olivLaw · European equity research
DOF Group ASA DOFG.OL
Norway · Euronext Oslo Børs · ISIN NO0012851874 · Vertical: Listed companies from Norway
DOF Group ASA is a Norwegian provider of marine and subsea services to the offshore energy industry, running a high-end vessel fleet and a broad contract base. For fiscal 2025 the company reported a consolidated profit of 467 million USD, and vessel acquisitions announced after year-end point to a fleet modernisation strategy.
At the close of 06 Nov 2026, DOF Group ASA (DOFG.OL) stock was 122.10 NOK (−2.55% on the day), with beta 0.39, 52-week range 90.70–143.40 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)
- 35.0
- weak (30–45)
- Bollinger (20, 2)
- 124.26 – 136.59
- below the lower band · %B -0.17 · band width 9.5%
- SMA 50 / 200
- 130.92 / 127.16
- mixed trend
- MACD (12, 26, 9)
- -1.10 / -0.24
- 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 | −4.0% | −0.6% | −3.4 pp | — |
| 3 months | −2.6% | −4.2% | +1.6 pp | — |
| 6 months | −10.4% | +4.3% | −14.7 pp | — |
| Year to date | +28.2% | +7.5% | +20.7 pp | — |
| 1 year | +28.8% | +9.9% | +18.9 pp | −6.7% |
| 3 years | +132.1% | +49.8% | +82.3 pp | +12.7% |
| 5 years | unavailable | +42.8% | unavailable | — |
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 | 1.1 bn | 1.4 bn | 1.9 bn |
| Revenue YoY | unavailable | +22.7% | +35.1% |
| Net income | 363.0 m | 178.0 m | 467.0 m |
| Net income YoY | unavailable | −51.0% | +162.4% |
| Diluted EPS | 2.16 | 0.93 | 1.89 |
| Diluted EPS YoY | unavailable | −56.9% | +103.2% |
| net % | 32.2% | 12.9% | 25.0% |
| Free cash flow | 27.0 m | 277.0 m | 257.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 496.0 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 2.0 bn USD
- Total assets
- 4.2 bn USD
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 24.5%
- ROA
- 11.8%
- FCF margin
- 13.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.1 bn | 1.4 bn | 1.9 bn | esef· 21 Oct 2026verified |
| Operating income | 420.0 m | 413.0 m | 523.0 m | esef· 21 Oct 2026verified |
| Interest expense | 112.0 m | 113.0 m | 131.0 m | esef· 21 Oct 2026verified |
| Pre-tax income | 351.0 m | 184.0 m | 507.0 m | esef· 21 Oct 2026verified |
| Income tax | -15.0 m | 6.0 m | 40.0 m | esef· 21 Oct 2026verified |
| Net income | 363.0 m | 178.0 m | 467.0 m | esef· 21 Oct 2026verified |
| Diluted EPS | 2.16 | 0.93 | 1.89 | esef· 21 Oct 2026verified |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 280.0 m | 495.0 m | 496.0 m | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 1.5 bn | 2.2 bn | 2.4 bn | esef· 21 Oct 2026verified |
| Goodwill | 0 | 3.0 m | 3.0 m | esef· 21 Oct 2026verified |
| Total assets | 2.7 bn | 3.8 bn | 4.2 bn | esef· 21 Oct 2026verified |
| Current liabilities | 327.0 m | 490.0 m | 591.0 m | esef· 21 Oct 2026verified |
| Total liabilities | 1.6 bn | 2.0 bn | 2.1 bn | esef· 21 Oct 2026verified |
| Equity | 1.0 bn | 1.8 bn | 2.0 bn | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 168.1 m | 191.4 m | 247.1 m | esef· 21 Oct 2026derived |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 124.0 m | 374.0 m | 528.0 m | esef· 21 Oct 2026verified |
| Capex | 97.0 m | 97.0 m | 271.0 m | esef· 21 Oct 2026verified |
| Free cash flow | 27.0 m ≈ | 277.0 m ≈ | 257.0 m ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | -74.0 m | -442.0 m | -229.0 m | esef· 21 Oct 2026verified |
| Financing cash flow | -58.0 m | 307.0 m | -308.0 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: 3 of at least 6
- score weight coverage: 18.8% 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
19% · 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: 17.31 – 59.71 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 · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E17.31 – 59.71 (Mid 37.34)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: 3 of at least 6; score weight coverage: 18.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 25.0% | 95 (vs peers) | 33% |
| FCF conversion · Quality | 55.0% | 36 (on a fixed band) | 33% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 4.0x | 38 (on a fixed band) | 33% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| 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 sheet· partial38/100 · 1/3 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
DOF GROUP ASA (DOFG.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.9 bn USD in 2025; YoY growth 35.1%; net margin 25.0%; ROE 24.5%.
