S 
31.90
+0.79%
Close of 9 Nov 2026, in NOK
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At a glance
Figures in NOK, from our data supplier.
Revenue
NOK 2.09bn
FY2016FY2025
Net income
NOK 133.0m
FY2016FY2025
Free cash flow
−NOK 1.31bn
FY2016FY2025
Shareholders' equity
NOK 2.40bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 2.09bn | NOK 1.97bn | NOK 3.25bn | NOK 2.90bn | NOK 3.40bn | NOK 2.70bn | NOK 3.37bn | NOK 3.34bn | NOK 3.23bn | NOK 3.00bn |
| Gross profit | NOK 252.3m | NOK 332.6m | NOK 515.9m | NOK 582.6m | NOK 785.3m | NOK 730.4m | NOK 1.09bn | NOK 920.4m | NOK 796.0m | NOK 620.6m |
| Operating income | NOK 57.6m | NOK 125.4m | NOK 315.2m | NOK 336.7m | NOK 648.3m | NOK 463.7m | NOK 879.3m | NOK 755.5m | NOK 557.4m | NOK 401.7m |
| Net income | NOK 133.0m | NOK 176.9m | NOK 244.6m | NOK 338.8m | NOK 504.9m | NOK 1.52bn | NOK 654.5m | NOK 566.9m | NOK 401.0m | NOK 301.2m |
| Diluted earnings per share | 1.42 | 1.89 | 2.61 | 3.62 | 12.43 | 16.38 | 7.04 | 6.09 | 4.31 | 3.24 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | NOK 6.80bn | NOK 5.16bn | NOK 4.75bn | NOK 5.95bn | NOK 5.78bn | NOK 5.97bn | NOK 6.91bn | NOK 6.49bn | NOK 6.35bn | NOK 6.41bn |
| Cash and short-term investments | — | — | — | — | NOK 526.7m | NOK 884.6m | NOK 1.18bn | NOK 656.3m | NOK 484.9m | NOK 885.5m |
| Total liabilities | NOK 4.40bn | NOK 2.77bn | NOK 2.45bn | NOK 3.60bn | NOK 3.31bn | NOK 3.53bn | NOK 3.53bn | NOK 3.37bn | NOK 3.49bn | NOK 3.71bn |
| Debt | NOK 1.10bn | NOK 1.64bn | NOK 1.42bn | NOK 2.50bn | NOK 2.17bn | NOK 2.50bn | NOK 2.30bn | NOK 2.32bn | NOK 2.22bn | NOK 2.57bn |
| Shareholders' equity | NOK 2.40bn | NOK 2.39bn | NOK 2.30bn | NOK 2.34bn | NOK 2.46bn | NOK 2.43bn | NOK 3.37bn | NOK 3.11bn | NOK 2.85bn | NOK 2.69bn |
| Shares outstanding | 94m | 94m | 94m | 94m | 41m | 93m | 93m | 93m | 93m | 93m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −NOK 1.31bn | NOK 87.1m | NOK 330.1m | NOK 63.4m | NOK 392.6m | NOK 1.62bn | NOK 985.9m | NOK 427.0m | NOK 303.2m | NOK 440.3m |
| Capital spending | −NOK 2.4m | −NOK 4.4m | −NOK 4.0m | −NOK 2.3m | −NOK 1.1m | −NOK 2.3m | −NOK 453,000 | −NOK 842,000 | −NOK 4.6m | −NOK 408,000 |
| Free cash flow | −NOK 1.31bn | NOK 82.6m | NOK 326.1m | NOK 61.1m | NOK 391.5m | NOK 1.61bn | NOK 985.4m | NOK 426.2m | NOK 298.6m | NOK 439.9m |
| Dividends paid | −NOK 117.2m | −NOK 93.6m | −NOK 281.2m | −NOK 466.3m | −NOK 467.5m | −NOK 2.48bn | −NOK 418.2m | −NOK 351.3m | −NOK 197.8m | −NOK 136.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 1.45bn | NOK 122.6m | NOK 1.09bn | NOK 567.5m | NOK 261.4m | NOK 167.0m | NOK 498.1m | NOK 225.0m |
| Gross profit | NOK 182.3m | NOK 40.3m | NOK 152.2m | NOK 77.8m | NOK 53.2m | NOK 36.2m | NOK 92.6m | NOK 56.0m |
| Operating income | NOK 117.7m | −NOK 30.0m | NOK 71.0m | NOK 21.9m | −NOK 10.0m | −NOK 25.6m | NOK 12.1m | −NOK 4.1m |
