olivLaw · European equity research
AKVA group ASA AKVA.OL
Norway · Euronext Oslo Børs · ISIN NO0003097503 · Vertical: Listed companies from Norway
AKVA group ASA is a Norwegian supplier of equipment, technology and services for the aquaculture industry, with activity across several markets. The company targets revenue of at least NOK 5 billion and an EBIT margin of 9% in 2027, in a context of strong salmon demand, while net interest-bearing debt of approximately NOK 1.2 billion at the end of 2025 remains a point of attention.
At the close of 05 Nov 2026, AKVA group ASA (AKVA.OL) stock was 158.50 NOK (+0.00% on the day), with market capitalisation 5.8 bn NOK, P/E 31.3 on diluted EPS of 5.07 NOK over the last 12 months, dividend yield 1.26%, beta 0.23, 52-week range 80.00–158.50 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)
- 73.1
- overbought (≥ 70)
- Bollinger (20, 2)
- 150.86 – 163.54
- in the upper half of the band · %B 0.60 · band width 8.1%
- SMA 50 / 200
- 147.07 / 122.51
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 3.49 / 4.01
- 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 | +1.0% | +0.4% | +0.6 pp | — |
| 3 months | +19.2% | −3.3% | +22.4 pp | — |
| 6 months | +21.5% | +4.0% | +17.5 pp | — |
| Year to date | +78.5% | +8.1% | +70.4 pp | — |
| 1 year | +78.5% | +10.7% | +67.8 pp | −6.5% |
| 3 years | +108.6% | +50.1% | +58.5 pp | +12.9% |
| 5 years | +70.8% | +43.6% | +27.2 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 100 percentile of its own 2-quarter history (min 17.5, median 18.3, max 19.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 3.4 bn | 3.5 bn | 4.4 bn |
| Revenue YoY | unavailable | +3.0% | +24.4% |
| Net income | -17.8 m | 130.2 m | 184.4 m |
| Net income YoY | unavailable | unavailable | +41.7% |
| Diluted EPS | -0.49 | 3.58 | 5.07 |
| Diluted EPS YoY | unavailable | unavailable | +41.6% |
| net % | -0.5% | 3.7% | 4.2% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 202.1 m NOK
- Financial debt
- 972.2 m NOK
- Net debt
- 770.1 m NOK
- Equity
- 1.4 bn NOK
- Total assets
- 4.1 bn NOK
- Debt / equity
- 0.70x
- Current ratio
- 1.26x
- ROE
- 13.7%
- ROA
- 4.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (NOK)
Margins
Income statement · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 3.4 bn | 3.5 bn | 4.4 bn | esef· 21 Oct 2026verified |
| Operating income | 67.6 m | 255.8 m | 279.7 m | esef· 21 Oct 2026verified |
| Depreciation & amortisation | 195.8 m | 196.9 m | 228.6 m | esef· 21 Oct 2026verified |
| EBITDA | 263.4 m ≈ | 452.7 m ≈ | 508.3 m ≈ | esef· 21 Oct 2026derived |
| Interest expense | 117.9 m | 135.5 m | 120.5 m | esef· 21 Oct 2026verified |
| Pre-tax income | -29.3 m | 126.0 m | 193.0 m | esef· 21 Oct 2026verified |
| Income tax | -10.8 m | -1.2 m | 10.5 m | esef· 21 Oct 2026verified |
| Net income | -17.8 m | 130.2 m | 184.4 m | esef· 21 Oct 2026verified |
| Diluted EPS | -0.49 | 3.58 | 5.07 | esef· 21 Oct 2026verified |
| Dividend per share | — | 0.00 | 2.00 | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 219.4 m | 161.2 m | 202.1 m | esef· 21 Oct 2026verified |
| Current assets | 1.5 bn | 1.4 bn | 1.6 bn | esef· 21 Oct 2026verified |
| Goodwill | 783.3 m | 1.1 bn | 1.1 bn | esef· 21 Oct 2026verified |
| Intangibles (excl. goodwill) | 374.0 m | 517.2 m | 531.1 m | esef· 21 Oct 2026verified |
| Total assets | 3.7 bn | 4.1 bn | 4.1 bn | esef· 21 Oct 2026verified |
| Long-term debt | 862.3 m | 1.0 bn | 972.2 m | esef· 21 Oct 2026verified |
| Current liabilities | 1.2 bn | 1.1 bn | 1.2 bn | esef· 21 Oct 2026verified |
| Total liabilities | 2.5 bn | 2.7 bn | 2.8 bn | esef· 21 Oct 2026verified |
| Equity | 1.2 bn | 1.3 bn | 1.4 bn | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 36.4 m | 36.4 m | 36.4 m | esef· 21 Oct 2026derived |
