# Aker ASA (AKER.OL)

Canonical: https://gigainvestors.com/s/AKER.OL

Analysis as of: 2026-10-16T07:35:57.158Z. Financial observations: FY2004–FY2025.

Listing currency: NOK. Reporting currency: NOK.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: NOK 1,260.00 per share; close as of 2026-10-15.

Estimated value: low NOK 1,005.45 per share, central NOK 1,138.98 per share, high NOK 1,316.72 per share. Buy at or below the central value NOK 1,138.98 per share. Valuation as of 2026-10-16T07:35:57.158Z; scenarios are not confidence intervals.

Expected annual return: 9.3% at the stated quote. About 9.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; NO 10-year bond 4.5% + 4 points).

## Checklist

### understandable: fail

- 4 revenue declines in the last 10 years (informational)

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 1

- Operating margin variation: 5.64×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.04×

- FY2017: 0.07×

- FY2018: 0.05×

- FY2019: 0.04×

- FY2020: -0.25×

- FY2021: -0.11×

- FY2022: 0.66×

- FY2023: -1.62×

- FY2024: -0.05×

- FY2025: 0.19×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 3.1%

- ROIC, second-lowest year: -1.7%

- Typical minus recent gross margin: -17.1 pp

- Typical gross margin (annual median): 54.8%

- Recent gross margin (lower of latest and 3-year median): 71.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 23.1%

- ROIC including acquisitions, ten-year median: 3.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 3.8%

- FY2017: 5.9%

- FY2018: 3.9%

- FY2019: 2.9%

- FY2020: -1.7%

- FY2021: -1.4%

- FY2022: 10.1%

- FY2023: -11.6%

- FY2024: -0.7%

- FY2025: 3.2%

### economics: fail

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 0.86×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: NOK 28B

- Net income, five-year total: NOK 33B

- Return on incremental invested capital: 14.3%

- Working capital / revenue, annual change: 1.8 pp

- Working capital / revenue, change between three-year averages: 16.4 pp

- Working capital / revenue, final three-year average: 46.4%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.48×

- FY2022: 0.98×

- FY2023: 0.47×

- FY2024: 0.97×

- FY2025: 0.94×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 3.9% vs -0.7%

- Per-share earnings: 20.42 to 52.89 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.1%

- Ordinary dilution, 5-year annual growth: 0.0%

- Market cap gain: NOK 33B

- Cumulative retained earnings: NOK 25B

- Diluted shares, 10-year annual growth: 0.1%

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 12.6%

- Per-share value change: NOK 32.47

- Per-share value, starting three-year median: NOK 20.42

- Per-share value, ending three-year median: NOK 52.89

- Buybacks concentrated in cheaper years (correlation): 0.11

- Average buyback yield: 0.2%

- Buyback history: 7 years

- Debt-funded buybacks: Yes

- Acquisition spending: NOK 9.7B

- Cumulative net income, 10 years: NOK 49B

- ROIC, first three-year median: 3.9%

- ROIC, last three-year median: -0.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: NOK 194.17

- FY2017: NOK 20.42

- FY2018: NOK 12.20

- FY2019: NOK -22.78

- FY2020: NOK 19.21

- FY2021: NOK 57.10

- FY2022: NOK 190.82

- FY2023: NOK 43.54

- FY2024: NOK 96.87

- FY2025: NOK 52.89

### accounting: pass

- Sloan accruals: -0.6%

- Receivables to sales index (DSRI): 0.20×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.14×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.05×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 5.4%

- FY2017: -1.1%

- FY2018: -4.7%

- FY2019: -4.7%

- FY2020: -2.4%

- FY2021: 3.1%

- FY2022: 17.4%

- FY2023: 1.9%

- FY2024: -2.3%

- FY2025: -0.6%

## Holders

## Price story

Price needs cash profits to grow 2.2% a year for ten years · "Aker-Nscale JV signs Multi-Billion Dollar AI infrastructure agreement with Microsoft" (finance.yahoo.com, Sep 2025) · sales +50.3%

Story as of 2026-10-16T10:00:06.378Z; price observation 2026-10-15.

Price needs cash profits to grow 2.2% a year for ten years

- 2025-09-17: Aker-Nscale JV signs Multi-Billion Dollar AI infrastructure agreement with Microsoft ([finance.yahoo.com](https://finance.yahoo.com/news/aker-nscale-jv-signs-multi-155100980.html))

