olivLaw · European equity research
Agilyx ASA AGLX.OL
Norway · Euronext Oslo Børs · ISIN NO0010872468 · Vertical: Listed companies from Norway
Agilyx ASA develops solutions for plastic waste recycling, from collection and feedstock preparation to chemical recycling of polystyrene. The company's focus is its 46% stake in GreenDot, a European recycler, and new EU recycling rules give this strategy added relevance, as global plastic recycling sits at only 9%.
At the close of 05 Nov 2026, Agilyx ASA (AGLX.OL) stock was 13.60 NOK (+0.37% on the day), with beta 0.34, 52-week range 12.08–25.75 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)
- 42.7
- weak (30–45)
- Bollinger (20, 2)
- 11.97 – 15.59
- in the lower half of the band · %B 0.45 · band width 26.3%
- SMA 50 / 200
- 15.52 / 17.76
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.66 / -0.78
- 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 | −9.3% | +0.4% | −9.7 pp | — |
| 3 months | −26.9% | −3.3% | −23.6 pp | — |
| 6 months | −40.1% | +4.0% | −44.0 pp | — |
| Year to date | −44.5% | +8.1% | −52.6 pp | — |
| 1 year | −31.3% | +10.7% | −42.0 pp | −4.5% |
| 3 years | −37.8% | +50.1% | −87.8 pp | +18.4% |
| 5 years | −52.7% | +43.6% | −96.3 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 | 5.9 m | 1.0 m | 1.2 m |
| Revenue YoY | unavailable | −82.9% | +20.3% |
| Net income | 97.5 m | -22.0 m | -148.0 m |
| Net income YoY | unavailable | −122.6% | unavailable |
| Diluted EPS | 1.12 | -0.22 | -1.31 |
| Diluted EPS YoY | unavailable | −119.6% | unavailable |
| net % | 1,653.6% | -2,182.5% | -12,189.3% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 5.6 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 22.5 m USD
- Total assets
- 98.8 m USD
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- -182.4%
- ROA
- -101.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 5.9 m | 1.0 m | 1.2 m | esef· 21 Oct 2026verified |
| Research & development | 3.1 m | 2.3 m | 1.3 m | esef· 21 Oct 2026verified |
| Operating income | -15.8 m | -10.5 m | -13.3 m | esef· 21 Oct 2026verified |
| Pre-tax income | -17.2 m | -22.0 m | -148.0 m | esef· 21 Oct 2026verified |
| Income tax | 0 | 0 | 0 | esef· 21 Oct 2026verified |
| Net income | 97.5 m | -22.0 m | -148.0 m | esef· 21 Oct 2026verified |
| Diluted EPS | 1.12 | -0.22 | -1.31 | esef· 21 Oct 2026verified |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 8.5 m | 18.1 m | 5.6 m | esef· 21 Oct 2026verified |
| Receivables | 588.9 k | 590.4 k | 530.3 k | esef· 21 Oct 2026verified |
| Current assets | 12.1 m | 61.5 m | 46.3 m | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 1.3 m | 851.6 k | 650.5 k | esef· 21 Oct 2026verified |
| Intangibles (excl. goodwill) | 3.6 m | 2.7 m | 2.5 m | esef· 21 Oct 2026verified |
| Total assets | 130.3 m | 192.8 m | 98.8 m | esef· 21 Oct 2026verified |
| Total liabilities | 6.3 m | 53.0 m | 76.2 m | esef· 21 Oct 2026verified |
| Equity | 124.0 m | 139.8 m | 22.5 m | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 87.0 m | 100.2 m | 113.0 m | esef· 21 Oct 2026derived |
Cash flow · USD
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: 1 of at least 6
- score weight coverage: 6.2% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 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
6% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
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: 1 of at least 6; score weight coverage: 6.2% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -12,189.3% | 3 (vs peers) | 100% |
| 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 | 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 | unavailable | unavailable | — |
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
- Quality· partial3/100 · 1/3 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
AGILYX ASA (AGLX.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.2 m USD in 2025; YoY growth 20.3%; net margin -12,189.3%; ROE -182.4%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 1 of at least 6; score weight coverage: 6.2% 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
