90.95
+4.72%
Close of 9 Nov 2026, in NOK
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At a glance
Figures in NOK, from our data supplier.
Revenue
NOK 3.63bn
FY2016FY2025
Net income
NOK 979.0m
FY2016FY2025
Free cash flow
−NOK 3.57bn
FY2016FY2025
Shareholders' equity
NOK 10.09bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 3.63bn | NOK 4.37bn | NOK 4.37bn | NOK 3.00bn | NOK 3.04bn | NOK 2.77bn | NOK 1.81bn | NOK 1.15bn | NOK 1.12bn | NOK 1.01bn |
| Research and development | — | NOK 65.0m | — | NOK 132.0m | NOK 76.0m | — | — | — | — | — |
| Operating income | NOK 2.78bn | NOK 4.13bn | NOK 4.13bn | NOK 516.0m | NOK 2.08bn | NOK 900.0m | NOK 874.0m | NOK 629.0m | NOK 993.2m | NOK 563.0m |
| Net income | NOK 979.0m | NOK 1.31bn | NOK 1.31bn | −NOK 1.23bn | NOK 388.0m | −NOK 368.0m | NOK 155.0m | NOK 140.0m | NOK 339.1m | NOK 3.5m |
| Diluted earnings per share | 6.16 | 8.24 | 8.24 | -7.72 | 2.44 | -2.79 | 1.24 | 1.23 | 3.29 | 0.04 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | NOK 50.17bn | NOK 45.74bn | NOK 41.80bn | NOK 36.73bn | NOK 33.03bn | NOK 26.66bn | NOK 21.58bn | NOK 14.86bn | NOK 10.24bn | NOK 7.08bn |
| Cash and short-term investments | NOK 5.59bn | NOK 3.89bn | NOK 3.10bn | NOK 3.91bn | NOK 2.33bn | NOK 5.95bn | NOK 2.75bn | NOK 3.38bn | NOK 2.81bn | NOK 1.02bn |
| Total liabilities | NOK 38.07bn | NOK 32.98bn | NOK 31.22bn | NOK 27.93bn | NOK 23.11bn | NOK 17.20bn | NOK 17.94bn | NOK 12.38bn | NOK 8.35bn | NOK 5.76bn |
| Debt | NOK 31.26bn | NOK 29.02bn | NOK 27.05bn | NOK 24.73bn | NOK 19.12bn | NOK 13.01bn | NOK 13.81bn | NOK 9.75bn | NOK 7.22bn | NOK 5.08bn |
| Shareholders' equity | NOK 10.09bn | NOK 10.63bn | NOK 8.69bn | NOK 8.26bn | NOK 9.27bn | NOK 8.79bn | NOK 2.98bn | NOK 1.89bn | NOK 1.31bn | NOK 684.7m |
| Shares outstanding | 159m | 159m | 159m | 159m | 159m | 132m | 125m | 113m | 103m | 94m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | NOK 2.46bn | NOK 3.13bn | NOK 2.18bn | NOK 756.0m | NOK 2.07bn | NOK 1.67bn | NOK 1.86bn | NOK 1.25bn | NOK 844.1m | NOK 732.0m |
| Capital spending | −NOK 6.03bn | −NOK 3.27bn | −NOK 7.14bn | −NOK 1.99bn | −NOK 967.0m | −NOK 1.77bn | −NOK 6.50bn | −NOK 3.56bn | −NOK 673.1m | −NOK 883.6m |
| Free cash flow | −NOK 3.57bn | −NOK 140.0m | −NOK 4.96bn | −NOK 1.23bn | NOK 1.10bn | −NOK 103.0m | −NOK 4.64bn | −NOK 2.32bn | NOK 171.0m | −NOK 151.7m |
| Dividends paid | −NOK 166.0m | −NOK 395.0m | −NOK 429.0m | −NOK 404.0m | −NOK 173.0m | −NOK 131.0m | −NOK 108.0m | −NOK 81.0m | −NOK 73.3m | −NOK 61.9m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 1.24bn | NOK 925.0m | NOK 785.0m | NOK 935.0m | NOK 971.0m | NOK 937.0m | NOK 897.0m | NOK 1.16bn |
| Operating income | NOK 328.0m | NOK 309.0m | NOK 328.0m | NOK 350.0m | NOK 732.0m | NOK 1.35bn | NOK 521.0m | NOK 576.0m |
