# Var Energi ASA (VAR.OL)

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

Analysis as of: 2026-10-16T07:35:13.368Z. 

Listing currency: NOK. Reporting currency: USD.

## Verdict

Not enough history yet

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: NOK 54.62 per share; close as of 2026-10-15.

## Checklist

### understandable: na

### moat: na

### economics: na

### management: na

### accounting: na

## Holders

## Price story

Up 45% since Oct 2023 · "Var Energi Raises Estimates for New Barents Sea Oil Discovery" (finance.yahoo.com, Jan 2026)

Story as of 2026-10-16T10:00:04.155Z; price observation 2026-10-15.

- 2025-12-13: Evaluating Vår Energi (OB:VAR) After New Johan Castberg Tie-In Extends Long-Term Production Outlook ([finance.yahoo.com](https://finance.yahoo.com/news/evaluating-v-r-energi-ob-231439078.html))

- 2026-01-19: Var Energi Raises Estimates for New Barents Sea Oil Discovery ([finance.yahoo.com](https://finance.yahoo.com/news/var-energi-raises-estimates-barents-164645559.html))

- 2026-10-12: Vår Energi cuts 2026 output forecast; Q3 production at 369,000 boepd ([finance.yahoo.com](https://finance.yahoo.com/energy/articles/v-r-energi-cuts-2026-061413399.html))

## Owner memo

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

### How it makes money

Operates in oil & gas e&p; annual sales are USD 8 billion.

- Source: https://eodhd.com/api/fundamentals/J4V.F.json#2025-12-31 (filed 2026-10-16T07:35:13.368Z); FY2025: revenue 7965600000; grossProfit 3960300000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 49.7% to 62.4% during 2023–25.

- Source: https://eodhd.com/api/fundamentals/J4V.F.json#2023-12-31 (filed 2026-10-16T07:35:13.368Z); FY2023: grossProfit / revenue = 62.4%.

- Source: https://eodhd.com/api/fundamentals/J4V.F.json#2024-12-31 (filed 2026-10-16T07:35:13.368Z); FY2024: grossProfit / revenue = 55%.

- Source: https://eodhd.com/api/fundamentals/J4V.F.json#2025-12-31 (filed 2026-10-16T07:35:13.368Z); FY2025: grossProfit / revenue = 49.7%.

### Where the cash goes

Reinvests 51.2% of cash earnings; paid dividends in 5 of 5 years.

- Source: https://eodhd.com/api/fundamentals/J4V.F.json#2024-12-31 (filed 2026-10-16T07:35:13.368Z); FY2024: growth capex 1025446000; upkeep 1915854000; cash acquisitions 1393600000; owner earnings 284737200. Growth capex plus acquisitions / owner earnings = 8.495714644942776.

- Source: https://eodhd.com/api/fundamentals/J4V.F.json#2025-12-31 (filed 2026-10-16T07:35:13.368Z); FY2025: growth capex 226000000; upkeep 2710100000; cash acquisitions 181700000; owner earnings 796820000. Growth capex plus acquisitions / owner earnings = 0.5116588439045204.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:13.368Z); Dividend observations: [[2021,950000000],[2022,775000000],[2023,1110000000],[2024,1080000000],[2025,1170000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 64.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VAR.OL SharesStats.PercentInsiders = 64.736 percentage points; cache date 2026-10-16.

### What the price says

The price is 1.8 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:13.368Z); Closing price 54.62 NOK; reporting-to-trading FX 9.475080538184574; FY2025 annual sales per share 3.191346153846154; price multiple 1.8063207568544744. FY2025 cash earnings/share 0.31923878205128203. Closing-price date 2026-10-15.

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

- 2022-02: NOK 30.65 per share

- 2022-03: NOK 36.90 per share

- 2022-04: NOK 40.10 per share

- 2022-05: NOK 44.61 per share

- 2022-06: NOK 38.66 per share

- 2022-07: NOK 38.64 per share

- 2022-08: NOK 43.06 per share

- 2022-09: NOK 35.49 per share

- 2022-10: NOK 35.45 per share

- 2022-11: NOK 36.10 per share

- 2022-12: NOK 33.61 per share

- 2023-01: NOK 30.24 per share

- 2023-02: NOK 29.61 per share

- 2023-03: NOK 25.52 per share

- 2023-04: NOK 27.90 per share

- 2023-05: NOK 24.91 per share

- 2023-06: NOK 29.19 per share

- 2023-07: NOK 30.90 per share

- 2023-08: NOK 30.86 per share

- 2023-09: NOK 31.22 per share

- 2023-10: NOK 37.63 per share

- 2023-11: NOK 34.63 per share

- 2023-12: NOK 32.16 per share

- 2024-01: NOK 30.63 per share

- 2024-02: NOK 32.41 per share

- 2024-03: NOK 35.65 per share

- 2024-04: NOK 36.38 per share

- 2024-05: NOK 37.15 per share

- 2024-06: NOK 37.72 per share

- 2024-07: NOK 34.82 per share

- 2024-08: NOK 35.60 per share

- 2024-09: NOK 32.70 per share

- 2024-10: NOK 34.55 per share

- 2024-11: NOK 36.26 per share

- 2024-12: NOK 35.29 per share

- 2025-01: NOK 34.78 per share

- 2025-02: NOK 31.70 per share

- 2025-03: NOK 33.91 per share

- 2025-04: NOK 28.57 per share

- 2025-05: NOK 29.63 per share

- 2025-06: NOK 32.41 per share

- 2025-07: NOK 35.66 per share

- 2025-08: NOK 34.37 per share

- 2025-09: NOK 33.30 per share

- 2025-10: NOK 34.08 per share

- 2025-11: NOK 31.63 per share

- 2025-12: NOK 33.00 per share

- 2026-01: NOK 34.87 per share

- 2026-02: NOK 35.49 per share

- 2026-03: NOK 50.54 per share

- 2026-04: NOK 46.93 per share

- 2026-05: NOK 45.53 per share

- 2026-06: NOK 41.19 per share

- 2026-07: NOK 47.20 per share

- 2026-08: NOK 49.67 per share

- 2026-09: NOK 50.82 per share

- 2026-10: NOK 54.16 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