# Sats ASA (SATS.OL)

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

Analysis as of: 2026-10-16T07:44:43.443Z. Financial observations: FY2015–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 41.65 per share; close as of 2026-10-15.

Estimated value: low NOK 15.18 per share, central NOK 17.11 per share, high NOK 19.69 per share. Buy at or below the central value NOK 17.11 per share. Valuation as of 2026-10-16T07:44:43.443Z; scenarios are not confidence intervals.

Expected annual return: 5.7% at the stated quote. About 5.7% 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

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

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 4

- Operating margin variation: 0.85×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.07×

- FY2017: 0.11×

- FY2018: 0.12×

- FY2019: 0.13×

- FY2020: 0.03×

- FY2021: -0.07×

- FY2022: 0.01×

- FY2023: 0.13×

- FY2024: 0.15×

- FY2025: 0.16×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 8.9%

- ROIC, second-lowest year: 0.4%

- Typical minus recent gross margin: -0.5 pp

- Typical gross margin (annual median): 96.6%

- Recent gross margin (lower of latest and 3-year median): 97.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.9%

- ROIC including acquisitions, ten-year median: 1.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 43.7%

- FY2017: 7.9%

- FY2018: 97.2%

- FY2019: 9.0%

- FY2020: 1.5%

- FY2021: -4.1%

- FY2022: 0.4%

- FY2023: 8.9%

- FY2024: 11.4%

- FY2025: 13.7%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.01×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: NOK 4.0M

- Net income, five-year total: NOK 326M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.5 pp

- Working capital / revenue, change between three-year averages: -3.9 pp

- Working capital / revenue, final three-year average: 1.4%

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

- FY2021: 1.18×

- FY2022: 1.17×

- FY2023: 1.12×

- FY2024: 0.70×

- FY2025: 0.73×

### management: fail

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 43.7% vs 11.4%

- Per-share earnings: 0.01 to 1.59 (three-year endpoint medians)

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 3.4%

- Diluted shares, 5-year annual growth: 3.4%

- Per-share value growth: 97.2%

- Per-share value change: NOK 1.57

- Per-share value, starting three-year median: NOK 0.01

- Per-share value, ending three-year median: NOK 1.59

- Buybacks concentrated in cheaper years (correlation): 0.60

- Average buyback yield: 1.2%

- Buyback history: 4 years

- Debt-funded buybacks: No

- Acquisition spending: NOK 379M

- Cumulative net income, 10 years: NOK 264M

- ROIC, first three-year median: 43.7%

- ROIC, last three-year median: 11.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: NOK -0.43

- FY2017: NOK 0.87

- FY2018: NOK 0.01

- FY2019: NOK 1.09

- FY2020: NOK -1.89

- FY2021: NOK -2.65

- FY2022: NOK -1.25

- FY2023: NOK 1.10

- FY2024: NOK 1.59

- FY2025: NOK 2.33

### accounting: pass

- Sloan accruals: -16.7%

- Receivables to sales index (DSRI): 0.93×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 4.39×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.83×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -9.4%

- FY2017: -4.1%

- FY2018: -10.8%

- FY2019: -14.5%

- FY2020: -15.8%

- FY2021: -16.5%

- FY2022: -15.3%

- FY2023: -15.4%

- FY2024: -17.4%

- FY2025: -16.7%

## Holders

## Price story

Price needs cash profits to grow 12.6% a year for ten years · sales +8.8%

Story as of 2026-10-16T10:00:13.150Z; price observation 2026-10-15.

Price needs cash profits to grow 12.6% a year for ten years

### Sales · FY2024–2025

sales +8.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: NOK 3.1B 

- FY2017: NOK 3.3B 

- FY2018: NOK 3.3B 

- FY2019: NOK 4.0B 

- FY2020: NOK 3.5B 

- FY2021: NOK 3.2B 

- FY2022: NOK 4.1B 

- FY2023: NOK 4.7B 

- FY2024: NOK 5.1B 

- FY2025: NOK 5.5B 

### Gross margin · FY2025

gross margin 97.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 95.8% 

- FY2017: 95.5% 

- FY2018: 95.7% 

- FY2019: 97.1% 

- FY2020: 96.5% 

- FY2021: 96.7% 

- FY2022: 96.4% 

- FY2023: 97.1% 

- FY2024: 97.2% 

- FY2025: 97.3% 

## Owner memo

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

### How it makes money

Operates in leisure; annual sales are NOK 5.5 billion.