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Net margin: -12,189.3%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, 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 | 80.8 bn | 20.6 | 7.9% | 21.4% | +42.5% | +38% / +61% |
| AFG.OLAf Gruppen Asa | 21.5 bn | 19.8 | 39.7% | 3.4% | +4.4% | +9% / +70% |
| ELK.OLElkem Asa | 19.0 bn | 38.9 | 1.9% | 2.7% | −15.7% | +8% / +71% |
| ATEA.OLAtea Asa | 18.7 bn | 21.7 | 19.7% | 2.3% | +8.1% | +13% / +38% |
| AKSO.OLAker Solutions Asa | 17.9 bn | 7.0 | 22.5% | 4.1% | +19.2% | +21% / −10% |
| AUSS.OLAustevoll Seafood Asa | 16.7 bn | 37.2 | 1.6% | 1.1% | +11.1% | −6% / +11% |
| BRG.OLBorregaard Asa | 15.5 bn | 24.9 | 11.4% | 8.0% | +1.3% | −18% / −10% |
| 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% / +30% |
| B2I.OLB2 Impact Asa | 8.8 bn | 14.3 | 11.0% | 16.4% | +2.6% | +40% / +238% |
| AKVA.OLAkva Group Asa | 5.8 bn | 31.3 | 13.7% | 4.2% | +24.4% | +74% / +153% |
| BOUV.OLBouvet Asa | 5.1 bn | 14.4 | 80.7% | 9.2% | −0.2% | −18% / −14% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| CLOUD.OLCloudberry Clean Energy Asa | 4.0 bn | 62.0 | 1.3% | 13.1% | +34.0% | −5% / +29% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.7 bn | 10.8 | 34.9% | 16.8% | +12.4% | −12% / +22% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −17% / −9% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.3 bn | 10.3 | 30.1% | 16.1% | +32.3% | −54% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 110.5 | 2.9% | 8.6% | +7.9% | −7% / −47% |
| CAPSL.OLCapsol Technologies Asa | 868.8 m | — | -89.4% | -114.8% | −25.0% | −34% / −67% |
| BOR.OLBorgestad Asa | 553.2 m | 36.1 | 2.1% | 1.4% | −3.0% | −7% / +41% |
| ARR.OLArribatec Group Asa | 227.8 m | 4.6 | 22.1% | 9.3% | +15.7% | −35% / −56% |
| DELIA.OLDellia Group Asa | 72.9 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.2 m | 0.1 | — | 7,297.7% | −87.2% | −82% / −97% |
| AGLX.OLAgilyx Asa | — | — | -182.4% | -12,189.3% | +20.3% | −41% / −41% |
1- and 3-year price returns: for AGLX.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
Agilyx ASA develops solutions for plastic waste recycling, from collection and feedstock preparation to chemical recycling of polystyrene. The company's focus is its 46% stake in GreenDot, a European recycler, and new EU recycling rules give this strategy added relevance, as global plastic recycling sits at only 9% 1.
SWOT
Strengths
- The company holds a controlling-scale stake in GreenDot, which has structural access to large waste volumes through EPR and regulated recurring revenues 1.
- The Styrenyx technology is proprietary, built on many years of research with patents, and has entered commercial operation 1.
- The asset-light model allows monetization of the technology through licenses and services without carrying the capital costs of facilities 1.
Weaknesses
- GreenDot's financial contribution is accounted for under the equity method, so its revenues do not appear consolidated in the company's statements 1.
- Chemical recycling market development in the US has been slower and more costly than anticipated, and the company transferred parts of its activities to partners 1.
- GreenDot's EBITDA margins are modest relative to revenue, which limits internal funding of expansion 1.
Opportunities
- New European regulation, including mass balance rules, could open markets for chemical recycling at commercial scale 1.
- Consolidation of stressed European operators could allow acquisitions of facilities at attractive valuations, following the acquisitions already made 1.
- Extension of EPR schemes to other European countries and the US could expand the recurring revenue base 1.
Threats
- Chemical recycling projects could remain delayed due to difficult financing and regulatory uncertainty 1.
- Overcapacity and weak pricing for lower quality recyclate could pressure the margins of European operators 1.
- If packaging volumes decline with consumption, revenues from EPR licensing could be affected 1.
Risks
- Dependence on GreenDothigh
Most of the company's value is linked to a minority stake in an unconsolidated entity, and dilution is expected after a pending capital contribution 1.
- Delays in chemical recyclingmedium
Development of chemical recycling projects has been slower than anticipated, which could postpone licensing and equipment revenues 1.
