olivLaw · European equity research
Cavendish Hydrogen ASA CAVEN.OL
Norway · Euronext Oslo Børs · ISIN NO0013219535 · Vertical: Listed companies from Norway
Cavendish Hydrogen ASA designs and manufactures hydrogen fueling stations for zero-emission mobility, focusing on buses and heavy-duty transport in Europe. In fiscal 2025 the company reported a net loss of EUR -26.6 million, and the figures show how closely the business depends on the pace of hydrogen infrastructure rollout.
At the close of 06 Nov 2026, Cavendish Hydrogen ASA (CAVEN.OL) stock was 4.80 NOK (−2.04% on the day), with beta 0.59, 52-week range 4.70–8.87 NOK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 44.2
- weak (30–45)
- Bollinger (20, 2)
- 4.67 – 5.40
- in the lower half of the band · %B 0.18 · band width 14.7%
- SMA 50 / 200
- 5.29 / 6.56
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.12 / -0.11
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −5.0% | −0.6% | −4.3 pp | — |
| 3 months | −17.8% | −4.2% | −13.6 pp | — |
| 6 months | −43.2% | +4.3% | −47.5 pp | — |
| Year to date | −33.3% | +7.5% | −40.8 pp | — |
| 1 year | −46.1% | +9.9% | −56.0 pp | −4.7% |
| 3 years | unavailable | +49.8% | unavailable | +15.0% |
| 5 years | unavailable | +42.8% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 28.9 m | 31.0 m | 15.3 m |
| Revenue YoY | unavailable | +7.3% | −50.6% |
| Net income | -28.9 m | -22.8 m | -26.6 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.86 | -0.68 | -0.79 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -100.0% | -73.4% | -174.0% |
| Free cash flow | -20.0 m | -25.6 m | -18.7 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 20.2 m EUR
- Financial debt
- 1.7 m EUR
- Net debt
- -18.5 m EUR
- Equity
- 48.7 m EUR
- Total assets
- 59.0 m EUR
- Debt / equity
- 0.04x
- Current ratio
- 5.54x
- ROE
- -43.8%
- ROA
- -34.6%
- FCF margin
- -122.4%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 28.9 m | 31.0 m | 15.3 m | esef· 21 Oct 2026verified |
| Operating income | -24.1 m | -23.6 m | -25.1 m | esef· 21 Oct 2026verified |
| Interest expense | 5.7 m | 1.5 m | 2.9 m | esef· 21 Oct 2026verified |
| Pre-tax income | -29.7 m | -23.6 m | -27.1 m | esef· 21 Oct 2026verified |
| Income tax | -804.0 k | -796.0 k | -481.0 k | esef· 21 Oct 2026verified |
| Net income | -28.9 m | -22.8 m | -26.6 m | esef· 21 Oct 2026verified |
| Diluted EPS | -0.86 | -0.68 | -0.79 | esef· 21 Oct 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 7.0 m | 41.8 m | 20.2 m | esef· 21 Oct 2026verified |
| Inventories | 27.7 m | 18.8 m | 12.9 m | esef· 21 Oct 2026verified |
| Current assets | 48.3 m | 71.0 m | 38.0 m | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 11.9 m | 11.4 m | — | esef· 08 May 2025verified |
| Intangibles (excl. goodwill) | 8.7 m | 12.6 m | 11.2 m | esef· 21 Oct 2026verified |
| Total assets | 69.9 m | 95.2 m | 59.0 m | esef· 21 Oct 2026verified |
| Long-term debt | 15.8 m | 1.9 m | 1.7 m | esef· 21 Oct 2026verified |
| Current liabilities | 30.7 m | 17.9 m | 6.8 m | esef· 21 Oct 2026verified |
| Total liabilities | 48.5 m | 22.1 m | 10.3 m | esef· 21 Oct 2026verified |
| Equity | 21.4 m | 73.1 m | 48.7 m | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 33.6 m | 33.5 m | 33.7 m | esef· 21 Oct 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -18.8 m | -24.0 m | -18.3 m | esef· 21 Oct 2026verified |
| Capex | 1.2 m | 1.6 m | 421.0 k | esef· 21 Oct 2026verified |
