olivLaw · European equity research
KITRON ASA KIT.OL
Norway · Euronext Oslo Børs · ISIN NO0003079709 · Vertical: Listed companies from Norway
KITRON ASA is a Norwegian provider of development, industrialization and electronics manufacturing services, with plants in Sweden and Nanjing, China. The company grew strongly in 2025, driven by accelerating demand in defence and aerospace, and its 2026 guidance points to a further step up. Operating revenue for 2025 reached EUR 738.3 million, up 14.1 per cent.
At the close of 06 Nov 2026, KITRON ASA (KIT.OL) stock was 85.90 NOK (−0.52% on the day), with beta 0.60, 52-week range 57.90–114.30 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)
- 37.8
- weak (30–45)
- Bollinger (20, 2)
- 79.76 – 106.03
- in the lower half of the band · %B 0.23 · band width 28.3%
- SMA 50 / 200
- 95.88 / 97.56
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -2.72 / -2.24
- 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 | −17.1% | −0.6% | −16.4 pp | — |
| 3 months | −3.4% | −4.2% | +0.8 pp | — |
| 6 months | −19.9% | +4.3% | −24.3 pp | — |
| Year to date | +18.2% | +7.5% | +10.6 pp | — |
| 1 year | +20.0% | +9.9% | +10.1 pp | −4.7% |
| 3 years | +199.3% | +49.8% | +149.5 pp | +12.7% |
| 5 years | +350.2% | +42.8% | +307.4 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 | 775.2 m | 647.2 m | 738.3 m |
| Revenue YoY | unavailable | −16.5% | +14.1% |
| Net income | 51.1 m | 28.0 m | 43.8 m |
| Net income YoY | unavailable | −45.2% | +56.4% |
| Diluted EPS | 0.26 | 0.14 | 0.22 |
| Diluted EPS YoY | unavailable | −46.2% | +57.1% |
| net % | 6.6% | 4.3% | 5.9% |
| Free cash flow | 43.2 m | 35.9 m | 83.3 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 145.8 m EUR
- Financial debt
- 92.8 m EUR
- Net debt
- -53.0 m EUR
- Equity
- 313.9 m EUR
- Total assets
- 741.3 m EUR
- Debt / equity
- 0.30x
- Current ratio
- 1.80x
- ROE
- 17.1%
- ROA
- 6.8%
- FCF margin
- 11.3%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 775.2 m | 647.2 m | 738.3 m | esef· 21 Oct 2026verified |
| Operating income | 70.7 m | 48.0 m | 64.5 m | esef· 21 Oct 2026verified |
| Interest expense | 14.4 m | 14.6 m | 13.0 m | esef· 21 Oct 2026verified |
| Pre-tax income | 64.7 m | 39.9 m | 55.1 m | esef· 21 Oct 2026verified |
| Income tax | 13.7 m | 11.9 m | 11.3 m | esef· 21 Oct 2026verified |
| Net income | 51.1 m | 28.0 m | 43.8 m | esef· 21 Oct 2026verified |
| Diluted EPS | 0.26 | 0.14 | 0.22 | esef· 21 Oct 2026verified |
| Dividend per share | 0.04 | 0.06 | 0.03 | esef· 21 Oct 2026derived |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 39.0 m | 48.7 m | 145.8 m | esef· 21 Oct 2026verified |
| Inventories | 166.4 m | 141.4 m | 155.1 m | esef· 21 Oct 2026verified |
| Current assets | 426.9 m | 402.2 m | 583.8 m | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 47.8 m | 47.2 m | 50.7 m | esef· 21 Oct 2026verified |
| Goodwill | 44.8 m | 44.4 m | 45.0 m | esef· 21 Oct 2026verified |
| Intangibles (excl. goodwill) | 27.2 m | 26.3 m | 25.7 m | esef· 21 Oct 2026verified |
| Total assets | 580.8 m | 556.0 m | 741.3 m | esef· 21 Oct 2026verified |
| Short-term debt | 55.1 m | 54.0 m | — | esef· 08 May 2025verified |
| Long-term debt | 113.3 m | 108.2 m | 92.8 m | esef· 21 Oct 2026verified |
| Current liabilities | 277.1 m | 238.8 m | 323.8 m | esef· 21 Oct 2026verified |
| Total liabilities | 397.3 m | 357.1 m | 427.4 m | esef· 21 Oct 2026verified |
| Equity | 183.5 m | 198.9 m | 313.9 m | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 196.5 m | 200.0 m | 199.1 m | esef· 21 Oct 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 59.0 m | 43.7 m | 93.6 m | esef· 21 Oct 2026verified |
| Capex | 15.8 m | 7.8 m | 10.3 m | esef· 21 Oct 2026verified |
| Free cash flow | 43.2 m ≈ | 35.9 m ≈ | 83.3 m ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | -16.3 m | -8.6 m | -12.4 m | esef· 21 Oct 2026verified |
