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How does NEL.OL make money? Does NEL.OL have pricing power? What's the Earnings Whisper? Will NEL.OL profit more as the business scales? What is NEL.OL's management track record? Is NEL.OL's current price justified?

Nel ASA

NOK 2 -$0.32 (-13.79%)

OSL · 15 Sep 2026 14:25 UTC

Previous Close

NOK 2.07

Day Range

NOK 2NOK 2.1

Year Range

NOK 1.92NOK 3.96

Market Cap

3.68B

AVG Volume

5.71M

Trailing/Forward PE

-2.88/-

PEG ratio

0.09

Dividend Yield

Next Earnings Date

2026-10-21

Primary Exchange

Oslo Stock Exchange

Revenue (NOK)

NEL.OL Revenue (NOK) by year
Period	Revenue (NOK)
2025	963.11M
2024	1.39B
2023	1.62B
2022	914.85M
2021	753.1M
2020	578.33M
2019	519.05M
2018	453.19M
2017	286.37M
2016	98.45M

Net Income (NOK)

NEL.OL Net Income (NOK) by year
Period	Net Income (NOK)
2025	-1.27B
2024	-244.34M
2023	-855.2M
2022	-1.17B
2021	-1.67B
2020	1.26B
2019	-269.71M
2018	-188.83M
2017	-51.17M
2016	-55.83M

Operating Income (NOK)

NEL.OL Operating Income (NOK) by year
Period	Operating Income (NOK)
2025	-1.36B
2024	-450.83M
2023	-638.58M
2022	-1.28B
2021	-582.85M
2020	-414.5M
2019	-253.6M
2018	-196.06M
2017	-117.16M
2016	-55.31M

EBITDA (NOK)

NEL.OL EBITDA (NOK) by year
Period	EBITDA (NOK)
2025	-199.72M
2024	-136.92M
2023	-396.03M
2022	-917.06M
2021	-878.3M
2020	1.41B
2019	-215.85M
2018	-132.45M
2017	-87.57M
2016	-41.17M

Cash Flows (NOK)

NEL.OL Cash Flows (NOK) by year
Period	Cash Flows (NOK)
2025	-458.35M
2024	-926.04M
2023	-1.41B
2022	-969.32M
2021	-826.61M
2020	-448.08M
2019	-329.79M
2018	-237.08M
2017	-161.89M
2016	-78.73M

EPS (NOK)

NEL.OL EPS (NOK) by year
Period	EPS (NOK)
2025	-0.69
2024	-0.23
2023	-0.52
2022	-0.75
2021	-1.15
2020	0.95
2019	-0.22
2018	-0.18
2017	-0.07
2016	-0.08

Expenses (NOK)

NEL.OL Expenses (NOK) by year
Period	Expenses (NOK)
2025	602.59M
2024	1.34B
2023	1.42B
2022	945.82M
2021	700.98M
2020	596.41M
2019	391.4M
2018	307.81M
2017	213.56M
2016	106.73M

Cash & Debt (NOK)

NEL.OL Cash & Debt (NOK) by year
Period	Cash & Debt (NOK)
2025	1.62B
2024	1.86B
2023	3.39B
2022	3.67B
2021	3.32B
2020	4.06B
2019	469.96M
2018	347.9M
2017	278.68M
2016	225.47M

Debt ratios

NEL.OL Debt ratios by year
Period	Debt ratios
2025	0.84
2024	0.69
2023	4.02
2022	5.77
2021	-16.99
2020	-4.03
2019	0.73
2018	1.08

Margins

NEL.OL Margins by year
Period	Margins
2025	-51.6%
2024	32.04%
2023	47.96%
2022	72.3%
2021	69.7%
2020	31.88%
2019	34.04%
2018	34.12%
2017	42.86%
2016	38.2%

Return on Capital

NEL.OL Return on Capital by year
Period	Return on Capital
2025	-32.17%
2024	-4.91%
2023	-13.8%
2022	-21.49%
2021	-33.08%
2020	23.08%
2019	-14.61%
2018	-11.96%
2017	-3.63%
2016	-8.32%

