# Kongsberg Gruppen ASA (KOG.OL)

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

Analysis as of: 2026-10-16T07:34:23.557Z. Financial observations: FY2000–FY2025.

Listing currency: NOK. Reporting currency: NOK.

## Verdict

Not a wonderful business

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

Share price: NOK 302.30 per share; close as of 2026-10-15.

Estimated value: low NOK 54.38 per share, central NOK 61.24 per share, high NOK 70.39 per share. Buy at or below the central value NOK 61.24 per share. Valuation as of 2026-10-16T07:34:23.557Z; scenarios are not confidence intervals.

Expected annual return: 4.3% at the stated quote. About 4.3% 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: pass

- Positive operating margins follow a sustained upward trend (at least 90% explained, low residual variation), with no net losses or latest decline; improvement passes the margin-variation check

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

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.49×

- Sustained margin improvement: Yes

- Variation explained by rising trend: 96.7%

- Variation around the rising trend: 0.09×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.03×

- FY2017: 0.04×

- FY2018: 0.05×

- FY2019: 0.05×

- FY2020: 0.08×

- FY2021: 0.10×

- FY2022: 0.12×

- FY2023: 0.12×

- FY2024: 0.15×

- FY2025: 0.17×

### moat: fail

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

- Recent gross margin fell 4.6pp below the typical margin (limit 4pp)

- ROIC, median of available years: 22.3%

- ROIC, second-lowest year: 9.3%

- Typical minus recent gross margin: 4.6 pp

- Typical gross margin (annual median): 63.9%

- Recent gross margin (lower of latest and 3-year median): 59.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.3%

- ROIC including acquisitions, ten-year median: 19.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 6.6%

- FY2017: 9.3%

- FY2018: 13.1%

- FY2019: 9.6%

- FY2020: 19.6%

- FY2021: 34.4%

- FY2022: 25.1%

- FY2023: 31.4%

- FY2024: 41.5%

- FY2025: 53.9%

### economics: pass

- Owner earnings / net income, 5-yr: 0.94×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: NOK 20B

- Net income, five-year total: NOK 22B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -3.0 pp

- Working capital / revenue, change between three-year averages: -18.7 pp

- Working capital / revenue, final three-year average: 39.1%

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

- FY2021: 1.03×

- FY2022: 1.10×

- FY2023: 0.90×

- FY2024: 0.86×

- FY2025: 0.93×

### 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: 9.3% vs 41.5%

- Per-share earnings: 0.95 to 5.83 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 2.5%

- Ordinary dilution, 5-year annual growth: -0.5%

- Market cap gain: NOK 213B

- Cumulative retained earnings: NOK 10B

- Diluted shares, 10-year annual growth: 2.5%

- Diluted shares, 5-year annual growth: -0.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 25.4%

- Per-share value change: NOK 4.88

- Per-share value, starting three-year median: NOK 0.95

- Per-share value, ending three-year median: NOK 5.83

- Buybacks concentrated in cheaper years (correlation): 0.14

- Average buyback yield: 0.3%

- Buyback history: 8 years

- Debt-funded buybacks: Yes

- Acquisition spending: NOK 4.8B

- Cumulative net income, 10 years: NOK 27B

- ROIC, first three-year median: 9.3%

- ROIC, last three-year median: 41.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: NOK 0.95

- FY2017: NOK 0.80

- FY2018: NOK 1.01

- FY2019: NOK 0.78

- FY2020: NOK 3.21

- FY2021: NOK 2.42

- FY2022: NOK 3.14

- FY2023: NOK 4.22

- FY2024: NOK 5.83

- FY2025: NOK 9.04

### accounting: pass

- Sloan accruals: -5.8%

- Receivables to sales index (DSRI): 0.30×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.60×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.17×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -0.7%

- FY2017: -11.3%

- FY2018: -5.4%

- FY2019: -3.3%

- FY2020: 0.2%

- FY2021: -7.2%

- FY2022: 3.9%

- FY2023: 2.6%

- FY2024: -12.4%

- FY2025: -5.8%

## Holders

## Price story

Down 27% since Mar 2026 · sales +28.1%

Story as of 2026-10-16T10:00:00.397Z; price observation 2026-10-15.