### Sales · FY2024–2025

sales +50.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: NOK 41B 

- FY2017: NOK 39B 

- FY2018: NOK 41B 

- FY2019: NOK 48B 

- FY2020: NOK 3.7B 

- FY2021: NOK 5.7B 

- FY2022: NOK 9.7B 

- FY2023: NOK 5.8B 

- FY2024: NOK 12B 

- FY2025: NOK 18B 

### Gross margin · FY2025

gross margin 71.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 57.5% 

- FY2017: 56.2% 

- FY2018: 56.4% 

- FY2019: 53.5% 

- FY2020: 17.0% 

- FY2022: 27.7% 

- FY2024: 74.3% 

- FY2025: 71.9% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in conglomerates; annual sales are NOK 18.4 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:57.158Z); FY2025: revenue 18364000000; grossProfit 13211000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AKER.OL: Aker ASA operates as an industrial investment company in Norway, Europa, North America, South America, and internationally. The company operates in two segments: Listed Equity Investments and Unlisted Equity Investments. It is involved in exploration and production of oil and gas; provision of offshore supply vessels to global offshore energy markets. In addition, the company develops and supplies krill-based products, and health and nutrition products; long-term property development and management; industrial software, artificial intelligence (AI) solutions and infrastructure, that improve efficiency and decision-making across capital-intensive industries; oil and gas production and energy services; renewable energy sector; and harvesting and processing of marine biomass for human, and animal nutrition. Further, it offers subscriptions to access the software-as-a-service (SaaS) applications. Additionally, the company engages in real estate activities. The company was founded in 1841 and is based in Lysaker, Norway. Aker ASA operates as a subsidiary of TRG Holding AS.

### Why customers stay

It earns 3.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:57.158Z); FY2023: grossProfit / revenue = -17.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:57.158Z); FY2024: grossProfit / revenue = 74.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:57.158Z); FY2025: grossProfit / revenue = 71.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:57.158Z); 10-year return on capital observations [[2016,0.03842688285166161],[2017,0.05876540269832991],[2018,0.0388936069251064],[2019,0.029494199636395116],[2020,-0.017466835123183828],[2021,-0.014132809967256334],[2022,0.10112731572723689],[2023,-0.11635697203682574],[2024,-0.0070089220997685015],[2025,0.03239201391370643]]; median 0.03094310677505077. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 41.2% of cash earnings on expansion; earns 14.3% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:57.158Z); FY2016: growth capex 0; upkeep 11902000000; owner earnings 5105000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:57.158Z); FY2020: growth capex 0; upkeep 1552000000; owner earnings 394800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:57.158Z); FY2021: growth capex 3090217986.981562; upkeep 2784782013.018438; owner earnings 2019617986.9815621. Growth capex / owner earnings = 1.5301002500973337.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:57.158Z); FY2022: growth capex 3305000000; upkeep 1386000000; owner earnings 13897800000. Growth capex / owner earnings = 0.23780742275755876.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:57.158Z); FY2023: growth capex 0; upkeep 3183000000; owner earnings 1506000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:57.158Z); FY2024: growth capex 913000000; upkeep 1170000000; owner earnings 6966200000. Growth capex / owner earnings = 0.1310614108122075.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:57.158Z); FY2025: growth capex 1528000000; upkeep 1517000000; owner earnings 3706200000. Growth capex / owner earnings = 0.4122821218498732.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:57.158Z); Incremental return on capital 0.14337463556851313, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:57.158Z); Dividend observations: [[2016,1379000000],[2017,1575000000],[2018,1737000000],[2019,1671000000],[2020,1745000000],[2021,1745000000],[2022,2154000000],[2023,2229000000],[2024,4824000000],[2025,7887000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:57.158Z); FY2025: cash repurchases 64000000 NOK.

### Are managers owners

Insiders own 72.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AKER.OL SharesStats.PercentInsiders = 72.37400000000001 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 2.2% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:57.158Z); Ten-year compound average after fade. Initial solved rate 0.01857317349849985. Price 1260; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -87.73459446486119 → FY2025 49.88156123822342. Closing-price date 2026-10-15.

