S 
582.00
+1.66%
Close of 9 Nov 2026, in NOK
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At a glance
Figures in NOK, from our data supplier.
Revenue
NOK 27.39bn
FY2016FY2025
Net income
NOK 1.10bn
FY2016FY2025
Free cash flow
NOK 1.31bn
FY2016FY2025
Shareholders' equity
NOK 17.75bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 27.39bn | NOK 26.43bn | NOK 28.10bn | NOK 20.16bn | NOK 15.04bn | NOK 12.91bn | NOK 12.24bn | NOK 11.34bn | NOK 10.76bn | NOK 8.96bn |
| Gross profit | NOK 13.40bn | NOK 12.68bn | NOK 16.60bn | NOK 10.56bn | NOK 8.55bn | NOK 6.59bn | NOK 6.03bn | NOK 7.44bn | NOK 4.79bn | NOK 5.71bn |
| Research and development | — | — | — | — | — | — | — | NOK 73.2m | NOK 93.7m | NOK 63.7m |
| Operating income | NOK 3.15bn | NOK 5.29bn | NOK 8.51bn | NOK 4.98bn | NOK 3.45bn | NOK 2.83bn | NOK 3.21bn | NOK 4.41bn | NOK 2.94bn | NOK 3.40bn |
| Net income | NOK 1.10bn | NOK 2.97bn | NOK 3.20bn | NOK 3.31bn | NOK 2.62bn | NOK 1.98bn | NOK 2.49bn | NOK 3.57bn | NOK 2.27bn | NOK 2.64bn |
| Diluted earnings per share | 8.45 | 22.47 | 24.31 | 26.25 | 64.44 | 17.54 | 22.08 | 31.69 | 20.25 | 23.50 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | NOK 57.95bn | NOK 54.43bn | NOK 53.33bn | NOK 62.50bn | NOK 28.09bn | NOK 22.00bn | NOK 17.99bn | NOK 15.14bn | NOK 12.93bn | NOK 13.40bn |
| Cash and short-term investments | NOK 759.0m | NOK 518.0m | NOK 785.3m | NOK 154.6m | NOK 780.8m | NOK 79.9m | NOK 143.2m | NOK 152.4m | NOK 107.0m | NOK 206.6m |
| Total liabilities | NOK 37.80bn | NOK 34.19bn | NOK 30.25bn | NOK 38.35bn | NOK 12.60bn | NOK 11.01bn | NOK 8.25bn | NOK 6.00bn | NOK 5.26bn | NOK 6.72bn |
| Debt | NOK 23.31bn | NOK 19.01bn | NOK 15.74bn | NOK 23.22bn | NOK 6.45bn | NOK 6.05bn | NOK 3.76bn | NOK 1.77bn | NOK 1.40bn | NOK 2.64bn |
| Shareholders' equity | NOK 17.75bn | NOK 17.93bn | NOK 19.90bn | NOK 19.36bn | NOK 13.23bn | NOK 9.85bn | NOK 9.01bn | NOK 9.05bn | NOK 7.58bn | NOK 6.60bn |
| Shares outstanding | 131m | 132m | 132m | 126m | 41m | 113m | 113m | 113m | 112m | 112m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | NOK 3.26bn | NOK 5.38bn | NOK 9.29bn | NOK 4.22bn | NOK 2.91bn | NOK 3.18bn | NOK 3.03bn | NOK 2.78bn | NOK 3.37bn | NOK 2.72bn |
| Capital spending | −NOK 1.95bn | −NOK 1.79bn | −NOK 2.35bn | −NOK 2.45bn | −NOK 2.22bn | −NOK 3.76bn | −NOK 1.35bn | −NOK 946.0m | −NOK 937.1m | −NOK 1.10bn |
| Free cash flow | NOK 1.31bn | NOK 3.59bn | NOK 6.95bn | NOK 1.77bn | NOK 684.1m | −NOK 576.5m | NOK 1.68bn | NOK 1.84bn | NOK 2.44bn | NOK 1.63bn |
| Dividends paid | −NOK 3.02bn | −NOK 4.68bn | −NOK 2.75bn | −NOK 2.35bn | −NOK 2.26bn | −NOK 1.47bn | −NOK 2.59bn | −NOK 2.15bn | −NOK 1.37bn | −NOK 1.13bn |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 7.61bn | NOK 6.48bn | NOK 8.18bn | NOK 7.85bn | NOK 6.17bn | NOK 5.18bn | NOK 7.79bn | NOK 6.12bn |
| Gross profit | NOK 3.61bn | NOK 2.91bn | NOK 4.53bn | NOK 3.03bn | NOK 2.91bn | NOK 1.74bn | NOK 3.55bn | NOK 3.28bn |
| Operating income | NOK 1.03bn | NOK 526.0m | NOK 1.75bn | NOK 983.0m | NOK 514.0m | NOK 788.0m | NOK 1.75bn | NOK 1.49bn |
| Net income | NOK 367.0m | NOK 569.0m | NOK 958.0m | NOK 305.0m | NOK 196.0m | −NOK 355.0m | NOK 1.00bn | NOK 285.0m |
