T 
134.80
+0.22%
Close of 9 Nov 2026, in NOK
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At a glance
Figures in NOK, from our data supplier.
Revenue
NOK 76.55bn
FY2016FY2025
Net income
NOK 7.03bn
FY2016FY2025
Free cash flow
NOK 19.88bn
FY2016FY2025
Shareholders' equity
NOK 71.61bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 76.55bn | NOK 75.49bn | NOK 80.45bn | NOK 98.95bn | NOK 110.24bn | NOK 122.81bn | NOK 113.67bn | NOK 110.36bn | NOK 124.76bn | NOK 131.43bn |
| Gross profit | NOK 59.30bn | NOK 58.17bn | NOK 61.40bn | NOK 72.55bn | NOK 81.06bn | NOK 93.04bn | NOK 85.75bn | NOK 84.18bn | NOK 93.72bn | NOK 97.33bn |
| Research and development | — | — | NOK 143.0m | NOK 177.0m | NOK 187.0m | NOK 238.0m | NOK 280.0m | NOK 372.0m | NOK 512.0m | NOK 1.20bn |
| Operating income | NOK 18.18bn | NOK 24.55bn | NOK 16.96bn | NOK 14.06bn | NOK 21.51bn | NOK 29.50bn | NOK 25.70bn | NOK 22.09bn | NOK 26.74bn | NOK 17.07bn |
| Net income | NOK 7.03bn | NOK 18.34bn | NOK 13.73bn | NOK 13.65bn | NOK 11.34bn | NOK 17.34bn | NOK 11.94bn | NOK 14.73bn | NOK 11.98bn | NOK 2.83bn |
| Diluted earnings per share | 5.14 | 13.57 | 9.90 | 9.75 | 8.10 | 12.37 | 8.31 | 10.04 | 7.99 | 1.89 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | NOK 221.59bn | NOK 229.58bn | NOK 218.38bn | NOK 239.25bn | NOK 225.74bn | NOK 256.53bn | NOK 248.90bn | NOK 191.27bn | NOK 201.77bn | NOK 206.32bn |
| Cash and short-term investments | NOK 17.16bn | NOK 11.84bn | NOK 20.86bn | NOK 10.26bn | NOK 15.60bn | NOK 20.97bn | NOK 14.41bn | NOK 18.88bn | NOK 23.46bn | NOK 24.85bn |
| Total liabilities | NOK 144.83bn | NOK 147.04bn | NOK 147.95bn | NOK 174.88bn | NOK 194.25bn | NOK 212.62bn | NOK 205.56bn | NOK 136.82bn | NOK 139.43bn | NOK 150.92bn |
| Debt | NOK 101.85bn | NOK 101.62bn | NOK 104.78bn | NOK 122.98bn | NOK 132.16bn | NOK 150.81bn | NOK 140.04bn | NOK 71.67bn | NOK 74.30bn | NOK 86.36bn |
| Shareholders' equity | NOK 71.61bn | NOK 76.62bn | NOK 64.48bn | NOK 60.13bn | NOK 26.29bn | NOK 38.32bn | NOK 38.05bn | NOK 49.44bn | NOK 57.50bn | NOK 50.88bn |
| Shares outstanding | 1,368m | 1,351m | 1,388m | 1,399m | 1,401m | 1,402m | 1,437m | 1,467m | 1,499m | 1,502m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | NOK 31.22bn | NOK 31.48bn | NOK 29.12bn | NOK 39.22bn | NOK 42.27bn | NOK 43.82bn | NOK 34.22bn | NOK 36.39bn | NOK 42.05bn | NOK 39.78bn |
| Capital spending | −NOK 11.34bn | −NOK 13.38bn | −NOK 14.73bn | −NOK 19.30bn | −NOK 19.45bn | −NOK 19.00bn | −NOK 21.99bn | −NOK 20.92bn | −NOK 18.36bn | −NOK 23.73bn |
| Free cash flow | NOK 19.88bn | NOK 18.10bn | NOK 14.39bn | NOK 19.92bn | NOK 22.82bn | NOK 24.82bn | NOK 12.24bn | NOK 15.47bn | NOK 23.68bn | NOK 16.05bn |
| Dividends paid | −NOK 13.13bn | −NOK 13.08bn | −NOK 13.02bn | −NOK 13.02bn | −NOK 12.60bn | −NOK 12.28bn | −NOK 12.12bn | −NOK 18.38bn | −NOK 11.94bn | −NOK 11.25bn |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 18.14bn | NOK 18.20bn | NOK 16.22bn | NOK 20.30bn | NOK 20.32bn | NOK 19.71bn | NOK 20.50bn | NOK 20.04bn |
| Gross profit | NOK 14.12bn | NOK 14.20bn | NOK 11.70bn | NOK 15.95bn | NOK 16.15bn | NOK 15.51bn | NOK 15.67bn | NOK 15.64bn |