## Monthly share-price history (NOK per share)

- 2016-10: NOK 305.00 per share

- 2016-11: NOK 317.00 per share

- 2016-12: NOK 323.00 per share

- 2017-01: NOK 342.00 per share

- 2017-02: NOK 354.00 per share

- 2017-03: NOK 332.00 per share

- 2017-04: NOK 326.00 per share

- 2017-05: NOK 311.00 per share

- 2017-06: NOK 274.00 per share

- 2017-07: NOK 298.00 per share

- 2017-08: NOK 280.00 per share

- 2017-09: NOK 327.00 per share

- 2017-10: NOK 370.00 per share

- 2017-11: NOK 367.00 per share

- 2017-12: NOK 403.00 per share

- 2018-01: NOK 441.00 per share

- 2018-02: NOK 450.50 per share

- 2018-03: NOK 440.50 per share

- 2018-04: NOK 504.00 per share

- 2018-05: NOK 583.00 per share

- 2018-06: NOK 623.00 per share

- 2018-07: NOK 637.00 per share

- 2018-08: NOK 657.00 per share

- 2018-09: NOK 734.00 per share

- 2018-10: NOK 641.00 per share

- 2018-11: NOK 490.00 per share

- 2018-12: NOK 462.00 per share

- 2019-01: NOK 592.00 per share

- 2019-02: NOK 647.00 per share

- 2019-03: NOK 658.00 per share

- 2019-04: NOK 590.00 per share

- 2019-05: NOK 502.50 per share

- 2019-06: NOK 490.80 per share

- 2019-07: NOK 469.00 per share

- 2019-08: NOK 467.00 per share

- 2019-09: NOK 484.00 per share

- 2019-10: NOK 488.60 per share

- 2019-11: NOK 500.00 per share

- 2019-12: NOK 543.50 per share

- 2020-01: NOK 511.50 per share

- 2020-02: NOK 422.60 per share

- 2020-03: NOK 235.60 per share

- 2020-04: NOK 271.40 per share

- 2020-05: NOK 293.20 per share

- 2020-06: NOK 350.40 per share

- 2020-07: NOK 382.60 per share

- 2020-08: NOK 406.20 per share

- 2020-09: NOK 402.80 per share

- 2020-10: NOK 380.60 per share

- 2020-11: NOK 502.50 per share

- 2020-12: NOK 560.00 per share

- 2021-01: NOK 683.00 per share

- 2021-02: NOK 695.00 per share

- 2021-03: NOK 654.50 per share

- 2021-04: NOK 621.50 per share

- 2021-05: NOK 648.00 per share

- 2021-06: NOK 635.00 per share

- 2021-07: NOK 678.50 per share

- 2021-08: NOK 628.00 per share

- 2021-09: NOK 692.00 per share

- 2021-10: NOK 777.00 per share

- 2021-11: NOK 825.50 per share

- 2021-12: NOK 825.00 per share

- 2022-01: NOK 755.00 per share

- 2022-02: NOK 729.50 per share

- 2022-03: NOK 810.00 per share

- 2022-04: NOK 774.50 per share

- 2022-05: NOK 897.00 per share

- 2022-06: NOK 756.00 per share

- 2022-07: NOK 747.00 per share

- 2022-08: NOK 784.00 per share

- 2022-09: NOK 706.00 per share

- 2022-10: NOK 732.50 per share

- 2022-11: NOK 761.00 per share

- 2022-12: NOK 719.50 per share

- 2023-01: NOK 718.50 per share

- 2023-02: NOK 734.50 per share

- 2023-03: NOK 672.00 per share

- 2023-04: NOK 650.00 per share

- 2023-05: NOK 605.00 per share

- 2023-06: NOK 608.50 per share

- 2023-07: NOK 644.00 per share

- 2023-08: NOK 656.00 per share

- 2023-09: NOK 659.50 per share

- 2023-10: NOK 670.00 per share

- 2023-11: NOK 676.50 per share

- 2023-12: NOK 666.00 per share

- 2024-01: NOK 628.50 per share

- 2024-02: NOK 573.00 per share

- 2024-03: NOK 623.50 per share

- 2024-04: NOK 619.00 per share

- 2024-05: NOK 625.00 per share

- 2024-06: NOK 615.00 per share

- 2024-07: NOK 640.00 per share

- 2024-08: NOK 600.00 per share

- 2024-09: NOK 548.00 per share

- 2024-10: NOK 573.00 per share

- 2024-11: NOK 575.00 per share

- 2024-12: NOK 549.00 per share

- 2025-01: NOK 608.00 per share

- 2025-02: NOK 606.00 per share

- 2025-03: NOK 622.00 per share

- 2025-04: NOK 600.00 per share

- 2025-05: NOK 601.00 per share

- 2025-06: NOK 655.00 per share

- 2025-07: NOK 713.00 per share

- 2025-08: NOK 733.00 per share

- 2025-09: NOK 783.00 per share

- 2025-10: NOK 787.00 per share

- 2025-11: NOK 789.00 per share

- 2025-12: NOK 768.00 per share

- 2026-01: NOK 888.00 per share

- 2026-02: NOK 924.00 per share

- 2026-03: NOK 1,070.00 per share

- 2026-04: NOK 1,074.00 per share

- 2026-05: NOK 1,246.00 per share

- 2026-06: NOK 1,148.00 per share

- 2026-07: NOK 1,274.00 per share

- 2026-08: NOK 1,574.00 per share

- 2026-09: NOK 1,380.00 per share

- 2026-10: NOK 1,308.00 per share

## Annual estimated value (NOK per share)

- FY2022: low NOK 293.35 per share, central NOK 314.20 per share, high NOK 341.95 per share

- FY2023: low NOK 320.44 per share, central NOK 350.99 per share, high NOK 391.65 per share

- FY2024: low NOK 775.38 per share, central NOK 863.53 per share, high NOK 980.86 per share

- FY2025: low NOK 994.69 per share, central NOK 1,127.18 per share, high NOK 1,303.55 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:41:38.867Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.