olivLaw · European equity research
AutoStore Holdings Ltd. AUTO.OL
Norway · Euronext Oslo Børs · Vertical: Listed companies from Norway
AutoStore Holdings Ltd. develops high-density robotic storage systems listed on the Oslo Stock Exchange. The company is reorganizing its commercial activity after a transformation process started in 2025, and demand for warehouse automation remains central to its strategy amid heightened trade and geopolitical uncertainty.
At the close of 06 Nov 2026, AutoStore Holdings Ltd. (AUTO.OL) stock was 14.15 NOK (−0.07% on the day), with beta 1.27, 52-week range 9.13–17.06 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)
- 33.3
- weak (30–45)
- Bollinger (20, 2)
- 14.15 – 15.69
- below the lower band · %B -0.00 · band width 10.3%
- SMA 50 / 200
- 15.44 / 12.82
- mixed trend
- MACD (12, 26, 9)
- -0.28 / -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 | −11.3% | −0.6% | −10.6 pp | — |
| 3 months | +12.7% | −4.2% | +16.8 pp | — |
| 6 months | +5.8% | +4.3% | +1.5 pp | — |
| Year to date | +19.8% | +7.5% | +12.3 pp | — |
| 1 year | +28.6% | +9.9% | +18.7 pp | −5.7% |
| 3 years | +5.6% | +49.8% | −44.2 pp | +15.0% |
| 5 years | −64.6% | +42.8% | −107.5 pp | — |
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 | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | -32.6 m | 136.6 m | 81.8 m |
| Net income YoY | unavailable | unavailable | −40.1% |
| Diluted EPS | -0.01 | 0.04 | 0.02 |
| Diluted EPS YoY | unavailable | unavailable | −40.0% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | 137.0 m | 127.8 m | 84.4 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 90.1 m USD
- Financial debt
- 236.6 m USD
- Net debt
- 146.5 m USD
- Equity
- 1.5 bn USD
- Total assets
- 2.0 bn USD
- Debt / equity
- 0.15x
- Current ratio
- 2.56x
- ROE
- 5.8%
- ROA
- 4.1%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating income | -13.6 m | 222.5 m | 140.1 m | esef· 21 Oct 2026verified |
| Interest expense | 43.1 m | 49.2 m | 32.4 m | esef· 21 Oct 2026verified |
| Pre-tax income | -46.3 m | 176.1 m | 105.8 m | esef· 21 Oct 2026verified |
| Income tax | -13.7 m | 39.5 m | 24.0 m | esef· 21 Oct 2026verified |
| Net income | -32.6 m | 136.6 m | 81.8 m | esef· 21 Oct 2026verified |
| Diluted EPS | -0.01 | 0.04 | 0.02 | esef· 21 Oct 2026verified |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 253.3 m | 296.1 m | 90.1 m | esef· 21 Oct 2026verified |
| Inventories | 82.9 m | 87.3 m | 82.2 m | esef· 21 Oct 2026verified |
| Current assets | 489.3 m | 534.6 m | 323.2 m | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 30.2 m | 36.8 m | 46.6 m | esef· 21 Oct 2026verified |
| Goodwill | 1.1 bn | 953.0 m | 1.1 bn | esef· 21 Oct 2026verified |
| Intangibles (excl. goodwill) | 492.0 m | 436.5 m | 491.4 m | esef· 21 Oct 2026verified |
| Total assets | 2.1 bn | 2.0 bn | 2.0 bn | esef· 21 Oct 2026verified |
| Short-term debt | 138.9 m | 77.4 m | 26.0 m | esef· 21 Oct 2026verified |
| Long-term debt | 432.8 m | 418.4 m | 210.6 m | esef· 21 Oct 2026verified |
| Current liabilities | 219.7 m | 192.8 m | 126.4 m | esef· 21 Oct 2026verified |
| Total liabilities | 856.8 m | 742.0 m | 467.5 m | esef· 21 Oct 2026verified |
| Equity | 1.3 bn | 1.3 bn | 1.5 bn | esef· 21 Oct 2026verified |
| Shares outstanding at year end | — | 3.3 bn | 3.4 bn | esef· 21 Oct 2026derived |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 152.5 m | 143.4 m | 94.3 m | esef· 21 Oct 2026verified |
| Capex | 15.5 m | 15.6 m | 9.9 m | esef· 21 Oct 2026verified |
| Free cash flow | 137.0 m ≈ | 127.8 m ≈ | 84.4 m ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | -43.2 m | -46.7 m | -48.2 m | esef· 21 Oct 2026verified |
| Financing cash flow | -36.8 m | -44.2 m | -265.7 m | 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%
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
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.22 – 0.76 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E0.22 – 0.76 (Mid 0.47)19 companies used · median multiple 19.8x · quartiles 9.2x – 31.6xABG.OL, ABTEC.OL, AFG.OL, AKER.OL, AKSO.OL, AKVA.OL, APR.OL, ARR.OL, ATEA.OL, AUSS.OL, B2I.OL, BONHR.OL, BOR.OL, BOUV.OL, BRG.OL, CLOUD.OL, DELIA.OL, ELK.OL, ELMRA.OL
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 6.9% | 43 (vs peers) | 38% |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 103.2% | 100 (on a fixed band) | 23% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 4.3x | 43 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 2.6x | 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 sheet66/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality65/100 · 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
AUTOSTORE HOLDINGS LTD. (AUTO.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 5.8%.
The estimated value range is 0.22–0.76 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 103.2%
- Current ratio: 2.6x
What contradicts it
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.