Cash flow · NOK
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: 35 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40 · (margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 5.8 bn NOK
Key indicators
Coverage and freshness
Score by group
- Balance sheet31
- Valuation24
- Quality60
- Returns18
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
Unattractive profile · Score 35/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 12.2% | 64 (vs peers) | 16% |
| Net margin · Quality | 4.2% | 55 (vs peers) | 10% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 1.5x | 40 (vs peers) | 16% |
| Interest coverage · Balance sheet | 2.3x | 13 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 1.3x | 38 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 31.3x | 32 (vs peers) | 16% |
| EV/EBITDA · Valuation | 12.9x | 17 (vs peers) | 16% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 1.3% | 18 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet31/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality60/100 · 2/3 factors with a value
- Returns· partial18/100 · 1/2 factors with a value
- Valuation24/100 · 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
AKVA GROUP ASA (AKVA.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 4.4 bn NOK in 2025; YoY growth 24.4%; net margin 4.2%; ROE 13.7%; net debt/EBITDA 1.5x.
The estimated value range is 42.91–111.78 NOK per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 86.80 NOK, the price of 158.50 NOK leaves a potential of -45.2% (value / price − 1) and a margin of safety of -82.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 35/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Interest coverage: 2.3x
- EV/EBITDA: 12.9x
- Shareholder yield (distributions): 1.3%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, FCF yield, 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 | 80.8 bn | 20.6 | 7.9% | 21.4% | +42.5% | +38% / +61% |
| AFG.OLAf Gruppen Asa | 21.5 bn | 19.8 | 39.7% | 3.4% | +4.4% | +9% / +70% |
| ELK.OLElkem Asa | 19.0 bn | 38.9 | 1.9% | 2.7% | −15.7% | +8% / +71% |
| ATEA.OLAtea Asa | 18.7 bn | 21.7 | 19.7% | 2.3% | +8.1% | +13% / +38% |
| AKSO.OLAker Solutions Asa | 17.9 bn | 7.0 | 22.5% | 4.1% | +19.2% | +21% / −10% |
| AUSS.OLAustevoll Seafood Asa | 16.7 bn | 37.2 | 1.6% | 1.1% | +11.1% | −6% / +11% |
| BRG.OLBorregaard Asa | 15.5 bn | 24.9 | 11.4% | 8.0% | +1.3% | −18% / −10% |
| 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% / +30% |
| B2I.OLB2 Impact Asa | 8.8 bn | 14.3 | 11.0% | 16.4% | +2.6% | +40% / +238% |
| AKVA.OLAkva Group Asa | 5.8 bn | 31.3 | 13.7% | 4.2% | +24.4% | +74% / +153% |
| BOUV.OLBouvet Asa | 5.1 bn | 14.4 | 80.7% | 9.2% | −0.2% | −18% / −14% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| CLOUD.OLCloudberry Clean Energy Asa | 4.0 bn | 62.0 | 1.3% | 13.1% | +34.0% | −5% / +29% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.7 bn | 10.8 | 34.9% | 16.8% | +12.4% | −12% / +22% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −17% / −9% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.3 bn | 10.3 | 30.1% | 16.1% | +32.3% | −54% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 110.5 | 2.9% | 8.6% | +7.9% | −7% / −47% |
| CAPSL.OLCapsol Technologies Asa | 868.8 m | — | -89.4% | -114.8% | −25.0% | −34% / −67% |
| BOR.OLBorgestad Asa | 553.2 m | 36.1 | 2.1% | 1.4% | −3.0% | −7% / +41% |
| ARR.OLArribatec Group Asa | 227.8 m | 4.6 | 22.1% | 9.3% | +15.7% | −35% / −56% |
| DELIA.OLDellia Group Asa | 72.9 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.2 m | 0.1 | — | 7,297.7% | −87.2% | −82% / −97% |
| AGLX.OLAgilyx Asa | — | — | -182.4% | -12,189.3% | +20.3% | −41% / −41% |