| Free cash flow | -20.0 m ≈ | -25.6 m ≈ | -18.7 m ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | -4.3 m | -7.8 m | -2.2 m | esef· 21 Oct 2026verified |
| Financing cash flow | 27.1 m | 67.4 m | -567.0 k | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
27% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -66.6% | 0 (vs peers) | 38% |
| Net margin · Quality | -174.0% | 8 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -8.7x | 0 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 5.5x | 100 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality3/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
CAVENDISH HYDROGEN ASA (CAVEN.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 15.3 m EUR in 2025; YoY growth -50.6%; net margin -174.0%; ROE -43.8%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 5.5x
What contradicts it
- ROIC: -66.6%
- Net margin: -174.0%
- Interest coverage: -8.7x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Norway · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AKER.OLAker Asa | 79.8 bn | 20.3 | 7.9% | 21.4% | +42.5% | +36% / +59% |
| AFG.OLAf Gruppen Asa | 21.5 bn | 19.8 | 39.7% | 3.4% | +4.4% | +8% / +69% |
| ELK.OLElkem Asa | 19.2 bn | 39.3 | 1.9% | 2.7% | −15.7% | +10% / +73% |
| ATEA.OLAtea Asa | 18.5 bn | 21.4 | 19.7% | 2.3% | +8.1% | +11% / +36% |
| AKSO.OLAker Solutions Asa | 17.4 bn | 6.8 | 22.5% | 4.1% | +19.2% | +18% / −12% |
| AUSS.OLAustevoll Seafood Asa | 16.6 bn | 37.1 | 1.6% | 1.1% | +11.1% | −7% / +10% |
| BRG.OLBorregaard Asa | 15.6 bn | 25.1 | 11.4% | 8.0% | +1.3% | −18% / −9% |
| BONHR.OLBonheur ASA | 11.2 bn | 7.8 | 17.1% | 11.4% | −10.8% | +17% / +44% |
| AFK.OLArendals Fossekompani Asa | 10.3 bn | — | -2.3% | -3.1% | −14.9% | +39% / +31% |
| B2I.OLB2 Impact Asa | 8.8 bn | 14.3 | 11.0% | 16.4% | +2.6% | +40% / +238% |
| AKVA.OLAkva Group Asa | 5.7 bn | 31.2 | 13.7% | 4.2% | +24.4% | +74% / +152% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| BOUV.OLBouvet Asa | 5.0 bn | 14.2 | 80.7% | 9.2% | −0.2% | −19% / −16% |
| CLOUD.OLCloudberry Clean Energy Asa | 4.0 bn | 61.9 | 1.3% | 13.1% | +34.0% | −5% / +29% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.6 bn | 10.7 | 34.9% | 16.8% | +12.4% | −13% / +20% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −18% / −11% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.4 bn | 10.5 | 30.1% | 16.1% | +32.3% | −53% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 108.9 | 2.9% | 8.6% | +7.9% | −8% / −48% |
| CAPSL.OLCapsol Technologies Asa | 884.6 m | — | -89.4% | -114.8% | −25.0% | −33% / −66% |
| BOR.OLBorgestad Asa | 553.2 m | 36.1 | 2.1% | 1.4% | −3.0% | −7% / +41% |
| ARR.OLArribatec Group Asa | 234.6 m | 4.8 | 22.1% | 9.3% | +15.7% | −33% / −55% |
| DELIA.OLDellia Group Asa | 73.5 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.1 m | 0.1 | — | 7,297.7% | −87.2% | −82% / −97% |
| AGLX.OLAgilyx Asa | — | — | -182.4% | -12,189.3% | +20.3% | −40% / −41% |
1- and 3-year price returns: for CAVEN.OL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Cavendish Hydrogen ASA designs and manufactures hydrogen fueling stations for zero-emission mobility, focusing on buses and heavy-duty transport in Europe. In fiscal 2025 the company reported a net loss of EUR -26.6 million 1, and the figures show how closely the business depends on the pace of hydrogen infrastructure rollout. 1
SWOT
Strengths
- Proprietary compression technology and modular station integration, with stations in operation across three regions 1.
- A strong capital base, with a high equity ratio at the end of fiscal 2025 1.
