olivLaw · European equity research
Webstep ASA WSTEP.OL
Norway · Euronext Oslo Børs · ISIN NO0010609662 · Vertical: Listed companies from Norway
Webstep ASA is a Norwegian provider of IT expert consultancy services focused on digitalisation, cloud migration and integration, with additional work in AI, IoT, IT security and analytics. In fiscal 2025 the company reported total revenues of NOK 835.197 mn, down from the prior year, and operating profit also declined, while demand for AI implementation and legacy modernisation remains strong.
At the close of 06 Nov 2026, Webstep ASA (WSTEP.OL) stock was 11.85 NOK (+0.42% on the day), with market capitalisation 308.6 m NOK, P/E 7.6 on diluted EPS of 1.55 NOK over the last 12 months, dividend yield 19.41%, beta 0.29, 52-week range 11.80–19.50 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)
- 37.5
- weak (30–45)
- Bollinger (20, 2)
- 11.82 – 12.72
- in the lower half of the band · %B 0.04 · band width 7.3%
- SMA 50 / 200
- 12.67 / 15.44
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.24 / -0.21
- 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 | −5.6% | −0.6% | −4.9 pp | — |
| 3 months | −24.8% | −4.2% | −20.6 pp | — |
| 6 months | −35.9% | +4.3% | −40.3 pp | — |
| Year to date | −35.9% | +7.5% | −43.5 pp | — |
| 1 year | −38.3% | +9.9% | −48.2 pp | −4.7% |
| 3 years | −48.5% | +49.8% | −98.3 pp | +12.7% |
| 5 years | −65.0% | +42.8% | −107.9 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 0 percentile of its own 2-quarter history (min 11.9, median 12.1, max 12.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 861.6 m | 874.1 m | 835.2 m |
| Revenue YoY | unavailable | +1.5% | −4.5% |
| Net income | 4.4 m | 49.5 m | 40.4 m |
| Net income YoY | unavailable | +1,014.2% | −18.5% |
| Diluted EPS | unavailable | 1.80 | 1.55 |
| Diluted EPS YoY | unavailable | unavailable | −13.9% |
| net % | 0.5% | 5.7% | 4.8% |
| Free cash flow | 72.2 m | 24.5 m | 99.8 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 105.5 m NOK
- Financial debt
- unavailable NOK
- Net debt
- unavailable NOK
- Equity
- 331.3 m NOK
- Total assets
- 593.6 m NOK
- Debt / equity
- unavailable
- Current ratio
- 0.99x
- ROE
- 11.8%
- ROA
- 6.6%
- FCF margin
- 12.0%
Financial statements (source on every figure)
Revenue and net income (NOK)
Margins
Income statement · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 861.6 m | 874.1 m | 835.2 m | esef· 21 Oct 2026verified |
| Operating income | 17.0 m | 66.7 m | 55.9 m | esef· 21 Oct 2026verified |
| Interest expense | 6.0 m | 7.5 m | 8.0 m | esef· 21 Oct 2026verified |
| Pre-tax income | 13.0 m | 63.4 m | 52.5 m | esef· 21 Oct 2026verified |
| Income tax | 8.3 m | 13.9 m | 12.1 m | esef· 21 Oct 2026verified |
| Net income | 4.4 m | 49.5 m | 40.4 m | esef· 21 Oct 2026verified |
| Diluted EPS | — | 1.80 | 1.55 | esef· 21 Oct 2026verified |
| Dividend per share | 1.00 | 1.00 | 2.30 | esef· 21 Oct 2026verified |
Balance sheet · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 75.5 m | 82.4 m | 105.5 m | esef· 21 Oct 2026verified |
| Current assets | 236.9 m | 244.2 m | 215.0 m | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 12.3 m | 8.3 m | 5.7 m | esef· 21 Oct 2026verified |
| Goodwill | 358.2 m | 313.6 m | 313.6 m | esef· 21 Oct 2026verified |
| Total assets | 708.2 m | 632.7 m | 593.6 m | esef· 21 Oct 2026verified |
| Short-term debt | 0 | 0 | — | esef· 08 May 2025verified |
| Current liabilities | 267.4 m | 228.4 m | 217.1 m | esef· 21 Oct 2026verified |
| Total liabilities | 349.0 m | 281.1 m | 262.3 m | esef· 21 Oct 2026verified |
| Equity | 359.2 m | 351.6 m | 331.3 m | esef· 21 Oct 2026verified |
| Shares outstanding at year end | — | 27.4 m | 26.0 m | esef· 21 Oct 2026derived |
Cash flow · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 77.7 m | 28.1 m | 102.0 m | esef· 21 Oct 2026verified |
| Capex | 5.5 m | 3.6 m | 2.2 m | esef· 21 Oct 2026verified |
| Free cash flow | 72.2 m ≈ | 24.5 m ≈ | 99.8 m ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | -5.5 m | 35.0 m | -2.2 m | esef· 21 Oct 2026verified |
