# Tomra Systems ASA (TOM.OL)

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

Analysis as of: 2026-10-16T07:39:32.647Z. Financial observations: FY2019–FY2025.

Listing currency: NOK. Reporting currency: EUR.

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

Estimated value: low NOK 20.45 per share, central NOK 23.06 per share, high NOK 26.55 per share. Buy at or below the central value NOK 23.06 per share. Valuation as of 2026-10-16T07:39:32.647Z; scenarios are not confidence intervals.

Expected annual return: 4.7% at the stated quote. About 4.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; NO 10-year bond 4.6% + 4 points).

## Checklist

### understandable: pass

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

- Financial history: 7 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.16×

Chart: Operating margin; fiscal year observations.

- FY2019: 0.13×

- FY2020: 0.13×

- FY2021: 0.14×

- FY2022: 0.12×

- FY2023: 0.08×

- FY2024: 0.12×

- FY2025: 0.11×

### moat: pass

- ROIC, median of available years: 20.2%

- ROIC, second-lowest year: 11.8%

- Typical minus recent gross margin: -15.8 pp

- Typical gross margin (annual median): 43.9%

- Recent gross margin (lower of latest and 3-year median): 59.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.0%

- ROIC including acquisitions, ten-year median: -2.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2019: 20.2%

- FY2020: 50.8%

- FY2021: 47.6%

- FY2022: 45.4%

- FY2023: 11.6%

- FY2024: 16.7%

- FY2025: 11.8%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.68×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 307M

- Net income, five-year total: EUR 455M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.6 pp

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

- FY2021: -0.10×

- FY2022: -0.67×

- FY2023: 2.51×

- FY2024: 2.06×

- FY2025: 0.48×

### management: pass

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 47.6% vs 11.8%

- Per-share earnings: 0.28 to 0.31 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -0.0%

- Diluted shares, 5-year annual growth: -0.0%

- Per-share value growth: 2.8%

- Per-share value change: EUR 0.03

- Per-share value, starting three-year median: EUR 0.28

- Per-share value, ending three-year median: EUR 0.31

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 0.7%

- Buyback history: 3 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 47.6%

- ROIC, last three-year median: 11.8%

Chart: Earnings per share; fiscal year observations.

- FY2019: EUR 0.28

- FY2020: EUR 0.24

- FY2021: EUR 0.36

- FY2022: EUR 0.34

- FY2023: EUR 0.20

- FY2024: EUR 0.32

- FY2025: EUR 0.31

### accounting: pass

- Sloan accruals: -4.4%

- Receivables to sales index (DSRI): 0.79×

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.84×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.47×

Chart: Sloan accruals; fiscal year observations.

- FY2019: -4.5%

- FY2020: -8.4%

- FY2021: -5.8%

- FY2022: -0.9%

- FY2023: -5.3%

- FY2024: -8.5%

- FY2025: -4.4%

## Holders

## Price story

Down 72% since Dec 2021 · "Norway’s Tomra sales slip amid weak volumes in new Austria operations" (finance.yahoo.com, Jul 2025) · sales -2.2%

Story as of 2026-10-16T10:00:10.857Z; price observation 2026-10-15.

Price needs cash profits to grow 18.7% a year for ten years

- 2025-07-17: Norway’s Tomra sales slip amid weak volumes in new Austria operations ([finance.yahoo.com](https://finance.yahoo.com/news/norway-tomra-sales-slip-amid-093839902.html))

### Sales · FY2024–2025

sales -2.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2019: EUR 948M 

- FY2020: EUR 927M 

- FY2021: EUR 1.1B 

- FY2022: EUR 1.2B 

- FY2023: EUR 1.3B 

- FY2024: EUR 1.3B 

- FY2025: EUR 1.3B 

### Gross margin · FY2025

gross margin 63.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2019: 43.7% 

- FY2020: 43.9% 

- FY2021: 43.9% 

- FY2022: 41.4% 

- FY2023: 59.4% 

- FY2024: 59.7% 

- FY2025: 63.1% 

## Owner memo

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

### How it makes money

Operates in waste management; annual sales are EUR 1.3 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:32.647Z); FY2025: revenue 1318300000; grossProfit 831300000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TOM.OL: Tomra Systems ASA provides sensor-based solutions for optimal resource productivity worldwide. It operates through four segments: TOMRA Collection, TOMRA Recycling, TOMRA Food, and TOMRA Horizon. The company provides reverse vending machines and related data management systems; and provides pick-up, transportation, and processing services of empty beverage containers on behalf of beverage producers/fillers. It also develops, produces, sale, and service sorting and processing technology for waste management companies or plant builders; and provides sorting systems for waste and metal material streams, as well as ore sorting sensors for mining companies. In addition, the company provides post-harvest food solutions for fresh and processed food industries. The company was founded in 1972 and is headquartered in Asker, Norway.

### Why customers stay

Margins ranged from 59.4% to 63.1% during 2023–25; it earns 20.2% on its capital.

