# TGS NOPEC Geophysical Company ASA (TGS.OL)

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

Analysis as of: 2026-10-16T07:39:36.010Z. Financial observations: FY2000–FY2025.

Listing currency: NOK. Reporting currency: USD.

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

Estimated value: low NOK 399.93 per share, central NOK 454.93 per share, high NOK 528.15 per share. Buy at or below the central value NOK 454.93 per share. Valuation as of 2026-10-16T07:39:36.010Z; scenarios are not confidence intervals.

Expected annual return: 28.4% at the stated quote. About 28.4% 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

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 2

- Operating margin variation: 0.90×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.12×

- FY2017: 0.20×

- FY2018: 0.37×

- FY2019: 0.22×

- FY2020: -0.17×

- FY2021: 0.39×

- FY2022: 0.18×

- FY2023: 0.07×

- FY2024: 0.15×

- FY2025: 0.12×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 7.5%

- ROIC, second-lowest year: 3.8%

- Typical minus recent gross margin: -30.3 pp

- Typical gross margin (annual median): 42.3%

- Recent gross margin (lower of latest and 3-year median): 72.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 50.0%

- ROIC including acquisitions, ten-year median: 7.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 3.8%

- FY2017: 8.4%

- FY2018: 19.0%

- FY2019: 11.4%

- FY2020: -5.0%

- FY2021: 23.4%

- FY2022: 11.1%

- FY2023: 4.2%

- FY2024: 5.7%

- FY2025: 6.7%

### economics: pass

- Owner earnings / net income, 5-yr: 4.51×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $659M

- Net income, five-year total: $146M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -4.1 pp

- Working capital / revenue, change between three-year averages: -25.3 pp

- Working capital / revenue, final three-year average: 15.7%

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

- FY2021: -2.74×

- FY2022: 2.92×

- FY2023: -4.05×

- FY2024: 0.64×

- FY2025: 12.10×

### 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: 8.4% vs 5.7%

- Per-share earnings: 0.24 to 0.16 (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: 5.5%

- Ordinary dilution, 5-year annual growth: 11.2%

- Market cap gain: -$441M

- Cumulative retained earnings: -$558M

- Diluted shares, 10-year annual growth: 5.5%

- Diluted shares, 5-year annual growth: 11.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -5.1%

- Per-share value change: -$0.08

- Per-share value, starting three-year median: $0.24

- Per-share value, ending three-year median: $0.16

- Buybacks concentrated in cheaper years (correlation): -0.26

- Average buyback yield: 1.1%

- Buyback history: 6 years

- Debt-funded buybacks: No

- Acquisition spending: $1.4B

- Cumulative net income, 10 years: $353M

- ROIC, first three-year median: 8.4%

- ROIC, last three-year median: 5.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.24

- FY2017: $0.65

- FY2018: $1.53

- FY2019: $0.97

- FY2020: -$1.61

- FY2021: -$0.65

- FY2022: $0.74

- FY2023: $0.16

- FY2024: $0.48

- FY2025: $0.09

### accounting: pass

- Sloan accruals: -21.1%

- Receivables to sales index (DSRI): 0.35×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 46.45×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.94×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -20.1%

- FY2017: -27.1%

- FY2018: -13.0%

- FY2019: -20.4%

- FY2020: -27.0%

- FY2021: -24.2%

- FY2022: -13.9%

- FY2023: -28.8%

- FY2024: -13.2%

- FY2025: -21.1%

## Holders

## Price story

Down 29% since Feb 2023 · "TGS ASA (TGSGY) Q2 2026 Earnings Call Highlights: Strong Revenue Growth Amid Pricing Challenges" (finance.yahoo.com, Jul 2026) · sales +15.8%

Story as of 2026-10-16T10:00:10.890Z; price observation 2026-10-15.

