olivLaw · European equity research
Solstad Maritime ASA SOMA.OL
Norway · Euronext Oslo Børs · ISIN NO0013135368 · Vertical: Listed companies from Norway
Solstad Maritime ASA operates offshore service vessels and construction vessels for the global offshore energy industry, headquartered in Skudeneshavn, Norway. The company was listed on Euronext Oslo Børs in May 2025, and its 2025 reporting was made in USD, the group's new presentation currency.
At the close of 06 Nov 2026, Solstad Maritime ASA (SOMA.OL) stock was 27.20 NOK (−4.39% on the day), with beta 0.04, 52-week range 17.32–30.20 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)
- 37.5
- weak (30–45)
- Bollinger (20, 2)
- 27.14 – 30.75
- in the lower half of the band · %B 0.02 · band width 12.4%
- SMA 50 / 200
- 28.82 / 27.15
- mixed trend
- MACD (12, 26, 9)
- -0.30 / -0.14
- 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 | −3.9% | −0.6% | −3.2 pp | — |
| 3 months | −2.7% | −4.2% | +1.5 pp | — |
| 6 months | −5.2% | +4.3% | −9.6 pp | — |
| Year to date | +49.1% | +7.5% | +41.6 pp | — |
| 1 year | +47.8% | +9.9% | +37.9 pp | −5.7% |
| 3 years | unavailable | +49.8% | unavailable | +15.0% |
| 5 years | unavailable | +42.8% | unavailable | — |
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 | 2024 | 2025 |
|---|---|---|
| Revenue | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable |
| Net income | 240.5 m | 212.9 m |
| Net income YoY | unavailable | −11.5% |
| Diluted EPS | 0.57 | 0.46 |
| Diluted EPS YoY | unavailable | −19.3% |
| net % | unavailable | unavailable |
| Free cash flow | 273.4 m | 245.7 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 77.8 m USD
- Financial debt
- 581.5 m USD
- Net debt
- 503.7 m USD
- Equity
- 879.9 m USD
- Total assets
- 1.6 bn USD
- Debt / equity
- 0.66x
- Current ratio
- unavailable
- ROE
- 25.7%
- ROA
- 12.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating income | 252.6 m | 195.7 m | esef· 21 Oct 2026verified |
| Pre-tax income | 203.9 m | 189.3 m | esef· 21 Oct 2026verified |
| Income tax | -36.6 m | -23.6 m | esef· 21 Oct 2026verified |
| Net income | 240.5 m | 212.9 m | esef· 21 Oct 2026verified |
| Diluted EPS | 0.57 | 0.46 | esef· 21 Oct 2026verified |
| Dividend per share | 0.05 | 0.23 | esef· 21 Oct 2026derived |
Balance sheet · USD
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 177.3 m | 77.8 m | esef· 21 Oct 2026verified |
| Inventories | 9.0 m | 9.5 m | esef· 21 Oct 2026verified |
| Total assets | 1.7 bn | 1.6 bn | esef· 21 Oct 2026verified |
| Short-term debt | 135.4 m | 91.8 m | esef· 21 Oct 2026verified |
| Long-term debt | 618.7 m | 489.7 m | esef· 21 Oct 2026verified |
| Current liabilities | 271.6 m | 236.6 m | esef· 21 Oct 2026verified |
| Total liabilities | 910.0 m | 746.7 m | esef· 21 Oct 2026verified |
| Equity | 779.2 m | 879.9 m | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 421.9 m | 462.8 m | esef· 21 Oct 2026derived |
Cash flow · USD
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 286.4 m | 286.7 m | esef· 21 Oct 2026verified |
| Capex | 13.0 m | 41.0 m | esef· 21 Oct 2026verified |
| Free cash flow | 273.4 m ≈ | 245.7 m ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | -5.6 m | -71.9 m | esef· 21 Oct 2026verified |
| Financing cash flow | -236.6 m | -318.4 m | esef· 21 Oct 2026verified |
| Dividends paid | 21.1 m | 107.4 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: 3 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: 3.05 – 14.53 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/E4.21 – 14.53 (Mid 9.09)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)3.05 – 4.10 (Mid 3.50)
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: 3 of at least 6; score weight coverage: 20.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 12.0% | 61 (vs peers) | 50% |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 115.4% | 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 | unavailable | unavailable | — |
| 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 | 43.7% | 100 (on a fixed band) | 20% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality76/100 · 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
SOLSTAD MARITIME ASA (SOMA.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 25.7%.
The estimated value range is 3.63–9.32 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: 3 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
- FCF conversion: 115.4%
- Payout ratio (FCF): 43.7%
What contradicts it
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions).
Versus the vertical median
Listed companies from Norway · same country · compared with 40 companies
Multiples and returns vs the median
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 SOMA.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
Solstad Maritime ASA operates offshore service vessels and construction vessels for the global offshore energy industry, headquartered in Skudeneshavn, Norway. The company was listed on Euronext Oslo Børs in May 2025, and its 2025 reporting was made in USD, the group's new presentation currency.
SWOT
Strengths
- A firm backlog that provides a stable foundation for the coming years, according to management 1.
- A strong international presence with solid activity across several geographic regions, diversifying exposure away from a single market.
- Two complementary segments, AHTS and CSV, serving distinct operations within the offshore energy industry.
Weaknesses
- The main portion of external debt matures in 2029, concentrating refinancing risk in a single time horizon 1.
