olivLaw · European equity research
NORBIT ASA NORBT.OL
Norway · Euronext Oslo Børs · ISIN NO0010856511 · Vertical: Listed companies from Norway
NORBIT is a technology group headquartered in Trondheim, active in three segments: Oceans, Connectivity and Product Innovation & Realization (PIR). In fiscal 2025 revenues grew by 43 per cent to NOK 2 502.5 million, and the growth in PIR, linked to defence and security, has changed the structure of the business.
At the close of 06 Nov 2026, NORBIT ASA (NORBT.OL) stock was 161.50 NOK (+0.19% on the day), with market capitalisation 10.3 bn NOK, P/E 25.6 on diluted EPS of 6.32 NOK over the last 12 months, dividend yield 3.71%, beta 0.65, 52-week range 156.60–237.60 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)
- 48.5
- neutral
- Bollinger (20, 2)
- 156.59 – 167.62
- in the lower half of the band · %B 0.45 · band width 6.8%
- SMA 50 / 200
- 161.01 / 182.75
- mixed trend
- MACD (12, 26, 9)
- 0.55 / 0.56
- 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 | +3.0% | −0.6% | +3.6 pp | — |
| 3 months | −7.2% | −4.2% | −3.0 pp | — |
| 6 months | −29.5% | +4.3% | −33.8 pp | — |
| Year to date | −13.7% | +7.5% | −21.2 pp | — |
| 1 year | −15.9% | +9.9% | −25.8 pp | −4.7% |
| 3 years | +178.4% | +49.8% | +128.6 pp | +12.7% |
| 5 years | +409.5% | +42.8% | +366.6 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.
Today's P/E sits at the 67 percentile of its own 3-quarter history (min 18.4, median 24.6, max 29.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 1.5 bn | 1.8 bn | 2.5 bn |
| Revenue YoY | unavailable | +15.3% | +42.9% |
| Net income | 185.3 m | 243.3 m | 404.3 m |
| Net income YoY | unavailable | +31.3% | +66.2% |
| Diluted EPS | 3.10 | 3.93 | 6.32 |
| Diluted EPS YoY | unavailable | +26.8% | +60.8% |
| net % | 12.2% | 13.9% | 16.2% |
| Free cash flow | 299.4 m | 391.1 m | 438.9 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 158.9 m NOK
- Financial debt
- 523.4 m NOK
- Net debt
- 364.5 m NOK
- Equity
- 1.2 bn NOK
- Total assets
- 2.6 bn NOK
- Debt / equity
- 0.43x
- Current ratio
- 1.56x
- ROE
- 34.1%
- ROA
- 16.8%
- FCF margin
- 17.5%
Financial statements (source on every figure)
Revenue and net income (NOK)
Margins
Income statement · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.5 bn | 1.8 bn | 2.5 bn | esef· 21 Oct 2026verified |
| Operating income | 284.2 m | 341.7 m | 555.4 m | esef· 21 Oct 2026verified |
| Interest expense | 41.3 m | 61.5 m | 70.2 m | esef· 21 Oct 2026verified |
| Pre-tax income | 246.0 m | 318.3 m | 526.3 m | esef· 21 Oct 2026verified |
| Income tax | 60.8 m | 75.0 m | 122.0 m | esef· 21 Oct 2026verified |
| Net income | 185.3 m | 243.3 m | 404.3 m | esef· 21 Oct 2026verified |
| Diluted EPS | 3.10 | 3.93 | 6.32 | esef· 21 Oct 2026verified |
| Weighted average diluted shares | 59.7 m | 61.9 m | — | esef· 08 May 2025verified |
| Dividend per share | 0.70 | 2.48 | 6.00 | esef· 21 Oct 2026derived |
Balance sheet · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 60.7 m | 193.3 m | 158.9 m | esef· 21 Oct 2026verified |
| Inventories | 562.0 m | 434.7 m | 731.7 m | esef· 21 Oct 2026verified |
| Current assets | 841.1 m | 967.8 m | 1.2 bn | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 166.3 m | 180.9 m | 200.8 m | esef· 21 Oct 2026verified |
| Goodwill | 111.1 m | 497.4 m | 496.7 m | esef· 21 Oct 2026verified |
| Intangibles (excl. goodwill) | 303.2 m | 418.9 m | 476.7 m | esef· 21 Oct 2026verified |
| Total assets | 1.5 bn | 2.2 bn | 2.6 bn | esef· 21 Oct 2026verified |
| Short-term debt | 88.9 m | 0 | 74.0 m | esef· 21 Oct 2026verified |
| Long-term debt | 122.6 m | 447.2 m | 449.4 m | esef· 21 Oct 2026verified |
| Current liabilities | 531.1 m | 475.4 m | 780.3 m | esef· 21 Oct 2026verified |
| Total liabilities | 702.9 m | 1.0 bn | 1.4 bn | esef· 21 Oct 2026verified |
| Equity | 793.4 m | 1.2 bn | 1.2 bn | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 59.6 m | 61.8 m | 63.8 m | esef· 21 Oct 2026derived |
Cash flow · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 345.7 m | 430.9 m | 500.6 m | esef· 21 Oct 2026verified |
