# Storebrand ASA (STB.OL)

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

Analysis as of: 2026-10-16T07:36:17.712Z. Financial observations: FY2000–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 190.00 per share; close as of 2026-10-15.

Estimated value: low NOK 131.24 per share, central NOK 144.56 per share, high NOK 162.28 per share. Buy at or below the central value NOK 144.56 per share. Valuation as of 2026-10-16T07:36:17.712Z; scenarios are not confidence intervals.

Expected annual return: 7.9% at the stated quote. About 7.9% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; NO 10-year bond 4.7% + 4 points).

## Checklist

### understandable: fail

- 5 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: 5

- Years with a net loss: 0

- Operating margin variation: 2.73×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.05×

- FY2017: 0.05×

- FY2018: 0.10×

- FY2019: 0.04×

- FY2020: 0.02×

- FY2021: 0.03×

- FY2022: 0.77×

- FY2024: -3.28×

- FY2025: -69.78×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 4.2%

- ROIC, second-lowest year: -10.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.2%

- ROIC including acquisitions, ten-year median: 0.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 4.7%

- FY2017: 5.9%

- FY2018: 7.2%

- FY2019: 5.3%

- FY2020: 3.6%

- FY2021: 3.8%

- FY2022: 39.1%

- FY2023: -14.8%

- FY2024: -8.4%

- FY2025: -10.9%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.28×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: NOK 5.4B

- Net income, five-year total: NOK 19B

- Return on incremental invested capital: -3126.8%

- Working capital / revenue, annual change: 314.6 pp

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

- FY2021: -1.29×

- FY2022: 0.13×

- FY2023: -0.42×

- FY2024: 0.94×

- FY2025: 1.06×

### 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: 5.9% vs -10.9%

- Per-share earnings: 4.76 to 11.76 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.6%

- Ordinary dilution, 5-year annual growth: -1.8%

- Market cap gain: NOK 54B

- Cumulative retained earnings: NOK 4.3B

- Diluted shares, 10-year annual growth: -0.6%

- Diluted shares, 5-year annual growth: -1.8%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 12.0%

- Per-share value change: NOK 7.00

- Per-share value, starting three-year median: NOK 4.76

- Per-share value, ending three-year median: NOK 11.76

- Buybacks concentrated in cheaper years (correlation): 0.60

- Average buyback yield: 1.2%

- Buyback history: 4 years

- Debt-funded buybacks: Yes

- Acquisition spending: NOK 9.0B

- Cumulative net income, 10 years: NOK 32B

- ROIC, first three-year median: 5.9%

- ROIC, last three-year median: -10.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: NOK 4.76

- FY2017: NOK 5.32

- FY2018: NOK 7.91

- FY2019: NOK 4.46

- FY2020: NOK 5.02

- FY2021: NOK 6.72

- FY2022: NOK 5.07

- FY2023: NOK 7.38

- FY2024: NOK 12.55

- FY2025: NOK 11.76

### accounting: pass

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

- Sloan accruals: 0.0%

- Receivables to sales index (DSRI): 11.73×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.93×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.31×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 0.1%

- FY2017: 0.3%

- FY2018: 0.4%

- FY2019: 0.4%

- FY2020: 0.6%

- FY2021: 0.9%

- FY2022: 0.2%

- FY2023: 0.5%

- FY2024: 0.3%

- FY2025: 0.0%

## Holders

## Price story

Price needs cash profits to grow 5.2% a year for ten years · "Solvency Margin: 198, positively affected by strong post-tax results." (finance.yahoo.com, May 2025) · sales -93.4%

Story as of 2026-10-16T10:00:07.169Z; price observation 2026-10-15.

Price needs cash profits to grow 5.2% a year for ten years

- 2025-07-11: Storebrand reports Q2 profit above estimates, plans share buybacks ([investing.com](https://www.investing.com/news/stock-market-news/storebrand-reports-q2-profit-above-estimates-plans-share-buybacks-93CH-4131226))