Price needs cash profits to shrink 15% a year for ten years

- 2025-05-07: TGS Awarded 4D Streamer Contract ([finance.yahoo.com](https://finance.yahoo.com/news/tgs-awarded-4d-streamer-contract-050000307.html))

- 2025-10-15: TGS secures Streamer Acquisition Contract ([finance.yahoo.com](https://finance.yahoo.com/news/tgs-secures-streamer-acquisition-contract-050000040.html))

- 2025-12-22: TGS enters Multi-year Agreement with Supermajor for Licensing of Imaging AnyWare ([finance.yahoo.com](https://finance.yahoo.com/news/tgs-enters-multi-agreement-supermajor-060000691.html))

- 2026-01-27: TGS Awarded OBN Contract in Europe ([finance.yahoo.com](https://finance.yahoo.com/news/tgs-awarded-obn-contract-europe-060000038.html))

- 2026-08-18: TGS Awarded Multi-Year AI Seismic Foundation Model Contract ([finance.yahoo.com](https://finance.yahoo.com/technology/ai/articles/tgs-awarded-multi-ai-seismic-050000814.html))

### Sales · FY2024–2025

sales +15.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: $456M 

- FY2017: $492M 

- FY2018: $614M 

- FY2019: $586M 

- FY2020: $319M 

- FY2021: $519M 

- FY2022: $717M 

- FY2023: $794M 

- FY2024: $1.3B 

- FY2025: $1.5B 

### Gross margin · FY2025

gross margin 81.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 30.8% 

- FY2017: 36.5% 

- FY2018: 54.4% 

- FY2019: 44.0% 

- FY2020: 10.9% 

- FY2021: 60.4% 

- FY2022: 40.7% 

- FY2023: 72.6% 

- FY2024: 38.1% 

- FY2025: 81.4% 

## Owner memo

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

### How it makes money

Operates in oil & gas equipment & services; annual sales are USD 1.5 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:36.010Z); FY2025: revenue 1526900000; grossProfit 1243400000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TGS.OL: TGS ASA provides geoscience data services to the oil and gas industry in Norway and internationally. It operates through Multi client, Marine Data Acquisition (MDA), Imaging, New Energy Solutions (NES), and Shared Services segments. The company offers seismic data using robust technology and imaging solutions; well data recorded expertly matched and validated, from permit to abandonment; carbon storage and monitoring solutions; wind energy data partner throughout the wind development lifecycle; solar operations; and asset management services. It also offers applications for oil and gas, new energies, data platforms, and ai/machine learning. TGS ASA has a agreement with Ministry of Hydrocarbon and Mining Development of the Republic of Equatorial Guinea to create an offshore MegaSurvey. The company was formerly known as TGS-NOPEC Geophysical Company ASA and changed its name to TGS ASA in June 2021. TGS ASA was founded in 1981 and is headquartered in Oslo, Norway.