Price needs cash profits to grow 22.2% a year for ten years

### Sales · FY2024–2025

sales +28.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: NOK 16B 

- FY2017: NOK 14B 

- FY2018: NOK 14B 

- FY2019: NOK 24B 

- FY2020: NOK 26B 

- FY2021: NOK 27B 

- FY2022: NOK 32B 

- FY2023: NOK 41B 

- FY2024: NOK 25B 

- FY2025: NOK 32B 

### Gross margin · FY2025

gross margin 59.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 62.5% 

- FY2017: 69.5% 

- FY2018: 70.1% 

- FY2019: 61.3% 

- FY2020: 65.4% 

- FY2021: 65.1% 

- FY2022: 64.8% 

- FY2023: 62.2% 

- FY2024: 63.0% 

- FY2025: 59.2% 

## Owner memo

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

### How it makes money

Operates in aerospace & defense; annual sales are NOK 31.6 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:23.557Z); FY2025: revenue 31562000000; grossProfit 18689000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); KOG.OL: Kongsberg Gruppen ASA, together with its subsidiaries, provides high-tech systems and solutions primarily to customers in the defense markets. It operates through Kongsberg Defence & Aerospace, Kongsberg Discovery, and Other segments. The Kongsberg Defence & Aerospace segment provides various systems and services to the defence industry. It provides air defence and combat systems, sonars, and navigation for marine vessels and submarines, as well as integrated command and control systems; remote control weapon stations for land-based vehicles and marine vessels; remote tower solutions for airports; products for military tactical communication; naval strike and air-to-surface missiles; and components and services to the space industry, as well as port monitoring systems. This segment also offers lightweight composite and titanium components for F-35 combat aircraft, as well as maintenance and lifecycle services for military and civil capabilities. The Kongsberg Discovery segment offers subsea positioning and communication technologies; sustainable management technologies; and technologies that provide its customers with information about position, speed, acceleration, and heading, as well as uncrewed platforms that deliver autonomous underwater and surface vessels for research, defence, and commercial use. The Other segment focuses on digitalization within the oil and gas, and renewable energy markets. It operates primarily in Norway, Europe, North America, South America, Asia, Australia, and Africa. The company's distribution channels, including direct sales, partnerships and alliances, online platforms, marketing advanced technology. Kongsberg Gruppen ASA was founded in 1814 and is headquartered in Kongsberg, Norway.

### Why customers stay

Margins ranged from 59.2% to 63% during 2023–25; it earns 22.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:23.557Z); FY2023: grossProfit / revenue = 62.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:23.557Z); FY2024: grossProfit / revenue = 63%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:23.557Z); FY2025: grossProfit / revenue = 59.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:23.557Z); 10-year return on capital observations [[2016,0.06633511350140732],[2017,0.09316577227525281],[2018,0.131371421868805],[2019,0.09591741423526745],[2020,0.19557763202022968],[2021,0.34424299712437795],[2022,0.2508154407060263],[2023,0.31443953749799264],[2024,0.4145679723502304],[2025,0.5389131551901336]]; median 0.22319653636312797. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 9.2% of cash earnings on expansion; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:23.557Z); FY2016: growth capex 0; upkeep 907000000; owner earnings 268000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:23.557Z); FY2017: growth capex 0; upkeep 528000000; owner earnings 533000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:23.557Z); FY2018: growth capex 0; upkeep 371000000; owner earnings 779000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:23.557Z); FY2019: growth capex 0; upkeep 720000000; owner earnings 636400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:23.557Z); FY2020: growth capex 0; upkeep 759000000; owner earnings 3057600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:23.557Z); FY2021: growth capex 0; upkeep 791000000; owner earnings 2215000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:23.557Z); FY2022: growth capex 0; upkeep 622000000; owner earnings 3055000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:23.557Z); FY2023: growth capex 662000000; upkeep 1437000000; owner earnings 3334000000. Growth capex / owner earnings = 0.1985602879424115.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:23.557Z); FY2024: growth capex 0; upkeep 1787000000; owner earnings 4423200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:23.557Z); FY2025: growth capex 681000000; upkeep 1728000000; owner earnings 7401200000. Growth capex / owner earnings = 0.09201210614494947.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:23.557Z); Dividend observations: [[2016,509000000],[2017,448000000],[2018,448000000],[2019,448000000],[2020,2250000000],[2021,1440000000],[2022,2736000000],[2023,2128000000],[2024,2463000000],[2025,3870000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 54.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); KOG.OL SharesStats.PercentInsiders = 54.169999999999995 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 22.2% yearly over ten years; actual growth was 21.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:23.557Z); Ten-year compound average after fade. Initial solved rate 0.30982101767025383. Price 302.3; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.1869410398994795 → FY2025 8.414333744545639. Closing-price date 2026-10-15.

