# BlueNord ASA (BNOR.OL)

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

Analysis as of: 2026-10-16T07:41:56.178Z. Financial observations: FY2019–FY2025.

Listing currency: NOK. Reporting currency: USD.

## 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 601.00 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

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

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 7 years

- Years with declining revenue: 3

- Years with a net loss: 3

- Operating margin variation: 0.55×

Chart: Operating margin; fiscal year observations.

- FY2019: 0.12×

- FY2020: 0.04×

- FY2021: 0.18×

- FY2022: 0.44×

- FY2023: 0.34×

- FY2024: 0.23×

- FY2025: 0.22×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 7.2%

- ROIC, second-lowest year: 2.8%

- Typical minus recent gross margin: 0.0 pp

- Typical gross margin (annual median): 31.0%

- Recent gross margin (lower of latest and 3-year median): 31.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 35.9%

- ROIC including acquisitions, ten-year median: -0.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2019: 2.8%

- FY2020: 1.3%

- FY2021: 5.1%

- FY2022: 18.4%

- FY2023: 9.5%

- FY2024: 7.2%

- FY2025: 13.4%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: -1.79×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$159M

- Net income, five-year total: $89M

- Return on incremental invested capital: 36.7%

- Working capital / revenue, annual change: 1.6 pp

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

- FY2021: 3.18×

- FY2022: 1.00×

- FY2023: -0.98×

- FY2024: 2.64×

- FY2025: 2.81×

### management: pass

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 2.8% vs 9.5%

- Per-share earnings: 0.71 to 3.52 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 1.6%

- Diluted shares, 5-year annual growth: 1.6%

- Per-share value growth: 49.4%

- Per-share value change: $2.81

- Per-share value, starting three-year median: $0.71

- Per-share value, ending three-year median: $3.52

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 3.4%

- Buyback history: 2 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 2.8%

- ROIC, last three-year median: 9.5%

Chart: Earnings per share; fiscal year observations.

- FY2019: $8.88

- FY2020: $0.71

- FY2021: -$2.21

- FY2022: -$0.28

- FY2023: $3.52

- FY2024: -$2.27

- FY2025: $4.28

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -9.1%

- Receivables to sales index (DSRI): 1.49×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.73×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.17×

Chart: Sloan accruals; fiscal year observations.

- FY2019: 0.7%

- FY2020: -11.2%

- FY2021: -3.3%

- FY2022: -17.2%

- FY2023: -4.1%

- FY2024: -11.0%

- FY2025: -9.1%

## Holders

## Price story

Up 1% since Oct 2023 · sales +46.7%

Story as of 2026-10-16T10:00:12.147Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales +46.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2019: $333M 

- FY2020: $567M 

- FY2021: $565M 

- FY2022: $967M 

- FY2023: $795M 

- FY2024: $702M 

- FY2025: $1.0B 

### Gross margin · FY2025

gross margin 31%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2019: 27.3% 

- FY2020: 14.1% 

- FY2021: 28.4% 

- FY2022: 52.8% 

- FY2023: 44.3% 

- FY2024: 36.5% 

- FY2025: 31.0% 

## Owner memo

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

### How it makes money

Annual sales are USD 1 billion.

- Source: https://eodhd.com/api/fundamentals/CJ1.STU.json#2025-12-31 (filed 2026-10-16T07:41:56.178Z); FY2025: revenue 1030300000; grossProfit 319400000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 31% to 44.3% during 2023–25; it earns 7.2% on its capital.

- Source: https://eodhd.com/api/fundamentals/CJ1.STU.json#2023-12-31 (filed 2026-10-16T07:41:56.178Z); FY2023: grossProfit / revenue = 44.3%.

- Source: https://eodhd.com/api/fundamentals/CJ1.STU.json#2024-12-31 (filed 2026-10-16T07:41:56.178Z); FY2024: grossProfit / revenue = 36.5%.

- Source: https://eodhd.com/api/fundamentals/CJ1.STU.json#2025-12-31 (filed 2026-10-16T07:41:56.178Z); FY2025: grossProfit / revenue = 31%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:56.178Z); 7-year return on capital observations [[2019,0.027707442258340462],[2020,0.012630813953488373],[2021,0.05086349046510164],[2022,0.1843418013856813],[2023,0.095352189284743],[2024,0.07151331385412647],[2025,0.13427374136811662]]; median 0.07151331385412647. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 1 of 1 year; bought back USD 50.3 million of shares.

- Source: https://eodhd.com/api/fundamentals/CJ1.STU.json#2019-12-31 (filed 2026-10-16T07:41:56.178Z); FY2019: growth capex 0; upkeep 86000000; owner earnings 202000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/CJ1.STU.json#2020-12-31 (filed 2026-10-16T07:41:56.178Z); FY2020: growth capex 45000000; upkeep 193000000; owner earnings 17000000. Growth capex / owner earnings = 2.6470588235294117.

- Source: https://eodhd.com/api/fundamentals/CJ1.STU.json#2025-12-31 (filed 2026-10-16T07:41:56.178Z); FY2025: growth capex 0; upkeep 47000000; cash acquisitions 0; owner earnings 313900000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:56.178Z); Dividend observations: [[2025,341000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/CJ1.STU.json#2025-12-31 (filed 2026-10-16T07:41:56.178Z); FY2025: cash repurchases 50300000 USD.

### Are managers owners

Insiders own 11.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BNOR.OL SharesStats.PercentInsiders = 11.727 percentage points; cache date 2026-10-16.

### What the price says

The price is 1.6 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:56.178Z); Closing price 601 NOK; reporting-to-trading FX 9.475080538184574; FY2025 annual sales per share 39.48090598313721; price multiple 1.6065877522438707. FY2025 cash earnings/share 12.028590107839241. Closing-price date 2026-10-15.

