olivLaw · European equity research
Odfjell SE ODF.OL
Norway · Euronext Oslo Børs · ISIN NO0003399909 · Vertical: Listed companies from Norway
Odfjell SE is a Norwegian shipping company specialised in seaborne transport of bulk liquids and their storage through joint venture terminals. The company reports under CSRD and the EU Taxonomy for 2025, and regulatory pressure on decarbonisation makes its fleet strategy increasingly important for investors.
At the close of 06 Nov 2026, Odfjell SE (ODF.OL) stock was 115.60 NOK (−0.52% on the day), with beta 0.49, 52-week range 100.60–140.40 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)
- 35.1
- weak (30–45)
- Bollinger (20, 2)
- 114.38 – 130.64
- in the lower half of the band · %B 0.07 · band width 13.3%
- SMA 50 / 200
- 124.93 / 118.91
- mixed trend
- MACD (12, 26, 9)
- -2.48 / -1.61
- 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 | −8.4% | −0.6% | −7.8 pp | — |
| 3 months | +4.3% | −4.2% | +8.5 pp | — |
| 6 months | +3.2% | +4.3% | −1.1 pp | — |
| Year to date | −9.0% | +7.5% | −16.5 pp | — |
| 1 year | −5.1% | +9.9% | −15.0 pp | −4.7% |
| 3 years | −2.9% | +49.8% | −52.7 pp | +12.7% |
| 5 years | +252.4% | +42.8% | +209.6 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 | 1.2 bn | 1.2 bn | 1.1 bn |
| Revenue YoY | unavailable | +4.6% | −10.7% |
| Net income | 203.3 m | 277.8 m | 155.3 m |
| Net income YoY | unavailable | +36.6% | −44.1% |
| Diluted EPS | 2.57 | 3.51 | 1.96 |
| Diluted EPS YoY | unavailable | +36.6% | −44.2% |
| net % | 17.0% | 22.2% | 13.9% |
| Free cash flow | 242.0 m | 364.0 m | 270.7 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 148.6 m USD
- Financial debt
- 704.4 m USD
- Net debt
- 555.8 m USD
- Equity
- 992.7 m USD
- Total assets
- 2.0 bn USD
- Debt / equity
- 0.71x
- Current ratio
- 1.07x
- ROE
- 16.2%
- ROA
- 7.4%
- FCF margin
- 24.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.2 bn | 1.2 bn | 1.1 bn | esef· 21 Oct 2026verified |
| Depreciation & amortisation | 158.1 m | 161.3 m | 156.3 m | esef· 21 Oct 2026verified |
| Pre-tax income | 209.9 m | 279.7 m | 157.0 m | esef· 21 Oct 2026verified |
| Income tax | 6.6 m | 1.9 m | 1.6 m | esef· 21 Oct 2026verified |
| Net income | 203.3 m | 277.8 m | 155.3 m | esef· 21 Oct 2026verified |
| Diluted EPS | 2.57 | 3.51 | 1.96 | esef· 21 Oct 2026verified |
| Dividend per share | 1.22 | 1.63 | 1.26 | esef· 21 Oct 2026derived |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 112.3 m | 146.5 m | 148.6 m | esef· 21 Oct 2026verified |
| Receivables | — | 140.5 m | 129.2 m | esef· 21 Oct 2026verified |
| Inventories | 39.8 m | 39.0 m | 36.8 m | esef· 21 Oct 2026verified |
| Current assets | 282.2 m | 335.5 m | 327.2 m | esef· 21 Oct 2026verified |
| Total assets | 2.0 bn | 2.2 bn | 2.0 bn | esef· 21 Oct 2026verified |
| Short-term debt | 166.0 m | 211.5 m | 139.7 m | esef· 21 Oct 2026verified |
| Long-term debt | 658.2 m | 501.5 m | 564.7 m | esef· 21 Oct 2026verified |
| Current liabilities | 365.0 m | 501.7 m | 305.4 m | esef· 21 Oct 2026verified |
| Total liabilities | 1.2 bn | 1.2 bn | 1.0 bn | esef· 21 Oct 2026verified |
| Equity | 798.5 m | 929.8 m | 992.7 m | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 79.1 m | 79.1 m | 79.2 m | esef· 21 Oct 2026derived |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 339.8 m | 406.1 m | 310.5 m | esef· 21 Oct 2026verified |
| Capex | 97.8 m | 42.1 m | 39.9 m | esef· 21 Oct 2026verified |
| Free cash flow | 242.0 m ≈ | 364.0 m ≈ | 270.7 m ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | -34.0 m | -37.7 m | -1.2 m | esef· 21 Oct 2026verified |
| Financing cash flow | -311.6 m | -334.2 m | -307.2 m | esef· 21 Oct 2026verified |
| Dividends paid | 96.6 m | 128.8 m | 99.7 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: 4 of at least 6
- score weight coverage: 20.8% 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
