Z 
100.00
-3.85%
Close of 9 Nov 2026, in NOK
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At a glance
Figures in NOK, from our data supplier.
Revenue
NOK 1.50bn
FY2016FY2025
Net income
NOK 60.5m
FY2016FY2025
Free cash flow
NOK 147.3m
FY2016FY2025
Shareholders' equity
NOK 275.3m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 1.50bn | NOK 1.35bn | NOK 1.13bn | NOK 892.7m | NOK 775.3m | NOK 792.3m | NOK 776.8m | NOK 745.4m | NOK 577.3m | NOK 396.6m |
| Operating income | NOK 162.3m | NOK 94.8m | NOK 60.1m | NOK 23.7m | NOK 22.6m | NOK 37.4m | NOK 14.1m | NOK 17.3m | NOK 10.6m | NOK 36.4m |
| Net income | NOK 60.5m | NOK 33.8m | −NOK 2.1m | −NOK 37.1m | NOK 12.8m | −NOK 9.0m | −NOK 7.0m | −NOK 1.3m | −NOK 12.2m | NOK 25.6m |
| Diluted earnings per share | 2.78 | 1.56 | -0.10 | -1.55 | 0.32 | -0.46 | -0.36 | -0.06 | -0.62 | 1.30 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | NOK 1.29bn | NOK 1.32bn | NOK 1.11bn | NOK 905.7m | NOK 826.6m | NOK 725.7m | NOK 713.0m | NOK 725.6m | NOK 567.4m | NOK 192.0m |
| Cash and short-term investments | — | NOK 218.3m | NOK 131.6m | NOK 87.7m | NOK 170.0m | NOK 118.1m | NOK 56.1m | NOK 89.4m | NOK 13.3m | NOK 32.6m |
| Total liabilities | NOK 1.01bn | NOK 1.06bn | NOK 906.1m | NOK 740.5m | NOK 617.6m | NOK 621.4m | NOK 620.9m | NOK 616.7m | NOK 447.7m | NOK 91.4m |
| Debt | NOK 417.5m | NOK 539.2m | NOK 497.8m | NOK 430.7m | NOK 390.1m | NOK 400.0m | NOK 404.7m | NOK 378.4m | NOK 294.9m | NOK 1.4m |
| Shareholders' equity | NOK 275.3m | NOK 263.5m | NOK 205.4m | NOK 165.2m | NOK 209.0m | NOK 104.4m | NOK 92.2m | NOK 108.9m | NOK 119.7m | NOK 100.6m |
| Shares outstanding | 22m | 22m | 22m | 24m | 41m | 20m | 20m | 20m | 20m | 20m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | NOK 162.4m | NOK 131.5m | NOK 58.5m | NOK 422,000 | NOK 33.0m | NOK 92.3m | NOK 42.5m | NOK 5.2m | NOK 52.6m | NOK 14.3m |
| Capital spending | −NOK 15.1m | −NOK 27.5m | −NOK 33.9m | −NOK 5.7m | −NOK 20.6m | −NOK 14.3m | −NOK 25.5m | −NOK 21.3m | −NOK 301.5m | −NOK 14.1m |
| Free cash flow | NOK 147.3m | NOK 104.0m | NOK 24.7m | −NOK 5.3m | NOK 12.4m | NOK 77.9m | NOK 17.0m | −NOK 16.1m | −NOK 248.9m | NOK 188,000 |
| Dividends paid | −NOK 19.6m | — | — | −NOK 7.6m | −NOK 19.6m | −NOK 19.6m | −NOK 19.6m | −NOK 13.1m | −NOK 16.6m | −NOK 16.2m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 344.2m | NOK 371.9m | NOK 396.5m | NOK 374.7m | NOK 361.9m | NOK 370.1m | NOK 364.9m | NOK 339.7m |
| Operating income | NOK 6.0m | NOK 49.7m | NOK 40.9m | NOK 39.6m | NOK 36.6m | NOK 41.7m | NOK 37.7m | NOK 21.9m |
| Net income | −NOK 21.0m | NOK 25.9m | −NOK 1.8m | NOK 19.0m | NOK 10.9m | NOK 32.3m | NOK 13.4m | NOK 8.4m |
| Diluted earnings per share | -0.97 | 1.19 | -0.08 | 0.86 | 0.50 | 1.49 | 0.62 | 0.39 |
| Cash from operations | −NOK 23.0m | NOK 11.0m | NOK 162.0m | NOK 94.0m | NOK 83.0m | NOK 21.0m | NOK 131.0m | NOK 74.0m |