| Financing cash flow | -59.1 m | -56.3 m | -76.6 m | esef· 21 Oct 2026verified |
| Dividends paid | 47.0 m | 27.8 m | 62.3 m | esef· 21 Oct 2026verified |
| Share repurchases | 0 | 25.2 m | 0 | 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: 308.6 m 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 | unavailable | unavailable | — |
| Net margin · Quality | 4.8% | 58 (vs peers) | 12% |
| FCF conversion · Quality | 247.3% | 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 | 7.0x | 85 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 1.0x | 16 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 7.6x | 80 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 32.3% | 100 (on a fixed band) | 16% |
| Shareholder yield (distributions) · Returns | 20.2% | 100 (on a fixed band) | 12% |
| Payout ratio (FCF) · Returns | 62.4% | 82 (on a fixed band) | 8% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet57/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality79/100 · 2/3 factors with a value
- Returns93/100 · 2/2 factors with a value
- Valuation89/100 · 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
WEBSTEP ASA (WSTEP.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 835.2 m NOK in 2025; YoY growth -4.5%; net margin 4.8%; ROE 11.8%.
The estimated value range is 18.38–38.42 NOK per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 27.78 NOK, the price of 11.85 NOK leaves a potential of 134.4% (value / price − 1) and a margin of safety of 57.3% (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
- FCF conversion: 247.3%
- Interest coverage: 7.0x
- P/E (TTM): 7.6x
- FCF yield: 32.3%
- Shareholder yield (distributions): 20.2%
- Payout ratio (FCF): 62.4%
- The price is below the estimated value range
What contradicts it
- Current ratio: 1.0x
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
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% |
| WSTEP.OLWebstep Asa | 308.6 m | 7.6 | 11.8% | 4.8% | −4.5% | −34% / −38% |
| 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 WSTEP.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 | 6.37 Total return -37% · Per year -37% | 11.32 Total return 8% · Per year 8% | 17.13 Total return 60% · Per year 60% |
| 3 years | 5.12 Total return -31% · Per year -12% | 10.34 Total return 23% · Per year 7% | 17.31 Total return 92% · Per year 24% |
| 5 years | 4.12 Total return -27% · Per year -6% | 9.44 Total return 37% · Per year 6% | 17.50 Total return 124% · Per year 18% |
- Exit P/E± 2.58
- Net margin± 1.81
- Annual revenue growth± 1.62
- Annual dilution± 0.15
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
Webstep ASA is a Norwegian provider of IT expert consultancy services focused on digitalisation, cloud migration and integration, with additional work in AI, IoT, IT security and analytics. In fiscal 2025 the company reported total revenues of NOK 835.197 mn, down from the prior year, and operating profit also declined, while demand for AI implementation and legacy modernisation remains strong.
SWOT
Strengths
- Senior consultants with deep domain expertise and a strong local presence in Norway.
- Variable pay model that aligns salary costs with revenue.
- Diversified customers across several industries and long-term contracts with consistent deliveries.
Weaknesses
- Revenue and operating profit declined in fiscal 2025, and headcount was reduced.
- Dependence on attracting and retaining employees, since people are the main asset.
- Activity concentrated in one geographic market with no customers outside Norway.
Opportunities
- Growing demand for AI implementation and for custom or hybrid system development.
- The One Webstep operating model could improve resource use and collaboration across regions.
- If the strengthened leadership and commercial capabilities deliver, the company could pursue larger enterprise clients.
Threats
- Pressure on hourly rates from market changes and rising competition.
- Cybersecurity risk, amplified by more sophisticated AI-enabled attacks.
- Regulatory changes and climate-related caution that could reduce customers' IT budgets.
