# Vend Marketplaces Asa (VEND.OL)

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

Analysis as of: 2026-10-16T07:37:48.531Z. Financial observations: FY2001–FY2025.

Listing currency: NOK. Reporting currency: NOK.

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

## 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: 0.86×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.08×

- FY2017: 0.20×

- FY2018: 0.10×

- FY2019: 0.07×

- FY2020: 0.09×

- FY2021: 0.11×

- FY2022: 0.07×

- FY2023: 0.12×

- FY2024: -0.10×

- FY2025: 0.22×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 5.9pp below the typical margin (limit 4pp)

- ROIC, median of available years: 7.8%

- ROIC, second-lowest year: 1.9%

- Typical minus recent gross margin: 5.9 pp

- Typical gross margin (annual median): 96.4%

- Recent gross margin (lower of latest and 3-year median): 90.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 7.0%

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

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 62.5%

- FY2017: 44.7%

- FY2018: 23.0%

- FY2019: 22.2%

- FY2020: 10.2%

- FY2021: 2.5%

- FY2022: 3.2%

- FY2023: 1.9%

- FY2024: -3.1%

- FY2025: 5.4%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.65×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: NOK 75B

- Net income, five-year total: NOK 46B

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -0.0 pp

- Working capital / revenue, change between three-year averages: 1.9 pp

- Working capital / revenue, final three-year average: 12.9%

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

- FY2021: 1.49×

- FY2022: 0.00×

- FY2023: -0.04×

- FY2024: 1.12×

- FY2025: 1.08×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 44.7% vs 1.9%

- Per-share earnings: 5.80 to 55.81 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.3%

- Ordinary dilution, 5-year annual growth: -0.8%

- Market cap gain: NOK 32B

- Cumulative retained earnings: NOK 11B

- Diluted shares, 10-year annual growth: 0.3%

- Diluted shares, 5-year annual growth: -0.8%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 32.7%

- Per-share value change: NOK 50.02

- Per-share value, starting three-year median: NOK 5.80

- Per-share value, ending three-year median: NOK 55.81

- Buybacks concentrated in cheaper years (correlation): 0.17

- Average buyback yield: 2.1%

- Buyback history: 8 years

- Debt-funded buybacks: No

- Acquisition spending: NOK 13B

- Cumulative net income, 10 years: NOK 51B

- ROIC, first three-year median: 44.7%

- ROIC, last three-year median: 1.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: NOK 2.05

- FY2017: NOK 9.38

- FY2018: NOK 2.72

- FY2019: NOK 3.99

- FY2020: NOK 3.67

- FY2021: NOK 176.26

- FY2022: NOK -96.43

- FY2023: NOK 62.54

- FY2024: NOK 55.81

- FY2025: NOK -0.82

### accounting: pass

- Sloan accruals: -6.5%

- Receivables to sales index (DSRI): 0.50×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.51×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.1%

- FY2017: 3.0%

- FY2018: -4.1%

- FY2019: -5.8%

- FY2020: -3.2%

- FY2021: 60.5%

- FY2022: -55.5%

- FY2023: 22.1%

- FY2024: 28.7%

- FY2025: -6.5%

## Holders

## Price story

Down 43% since Jul 2025 · sales -24.1%

Story as of 2026-10-16T10:00:09.473Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales -24.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: NOK 16B 

