# Norwegian Air Shuttle ASA (NAS.OL)

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

Analysis as of: 2026-10-16T07:43:21.308Z. Financial observations: FY2002–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 10.83 per share; close as of 2026-10-15.

Estimated value: low NOK 45.24 per share, central NOK 49.83 per share, high NOK 55.95 per share. Buy at or below the central value NOK 49.83 per share. Valuation as of 2026-10-16T07:43:21.308Z; scenarios are not confidence intervals.

## Checklist

### understandable: fail

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

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 4

- Operating margin variation: 2.72×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.07×

- FY2017: -0.06×

- FY2018: -0.10×

- FY2019: 0.01×

- FY2020: -2.61×

- FY2021: -0.55×

- FY2022: 0.08×

- FY2023: 0.09×

- FY2024: 0.05×

- FY2025: 0.10×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 3.0%

- ROIC, second-lowest year: -55.7%

- Typical minus recent gross margin: -42.1 pp

- Typical gross margin (annual median): 10.6%

- Recent gross margin (lower of latest and 3-year median): 52.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.9%

- ROIC including acquisitions, ten-year median: -2.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 5.5%

- FY2017: -6.5%

- FY2018: -9.7%

- FY2019: 0.6%

- FY2020: -688.8%

- FY2021: -55.7%

- FY2022: 22.4%

- FY2023: 21.0%

- FY2024: 9.8%

- FY2025: 19.8%

### economics: pass

- Owner earnings / net income, 5-yr: 1.04×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: NOK 9.0B

- Net income, five-year total: NOK 8.6B

- Return on incremental invested capital: 69.5%

- Working capital / revenue, annual change: -1.3 pp

- Working capital / revenue, change between three-year averages: -9.9 pp

- Working capital / revenue, final three-year average: -0.4%

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

- FY2021: 1.12×

- FY2022: 1.63×

- FY2023: 1.54×

- FY2024: 1.96×

- FY2025: -0.01×

### management: fail

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

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -6.5% vs 19.8%

- Per-share earnings: 734.34 to 1.54 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 124.4%

- Ordinary dilution, 5-year annual growth: 117.0%

- Market cap gain: NOK 16B

- Cumulative retained earnings: NOK -21B

- Diluted shares, 10-year annual growth: 124.4%

- Diluted shares, 5-year annual growth: 117.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -53.7%

- Per-share value change: NOK -732.80

- Per-share value, starting three-year median: NOK 734.34

- Per-share value, ending three-year median: NOK 1.54

- Average buyback yield: 0.3%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Acquisition spending: NOK 1.1B

- Cumulative net income, 10 years: NOK -18B

- ROIC, first three-year median: -6.5%

- ROIC, last three-year median: 19.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: NOK 3K

- FY2017: NOK -5K

- FY2018: NOK -3K

- FY2019: NOK -1K

- FY2020: NOK -1K

- FY2021: NOK 2.63

- FY2022: NOK 0.89

- FY2023: NOK 1.54

- FY2024: NOK 1.20

- FY2025: NOK 2.49

### accounting: pass

- Sloan accruals: -12.2%

- Receivables to sales index (DSRI): 1.01×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.90×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.07×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.1%

- FY2017: -10.8%

- FY2018: -3.4%

- FY2019: -5.4%

- FY2020: -43.7%

- FY2021: 9.0%

- FY2022: -6.3%

- FY2023: -11.5%

- FY2024: -14.9%

- FY2025: -12.2%

## Holders

## Price story

Down 38% since Feb 2024 · sales +6.6%

Story as of 2026-10-16T10:00:12.684Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales +6.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: NOK 26B 

- FY2017: NOK 31B 

- FY2018: NOK 40B 

- FY2019: NOK 44B 

- FY2020: NOK 9.1B 

- FY2021: NOK 5.1B 

- FY2022: NOK 19B 

- FY2023: NOK 26B 

- FY2024: NOK 35B 

- FY2025: NOK 38B 

### Gross margin · FY2025

gross margin 52.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 13.5% 

- FY2017: 3.7% 

- FY2019: 11.2% 

- FY2022: 10.1% 

- FY2023: 20.1% 

- FY2024: 52.9% 

- FY2025: 52.8% 

## Owner memo

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

### How it makes money

Operates in airlines; annual sales are NOK 37.6 billion.