| Financing cash flow | -29.5 m | -27.2 m | 17.6 m | esef· 21 Oct 2026verified |
| Dividends paid | 8.4 m | 12.8 m | 6.0 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
- score weight coverage: 37.5% 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
38% · 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: 2.01 – 6.95 EUR.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E2.01 – 6.95 (Mid 4.35)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)outside the aggregate0.41 – 0.56 (Mid 0.47)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 37.5% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 17.9% | 82 (vs peers) | 28% |
| Net margin · Quality | 5.9% | 58 (vs peers) | 17% |
| FCF conversion · Quality | 190.2% | 100 (on a fixed band) | 17% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 5.0x | 53 (on a fixed band) | 17% |
| Current ratio · Balance sheet | 1.8x | 84 (on a fixed band) | 11% |
| 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 | 7.2% | 100 (on a fixed band) | 11% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet65/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality80/100 · 3/3 factors with a value
- Returns· partial100/100 · 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
KITRON ASA (KIT.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 738.3 m EUR in 2025; YoY growth 14.1%; net margin 5.9%; ROE 17.1%.
The estimated value range is 2.01–6.95 EUR 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 (score weight coverage: 37.5% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 17.9%
- FCF conversion: 190.2%
- Current ratio: 1.8x
- Payout ratio (FCF): 7.2%
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): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions).
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 KIT.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
KITRON ASA is a Norwegian provider of development, industrialization and electronics manufacturing services, with plants in Sweden and Nanjing, China. The company grew strongly in 2025, driven by accelerating demand in defence and aerospace, and its 2026 guidance points to a further step up. Operating revenue for 2025 reached EUR 738.3 million, up 14.1 per cent.
SWOT
Strengths
- The company showed solid revenue growth and improved profitability in 2025, with a higher equity ratio.
- Presence across several regions, including the Nordics, CEE and Asia, gives a diversified operational base.
- Recent expansion of production capacity and the acquisition strengthen the group's operational position.
Weaknesses
- Inventory and contract assets rose, tying up working capital that requires careful management.
- Net financial costs increased in 2025, and deferred tax assets for the US operation were not capitalized.
- Reliance on large orders and customer cash deposits made operating cash flow temporarily dependent on timing.
Opportunities
- Demand from defence and aerospace could continue to support growth if the guidance is confirmed.
- The electrification trend could open new industrial contracts if customers expand their projects.
- Integrating DeltaNordic could add capacity and new customers if the process follows plan.
Threats
- Shifts in defence budgets could reduce demand in the main growth segment.
- Currency fluctuations and cost pressures could hit margins if prices cannot be adjusted.
- Geopolitical tensions could affect operations in China and supply chains.
Risks
- Inventory managementmedium
Large inventories and project-related contract assets could reduce available cash if not managed efficiently.
- Dependence on defencehigh
A large share of demand from defence customers could expose the company to budget or policy changes.