Shares Outstanding

NEL.OL Shares Outstanding by year
Period	Shares Outstanding
2025	1.84B
2024	1.67B
2023	1.67B
2022	1.56B
2021	1.46B
2020	1.33B
2019	1.22B
2018	1.08B
2017	903.87M
2016	684.83M

Dividends (NOK)

NEL.OL Dividends (NOK) by year
Period	Dividends (NOK)
2004	71.18
2003	72.37

Book Value Per Share (NOK)

NEL.OL Book Value Per Share (NOK) by year
Period	Book Value Per Share (NOK)
2025	2.14
2024	2.98
2023	3.71
2022	3.49
2021	3.45
2020	4.12
2019	1.51
2018	1.47
2017	1.56
2016	0.98

Total Assets (NOK)

NEL.OL Total Assets (NOK) by year
Period	Total Assets (NOK)
2025	4.96B
2024	6.3B
2023	7.86B
2022	6.95B
2021	6.01B
2020	6.14B
2019	2.43B
2018	1.94B
2017	1.73B
2016	762.87M

PE Ratio

NEL.OL PE Ratio by year
Period	PE Ratio
Sep 21	29.85
Sep 21	26.4
Sep 21	28.92
Sep 21	30.74
Aug 21	29.9
Aug 21	28.04
Aug 21	30.46
Aug 21	31.01
Jul 21	35.05
Jul 21	37.06
Jul 21	36.09
Jul 21	38.52
Jul 21	42.53
Jun 21	19.87
Jun 21	18.3
Jun 21	17.4
Jun 21	17.67
May 21	19.23
May 21	19.03
May 21	17.92
May 21	20.45
Apr 21	25.43
Apr 21	26.62
Apr 21	27.4
Apr 21	26.64
Mar 21	26.49
Dec 20	75.7
Dec 20	71.43
Dec 20	69.87
Dec 20	66.64
Nov 20	68.51
Nov 20	64.85
Nov 20	55.18
Nov 20	53.75
Oct 20	51.22
Oct 20	52.19
Oct 20	55.28
Oct 20	55.6
Oct 20	48.99

Free Cash Flow Yield

NEL.OL Free Cash Flow Yield by year
Period	Free Cash Flow Yield
Sep 26	-15.07%
Sep 26	-14.49%
Sep 26	-14.42%
Aug 26	-14.28%
Aug 26	-14.15%
Aug 26	-13.82%
Aug 26	-13.95%
Jul 26	-14.08%
Jul 26	-14.15%
Jul 26	-14.21%
Jul 26	-13.7%
Jul 26	-12.88%
Jun 26	-10.7%
Jun 26	-10.1%
Jun 26	-9.41%
Jun 26	-8.37%
May 26	-6.48%
May 26	-6.97%
May 26	-7.74%
May 26	-8.66%
Apr 26	-8.42%
Apr 26	-10.61%
Apr 26	-10.3%
Apr 26	-11.87%
Apr 26	-11.65%
Mar 26	-13.15%
Mar 26	-12.91%
Mar 26	-13.22%
Mar 26	-12.97%
Feb 26	-13.54%
Feb 26	-13.15%
Feb 26	-13.28%
Feb 26	-12.97%
Jan 26	-12.55%
Jan 26	-12.01%
Jan 26	-11.96%
Jan 26	-12.39%
Jan 26	-11.91%
Dec 25	-12.9%
Dec 25	-12.62%
Dec 25	-12.36%
Dec 25	-12.68%
Nov 25	-12.31%
Nov 25	-12.79%
Nov 25	-12.25%
Nov 25	-11.86%
Oct 25	-13.25%
Oct 25	-12.57%
Oct 25	-11.36%
Oct 25	-11.02%
Oct 25	-13.07%
Sep 25	-21.41%
Sep 25	-23.71%
Sep 25	-23.14%
Sep 25	-21.32%
Aug 25	-21.04%
Aug 25	-20.08%
Aug 25	-20.33%
Aug 25	-19.92%
Aug 25	-19.6%
Jul 25	-17.54%
Jul 25	-18.13%
Jul 25	-17.36%
Jul 25	-17.67%
Jun 25	-21.99%
Jun 25	-22.71%
Jun 25	-23.89%
Jun 25	-23.19%
May 25	-25.42%
May 25	-22.9%
May 25	-23.48%
May 25	-24.09%
May 25	-25.08%
Apr 25	-22.81%
Apr 25	-24.31%
Apr 25	-23.68%
Apr 25	-25.42%
Mar 25	-32.01%
Mar 25	-27.01%
Mar 25	-27.88%
Mar 25	-39.29%
Feb 25	-34.88%
Feb 25	-32.96%
Feb 25	-32.96%
Feb 25	-33.24%
Jan 25	-32.68%
Jan 25	-34.88%
Jan 25	-34.57%
Jan 25	-27.49%
Jan 25	-27.2%
Dec 24	-29.89%
Dec 24	-28.02%
Dec 24	-28.11%
Dec 24	-27.39%
Nov 24	-28.11%
Nov 24	-28.78%
Nov 24	-23.99%
Nov 24	-22.84%
Nov 24	-19.9%
Oct 24	-18.48%