### Sales · FY2024–2025

sales -93.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: NOK 54B 

- FY2017: NOK 60B 

- FY2018: NOK 35B 

- FY2019: NOK 87B 

- FY2020: NOK 80B 

- FY2021: NOK 118B 

- FY2022: NOK 39B 

- FY2023: NOK -617M 

- FY2024: NOK 3.1B 

- FY2025: NOK 207M 

### Gross margin · FY2019

gross margin 11.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 15.3% 

- FY2017: 15.0% 

- FY2018: 26.6% 

- FY2019: 11.6% 

## Owner memo

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

### How it makes money

Operates in financial conglomerates; annual sales are NOK 207 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:17.712Z); FY2025: revenue 207000000; operatingIncome -14444000000; margin = operatingIncome / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); STB.OL: Storebrand ASA provides insurance products and services in Norway, the United States, Germany, Sweden, the United Kingdom, and internationally. It operates through four segments: Savings, Insurance, Guaranteed Pensions, and Other. The Savings segment offers retirement savings, defined contribution pensions, asset management, and retail banking products. The Insurance segment provides personal insurance, non-life insurance, personal risk, and pension-related insurance products. The Guaranteed Pensions segment offers long-term pension savings products, such as defined contribution pensions, paid-up policies, and individual capital and pension insurance products. The Other segment provides life insurance products. The company serves private individuals, businesses, public enterprises, and corporate and retail markets. Storebrand ASA was founded in 1767 and is headquartered in Lysaker, Norway.

### Why customers stay

It earns 4.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:17.712Z); 10-year return on capital observations [[2016,0.046648670270561805],[2017,0.058942086212569925],[2018,0.07198051234949983],[2019,0.05289321572606414],[2020,0.0360939907550077],[2021,0.03816045595866793],[2022,0.3914289453022769],[2023,-0.14775960973847058],[2024,-0.08434806693498881],[2025,-0.10877166493095071]]; median 0.042404563114614865. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:17.712Z); FY2016: growth capex 0; upkeep 63000000; owner earnings 1513000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:17.712Z); FY2017: growth capex 0; upkeep 98000000; owner earnings 641000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:17.712Z); FY2018: growth capex 0; upkeep 35000000; owner earnings 1275000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:17.712Z); FY2022: growth capex 0; upkeep 137000000; owner earnings 302200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:17.712Z); FY2024: growth capex 921493688.1211773; upkeep 765506311.8788227; owner earnings 5181493688.121178. Growth capex / owner earnings = 0.1778432520787868.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:17.712Z); FY2025: growth capex 0; upkeep 122000000; owner earnings 5357000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:17.712Z); Dividend observations: [[2016,14000000],[2017,698000000],[2018,1168000000],[2019,1399000000],[2020,10000000],[2021,1513000000],[2022,1659000000],[2023,1715000000],[2024,1817000000],[2025,2028000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 3.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); STB.OL SharesStats.PercentInsiders = 3.1809999999999996 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 5.2% yearly over ten years; actual growth was 13.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:17.712Z); Ten-year compound average after fade. Initial solved rate 0.06199781671689453. Price 190; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 3.4130505003677456 → FY2025 12.487179487179487. Closing-price date 2026-10-15.

