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

Northern Ocean Ltd.

NOK 7.46 -$1.14 (-13.26%)

OSL · 15 Sep 2026 14:29 UTC

Previous Close

NOK 7.5

Day Range

NOK 7.46 - NOK 7.46

Year Range

NOK 5.52NOK 10.88

Market Cap

2.26B

AVG Volume

1.08M

Trailing/Forward PE

-2.34/-

PEG ratio

0.03

Dividend Yield

Next Earnings Date

2026-11-27

Primary Exchange

Oslo Stock Exchange

Revenue (USD)

NOL.OL Revenue (USD) by year
Period	Revenue (USD)
2025	279.3M
2024	263.53M
2023	236.92M
2022	22.34M
2021	67.78M
2020	94.61M

Net Income (USD)

NOL.OL Net Income (USD) by year
Period	Net Income (USD)
2025	-102.66M
2024	-65.66M
2023	-70.9M
2022	-92.89M
2021	-11.03M
2020	-36.51M

Operating Income (USD)

NOL.OL Operating Income (USD) by year
Period	Operating Income (USD)
2025	-45.86M
2024	-10.21M
2023	-23.05M
2022	-63.96M
2021	-50.01M
2020	-23.69M

EBITDA (USD)

NOL.OL EBITDA (USD) by year
Period	EBITDA (USD)
2025	10.9M
2024	42.97M
2023	20.75M
2022	-24.44M
2021	-11.31M
2020	4.45M

Cash Flows (USD)

NOL.OL Cash Flows (USD) by year
Period	Cash Flows (USD)
2025	-53.37M
2024	-74.84M
2023	-79.56M
2022	-57.49M
2021	-23.79M
2020	-26.8M

EPS (USD)

NOL.OL EPS (USD) by year
Period	EPS (USD)
2025	-0.39
2024	-0.32
2023	-0.39
2022	-0.85
2021	-0.17
2020	-0.46

Expenses (USD)

NOL.OL Expenses (USD) by year
Period	Expenses (USD)
2025	65.66M
2024	62.41M
2023	56.5M
2022	12.3M
2021	-3.02M
2020	45.78M

Cash & Debt (USD)

NOL.OL Cash & Debt (USD) by year
Period	Cash & Debt (USD)
2025	37.51M
2024	42.75M
2023	54.35M
2022	67.49M
2021	5.46M
2020	37.47M

Debt ratios

NOL.OL Debt ratios by year
Period	Debt ratios
2025	1.25
2024	17.45
2023	-46.16

Margins

NOL.OL Margins by year
Period	Margins
2025	-8.94%
2024	-1.34%
2023	44.81%
2022	-83%
2021	25.9%
2020	61.34%

Return on Capital

NOL.OL Return on Capital by year
Period	Return on Capital
2025	-29.75%
2024	-14.72%
2023	-16.23%
2022	-18.33%
2021	-2.22%
2020	-7.2%

Shares Outstanding

NOL.OL Shares Outstanding by year
Period	Shares Outstanding
2025	303.21M
2024	193.63M
2023	182.68M
2022	115.5M
2021	63.93M
2020	85.5M

Book Value Per Share (USD)

NOL.OL Book Value Per Share (USD) by year
Period	Book Value Per Share (USD)
2025	1.14
2024	2.3
2023	2.39
2022	4.39
2021	7.75
2020	5.93

Total Assets (USD)

NOL.OL Total Assets (USD) by year
Period	Total Assets (USD)
2025	507.02M
2024	1.03B
2023	1.06B
2022	1.05B
2021	977.55M
2020	1.13B

