olivLaw · European equity research
Fjord Defence Group ASA DFENS.OL
Norway · Euronext Oslo Børs · ISIN NO0013647693 · Vertical: Listed companies from Norway
Fjord Defence Group ASA is a Norwegian defence compounder listed on Oslo Børs that acquires and develops niche companies in the defence industry, mainly weapon accessories (Fjord Defence AS) and ballistic composite materials (Scanfiber Composites A/S). The company shifted from its former seismic profile to defence only in 2025, with revenue reaching 58,965 thousand NOK in fiscal 2025, in a context of rising European defence spending.
At the close of 04 Nov 2026, Fjord Defence Group ASA (DFENS.OL) stock was 12.65 NOK (+0.40% on the day), with market capitalisation 377.7 m NOK, beta 0.28, 52-week range 12.10–20.30 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)
- 44.7
- weak (30–45)
- Bollinger (20, 2)
- 11.96 – 13.52
- in the lower half of the band · %B 0.44 · band width 12.2%
- SMA 50 / 200
- 13.82 / 15.11
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.36 / -0.44
- 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 | −7.3% | −1.5% | −5.8 pp | — |
| 3 months | −15.9% | −5.3% | −10.7 pp | — |
| 6 months | −15.4% | +4.7% | −20.1 pp | — |
| Year to date | +0.2% | +6.0% | −5.8 pp | — |
| 1 year | −4.2% | +8.2% | −12.4 pp | −5.3% |
| 3 years | +8.7% | +47.2% | −38.5 pp | +19.1% |
| 5 years | −18.3% | +41.8% | −60.1 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.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 8.2 m | 41.9 m | 59.0 m |
| Revenue YoY | unavailable | +409.2% | +40.6% |
| Net income | -8.1 m | -115.3 m | -90.8 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.04 | -6.35 | -3.04 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -98.2% | -275.0% | -153.9% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 199.4 m NOK
- Financial debt
- 21.9 m NOK
- Net debt
- -177.5 m NOK
- Equity
- 658.5 m NOK
- Total assets
- 723.5 m NOK
- Debt / equity
- 0.03x
- Current ratio
- 5.63x
- ROE
- -18.8%
- ROA
- -17.3%
- 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 | 8.2 m | 41.9 m | 59.0 m | esef· 21 Oct 2026verified |
| Cost of revenue | 5.8 m | 42.4 m | 29.2 m | esef· 21 Oct 2026verified |
| Gross profit | 2.4 m ≈ | -412.0 k ≈ | 29.8 m ≈ | esef· 21 Oct 2026derived |
| Operating income | -7.7 m | -131.9 m | -116.3 m | esef· 21 Oct 2026verified |
| Interest expense | 394.0 k | 1.5 m | 2.6 m | esef· 21 Oct 2026verified |
| Pre-tax income | -8.1 m | -131.5 m | -117.5 m | esef· 21 Oct 2026verified |
| Income tax | -7.0 k | -16.2 m | -26.7 m | esef· 21 Oct 2026verified |
| Net income | -8.1 m | -115.3 m | -90.8 m | esef· 21 Oct 2026verified |
| Diluted EPS | -0.04 | -6.35 | -3.04 | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 23.1 m | 12.0 m | 199.4 m | esef· 21 Oct 2026verified |
| Inventories | — | 0 | 19.7 m | esef· 21 Oct 2026verified |
| Current assets | 4.2 m | 12.8 m | 257.8 m | esef· 21 Oct 2026verified |
| Goodwill | — | 0 | 178.2 m | esef· 21 Oct 2026verified |
| Intangibles (excl. goodwill) | — | 0 | 88.1 m | esef· 21 Oct 2026verified |
| Total assets | 43.9 m | 326.4 m | 723.5 m | esef· 21 Oct 2026verified |
| Short-term debt | — | 0 | 4.9 m | esef· 21 Oct 2026verified |
| Long-term debt | — | 0 | 17.0 m | esef· 21 Oct 2026verified |
| Current liabilities | 5.8 m | 19.7 m | 45.8 m | esef· 21 Oct 2026verified |
| Total liabilities | 5.8 m | 19.7 m | 65.0 m | esef· 21 Oct 2026verified |
| Equity | 388.0 m | 306.7 m | 658.5 m | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 202.2 m | 18.2 m | 29.9 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
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 377.7 m NOK
Key indicators
Coverage and freshness
Score by group
33% · 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: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -25.2% | 5 (vs peers) | 31% |