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

- 2016-10: NOK 42.52 per share

- 2016-11: NOK 44.50 per share

- 2016-12: NOK 45.92 per share

- 2017-01: NOK 50.25 per share

- 2017-02: NOK 56.60 per share

- 2017-03: NOK 57.10 per share

- 2017-04: NOK 56.60 per share

- 2017-05: NOK 55.15 per share

- 2017-06: NOK 57.60 per share

- 2017-07: NOK 65.65 per share

- 2017-08: NOK 64.20 per share

- 2017-09: NOK 67.60 per share

- 2017-10: NOK 69.95 per share

- 2017-11: NOK 66.40 per share

- 2017-12: NOK 66.90 per share

- 2018-01: NOK 69.08 per share

- 2018-02: NOK 69.40 per share

- 2018-03: NOK 63.78 per share

- 2018-04: NOK 68.70 per share

- 2018-05: NOK 66.90 per share

- 2018-06: NOK 65.74 per share

- 2018-07: NOK 69.48 per share

- 2018-08: NOK 74.30 per share

- 2018-09: NOK 72.70 per share

- 2018-10: NOK 70.16 per share

- 2018-11: NOK 67.38 per share

- 2018-12: NOK 61.64 per share

- 2019-01: NOK 64.54 per share

- 2019-02: NOK 68.02 per share

- 2019-03: NOK 67.14 per share

- 2019-04: NOK 72.80 per share

- 2019-05: NOK 63.36 per share

- 2019-06: NOK 62.68 per share

- 2019-07: NOK 59.98 per share

- 2019-08: NOK 52.44 per share

- 2019-09: NOK 57.44 per share

- 2019-10: NOK 65.00 per share

- 2019-11: NOK 66.04 per share

- 2019-12: NOK 69.02 per share

- 2020-01: NOK 70.90 per share

- 2020-02: NOK 59.40 per share

- 2020-03: NOK 41.75 per share

- 2020-04: NOK 51.40 per share

- 2020-05: NOK 49.91 per share

- 2020-06: NOK 49.61 per share

- 2020-07: NOK 49.42 per share

- 2020-08: NOK 53.66 per share

- 2020-09: NOK 48.94 per share

- 2020-10: NOK 50.10 per share

- 2020-11: NOK 63.18 per share

- 2020-12: NOK 64.20 per share

- 2021-01: NOK 66.26 per share

- 2021-02: NOK 74.10 per share

- 2021-03: NOK 86.14 per share

- 2021-04: NOK 79.76 per share

- 2021-05: NOK 83.48 per share

- 2021-06: NOK 78.00 per share

- 2021-07: NOK 76.00 per share

- 2021-08: NOK 77.22 per share

- 2021-09: NOK 83.68 per share

- 2021-10: NOK 90.54 per share

- 2021-11: NOK 83.50 per share

- 2021-12: NOK 88.52 per share

- 2022-01: NOK 94.34 per share

- 2022-02: NOK 87.16 per share

- 2022-03: NOK 88.30 per share

- 2022-04: NOK 82.24 per share

- 2022-05: NOK 84.10 per share

- 2022-06: NOK 70.10 per share

- 2022-07: NOK 80.62 per share

- 2022-08: NOK 79.82 per share

- 2022-09: NOK 75.46 per share

- 2022-10: NOK 80.80 per share

- 2022-11: NOK 87.68 per share

- 2022-12: NOK 85.40 per share

- 2023-01: NOK 86.44 per share

- 2023-02: NOK 86.00 per share

- 2023-03: NOK 80.32 per share

- 2023-04: NOK 82.04 per share

- 2023-05: NOK 80.20 per share

- 2023-06: NOK 83.66 per share

- 2023-07: NOK 88.64 per share

- 2023-08: NOK 85.40 per share

- 2023-09: NOK 87.16 per share

- 2023-10: NOK 93.14 per share

- 2023-11: NOK 93.30 per share

- 2023-12: NOK 90.04 per share

- 2024-01: NOK 94.82 per share

- 2024-02: NOK 94.76 per share

- 2024-03: NOK 100.00 per share

- 2024-04: NOK 106.90 per share

- 2024-05: NOK 113.40 per share

- 2024-06: NOK 109.00 per share

- 2024-07: NOK 109.60 per share

- 2024-08: NOK 114.40 per share

- 2024-09: NOK 115.90 per share

- 2024-10: NOK 125.10 per share

- 2024-11: NOK 121.20 per share

- 2024-12: NOK 121.20 per share

- 2025-01: NOK 133.50 per share

- 2025-02: NOK 122.50 per share

- 2025-03: NOK 133.00 per share

- 2025-04: NOK 124.90 per share

- 2025-05: NOK 133.70 per share

- 2025-06: NOK 142.80 per share

- 2025-07: NOK 147.30 per share

- 2025-08: NOK 154.60 per share

- 2025-09: NOK 152.20 per share

- 2025-10: NOK 157.10 per share

- 2025-11: NOK 157.40 per share

- 2025-12: NOK 172.70 per share

- 2026-01: NOK 168.50 per share

- 2026-02: NOK 180.20 per share

- 2026-03: NOK 174.30 per share

- 2026-04: NOK 178.70 per share

- 2026-05: NOK 175.90 per share

- 2026-06: NOK 185.80 per share

- 2026-07: NOK 201.40 per share

- 2026-08: NOK 204.80 per share

- 2026-09: NOK 192.90 per share

- 2026-10: NOK 187.30 per share

## Annual estimated value (NOK per share)

- FY2016: low NOK 50.91 per share, central NOK 57.92 per share, high NOK 67.27 per share

- FY2017: low NOK 72.18 per share, central NOK 82.13 per share, high NOK 95.38 per share

- FY2018: low NOK 29.84 per share, central NOK 33.96 per share, high NOK 39.44 per share

- FY2019: low NOK 66.03 per share, central NOK 88.09 per share, high NOK 103.15 per share

- FY2020: low NOK 22.69 per share, central NOK 29.53 per share, high NOK 34.54 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.