Free Cash Flow Yield

NOL.OL Free Cash Flow Yield by year
Period	Free Cash Flow Yield
Sep 26	-28.59%
Sep 26	-28.59%
Sep 26	-28.62%
Aug 26	-28.87%
Aug 26	-28.7%
Aug 26	-29.11%
Aug 26	-29.16%
Jul 26	-28.97%
Jul 26	-29.15%
Jul 26	-29.68%
Jul 26	-29.88%
Jul 26	-27.95%
Jun 26	-21.36%
Jun 26	-21.06%
Jun 26	-21.25%
Jun 26	-21.04%
May 26	-20.24%
May 26	-18.36%
May 26	-19.12%
May 26	-18.39%
Apr 26	-18.73%
Apr 26	-19.53%
Apr 26	-19.3%
Apr 26	-19.02%
Apr 26	-18.78%
Mar 26	-19.29%
Mar 26	-19.08%
Mar 26	-19.17%
Mar 26	-18.58%
Feb 26	-18.47%
Feb 26	-17.86%
Feb 26	-18.2%
Feb 26	-19.31%
Jan 26	-18.63%
Jan 26	-18.66%
Jan 26	-20.76%
Jan 26	-21.01%
Jan 26	-20.68%
Dec 25	-49.17%
Dec 25	-49.11%
Dec 25	-47.63%
Dec 25	-49.6%
Nov 25	-51.59%
Nov 25	-53.39%
Nov 25	-71.65%
Nov 25	-71.08%
Oct 25	-70.62%
Oct 25	-68.43%
Oct 25	-69.97%
Oct 25	-69.62%
Oct 25	-68.57%
Sep 25	-52.21%
Sep 25	-50%
Sep 25	-49.97%
Sep 25	-51.75%
Aug 25	-48.59%
Aug 25	-49%
Aug 25	-49.41%
Aug 25	-50.1%
Aug 25	-54.54%
Jul 25	-55.01%
Jul 25	-55.94%
Jul 25	-55.34%
Jul 25	-55.22%
Jun 25	-67.04%
Jun 25	-65.59%
Jun 25	-64.11%
Jun 25	-66.18%
May 25	-65.39%
May 25	-65%
May 25	-63.09%
May 25	-60.68%
May 25	-67.88%
Apr 25	-74.59%
Apr 25	-72.72%
Apr 25	-74.79%
Apr 25	-68.04%
Mar 25	0.12%
Mar 25	0.12%
Mar 25	0.13%
Mar 25	0.14%
Feb 25	0.13%
Feb 25	0.12%
Feb 25	0.12%
Feb 25	0.11%
Jan 25	0.12%
Jan 25	0.11%
Jan 25	0.12%
Jan 25	0.11%
Jan 25	0.11%
Dec 24	-34.64%
Dec 24	-36.07%
Dec 24	-31.95%
Dec 24	-31.39%
Nov 24	-29.94%
Nov 24	-31.86%
Nov 24	-35.29%
Nov 24	-33.83%
Nov 24	-35.98%
Oct 24	-34.04%

Price to Sales

NOL.OL Price to Sales by year
Period	Price to Sales
Sep 26	1.04
Sep 26	1.04
Sep 26	1.04
Aug 26	1.03
Aug 26	1.03
Aug 26	1.02
Aug 26	1.02
Jul 26	1.03
Jul 26	1.02
Jul 26	1
Jul 26	0.99
Jul 26	1.06
Jun 26	0.89
Jun 26	0.91
Jun 26	0.9
Jun 26	0.91
May 26	0.94
May 26	1.04
May 26	1
May 26	1.04
Apr 26	1.02
Apr 26	0.98
Apr 26	0.99
Apr 26	1
Apr 26	1.02
Mar 26	1.19
Mar 26	1.21
Mar 26	1.2
Mar 26	1.24
Feb 26	1.25
Feb 26	1.29
Feb 26	1.26
Feb 26	1.19
Jan 26	1.24
Jan 26	1.23
Jan 26	1.11
Jan 26	1.1
Jan 26	1.11
Dec 25	0.77
Dec 25	0.77
Dec 25	0.79
Dec 25	0.76
Nov 25	0.73
Nov 25	0.71
Nov 25	0.53
Nov 25	0.53
Oct 25	0.53
Oct 25	0.55
Oct 25	0.54
Oct 25	0.54
Oct 25	0.55
Sep 25	0.5
Sep 25	0.52
Sep 25	0.52
Sep 25	0.51
Aug 25	0.54
Aug 25	0.53
Aug 25	0.53
Aug 25	0.52
Aug 25	0.48
Jul 25	0.48
Jul 25	0.47
Jul 25	0.47
Jul 25	0.47
Jun 25	0.42
Jun 25	0.43
Jun 25	0.44
Jun 25	0.43
May 25	0.43
May 25	0.44
May 25	0.45
May 25	0.47
May 25	0.42
Apr 25	0.38
Apr 25	0.39
Apr 25	0.38
Apr 25	0.42
Mar 25	0.46
Mar 25	0.45
Mar 25	0.44
Mar 25	0.41
Feb 25	0.42
Feb 25	0.48
Feb 25	0.48
Feb 25	0.49
Jan 25	0.47
Jan 25	0.49
Jan 25	0.47
Jan 25	0.49
Jan 25	0.5
Dec 24	0.42
Dec 24	0.4
Dec 24	0.45
Dec 24	0.46
Nov 24	0.48
Nov 24	0.45
Nov 24	0.41
Nov 24	0.43
Nov 24	0.4
Oct 24	0.42