1- and 3-year price returns: for AKVA.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 | 103.57 Total return -34% · Per year -34% | 182.28 Total return 16% · Per year 16% | 273.41 Total return 74% · Per year 74% |
| 3 years | 122.86 Total return -19% · Per year -7% | 241.06 Total return 57% · Per year 16% | 393.71 Total return 155% · Per year 37% |
| 5 years | 145.73 Total return -1% · Per year -0% | 318.80 Total return 111% · Per year 16% | 566.95 Total return 271% · Per year 30% |
- Exit P/E± 60.26
- Net margin± 42.19
- Annual revenue growth± 31.46
- Annual dilution± 3.54
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
AKVA group ASA is a Norwegian supplier of equipment, technology and services for the aquaculture industry, with activity across several markets. The company targets revenue of at least NOK 5 billion and an EBIT margin of 9% in 2027, in a context of strong salmon demand, while net interest-bearing debt of approximately NOK 1.2 billion at the end of 2025 remains a point of attention.
SWOT
Strengths
- Broad portfolio of products for sea-based and land-based aquaculture, with reported lifetimes above industry averages for many categories.
- Recurring revenue from services and repairs, which reduces dependence on new equipment sales.
- Continuous investment in research and development for new and improved products across all three business areas.
Weaknesses
- Net interest-bearing debt remains significant, and exposure to floating interest rates raises financing costs when rates increase.
- Women's share in management roles declined in 2025, and the Group Management Team has only one woman.
- The share of recycled material in products sold is, according to the report, close to zero.
Opportunities
- High demand for salmon could support new technologies that improve use of existing licences.
- Development of land-based farming systems could open scale-up opportunities for the Land Based segment.
- Expansion of recurring services and after-sales activity could stabilise long-term revenue.
Threats
- The industry is exposed to cyclicality and biological risk, which can affect demand for equipment.
- Regulatory changes such as Norway's resource tax and uncertainty in Canada may alter market conditions.
- Currency fluctuations and raw material prices can affect margins, although the company uses hedging contracts.
Risks
- Market and cyclicality riskmedium
The aquaculture industry has a history of cyclicality, and demand for equipment could decline in periods when farms face pressure.
- Financial risk: interest rates and debtmedium
Net interest-bearing debt raises the sensitivity of profitability to interest rate levels, partly mitigated by a portion of debt at a fixed rate.
- Regulatory riskhigh
Uncertainty over licences in Canada and the effects of Norway's resource tax may change conditions for customers in the industry.
- Reporting risklow
If risk assessment processes and internal controls do not work as intended, material misstatements in the financial statements could arise.
- Currency riskmedium
Exposure to exchange rates arises both in transactions and in translating the equity of foreign subsidiaries into Norwegian kroner.
Investment thesis
What would need to be true (bull case)
- If demand for salmon remains high, the company's technologies and equipment could benefit from a steady flow of new projects.
- A growing share of recurring services could stabilise revenue and soften the effects of industry cyclicality.
- High durability of many products and ongoing research investment could strengthen the competitive position over the long term.
What would break the thesis
- Industry cyclicality and biological risk could reduce demand for equipment in periods when farmers face difficulties.