Not assessed (insufficient data or a ratio without meaning): Net margin, 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 40 companies
Multiples and returns vs the median
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 AUTO.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
AutoStore Holdings Ltd. develops high-density robotic storage systems listed on the Oslo Stock Exchange. The company is reorganizing its commercial activity after a transformation process started in 2025, and demand for warehouse automation remains central to its strategy amid heightened trade and geopolitical uncertainty.
SWOT
Strengths
- A standardized system with proven advantages in storage density, energy efficiency and durability, supported by recyclable components and a broad base of installed systems.
- Long-standing relationships with integrator partners and a diversified supplier network with dual assembly plants.
- A project pipeline and order backlog that provide a basis of visibility for the period ahead.
Weaknesses
- Because activity is project-driven, revenue can fluctuate significantly from one quarter to the next.
- Dependence on integrator partners and external suppliers exposes the company to operational risks.
- The 2025 transformation process affected the pace of some sustainability initiatives, and no formal targets have yet been adopted.
Opportunities
- The rise of e-commerce and the need for efficiency could expand demand for automated warehouses.
- Reallocating resources toward the high throughput segment and improving the commercial model could increase penetration of existing accounts.
- Solutions with recyclable components and low energy use could meet customer demands on sustainability.
Threats
- Trade uncertainty and tariff policies could cause customers to postpone investments.
- New entrants into the AS/RS market could pressure prices and market share.
- Industrial espionage and cyberattacks could affect intellectual property and operations.
Risks
- Dependence on integrator partnersmedium
The company sells through partners, and losing some of them could affect sales. The company monitors this risk on a regular basis. 1
- Global supply chainmedium
Operations depend on the availability and quality of certain materials and components, and risks of human rights breaches upstream are recognized. 1
- Cybersecurity and industrial espionagehigh
As a software and robotics developer, the company could be targeted by cyberattacks or espionage that expose its intellectual property. 1
- Trade and geopolitical uncertaintyhigh
Trade tensions, tariffs and regional conflicts could slow customers' investment decisions. 1
- Raw material price volatilitylow
Aluminum and other raw material prices are sensitive to geopolitical events, which could affect production costs. 1
Investment thesis
What would need to be true (bull case)
- If demand for warehouse automation keeps growing, the company could benefit from a solid project pipeline and an expanding installed base.
- The commercial reorganization and the reallocation of resources toward the high throughput segment could lead to higher penetration of existing accounts.
- The system's technical advantages, such as energy efficiency and durability, could strengthen the company's position against traditional solutions.
What would break the thesis
- If customers remain cautious with investment because of trade uncertainty, revenue could be affected in the near term.
- New competitors entering the AS/RS market could reduce margins and the company's market share.
- The project-driven nature of the business can create large swings from quarter to quarter, making results difficult to forecast.
What to watch
- Development of new orders and the order backlogQ1 2027
- Effects of US tariffs on investment by North American customers2027
- Results of the reallocation toward the high throughput segmentnext 10-K
- Evolution of aluminum prices and production costs2027
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
AutoStore develops and sells a robotic automated storage system using bins and grids that allows a large volume of inventory to be stored in a small space. The company sells mainly through integrator partners who distribute and sell the systems to customers. Component production is outsourced to third-party manufacturers, while robot and software development remains the core activity. Shares have been listed on the Oslo Stock Exchange since October 2021 under the ticker AUTO. 1
The business model relies on a standardized product set, a diversified supplier base and two assembly plants. The company aims to keep its edge through energy efficiency, product durability and a long lifecycle, with aluminum and plastic components being recyclable. 1
Activity is organized around projects, so revenue can vary from one quarter to the next. The company has allocated resources toward the high throughput segment and sharpened its customer-focused go-to-market model. 1
Segments
Automated storage systems
The core offering is the AutoStore system, made up of robots, bins and grids, used to store and retrieve products automatically. Customers are connected through integrator partners. 1
High throughput segment
The company has reallocated resources toward the high throughput segment, regarded as having high potential within its commercial strategy. According to management, results from this reallocation are only starting to show. 1
Market context
The warehouse automation market is driven by the rise of e-commerce, labor cost pressures and the need for operational efficiency. The company says long-term demand remains solid, with a strong pipeline and a robust order backlog. Customer capital investment could, however, become more cautious because of trade and geopolitical uncertainty. North America represented approximately 24% of 2025 revenue. 1
Competition in the AS/RS market is intensifying as more competitors enter the segment. The company also monitors raw material and aluminum prices, which are sensitive to instability in the Middle East. 1
Trends
- Growth of warehouse automationtailwind
Companies are seeking efficiency in warehouses, which supports adoption of automation in global supply chains. If this trend continues, demand for AutoStore solutions could remain high. 1
- Trade and geopolitical uncertaintyheadwind
US tariffs and tensions in the Middle East could lead customers to postpone capital investment, limiting near-term visibility. 1
- E-commerce and labor cost pressurestailwind
The rise of e-commerce and labor cost pressures are structural factors that support the need for efficient operations. 1
- Raw material and aluminum pricesmixed
Volatility in aluminum and raw material prices, linked to geopolitical instability, could affect production costs with a mixed effect on margins. 1
Competitive position
The market for automated warehouse storage is changing rapidly, and new competing products appear frequently. Rising demand for AS/RS solutions is attracting new competitors and technology keeps evolving. 1
The company's advantage lies in system density, low energy use and long component lifetime, which it compares against traditional warehouse solutions. 1
- Other AS/RS solution providers
The source refers in general to new competitors entering the AS/RS market without naming them.
- Traditional warehouse solutions
The company compares its system with traditional warehouses, which use more space and equipment such as forklifts.
- Other integrators and in-house systems
Customers may turn to other integrators or in-house solutions, which could compete with the partner-based distribution model.
- Parties targeting the company's technology
The company warns that industrial espionage may target its intellectual property and source code.
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 / AutoStore Holdings Ltd. · 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.