| Operating income | NOK 4.13bn | NOK 4.12bn | NOK 3.10bn | NOK 5.41bn | NOK 5.52bn | NOK 4.15bn | NOK 3.37bn | NOK 4.99bn |
| Net income | NOK 2.52bn | NOK 8.21bn | −NOK 1.91bn | NOK 3.03bn | NOK 3.73bn | NOK 2.19bn | NOK 964.0m | NOK 3.27bn |
| Diluted earnings per share | 1.85 | 6.00 | -1.40 | 2.21 | 2.72 | 1.60 | 0.71 | 2.42 |
| Cash from operations | NOK 5.68bn | NOK 5.79bn | NOK 31.22bn | NOK 22.54bn | NOK 14.15bn | NOK 7.62bn | NOK 31.48bn | NOK 7.23bn |
| Capital spending | −NOK 2.34bn | −NOK 2.99bn | −NOK 11.34bn | −NOK 8.47bn | −NOK 5.99bn | −NOK 3.09bn | −NOK 13.38bn | −NOK 2.74bn |
| Free cash flow | NOK 3.34bn | NOK 2.80bn | NOK 19.88bn | NOK 14.07bn | NOK 8.17bn | NOK 4.53bn | NOK 18.10bn | NOK 4.49bn |
| Total assets | NOK 205.97bn | NOK 221.58bn | NOK 221.65bn | NOK 221.45bn | NOK 219.33bn | NOK 219.49bn | NOK 228.81bn | NOK 232.36bn |
| Cash and short-term investments | — | — | NOK 17.16bn | NOK 11.62bn | NOK 7.46bn | NOK 11.16bn | NOK 11.99bn | — |
| Debt | NOK 71.14bn | NOK 70.79bn | NOK 85.59bn | NOK 82.21bn | NOK 83.13bn | NOK 83.90bn | NOK 86.43bn | NOK 68.86bn |
| Shareholders' equity | NOK 62.98bn | NOK 75.76bn | NOK 70.48bn | NOK 67.00bn | NOK 64.57bn | NOK 73.83bn | NOK 75.86bn | NOK 74.57bn |
Financial ratios
Data as of 4 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 77.5% | 77.1% | 76.3% | 73.3% | 73.5% | 75.8% | — | — |
| Operating margin | 23.8% | 32.5% | 21.1% | 14.2% | 19.5% | 24.0% | — | — |
| Net margin | 9.2% | 24.3% | 17.1% | 13.8% | 10.3% | 14.1% | — | — |
| Return on equity | 9.8% | 23.9% | 21.3% | 22.7% | 43.1% | 45.3% | — | — |
| Return on assets | 3.2% | 8.0% | 6.3% | 5.7% | 5.0% | 6.8% | — | — |
| Free cash flow yield | — | 24.9% | 23.7% | 31.4% | 33.1% | 33.7% | 29.4% | — |
| Revenue growth | 1.4% | -6.2% | -18.7% | -10.2% | -10.2% | 8.0% | — | — |
| Earnings growth | -61.6% | 33.5% | 0.6% | 20.3% | -34.6% | 45.3% | — | — |
| Current ratio | 0.71x | 0.59x | 0.86x | 0.60x | 0.71x | 0.83x | — | — |
| Debt to equity | 1.04x | 0.95x | 1.38x | 1.63x | 3.96x | 2.99x | — | — |
| Equity ratio | 32.3% | 33.4% | 29.5% | 25.1% | 11.6% | 14.9% | — | — |
| Interest coverage | 5.45x | 6.15x | 4.97x | 5.33x | 7.17x | 7.43x | — | — |
| R&D as a share of sales | — | — | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.3% |
| Buybacks as a share of market value | — | 2.6% | 0.8% | 0.1% | 0.0% | 2.5% | 2.0% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -8.2% | -9.0% | -5.0% |
| Operating income | 8.9% | -9.2% | -2.2% |
| Net income | -19.8% | -16.5% | 7.5% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 77.3% | 75.9% | 75.4% | 75.0% |
| Operating margin | 28.1% | 22.3% | 22.1% | 20.4% |
| Net margin | 16.7% | 15.9% | 14.4% | 10.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 28.5 | 9.3 | 11.8 | 9.4 | 17.1 | 11.8 | 19.0 | 16.7 | 22.0 | 68.4 |
| Price to sales | 2.6 | 2.3 | 2.0 | 1.3 | 1.8 | 1.7 | 2.0 | 2.2 | 2.1 | 1.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 16 years. Last went ex-dividend on 20 May 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 5.00 | 9.60 | 9.50 | 9.40 | 9.30 | 9.00 | 8.70 | 8.40 |
- 1-to-1 reverse split · 4 Dec 2001
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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