EV/EBITDA

NOL.OL EV/EBITDA by year
Period	EV/EBITDA
Jun 26	28.66
Jun 26	28.98
Jun 26	28.77
Jun 26	29
May 26	29.92
May 26	32.4
May 26	31.34
May 26	32.36
Apr 26	31.87
Apr 26	30.8
Apr 26	31.1
Apr 26	31.48
Apr 26	31.81
Mar 26	14.12
Mar 26	14.17
Mar 26	14.15
Mar 26	14.31
Feb 26	14.34
Feb 26	14.52
Feb 26	14.42
Feb 26	14.11
Jan 26	14.3
Jan 26	14.29
Jan 26	13.76
Jan 26	13.7
Jan 26	13.78
Dec 25	16.55
Dec 25	16.56
Dec 25	16.68
Dec 25	16.52
Nov 25	16.36
Nov 25	16.24
Nov 25	15.3
Nov 25	15.32
Oct 25	15.34
Oct 25	15.43
Oct 25	15.36
Oct 25	15.38
Oct 25	15.42
Sep 25	13.17
Sep 25	13.29
Sep 25	13.29
Sep 25	13.2
Aug 25	13.37
Aug 25	13.34
Aug 25	13.32
Aug 25	13.28
Aug 25	13.06
Jul 25	13.04
Jul 25	13
Jul 25	13.03
Jul 25	13.03
Jun 25	13.96
Jun 25	14.02
Jun 25	14.08
Jun 25	13.99
May 25	14.02
May 25	14.04
May 25	14.12
May 25	14.23
May 25	13.93
Apr 25	13.69
Apr 25	13.76
Apr 25	13.69
Apr 25	13.92
Mar 25	16.6
Mar 25	16.55
Mar 25	16.44
Mar 25	16.21
Feb 25	16.27
Feb 25	16.77
Feb 25	16.77
Feb 25	16.86
Jan 25	16.67
Jan 25	16.89
Jan 25	16.7
Jan 25	16.89
Jan 25	16.9
Dec 24	11.76
Dec 24	11.65
Dec 24	11.99
Dec 24	12.04
Nov 24	12.19
Nov 24	12
Nov 24	11.71
Nov 24	11.82
Nov 24	11.66
Oct 24	11.81
Oct 24	11.64
Oct 24	11.73
Oct 24	11.54
Sep 24	18.16
Sep 24	18.18
Sep 24	18.21
Sep 24	18.25
Aug 24	18.52
Aug 24	18.7
Aug 24	18.48
Aug 24	18.46
Aug 24	18.48