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

- 2016-11: NOK 21.20 per share

- 2016-12: NOK 21.63 per share

- 2017-01: NOK 23.63 per share

- 2017-02: NOK 24.76 per share

- 2017-03: NOK 23.20 per share

- 2017-04: NOK 23.28 per share

- 2017-05: NOK 22.07 per share

- 2017-06: NOK 23.11 per share

- 2017-07: NOK 23.20 per share

- 2017-08: NOK 21.98 per share

- 2017-09: NOK 22.59 per share

- 2017-10: NOK 25.89 per share

- 2017-11: NOK 25.02 per share

- 2017-12: NOK 26.24 per share

- 2018-01: NOK 27.28 per share

- 2018-02: NOK 30.41 per share

- 2018-03: NOK 32.87 per share

- 2018-04: NOK 34.23 per share

- 2018-05: NOK 29.99 per share

- 2018-06: NOK 30.09 per share

- 2018-07: NOK 28.81 per share

- 2018-08: NOK 27.52 per share

- 2018-09: NOK 27.24 per share

- 2018-10: NOK 24.08 per share

- 2018-11: NOK 24.68 per share

- 2018-12: NOK 23.52 per share

- 2019-01: NOK 23.48 per share

- 2019-02: NOK 26.24 per share

- 2019-03: NOK 26.24 per share

- 2019-04: NOK 25.00 per share

- 2019-05: NOK 23.02 per share

- 2019-06: NOK 23.84 per share

- 2019-07: NOK 22.48 per share

- 2019-08: NOK 23.86 per share

- 2019-09: NOK 26.10 per share

- 2019-10: NOK 27.16 per share

- 2019-11: NOK 27.56 per share

- 2019-12: NOK 27.60 per share

- 2020-01: NOK 28.60 per share

- 2020-02: NOK 31.42 per share

- 2020-03: NOK 26.10 per share

- 2020-04: NOK 26.36 per share

- 2020-05: NOK 28.56 per share

- 2020-06: NOK 26.96 per share

- 2020-07: NOK 27.52 per share

- 2020-08: NOK 25.96 per share

- 2020-09: NOK 28.00 per share

- 2020-10: NOK 30.92 per share

- 2020-11: NOK 33.80 per share

- 2020-12: NOK 35.24 per share

- 2021-01: NOK 33.24 per share

- 2021-02: NOK 35.40 per share

- 2021-03: NOK 39.20 per share

- 2021-04: NOK 42.00 per share

- 2021-05: NOK 43.00 per share

- 2021-06: NOK 44.32 per share

- 2021-07: NOK 50.60 per share

- 2021-08: NOK 48.48 per share

- 2021-09: NOK 48.76 per share

- 2021-10: NOK 55.40 per share

- 2021-11: NOK 53.28 per share

- 2021-12: NOK 57.20 per share

- 2022-01: NOK 53.68 per share

- 2022-02: NOK 62.04 per share

- 2022-03: NOK 70.20 per share

- 2022-04: NOK 81.20 per share

- 2022-05: NOK 66.80 per share

- 2022-06: NOK 70.60 per share

- 2022-07: NOK 71.00 per share

- 2022-08: NOK 68.00 per share

- 2022-09: NOK 66.40 per share

- 2022-10: NOK 74.52 per share

- 2022-11: NOK 80.88 per share

- 2022-12: NOK 83.12 per share

- 2023-01: NOK 79.20 per share

- 2023-02: NOK 86.44 per share

- 2023-03: NOK 84.56 per share

