olivLaw · European equity research
KONGSBERG GRUPPEN ASA KOG.OL
Norway · Euronext Oslo Børs · ISIN NO0013536151 · Vertical: Listed companies from Norway
KONGSBERG GRUPPEN ASA develops defence systems, missiles, maritime surveillance systems and technology for ocean exploration, as global defence spending rises. After the spin-off of Kongsberg Maritime, the group remains focused on defence and technology, with a record order backlog at the end of 2025 of NOK 125 billion.
At the close of 06 Nov 2026, KONGSBERG GRUPPEN ASA (KOG.OL) stock was 335.40 NOK (−1.18% on the day), with market capitalisation 295.1 bn NOK, P/E 37.1 on diluted EPS of 9.04 NOK over the last 12 months, dividend yield 1.31%, beta 0.45, 52-week range 229.15–423.50 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)
- 56.3
- strong (55–70)
- Bollinger (20, 2)
- 276.89 – 366.64
- in the upper half of the band · %B 0.65 · band width 27.9%
- SMA 50 / 200
- 314.42 / 329.24
- mixed trend
- MACD (12, 26, 9)
- 10.68 / 7.82
- MACD above 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 | +13.5% | −0.6% | +14.1 pp | — |
| 3 months | +8.0% | −4.2% | +12.2 pp | — |
| 6 months | +8.4% | +4.3% | +4.1 pp | — |
| Year to date | +29.7% | +7.5% | +22.2 pp | — |
| 1 year | +35.7% | +9.9% | +25.7 pp | −4.7% |
| 3 years | +266.8% | +49.8% | +217.0 pp | +12.7% |
| 5 years | +520.7% | +42.8% | +477.8 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
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.
Today's P/E sits at the 67 percentile of its own 3-quarter history (min 4.4, median 28.6, max 44.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 40.6 bn | 24.6 bn | 31.6 bn |
| Revenue YoY | unavailable | −39.3% | +28.1% |
| Net income | 3.7 bn | 5.1 bn | 8.0 bn |
| Net income YoY | unavailable | +38.1% | +55.2% |
| Diluted EPS | 21.08 | 5.82 | 9.04 |
| Diluted EPS YoY | unavailable | −72.4% | +55.3% |
| net % | 9.1% | 20.8% | 25.2% |
| Free cash flow | 3.8 bn | 12.0 bn | 10.3 bn |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 20.2 bn NOK
- Financial debt
- 2.6 bn NOK
- Net debt
- -17.6 bn NOK
- Equity
- 23.2 bn NOK
- Total assets
- 82.5 bn NOK
- Debt / equity
- 0.11x
- Current ratio
- 1.19x
- ROE
- 37.4%
- ROA
- 10.5%
- FCF margin
- 32.7%
Financial statements (source on every figure)
Revenue and net income (NOK)
Margins
Income statement · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 40.6 bn | 24.6 bn | 31.6 bn | esef· 21 Oct 2026verified |
| Operating income | 4.6 bn | 3.2 bn | 4.7 bn | esef· 21 Oct 2026verified |
| Interest expense | 319.0 m | 566.0 m | 644.0 m | esef· 21 Oct 2026verified |
| Pre-tax income | 4.7 bn | 3.4 bn | 5.3 bn | esef· 21 Oct 2026verified |
| Income tax | 959.0 m | 735.0 m | 1.2 bn | esef· 21 Oct 2026verified |
| Net income | 3.7 bn | 5.1 bn | 8.0 bn | esef· 21 Oct 2026verified |
| Diluted EPS | 21.08 | 5.82 | 9.04 | esef· 21 Oct 2026verified |
| Dividend per share | — | 2.80 | 4.40 | esef· 21 Oct 2026verified |
Balance sheet · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 6.0 bn | 14.3 bn | 20.2 bn | esef· 21 Oct 2026verified |
| Inventories | 6.8 bn | 7.3 bn | 6.1 bn | esef· 21 Oct 2026verified |
| Current assets | 34.9 bn | 49.2 bn | 64.0 bn | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 5.6 bn | 6.8 bn | 6.6 bn | esef· 21 Oct 2026verified |
| Goodwill | 3.9 bn | 3.9 bn | 2.3 bn | esef· 21 Oct 2026verified |
| Intangibles (excl. goodwill) | 2.1 bn | 2.1 bn | 1.4 bn | esef· 21 Oct 2026verified |
| Total assets | 53.2 bn | 69.4 bn | 82.5 bn | esef· 21 Oct 2026verified |
| Short-term debt | 500.0 m | 0 | 1.6 bn | esef· 21 Oct 2026verified |
| Long-term debt | 2.5 bn | 2.5 bn | 1.0 bn | esef· 21 Oct 2026verified |
| Current liabilities | 30.7 bn | 43.7 bn | 53.9 bn | esef· 21 Oct 2026verified |
| Total liabilities | 36.8 bn | 50.1 bn | 59.3 bn | esef· 21 Oct 2026verified |
| Equity | 16.5 bn | 19.3 bn | 23.2 bn | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 176.1 m | 880.8 m | 879.8 m | esef· 21 Oct 2026derived |
Cash flow · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 5.8 bn | 13.7 bn | 12.7 bn | esef· 21 Oct 2026verified |
| Capex | 2.0 bn | 1.8 bn | 2.4 bn | esef· 21 Oct 2026verified |
| Free cash flow | 3.8 bn ≈ | 12.0 bn ≈ | 10.3 bn ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | -1.2 bn | -1.8 bn | -1.1 bn | esef· 21 Oct 2026verified |
| Financing cash flow | -2.8 bn | -3.9 bn | -4.8 bn | 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
- score weight coverage: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 295.1 bn NOK
Key indicators
Coverage and freshness
Score by group
52% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 55.7% | 95 (vs peers) | 20% |
| Net margin · Quality | 25.2% | 95 (vs peers) | 12% |
| FCF conversion · Quality | 129.8% | 100 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 7.3x | 89 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 1.2x | 32 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 37.1x | 15 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 3.5% | 44 (on a fixed band) | 16% |
| 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 sheet66/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality96/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation28/100 · 2/3 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
KONGSBERG GRUPPEN ASA (KOG.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 31.6 bn NOK in 2025; YoY growth 28.1%; net margin 25.2%; ROE 38.6%.
