S 
45.50
+0.66%
Close of 9 Nov 2026, in NOK
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At a glance
Figures in NOK, from our data supplier.
Revenue
NOK 5.51bn
FY2016FY2025
Net income
NOK 474.0m
FY2016FY2025
Free cash flow
NOK 1.77bn
FY2016FY2025
Shareholders' equity
NOK 1.46bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 5.51bn | NOK 5.06bn | NOK 4.73bn | NOK 4.08bn | NOK 3.25bn | NOK 3.53bn | NOK 3.99bn | NOK 3.26bn | NOK 3.25bn | NOK 3.11bn |
| Gross profit | NOK 5.36bn | NOK 4.92bn | NOK 4.60bn | NOK 3.94bn | NOK 3.14bn | NOK 3.41bn | NOK 3.87bn | NOK 3.12bn | NOK 3.10bn | NOK 2.98bn |
| Operating income | NOK 891.0m | NOK 743.0m | NOK 607.0m | NOK 21.0m | −NOK 238.0m | NOK 90.0m | NOK 512.0m | NOK 401.8m | NOK 365.7m | NOK 204.3m |
| Net income | NOK 474.0m | NOK 326.0m | NOK 224.0m | −NOK 246.0m | −NOK 452.0m | −NOK 325.0m | NOK 187.0m | NOK 2.3m | NOK 145.5m | −NOK 72.3m |
| Diluted earnings per share | 2.63 | 1.81 | 1.24 | -1.36 | -2.65 | -1.89 | 1.09 | 0.01 | 0.81 | -0.40 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | NOK 9.64bn | NOK 9.34bn | NOK 8.98bn | NOK 8.68bn | NOK 8.34bn | NOK 9.09bn | NOK 7.99bn | NOK 4.03bn | NOK 7.24bn | NOK 3.58bn |
| Cash and short-term investments | — | — | — | — | NOK 259.0m | NOK 436.0m | NOK 140.0m | NOK 337.9m | NOK 249.0m | NOK 16.9m |
| Total liabilities | NOK 8.18bn | NOK 7.99bn | NOK 7.96bn | NOK 7.82bn | NOK 7.85bn | NOK 8.21bn | NOK 6.76bn | NOK 2.97bn | NOK 6.50bn | NOK 2.68bn |
| Debt | NOK 1.48bn | NOK 1.44bn | NOK 1.72bn | NOK 1.97bn | NOK 6.55bn | NOK 6.91bn | NOK 5.59bn | NOK 1.86bn | NOK 5.45bn | NOK 1.72bn |
| Shareholders' equity | NOK 1.46bn | NOK 1.34bn | NOK 1.02bn | NOK 859.0m | NOK 483.0m | NOK 886.0m | NOK 1.22bn | NOK 1.06bn | NOK 742.0m | NOK 902.4m |
| Shares outstanding | 180m | 180m | 180m | 180m | 171m | 172m | 172m | 172m | 180m | 180m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | NOK 2.08bn | NOK 1.95bn | NOK 1.61bn | NOK 1.08bn | NOK 920.0m | NOK 1.11bn | NOK 1.34bn | NOK 436.9m | NOK 442.6m | NOK 265.2m |
| Capital spending | −NOK 309.0m | −NOK 287.0m | −NOK 162.0m | −NOK 256.0m | −NOK 232.0m | −NOK 230.0m | −NOK 265.0m | −NOK 197.5m | −NOK 153.7m | −NOK 152.9m |
| Free cash flow | NOK 1.77bn | NOK 1.67bn | NOK 1.45bn | NOK 826.0m | NOK 688.0m | NOK 883.0m | NOK 1.08bn | NOK 239.4m | NOK 288.9m | NOK 112.3m |
| Dividends paid | −NOK 127.0m | — | — | — | — | — | −NOK 1.03bn | −NOK 1.03bn | −NOK 1.03bn | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 1.44bn | NOK 1.48bn | NOK 1.43bn | NOK 1.29bn | NOK 1.39bn | NOK 1.40bn | NOK 1.31bn | NOK 1.19bn |
| Gross profit | NOK 1.41bn | NOK 1.45bn | NOK 1.39bn | NOK 1.26bn | NOK 1.36bn | NOK 1.36bn | NOK 1.27bn | NOK 1.16bn |
| Operating income | NOK 318.0m | NOK 221.0m | NOK 228.0m | NOK 198.0m | NOK 273.0m | NOK 193.0m | NOK 180.0m | NOK 175.0m |
