olivLaw · European equity research
KONGSBERG AUTOMOTIVE ASA KOA.OL
Norway · Euronext Oslo Børs · ISIN NO0003033102 · Vertical: Listed companies from Norway
Kongsberg Automotive ASA (KA) is a global supplier of vehicle components and systems, with a focus on commercial vehicles, its largest customer segment. Attention on the company comes from the industry's shift toward electrification and from safety and sustainability requirements, along with uncertainty over oil prices in 2025-2026.
At the close of 06 Nov 2026, KONGSBERG AUTOMOTIVE ASA (KOA.OL) stock was 2.02 NOK (−0.74% on the day), with beta 0.57, 52-week range 1.66–2.38 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)
- 51.3
- neutral
- Bollinger (20, 2)
- 1.87 – 2.13
- in the upper half of the band · %B 0.57 · band width 13.0%
- SMA 50 / 200
- 1.99 / 2.05
- mixed trend
- MACD (12, 26, 9)
- 0.02 / 0.01
- 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 | +3.9% | −0.6% | +4.5 pp | — |
| 3 months | −5.4% | −4.2% | −1.2 pp | — |
| 6 months | −1.5% | +4.3% | −5.8 pp | — |
| Year to date | −2.9% | +7.5% | −10.4 pp | — |
| 1 year | +19.4% | +9.9% | +9.5 pp | −4.7% |
| 3 years | −0.9% | +49.8% | −50.8 pp | +12.7% |
| 5 years | −30.6% | +42.8% | −73.5 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 | 884.9 m | 788.2 m | 712.8 m |
| Revenue YoY | unavailable | −10.9% | −9.6% |
| Net income | -59.5 m | -18.2 m | 200.0 k |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.06 | -0.02 | 0.00 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -6.7% | -2.3% | 0.0% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 90.8 m EUR
- Financial debt
- 133.1 m EUR
- Net debt
- 42.3 m EUR
- Equity
- 180.9 m EUR
- Total assets
- 565.1 m EUR
- Debt / equity
- 0.74x
- Current ratio
- 1.94x
- ROE
- 0.1%
- ROA
- 0.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 884.9 m | 788.2 m | 712.8 m | esef· 21 Oct 2026verified |
| Operating income | -19.7 m | 18.7 m | 13.6 m | esef· 21 Oct 2026verified |
| Interest expense | 30.8 m | 23.6 m | 16.4 m | esef· 21 Oct 2026verified |
| Pre-tax income | -45.7 m | -2.3 m | 300.0 k | esef· 21 Oct 2026verified |
| Income tax | 13.4 m | 15.9 m | 100.0 k | esef· 21 Oct 2026verified |
| Net income | -59.5 m | -18.2 m | 200.0 k | esef· 21 Oct 2026verified |
| Diluted EPS | -0.06 | -0.02 | 0.00 | esef· 21 Oct 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 164.7 m | 84.3 m | 90.8 m | esef· 21 Oct 2026verified |
| Receivables | 177.3 m | 154.3 m | 139.0 m | esef· 21 Oct 2026verified |
| Inventories | 101.5 m | 80.5 m | 76.3 m | esef· 21 Oct 2026verified |
| Current assets | 456.9 m | 333.5 m | 318.7 m | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 115.8 m | 117.3 m | 103.5 m | esef· 21 Oct 2026verified |
| Total assets | 721.5 m | 602.9 m | 565.1 m | esef· 21 Oct 2026verified |
| Long-term debt | 189.3 m | 132.5 m | 133.1 m | esef· 21 Oct 2026verified |
| Current liabilities | 212.0 m | 164.5 m | 164.3 m | esef· 21 Oct 2026verified |
| Total liabilities | 503.4 m | 399.9 m | 384.2 m | esef· 21 Oct 2026verified |
| Equity | 218.1 m | 203.0 m | 180.9 m | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 991.7 m | 910.0 m | — | esef· 21 Oct 2026derived |
Cash flow · EUR
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%
- valuation methods computed: 0 of at least 1
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
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
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: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 3.8% | 36 (vs peers) | 38% |
| Net margin · Quality | 0.0% | 34 (vs peers) | 23% |
| 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 | 0.8x | 0 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 1.9x | 95 (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 sheet38/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality36/100 · 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
KONGSBERG AUTOMOTIVE ASA (KOA.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 712.8 m EUR in 2025; YoY growth -9.6%; net margin 0.0%; ROE 0.1%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% 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: 1.9x
What contradicts it
- Interest coverage: 0.8x
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, 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 KOA.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
Kongsberg Automotive ASA (KA) is a global supplier of vehicle components and systems, with a focus on commercial vehicles, its largest customer segment. Attention on the company comes from the industry's shift toward electrification and from safety and sustainability requirements, along with uncertainty over oil prices in 2025-2026.