| Capital spending | −NOK 3.0m | −NOK 3.0m | −NOK 15.0m | −NOK 11.0m | −NOK 8.0m | −NOK 4.0m | −NOK 27.0m | −NOK 22.0m |
| Free cash flow | −NOK 26.0m | NOK 8.0m | NOK 147.0m | NOK 83.0m | NOK 75.0m | NOK 17.0m | NOK 104.0m | NOK 52.0m |
| Total assets | NOK 1.24bn | NOK 1.23bn | NOK 1.29bn | NOK 1.34bn | NOK 1.38bn | NOK 1.35bn | NOK 1.32bn | NOK 1.26bn |
| Cash and short-term investments | — | — | — | NOK 223.0m | NOK 251.9m | NOK 224.4m | NOK 218.3m | — |
| Debt | NOK 455.5m | NOK 360.9m | NOK 417.3m | NOK 501.0m | NOK 511.6m | NOK 489.6m | NOK 505.8m | NOK 461.9m |
| Shareholders' equity | NOK 205.4m | NOK 288.4m | NOK 277.1m | NOK 270.0m | NOK 282.1m | NOK 277.1m | NOK 263.5m | NOK 248.6m |
Financial ratios
Data as of 31 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2014 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating margin | 8.2% | 8.4% | 5.3% | 2.7% | 4.4% | 1.4% | — | — | — | — |
| Net margin | 4.0% | 2.5% | -0.2% | -4.2% | 1.7% | -1.1% | — | — | — | — |
| Return on equity | 22.0% | 12.8% | -1.0% | -22.5% | 6.1% | -8.6% | — | — | — | — |
| Return on assets | 4.7% | 2.6% | -0.2% | -4.1% | 1.5% | -1.2% | — | — | — | — |
| Free cash flow yield | — | — | — | 0.3% | 1.3% | 5.4% | 3.5% | 1.4% | 18.1% | — |
| Revenue growth | 11.7% | 18.7% | 27.0% | 15.2% | -2.2% | 2.0% | — | — | — | — |
| Earnings growth | 79.3% | -1692.4% | -94.3% | -389.7% | -242.6% | 28.2% | — | — | — | — |
| Current ratio | 1.59x | 1.61x | 1.57x | 0.71x | 2.03x | 1.76x | — | — | — | — |
| Debt to equity | 1.52x | 1.76x | 2.14x | 0.07x | 1.79x | 3.73x | — | — | — | — |
| Equity ratio | 21.4% | 20.0% | 18.5% | 18.2% | 25.3% | 14.4% | — | — | — | — |
| Interest coverage | 3.15x | 2.41x | 1.47x | 1.14x | 1.79x | 0.46x | — | — | — | — |
| R&D as a share of sales | — | — | — | — | — | — | — | — | — | 1.2% |
| Buybacks as a share of market value | — | — | — | 40.9% | -107.2% | 0.0% | 0.0% | 0.0% | 0.0% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 19.0% | 13.7% | 14.9% |
| Operating income | 89.9% | 34.1% | 17.0% |
| Net income | — | — | 11.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 9.0% | 7.0% | 6.2% | 5.5% |
| Net margin | 3.3% | 1.1% | 0.9% | 0.9% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 31.8 | 48.8 | -475.8 | -18.9 | 171.2 | -113.0 | -77.2 | -388.0 | -90.1 | 25.1 |
| Price to sales | 1.3 | 1.2 | 0.9 | 0.8 | 2.8 | 1.3 | 0.7 | 0.7 | 1.9 | 1.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 1 years. Last went ex-dividend on 23 May 2025.
| FY2025 | FY2023 | FY2022 | FY2021 | FY2018 | FY2017 | FY2016 | FY2015 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.90 | 0.50 | 0.35 | 1.00 | 0.65 | 0.87 | 0.85 | 0.75 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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