- Rising utilization of existing stations after the 2024 slump shows that installed infrastructure can generate revenue 1.
Weaknesses
Opportunities
Risks
- Slow market developmenthigh
The hydrogen market is developing more slowly than anticipated, which could postpone orders and revenue 1.
- Customer concentrationhigh
A project delayed or cancelled by a major customer could materially affect revenue and inventory, as happened with a US customer in 2025 1.
- Negative cash flowmedium
Continued negative cash flow could require additional financing if orders do not recover 1.
- Currency exposuremedium
Operating across several jurisdictions exposes the company to currency risk, which affected its financial result in 2025 1.
- Single-source supplierslow
Critical components come from third parties, and dependence could grow as volumes scale 1.
Investment thesis
What would need to be true (bull case)
What would break the thesis
What to watch
- New orders and the level of the order backlogQ1 2026
- Operating cash flow once the full-year effect of cost reduction is visible2026
- Progress of European funding and AFIR implementation2026
- Utilization of stations in Europe and North America2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The financial position narrowed in 2025: the operating loss was EUR -25.1 million and net cash flow from operating activities was EUR -18.3 million 1. The company cut costs and headcount but also booked restructuring costs of EUR 2.3 million in 2025 1. Management states that the cost-reduction measures could support operating cash flow in 2026 1.
A new order in January 2026 and a contract in Germany for a bus fueling station, each of about EUR 5 million, show that the commercial pipeline can recover 1. However, the order backlog fell 51% in 2025 after a US customer cancelled the installation of six planned sites 1.
Segments
Bus and medium-duty fueling stations
Urban and regional bus operators need reliable, fast-fueling solutions to keep route schedules 1. In 2025 the company opened commercial stations in France and Italy, and the Italian station marks its entry into that market 1.
Heavy-duty transport
In heavy-duty transport, management sees hydrogen offering range and operational flexibility compared with battery-electric alternatives 1. Sales efforts in Europe have recently focused on bus and heavy-duty programs backed by funding, where projects are still in the development phase 1.
Market context
The hydrogen mobility market is in the infrastructure build-out phase, driven by European regulation such as AFIR, which mandates a hydrogen fueling network across member states 1. The report notes, however, that market development has progressed slower than initially anticipated, and the North American market suffered from hydrogen shortages in 2024 1.
Demand depends on public funding and customer investment decisions, which makes order and delivery timing hard to anticipate 1. Higher utilization of existing stations in Europe and North America points to market potential, but revenue remains concentrated in large individual projects 1.
Trends
- European hydrogen infrastructure policytailwind
The AFIR regulation and European funding programs could accelerate orders for fueling stations if projects receive funding on time 1.
- Delays in funding and permitting decisionsheadwind
Delays in political decisions, funding allocations and regulatory clarification could postpone orders and revenue, according to the report 1.
- Rising utilization of existing stationsmixed
If utilization of installed stations keeps rising, recurring service revenue could become more stable 1.
- Cost reduction and working capitalmixed
Cost-reduction measures could support cash flow in 2026, but the level of orders remains essential for production planning 1.
Competitive position
The annual report does not name direct competitors, so the list below cannot be completed from the available source. The company presents itself as a specialized technology provider with a focus on hydrogen compression and modular station integration 1.
The claimed advantage rests on its proprietary high-pressure diaphragm compressor, which it is patenting, and on partners for systems that operate at lower inlet pressures 1. The company says it positions itself as a trusted technology provider during the infrastructure build-out 1.
- Regional hydrogen station suppliers
The report does not name competitors; local suppliers may exist in Europe and Asia, but source data is lacking.
- Compression system integrators
Not named in the source; the company also relies on external partners for critical components.
- Energy infrastructure contractors
Large contractors could take over station projects; the source names none.
- Hydrogen bus and truck manufacturers
The choice of vehicle maker can shape fueling standards; the source names no actors.
News & filings
In the press
- Panmure and Cavendish reiterate buy on Hutchmed after GSK dealYahoo Finance — News · 03 Sept 2026 · EN
Annual reports (ESEF)
- Annual report 202521 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Cavendish Hydrogen ASA · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.