| Diluted earnings per share | 2.71 | 4.20 | 7.33 | 2.33 | 1.50 | -2.72 | 7.60 | 2.16 |
| Cash from operations | NOK 2.12bn | NOK 1.21bn | NOK 3.26bn | NOK 1.44bn | NOK 1.32bn | −NOK 2.41bn | NOK 1.59bn | NOK 1.09bn |
| Capital spending | −NOK 484.0m | −NOK 277.0m | −NOK 1.93bn | −NOK 1.57bn | −NOK 567.0m | −NOK 473.0m | −NOK 495.0m | −NOK 1.02bn |
| Free cash flow | NOK 1.64bn | NOK 935.0m | NOK 1.33bn | −NOK 133.0m | NOK 751.0m | −NOK 2.89bn | NOK 1.09bn | NOK 68.0m |
| Total assets | NOK 57.02bn | NOK 56.90bn | NOK 57.95bn | NOK 57.82bn | NOK 55.71bn | NOK 54.74bn | NOK 54.43bn | NOK 54.96bn |
| Cash and short-term investments | — | — | NOK 759.0m | NOK 802.0m | NOK 512.0m | NOK 338.0m | NOK 331.0m | NOK 490.0m |
| Debt | NOK 15.54bn | NOK 14.78bn | NOK 20.29bn | NOK 22.03bn | NOK 22.23bn | NOK 22.32bn | NOK 19.01bn | NOK 20.21bn |
| Shareholders' equity | NOK 17.51bn | NOK 18.61bn | NOK 17.75bn | NOK 16.86bn | NOK 15.80bn | NOK 18.49bn | NOK 17.93bn | NOK 17.10bn |
Financial ratios
Data as of 13 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | FY2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 48.9% | 48.0% | 59.1% | 52.4% | 56.8% | 51.1% | — | — | — | — | — | — |
| Operating margin | 11.5% | 20.0% | 30.3% | 24.7% | 22.9% | 21.9% | — | — | — | — | — | — |
| Net margin | 4.0% | 11.2% | 11.4% | 16.4% | 17.4% | 15.3% | — | — | — | — | — | — |
| Return on equity | 6.2% | 16.6% | 16.1% | 17.1% | 19.8% | 20.1% | — | — | — | — | — | — |
| Return on assets | 1.9% | 5.5% | 6.0% | 5.3% | 9.3% | 9.0% | — | — | — | — | — | — |
| Free cash flow yield | 6.9% | 9.3% | 15.2% | 9.1% | 21.7% | 10.6% | — | — | — | — | — | — |
| Revenue growth | 3.7% | -6.0% | 39.4% | 34.0% | 16.5% | 5.5% | — | — | — | — | — | — |
| Earnings growth | -62.8% | -7.3% | -3.3% | 26.6% | 32.2% | -20.5% | — | — | — | — | — | — |
| Current ratio | 2.05x | 1.73x | 1.82x | 1.71x | 2.19x | 1.67x | — | — | — | — | — | — |
| Debt to equity | 1.21x | 0.99x | 0.72x | 1.14x | 0.43x | 0.54x | — | — | — | — | — | — |
| Equity ratio | 30.6% | 32.9% | 37.3% | 31.0% | 47.1% | 44.8% | — | — | — | — | — | — |
| Interest coverage | 449.71x | 4.21x | 6.72x | 13.60x | 18.69x | 17.99x | — | — | — | — | — | — |
| R&D as a share of sales | — | — | — | — | — | — | 0.6% | 0.9% | 0.7% | 0.6% | 0.7% | 0.3% |
| Buybacks as a share of market value | 1.1% | -0.3% | -4.4% | -210.7% | 64.0% | -0.1% | — | — | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 10.8% | 16.2% | 14.1% |
| Operating income | -14.2% | 2.2% | 8.1% |
| Net income | -30.7% | -11.0% | 0.0% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 48.5% | 52.2% | 52.6% | 53.1% |
| Operating margin | 15.7% | 21.5% | 21.7% | 24.1% |
| Net margin | 7.6% | 10.4% | 11.7% | 15.1% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 73.0 | 24.1 | 23.4 | 14.7 | 9.4 | 28.7 | 20.4 | 13.5 | 12.2 | 11.0 |
| Price to sales | 2.9 | 2.7 | 2.7 | 2.4 | 1.6 | 4.4 | 4.1 | 4.3 | 2.6 | 3.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 12 years. Last went ex-dividend on 23 Jun 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 10.00 | 22.00 | 35.00 | 20.00 | 20.00 | 20.00 | 13.00 | 23.00 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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