olivLaw · European equity research
Tekna Holding ASA TEKNA.OL
Norway · Euronext Oslo Børs · ISIN NO0010951577 · Vertical: Listed companies from Norway
Tekna Holding ASA produces metal powders for additive manufacturing, a business that helps reduce metal consumption in downstream industrial production. The company had 158 employees at the end of 2025 and has set emission reduction targets for its own operations, which makes it relevant to the green transition in aerospace and automotive.
At the close of 06 Nov 2026, Tekna Holding ASA (TEKNA.OL) stock was 5.90 NOK (−4.84% on the day), with beta 0.44, 52-week range 3.03–7.24 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)
- 45.2
- neutral
- Bollinger (20, 2)
- 5.83 – 6.40
- in the lower half of the band · %B 0.13 · band width 9.4%
- SMA 50 / 200
- 6.08 / 4.62
- mixed trend
- MACD (12, 26, 9)
- 0.03 / 0.03
- 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 | −1.0% | −0.6% | −0.4 pp | — |
| 3 months | −13.2% | −4.2% | −9.1 pp | — |
| 6 months | +64.3% | +4.3% | +60.0 pp | — |
| Year to date | +87.3% | +7.5% | +79.8 pp | — |
| 1 year | +53.0% | +9.9% | +43.1 pp | −4.7% |
| 3 years | −15.0% | +49.8% | −64.8 pp | +12.7% |
| 5 years | −84.2% | +42.8% | −127.1 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 | 40.9 m | 37.2 m | 35.6 m |
| Revenue YoY | unavailable | −9.1% | −4.3% |
| Net income | -14.4 m | -11.0 m | -11.0 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.12 | -0.09 | -0.08 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -35.3% | -29.7% | -31.1% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 17.4 m CAD
- Financial debt
- 4.1 m CAD
- Net debt
- -13.3 m CAD
- Equity
- 55.9 m CAD
- Total assets
- 72.5 m CAD
- Debt / equity
- 0.07x
- Current ratio
- 3.59x
- ROE
- -26.8%
- ROA
- -15.2%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (CAD)
Margins
Income statement · CAD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 40.9 m | 37.2 m | 35.6 m | esef· 21 Oct 2026verified |
| Operating income | -12.4 m | -8.0 m | -7.9 m | esef· 21 Oct 2026verified |
| Depreciation & amortisation | 4.2 m | 4.0 m | 4.9 m | esef· 21 Oct 2026verified |
| EBITDA | -8.2 m ≈ | -4.0 m ≈ | -3.1 m ≈ | esef· 21 Oct 2026derived |
| Interest expense | 1.1 m | 3.0 m | 3.0 m | esef· 21 Oct 2026verified |
| Pre-tax income | -13.5 m | -10.3 m | -10.0 m | esef· 21 Oct 2026verified |
| Income tax | 1.5 m | 851.0 k | 1.1 m | esef· 21 Oct 2026verified |
| Net income | -14.4 m | -11.0 m | -11.0 m | esef· 21 Oct 2026verified |
| Diluted EPS | -0.12 | -0.09 | -0.08 | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · CAD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 10.1 m | 12.4 m | 17.4 m | esef· 21 Oct 2026verified |
| Receivables | 8.4 m | 6.4 m | 8.0 m | esef· 21 Oct 2026verified |
| Inventories | 17.6 m | 17.3 m | 14.4 m | esef· 21 Oct 2026verified |
| Current assets | 40.1 m | 37.5 m | 40.3 m | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 23.9 m | 24.4 m | 22.1 m | esef· 21 Oct 2026verified |
| Intangibles (excl. goodwill) | 7.8 m | 7.0 m | 6.0 m | esef· 21 Oct 2026verified |
| Total assets | 76.3 m | 73.0 m | 72.5 m | esef· 21 Oct 2026verified |
| Accounts payable | 4.9 m | 3.7 m | 2.7 m | esef· 21 Oct 2026verified |
| Short-term debt | 402.0 k | 420.0 k | 380.0 k | esef· 21 Oct 2026verified |
| Long-term debt | 24.7 m | 31.5 m | 3.8 m | esef· 21 Oct 2026verified |
| Current liabilities | 11.3 m | 11.7 m | 11.2 m | esef· 21 Oct 2026verified |
| Equity | 38.4 m | 26.5 m | 55.9 m | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 120.2 m | 122.6 m | 138.1 m | esef· 21 Oct 2026derived |
Cash flow · CAD
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 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%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -15.0% | 9 (vs peers) | 38% |
| Net margin · Quality | -31.1% | 18 (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 | -2.6x | 0 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 3.6x | 100 (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 sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality13/100 · 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
TEKNA HOLDING ASA (TEKNA.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 35.6 m CAD in 2025; YoY growth -4.3%; net margin -31.1%; ROE -26.8%.
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: 3.6x
What contradicts it
- ROIC: -15.0%
- Net margin: -31.1%
- Interest coverage: -2.6x
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 TEKNA.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
Tekna Holding ASA produces metal powders for additive manufacturing, a business that helps reduce metal consumption in downstream industrial production. The company had 158 employees at the end of 2025 and has set emission reduction targets for its own operations, which makes it relevant to the green transition in aerospace and automotive.
SWOT
Strengths
- Employee competence is cited as a major competitive advantage, and the products reduce metal consumption in industrial processes.
- The supply chain is largely in the EU and North America, regions regarded as well governed by legal standards.
- Additive manufacturing products contribute to the green transition through lighter and more energy efficient parts.
Weaknesses
- The company cannot sell its full powder production at attractive prices, so inventory costs above sales are expensed on an ongoing basis.
- Dependence on titanium bought from a few suppliers in China exposes the company to supply risks.