- Source: https://query2.finance.yahoo.com/ws/fundamentals-timeseries/v1/finance/timeseries/TOM.OL?type=annualTotalRevenue%2CannualCostOfRevenue%2CannualGrossProfit%2CannualOperatingIncome%2CannualOperatingExpense%2CannualNetIncome%2CannualPretaxIncome%2CannualTaxProvision%2CannualDepreciationAndAmortization%2CannualStockBasedCompensation%2CannualOperatingCashFlow%2CannualCapitalExpenditure%2CannualCashDividendsPaid%2CannualRepurchaseOfCapitalStock%2CannualIssuanceOfCapitalStock%2CannualNetBusinessPurchaseAndSale%2CannualReceivables%2CannualInventory%2CannualAccountsPayable%2CannualCashCashEquivalentsAndShortTermInvestments%2CannualTotalDebt%2CannualCurrentDebt%2CannualStockholdersEquity%2CannualGoodwill%2CannualOtherIntangibleAssets%2CannualNetPPE%2CannualTotalAssets%2CannualTotalLiabilitiesNetMinorityInterest%2CannualCurrentAssets%2CannualCurrentLiabilities%2CannualDilutedAverageShares%2CannualDilutedEPS%2CannualRetainedEarnings&period1=1262304000&period2=1790802946 (filed 2026-10-16T07:39:32.647Z); FY2023: grossProfit / revenue = 59.4%.

- Source: https://query2.finance.yahoo.com/ws/fundamentals-timeseries/v1/finance/timeseries/TOM.OL?type=annualTotalRevenue%2CannualCostOfRevenue%2CannualGrossProfit%2CannualOperatingIncome%2CannualOperatingExpense%2CannualNetIncome%2CannualPretaxIncome%2CannualTaxProvision%2CannualDepreciationAndAmortization%2CannualStockBasedCompensation%2CannualOperatingCashFlow%2CannualCapitalExpenditure%2CannualCashDividendsPaid%2CannualRepurchaseOfCapitalStock%2CannualIssuanceOfCapitalStock%2CannualNetBusinessPurchaseAndSale%2CannualReceivables%2CannualInventory%2CannualAccountsPayable%2CannualCashCashEquivalentsAndShortTermInvestments%2CannualTotalDebt%2CannualCurrentDebt%2CannualStockholdersEquity%2CannualGoodwill%2CannualOtherIntangibleAssets%2CannualNetPPE%2CannualTotalAssets%2CannualTotalLiabilitiesNetMinorityInterest%2CannualCurrentAssets%2CannualCurrentLiabilities%2CannualDilutedAverageShares%2CannualDilutedEPS%2CannualRetainedEarnings&period1=1262304000&period2=1790802946 (filed 2026-10-16T07:39:32.647Z); FY2024: grossProfit / revenue = 59.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:32.647Z); FY2025: grossProfit / revenue = 63.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:32.647Z); 7-year return on capital observations [[2019,0.20159231332426303],[2020,0.5084846237811046],[2021,0.4760747254961484],[2022,0.45426636424323025],[2023,0.11557435505864858],[2024,0.16698321999028334],[2025,0.11788733386273839]]; median 0.20159231332426303. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 7 of 7 years; bought back EUR 59.3 million of shares.

- Source: https://filings.xbrl.org/549300J726JCFJU3VT89/2024-12-31/ESEF/NO/0/549300J726JCFJU3VT89-2024-12-31-en.json (filed 2026-10-16T07:39:32.647Z); FY2023: growth capex 0; upkeep 0; cash acquisitions 2400000; owner earnings 149500000. Growth capex plus acquisitions / owner earnings = 0.016053511705685617.

- Source: https://filings.xbrl.org/549300J726JCFJU3VT89/2024-12-31/ESEF/NO/0/549300J726JCFJU3VT89-2024-12-31-en.json (filed 2026-10-16T07:39:32.647Z); FY2024: growth capex 0; upkeep 0; cash acquisitions 56100000; owner earnings 192800000. Growth capex plus acquisitions / owner earnings = 0.29097510373443985.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:32.647Z); FY2025: growth capex 0; upkeep 131500000; cash acquisitions 45400000; owner earnings 44300000. Growth capex plus acquisitions / owner earnings = 1.0248306997742664.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:32.647Z); Dividend observations: [[2019,37511190.86876679],[2020,37904135.55772002],[2021,43589324.29912813],[2022,87787035.77815811],[2023,45400000],[2024,49800000],[2025,54800000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:32.647Z); FY2025: cash repurchases 59300000 EUR.