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

- 2016-10: NOK 92.00 per share

- 2016-11: NOK 98.50 per share

- 2016-12: NOK 226.50 per share

- 2017-01: NOK 226.50 per share

- 2017-02: NOK 260.00 per share

- 2017-03: NOK 242.00 per share

- 2017-04: NOK 259.00 per share

- 2017-05: NOK 254.00 per share

- 2017-06: NOK 250.00 per share

- 2017-07: NOK 250.00 per share

- 2017-08: NOK 292.00 per share

- 2017-09: NOK 296.00 per share

- 2017-10: NOK 291.00 per share

- 2017-11: NOK 278.00 per share

- 2017-12: NOK 288.00 per share

- 2018-01: NOK 278.00 per share

- 2018-02: NOK 311.00 per share

- 2018-03: NOK 330.00 per share

- 2018-04: NOK 360.00 per share

- 2018-05: NOK 154.00 per share

- 2018-06: NOK 155.00 per share

- 2018-07: NOK 149.20 per share

- 2018-08: NOK 150.40 per share

- 2018-09: NOK 150.00 per share

- 2018-10: NOK 195.00 per share

- 2018-11: NOK 220.00 per share

- 2018-12: NOK 230.00 per share

- 2019-01: NOK 231.00 per share

- 2019-02: NOK 229.50 per share

- 2019-03: NOK 229.50 per share

- 2019-04: NOK 265.00 per share

- 2019-05: NOK 270.50 per share

- 2019-06: NOK 270.00 per share

- 2019-07: NOK 285.00 per share

- 2019-08: NOK 230.00 per share

- 2019-09: NOK 220.00 per share

- 2019-10: NOK 217.00 per share

- 2019-11: NOK 236.00 per share

- 2019-12: NOK 225.50 per share

- 2020-01: NOK 224.50 per share

- 2020-02: NOK 194.60 per share

- 2020-03: NOK 129.60 per share

- 2020-04: NOK 141.00 per share

- 2020-05: NOK 140.50 per share

- 2020-06: NOK 148.00 per share

- 2020-07: NOK 150.00 per share

- 2020-08: NOK 149.00 per share

- 2020-09: NOK 138.00 per share

- 2020-10: NOK 127.00 per share

- 2020-11: NOK 142.00 per share

- 2020-12: NOK 141.50 per share

- 2021-01: NOK 133.50 per share

- 2021-02: NOK 134.50 per share

- 2021-03: NOK 153.50 per share

- 2021-04: NOK 145.00 per share

- 2021-05: NOK 137.40 per share

- 2021-06: NOK 137.00 per share

- 2021-07: NOK 144.60 per share

- 2021-08: NOK 138.00 per share

- 2021-09: NOK 151.00 per share

- 2021-10: NOK 163.80 per share

- 2021-11: NOK 146.60 per share

- 2021-12: NOK 153.60 per share

- 2022-01: NOK 161.20 per share

- 2022-02: NOK 179.00 per share

- 2022-03: NOK 279.00 per share

- 2022-04: NOK 349.50 per share

- 2022-05: NOK 374.50 per share

- 2022-06: NOK 339.00 per share

- 2022-07: NOK 473.00 per share

- 2022-08: NOK 356.00 per share

- 2022-09: NOK 352.00 per share

- 2022-10: NOK 385.00 per share

- 2022-11: NOK 390.00 per share

- 2022-12: NOK 394.50 per share

- 2023-01: NOK 410.00 per share

- 2023-02: NOK 403.00 per share

- 2023-03: NOK 350.00 per share

- 2023-04: NOK 362.50 per share

- 2023-05: NOK 384.50 per share

- 2023-06: NOK 409.00 per share

- 2023-07: NOK 445.00 per share

- 2023-08: NOK 481.50 per share

- 2023-09: NOK 519.00 per share

- 2023-10: NOK 593.00 per share

- 2023-11: NOK 493.50 per share

- 2023-12: NOK 497.50 per share

- 2024-01: NOK 501.00 per share

- 2024-02: NOK 544.00 per share

- 2024-03: NOK 573.00 per share

- 2024-04: NOK 569.00 per share

- 2024-05: NOK 550.00 per share

- 2024-06: NOK 550.00 per share

- 2024-07: NOK 510.00 per share

- 2024-08: NOK 478.50 per share

- 2024-09: NOK 462.50 per share

- 2024-10: NOK 538.00 per share

- 2024-11: NOK 590.00 per share

- 2024-12: NOK 657.00 per share

- 2025-01: NOK 672.00 per share

- 2025-02: NOK 666.00 per share

- 2025-03: NOK 639.00 per share

- 2025-04: NOK 596.00 per share

- 2025-05: NOK 589.00 per share

- 2025-06: NOK 493.50 per share

- 2025-07: NOK 496.00 per share

- 2025-08: NOK 492.00 per share

- 2025-09: NOK 452.00 per share

- 2025-10: NOK 463.00 per share

- 2025-11: NOK 436.00 per share

- 2025-12: NOK 446.00 per share

- 2026-01: NOK 448.50 per share

- 2026-02: NOK 512.00 per share

- 2026-03: NOK 563.00 per share

- 2026-04: NOK 589.00 per share

- 2026-05: NOK 523.00 per share

- 2026-06: NOK 498.50 per share

- 2026-07: NOK 512.00 per share

- 2026-08: NOK 551.00 per share

- 2026-09: NOK 568.00 per share

- 2026-10: NOK 594.00 per share

## Annual estimated value (NOK 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

## 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.

## Reported holder observations