Price to Sales

NEL.OL Price to Sales by year
Period	Price to Sales
Sep 26	3.85
Sep 26	4
Sep 26	4.02
Aug 26	4.06
Aug 26	4.1
Aug 26	4.19
Aug 26	4.15
Jul 26	4.11
Jul 26	4.1
Jul 26	4.08
Jul 26	4.23
Jul 26	4.5
Jun 26	4.45
Jun 26	4.71
Jun 26	5.06
Jun 26	5.69
May 26	7.35
May 26	6.83
May 26	6.15
May 26	5.5
Apr 26	5.65
Apr 26	4.48
Apr 26	4.62
Apr 26	4.01
Apr 26	4.08
Mar 26	3.68
Mar 26	3.75
Mar 26	3.66
Mar 26	3.73
Feb 26	3.58
Feb 26	3.68
Feb 26	3.65
Feb 26	3.73
Jan 26	3.86
Jan 26	4.03
Jan 26	4.05
Jan 26	3.91
Jan 26	4.07
Dec 25	3.77
Dec 25	3.86
Dec 25	3.94
Dec 25	3.84
Nov 25	3.95
Nov 25	3.81
Nov 25	3.97
Nov 25	4.1
Oct 25	3.67
Oct 25	3.87
Oct 25	4.29
Oct 25	4.42
Oct 25	3.72
Sep 25	3.06
Sep 25	2.76
Sep 25	2.83
Sep 25	3.07
Aug 25	3.11
Aug 25	3.26
Aug 25	3.22
Aug 25	3.28
Aug 25	3.34
Jul 25	3.73
Jul 25	3.61
Jul 25	3.77
Jul 25	3.7
Jun 25	3.03
Jun 25	2.93
Jun 25	2.79
Jun 25	2.87
May 25	2.62
May 25	2.91
May 25	2.84
May 25	2.77
May 25	2.66
Apr 25	2.92
Apr 25	2.74
Apr 25	2.81
Apr 25	2.62
Mar 25	2.75
Mar 25	3.26
Mar 25	3.16
Mar 25	2.24
Feb 25	2.53
Feb 25	2.67
Feb 25	2.67
Feb 25	2.65
Jan 25	2.7
Jan 25	2.53
Jan 25	2.55
Jan 25	3.21
Jan 25	3.24
Dec 24	3.37
Dec 24	3.6
Dec 24	3.59
Dec 24	3.68
Nov 24	3.59
Nov 24	3.5
Nov 24	4.2
Nov 24	4.42
Nov 24	5.07
Oct 24	5.46

