.8 | 1.9 | 2.0 | 1.7 | 2.2 | 2.1 |
Dividends and splits
Per share, in the currency the company pays
Paid for 36 years. Last went ex-dividend on 24 Apr 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 4.00 | 4.00 | 3.00 | 3.00 | 3.00 | 2.75 | 2.60 | 2.60 |
- 5-for-1 split · 20 Apr 2007
- 1-to-1 reverse split · 16 Dec 1999
- 4-for-1 split · 15 May 1998
- 11-for-10 split · 15 May 1992
- 2-for-1 split · 26 Mar 1990
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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