- FY2017: NOK 17B 

- FY2018: NOK 18B 

- FY2019: NOK 13B 

- FY2020: NOK 13B 

- FY2021: NOK 15B 

- FY2022: NOK 15B 

- FY2023: NOK 7.6B 

- FY2024: NOK 8.3B 

- FY2025: NOK 6.3B 

### Gross margin · FY2025

gross margin 90.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 96.8% 

- FY2017: 97.5% 

- FY2018: 97.7% 

- FY2019: 96.7% 

- FY2020: 96.5% 

- FY2021: 96.4% 

- FY2022: 96.4% 

- FY2023: 93.5% 

- FY2024: 92.8% 

- FY2025: 90.6% 

## Owner memo

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

### How it makes money

Operates in internet content & information; annual sales are NOK 6.3 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:48.531Z); FY2025: revenue 6317000000; grossProfit 5722000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 90.6% to 93.5% during 2023–25; it earns 7.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:48.531Z); FY2023: grossProfit / revenue = 93.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:48.531Z); FY2024: grossProfit / revenue = 92.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:48.531Z); FY2025: grossProfit / revenue = 90.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:48.531Z); 10-year return on capital observations [[2016,0.6247474747474747],[2017,0.44685828580223713],[2018,0.23022704837117472],[2019,0.22235552540479936],[2020,0.1019350060179613],[2021,0.02506269864201098],[2022,0.03224908996359854],[2023,0.01860764698677152],[2024,-0.03148346919425248],[2025,0.054047537368292084]]; median 0.0779912716931267. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 9 of 10 years; bought back NOK 6.9 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:48.531Z); FY2016: growth capex 63160072.77060199; upkeep 634839927.229398; owner earnings 439160072.770602. Growth capex / owner earnings = 0.14382016191074376.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:48.531Z); FY2017: growth capex 79050526.15517175; upkeep 785949473.8448282; owner earnings 2029050526.1551719. Growth capex / owner earnings = 0.03895936800793415.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:48.531Z); FY2018: growth capex 0; upkeep 817000000; owner earnings 1310000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:48.531Z); FY2019: growth capex 0; upkeep 908000000; owner earnings 1578000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:48.531Z); FY2020: growth capex 0; upkeep 1069000000; owner earnings 1015000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:48.531Z); FY2021: growth capex 0; upkeep 951000000; owner earnings 61493000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:48.531Z); FY2024: growth capex 0; upkeep 772000000; owner earnings 14501600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:48.531Z); Dividend observations: [[2016,396000000],[2017,396000000],[2018,417000000],[2019,477000000],[2020,0],[2021,468000000],[2022,468000000],[2023,459000000],[2024,20451000000],[2025,1008000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:48.531Z); FY2025: cash repurchases 6859000000 NOK.

### Are managers owners

Insiders own 1.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VEND.OL SharesStats.PercentInsiders = 1.6310000000000002 percentage points; cache date 2026-10-16.

### What the price says

The price is 7.8 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:48.531Z); Closing price 220.4 NOK; reporting-to-trading FX 1; FY2025 annual sales per share 28.163036204459097; price multiple 7.825860763020421. FY2025 cash earnings/share -0.8836336513730874. Closing-price date 2026-10-15.

