V 
233.80
+1.48%
Close of 9 Nov 2026, in NOK
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At a glance
Figures in NOK, from our data supplier.
Revenue
NOK 6.32bn
FY2016FY2025
Net income
−NOK 184.0m
FY2016FY2025
Free cash flow
NOK 1.25bn
FY2016FY2025
Shareholders' equity
NOK 24.52bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 6.32bn | NOK 8.32bn | NOK 7.62bn | NOK 15.21bn | NOK 14.55bn | NOK 12.91bn | NOK 12.65bn | NOK 18.06bn | NOK 16.94bn | NOK 15.85bn |
| Gross profit | NOK 5.72bn | NOK 7.72bn | NOK 7.12bn | NOK 14.66bn | NOK 14.02bn | NOK 12.45bn | NOK 12.24bn | NOK 17.65bn | NOK 16.51bn | NOK 15.35bn |
| Operating income | NOK 1.40bn | NOK 4.85bn | NOK 887.0m | NOK 1.10bn | NOK 1.65bn | NOK 1.10bn | NOK 920.0m | NOK 1.79bn | NOK 3.31bn | NOK 1.24bn |
| Net income | −NOK 184.0m | NOK 12.96bn | NOK 14.12bn | −NOK 22.58bn | NOK 41.34bn | NOK 858.0m | NOK 949.0m | NOK 648.0m | NOK 2.13bn | NOK 465.0m |
| Diluted earnings per share | -0.82 | 55.81 | 62.54 | -96.43 | 176.26 | 3.67 | 3.99 | 2.72 | 9.38 | 2.05 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | NOK 30.88bn | NOK 40.10bn | NOK 56.24bn | NOK 43.71bn | NOK 64.19bn | NOK 48.48bn | NOK 32.78bn | NOK 27.32bn | NOK 27.62bn | NOK 20.41bn |
| Cash and short-term investments | NOK 2.45bn | NOK 5.54bn | NOK 1.20bn | NOK 3.74bn | NOK 1.11bn | NOK 1.31bn | NOK 3.87bn | NOK 1.84bn | NOK 1.63bn | NOK 1.27bn |
| Total liabilities | NOK 6.36bn | NOK 7.59bn | NOK 13.81bn | NOK 15.04bn | NOK 13.66bn | NOK 32.63bn | NOK 15.90bn | NOK 12.65bn | NOK 12.56bn | NOK 9.87bn |
| Debt | NOK 2.39bn | NOK 3.88bn | NOK 7.89bn | NOK 8.43bn | NOK 8.41bn | NOK 5.56bn | NOK 8.36bn | NOK 4.23bn | NOK 4.24bn | NOK 2.34bn |
| Shareholders' equity | NOK 24.52bn | NOK 32.48bn | NOK 42.28bn | NOK 28.50bn | NOK 50.33bn | NOK 10.18bn | NOK 10.50bn | NOK 14.41bn | NOK 14.79bn | NOK 10.23bn |
| Shares outstanding | 224m | 232m | 226m | 234m | 235m | 234m | 238m | 238m | 227m | 226m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | NOK 1.82bn | NOK 1.44bn | NOK 1.71bn | NOK 1.68bn | NOK 2.50bn | NOK 2.40bn | NOK 2.84bn | NOK 1.78bn | NOK 1.29bn | NOK 1.51bn |
| Capital spending | −NOK 571.0m | −NOK 772.0m | −NOK 1.05bn | −NOK 1.05bn | −NOK 951.0m | −NOK 1.07bn | −NOK 908.0m | −NOK 817.0m | −NOK 865.0m | −NOK 698.0m |
| Free cash flow | NOK 1.25bn | NOK 668.0m | NOK 662.0m | NOK 636.0m | NOK 1.55bn | NOK 1.33bn | NOK 1.94bn | NOK 964.0m | NOK 425.0m | NOK 808.0m |
| Dividends paid | −NOK 1.01bn | −NOK 20.45bn | −NOK 459.0m | −NOK 468.0m | −NOK 468.0m | — | −NOK 477.0m | −NOK 417.0m | −NOK 396.0m | −NOK 396.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 1.70bn | NOK 1.54bn | NOK 1.51bn | NOK 1.59bn | NOK 1.68bn | NOK 2.02bn | NOK 2.09bn | NOK 2.60bn |
| Gross profit | NOK 1.55bn | NOK 1.41bn | NOK 1.34bn | NOK 1.45bn | NOK 1.54bn | NOK 1.86bn | NOK 1.92bn | NOK 2.59bn |
| Operating income | NOK 545.0m | NOK 416.0m | NOK 378.0m | NOK 484.0m | NOK 331.0m | NOK 183.0m | −NOK 1.38bn | NOK 345.0m |