- Net debt and exposure to floating interest rates could limit financial flexibility if rates rise.
- Regulatory uncertainty in Canada and Norway could weigh on customer investment and order volumes.
What to watch
- Delivery of the minimum revenue and EBIT margin targets set for 20272027
- Development of net interest-bearing debt and expiry of the interest rate swapNovember 2026
- Development of the order backlog and new projects, especially in Land Basednext 10-K
- Effects of Canadian licensing rules and Norway's resource tax on customers2027
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 designs and manufactures equipment for aquaculture, including systems for sea-based pens (nets, pens, pumps, cameras and sensors), technology for land-based recirculating systems and boats. According to the 2025 annual report, the activity also includes maintenance and repair services, especially for nets, through service stations along the coast. The company invests in product and solution development across all three business areas.
Strategic growth relies on diversifying products and geographic regions, as well as increasing recurring revenue from services and after-sales. The company views this model as a way to reduce sensitivity to the industry's cyclicality, which according to the report has a history of fluctuations. The report states that the business model does not fundamentally depend on key intangible resources.
Operations are spread across several units, including AKVA group ASA (boats), Helgeland Plast, AKVA group Landbased, AKVA group Chile and Egersund Net. The workforce totalled 1,501 employees at the end of 2025, and management describes the order backlog as sound.
Segments
Sea Based (sea pens)
Includes pens, pen accessories, nets, cameras, feed systems, anchoring and high-pressure pumps for marine farms. The report indicates lifetimes equal to or above industry averages for several product categories.
Land Based (RAS systems)
Includes filters, biofilters, ozone disinfection, fish tanks and systems for phosphorus and nitrogen removal for land-based farms. According to the report, many of these components have lifetimes of 20 years or more, above the industry average for the same category.
Services and repair
Maintenance, inspection and repair of nets through the Egersund Net service stations, along with other after-sales activities. The report stresses that repairability is an important part of the business, especially for nets, cameras, lights and accessories.
Market context
The market is aquaculture, where management describes salmon demand as high and pushing toward new technologies that improve use of existing licences. The report notes, however, that the industry is exposed to biological and market risk, with a history of cyclicality.
The regulatory environment varies markedly between regions: the report mentions uncertainty over fish farming licences in Canada (British Columbia) and the effects of the resource tax introduced in Norway in 2023. These could influence customers' investment decisions.
Trends
- High demand for salmontailwind
Management considers strong demand for salmon to support the need for technological progress and scale-up of new farming technologies. If this demand persists, it could support orders for equipment and systems.
- Industry cyclicalityheadwind
The aquaculture industry has historically gone through cyclical periods, and the report shows this remains a market risk. Geographic diversification and service revenue are measures intended to mitigate it.
- Cost and inflation pressureheadwind
Inflation was high in 2024 and 2025, partly linked to the war in Ukraine, and prices of some raw materials used in products can fluctuate. Large contracts, especially in Land Based, include price escalation mechanisms.
- Growth of land-based systemsmixed
Land-based recirculating technologies are described as a scale-up direction, and the company treats them as a strategic segment. If their adoption accelerates, it could support revenue growth in Land Based.
Competitive position
The annual report does not explicitly name competitors, so the competitive landscape cannot be detailed from the sources provided. The company aims to differentiate through product diversification and recurring maintenance and repair services.
Differentiation depends on equipment durability, which the report states is above industry averages in many categories, and on the ability to combine products with services over the full lifecycle. Without further comparative data, the competitive advantage cannot be quantified from these sources.
- Competitors not named in sources
The annual report does not name competitors; no company in this category can be identified from the sources provided.
- Aquaculture equipment suppliers
General category of suppliers of equipment for sea pens and land-based farms; the sources give no names or specific data.
- RAS system producers
Companies offering land-based recirculating technologies; the report mentions the sector but names no entities.
- Net maintenance service providers
Companies providing maintenance and repair of aquaculture nets; no entity is named in the sources.
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 / AKVA group 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.