- Source: https://eodhd.com/api/fundamentals/SATS.OL.json#2025-12-31 (filed 2026-10-16T07:44:43.443Z); FY2025: revenue 5509000000; grossProfit 5363000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SATS.OL: Sats ASA provides fitness and training services in Norway, Sweden, Denmark, and Finland. It offers sportswear, fitness gear, bars, and energy drinks. The company operates fitness clubs under the SATS, ELIXIA, Fresh Fitness, and SATSYoga brand names. Sats ASA was founded in 1995 and is headquartered in Oslo, Norway.

### Why customers stay

Margins ranged from 97.1% to 97.3% during 2023–25; it earns 8.9% on its capital.

- Source: https://eodhd.com/api/fundamentals/SATS.OL.json#2023-12-31 (filed 2026-10-16T07:44:43.443Z); FY2023: grossProfit / revenue = 97.1%.

- Source: https://eodhd.com/api/fundamentals/SATS.OL.json#2024-12-31 (filed 2026-10-16T07:44:43.443Z); FY2024: grossProfit / revenue = 97.2%.

- Source: https://eodhd.com/api/fundamentals/SATS.OL.json#2025-12-31 (filed 2026-10-16T07:44:43.443Z); FY2025: grossProfit / revenue = 97.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:43.443Z); 10-year return on capital observations [[2016,0.43731053431639527],[2017,0.07945243725205468],[2018,0.9722259446622071],[2019,0.08970782929052823],[2020,0.014501325718947583],[2021,-0.040833907649896625],[2022,0.003620689655172414],[2023,0.08863549396256745],[2024,0.11380627870787317],[2025,0.13683600307280847]]; median 0.08917166162654784. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 96% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:43.443Z); Gross margin observations: [[2021,0.9673544810594394],[2022,0.9639882410583047],[2023,0.9710604140261935]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 4 of 8 years; bought back NOK 267 million of shares.

- Source: https://eodhd.com/api/fundamentals/SATS.OL.json#2017-12-31 (filed 2026-10-16T07:44:43.443Z); FY2017: growth capex 0; upkeep 153721000; owner earnings 151879000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SATS.OL.json#2018-12-31 (filed 2026-10-16T07:44:43.443Z); FY2018: growth capex 0; upkeep 197510000; owner earnings 232764000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SATS.OL.json#2019-12-31 (filed 2026-10-16T07:44:43.443Z); FY2019: growth capex 0; upkeep 265000000; owner earnings 36400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SATS.OL.json#2023-12-31 (filed 2026-10-16T07:44:43.443Z); FY2023: growth capex 0; upkeep 162000000; owner earnings 251400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SATS.OL.json#2024-12-31 (filed 2026-10-16T07:44:43.443Z); FY2024: growth capex 0; upkeep 287000000; owner earnings 227200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SATS.OL.json#2025-12-31 (filed 2026-10-16T07:44:43.443Z); FY2025: growth capex 0; upkeep 309000000; owner earnings 346800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:43.443Z); Dividend observations: [[2016,0],[2017,1032000000],[2018,1032000000],[2019,1032000000],[2020,0],[2021,0],[2022,0],[2025,127000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/SATS.OL.json#2025-12-31 (filed 2026-10-16T07:44:43.443Z); FY2025: cash repurchases 267000000 NOK.

