olivLaw · European equity research
ORKLA ASA ORK.OL
Norway · Euronext Oslo Børs · ISIN NO0003733800 · Vertical: Listed companies from Norway
Orkla ASA is an industrial investor specialised in brands and consumer-oriented companies, with a portfolio of businesses in Northern Europe and beyond. In 2025 it kept returning capital to shareholders after selling its hydropower business, and net debt remains below its own target. For investors the key question is the balance between strong brands and disciplined capital allocation, while consumer demand and raw material costs stay variable.
At the close of 06 Nov 2026, ORKLA ASA (ORK.OL) stock was 102.60 NOK (+0.69% on the day), with market capitalisation 102.3 bn NOK, P/E 8.9 on diluted EPS of 11.48 NOK over the last 12 months, dividend yield 9.93%, beta 0.13, 52-week range 90.55–130.50 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)
- 77.6
- overbought (≥ 70)
- Bollinger (20, 2)
- 91.96 – 101.91
- above the upper band · %B 1.07 · band width 10.3%
- SMA 50 / 200
- 94.24 / 107.09
- mixed trend
- MACD (12, 26, 9)
- 1.83 / 1.23
- 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 | +11.8% | −0.6% | +12.5 pp | — |
| 3 months | −2.6% | −4.2% | +1.6 pp | — |
| 6 months | −7.5% | +4.3% | −11.8 pp | — |
| Year to date | −8.8% | +7.5% | −16.3 pp | — |
| 1 year | +0.6% | +9.9% | −9.3 pp | −4.7% |
| 3 years | +30.5% | +49.8% | −19.4 pp | +12.7% |
| 5 years | +18.8% | +42.8% | −24.0 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 0 percentile of its own 3-quarter history (min 9.8, median 15.1, max 16.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 67.2 bn | 68.6 bn | 71.0 bn |
| Revenue YoY | unavailable | +2.1% | +3.6% |
| Net income | 5.2 bn | 6.1 bn | 11.5 bn |
| Net income YoY | unavailable | +16.6% | +89.4% |
| Diluted EPS | 5.21 | 6.06 | 11.48 |
| Diluted EPS YoY | unavailable | +16.3% | +89.4% |
| net % | 7.7% | 8.8% | 16.1% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 2.0 bn NOK
- Financial debt
- unavailable NOK
- Net debt
- unavailable NOK
- Equity
- 52.1 bn NOK
- Total assets
- 88.7 bn NOK
- Debt / equity
- unavailable
- Current ratio
- 1.43x
- ROE
- 22.2%
- ROA
- 12.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (NOK)
Margins
Income statement · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 67.2 bn | 68.6 bn | 71.0 bn | esef· 21 Oct 2026verified |
| Operating income | 6.2 bn | 6.6 bn | 7.1 bn | esef· 21 Oct 2026verified |
| Depreciation & amortisation | 2.7 bn | 2.7 bn | 2.7 bn | esef· 21 Oct 2026verified |
| EBITDA | 8.9 bn ≈ | 9.2 bn ≈ | 9.8 bn ≈ | esef· 21 Oct 2026derived |
| Pre-tax income | 7.0 bn | 8.1 bn | — | esef· 08 May 2025verified |
| Income tax | 1.5 bn | 1.3 bn | 1.4 bn | esef· 21 Oct 2026verified |
| Net income | 5.2 bn | 6.1 bn | 11.5 bn | esef· 21 Oct 2026verified |
| Diluted EPS | 5.21 | 6.06 | 11.48 | esef· 21 Oct 2026verified |
| Dividend per share | 3.18 | 6.11 | 10.19 | esef· 21 Oct 2026derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 991.0 m | 1.6 bn | 2.0 bn | esef· 21 Oct 2026verified |
| Inventories | 10.1 bn | 10.1 bn | 9.9 bn | esef· 21 Oct 2026verified |
| Current assets | 21.6 bn | 22.4 bn | 22.8 bn | esef· 21 Oct 2026verified |
| Total assets | 86.6 bn | 90.0 bn | 88.7 bn | esef· 21 Oct 2026verified |
| Current liabilities | 17.0 bn | 16.0 bn | 16.0 bn | esef· 21 Oct 2026verified |
| Equity | 46.7 bn | 51.4 bn | 52.1 bn | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 997.3 m | 997.9 m | 996.8 m | esef· 21 Oct 2026derived |
Cash flow · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 7.2 bn | 9.7 bn | 9.3 bn | esef· 21 Oct 2026verified |
| Investing cash flow | -3.6 bn | -1.7 bn | 3.2 bn | esef· 21 Oct 2026verified |
| Financing cash flow | -4.3 bn | -7.3 bn | -12.0 bn | esef· 21 Oct 2026verified |
| Dividends paid | 3.2 bn | 6.1 bn | 10.2 bn | esef· 21 Oct 2026verified |
| Share repurchases | 0 | 145.0 m | 1.2 bn | esef· 21 Oct 2026verified |
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%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 102.3 bn NOK
Key indicators
Coverage and freshness
Score by group
27% · 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: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 16.1% | 82 (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 | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.4x | 52 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | 8.9x | 75 (vs peers) | 38% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 11.1% | 100 (on a fixed band) | 23% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial52/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial82/100 · 1/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partial75/100 · 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
ORKLA ASA (ORK.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 71.0 bn NOK in 2025; YoY growth 3.6%; net margin 16.1%; ROE 22.2%.