- 2023-04: NOK 95.56 per share

- 2023-05: NOK 88.92 per share

- 2023-06: NOK 97.64 per share

- 2023-07: NOK 87.88 per share

- 2023-08: NOK 88.16 per share

- 2023-09: NOK 88.24 per share

- 2023-10: NOK 91.20 per share

- 2023-11: NOK 92.88 per share

- 2023-12: NOK 93.08 per share

- 2024-01: NOK 107.40 per share

- 2024-02: NOK 135.30 per share

- 2024-03: NOK 149.90 per share

- 2024-04: NOK 157.20 per share

- 2024-05: NOK 180.30 per share

- 2024-06: NOK 174.00 per share

- 2024-07: NOK 219.20 per share

- 2024-08: NOK 224.40 per share

- 2024-09: NOK 206.40 per share

- 2024-10: NOK 229.00 per share

- 2024-11: NOK 259.80 per share

- 2024-12: NOK 256.00 per share

- 2025-01: NOK 269.20 per share

- 2025-02: NOK 273.00 per share

- 2025-03: NOK 307.00 per share

- 2025-04: NOK 333.60 per share

- 2025-05: NOK 359.60 per share

- 2025-06: NOK 390.85 per share

- 2025-07: NOK 309.75 per share

- 2025-08: NOK 300.05 per share

- 2025-09: NOK 318.95 per share

- 2025-10: NOK 259.05 per share

- 2025-11: NOK 239.70 per share

- 2025-12: NOK 258.60 per share

- 2026-01: NOK 330.55 per share

- 2026-02: NOK 385.80 per share

- 2026-03: NOK 412.75 per share

- 2026-04: NOK 310.00 per share

- 2026-05: NOK 332.10 per share

- 2026-06: NOK 298.30 per share

- 2026-07: NOK 296.20 per share

- 2026-08: NOK 317.50 per share

- 2026-09: NOK 319.90 per share

- 2026-10: NOK 295.90 per share

## Annual estimated value (NOK per share)

- FY2016: low NOK 16.69 per share, central NOK 18.61 per share, high NOK 21.16 per share

- FY2017: low NOK 14.93 per share, central NOK 16.45 per share, high NOK 18.48 per share

- FY2018: low NOK 25.03 per share, central NOK 26.54 per share, high NOK 28.54 per share

- FY2019: low NOK 16.50 per share, central NOK 17.98 per share, high NOK 19.95 per share

- FY2020: low NOK 19.43 per share, central NOK 21.44 per share, high NOK 23.69 per share

- FY2021: low NOK 27.94 per share, central NOK 32.23 per share, high NOK 36.17 per share

- FY2022: low NOK 39.06 per share, central NOK 48.68 per share, high NOK 56.24 per share

- FY2023: low NOK 54.75 per share, central NOK 71.99 per share, high NOK 83.35 per share

- FY2024: low NOK 45.11 per share, central NOK 49.17 per share, high NOK 54.57 per share

- FY2025: low NOK 59.91 per share, central NOK 65.10 per share, high NOK 72.02 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 2026-10-15T06:40:11.528Z 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.

## Reported holder observations