### Are managers owners

Insiders own 15.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SATS.OL SharesStats.PercentInsiders = 15.821 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 12.6% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:43.443Z); Ten-year compound average after fade. Initial solved rate 0.16921373888453672. Price 41.65; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

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

- 2019-10: NOK 22.54 per share

- 2019-11: NOK 21.05 per share

- 2019-12: NOK 22.68 per share

- 2020-01: NOK 24.21 per share

- 2020-02: NOK 23.98 per share

- 2020-03: NOK 15.00 per share

- 2020-04: NOK 18.06 per share

- 2020-05: NOK 19.50 per share

- 2020-06: NOK 19.56 per share

- 2020-07: NOK 20.50 per share

- 2020-08: NOK 18.60 per share

- 2020-09: NOK 17.40 per share

- 2020-10: NOK 15.92 per share

- 2020-11: NOK 20.60 per share

- 2020-12: NOK 23.10 per share

- 2021-01: NOK 21.60 per share

- 2021-02: NOK 23.00 per share

- 2021-03: NOK 22.35 per share

- 2021-04: NOK 23.25 per share

- 2021-05: NOK 24.30 per share

- 2021-06: NOK 20.50 per share

- 2021-07: NOK 20.95 per share

- 2021-08: NOK 22.00 per share

- 2021-09: NOK 21.25 per share

- 2021-10: NOK 21.40 per share

- 2021-11: NOK 20.25 per share

- 2021-12: NOK 21.10 per share

- 2022-01: NOK 19.64 per share

- 2022-02: NOK 18.74 per share

- 2022-03: NOK 18.10 per share

- 2022-04: NOK 17.76 per share

- 2022-05: NOK 14.22 per share

- 2022-06: NOK 13.40 per share

- 2022-07: NOK 13.90 per share

- 2022-08: NOK 10.72 per share

- 2022-09: NOK 6.97 per share

- 2022-10: NOK 7.25 per share

- 2022-11: NOK 8.20 per share

- 2022-12: NOK 8.84 per share

- 2023-01: NOK 8.20 per share

- 2023-02: NOK 8.23 per share

- 2023-03: NOK 7.96 per share

- 2023-04: NOK 10.36 per share

- 2023-05: NOK 10.98 per share

- 2023-06: NOK 10.00 per share

- 2023-07: NOK 10.32 per share

- 2023-08: NOK 11.90 per share

- 2023-09: NOK 11.96 per share

- 2023-10: NOK 11.94 per share

- 2023-11: NOK 12.94 per share

- 2023-12: NOK 15.16 per share

- 2024-01: NOK 18.80 per share

- 2024-02: NOK 17.16 per share

- 2024-03: NOK 18.32 per share

- 2024-04: NOK 17.30 per share

- 2024-05: NOK 17.60 per share

- 2024-06: NOK 16.26 per share

- 2024-07: NOK 17.16 per share

- 2024-08: NOK 20.70 per share

- 2024-09: NOK 21.05 per share

- 2024-10: NOK 21.60 per share

- 2024-11: NOK 24.70 per share

- 2024-12: NOK 26.50 per share

- 2025-01: NOK 27.50 per share

- 2025-02: NOK 30.45 per share

- 2025-03: NOK 33.40 per share

- 2025-04: NOK 37.50 per share

- 2025-05: NOK 36.15 per share

- 2025-06: NOK 36.40 per share

- 2025-07: NOK 39.40 per share

- 2025-08: NOK 37.45 per share

- 2025-09: NOK 37.90 per share

- 2025-10: NOK 36.30 per share

- 2025-11: NOK 38.40 per share

- 2025-12: NOK 40.60 per share

- 2026-01: NOK 40.20 per share

- 2026-02: NOK 43.95 per share

- 2026-03: NOK 42.75 per share

- 2026-04: NOK 41.35 per share

- 2026-05: NOK 42.90 per share

- 2026-06: NOK 42.00 per share

- 2026-07: NOK 41.95 per share

- 2026-08: NOK 45.10 per share

- 2026-09: NOK 42.30 per share

- 2026-10: NOK 41.20 per share

## Annual estimated value (NOK per share)

- FY2019: low NOK 3.16 per share, central NOK 3.54 per share, high NOK 4.06 per share

- FY2020: low NOK 4.18 per share, central NOK 4.47 per share, high NOK 4.84 per share

- FY2021: low NOK 3.03 per share, central NOK 3.29 per share, high NOK 3.64 per share

- FY2025: low NOK 15.28 per share, central NOK 17.12 per share, high NOK 19.56 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 2026-10-15T06:50:33.641Z 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.

Sats ASA

SATS · OL

STI

Not a wonderful business

4 quality tests fail. A lower price would not fix the business.