The estimated value range is 102.52–243.05 NOK per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 168.63 NOK, the price of 102.60 NOK leaves a potential of 64.4% (value / price − 1) and a margin of safety of 39.2% (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 (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 16.1%
- P/E (TTM): 8.9x
- Shareholder yield (distributions): 11.1%
What contradicts it
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, FCF yield, 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 | |
|---|---|---|---|---|---|---|
| ORK.OLOrkla Asa | 102.3 bn | 8.9 | 22.2% | 16.1% | +3.6% | −5% / +29% |
| 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% |
1- and 3-year price returns: for ORK.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 | 60.23 Total return -34% · Per year -34% | 106.54 Total return 14% · Per year 14% | 160.54 Total return 69% · Per year 69% |
| 3 years | 57.36 Total return -21% · Per year -8% | 114.27 Total return 43% · Per year 13% | 189.22 Total return 125% · Per year 31% |
| 5 years | 54.63 Total return -10% · Per year -2% | 122.56 Total return 75% · Per year 12% | 223.02 Total return 191% · Per year 24% |
- Exit P/E± 28.57
- Net margin± 20.00
- Annual revenue growth± 16.56
- Annual dilution± 1.68
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
Orkla ASA is an industrial investor specialised in brands and consumer-oriented companies, with a portfolio of businesses in Northern Europe and beyond. In 2025 it kept returning capital to shareholders after selling its hydropower business, and net debt remains below its own target. For investors the key question is the balance between strong brands and disciplined capital allocation, while consumer demand and raw material costs stay variable.
SWOT
Strengths
- Strong, recognised brands that support stable revenue and the ability to set prices.
- Solid balance sheet, with a high equity ratio and net debt below the group's own target level.
- Ability to generate consistent operating cash flow used for dividends and investment.
Weaknesses
- Dependence on the performance of each portfolio company, making group results sensitive to a few businesses.
- Gender balance indicators in management teams show there are still areas for improvement.
- The holding structure can make direct comparison with competitors in each market harder.
Opportunities
- Consolidating the portfolio through small acquisitions in growth categories such as ingredients and snacks.
- Raising efficiency through investment in factory renewal and more modern ERP systems.
- Expanding production capacity in categories with higher demand, where expansion investments could earn good returns.
Threats
- Raw material cost pressure, which could reduce margins at food companies.
- A weaker Norwegian krone, which could increase the value of debt expressed in kroner.
- Changes in consumer behaviour and intense competition in consumer categories.
Risks
- Raw material costshigh
Rising raw material prices could reduce margins at portfolio companies, especially in food.
- Portfolio dependencemedium
Group results depend on a few important companies, and problems in one of them can show up in the consolidated figures.
- Currency riskmedium
Net debt and some assets are denominated in other currencies, and a weaker Norwegian krone could increase the debt burden in NOK.
- Sustainability compliance risklow
ESRS reporting requirements are complex, and errors or delays could affect the credibility of published information.
- Acquisition integration risklow
Buying and selling companies changes the group's structure, and integration or separation could delay the expected benefits.
Investment thesis
What would need to be true (bull case)
- If the brands in the portfolio continue to generate stable revenue, cash flow could support dividends and share buybacks over the long term.
- The solid balance sheet and low net debt give flexibility for small acquisitions or expansion investment if suitable opportunities arise.