SWOT
Strengths
Weaknesses
Opportunities
- Ageing truck fleets could increase replacement demand over the medium and longer term 1.
- Electrification, autonomy and safety are trends that create opportunities for the company's products 1.
- A comprehensive review of the sustainability strategy in 2026 could clarify and strengthen long-term targets 1.
Risks
- Warranty liabilityhigh
Suppliers in the automotive industry may face substantial financial liability for warranty claims linked to product or delivery failures 1. Validation methods reduce this risk but do not eliminate it.
- Energy and raw material costsmedium
The prices of oil, raw materials and energy can increase KA's costs and make supply chains less predictable 1.
- Global recession riskmedium
The report says that sustained high oil prices could result in a global recession, which would reduce vehicle demand 1.
- Reporting and compliance risklow
Changes from the Omnibus packages and the deferral of some sustainability targets may create uncertainty over reporting and alignment with ESRS 1.
Investment thesis
What would need to be true (bull case)
- If truck fleets keep ageing and replacement accelerates, commercial vehicles could become a solid growth source for KA.
- If electrification and safety requirements grow, the company's products could gain new share in platform programmes.
- If improved execution and restructuring deliver results, margins and capital discipline could support the targeted dividend policy.
What would break the thesis
- If volumes under platform contracts do not materialise, revenue could be lower than currently estimated.
- If oil prices stay high, demand for mobile vehicles could fall and costs could rise.
- If reorganisation and the deferral of environmental targets continue, pressure from investors and regulators could increase.
What to watch
- Development of platform contract volumes and orders from commercial vehicle customers2026
- Impact of oil prices and Middle East conflicts on demand and costs2026
- Results of the reorganisation and the new Executive Leadership Team on marginsnext 10-K
- Revision of the sustainability strategy and publication of Scope 3 targets2026
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
The company has one class of shares, all with equal rights, and the shares are freely negotiable 1. Share capital is NOK 951,423,131, and the company holds treasury shares 1. The dividend policy targets approximately 30% of net income, provided the capital structure is efficient 1.
Management describes 2025 as a year of significant reorganisation and restructuring, including a new Executive Leadership Team and the transfer of several corporate functions to the business areas 1. The Board says its long-term growth and shareholder value objectives rest on better execution and innovation 1.
Segments
Commercial vehicles
According to the annual report 1, commercial vehicles are KA's largest customer segment. The company notes that truck fleets are ageing in both Europe and the United States, which could increase replacement demand over the medium and longer term.
Passenger vehicles and other markets
The annual report 1 cites electrification, autonomy, safety and sustainability as trends shaping customer priorities in the vehicle industry. The source gives no separate quantitative detail for this segment, so the analysis remains qualitative.
Market context
KA operates in a global vehicle industry with inherent uncertainty and volatility 1. The annual report links the outlook to commercial vehicle volumes and to the effect of oil prices on demand for mobile vehicles 1. Recent conflicts in Iran and the Middle East have raised energy market volatility, and higher oil prices over a prolonged period could result in a global recession 1.
Management points to medium-term structural factors, such as truck fleets replacing deferred purchases, as supporting volumes 1. Whether this support materialises depends on broader economic conditions, which the report describes as uncertain 1.
Trends
- Electrification and vehicle autonomytailwind
The annual report identifies electrification and autonomy as long-term trends driving customer priorities and creating opportunities for KA 1. If manufacturers accelerate these programmes, demand for the company's products could increase.
- Ageing truck fleetstailwind
Management says truck fleets in Europe and the United States are ageing after several years of deferred replacement 1. This trend could generate replacement demand and higher sales in the future 1.
- Oil and energy price volatilityheadwind
The report warns that higher oil prices reduce demand for mobile vehicles in the short term and can create higher costs and less predictable supply chains 1. This factor could affect demand and margins.
- Sustainability and reporting requirementsmixed
The company is following the development of European sustainability reporting rules, including the Omnibus packages, and has confirmed its double materiality for 2025 1. The deferral of Scope 3 targets to 2026 could create pressure on alignment with requirements 1.
Competitive position
The annual report 1 does not explicitly name KA's competitors. The market for automotive components in safety systems, actuation systems and commercial vehicles is nonetheless contested by several global suppliers, and the company relies on long-term customer relationships and innovation.
The competitive advantage described by management rests on better execution, a clearer strategic focus, innovation and close alignment with customers 1. If these advantages strengthen, they could support the company's position in platform contracts.
- Global commercial vehicle component suppliers
The annual report does not name competitors; this category should be checked against other sources before any comparison.
- Automotive safety system suppliers
The source gives no names; comparison with competitors is limited to the company's own report.
- Actuation and driveline system suppliers
No data from the source is provided on these competitors or their market share.
- Electrical component makers for vehicles
Relevant to the electrification context, but specific competitors are not identified in the source document.
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 / KONGSBERG AUTOMOTIVE 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.