Risks
- Pressure on hourly rateshigh
Price changes in the IT market could reduce hourly rates and, with them, the company's revenue 1.
- Employee retentionhigh
The business model depends on consultants staying for long periods, and losing them could affect growth 1.
- Cybersecurity risksmedium
More sophisticated cyberattacks, aided by AI, could affect internal infrastructure and customer deliveries 1.
- Litigation and professional liabilitymedium
Contracts may contain penalty clauses, and an unfavourable litigation outcome could affect revenue and profitability 1.
- Geographic concentrationlow
Operating only in Norway exposes the company to economic and regulatory conditions in a single market 1.
Investment thesis
What would need to be true (bull case)
- If demand for AI and legacy modernisation converts into larger projects, the company's senior consultants could benefit from a solid competitive position 1.
- A leaner cost base and the One Webstep model could support better resource use and scalable growth 1.
- The variable pay model could cushion a fall in demand, since salary costs follow revenue 1.
What would break the thesis
- Revenue and operating profit fell in 2025, and continued pressure on hourly rates could limit a recovery 1.
- Dependence on the workforce and on retaining consultants leaves the company exposed to staff departures 1.
- Concentration in Norway alone could expose the company to a local economic or regulatory slowdown 1.
What to watch
- Trend in revenue and operating profit after the headcount reduction2026
- Outcome of the annual general meeting on the proposed NOK 1.49 per share dividend19 May 2026
- Impact of the One Webstep operating model on resource use and margins2026
- Progress on ISO27001 certification and management of cybersecurity risknext annual report
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
Webstep ASA, headquartered in Oslo, is the parent of the Webstep Group, a provider of IT expert consultancy services in Norway. The group aims to be at the forefront of technological development and to help customers with digitalisation through cutting-edge IT expertise. Its core offerings are digitalisation and cloud migration and integration, with other focus areas in Internet of Things, machine learning, IT security and analytics 1.
Most revenue comes from hourly based services, and many projects are fixed-price. Revenue follows IFRS 15: most is recognised at a point in time based on labour hours, while delivery projects are recognised over time using percentage of completion 1.
The business model relies on senior consultants whose pay includes a variable component tied to individual performance, so salary costs largely track revenue. Retaining employees for long periods and keeping a strong local presence are central to the model 1.
Segments
Single segment: IT consultancy in Norway
The group reports one operating segment, defined by country of operation, Norway. The chief operating decision maker is the CEO and CFO together, and the company has no customers outside Norway 1.
Service offering
The offering covers digitalisation, cloud migration and integration, modernisation of legacy systems, AI implementation and guidance, and project-based and product-based deliveries alongside traditional consultancy 1.
Market context
The company operates in the Norwegian IT services market with customers in oil and oil services, public administration, energy, banking and finance, retail, transportation and IT and telecommunications 1. Revenue is sensitive to overall demand and to the hourly rates prevailing in the market 1.
According to management, demand for AI implementation and for modernising legacy and cloud-native systems remains strong, and AI-enabled tools could lower barriers for tailored solutions 1.
Trends
- Artificial intelligencemixed
Rising demand for AI implementation and strategic guidance gives the company's senior consultants an opening, although more sophisticated AI-driven cyberattacks also raise security risks 1.
- Legacy modernisation and cloudtailwind
Demand for modernising legacy systems and for cloud-native capabilities remains strong, according to management 1.
- Pricing pressure on hourly ratesheadwind
Price changes in the market could lead to lower hourly rates for IT services, which would affect the group's revenue 1.
- Regulation and sustainability concernsmixed
Regulatory changes and climate-related focus may either reduce customers' ability to invest in IT projects or increase demand for digital solutions that help them comply 1.
Competitive position
The supplied sources do not name direct competitors. The market is described as competitive, and increased competition is cited as one factor that could influence service prices 1.
- Unnamed competitors in the source
The source does not name competitors; competition is mentioned only generally as a pressure on prices.
- Local IT consultancy providers
The role of local competitors is not detailed in the source, though the company points to its local presence as an advantage.
- International consultancy firms
The source does not mention specific international firms; the market is characterised as having increased competition.
- Cloud and AI service providers
The source does not identify these providers; their demand for consulting could matter for the company's business.
News & filings
In the press
No news in our archive over the last 180 days.
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 / Webstep 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.