- Currency riskmedium
Revenues and costs in different currencies could create adverse effects if the balance shifts.
- Acquisition integrationmedium
Integrating DeltaNordic could encounter unforeseen operational or financial difficulties.
- Credit risklow
Most customer receivables are insured, but exposure to uninsured customers could still produce losses.
Investment thesis
What would need to be true (bull case)
- If demand from defence and electrification keeps growing, the company could reach its 2026 guidance and widen its profit margin.
- A stronger capital structure after the share issue could provide flexibility for future investment and acquisitions.
- Presence in several regions could reduce dependence on any single market.
What would break the thesis
- If public defence spending changes, growth could slow considerably and the guidance could be revised.
- Rising inventories and contract assets could limit the conversion of profit into cash.
- Financial costs and currency pressures could reduce profitability if markets become more volatile.
What to watch
- Delivery against revenue guidance of EUR 900-1050 million2026
- EBIT margin development against the EUR 84-108 million range2026
- Integration of DeltaNordic AB and its contribution to revenue2026
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
Kitron performs development, industrialization and manufacturing services for its customers, while its own development activity is limited and aimed mainly at productivity, competence and quality 1. The company operates two production facilities in Sweden and one in Nanjing, China, and the acquisition of DeltaNordic AB was completed in January 2026 1. At the end of 2025 the group employed 3090 full-time equivalents 1.
Revenue for 2025 was EUR 738.3 million with a net profit of EUR 43.8 million, and guidance for 2026 expects revenue between EUR 900 and 1050 million and EBIT between EUR 84 and 108 million 1. The figures show a company that grew quickly and is now building a larger capital base 1.
The financial structure strengthened in 2025 after the November share issue, which raised approximately EUR 80.0 million in net proceeds 1. Interest-bearing debt fell to EUR 114.2 million, while cash rose to EUR 145.8 million at 31 December 2025 1.
Segments
Defence and aerospace
The annual report indicates that the defence and aerospace market was the main driver of growth in 2025, with demand accelerating particularly in this segment 1.
Electrification and industry
Management describes the electrification trend as a factor driving substantial growth for Kitron, without separately detailing revenue from this segment 1.
Market context
Kitron operates as an electronics manufacturing services provider for industrial customers, exposed to demand from defence, aerospace and electrification 1. Accelerating demand in 2025 lifted revenue by 14.1 per cent, and 2026 guidance implies further expansion 1.
The company notes that every assessment of future conditions involves an element of uncertainty, which means the 2026 guidance could be adjusted if demand or costs change 1.
Trends
- Rising defence demandtailwind
Accelerating demand in defence and aerospace supported growth in 2025 and underpins the 2026 guidance, although it could slow if budget allocations shift 1.
- Electrificationtailwind
Management considers the electrification trend could drive substantial growth for the company over the longer term 1.
- Working capital build-upheadwind
Inventories and contract assets rose in 2025, and inventory control is named as a focus area, which could constrain cash flow if not managed well 1.
- Currency movementsmixed
The company is exposed to exchange rate fluctuations, but revenues and costs in foreign currencies are largely balanced and prices can often be adjusted with customers 1.
Competitive position
The supplied sources do not explicitly name Kitron's competitors, so the competitive analysis remains limited to the annual report. Kitron differentiates through its combination of development and manufacturing services and its presence in the Nordics and Asia 1.
A complete comparison would require additional data on market share and direct rivals, which do not appear in the document analysed 1.
- Competitors not named in source
The analysed source does not name direct competitors, so no US-listed company can be identified from it.
- General electronics manufacturing services providers
The category is not detailed in the report, and identifying specific firms would require further sources.
- Regional providers in Central and Eastern Europe
Kitron's presence in the CEE region suggests local competition, but the source does not name specific players.
- Asian providers
The Nanjing plant indicates presence in Asian markets where competition could be intense, though companies are not identified.
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 / KITRON 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.