The estimated value range is 82.78–223.66 NOK per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 178.62 NOK, the price of 335.40 NOK leaves a potential of -46.7% (value / price − 1) and a margin of safety of -87.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 55.7%
- Net margin: 25.2%
- FCF conversion: 129.8%
- Interest coverage: 7.3x
What contradicts it
- P/E (TTM): 37.1x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, 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 | |
|---|---|---|---|---|---|---|
| KOG.OLKongsberg Gruppen Asa | 295.1 bn | 37.1 | 38.6% | 25.2% | +28.1% | +40% / +261% |
| 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% |
1- and 3-year price returns: for KOG.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
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (NOK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 219.17 Total return -34% · Per year -34% | 385.71 Total return 17% · Per year 17% | 578.57 Total return 74% · Per year 74% |
| 3 years | 259.97 Total return -19% · Per year -7% | 510.10 Total return 57% · Per year 16% | 833.13 Total return 155% · Per year 37% |
| 5 years | 308.37 Total return -1% · Per year -0% | 674.61 Total return 111% · Per year 16% | 1,199.71 Total return 271% · Per year 30% |
- Exit P/E± 127.53
- Net margin± 89.27
- Annual revenue growth± 66.58
- Annual dilution± 7.50
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
KONGSBERG GRUPPEN ASA develops defence systems, missiles, maritime surveillance systems and technology for ocean exploration, as global defence spending rises. After the spin-off of Kongsberg Maritime, the group remains focused on defence and technology, with a record order backlog at the end of 2025 of NOK 125 billion 1.
SWOT
Strengths
- Record order backlog at the end of 2025 and rapid growth in defence revenue, giving visibility on future revenue 1.
- Broad portfolio from air defence and missiles to sonar and underwater vehicles, supported by long technological experience 1.
- Strategic stakes in companies such as Patria and Kongsberg Satellite Services, which extend market access and technology 1.
Weaknesses
- Reliance on a relatively small number of large contracts and on project execution can affect margins depending on delivery mix 1.
- Expanding production capacity and building new factories involve significant costs and risk of delays 1.
- The Kongsberg Maritime separation entails a reorganisation period and changes to the group structure 1.
Opportunities
Risks
- Project executionhigh
Expanding production and delivering large contracts can face delays or unforeseen costs, which could affect profitability 1.
- Sonatech acquisitionmedium
Completion depends on US authority approvals and integration conditions, which could delay or change the transaction 1.
- Supply chainmedium
Dependence on subcontractors and critical components can create bottlenecks in deliveries, especially during rapid growth 1.
- Kongsberg Maritime separationmedium
Spinning off the maritime division can generate transition costs and uncertainty about the future structure of the group 1.
- Geopolitical shiftslow
A ceasefire or a change in political priorities could slow the pace of defence investment 1.
Investment thesis
What would need to be true (bull case)
- The record order backlog and rapid defence growth could support solid revenue in the coming years if military investment keeps rising 1.
- The group's position in missile and air defence systems could allow market share gains as NATO expands its budgets 1.
- The separation of Kongsberg Maritime could result in a more focused group with a clearer strategic profile for investors 1.
What would break the thesis
- Dependence on defence budget cycles means a slowdown in investment could quickly affect demand and revenue 1.
- International expansion and new factory construction could create costs and execution risks that compress margins 1.
- If the Sonatech acquisition or other transactions do not close on the announced timelines, the growth plan could be harder to deliver 1.