- Regulation and enforcementmedium
The pace of implementation of the PPWR and mass balance rules remains uncertain, and changes could influence demand for recycled materials 1.
- European prices and marginsmedium
Excess capacity and weak pricing for lower quality recyclate could reduce margins for recycling operators 1.
- Restructuring and integrationlow
Reintegrating Cyclyx, the transfer of the Houston center and folding Plastyx into GreenDot carry execution risks and possible unforeseen costs 1.
Investment thesis
What would need to be true (bull case)
- If European recycling regulation translates into stable demand, the value of the GreenDot stake could become more visible to investors.
- The Styrenyx technology, operating at the Japanese plant, could generate licensing revenues across several projects without large capital outlays.
- GreenDot's recent acquisitions in Italy and France could extend capacity and customer reach if integration proceeds as planned.
What would break the thesis
- Chemical recycling development has been slower and more costly than anticipated, and projects may delay expected revenues.
- Equity-method accounting means the core business is not visible in the company's consolidated figures.
- GreenDot's modest margins and European overcapacity could limit operators' ability to fund expansion from internal cash flow.
What to watch
- Completion of the Circular Resources capital contribution and dilution of the GreenDot stake2026
- Integration of the Forplast and RG Group acquisitions into the GreenDot platform2026
- Progress of EU chemical recycling projects following approval of mass balance rules2027
- Effects of the Cyclyx restructuring and the transfer of US activities on company resultsnext 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
Agilyx was founded in 2004 and aims to use innovative technology to help solve the plastic waste problem, most of which ends up in landfills, incinerators or the environment 1. The business model is anchored in its 46% stake in GreenDot, accounted for as an associate under the equity method, so the company does not consolidate its revenues 1. Besides GreenDot, Agilyx owns the Styrenyx polystyrene depolymerization technology, the arcLABS analytics business and, since March 2026, 100% of Cyclyx International after the joint venture restructuring 1.
Segments
GreenDot (46% stake)
GreenDot is the company's main asset and runs three synergistic segments: extended producer responsibility (EPR), mechanical recycling and feedstock preparation for chemical recycling 1. In 2025 it generated revenue of approximately 400 million EUR and EBITDA of approximately 11 million EUR 1. The platform expanded through the acquisition of Forplast in Italy in December 2025 and RG Group in France in February 2026 1.
Technology and services (Styrenyx, arcLABS, Cyclyx)
Styrenyx is the proprietary chemical recycling technology for polystyrene, backed by 22 patents, and operates on an asset-light basis through licensing, engineering and equipment supply rather than owning facilities 1. The Toyo Styrene plant in Chiba, Japan, is the largest dedicated plant of its kind in the country, while arcLABS provides characterization and analytics for plastic waste 1. Cyclyx, now reabsorbed into Agilyx, secures recycling feedstock including the 50,000 tons per annum offtake agreement with ExxonMobil 1.
Trends
- European recycling regulationtailwind
The PPWR and the mass balance rules approved by the EU could create stable demand for recycled materials, particularly for operators with existing European infrastructure 1.
- Delays in chemical recycling projectsheadwind
Costs of building sourcing channels, deploying sorting infrastructure and navigating regulatory uncertainty, especially in the US, have proven higher than anticipated and slowed market development 1.
- Expansion of extended producer responsibilitytailwind
EPR schemes in Europe and more recently in the US shift collection and recycling obligations onto producers, which supports revenues for dual system operators such as GreenDot 1.
- Overcapacity and weak pricing in Europemixed
European recyclers face excess capacity, weak pricing for lower quality recyclate and constrained capital budgets, which could drive consolidation but also pressure margins 1.
Competitive position
The analyzed sources do not explicitly name competitors of Agilyx listed in the US. The company faces indirect competition from other European recyclers and from chemical recycling technology developers, and its strategy depends on access to waste volumes and its ability to convert them into quality feedstock 1.
- European recyclers and dual system operators
Not named in the source; referred to only in the context of European overcapacity and weak pricing 1.
- Chemical recycling technology developers
The source refers generally to chemical recycling projects in the EU and US without naming specific companies 1.
- Petrochemical and packaging industry partners
Take-or-pay relationships with partners such as ExxonMobil and LyondellBasell are partnerships rather than direct competitors 1.
- Polystyrene producers
The source compares Styrenyx with virgin styrene production from fossil fuels without naming specific producers 1.
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 / Agilyx 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.