- As a medium-sized firm, the company faces difficulty documenting compliance with EU Taxonomy criteria.
Opportunities
- If adoption of additive manufacturing grows in aerospace and automotive, sales volumes could come to absorb existing production.
- Emission reduction targets could support the company's positioning as a supplier to the green transition.
- Development of induction plasma systems and PlasmaSonic wind tunnels could open new market segments.
Threats
- Tariffs and the risk of a trade war could disrupt supply chains and reduce volumes.
- Extreme weather events and high temperatures in China could affect the supply of titanium.
- Fluctuations in raw material prices, fuel prices and exchange rates could compress margins.
Risks
- Prices and sales volumeshigh
The company cannot guarantee obtaining the expected prices for its materials and systems, and changes in global technology and powder markets could lead to lower prices or volumes.
- Surplus powder productionhigh
Inability to sell the full production at attractive prices creates inventory costs expensed on an ongoing basis, which limits the financial impact but leaves a business risk.
- Tariffs and geopoliticsmedium
Tariffs imposed by the U.S. Administration increase geopolitical uncertainty and the risk of a trade war, with possible effects on supply chains.
- Dependence on titanium from Chinamedium
About 20 per cent of spend goes to titanium supplied by two manufacturers in China, which exposes the company to climate and supply risks.
- EU Taxonomy compliance and reportinglow
Lack of third-party verified documentation for substantial contribution criteria may make it difficult to demonstrate alignment with the EU Taxonomy.
Investment thesis
What would need to be true (bull case)
- If the green transition accelerates in aerospace and automotive, additive manufacturing products could win additional volumes, and existing demand for powders could absorb current inventory.
- The company's position in additive manufacturing technologies and its employee competence are presented as durable competitive advantages.
- Commitments to reduce its own emissions and a supply chain based in the EU and North America could strengthen the company's reputation with sustainability-minded customers.
What would break the thesis
- Inability to sell the full production at attractive prices could keep inventory costs high and pressure margins.
- Tariffs and the risk of a trade war could slow adoption of additive technologies and delay volume growth.
- Dependence on a small number of titanium suppliers in China could cause supply interruptions if climate events affect production.
What to watch
- Development of powder sales volumes and the prices obtained2026
- Status of the impact of U.S. tariffs on supply chains2026
- Progress toward the emission reduction target for scope 1 and 22030
- EU Taxonomy compliance documentation and any third-party verificationnext annual report
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
Tekna Holding ASA, headquartered in Norway, develops and manufactures metal powders for additive manufacturing as well as induction plasma systems. Operations are run globally, with significant activity in Quebec, Canada, where the company holds its production facilities covered by an environmental permit from the Quebec Ministry of Environment. The company had 158 employees at the end of 2025, mostly in Canada, and its eligible revenues under the EU Taxonomy were CAD 35.0 m in fiscal 2025 1.
Segments
Metal powders for additive manufacturing
The company's core segment produces metal powders for additive manufacturing, which reduce metal consumption in downstream production processes. Management states that the company is not currently able to sell its full powder production at attractive prices, so inventory costs above sales levels are expensed on an ongoing basis 1.
Induction plasma systems and auxiliary activities
The company also manufactures induction plasma systems, including PlasmaSonic wind tunnels, which are assessed as aligned with the EU Taxonomy although the substantial contribution criteria are not considered met due to the lack of third-party verified documentation 1.
Market context
The market for metal powders for additive manufacturing depends on how quickly the aerospace and automotive industries adopt additively manufactured parts. Management notes that the timing of market development and higher sales volumes is uncertain, and that tariffs imposed by the U.S. Administration add geopolitical uncertainty 1. Research and development represented 98 per cent of revenue in 2025, which points to how early the commercial market still is 1.
Demand in aerospace and automotive is shaped by energy costs and component weight, since lighter parts can consume less fuel. Raw material prices, especially titanium, and exchange rates affect margins in similar measure, and the company cannot guarantee the expected prices for its materials and systems 1.
Trends
- Green transition and additive manufacturingtailwind
Additively manufactured parts are generally lighter and more energy efficient, which could support adoption of the company's metal powders if the green transition accelerates in aerospace and automotive 1.
- Trade uncertainty and tariffsheadwind
Tariffs imposed by the U.S. Administration increase the risk of a trade war and may affect supply chains, which could delay volume growth and sales 1.
- Climate regulation and sustainability reportingmixed
Reporting under the European Corporate Sustainability Reporting Directive and the EU Taxonomy requires additional documentation, which the company considers difficult to fund for a medium-sized firm 1.
- Physical climate risks in the supply chainheadwind
Extreme weather events in China, the source of titanium, and very high temperatures could disrupt supply and affect the transport of goods 1.
Competitive position
The company competes in the market for metal powders and systems for additive manufacturing, where suppliers with qualifications recognised by major industrial conglomerates play an important role. The source texts do not explicitly name the company's competitors, so this analysis is limited to the types of suppliers mentioned in the report.
The company's competitive advantage rests on employee competence, which management regards as a major asset, and on a supply chain in which about 80 per cent of spend goes to suppliers in the EU or North America 1. Dependence on titanium from China remains a relative vulnerability.
- Qualified titanium suppliers in China
The source mentions two audited manufacturers in China supplying titanium, the company's key raw material; they are not identified as direct competitors.
- Suppliers in the EU and North America
Most of the company's spend goes to suppliers in these regions, which are not described as competitors in the report.
- Other producers of additive manufacturing powders
The source does not name competitors but shows the market is contested by specialist metal powder producers.
- Producers of industrial additive manufacturing systems
The source does not identify competing firms but suggests the induction plasma systems operate in a competitive technology market.
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 / Tekna Holding 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.