| Net margin · Quality | -153.9% | 11 (vs peers) | 19% |
| 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 | -44.6x | 0 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 5.6x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.1% | 1 (on a fixed band) | 19% |
| 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
- Quality7/100 · 2/3 factors with a value
- Returns· partial1/100 · 1/2 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
Fjord Defence Group ASA (DFENS.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 59.0 m NOK in 2025; YoY growth 40.6%; net margin -153.9%; ROE -18.8%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% 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: 5.6x
What contradicts it
- ROIC: -25.2%
- Net margin: -153.9%
- Interest coverage: -44.6x
- Shareholder yield (distributions): 0.1%
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, 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 | 85.6 bn | 21.8 | 7.9% | 21.4% | +42.5% | +46% / +70% |
| AFG.OLAf Gruppen Asa | 21.6 bn | 19.9 | 39.7% | 3.4% | +4.4% | +9% / +71% |
| ELK.OLElkem Asa | 19.6 bn | 40.2 | 1.9% | 2.7% | −15.7% | +12% / +77% |
| ATEA.OLAtea Asa | 19.0 bn | 22.0 | 19.7% | 2.3% | +8.1% | +15% / +40% |
| AKSO.OLAker Solutions Asa | 17.6 bn | 6.9 | 22.5% | 4.1% | +19.2% | +19% / −11% |
| AUSS.OLAustevoll Seafood Asa | 16.7 bn | 37.2 | 1.6% | 1.1% | +11.1% | −6% / +11% |
| BRG.OLBorregaard Asa | 15.5 bn | 25.1 | 11.4% | 8.0% | +1.3% | −18% / −10% |
| BONHR.OLBonheur ASA | 11.2 bn | 7.9 | 17.1% | 11.4% | −10.8% | +18% / +45% |
| AFK.OLArendals Fossekompani Asa | 10.3 bn | — | -2.3% | -3.1% | −14.9% | +38% / +30% |
| B2I.OLB2 Impact Asa | 8.7 bn | 14.2 | 11.0% | 16.4% | +2.6% | +39% / +236% |
| AKVA.OLAkva Group Asa | 5.8 bn | 31.3 | 13.7% | 4.2% | +24.4% | +74% / +153% |
| BOUV.OLBouvet Asa | 5.1 bn | 14.5 | 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 | 3.9 bn | 61.2 | 1.3% | 13.1% | +34.0% | −6% / +28% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.7 bn | 10.9 | 34.9% | 16.8% | +12.4% | −11% / +22% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −14% / −7% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.4 bn | 10.9 | 30.1% | 16.1% | +32.3% | −51% / 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 | 563.7 m | 36.8 | 2.1% | 1.4% | −3.0% | −5% / +44% |
| ARR.OLArribatec Group Asa | 239.5 m | 4.9 | 22.1% | 9.3% | +15.7% | −31% / −54% |
| DELIA.OLDellia Group Asa | 73.4 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.9 m | 0.1 | — | 7,297.7% | −87.2% | −81% / −97% |
| AGLX.OLAgilyx Asa | — | — | -182.4% | -12,189.3% | +20.3% | −41% / −42% |
1- and 3-year price returns: for DFENS.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 | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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
Fjord Defence Group ASA is a Norwegian defence compounder listed on Oslo Børs that acquires and develops niche companies in the defence industry, mainly weapon accessories (Fjord Defence AS) and ballistic composite materials (Scanfiber Composites A/S). The company shifted from its former seismic profile to defence only in 2025, with revenue reaching 58,965 thousand NOK in fiscal 2025 1, in a context of rising European defence spending 1.
SWOT
Strengths
- A very strong capital structure with a high equity ratio, supported by recent share placements that add liquidity 1.
- A niche position in weapon accessories and ballistic composites, with ISO certifications and NATO-standard compliance 1.
- Customers are primarily established military OEMs considered financially sound, which lowers credit risk 1.
Weaknesses
- The company still reports operating and net losses, partly from amortisation of the seismic library and transaction costs 1.