Share price: NOK 41.65
Buy up to: NOK 17.11
Expected / yr: 5.7% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Can it raise prices
Where the cash goes
Are managers owners
What the price says

1. Is this a good business?

Evidence only; not required for Buy

4 loss years were recorded (limit 2), and margins varied 85.2% around their average (limit 35%).

Operating margin

10y median: 11.8%
Worst year: -6.9%
Latest · 2025: 16.2%

Capital return excluding acquisitions: median 8.9% (minimum 15%), and the second-worst year 0.4% (minimum 10%).

ROIC excluding acquisitions

10y median: 8.9%
Worst year: -4.1%
Latest · 2025: 13.7%

Each $1 of profit left $0.01 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 0.01×
Annual median: 1.12×
Latest · 2025: 0.73×

Acquisitions used 143.7% of profits (limit 50%) while returns fell to 11.4% (minimum 15% and two-thirds of their starting level).

Earnings per share

10y median: NOK 0.44
Worst year: NOK -2.65
Latest · 2025: NOK 2.33

Profits were backed by cash: accruals were -16.7% of assets (limit 10%).

Sloan accruals

10y median: -15.4%
Worst year: -4.1%
Latest · 2025: -16.7%

Profit record · fail 4 loss years in 10 (at most 2), mean operating margin 8.3%, three-year average owner earnings per share 1.35 NOK. 4 loss years in the last 10; at most 2 allowed.