| Capex | 46.3 m | 39.8 m | 61.7 m | esef· 21 Oct 2026verified |
| Free cash flow | 299.4 m ≈ | 391.1 m ≈ | 438.9 m ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | -149.0 m | -558.4 m | -203.6 m | esef· 21 Oct 2026verified |
| Financing cash flow | -177.7 m | 260.1 m | -331.3 m | esef· 21 Oct 2026verified |
| Dividends paid | 41.6 m | 152.9 m | 382.3 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: 67 / 100
A scoring methodology on indicators and valuation, not investment advice.
(margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 10.3 bn NOK
Key indicators
Coverage and freshness
Score by group
- Quality87
- Balance sheet85
- Valuation43
- Returns51
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
Unattractive profile · Score 67/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 28.6% | 82 (vs peers) | 17% |
| Net margin · Quality | 16.2% | 82 (vs peers) | 10% |
| FCF conversion · Quality | 108.6% | 100 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 7.9x | 99 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 1.6x | 64 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 25.6x | 35 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 4.3% | 53 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 3.7% | 53 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 87.1% | 47 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet85/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality87/100 · 3/3 factors with a value
- Returns51/100 · 2/2 factors with a value
- Valuation43/100 · 2/3 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
NORBIT ASA (NORBT.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 2.5 bn NOK in 2025; YoY growth 42.9%; net margin 16.2%; ROE 34.1%.
The estimated value range is 58.81–126.48 NOK per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 106.39 NOK, the price of 161.50 NOK leaves a potential of -34.1% (value / price − 1) and a margin of safety of -51.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 67/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 28.6%
- Net margin: 16.2%
- FCF conversion: 108.6%
- Interest coverage: 7.9x
What contradicts it
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
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% |
| NORBT.OLNorbit Asa | 10.3 bn | 25.6 | 34.1% | 16.2% | +42.9% | −9% / +211% |
| 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% |
1- and 3-year price returns: for NORBT.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 | 105.87 Total return -31% · Per year -31% | 186.31 Total return 20% · Per year 20% | 279.47 Total return 78% · Per year 78% |
| 3 years | 125.58 Total return -12% · Per year -4% | 246.40 Total return 67% · Per year 19% | 402.44 Total return 168% · Per year 39% |
| 5 years | 148.95 Total return 12% · Per year 2% | 325.86 Total return 131% · Per year 18% | 579.51 Total return 297% · Per year 32% |
- Exit P/E± 61.60
- Net margin± 43.12
- Annual revenue growth± 32.16
- Annual dilution± 3.62
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
NORBIT is a technology group headquartered in Trondheim, active in three segments: Oceans, Connectivity and Product Innovation & Realization (PIR). In fiscal 2025 revenues grew by 43 per cent to NOK 2 502.5 million, and the growth in PIR, linked to defence and security, has changed the structure of the business.
SWOT
Strengths
- Strong revenue and profitability growth in fiscal 2025, with a group EBIT margin of 22 per cent.
- Solid balance sheet, with an equity ratio of 46 per cent and leverage within the internal policy range.
- A diversified portfolio across three segments exposed to different market drivers.
Weaknesses
- Dependence on defence and security contracts has grown considerably, concentrating risk in PIR.
- Geographic concentration is high, with almost all revenues coming from the EMEA region.
- Inventories have grown considerably, tying up working capital and possibly pressuring cash flow.
Opportunities
- Defence and security demand could keep growing if geopolitical tensions persist.