| Net income | NOK 409.0m | −NOK 4.74bn | −NOK 2.50bn | −NOK 651.0m | NOK 5.21bn | −NOK 2.25bn | −NOK 260.0m | NOK 5.10bn |
| Diluted earnings per share | 1.82 | -21.15 | -11.15 | -2.90 | 23.25 | -10.03 | -1.12 | 21.98 |
| Cash from operations | NOK 553.0m | NOK 480.0m | NOK 1.82bn | NOK 1.12bn | NOK 352.0m | NOK 306.0m | NOK 375.0m | NOK 724.0m |
| Capital spending | −NOK 112.0m | −NOK 132.0m | −NOK 571.0m | −NOK 418.0m | −NOK 150.0m | −NOK 146.0m | −NOK 182.0m | −NOK 145.0m |
| Free cash flow | NOK 441.0m | NOK 348.0m | NOK 1.25bn | NOK 704.0m | NOK 202.0m | NOK 160.0m | NOK 193.0m | NOK 579.0m |
| Total assets | NOK 22.43bn | NOK 23.87bn | NOK 30.86bn | NOK 34.42bn | NOK 56.55bn | NOK 36.32bn | NOK 40.10bn | NOK 41.24bn |
| Cash and short-term investments | — | — | NOK 2.45bn | NOK 2.90bn | NOK 263.0m | NOK 4.33bn | NOK 5.54bn | NOK 6.41bn |
| Debt | NOK 1.92bn | NOK 1.92bn | NOK 2.39bn | NOK 3.41bn | NOK 4.11bn | NOK 3.09bn | NOK 3.17bn | NOK 3.18bn |
| Shareholders' equity | NOK 16.39bn | NOK 17.86bn | NOK 24.50bn | NOK 27.38bn | NOK 43.02bn | NOK 28.91bn | NOK 32.48bn | NOK 33.53bn |
Financial ratios
Data as of 17 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 90.6% | 92.8% | 93.5% | 96.4% | 96.4% | 96.5% |
| Operating margin | 22.1% | 58.3% | 11.6% | 7.2% | -126.5% | 8.6% |
| Net margin | -2.9% | 155.7% | 185.4% | -148.4% | 284.0% | 6.6% |
| Return on equity | -0.8% | 39.9% | 33.4% | -79.2% | 82.1% | 8.4% |
| Return on assets | -0.6% | 32.3% | 25.1% | -51.7% | 64.4% | 1.8% |
| Free cash flow yield | 4.5% | 4.1% | 5.2% | 5.0% | 6.3% | 6.3% |
| Revenue growth | -24.1% | 9.3% | -49.9% | 4.5% | 12.8% | 2.0% |
| Earnings growth | -101.4% | -8.2% | -162.5% | -154.6% | 4718.3% | -9.6% |
| Current ratio | 1.79x | 3.04x | 0.71x | 0.93x | 0.46x | 1.47x |
| Debt to equity | 0.08x | 0.10x | 0.14x | 0.23x | 0.07x | 0.09x |
| Equity ratio | 79.4% | 81.0% | 75.2% | 65.2% | 78.4% | 21.0% |
| Interest coverage | 6.07x | 14.88x | 1.94x | 3.76x | -90.71x | 6.44x |
| Buybacks as a share of market value | 3.4% | -2.8% | 3.6% | 0.2% | -0.3% | 1.6% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -25.4% | -13.3% | -8.4% |
| Operating income | 8.3% | 4.9% | -4.3% |
| Net income | -79.9% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 91.8% | 94.0% | 95.0% | 96.1% |
| Operating margin | 42.7% | 22.0% | 16.9% | 14.2% |
| Net margin | 87.3% | 11.5% | 71.6% | 36.2% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -341.3 | 6.0 | 4.4 | -1.9 | 1.7 | 87.2 | 63.0 | 71.4 | 17.2 | 65.8 |
| Price to sales | 9.9 | 9.3 | 8.2 | 2.8 | 4.8 | 5.8 | 4.7 | 2.6 | 2.2 | 1.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 5 years. Last went ex-dividend on 4 May 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 2.50 | 2.22 | 89.91 | 2.00 | 2.00 | 2.00 | 2.00 | 1.75 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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