olivLaw · European equity research
Hexagon Composites ASA HEX.OL
Norway · Euronext Oslo Børs · ISIN NO0003067902 · Vertical: Listed companies from Norway
Hexagon Composites develops composite-based solutions for storing and transporting clean energy, with a focus on natural gas for heavy-duty trucks. The company currently faces weak markets and a leverage covenant due to be reinstated, which makes its performance through 2026 closely watched.
At the close of 06 Nov 2026, Hexagon Composites ASA (HEX.OL) stock was 11.78 NOK (+11.45% on the day), with market capitalisation 2.7 bn NOK, beta 0.76, 52-week range 6.36–14.50 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)
- 51.1
- neutral
- Bollinger (20, 2)
- 10.53 – 12.66
- in the upper half of the band · %B 0.59 · band width 18.3%
- SMA 50 / 200
- 12.32 / 10.46
- mixed trend
- MACD (12, 26, 9)
- -0.36 / -0.36
- 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 | −5.0% | −0.6% | −4.4 pp | — |
| 3 months | −14.5% | −4.2% | −10.3 pp | — |
| 6 months | +23.7% | +4.3% | +19.4 pp | — |
| Year to date | +52.2% | +7.5% | +44.7 pp | — |
| 1 year | +61.1% | +9.9% | +51.2 pp | −4.7% |
| 3 years | −55.4% | +49.8% | −105.3 pp | +12.7% |
| 5 years | −57.9% | +42.8% | −100.7 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 | 4.5 bn | 4.9 bn | 2.9 bn |
| Revenue YoY | unavailable | +7.3% | −39.4% |
| Net income | 1.2 bn | -279.1 m | -1.2 bn |
| Net income YoY | unavailable | −123.2% | unavailable |
| Diluted EPS | 5.53 | -1.36 | -5.03 |
| Diluted EPS YoY | unavailable | −124.6% | unavailable |
| net % | 26.6% | -5.7% | -39.4% |
| Free cash flow | -41.0 m | -112.2 m | -152.8 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 211.4 m NOK
- Financial debt
- 1.2 bn NOK
- Net debt
- 1.0 bn NOK
- Equity
- 2.6 bn NOK
- Total assets
- 5.3 bn NOK
- Debt / equity
- 0.47x
- Current ratio
- 3.18x
- ROE
- -37.5%
- ROA
- -18.7%
- FCF margin
- -5.2%
Financial statements (source on every figure)
Revenue and net income (NOK)
Margins
Income statement · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 4.5 bn | 4.9 bn | 2.9 bn | esef· 21 Oct 2026verified |
| Operating income | 145.6 m | 370.1 m | -149.7 m | esef· 21 Oct 2026verified |
| Interest expense | 377.3 m | 347.6 m | 511.7 m | esef· 21 Oct 2026verified |
| Pre-tax income | 1.1 bn | -212.7 m | -1.2 bn | esef· 21 Oct 2026verified |
| Income tax | -1.5 m | 62.5 m | -72.8 m | esef· 21 Oct 2026verified |
| Net income | 1.2 bn | -279.1 m | -1.2 bn | esef· 21 Oct 2026verified |
| Diluted EPS | 5.53 | -1.36 | -5.03 | esef· 21 Oct 2026verified |
Balance sheet · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 154.4 m | 302.3 m | 211.4 m | esef· 21 Oct 2026verified |
| Inventories | 1.1 bn | 1.2 bn | 1.1 bn | esef· 21 Oct 2026verified |
| Current assets | 2.0 bn | 2.4 bn | 1.9 bn | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 947.9 m | 940.9 m | 879.3 m | esef· 21 Oct 2026verified |
| Total assets | 6.4 bn | 7.1 bn | 5.3 bn | esef· 21 Oct 2026verified |
| Short-term debt | 1.1 bn | 201.5 m | 0 | esef· 21 Oct 2026verified |
| Long-term debt | 0 | 1.1 bn | 1.2 bn | esef· 21 Oct 2026verified |
| Current liabilities | 2.7 bn | 1.3 bn | 606.2 m | esef· 21 Oct 2026verified |
| Total liabilities | 3.2 bn | 3.5 bn | 2.7 bn | esef· 21 Oct 2026verified |
| Equity | 3.2 bn | 3.5 bn | 2.6 bn | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 218.0 m | 205.2 m | 230.5 m | esef· 21 Oct 2026derived |
Cash flow · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 383.1 m | 147.1 m | -67.0 m | esef· 21 Oct 2026verified |
| Capex | 424.0 m | 259.3 m | 85.8 m | esef· 21 Oct 2026verified |
| Free cash flow | -41.0 m ≈ | -112.2 m ≈ | -152.8 m ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | -354.8 m | -237.2 m | -220.4 m | esef· 21 Oct 2026verified |
| Financing cash flow | 429.5 m | 235.7 m | 196.4 m | esef· 21 Oct 2026verified |
| Share repurchases | 63.7 m | 0 | 75.1 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
- score weight coverage: 41.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 2.7 bn NOK
Key indicators
Coverage and freshness
Score by group
42% · 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: 41.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -3.1% | 14 (vs peers) | 25% |
| Net margin · Quality | -39.4% | 18 (vs peers) | 15% |
| 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 | -0.3x | 0 (on a fixed band) | 15% |
| Current ratio · Balance sheet | 3.2x | 100 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -5.6% | 0 (on a fixed band) | 20% |
| Shareholder yield (distributions) · Returns | 2.8% | 40 (on a fixed band) | 15% |
| 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
- Quality15/100 · 2/3 factors with a value
- Returns· partial40/100 · 1/2 factors with a value
- Valuation· partial0/100 · 1/3 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
HEXAGON COMPOSITES ASA (HEX.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 2.9 bn NOK in 2025; YoY growth -39.4%; net margin -39.4%; ROE -37.5%.