### Why customers stay

Margins ranged from 38.1% to 81.4% during 2023–25; it earns 7.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:36.010Z); FY2023: grossProfit / revenue = 72.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:36.010Z); FY2024: grossProfit / revenue = 38.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:36.010Z); FY2025: grossProfit / revenue = 81.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:36.010Z); 10-year return on capital observations [[2016,0.03784916001769886],[2017,0.08350613297718953],[2018,0.19022023025898124],[2019,0.11440771977113819],[2020,-0.04972263048848136],[2021,0.2341111668676838],[2022,0.11080870784989229],[2023,0.041888200380843614],[2024,0.0574417265640818],[2025,0.06733772606196552]]; median 0.07542192951957752. 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 2026-10-16T07:39:36.010Z); FY2016: growth capex 0; upkeep 241425000; owner earnings 96534000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:36.010Z); FY2017: growth capex 1785604.0075321198; upkeep 346097395.9924679; owner earnings 41342604.00753212. Growth capex / owner earnings = 0.043190409757614796.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:36.010Z); FY2018: growth capex 5470462.283785403; upkeep 283960537.7162146; owner earnings 174511462.2837854. Growth capex / owner earnings = 0.03134729496959631.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:36.010Z); FY2019: growth capex 0; upkeep 355258000; owner earnings 81377600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:36.010Z); FY2021: growth capex 0; upkeep 185069000; owner earnings 208302200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:36.010Z); FY2022: growth capex 0; upkeep 224551000; owner earnings 256677200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:36.010Z); FY2024: growth capex 167368000; upkeep 268114000; owner earnings 60036400. Growth capex / owner earnings = 2.7877754162474764.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:36.010Z); FY2025: growth capex 0; upkeep 469400000; owner earnings 221520000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:36.010Z); Dividend observations: [[2016,59458000],[2017,62767000],[2018,81440000],[2019,114640000],[2020,87783000],[2021,65524000],[2022,66136000],[2023,70605000],[2024,91573000],[2025,121700000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TGS.OL SharesStats.PercentInsiders = 0 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 15% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:36.010Z); Ten-year compound average after fade. Initial solved rate -0.220127717331912. Price 132.9; FX 9.475080538184574; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -0.1645842287261085 → FY2025 1.1121665558784368. Closing-price date 2026-10-15.