| Net income | −NOK 66.0m | −NOK 160.0m | −NOK 52.0m | −NOK 3.0m | NOK 272.0m | NOK 762.0m | −NOK 141.0m | NOK 1.62bn |
| Diluted earnings per share | -0.42 | -1.01 | -0.33 | -0.02 | 1.71 | 4.80 | -0.89 | 10.20 |
| Cash from operations | NOK 422.0m | NOK 152.0m | NOK 2.46bn | NOK 561.0m | NOK 643.0m | NOK 370.0m | NOK 802.0m | NOK 802.0m |
| Capital spending | −NOK 1.35bn | −NOK 1.70bn | −NOK 6.03bn | −NOK 1.78bn | −NOK 1.24bn | −NOK 871.0m | −NOK 1.16bn | −NOK 1.00bn |
| Free cash flow | −NOK 930.0m | −NOK 1.55bn | −NOK 3.57bn | −NOK 1.22bn | −NOK 600.0m | −NOK 501.0m | −NOK 358.0m | −NOK 198.0m |
| Total assets | NOK 50.78bn | NOK 49.35bn | NOK 50.17bn | NOK 47.61bn | NOK 43.86bn | NOK 43.61bn | NOK 45.74bn | NOK 43.48bn |
| Cash and short-term investments | — | — | NOK 5.47bn | NOK 6.19bn | NOK 4.56bn | NOK 5.22bn | NOK 3.89bn | NOK 2.81bn |
| Debt | NOK 29.39bn | NOK 27.82bn | NOK 28.69bn | NOK 30.19bn | NOK 27.41bn | NOK 27.46bn | NOK 28.21bn | NOK 27.07bn |
| Shareholders' equity | NOK 9.70bn | NOK 9.63bn | NOK 10.02bn | NOK 10.13bn | NOK 10.15bn | NOK 10.16bn | NOK 10.63bn | NOK 10.21bn |
Financial ratios
Data as of 28 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | 76.6% | 94.5% | 94.5% | 17.2% | 68.5% | 32.5% |
| Net margin | 27.0% | 30.0% | 30.0% | -40.9% | 12.8% | -13.3% |
| Return on equity | 9.7% | 12.3% | 15.1% | -14.8% | 4.2% | -4.2% |
| Return on assets | 2.0% | 2.9% | 3.1% | -3.3% | 1.2% | -1.4% |
| Free cash flow yield | 55.2% | 41.6% | 60.7% | 17.8% | 19.8% | 27.0% |
| Revenue growth | -16.9% | 0.0% | 45.5% | -1.2% | 9.6% | 53.1% |
| Earnings growth | -25.2% | 0.0% | -206.7% | -416.2% | -205.4% | -337.4% |
| Current ratio | 1.07x | 1.11x | 0.87x | 1.61x | 1.94x | 2.60x |
| Debt to equity | 2.87x | 2.66x | 3.07x | 2.87x | 2.07x | 1.56x |
| Equity ratio | 20.1% | 23.2% | 20.8% | 22.5% | 28.1% | 33.0% |
| Interest coverage | 2.88x | 1.54x | 1.54x | 0.33x | 1.52x | 0.76x |
| R&D as a share of sales | — | 1.5% | — | 4.4% | 2.5% | — |
| Buybacks as a share of market value | 0.0% | 0.0% | 0.0% | -0.1% | -20.5% | -5.4% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 6.5% | 5.5% | 15.4% |
| Operating income | 75.3% | 25.3% | 18.2% |
| Net income | — | — | 30.6% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 86.4% | 75.2% | 68.6% | 66.7% |
| Net margin | 28.6% | 15.4% | 11.3% | 11.4% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 17.2 | 9.7 | 10.0 | -10.2 | 62.5 | -122.3 | 100.2 | 59.8 | 15.2 | — |
| Price to sales | 4.7 | 2.9 | 3.0 | 4.2 | 8.0 | 16.2 | 8.6 | 7.3 | 4.6 | 3.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 19 Apr 2023.
| FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 1.94 | 2.54 | 1.09 | 0.95 | 0.95 | 0.78 | 0.71 | 0.66 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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