- Source: https://eodhd.com/api/fundamentals/NAS.OL.json#2025-12-31 (filed 2026-10-16T07:43:21.308Z); FY2025: revenue 37646000000; grossProfit 19861000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); NAS.OL: Norwegian Air Shuttle ASA, together with its subsidiaries, provides air travel services in Norway and internationally. It is also involved in aircraft financing, leasing, and ownership, as well as cargo and other activities. The company was founded in 1993 and is headquartered in Fornebu, Norway.

### Why customers stay

Margins ranged from 20.1% to 52.9% during 2023–25; it earns 3% on its capital.

- Source: https://eodhd.com/api/fundamentals/NAS.OL.json#2023-12-31 (filed 2026-10-16T07:43:21.308Z); FY2023: grossProfit / revenue = 20.1%.

- Source: https://eodhd.com/api/fundamentals/NAS.OL.json#2024-12-31 (filed 2026-10-16T07:43:21.308Z); FY2024: grossProfit / revenue = 52.9%.

- Source: https://eodhd.com/api/fundamentals/NAS.OL.json#2025-12-31 (filed 2026-10-16T07:43:21.308Z); FY2025: grossProfit / revenue = 52.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:21.308Z); 10-year return on capital observations [[2016,0.05458325404799008],[2017,-0.06542013701656325],[2018,-0.09669646206173114],[2019,0.005958191079428551],[2020,-6.88838035144356],[2021,-0.5574394143426391],[2022,0.22429289809939468],[2023,0.2101797988263672],[2024,0.09775455827194132],[2025,0.19772706889743166]]; median 0.030270722563709315. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 5 of 10 years; bought back NOK 48 million of shares.

- Source: https://eodhd.com/api/fundamentals/NAS.OL.json#2021-12-31 (filed 2026-10-16T07:43:21.308Z); FY2021: growth capex 0; upkeep 14800000; cash acquisitions 0; owner earnings 2051360000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:21.308Z); FY2022: growth capex 0; upkeep 48600000; owner earnings 1640540000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:21.308Z); FY2023: growth capex 0; upkeep 542400000; cash acquisitions 0; owner earnings 2672260000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:21.308Z); FY2024: growth capex 0; upkeep 1247700000; cash acquisitions 1045000000; owner earnings 2649280000. Growth capex plus acquisitions / owner earnings = 0.39444679309095304.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:21.308Z); Dividend observations: [[2016,0],[2017,0],[2018,377700000],[2019,377700000],[2020,0],[2021,377700000],[2022,7600000],[2023,0],[2024,0],[2025,950000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/NAS.OL.json#2025-12-31 (filed 2026-10-16T07:43:21.308Z); FY2025: cash repurchases 48000000 NOK.

### Are managers owners

Insiders own 15.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); NAS.OL SharesStats.PercentInsiders = 15.484 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.3 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:21.308Z); Closing price 10.83 NOK; reporting-to-trading FX 1; FY2025 annual sales per share 34.66342069872569; price multiple 0.3124331004181055. FY2025 cash earnings/share -0.030201354696865607. Closing-price date 2026-10-15.