21% · 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: 16.53 – 61.92 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 · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E17.95 – 61.92 (Mid 38.73)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)16.53 – 22.23 (Mid 18.96)
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: 4 of at least 6; score weight coverage: 20.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 13.9% | 79 (vs peers) | 30% |
| FCF conversion · Quality | 174.3% | 100 (on a fixed band) | 30% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.1x | 23 (on a fixed band) | 20% |
| 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 | 36.8% | 100 (on a fixed band) | 20% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial23/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality89/100 · 2/3 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
ODFJELL SE (ODF.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.1 bn USD in 2025; YoY growth -10.7%; net margin 13.9%; ROE 16.2%.
The estimated value range is 17.24–42.07 USD per share (median of 2 methods, agreement: low); 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: 4 of at least 6; score weight coverage: 20.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 13.9%
- FCF conversion: 174.3%
- Payout ratio (FCF): 36.8%
What contradicts it
- Current ratio: 1.1x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, 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 ODF.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
Odfjell SE is a Norwegian shipping company specialised in seaborne transport of bulk liquids and their storage through joint venture terminals. The company reports under CSRD and the EU Taxonomy for 2025, and regulatory pressure on decarbonisation makes its fleet strategy increasingly important for investors.
SWOT
Strengths
- Positioning in a specialised niche of bulk liquids transport, with long experience in the sector and in the locations operated.
- Detailed and transparent emissions reporting, with indicators aligned to ESRS and IMO standards.
- Governance structure with a majority of independent directors and board-level sustainability oversight.
Weaknesses
- Does not yet meet all technical screening criteria for full EU Taxonomy alignment, due to emissions thresholds for maritime transport.
- Scope 3 data is largely based on a spend-based approach, which introduces uncertainty in measurement.
- Reliance on third parties for supply chain data limits the quality of indirect emissions information.
Opportunities
- Investments in new fleet and wind-assisted propulsion could improve efficiency and support future Taxonomy alignment.
- Harmonised international regulation could create fairer competitive conditions and reward efficient operators.
- Moving to activity-based scope 3 data could provide more precise and actionable information for decisions.
Threats
- Postponement of the IMO Net Zero Framework may make the timing and cost of the transition more uncertain for the whole sector.
- Decarbonisation costs could create a competitive disadvantage against operators that invest less.
- Changing regulations and simplified reporting rules may alter applicable requirements and create planning uncertainty.
Risks
- Regulatory uncertainty on decarbonisationhigh
Postponed implementation of global mechanisms may make transition investment planning difficult, and costs could rise unexpectedly.
- Supply chain emissions datamedium
Data quality from partners varies significantly, which may affect the accuracy of scope 3 reporting.
- Not meeting Taxonomy criteriamedium
Lack of full alignment with emissions thresholds may limit access to some funding sources directed at sustainable activities.
- Changing reporting requirementslow
Changes introduced by the Omnibus package may alter reporting structure and standards from the next year, which could delay development of internal controls.