### Are managers owners

Insiders own 0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TOM.OL SharesStats.PercentInsiders = 0.091 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 18.7% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:32.647Z); Ten-year compound average after fade. Initial solved rate 0.25921037709284944. Price 89.2; FX 10.710543925054967; 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)

- 2016-11: NOK 42.50 per share

- 2016-12: NOK 45.25 per share

- 2017-01: NOK 45.13 per share

- 2017-02: NOK 46.88 per share

- 2017-03: NOK 47.00 per share

- 2017-04: NOK 49.88 per share

- 2017-05: NOK 50.00 per share

- 2017-06: NOK 51.00 per share

- 2017-07: NOK 56.00 per share

- 2017-08: NOK 58.50 per share

- 2017-09: NOK 59.75 per share

- 2017-10: NOK 57.00 per share

- 2017-11: NOK 61.50 per share

- 2017-12: NOK 65.75 per share

- 2018-01: NOK 65.20 per share

- 2018-02: NOK 70.00 per share

- 2018-03: NOK 82.00 per share

- 2018-04: NOK 74.50 per share

- 2018-05: NOK 93.50 per share

- 2018-06: NOK 85.50 per share

- 2018-07: NOK 84.30 per share

- 2018-08: NOK 92.50 per share

- 2018-09: NOK 101.50 per share

- 2018-10: NOK 104.50 per share

- 2018-11: NOK 116.75 per share

- 2018-12: NOK 97.40 per share

- 2019-01: NOK 109.25 per share

- 2019-02: NOK 113.00 per share

- 2019-03: NOK 128.50 per share

- 2019-04: NOK 129.90 per share

- 2019-05: NOK 131.60 per share

- 2019-06: NOK 140.20 per share

- 2019-07: NOK 130.90 per share

- 2019-08: NOK 128.00 per share

- 2019-09: NOK 121.50 per share

- 2019-10: NOK 123.80 per share

- 2019-11: NOK 137.30 per share

- 2019-12: NOK 139.20 per share

- 2020-01: NOK 136.00 per share

- 2020-02: NOK 148.20 per share

- 2020-03: NOK 145.70 per share

- 2020-04: NOK 170.20 per share

- 2020-05: NOK 174.55 per share

- 2020-06: NOK 176.55 per share

- 2020-07: NOK 186.65 per share

- 2020-08: NOK 211.75 per share

- 2020-09: NOK 201.05 per share

- 2020-10: NOK 192.35 per share

- 2020-11: NOK 191.45 per share

- 2020-12: NOK 211.30 per share

- 2021-01: NOK 197.50 per share

- 2021-02: NOK 185.40 per share

- 2021-03: NOK 185.15 per share

- 2021-04: NOK 208.40 per share

- 2021-05: NOK 214.10 per share

- 2021-06: NOK 237.50 per share

- 2021-07: NOK 255.40 per share

- 2021-08: NOK 267.20 per share

- 2021-09: NOK 228.65 per share

- 2021-10: NOK 272.60 per share

- 2021-11: NOK 311.10 per share

- 2021-12: NOK 315.50 per share

- 2022-01: NOK 221.20 per share

- 2022-02: NOK 207.60 per share

- 2022-03: NOK 225.65 per share

- 2022-04: NOK 186.40 per share

- 2022-05: NOK 191.14 per share

- 2022-06: NOK 182.68 per share

- 2022-07: NOK 224.65 per share

- 2022-08: NOK 227.35 per share

- 2022-09: NOK 192.38 per share

- 2022-10: NOK 168.02 per share

- 2022-11: NOK 187.28 per share

- 2022-12: NOK 165.60 per share

- 2023-01: NOK 175.14 per share

- 2023-02: NOK 166.06 per share

- 2023-03: NOK 176.00 per share

- 2023-04: NOK 163.00 per share

- 2023-05: NOK 176.50 per share

- 2023-06: NOK 172.50 per share

- 2023-07: NOK 156.10 per share

- 2023-08: NOK 146.15 per share

- 2023-09: NOK 122.15 per share

- 2023-10: NOK 88.30 per share

- 2023-11: NOK 106.30 per share

- 2023-12: NOK 123.45 per share

- 2024-01: NOK 106.50 per share

- 2024-02: NOK 141.30 per share

- 2024-03: NOK 169.55 per share

- 2024-04: NOK 137.70 per share

- 2024-05: NOK 137.80 per share

- 2024-06: NOK 127.40 per share

- 2024-07: NOK 179.80 per share

- 2024-08: NOK 164.10 per share

- 2024-09: NOK 155.50 per share

- 2024-10: NOK 156.90 per share

- 2024-11: NOK 155.60 per share

- 2024-12: NOK 146.60 per share

- 2025-01: NOK 167.70 per share

- 2025-02: NOK 168.30 per share

- 2025-03: NOK 149.10 per share

- 2025-04: NOK 162.50 per share

- 2025-05: NOK 152.40 per share

- 2025-06: NOK 157.00 per share

- 2025-07: NOK 144.50 per share

- 2025-08: NOK 152.80 per share

- 2025-09: NOK 149.00 per share

- 2025-10: NOK 124.00 per share

- 2025-11: NOK 125.10 per share

- 2025-12: NOK 136.00 per share

- 2026-01: NOK 128.10 per share

- 2026-02: NOK 117.60 per share

- 2026-03: NOK 115.50 per share

- 2026-04: NOK 93.75 per share

- 2026-05: NOK 97.10 per share

- 2026-06: NOK 95.10 per share

- 2026-07: NOK 104.80 per share

- 2026-08: NOK 108.20 per share

- 2026-09: NOK 91.60 per share

- 2026-10: NOK 90.75 per share

## Annual estimated value (NOK 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.

## Reported holder observations