The estimated value range is 6.92–11.83 NOK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 8.90 NOK, the price of 11.78 NOK leaves a potential of -24.5% (value / price − 1) and a margin of safety of -32.4% (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: 41.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 3.2x
What contradicts it
- ROIC: -3.1%
- Net margin: -39.4%
- Interest coverage: -0.3x
- FCF yield: -5.6%
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, 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% |
| HEX.OLHexagon Composites Asa | 2.7 bn | — | -37.5% | -39.4% | −39.4% | +70% / −54% |
| 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% |
1- and 3-year price returns: for HEX.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
Hexagon Composites develops composite-based solutions for storing and transporting clean energy, with a focus on natural gas for heavy-duty trucks. The company currently faces weak markets and a leverage covenant due to be reinstated, which makes its performance through 2026 closely watched.
SWOT
Strengths
- Stated position as a leader in natural gas technology for heavy-duty trucks, with a growth opportunity in North America 1.
- Core technology presented as useful for energy security, reliability and emissions reductions 1.
- Management states confidence in the company's resilience and its ability to benefit from market normalization 1.
Weaknesses
Opportunities
Risks
- Going concern uncertaintyhigh
Management acknowledges material uncertainty that may cast significant doubt on the company's ability to continue as a going concern, although it considers the basis appropriate 1.
- Compliance with the leverage covenanthigh
The covenant based on net debt to EBITDA is due for reinstatement, and compliance is described as uncertain 1.
- Negotiating the waiver with banksmedium
Discussions with lending banks on extending the waiver period had not produced a formal agreement at the date of the annual report 1.
- Weak core market demandmedium
Management expects market softness to continue at least partly into 2026 1.
- Restructuring executionlow
Closing the Polish business and integrating it in Germany carries operational and timing risks, especially under financial pressure 1.
Investment thesis
What would need to be true (bull case)
- If the market normalizes as management anticipates, the company's position in natural gas for heavy-duty trucks could support long-term profitable growth 1.
- Core technology focused on lowering total cost of ownership could become an important argument for energy and mobility customers 1.
- The Cryoshelter acquisition and plans for India could add value to the investment over time 1.
What would break the thesis
- Management acknowledges material uncertainty about going concern, which could limit the company's options if the covenant is not met 1.
- Weak demand could persist longer than expected, delaying a recovery in revenue 1.
- Refinancing measures could involve dilution or high costs if new capital or asset sales are needed 1.
What to watch
- Outcome of negotiations with banks on extending the covenant waiver period2026
- Whether the company can meet the leverage covenant after reinstatement30 September 2026
- Demand trends for natural gas heavy-duty trucks in North America2026
- Effects of closing the Polish type-3 business as discontinued operations in the 2026 accounts2026
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
Hexagon delivers safe and innovative solutions for a cleaner energy future, enabling storage, transportation and conversion to clean energy across many mobility and industrial applications 1. Its vision is clean air everywhere, supported by core technology aimed at lowering total cost of ownership for energy and mobility companies 1. The stated business objective covers development, production, marketing and sale of goods and services related to composites 1.
Segments
Market context
Management expects market softness to continue, with gradual improvements and normal seasonality that could make 2026 a back-end loaded year 1. The market it describes is clean energy and low-emission mobility, where natural gas is the only alternative fuel described as ready for mass adoption in heavy-duty trucks 1.