- The new defence profile is recent, with a small workforce and growth that depends heavily on acquisitions 1.
- Operating cash flow was negative in fiscal 2025, making the company dependent on access to capital 1.
Opportunities
Risks
- Acquisition integration riskhigh
The buy-and-build strategy could face difficulties in realising synergies, cultural alignment and operational scaling 1.
- Dependence on financing for acquisitionshigh
Closing of the Scanfiber deal depends on additional debt financing in DKK, and lack of access to capital could limit the strategy 1.
- Military procurement cyclesmedium
Fluctuations in military spending and procurement cycles could delay orders or contract awards 1.
- Legacy seismic librarymedium
Oil and gas prices could affect exploration spending and could lead to impairments of the legacy seismic assets 1.
- Currency risklow
Operations in several currencies, including NOK, SEK, DKK, EUR and USD, could expose the company to exchange rate fluctuations 1.
Investment thesis
What would need to be true (bull case)
- If European defence budgets rise as management expects, the company could benefit from demand for niche accessories and composites 1.
- A very strong capital structure and recent liquidity could give flexibility for further acquisitions 1.
- Certifications and relationships with established military OEMs could strengthen the position in niche markets 1.
What would break the thesis
- The company could keep reporting operating losses if acquisition integration is delayed or synergies do not materialise 1.
- Reliance on financing for acquisitions could become a problem if market conditions deteriorate 1.
- Geopolitical shifts could lead to procurement delays, weighing on expected revenue 1.
What to watch
- Closing and integration of the Scanfiber acquisition2026
- Delivery of the double-digit revenue growth management projects2026
- Trend in operating loss and operating cash flownext 10-K
- Use of the M&A facility and the additional 150 million NOK debt financing2027
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
Fjord Defence Group ASA, formerly Aquila Holdings ASA, focuses on acquiring and developing fast-growing, profitable companies in the defence and security sectors 1. Its core portfolio includes Fjord Defence AS, specialising in weapon mounts and accessories, and Scanfiber Composites A/S, a leader in ultra-light composite ballistic protection 1. The company had 15 employees at the end of 2025 1.
Segments
Defence (Fjord Defence AS and Scanfiber)
The defence segment has grown significantly following acquisitions and forms the core of value creation, with focus on weapon accessories, lightweight composites and ballistic protection 1. Fjord Defence AS holds ISO 9001:2015 certification and its products are built to military and NATO specifications 1.
Seismic (legacy)
The legacy multi-client seismic data library is managed for maximum value extraction with limited investment and contributes modestly to group revenue 1.
Market context
Management projects global defence spending to exceed 2.6 trillion USD in 2026, an increase of 8.1% over 2025 1. In Europe, where the company mainly operates, defence budgets could rise by high single to low double digits, which would favour local suppliers 1.
The US Department of Defense FY2026 budget request of 961.6 billion USD includes significant funding for research and development in asymmetric technologies, which management sees as relevant for niche suppliers 1.
Trends
- European rearmamenttailwind
Management considers the European rearmament cycle to last for the foreseeable future, with new investment followed by a more balanced mix of investment and aftermarket activity, which could sustain demand for the company's products 1.
- US defence budgetstailwind
The US defence budget request for fiscal 2026 includes a sharp rise in research and development funding aimed at asymmetric technologies, which could benefit niche suppliers 1.
- Geopolitical shiftsmixed
Changes in conflict dynamics or policy priorities could lead to budget reallocations or procurement delays, according to management 1.
- Export controls and supply chainsheadwind
Changes in export control rules and disruptions to supply chains for specialised materials could affect international sales and delivery timing 1.
Competitive position
The company operates in specialised niches where competition depends on continuous innovation, reliability as a supplier and military certifications 1. The supplied sources do not name specific competitors, so the list below is limited.
- Weapon accessories and mounts suppliers
Not named in the supplied sources; the annual report mentions only general competitive and innovation risks 1.
- Defence composite materials suppliers
Not named in the supplied documents; identifying them would require additional sources.
- Weapon integration system providers
Not named in the supplied documents.
- Other buyers of defence assets
The company plans selective acquisitions, which implies competition for targets, but no names appear 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 / Fjord Defence 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.