| Net income | NOK 89.3m | −NOK 19.1m | NOK 129.1m | NOK 23.3m | NOK 1.6m | −NOK 21.0m | NOK 46.6m | −NOK 5.0m |
| Diluted earnings per share | 0.95 | -0.20 | 1.38 | 0.25 | 0.02 | -0.22 | 0.50 | -0.05 |
| Cash from operations | NOK 75.0m | −NOK 993.0m | NOK 254.0m | −NOK 124.0m | −NOK 345.0m | −NOK 1.04bn | −NOK 46.0m | −NOK 101.0m |
| Capital spending | −NOK 2.0m | — | — | −NOK 2.0m | — | — | — | — |
| Free cash flow | NOK 73.0m | — | — | −NOK 126.0m | — | — | — | — |
| Total assets | NOK 7.63bn | NOK 7.82bn | NOK 6.80bn | NOK 6.77bn | NOK 6.49bn | NOK 6.06bn | NOK 5.16bn | NOK 4.75bn |
| Debt | NOK 1.34bn | NOK 1.42bn | NOK 1.10bn | NOK 1.87bn | NOK 1.49bn | NOK 1.08bn | NOK 935.4m | NOK 602.3m |
| Shareholders' equity | NOK 2.37bn | NOK 2.38bn | NOK 2.40bn | NOK 2.27bn | NOK 2.25bn | NOK 2.37bn | NOK 2.39bn | NOK 2.34bn |
Financial ratios
Data as of 23 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 12.1% | 16.9% | 15.8% | 20.1% | 23.1% | 27.1% | — | — | — | — |
| Operating margin | 7.0% | 11.3% | 10.1% | 11.6% | 19.3% | 61.6% | — | — | — | — |
| Net margin | 6.4% | 9.0% | 7.5% | 11.7% | 14.8% | 56.5% | — | — | — | — |
| Return on equity | 5.5% | 7.4% | 10.6% | 14.5% | 20.5% | 62.7% | — | — | — | — |
| Return on assets | 2.0% | 3.4% | 5.1% | 5.7% | 8.7% | 25.5% | — | — | — | — |
| Free cash flow yield | — | — | — | — | 31.0% | 55.6% | 33.9% | 14.7% | 10.6% | 15.1% |
| Revenue growth | 5.9% | -39.4% | 12.4% | -14.9% | 26.1% | -19.9% | — | — | — | — |
| Earnings growth | -24.8% | -27.7% | -27.8% | -32.9% | -66.9% | 132.8% | — | — | — | — |
| Current ratio | 1.99x | 3.10x | 2.88x | 2.73x | 2.16x | 2.15x | — | — | — | — |
| Debt to equity | 0.46x | 0.39x | 0.30x | 0.60x | 0.88x | 1.02x | — | — | — | — |
| Equity ratio | 35.3% | 46.2% | 48.4% | 39.3% | 42.6% | 40.7% | — | — | — | — |
| Interest coverage | 20.09x | 15.70x | 38.30x | 28.28x | 56.58x | 174.51x | — | — | — | — |
| Buybacks as a share of market value | — | — | — | — | 56.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -10.4% | -5.0% | -4.3% |
| Operating income | -44.5% | -34.1% | -17.7% |
| Net income | -26.8% | -38.6% | -7.2% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 14.4% | 16.5% | 19.6% | 22.4% |
| Operating margin | 4.5% | 8.2% | 11.9% | 15.2% |
| Net margin | 7.6% | 8.8% | 17.9% | 15.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 25.8 | 19.1 | 12.7 | 8.9 | 4.1 | 3.5 | 7.5 | 4.7 | 5.6 | 8.8 |
| Price to sales | 1.6 | 1.7 | 0.9 | 1.0 | 0.6 | 2.0 | 1.5 | 0.8 | 0.7 | 0.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 12 years. Last went ex-dividend on 4 May 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 1.00 | 1.25 | 1.00 | 3.00 | 5.00 | 5.00 | 4.72 | 4.50 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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