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V

Var Energi A VAR.OL · NOK

Energy · Oslo Børs · 🇳🇴 Norway

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49.54

+0.02%

Close of 9 Nov 2026, in NOK

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Reference data, closing prices and charts across 45,000 companies, plus crypto, commodities and currencies.

At a glance

Figures in USD, from our data supplier.

FY2025

Net income

$8.12bn

FY2017FY2025

Free cash flow

$16.04bn

FY2017FY2025

Shareholders' equity

$5.37bn

FY2017FY2025

Income statement

Fiscal years

FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017
Research and development$433.8m$38.7m$35.0m$31.5m$32.2m$25.2m$19.0m——
Operating income$42.89bn$3.79bn$3.52bn$6.37bn$3.06bn$150.6m$642.8m$824.4m$532.5m
Net income$8.12bn$327.1m$610.2m$936.4m$654.4m−$1.63bn$78.4m$229.6m$129.4m
Diluted earnings per share3.250.130.240.380.26-0.650.030.090.05

Balance sheet

At each fiscal year end

FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017
Total assets$250.92bn$209.87bn$185.12bn$180.40bn$190.01bn$20.26bn$21.52bn$13.84bn$4.73bn
Cash and short-term investments$6.72bn$2.56bn$7.05bn$4.27bn$2.15bn$262.9m$195.9m$997.0m$12.2m
Total liabilities$245.54bn$201.88bn$168.15bn$166.18bn$175.47bn$18.40bn$17.47bn$8.11bn$4.19bn
Debt$57.17bn$5.29bn$3.26bn$3.17bn$5.15bn$5.75bn$8.45bn$2.39bn—
Shareholders' equity$5.37bn$7.99bn$16.97bn$14.22bn$14.55bn$1.85bn$4.05bn$5.74bn$545.1m
Shares outstanding2,496m2,496m2,496m2,496m2,496m2,505m2,496m2,496m2,496m

Cash flow

Fiscal years

FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017
Cash from operations$44.21bn$3.41bn$32.82bn$54.53bn$4.58bn$1.74bn$1.50bn$1.53bn$933.4m
Capital spending−$28.18bn−$2.94bn−$25.35bn−$24.89bn−$2.58bn−$1.81bn−$1.28bn−$485.6m−$357.6m
Free cash flow$16.04bn$466.7m$7.48bn$29.64bn$1.99bn−$68.0m$217.5m$1.04bn$575.9m
Dividends paid−$11.23bn−$1.08bn−$10.65bn−$7.44bn−$950.0m−$450.0m−$1.70bn——

Financial ratios

Data as of 7 Oct 2026

FY2025FY2024FY2023FY2022FY2021FY2020
Operating margin55.0%44.9%49.3%60.0%45.5%-71.0%
Net margin10.5%4.4%9.0%9.6%10.8%-56.7%
Return on equity151.1%39.3%34.5%63.2%43.2%-87.7%
Return on assets3.2%1.5%3.2%5.0%3.3%-8.0%
Free cash flow yield5.9%4.9%4.7%6.4%5.6%2.8%
Revenue growth9.8%8.2%-30.3%61.8%110.7%1.7%
Earnings growth158.8%-46.4%-34.8%43.1%-140.2%-2174.1%
Current ratio0.61x0.67x0.78x0.52x0.66x1.58x
Debt to equity10.43x6.19x1.84x2.06x3.04x5.33x
Equity ratio2.1%3.8%9.2%7.9%7.7%9.2%
Interest coverage29.98x160.53x478.13x722.17x15.64x-12.27x
R&D as a share of sales0.6%0.5%0.5%0.3%0.5%0.9%
Buybacks as a share of market value-0.0%0.0%0.0%0.0%0.3%—

Growth per year

Compound annual rate

3 years5 years10 years
Revenue99.5%93.4%—
Operating income88.8%209.7%—
Net income105.5%——

Valuation history

At each fiscal year end

FY2025FY2024FY2023FY2022
Price to earnings1.129.314.39.8
Price to sales0.11.31.30.9

Dividends and splits

Per share, in the currency the company pays

Paid for 4 years. Last went ex-dividend on 21 Aug 2026.

FY2026FY2025FY2024FY2023FY2022
Paid in the year2.4654.8914.6924.6693.077

Sources and methodology

Data on this tab
Our data supplier
Chart on the Overview
TradingView

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