Price/Operating Cashflow

NOL.OL Price/Operating Cashflow by year
Period	Price/Operating Cashflow
Jun 26	56.65
Jun 26	57.46
Jun 26	56.93
Jun 26	57.5
May 26	59.76
May 26	65.9
May 26	63.29
May 26	65.79
Apr 26	64.59
Apr 26	61.95
Apr 26	62.69
Apr 26	63.61
Apr 26	64.44
Mar 26	157.26
Mar 26	159
Mar 26	158.27
Mar 26	163.3
Feb 26	164.3
Feb 26	169.85
Feb 26	166.71
Feb 26	157.12
Jan 26	162.9
Jan 26	162.59
Jan 26	146.17
Jan 26	144.43
Jan 26	146.71
Sep 25	33.27
Sep 25	34.74
Sep 25	34.76
Sep 25	33.56
Aug 25	35.74
Aug 25	35.45
Aug 25	35.15
Aug 25	34.67
Aug 25	31.84
Jul 25	31.58
Jul 25	31.05
Jul 25	31.38
Jul 25	31.45
Mar 25	2.71
Mar 25	2.67
Mar 25	2.59
Mar 25	2.43
Feb 25	2.46
Feb 25	2.83
Feb 25	2.83
Feb 25	2.89
Jan 25	2.76
Jan 25	2.91
Jan 25	2.78
Jan 25	2.91
Jan 25	2.93
Sep 24	10
Sep 24	10.05
Sep 24	10.14
Sep 24	10.28
Aug 24	11.09
Aug 24	11.61
Aug 24	10.97
Aug 24	10.9
Aug 24	10.96
Jul 24	10.84
Jul 24	10.98
Jul 24	11.31
Jul 24	11.6
Mar 22	18.16
Mar 22	16.33
Mar 22	16
Mar 22	14.97
Feb 22	14.55
Feb 22	14.28
Feb 22	13.9
Feb 22	13.73
Jan 22	13.57
Jan 22	14.84
Jan 22	13.54
Jan 22	13.5
Dec 21	14.15
Sep 21	38.44
Sep 21	38.19
Sep 21	37.35
Sep 21	35.26
Aug 21	33.53
Aug 21	38.46
Aug 21	39.93
Aug 21	38.94
Jul 21	39.16
Jul 21	37.09
Jul 21	37.37
Jul 21	38.84
Jul 21	39.73
Jun 21	5.31
Jun 21	5.03
Jun 21	5.22
Jun 21	5.12
May 21	4.84
May 21	4.69
May 21	5.03
May 21	4.68
Apr 21	8.35

Price to Book

NOL.OL Price to Book by year
Period	Price to Book
Sep 26	0.76
Sep 26	0.76
Sep 26	0.76
Aug 26	0.75
Aug 26	0.76
Aug 26	0.75
Aug 26	0.75
Jul 26	0.75
Jul 26	0.75
Jul 26	0.73
Jul 26	0.73
Jul 26	0.78
Jun 26	0.72
Jun 26	0.73
Jun 26	0.73
Jun 26	0.74
May 26	0.76
May 26	0.84
May 26	0.81
May 26	0.84
Apr 26	0.83
Apr 26	0.79
Apr 26	0.8
Apr 26	0.81
Apr 26	0.82
Mar 26	0.7
Mar 26	0.71
Mar 26	0.71
Mar 26	0.73
Feb 26	0.74
Feb 26	0.76
Feb 26	0.75
Feb 26	0.7
Jan 26	0.73
Jan 26	0.73
Jan 26	0.65
Jan 26	0.65
Jan 26	0.66
Dec 25	0.39
Dec 25	0.4
Dec 25	0.41
Dec 25	0.39
Nov 25	0.38
Nov 25	0.36
Nov 25	0.27
Nov 25	0.27
Oct 25	0.27
Oct 25	0.28
Oct 25	0.28
Oct 25	0.28
Oct 25	0.28
Sep 25	0.27
Sep 25	0.28
Sep 25	0.28
Sep 25	0.28
Aug 25	0.29
Aug 25	0.29
Aug 25	0.29
Aug 25	0.28
Aug 25	0.26
Jul 25	0.26
Jul 25	0.25
Jul 25	0.26
Jul 25	0.26
Jun 25	0.25
Jun 25	0.26
Jun 25	0.26
Jun 25	0.25
May 25	0.26
May 25	0.26
May 25	0.27
May 25	0.28
May 25	0.25
Apr 25	0.22
Apr 25	0.23
Apr 25	0.22
Apr 25	0.25
Mar 25	0.28
Mar 25	0.28
Mar 25	0.27
Mar 25	0.25
Feb 25	0.25
Feb 25	0.29
Feb 25	0.29
Feb 25	0.3
Jan 25	0.29
Jan 25	0.3
Jan 25	0.29
Jan 25	0.3
Jan 25	0.3
Dec 24	0.27
Dec 24	0.26
Dec 24	0.29
Dec 24	0.3
Nov 24	0.31
Nov 24	0.29
Nov 24	0.26
Nov 24	0.27
Nov 24	0.26
Oct 24	0.27

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Northern Ocean Ltd.

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