EV/EBITDA

NEL.OL EV/EBITDA by year
Period	EV/EBITDA
Mar 22	26.04
Mar 22	31.25
Mar 22	33.31
Mar 22	23.86
Feb 22	23.99
Feb 22	22.87
Feb 22	22.37
Feb 22	22.09
Jan 22	19.52
Jan 22	22.85
Jan 22	24.06
Jan 22	25.94
Dec 21	27.62
Dec 21	30.41
Dec 21	29.53
Dec 21	33.46
Dec 21	35.05
Nov 21	36.9
Nov 21	39.47
Nov 21	41.27
Nov 21	39.46
Oct 21	36.53
Oct 21	31.44
Oct 21	26.81
Oct 21	24.23
Oct 21	25.39
Sep 21	13.09
Sep 21	11.31
Sep 21	12.61
Sep 21	13.55
Aug 21	13.12
Aug 21	12.16
Aug 21	13.41
Aug 21	13.69
Jul 21	15.78
Jul 21	16.82
Jul 21	16.32
Jul 21	17.58
Jul 21	19.65
Jun 21	14.96
Jun 21	13.55
Jun 21	12.76
Jun 21	12.99
May 21	14.39
May 21	14.21
May 21	13.22
May 21	15.48
Apr 21	19.92
Apr 21	20.98
Apr 21	21.69
Apr 21	21
Mar 21	20.87
Dec 20	61.45
Dec 20	57.72
Dec 20	56.36
Dec 20	53.54
Nov 20	55.18
Nov 20	51.99
Nov 20	43.55
Nov 20	42.31
Oct 20	40.11
Oct 20	40.95
Oct 20	43.64
Oct 20	43.92
Oct 20	38.16

Price/Operating Cashflow

NEL.OL Price/Operating Cashflow by year
Period	Price/Operating Cashflow
Dec 17	66.37
Dec 17	68.32
Dec 17	65.59
Dec 17	62.28
Nov 17	54.3
Nov 17	57.03
Nov 17	54.3
Nov 17	53.72
Oct 17	55.66
Oct 17	56.44
Oct 17	54.11
Oct 17	50.22
Sep 17	52.36

Price to Book

NEL.OL Price to Book by year
Period	Price to Book
Sep 26	0.97
Sep 26	1.01
Sep 26	1.02
Aug 26	1.03
Aug 26	1.04
Aug 26	1.06
Aug 26	1.05
Jul 26	1.04
Jul 26	1.04
Jul 26	1.03
Jul 26	1.07
Jul 26	1.14
Jun 26	1.09
Jun 26	1.15
Jun 26	1.24
Jun 26	1.39
May 26	1.8
May 26	1.67
May 26	1.5
May 26	1.35
Apr 26	1.38
Apr 26	1.1
Apr 26	1.13
Apr 26	0.98
Apr 26	1
Mar 26	0.81
Mar 26	0.82
Mar 26	0.8
Mar 26	0.82
Feb 26	0.78
Feb 26	0.81
Feb 26	0.8
Feb 26	0.82
Jan 26	0.84
Jan 26	0.88
Jan 26	0.89
Jan 26	0.86
Jan 26	0.89
Dec 25	0.86
Dec 25	0.88
Dec 25	0.89
Dec 25	0.87
Nov 25	0.9
Nov 25	0.86
Nov 25	0.9
Nov 25	0.93
Oct 25	0.83
Oct 25	0.88
Oct 25	0.97
Oct 25	1
Oct 25	0.85
Sep 25	0.77
Sep 25	0.69
Sep 25	0.71
Sep 25	0.77
Aug 25	0.78
Aug 25	0.82
Aug 25	0.81
Aug 25	0.82
Aug 25	0.84
Jul 25	0.94
Jul 25	0.91
Jul 25	0.95
Jul 25	0.93
Jun 25	0.85
Jun 25	0.82
Jun 25	0.78
Jun 25	0.8
May 25	0.73
May 25	0.81
May 25	0.79
May 25	0.77
May 25	0.74
Apr 25	0.82
Apr 25	0.77
Apr 25	0.79
Apr 25	0.73
Mar 25	0.82
Mar 25	0.97
Mar 25	0.94
Mar 25	0.67
Feb 25	0.75
Feb 25	0.8
Feb 25	0.8
Feb 25	0.79
Jan 25	0.8
Jan 25	0.75
Jan 25	0.76
Jan 25	0.96
Jan 25	0.97
Dec 24	0.94
Dec 24	1
Dec 24	1
Dec 24	1.02
Nov 24	1
Nov 24	0.97
Nov 24	1.17
Nov 24	1.22
Nov 24	1.41
Oct 24	1.51

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Nel ASA

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