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

- 2016-10: NOK 167.50 per share

- 2016-11: NOK 167.30 per share

- 2016-12: NOK 191.70 per share

- 2017-01: NOK 197.50 per share

- 2017-02: NOK 184.00 per share

- 2017-03: NOK 182.00 per share

- 2017-04: NOK 187.60 per share

- 2017-05: NOK 176.00 per share

- 2017-06: NOK 171.10 per share

- 2017-07: NOK 166.20 per share

- 2017-08: NOK 166.40 per share

- 2017-09: NOK 189.50 per share

- 2017-10: NOK 187.50 per share

- 2017-11: NOK 200.50 per share

- 2017-12: NOK 194.20 per share

- 2018-01: NOK 193.55 per share

- 2018-02: NOK 193.90 per share

- 2018-03: NOK 191.35 per share

- 2018-04: NOK 254.20 per share

- 2018-05: NOK 275.10 per share

- 2018-06: NOK 300.00 per share

- 2018-07: NOK 311.00 per share

- 2018-08: NOK 318.50 per share

- 2018-09: NOK 331.70 per share

- 2018-10: NOK 282.90 per share

- 2018-11: NOK 240.30 per share

- 2018-12: NOK 208.80 per share

- 2019-01: NOK 250.10 per share

- 2019-02: NOK 232.70 per share

- 2019-03: NOK 235.30 per share

- 2019-04: NOK 225.40 per share

- 2019-05: NOK 219.30 per share

- 2019-06: NOK 239.20 per share

- 2019-07: NOK 215.10 per share

- 2019-08: NOK 219.80 per share

- 2019-09: NOK 230.90 per share

- 2019-10: NOK 238.20 per share

- 2019-11: NOK 262.50 per share

- 2019-12: NOK 267.10 per share

- 2020-01: NOK 235.10 per share

- 2020-02: NOK 213.60 per share

- 2020-03: NOK 116.80 per share

- 2020-04: NOK 157.45 per share

- 2020-05: NOK 138.50 per share

- 2020-06: NOK 139.35 per share

- 2020-07: NOK 133.60 per share

- 2020-08: NOK 113.65 per share

- 2020-09: NOK 113.00 per share

- 2020-10: NOK 88.00 per share

- 2020-11: NOK 123.50 per share

- 2020-12: NOK 132.70 per share

- 2021-01: NOK 114.70 per share

- 2021-02: NOK 135.95 per share

- 2021-03: NOK 136.25 per share

- 2021-04: NOK 126.75 per share

- 2021-05: NOK 112.65 per share

- 2021-06: NOK 109.75 per share

- 2021-07: NOK 101.25 per share

- 2021-08: NOK 96.50 per share

- 2021-09: NOK 92.80 per share

- 2021-10: NOK 77.72 per share

- 2021-11: NOK 84.24 per share

- 2021-12: NOK 84.58 per share

- 2022-01: NOK 95.30 per share

- 2022-02: NOK 98.40 per share

- 2022-03: NOK 131.60 per share

- 2022-04: NOK 146.60 per share

- 2022-05: NOK 155.60 per share

- 2022-06: NOK 138.30 per share

- 2022-07: NOK 143.10 per share

- 2022-08: NOK 151.70 per share

- 2022-09: NOK 134.00 per share

- 2022-10: NOK 142.00 per share

- 2022-11: NOK 132.60 per share

- 2022-12: NOK 132.00 per share

- 2023-01: NOK 164.30 per share

- 2023-02: NOK 187.70 per share

- 2023-03: NOK 187.60 per share

- 2023-04: NOK 166.80 per share

- 2023-05: NOK 152.70 per share

- 2023-06: NOK 159.70 per share

- 2023-07: NOK 135.10 per share

- 2023-08: NOK 137.70 per share

- 2023-09: NOK 146.60 per share

- 2023-10: NOK 152.20 per share

- 2023-11: NOK 138.00 per share

- 2023-12: NOK 132.20 per share

- 2024-01: NOK 103.30 per share

- 2024-02: NOK 104.50 per share

- 2024-03: NOK 118.20 per share

- 2024-04: NOK 127.20 per share

- 2024-05: NOK 137.00 per share

- 2024-06: NOK 128.20 per share

- 2024-07: NOK 133.70 per share

- 2024-08: NOK 121.40 per share

- 2024-09: NOK 99.25 per share

- 2024-10: NOK 99.90 per share

- 2024-11: NOK 108.00 per share

- 2024-12: NOK 113.40 per share

- 2025-01: NOK 114.40 per share

- 2025-02: NOK 108.10 per share

- 2025-03: NOK 99.15 per share

- 2025-04: NOK 76.95 per share

- 2025-05: NOK 84.00 per share

- 2025-06: NOK 85.95 per share

- 2025-07: NOK 76.50 per share

- 2025-08: NOK 76.75 per share

- 2025-09: NOK 73.90 per share

- 2025-10: NOK 87.60 per share

- 2025-11: NOK 86.95 per share

- 2025-12: NOK 91.65 per share

- 2026-01: NOK 101.00 per share

- 2026-02: NOK 112.90 per share

- 2026-03: NOK 132.00 per share

- 2026-04: NOK 150.50 per share

- 2026-05: NOK 151.00 per share

- 2026-06: NOK 128.90 per share

- 2026-07: NOK 127.40 per share

- 2026-08: NOK 136.10 per share

- 2026-09: NOK 135.40 per share

- 2026-10: NOK 137.10 per share

## Annual estimated value (NOK per share)

- FY2016: low NOK 100.10 per share, central NOK 111.88 per share, high NOK 127.56 per share

- FY2017: low NOK 95.38 per share, central NOK 105.85 per share, high NOK 119.79 per share

- FY2018: low NOK 136.19 per share, central NOK 152.05 per share, high NOK 173.17 per share

- FY2019: low NOK 97.18 per share, central NOK 107.10 per share, high NOK 120.32 per share

- FY2020: low NOK 54.49 per share, central NOK 59.90 per share, high NOK 67.11 per share

- FY2021: low NOK 80.21 per share, central NOK 89.00 per share, high NOK 100.70 per share

- FY2022: low NOK 191.05 per share, central NOK 215.50 per share, high NOK 248.04 per share

- FY2023: low NOK 96.28 per share, central NOK 107.82 per share, high NOK 123.19 per share

- FY2024: low NOK 36.08 per share, central NOK 40.41 per share, high NOK 46.19 per share

- FY2025: low NOK 123.83 per share, central NOK 139.71 per share, high NOK 160.85 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 2026-10-15T06:45:15.943Z 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