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

- 2016-10: NOK 137.40 per share

- 2016-11: NOK 127.65 per share

- 2016-12: NOK 135.18 per share

- 2017-01: NOK 151.80 per share

- 2017-02: NOK 150.32 per share

- 2017-03: NOK 145.15 per share

- 2017-04: NOK 142.20 per share

- 2017-05: NOK 135.18 per share

- 2017-06: NOK 136.29 per share

- 2017-07: NOK 135.92 per share

- 2017-08: NOK 131.49 per share

- 2017-09: NOK 138.87 per share

- 2017-10: NOK 141.46 per share

- 2017-11: NOK 152.91 per share

- 2017-12: NOK 161.03 per share

- 2018-01: NOK 171.74 per share

- 2018-02: NOK 143.01 per share

- 2018-03: NOK 146.70 per share

- 2018-04: NOK 159.56 per share

- 2018-05: NOK 163.99 per share

- 2018-06: NOK 169.90 per share

- 2018-07: NOK 195.75 per share

- 2018-08: NOK 201.66 per share

- 2018-09: NOK 208.31 per share

- 2018-10: NOK 197.23 per share

- 2018-11: NOK 212.74 per share

- 2018-12: NOK 193.91 per share

- 2019-01: NOK 197.60 per share

- 2019-02: NOK 234.16 per share

- 2019-03: NOK 228.25 per share

- 2019-04: NOK 206.40 per share

- 2019-05: NOK 221.00 per share

- 2019-06: NOK 222.40 per share

- 2019-07: NOK 228.80 per share

- 2019-08: NOK 264.00 per share

- 2019-09: NOK 255.00 per share

- 2019-10: NOK 256.80 per share

- 2019-11: NOK 237.60 per share

- 2019-12: NOK 251.80 per share

- 2020-01: NOK 262.00 per share

- 2020-02: NOK 225.80 per share

- 2020-03: NOK 186.20 per share

- 2020-04: NOK 199.10 per share

- 2020-05: NOK 233.00 per share

- 2020-06: NOK 226.60 per share

- 2020-07: NOK 299.20 per share

- 2020-08: NOK 346.20 per share

- 2020-09: NOK 373.00 per share

- 2020-10: NOK 342.60 per share

- 2020-11: NOK 324.00 per share

- 2020-12: NOK 319.80 per share

- 2021-01: NOK 277.20 per share

- 2021-02: NOK 297.80 per share

- 2021-03: NOK 306.00 per share

- 2021-04: NOK 365.00 per share

- 2021-05: NOK 348.40 per share

- 2021-06: NOK 358.60 per share

- 2021-07: NOK 408.40 per share

- 2021-08: NOK 404.60 per share

- 2021-09: NOK 371.80 per share

- 2021-10: NOK 381.40 per share

- 2021-11: NOK 349.40 per share

- 2021-12: NOK 297.00 per share

- 2022-01: NOK 232.00 per share

- 2022-02: NOK 228.20 per share

- 2022-03: NOK 188.40 per share

- 2022-04: NOK 181.50 per share

- 2022-05: NOK 172.70 per share

- 2022-06: NOK 160.50 per share

- 2022-07: NOK 173.20 per share

- 2022-08: NOK 171.30 per share

- 2022-09: NOK 137.20 per share

- 2022-10: NOK 154.30 per share

- 2022-11: NOK 181.00 per share

- 2022-12: NOK 179.10 per share

- 2023-01: NOK 207.60 per share

- 2023-02: NOK 197.40 per share

- 2023-03: NOK 167.60 per share

- 2023-04: NOK 172.60 per share

- 2023-05: NOK 200.20 per share

- 2023-06: NOK 177.80 per share

- 2023-07: NOK 198.90 per share

- 2023-08: NOK 209.20 per share

- 2023-09: NOK 223.20 per share

- 2023-10: NOK 207.00 per share

- 2023-11: NOK 250.00 per share

- 2023-12: NOK 276.60 per share

- 2024-01: NOK 301.80 per share

- 2024-02: NOK 295.20 per share

- 2024-03: NOK 328.60 per share

- 2024-04: NOK 311.20 per share

- 2024-05: NOK 283.60 per share

- 2024-06: NOK 299.80 per share

- 2024-07: NOK 296.60 per share

- 2024-08: NOK 305.00 per share

- 2024-09: NOK 318.20 per share

- 2024-10: NOK 342.40 per share

- 2024-11: NOK 354.00 per share

- 2024-12: NOK 334.20 per share

- 2025-01: NOK 325.00 per share

- 2025-02: NOK 302.00 per share

- 2025-03: NOK 272.60 per share

- 2025-04: NOK 299.00 per share

- 2025-05: NOK 324.00 per share

- 2025-06: NOK 339.80 per share

- 2025-07: NOK 389.60 per share

- 2025-08: NOK 367.00 per share

- 2025-09: NOK 335.40 per share

- 2025-10: NOK 349.00 per share

- 2025-11: NOK 281.00 per share

- 2025-12: NOK 280.00 per share

- 2026-01: NOK 266.20 per share

- 2026-02: NOK 238.40 per share

- 2026-03: NOK 239.60 per share

- 2026-04: NOK 254.80 per share

- 2026-05: NOK 245.40 per share

- 2026-06: NOK 238.00 per share

- 2026-07: NOK 239.00 per share

- 2026-08: NOK 258.80 per share

- 2026-09: NOK 211.60 per share

- 2026-10: NOK 212.00 per share

## Annual estimated value (NOK per share)

- FY2016: low NOK 36.51 per share, central NOK 40.97 per share, high NOK 46.90 per share

- FY2017: low NOK 60.61 per share, central NOK 68.18 per share, high NOK 78.27 per share

- FY2018: low NOK 66.26 per share, central NOK 74.54 per share, high NOK 85.56 per share

- FY2019: low NOK 65.31 per share, central NOK 72.22 per share, high NOK 81.41 per share

- FY2020: low NOK 51.92 per share, central NOK 58.46 per share, high NOK 67.17 per share

- FY2021: low NOK 84.71 per share, central NOK 95.91 per share, high NOK 110.82 per share

- FY2022: low NOK 70.50 per share, central NOK 78.20 per share, high NOK 88.45 per share

- FY2023: low NOK 33.64 per share, central NOK 37.63 per share, high NOK 42.95 per share

- FY2024: low NOK 53.98 per share, central NOK 58.23 per share, high NOK 63.88 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.