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

- 2016-11: NOK 7,104.42 per share

- 2016-12: NOK 7,659.53 per share

- 2017-01: NOK 7,176.48 per share

- 2017-02: NOK 7,011.01 per share

- 2017-03: NOK 6,311.78 per share

- 2017-04: NOK 6,503.93 per share

- 2017-05: NOK 6,074.25 per share

- 2017-06: NOK 6,490.59 per share

- 2017-07: NOK 5,164.18 per share

- 2017-08: NOK 5,164.18 per share

- 2017-09: NOK 6,191.68 per share

- 2017-10: NOK 6,164.99 per share

- 2017-11: NOK 4,857.27 per share

- 2017-12: NOK 4,697.14 per share

- 2018-01: NOK 6,028.88 per share

- 2018-02: NOK 4,783.87 per share

- 2018-03: NOK 4,513.09 per share

- 2018-04: NOK 8,139.68 per share

- 2018-05: NOK 6,842.17 per share

- 2018-06: NOK 6,672.93 per share

- 2018-07: NOK 6,406.98 per share

- 2018-08: NOK 7,035.59 per share

- 2018-09: NOK 6,581.59 per share

- 2018-10: NOK 5,775.68 per share

- 2018-11: NOK 5,815.98 per share

- 2018-12: NOK 4,659.50 per share

- 2019-01: NOK 3,458.69 per share

- 2019-02: NOK 2,713.03 per share

- 2019-03: NOK 2,055.33 per share

- 2019-04: NOK 1,685.37 per share

- 2019-05: NOK 1,503.19 per share

- 2019-06: NOK 1,664.81 per share

- 2019-07: NOK 1,861.47 per share

- 2019-08: NOK 1,700.78 per share

- 2019-09: NOK 1,681.63 per share

- 2019-10: NOK 2,086.62 per share

- 2019-11: NOK 1,836.71 per share

- 2019-12: NOK 1,763.38 per share

- 2020-01: NOK 1,671.35 per share

- 2020-02: NOK 884.49 per share

- 2020-03: NOK 422.28 per share

- 2020-04: NOK 239.07 per share

- 2020-05: NOK 175.64 per share

- 2020-06: NOK 126.87 per share

- 2020-07: NOK 106.13 per share

- 2020-08: NOK 56.68 per share

- 2020-09: NOK 43.91 per share

- 2020-10: NOK 28.27 per share

- 2020-11: NOK 16.76 per share

- 2020-12: NOK 40.61 per share

- 2021-01: NOK 27.05 per share

- 2021-02: NOK 25.67 per share

- 2021-03: NOK 31.02 per share

- 2021-04: NOK 26.32 per share

- 2021-05: NOK 11.30 per share

- 2021-06: NOK 11.13 per share

- 2021-07: NOK 10.63 per share

- 2021-08: NOK 9.55 per share

- 2021-09: NOK 9.94 per share

- 2021-10: NOK 10.30 per share

- 2021-11: NOK 9.06 per share

- 2021-12: NOK 10.75 per share

- 2022-01: NOK 12.02 per share

- 2022-02: NOK 10.82 per share

- 2022-03: NOK 10.75 per share

- 2022-04: NOK 13.20 per share

- 2022-05: NOK 11.38 per share

- 2022-06: NOK 8.14 per share

- 2022-07: NOK 9.37 per share

- 2022-08: NOK 8.49 per share

- 2022-09: NOK 7.25 per share

- 2022-10: NOK 8.32 per share

- 2022-11: NOK 8.81 per share

- 2022-12: NOK 7.34 per share

- 2023-01: NOK 9.45 per share

- 2023-02: NOK 11.39 per share

- 2023-03: NOK 10.73 per share

- 2023-04: NOK 10.33 per share

- 2023-05: NOK 12.94 per share

- 2023-06: NOK 10.30 per share

- 2023-07: NOK 10.14 per share

- 2023-08: NOK 9.03 per share

- 2023-09: NOK 8.54 per share

- 2023-10: NOK 8.01 per share

- 2023-11: NOK 9.95 per share

- 2023-12: NOK 10.72 per share

- 2024-01: NOK 12.97 per share

- 2024-02: NOK 17.48 per share

- 2024-03: NOK 16.37 per share

- 2024-04: NOK 14.60 per share

- 2024-05: NOK 14.06 per share

- 2024-06: NOK 12.58 per share

- 2024-07: NOK 11.39 per share

- 2024-08: NOK 11.07 per share

- 2024-09: NOK 12.96 per share

- 2024-10: NOK 10.60 per share

- 2024-11: NOK 11.24 per share

- 2024-12: NOK 11.00 per share

- 2025-01: NOK 10.85 per share

- 2025-02: NOK 11.45 per share

- 2025-03: NOK 11.98 per share

- 2025-04: NOK 13.61 per share

- 2025-05: NOK 14.28 per share

- 2025-06: NOK 14.60 per share

- 2025-07: NOK 17.02 per share

- 2025-08: NOK 17.00 per share

- 2025-09: NOK 15.90 per share

- 2025-10: NOK 15.73 per share

- 2025-11: NOK 17.30 per share

- 2025-12: NOK 17.45 per share

- 2026-01: NOK 16.28 per share

- 2026-02: NOK 16.61 per share

- 2026-03: NOK 14.22 per share

- 2026-04: NOK 14.49 per share

- 2026-05: NOK 16.60 per share

- 2026-06: NOK 14.74 per share

- 2026-07: NOK 13.02 per share

- 2026-08: NOK 12.97 per share

- 2026-09: NOK 12.10 per share

- 2026-10: NOK 11.16 per share

## Annual estimated value (NOK per share)

- FY2023: low NOK 29.50 per share, central NOK 32.47 per share, high NOK 36.42 per share

- FY2024: low NOK 37.91 per share, central NOK 42.01 per share, high NOK 47.48 per share

- FY2025: low NOK 41.51 per share, central NOK 46.05 per share, high NOK 52.10 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.