- Cost competition pressuremedium
Balancing climate ambitions with costs may lead to a competitive disadvantage if peers choose a cheaper path.
Investment thesis
What would need to be true (bull case)
- If investments in fleet renewal and energy efficiency deliver results, the company could cut emissions and move closer to EU Taxonomy criteria.
- Detailed reporting and sustainability governance may support confidence among investors focused on ESG criteria.
- Clearer global regulation could create fairer conditions, potentially benefiting operators that have already invested in efficiency.
What would break the thesis
- If regulations remain postponed, transition costs could become hard to forecast and could weigh on results.
- Not fully meeting Taxonomy criteria could limit interest from investors applying strict sustainability filters.
- If competitors invest less in decarbonisation, Odfjell could lose competitiveness because of its higher costs.
What to watch
- Progress on implementation of the IMO Net Zero Framework2027
- Evolution of alignment with EU Taxonomy technical criteria2027
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
Odfjell's core activities include seaborne transport of bulk liquids and their storage through joint venture terminals, relevant under the EU Taxonomy. In fiscal 2025 net turnover was 1203.3 million USD, according to the annual report 1. The company had 2191 employees at the end of 2025 1.
Odfjell SE is listed on the Oslo Stock Exchange and is headquartered in Norway 1. The company is in scope of CSRD, which requires detailed sustainability reporting including scope 1, 2 and 3 emissions.
The reporting structure covers both the operated and financially controlled fleet and joint venture terminals, and vessel efficiency indicators are reported under the IMO standard, offering a view of operating performance.
Segments
Seaborne bulk liquids transport
The main segment is seaborne bulk liquids transport, considered an eligible activity under the EU Taxonomy, including vessel retrofitting 1. The company has started investments in fleet renewal and energy-efficiency measures.
Storage through joint venture terminals
Liquid storage is carried out through joint venture terminals, for example in the United States and South Korea, relevant for scope 3 emissions in the investments category 1.
Market context
Odfjell operates in seaborne bulk liquids transport, a heavily regulated and globally competitive sector 1. The business is exposed to international emissions rules, and reported net turnover for 2025 was 1203.3 million USD 1.
The regulatory framework is evolving: emissions thresholds for maritime transport condition full Taxonomy alignment, and the company states it does not yet meet all technical screening criteria 1.
Trends
- Shipping emissions regulationmixed
The international framework for emissions reduction is shifting, and postponement of the IMO Net Zero Framework creates uncertainty about the timing and cost of the transition. If regulations harmonise, compliance costs could become more predictable.
- Fleet renewal and energy efficiencytailwind
Investments in fleet renewal and technologies such as wind-assisted propulsion could reduce emissions and support future alignment with the EU Taxonomy.
- Costs of the climate transitionheadwind
The company must balance climate ambitions with costs to avoid a sustained competitive disadvantage relative to peers, which could weigh on margins.
- Better supply chain sustainability datamixed
Moving from spend-based to activity-based scope 3 data and standardised supplier reporting could improve information quality, but requires additional effort.
Competitive position
Odfjell operates in a competitive global market where it must maintain its position against other bulk liquid and chemical tanker operators. Competitive pressure limits its freedom to absorb additional decarbonisation costs.
The company stresses that globally harmonised regulations would create a level playing field, reducing the risk that an operator investing more is disadvantaged against competitors.
- Stolt-Nielsen
Competing shipping company specialised in bulk chemical liquid transport; not identified in the source as US-listed.
- Hafnia
Company active in seaborne transport of petroleum and chemical products, cited as a market reference in sector reporting.
- Other chemical tanker operators
Competition includes global bulk liquid vessel operators bidding for the same routes and contracts.
- Storage terminal operators
Competing terminals in the regions where Odfjell has joint ventures influence demand for storage services.
News & filings
In the press
- Odfjell secures $518m contract for Deepsea Bergen from Vår EnergiYahoo Finance — News · 10 Sept 2026 · EN
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 / Odfjell SE · 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.