Trends
- Normalization of demand for natural gas vehiclesmixed
The board says that as the market normalizes, Hexagon could capture long-term profitable growth 1. Until then, weak demand tempers the near-term outlook 1.
- Focus on lowering total cost of ownershiptailwind
The company presents its technology as key to energy security, energy reliability and emissions reductions, mainly by lowering total cost of ownership 1. If customers prioritize this criterion, the advantage could support demand 1.
- Pressure from the financial covenantheadwind
The leverage covenant based on net debt to EBITDA will be reinstated on 30 September 2026, and significant uncertainty exists about compliance 1. If it is not met, the loans may become repayable on demand 1.
- Optimizing cost structure and capitalmixed
The company is evaluating continued cost reductions, potential divestments and refinancing, which may include new debt or equity 1. These measures could improve financial flexibility, but their results depend on execution 1.
Competitive position
The analyzed sources do not explicitly name the company's competitors. Hexagon instead positions itself as well placed in natural gas for heavy-duty trucks, where it says it is in pole position for long-term growth 1. A fuller competitive assessment would require additional sources.
- Competitors not named in the source
The source does not name direct competitors, so no verified list can be given.
- Natural gas fuel system suppliers
General category, not named specifically in the analyzed source.
- Bio-LNG technology producers
General category linked to the Cryoshelter acquisition, with no company names in the source.
- Heavy-duty truck alternative fuels
The source says natural gas is the only alternative ready for mass adoption, which frames competition by technology.
News & filings
In the press
- Florin Mariş, Hexagon, unul dintre cei mai mari dezvoltatori imobiliari din Cluj, vorbeşte despre lipsa de reglementare din rezidenţial: Clientul nu ştie exact ce ar trebui să primească pentru banii pe care îi plăteşte pe metrul pătrat, dar piaţa începe să se schimbeZiarul Financiar · 05 Nov 2026 · RO
- Hexagon a construit o grădiniţă şi o creşă în cartierul ERA din Cluj şi le-a donat autorităţilor locale. Fondatorul grupului spune că primăriile ar trebui să stabilească reguli clare prin care dezvoltatorii să finanţeze împreună şcoli şi grădiniţe în cartierele noiZiarul Financiar · 04 Nov 2026 · RO
- The rise of the nuclear hexagon and the future of Asian stabilityAsia Times · 29 Oct 2026 · EN
- Proteste și incidente în Franța, Belgia și Albania. 1000 de persoane arestate în urma violențelor de noapte din HexagonProfit.ro · 25 Oct 2026 · RO
- Au ajuns protestele din Franţa un eveniment obişnuit pentru asiguratori? Vandalismul şi spargerea vitrinelor magazinelor, lucruri tot mai frecvente în HexagonZiarul Financiar · 20 Oct 2026 · RO
- Laurențiu Mihu, jurnalist român stabilit la Paris, despre protestele din Hexagon: „Francezii simt că sărăcesc, sunt iritați de constrângerile bugetare pe care le invocă guvernul”Libertatea.ro · 19 Oct 2026 · RO
- Situație critică în Franța. Macron se va adresa națiunii după protestele violente din Hexagon. Primul deces raportat - Stirile ProTVSurge — Google News · 18 Oct 2026 · RO
- Hexagon, Weyerhaeuser Ink Geothermal Development Deal for Pacific NorthwestYahoo Finance — News · 10 Sept 2026 · EN
- tbi bank urcă la 15 mil. euro finanţarea acordată dezvoltatorului local Hexagon pentru un proiect rezidenţial cu 136 de apartamente în centrul ClujuluiZiarul Financiar · 02 Sept 2026 · RO
- Noi apartamente. tbi bank extinde la 15 milioane de euro finanțarea acordată Hexagon pentru proiectul Someșului 15 din Cluj-NapocaProfit.ro · 02 Sept 2026 · RO
- Alianța Hexagon vs. Diamantul sunnit: Ce noi coaliții rivale din Orientul Mijlociu își dispută supremația în umbra Americii lui TrumpDigi24 · 24 Aug 2026 · RO
- Clujul, cea mai efervescentă piaţă imobiliară a României şi al doilea pol de business al ţării: cel mai mare mall din ţară în construcţie, aproape 200 de investitori internaţionali cu sediul în oraş şi două reconversii industriale uriaşe – RIVUS, pariul de 550 mil. euro al IULIUS, şi fosta CUG, cumpărată de HexagonZiarul Financiar · 03 Jun 2026 · RO
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 / Hexagon Composites 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.