The estimated value range is 17.31–59.71 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: 3 of at least 6; score weight coverage: 18.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 25.0%
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): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Current ratio, 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 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% |
| 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 DOFG.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
DOF Group ASA is a Norwegian provider of marine and subsea services to the offshore energy industry, running a high-end vessel fleet and a broad contract base. For fiscal 2025 the company reported a consolidated profit of 467 million USD 1, and vessel acquisitions announced after year-end point to a fleet modernisation strategy 1.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Cybersecuritymedium
A data security breach or delays in meeting client and regulatory requirements could lead to lost contracts and operational disruption 1.
- Liquidity and currencymedium
Timing gaps between receipts and payments and currency volatility could affect cash flows, although the company applies a hedging strategy 1.
- Serious incidentshigh
Unplanned high-impact safety or operational events could reduce vessel availability and affect workforce safety, and the risk was marked as increased 1.
- Demand and utilisationmedium
Changes in energy prices and client investment could reduce demand and fleet utilisation 1.
- Human resources and skillslow
A limited pool of specialised staff could create capacity pressure and make it harder to attract and retain needed expertise 1.
Investment thesis
What would need to be true (bull case)
- If the contract backlog converts into steady revenue, the company could enjoy high visibility over the short and medium term 1.
- A modernised high-end fleet could help win complex work if demand stays strong 1.
- A solid capital structure could provide flexibility to keep investing through weaker cycles 1.
What to watch
- Completion of the AHTS vessel acquisition and the Skandi Laser saleQ2 2026
- Contribution of the expected sales gain from the Skandi Laser divestmentQ2 2026
- Development of the new contract backlog2026
- Impact of Middle East tensions on client demandnext 10-K
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
According to its articles, DOF Group ASA engages in trading and shipping and other offshore related activity 1. The group operates vessels and subsea and marine services, and its model relies on firm contracts and a high-end fleet suited to clients' complex operations 1. The company is headquartered in Norway and listed on the Oslo Stock Exchange 1.
Book equity at 31 December 2025 was 2044 million USD, corresponding to an equity ratio of 49 per cent 1. The board monitors that the capital structure stays appropriate to the group's objectives and risk profile 1.
After year-end management agreed to buy two high-powered AHTS vessels and sell an older vessel, Skandi Laser, to upgrade fleet quality 1. The company expects a sales gain of about 12 million USD in Q2 2026 from the divestment 1.
Segments
Marine services and asset management
This segment covers operation of offshore support vessels including AHTS and PLSV vessels, managed by an executive vice president for marine and asset operations 1. The high-end fleet is presented as the segment's main competitive advantage 1.
Market context
The report describes the market environment as supportive, with a large contract backlog and high tendering activity 1. The company warns, however, that shifts in market sentiment linked to the Middle East conflict could affect demand 1.
Demand depends on energy prices, industry cycles and client investment levels, and these factors can change vessel utilisation 1. Management considers the current backlog to give visibility on near-term revenue 1.
Trends
- Investment in high-end fleetmixed
Acquiring high-powered AHTS vessels could support the company's competitiveness on complex work if clients keep asking for such capacity 1. The net investment is partly financed with debt 1.
- Large contract backlogtailwind
A backlog of firm contracts gives revenue visibility and can soften short-term volatility 1. New contracts awarded after year-end support this visibility 1.
- Geopolitical tensionsheadwind
Conflict in the Middle East could shift market sentiment and clients' investment decisions 1. The company monitors these developments systematically 1.
- Energy price volatilityheadwind
Changes in energy prices and industry cycles can reduce demand for the company's services and fleet utilisation 1. The group treats this as one of its key strategic risks 1.
Competitive position
The analysed sources do not explicitly name competitors, so this analysis relies on the activities the company describes. The report refers to competition in complex subsea and marine services, where advantage comes from technology and a modern fleet 1.
Competitive position depends on the ability to bring technological innovation and cost-effective solutions 1. The company states that its high-end fleet supports winning contracts 1.
- Regional subsea and marine service providers
The report names no direct competitors; providers of subsea and marine services in the same markets are the relevant peers.
- Offshore support vessel operators
Competition comes from operators offering AHTS and support vessels to clients in the same regions.
- Subsea construction companies
Subsea construction firms may compete for the same projects, based on the market activities the company describes.
- Regional operators in Brazil
The company names Brazil as an important market, where local competition can influence contract awards.
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 / DOF 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.