| Net income | NOK 196.0m | NOK 106.0m | NOK 121.0m | NOK 98.0m | NOK 162.0m | NOK 94.0m | NOK 75.0m | NOK 71.0m |
| Diluted earnings per share | 1.09 | 0.59 | 0.67 | 0.48 | 0.90 | 0.52 | 0.42 | 0.39 |
| Cash from operations | NOK 466.0m | NOK 476.0m | NOK 656.0m | — | NOK 430.0m | NOK 475.0m | NOK 630.0m | NOK 366.0m |
| Capital spending | −NOK 62.0m | −NOK 32.0m | −NOK 97.0m | — | −NOK 72.0m | −NOK 60.0m | −NOK 163.0m | −NOK 57.0m |
| Free cash flow | NOK 404.0m | NOK 444.0m | NOK 559.0m | — | NOK 358.0m | NOK 415.0m | NOK 467.0m | NOK 309.0m |
| Total assets | NOK 9.06bn | NOK 9.09bn | NOK 9.64bn | NOK 9.30bn | NOK 9.45bn | NOK 9.27bn | NOK 9.28bn | NOK 9.08bn |
| Cash and short-term investments | — | — | — | NOK 363.0m | — | — | — | — |
| Debt | NOK 1.39bn | NOK 1.39bn | NOK 1.48bn | NOK 5.57bn | NOK 1.46bn | NOK 1.43bn | NOK 1.44bn | NOK 1.55bn |
| Shareholders' equity | NOK 1.38bn | NOK 1.35bn | NOK 1.46bn | NOK 1.44bn | NOK 1.50bn | NOK 1.34bn | NOK 1.34bn | NOK 1.26bn |
Financial ratios
Data as of 8 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 97.3% | 97.2% | 97.1% | 96.4% | 96.7% | 96.5% | — | — |
| Operating margin | 16.8% | 15.2% | 15.0% | 0.5% | -7.3% | 0.4% | — | — |
| Net margin | 8.6% | 6.4% | 4.7% | -6.0% | -13.9% | -9.2% | — | — |
| Return on equity | 32.6% | 24.3% | 22.0% | -28.6% | -93.6% | -36.7% | — | — |
| Return on assets | 4.9% | 3.5% | 2.5% | -2.8% | -5.4% | -3.6% | — | — |
| Free cash flow yield | — | — | — | 18.6% | 16.9% | 19.6% | 23.5% | 9.3% |
| Revenue growth | 8.8% | 7.0% | 16.0% | 25.7% | -8.1% | -11.4% | — | — |
| Earnings growth | 45.4% | 45.5% | -191.1% | -45.6% | 39.1% | -273.8% | — | — |
| Current ratio | 0.44x | 0.40x | 0.37x | 0.41x | 0.37x | 0.50x | — | — |
| Debt to equity | 1.02x | 1.07x | 1.69x | 2.29x | 6.05x | 3.10x | — | — |
| Equity ratio | 15.1% | 14.4% | 11.3% | 9.9% | 5.8% | 9.7% | — | — |
| Interest coverage | 2.98x | 2.30x | 1.79x | 0.07x | -0.84x | 0.05x | — | — |
| Buybacks as a share of market value | — | — | — | -5.6% | 0.5% | 0.0% | 0.0% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 10.5% | 9.3% | 6.7% |
| Operating income | 248.8% | 58.2% | 21.8% |
| Net income | — | — | 70.4% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 97.3% | 97.0% | 96.9% | 93.8% |
| Operating margin | 15.5% | 11.7% | 8.1% | 8.7% |
| Net margin | 7.6% | 4.0% | 0.0% | 0.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Price to earnings | 15.5 | 14.7 | 12.2 | -6.5 | -8.0 | -12.2 | 20.8 |
| Price to sales | 1.3 | 0.9 | 0.6 | 0.4 | 1.1 | 1.1 | 1.0 |
Dividends and splits
Per share, in the currency the company pays
Paid for 1 years. Last went ex-dividend on 4 Mar 2026.
| FY2026 | FY2025 | |
|---|---|---|
| Paid in the year | 0.67 | 0.63 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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