- Tachograph replacement and satellite tolling could support growth in the Connectivity segment.
- Development of proprietary products, supported by research investment, could open new markets.
Threats
- A decline in European defence spending could quickly reduce PIR volumes.
- Wage pressure and cost inflation could reduce margins if prices are not adjusted.
- Reliance on a few large Connectivity customers could expose the group to revenue losses.
Risks
- Defence concentrationhigh
A larger share of defence and security could make revenues vulnerable to changes in military budgets.
- Inventory and working capitalmedium
Large component purchases could lead to impairment or delays in converting inventory into cash.
- Customer concentrationmedium
In Connectivity the largest customers generate a large share of revenues, and losing one could affect results.
- Workforce costsmedium
Wage increases and organisational expansion could compress margins if revenues do not grow sufficiently.
- Geographic exposurelow
Concentration of sales in the EMEA region could amplify the effect of local economic changes.
Investment thesis
What would need to be true (bull case)
- A solid balance sheet and cash generation could allow dividends and research investment without heavy debt pressure.
- The three-segment structure could absorb shocks originating in a single market.
What would break the thesis
- If defence budgets shift, PIR revenues could fall quickly after such rapid growth.
- Rising inventories and working capital could reduce available cash flow.
- If employee costs grow faster than revenues, the EBIT margin could fall back to lower levels.
What to watch
- PIR revenue trend and defence share of total revenues2026
- Inventory level and working capital developmentnext 10-K
- Oceans and Connectivity margins compared with fiscal 2025Q1 2027
- Approval of the dividend and any authorisation for additional dividends2026
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
NORBIT is a global company providing tailored technology to selected applications, headquartered in Trondheim, Norway, with manufacturing in Europe and North America. The group is organised in three business units: Oceans, Connectivity and PIR, which offers R&D services, products and contract manufacturing. The diversified model means the segments are exposed to different market drivers.
The group runs a global sales and distribution platform with subsidiaries across Europe, Asia, the Americas and other regions, while almost all revenues come from the EMEA region.
Segments
Oceans
Oceans delivers tailored technology for global maritime markets, notably sonars. Segment revenues grew by 18 per cent to NOK 877.9 million in fiscal 2025, and the EBIT margin was 30 per cent, supported by strong demand for sonars.
PIR
PIR offers R&D services and contract manufacturing, and its revenues doubled in fiscal 2025. The share of revenues from defence and security rose to 64 per cent, which makes the segment more sensitive to geopolitical cycles.
Market context
The group serves maritime, industrial, connectivity and defence markets. For PIR, the company describes defence and security demand as a secular growth trend driven by geopolitical unrest. EMEA accounts for 96 per cent of revenues, while the Americas account for 0 per cent.
In Oceans the customer base is globally diversified, with the five largest customers representing about 12 per cent of revenues in fiscal 2025. In Connectivity concentration is higher, the five largest customers accounting for 59 per cent of revenues.
Trends
- Defence and security demandtailwind
PIR growth is tied to contract manufacturing for defence and security, a sector the company describes as structurally growing. If geopolitical tensions persist, demand could remain high.
- EU tachograph replacementtailwind
The European Union requirement to replace analogue and first-generation smart tachographs supports demand for enforcement modules in Connectivity.
- Rising inventoriesmixed
Inventories rose sharply on component purchases for defence deliveries. If deliveries do not keep pace with orders, tied-up capital could weigh on cash flow.
- Workforce costsheadwind
Employee costs increased due to organisational strengthening and wage inflation, which could compress margins if revenues do not grow at the same pace.
Competitive position
Competition depends on the segment. In sonars and maritime technology NORBIT competes with specialised suppliers. In contract manufacturing for defence and industry, rivals are electronics service firms offering comparable automated production capabilities.
The analysed sources do not name competitors. Assessing the competitive position requires information from other sources, particularly for the sonar market and satellite tolling systems.
- Sonar and maritime systems suppliers
Competitors in the Oceans segment, not named in the annual report.
- Electronics contract manufacturers
Competitors in PIR offering similar services to industry and defence.
- Secure wireless technology suppliers
Competitors in Connectivity for industrial and transport applications.
- Tachograph system suppliers
Competitors in the enforcement module market, where demand is supported by regulation.
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 / NORBIT 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.