- The switch to USD reporting makes direct comparison with earlier periods reported in NOK more difficult 1.
- Dependence on charter contracts and on offshore energy activity exposes revenue to clients' investment cycles.
Opportunities
- The long-term outlook for offshore energy services remains positive, according to the annual report 1.
- Additional services such as ROVs and engineering could increase the value of existing contracts.
- Continued activity in Brazil and Australia could generate new contracts in markets where the group is already present 1.
Threats
- Implementing IFRS 18 could significantly change the presentation of results, and reclassifications may affect reported indicators 1.
- Exchange rate movements and differing functional currencies of subsidiaries could influence reported results 1.
- A decline in offshore energy investment could reduce demand for the group's vessels and pressure charter rates.
Risks
- Debt refinancingmedium
The main external debt maturing in 2029 could become a concern if financing conditions worsen before then 1.
- Going concernhigh
The going concern assessment rests on refinancing, the cash flow forecast and the backlog; if these assumptions do not hold, uncertainty could increase 1.
- IFRS 18 impactmedium
The reclassifications foreseen under IFRS 18 could change performance indicators and make comparison over time harder 1.
- Currency exposuremedium
The switch to USD and subsidiaries with differing functional currencies may introduce translation effects into group results 1.
- Offshore investment cyclemedium
A reduction in client spending in offshore energy could lower new contracts and fleet utilization.
Investment thesis
What would need to be true (bull case)
- If the firm backlog converts into stable revenue, the company could gain medium-term visibility, as management indicates 1.
- The positive offshore services outlook and activity in Brazil and Australia could support higher vessel utilization 1.
- The two-segment structure and additional services could increase the value of each contract.
What would break the thesis
- The concentration of external debt maturing in 2029 could limit financial flexibility if capital markets become more restrictive 1.
- The switch to USD and the new IFRS 18 could make it harder to track performance over time.
- Dependence on the offshore investment cycle could reduce demand if clients postpone projects.
What to watch
- Progress of refinancing and terms of debt maturing in 20292026
- Size and duration of new charter contracts in Brazil and Australia2026
- Impact of IFRS 18 reclassifications on the presentation of results2027
- Development of the firm backlog and fleet utilization in the AHTS and CSV segmentsnext 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
The Solstad Maritime group, headquartered in Skudeneshavn, Norway, conducts maritime activities by operating offshore service vessels and construction vessels for the offshore energy industry. The company was listed on Euronext Oslo Børs on May 16, 2025, and was deconsolidated from Solstad Offshore ASA on January 16, 2024, after the refinancing of that company 1. From 2025 the company reports in USD rather than NOK, reflecting the growing influence of the dollar on revenues.
The business model relies on charter contracts, where revenue is recognized over the contract period, and additional services such as ROVs, gangways and project personnel are billed by the day 1. Charter income is recorded net after deduction of direct contract-related costs.
The company states that its firm backlog provides a stable foundation into 2026 and beyond, with strong activity in Brazil, Australia and other international regions 1. The main portion of external debt matures in 2029, and the going concern assessment rests on the refinancing and the cash flow forecast 1.
Segments
AHTS (anchor handling tug supply)
The AHTS segment comprises anchor handling tug supply vessels used for anchor handling and supply operations. Revenue includes both vessel operations and additional services such as ROVs and engineering 1.
CSV (construction support vessels)
The CSV segment comprises construction support vessels executing subsea construction contracts. This segment operates in markets distinct from AHTS, and management reviews its results separately 1.
Market context
The company operates in the market for maritime services to the global offshore energy industry. The annual report indicates that the long-term outlook for offshore energy services remains positive, supported by activity in Brazil and Australia 1.
Group revenues are influenced by the US dollar, which is why the company moved to USD as its presentation currency in 2025 1. The market remains sensitive to offshore investment cycles, while long-term contracts provide revenue visibility.
Trends
- Positive offshore services outlooktailwind
The annual report stresses that the long-term outlook for offshore energy services remains positive. If investment in offshore energy continues, demand for the group's vessels could support fleet utilization.
- Solid activity in Brazil and Australiatailwind
The company maintains strong activity in Brazil, Australia and other international regions, giving the revenue base geographic diversification 1.
- Switch to USD reportingmixed
Changing the presentation currency to USD reflects the growing influence of the dollar on revenues, but it alters comparability with earlier periods reported in NOK 1.
- IFRS 18 adoptionheadwind
Applying IFRS 18, effective for periods from 2027, could change the presentation of the income statement, and the group expects significant reclassifications of financial items 1.
Competitive position
The annual report does not explicitly name competitors. From the description of the business it can be inferred that rivals are other operators of offshore vessels and subsea construction vessels serving the offshore energy industry 1.
The company's competitive position rests on its firm backlog, its international presence and its two-segment structure of AHTS and CSV, which covers distinct market activity 1.
- Other offshore service vessel operators
Companies operating service vessels for the offshore energy industry, comparable to the AHTS segment, not named in the source.
- Subsea construction vessel operators
Rivals for subsea construction contracts in the CSV segment, not named in the annual report.
- Regional offshore service providers
Local operators in Brazil and Australia, where the group is active, not named in the source.
- ROV and engineering service providers
Companies offering additional services such as ROVs and engineering support, which the group includes in its contracts.
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 202521 Oct 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Solstad Maritime 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.