What to watch
- Development of the defence order backlog and revenue2026
- Completion of the Sonatech acquisition and US approvalsfirst half 2026
- Completion of the Kongsberg Maritime separation and standalone listing2026
- Progress on missile factory construction in Australia and the United States2026
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 group is organised into Defence & Aerospace, Discovery and, until separation, Maritime divisions. Kongsberg Defence & Aerospace supplies air defence, missiles and remotely operated weapon stations to Norway and its allies 1. Kongsberg Discovery produces acoustic instruments for seabed mapping, echo sounders and autonomous underwater vehicles 1. The group also holds stakes in associates such as Patria, in which it holds 49.9 percent, and Kongsberg Satellite Services, where it holds 50 percent 1.
2025 was marked by strong revenue growth in defence and acquisitions, including the takeover of Naxys Technologies and the announced acquisition of Sonatech, a US underwater acoustics company, expected to close in the first half of 2026 subject to US approvals 1. Capacity expansion includes missile factories in Australia and, in preparation, in the United States 1.
The planned 2026 spin-off of Kongsberg Maritime as a separately listed company leaves a more focused defence and technology group, while the 2025 sustainability report still covers the whole group including Kongsberg Maritime 1.
Segments
Kongsberg Defence & Aerospace
The fastest-growing segment, with an order backlog of NOK 125 billion at the end of 2025 and revenue of NOK 25 billion, up 32.4 percent. Operating margin reached 16.1 percent 1. Main products include air defence, NSM and JSM missiles and remotely operated weapon stations 1.
Kongsberg Discovery
The segment delivers echo sounders, navigation systems for GPS-denied areas, autonomous underwater vehicles and drone detection systems 1. In 2025 it booked orders of over NOK 300 million for three research vessels, and the Sonatech acquisition is associated with expansion into the US market 1.
Market context
Management expects defence investment to keep rising in the coming years, especially after NATO members raised their investment ambition to 5 percent of GDP by 2035 1. Demand for air defence, missiles and autonomous systems is supported by the war in Ukraine and geopolitical tension, which have put security and resilience high on the global agenda 1. In ocean discovery, over 75 percent of the world's seabed is still not mapped in detail, supporting demand for acoustic technology 1.
Trends
- Rising defence budgetstailwind
Defence budgets in Norway, NATO states and other allies are rising and investment ambitions are higher, which could keep orders strong for air defence and missile products 1.
- Investment in production capacitymixed
Building missile factories in Australia and preparing one in the United States could raise delivery volumes, but involves large outlays and execution risk 1.
- Demand for autonomous systems and dronestailwind
Interest in autonomous vehicles, drone detection and automation is growing, supported by security and operational efficiency needs 1.
- Supply chain complexityheadwind
Expanding production requires a more robust supply chain, and spending with suppliers reached about NOK 17 billion in 2025, which could add margin pressure if the project mix shifts 1.
Competitive position
The analysed source does not explicitly name competitors. From the activity description, the defence segment competes with makers of air defence, missile and remotely operated weapon systems, and the discovery segment with suppliers of sonar and autonomous underwater vehicles 1.
- European and American air defence and missile producers
The source names no competing companies; this category is inferred from the air defence and missile activity described in the report 1.
- Sonar and underwater acoustic system suppliers
Competition in the Discovery segment is mentioned only generically, without company names, in the analysed report 1.
- Autonomous underwater vehicle producers
The source describes the autonomous vehicle market as growing, without naming competitors 1.
- Drone detection system suppliers
Competition in drone detection is not detailed in the analysed source 1.
News & filings
In the press
- Șase corporații gigant din țările nordice vor colabora în domeniul apărării / Ericsson, Kongsberg, Nokia, Terma, Patria și Saab și-au prezentat planurile la Göteborg, la reuniunea Nordic CompassG4Media · 05 Nov 2026 · RO
- Denmark to buy Kongsberg, Covenant missiles for new long-range strike optionDefense News (US, EN) · 22 Oct 2026 · EN
- ► Terma and Kongsberg Aviation Maintenance Services launch defence aviation servicesEuropean Defence Review · 21 Oct 2026 · RO
- Kongsberg to build new plant in Poland for counter-drone systemsDefense News (US, EN) · 13 Oct 2026 · EN
- Belgium orders NASAMS air defence system from KONGSBERGEuropean Defence Review · 30 Sept 2026 · RO
- ► Asymmetric Air Defense: Advanced Navigation secures $18.5 Million deal with KONGSBERG for C-UAS platformsEuropean Defence Review · 23 Sept 2026 · RO
- ► Kongsberg Maritime to supply Kamewa waterjets for Australia’s new Landing Craft Medium fleetEuropean Defence Review · 10 Sept 2026 · RO
- MSPO 2026 – Kongsberg selects Echodyne MESA radar for Counter-UAS applicationsEuropean Defence Review · 10 Sept 2026 · RO
- Kongsberg Has ‘Really Steep’ Demand for Its Missiles, CEO SaysBloomberg Markets · 29 Jun 2026 · EN
- ► NAVANTIA and KONGSBERG NAVAL SERVICES sign a framework agreement to support the Royal Norwegian Navy’s F‑310 frigatesEuropean Defence Review · 15 May 2026 · RO
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 / KONGSBERG GRUPPEN 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.