- The holding model allows capital to be reallocated between companies, which could unlock additional value through sales or stock market listings.
What would break the thesis
- If raw material costs stay high, margins at food companies could fall and reduce the cash flow available.
- Reliance on distributing asset sale proceeds to shareholders could limit future investment if asset sales do not recur.
- A weaker Norwegian krone could increase the debt burden expressed in kroner and affect reported results.
What to watch
- Development of operating cash flow and raw material costsQ1 2027
- Dividend policy and the level of share buybacks2027
- Progress of expansion investments at Orkla Snacks and Orkla Food Ingredients2027
- Next annual report and any changes in net debt relative to the targetnext 10-K
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
Orkla describes itself in its annual report as an industrial investor specialised in brands and consumer-oriented companies, which builds its value on three intangible assets: brands, recipes and employee competence. The group holds stakes in several portfolio companies, each with its own commercial strategy. Strong brands are described as the foundation for stable and predictable revenue, supported by investment in communication, innovation and design. Orkla is not a single-product company; its value depends on the quality of the portfolio companies and how they manage their assets.
The group's activities are funded from operating cash flow, which in 2025 reached NOK 7.8 billion, although it fell slightly from the prior year because of higher net renewal investments. Orkla also bought and sold companies: it received NOK 5.5 billion from the sale of its hydropower business and about NOK 1.5 billion net from the listing of Orkla India. These portfolio transactions changed the group's structure and allowed capital to be distributed to shareholders.
On governance and sustainability, Orkla's sustainability report describes an anti-corruption programme, a responsible procurement policy and targets for 2030. The indicators show progress but also areas for improvement, such as gender balance in management teams, where the company acknowledges more work is needed.
Segments
Food and snacks companies
The portfolio includes companies active in food, snacks and food ingredients, where Orkla invests in production capacity and in smaller acquisitions. Expansion investments rose in 2025, mainly at Orkla Snacks and Orkla Food Ingredients, which points to the group's focus on growing capacity in these areas.
Financial holdings and property
The group also holds financial stakes, including Jotun, which paid dividends of NOK 1.4 billion in 2025, of which NOK 438 million was extraordinary. Orkla Eiendom, the group's property activity, handed over 35 apartments in 2025, helping to manage working capital.
Pizza and other consumer companies
The European Pizza Company, part of the portfolio, completed purchases of shares from minority shareholders in companies in this segment, showing that the group is consolidating control over some of its consumer businesses.
Market context
Orkla operates mainly in Northern Europe and other European markets, where demand for consumer products is mature and competition rests on brand, price and innovation. The economic environment in Norway, where the national currency weakened in 2025, affected the value of net debt expressed in kroner. For the Orkla portfolio, consumer demand and raw material costs are the factors that most shape operating margins.
Trends
- Capital distribution policytailwind
Orkla paid more than NOK 10 billion in dividends and bought back shares in 2025, supported by asset sales. If cash flow holds up, the distribution policy could continue, but it depends on the availability of surplus capital.
- Rising raw material costsheadwind
Higher raw material prices increased trade payables at some portfolio companies. If these costs stay high, operating margins at food companies could come under pressure.
- Investment in factory renewalmixed
Net renewal investments rose in 2025, particularly at food and snacks companies, linked to new leases and ERP projects. The long-term effect depends on how well these investments translate into efficiency.
- Sustainability regulationmixed
Sustainability reporting under the European ESRS standards adds transparency requirements. The company uses some transitional provisions, showing these requirements are still being implemented and may bring additional administrative costs.
Competitive position
Orkla competes with other industrial and consumer groups, both in food and in brand investment. Competition rests on brand strength, the ability to innovate and access to distribution channels in Europe. The company differentiates itself through its holding model, which combines portfolio management with the autonomy of each company.
Orkla's holding structure makes direct comparison with competitors difficult, because the group's activities are diversified. Competitors in the portfolio vary by category, and the annual report does not detail market positions in the same way as a segment sales report would.
- Nestlé
Global food and beverage group, a competitor in the consumer categories of the Orkla portfolio.
- Unilever
Global consumer goods company competing on brands and fast-moving consumer goods categories.
- Mondelez InternationalMDLZ
Global snacks company, relevant to Orkla's snacks segment.
- Associated British Foods
European food and distribution group competing in certain food and ingredients categories.
News & filings
In the press
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 / ORKLA 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.