2. Is the price low enough?

PriceEstimated rangeBuy price

2019-10 · Price NOK 22.54 · Value 3.54 · Buy at or below 3.54; 2019-11 · Price NOK 21.05 · Value 3.54 · Buy at or below 3.54; 2019-12 · Price NOK 22.68 · Value 3.54 · Buy at or below 3.54; 2020-01 · Price NOK 24.20 · Value 3.54 · Buy at or below 3.54; 2020-02 · Price NOK 23.98 · Value 4.47 · Buy at or below 4.47; 2020-03 · Price NOK 15.00 · Value 4.47 · Buy at or below 4.47; 2020-04 · Price NOK 18.06 · Value 4.47 · Buy at or below 4.47; 2020-05 · Price NOK 19.50 · Value 4.47 · Buy at or below 4.47; 2020-06 · Price NOK 19.56 · Value 4.47 · Buy at or below 4.47; 2020-07 · Price NOK 20.50 · Value 4.47 · Buy at or below 4.47; 2020-08 · Price NOK 18.60 · Value 4.47 · Buy at or below 4.47; 2020-09 · Price NOK 17.40 · Value 4.47 · Buy at or below 4.47; 2020-10 · Price NOK 15.92 · Value 4.47 · Buy at or below 4.47; 2020-11 · Price NOK 20.60 · Value 4.47 · Buy at or below 4.47; 2020-12 · Price NOK 23.10 · Value 4.47 · Buy at or below 4.47; 2021-01 · Price NOK 21.60 · Value 4.47 · Buy at or below 4.47; 2021-02 · Price NOK 23.00 · Value 3.29 · Buy at or below 3.29; 2021-03 · Price NOK 22.35 · Value 3.29 · Buy at or below 3.29; 2021-04 · Price NOK 23.25 · Value 3.29 · Buy at or below 3.29; 2021-05 · Price NOK 24.30 · Value 3.29 · Buy at or below 3.29; 2021-06 · Price NOK 20.50 · Value 3.29 · Buy at or below 3.29; 2021-07 · Price NOK 20.95 · Value 3.29 · Buy at or below 3.29; 2021-08 · Price NOK 22.00 · Value 3.29 · Buy at or below 3.29; 2021-09 · Price NOK 21.25 · Value 3.29 · Buy at or below 3.29; 2021-10 · Price NOK 21.40 · Value 3.29 · Buy at or below 3.29; 2021-11 · Price NOK 20.25 · Value 3.29 · Buy at or below 3.29; 2021-12 · Price NOK 21.10 · Value 3.29 · Buy at or below 3.29; 2022-01 · Price NOK 19.64 · Value 3.29 · Buy at or below 3.29; 2022-02 · Price NOK 18.74; 2022-03 · Price NOK 18.10; 2022-04 · Price NOK 17.76; 2022-05 · Price NOK 14.22; 2022-06 · Price NOK 13.40; 2022-07 · Price NOK 13.90; 2022-08 · Price NOK 10.72; 2022-09 · Price NOK 6.97; 2022-10 · Price NOK 7.25; 2022-11 · Price NOK 8.20; 2022-12 · Price NOK 8.84; 2023-01 · Price NOK 8.20; 2023-02 · Price NOK 8.23; 2023-03 · Price NOK 7.96; 2023-04 · Price NOK 10.36; 2023-05 · Price NOK 10.98; 2023-06 · Price NOK 10.00; 2023-07 · Price NOK 10.32; 2023-08 · Price NOK 11.90; 2023-09 · Price NOK 11.96; 2023-10 · Price NOK 11.94; 2023-11 · Price NOK 12.94; 2023-12 · Price NOK 15.16; 2024-01 · Price NOK 18.80; 2024-02 · Price NOK 17.16; 2024-03 · Price NOK 18.32; 2024-04 · Price NOK 17.30; 2024-05 · Price NOK 17.60; 2024-06 · Price NOK 16.26; 2024-07 · Price NOK 17.16; 2024-08 · Price NOK 20.70; 2024-09 · Price NOK 21.05; 2024-10 · Price NOK 21.60; 2024-11 · Price NOK 24.70; 2024-12 · Price NOK 26.50; 2025-01 · Price NOK 27.50 · Value 17.12 · Buy at or below 17.12; 2025-02 · Price NOK 30.45 · Value 17.12 · Buy at or below 17.12; 2025-03 · Price NOK 33.40 · Value 17.12 · Buy at or below 17.12; 2025-04 · Price NOK 37.50 · Value 17.12 · Buy at or below 17.12; 2025-05 · Price NOK 36.15 · Value 17.12 · Buy at or below 17.12; 2025-06 · Price NOK 36.40 · Value 17.12 · Buy at or below 17.12; 2025-07 · Price NOK 39.40 · Value 17.12 · Buy at or below 17.12; 2025-08 · Price NOK 37.45 · Value 17.12 · Buy at or below 17.12; 2025-09 · Price NOK 37.90 · Value 17.12 · Buy at or below 17.12; 2025-10 · Price NOK 36.30 · Value 17.12 · Buy at or below 17.12; 2025-11 · Price NOK 38.40 · Value 17.12 · Buy at or below 17.12; 2025-12 · Price NOK 40.60 · Value 17.12 · Buy at or below 17.12; 2026-01 · Price NOK 40.20 · Value 17.12 · Buy at or below 17.12; 2026-02 · Price NOK 43.95 · Value 17.11 · Buy at or below 17.11; 2026-03 · Price NOK 42.75 · Value 17.11 · Buy at or below 17.11; 2026-04 · Price NOK 41.35 · Value 17.11 · Buy at or below 17.11; 2026-05 · Price NOK 42.90 · Value 17.11 · Buy at or below 17.11; 2026-06 · Price NOK 42.00 · Value 17.11 · Buy at or below 17.11; 2026-07 · Price NOK 41.95 · Value 17.11 · Buy at or below 17.11; 2026-08 · Price NOK 45.10 · Value 17.11 · Buy at or below 17.11; 2026-09 · Price NOK 42.30 · Value 17.11 · Buy at or below 17.11; 2026-10 · Price NOK 41.20 · Value 17.11 · Buy at or below 17.11; 2026-10 · Price NOK 41.65 · Value 17.11 · Buy at or below 17.11

NOK per share · annual estimates

Price & return math
Value range	NOK 15.18 – NOK 19.69
Buy at or below	Central value NOK 17.11
Discount to value	1 − 41.65 / 17.11 = -143.4%
Return / year	About 5.7% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash NOK 1.29/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash NOK 1.12/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueNOK 5.5B

Revenue

Owner earningsNOK 347M

Owner earnings

Operating margin16.2%

Operating margin

Net cash / debtNOK -977M

Net cash / debt

Diluted shares203M

Diluted shares

Prices 15 Oct 2026 · FY2025