olivLaw · European equity research
Aker Solutions ASA AKSO.OL
Norway · Euronext Oslo Børs · ISIN NO0010716582 · Vertical: Listed companies from Norway
Aker Solutions is an engineering and project execution company serving oil and gas clients and, increasingly, renewable energy projects, from offshore wind to carbon capture and storage. The company closed 2025 with revenue of NOK 63.2 billion, and management expects activity levels to decrease in 2026.
At the close of 05 Nov 2026, Aker Solutions ASA (AKSO.OL) stock was 37.04 NOK (+1.48% on the day), with market capitalisation 17.9 bn NOK, P/E 7.0 on diluted EPS of 5.28 NOK over the last 12 months, beta 0.25, 52-week range 29.80–47.76 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)
- 41.1
- weak (30–45)
- Bollinger (20, 2)
- 34.38 – 42.19
- in the lower half of the band · %B 0.34 · band width 20.4%
- SMA 50 / 200
- 40.31 / 41.72
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -1.25 / -1.20
- 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 | −7.4% | +0.4% | −7.8 pp | — |
| 3 months | −12.5% | −3.3% | −9.3 pp | — |
| 6 months | −12.5% | +4.0% | −16.4 pp | — |
| Year to date | +19.8% | +8.1% | +11.7 pp | — |
| 1 year | +21.2% | +10.7% | +10.5 pp | −6.5% |
| 3 years | −15.8% | +50.1% | −65.9 pp | +18.4% |
| 5 years | +48.8% | +43.6% | +5.2 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 100 percentile of its own 3-quarter history (min 1.8, median 5.6, max 5.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 35.9 bn | 52.2 bn | 62.2 bn |
| Revenue YoY | unavailable | +45.5% | +19.2% |
| Net income | 11.6 bn | 2.7 bn | 2.5 bn |
| Net income YoY | unavailable | −77.2% | −4.1% |
| Diluted EPS | 23.81 | 5.51 | 5.28 |
| Diluted EPS YoY | unavailable | −76.9% | −4.2% |
| net % | 32.4% | 5.1% | 4.1% |
| Free cash flow | 4.4 bn | 1.7 bn | 2.2 bn |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 3.7 bn NOK
- Financial debt
- unavailable NOK
- Net debt
- unavailable NOK
- Equity
- 11.2 bn NOK
- Total assets
- 38.4 bn NOK
- Debt / equity
- unavailable
- Current ratio
- 0.94x
- ROE
- 22.8%
- ROA
- 6.8%
- FCF margin
- 3.5%
Financial statements (source on every figure)
Revenue and net income (NOK)
Margins
Income statement · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 35.9 bn | 52.2 bn | 62.2 bn | esef· 21 Oct 2026verified |
| Operating income | 422.0 m | 3.4 bn | 3.6 bn | esef· 21 Oct 2026verified |
| Depreciation & amortisation | 684.0 m | 1.2 bn | 1.5 bn | esef· 21 Oct 2026verified |
| EBITDA | 1.1 bn ≈ | 4.5 bn ≈ | 5.0 bn ≈ | esef· 21 Oct 2026derived |
| Pre-tax income | 95.0 m | 3.3 bn | 3.2 bn | esef· 21 Oct 2026verified |
| Income tax | 110.0 m | 684.0 m | 670.0 m | esef· 21 Oct 2026verified |
| Net income | 11.6 bn | 2.7 bn | 2.5 bn | esef· 21 Oct 2026verified |
| Diluted EPS | 23.81 | 5.51 | 5.28 | esef· 21 Oct 2026verified |
≈ 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 | 6.0 bn | 2.9 bn | 3.7 bn | esef· 21 Oct 2026verified |
| Inventories | 44.0 m | 46.0 m | 41.0 m | esef· 21 Oct 2026verified |
| Current assets | 24.0 bn | 17.9 bn | 21.5 bn | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 3.5 bn | 4.1 bn | 3.6 bn | esef· 21 Oct 2026verified |
| Total assets | 41.3 bn | 36.2 bn | 38.4 bn | esef· 21 Oct 2026verified |
| Current liabilities | 18.2 bn | 21.1 bn | 22.9 bn | esef· 21 Oct 2026verified |
| Total liabilities | 22.3 bn | 25.0 bn | 27.1 bn | esef· 21 Oct 2026verified |
| Equity | 19.0 bn | 11.1 bn | 11.2 bn | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 488.7 m | 482.0 m | 482.4 m | esef· 21 Oct 2026derived |
Cash flow · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 6.2 bn | 3.1 bn | 2.6 bn | esef· 21 Oct 2026verified |
| Capex | 1.8 bn | 1.4 bn | 433.0 m | esef· 21 Oct 2026verified |
| Free cash flow | 4.4 bn ≈ | 1.7 bn ≈ | 2.2 bn ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | -4.1 bn | 5.9 bn | 905.0 m | esef· 21 Oct 2026verified |
| Financing cash flow | -2.5 bn | -12.4 bn | -2.5 bn | 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: 5 of at least 6
- score weight coverage: 35.4% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 17.9 bn NOK
Key indicators
Coverage and freshness
Score by group
35% · 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: 5 of at least 6; score weight coverage: 35.4% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 4.1% | 53 (vs peers) | 18% |
| FCF conversion · Quality | 85.6% | 79 (on a fixed band) | 18% |
| 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 | 0.9x | 12 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | 7.0x | 84 (vs peers) | 29% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 12.2% | 100 (on a fixed band) | 24% |
| 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· partial12/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality66/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation91/100 · 2/3 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
AKER SOLUTIONS ASA (AKSO.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 62.2 bn NOK in 2025; YoY growth 19.2%; net margin 4.1%; ROE 22.5%.
The estimated value range is 55.20–168.07 NOK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 106.61 NOK, the price of 37.04 NOK leaves a potential of 187.8% (value / price − 1) and a margin of safety of 65.3% (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: 5 of at least 6; score weight coverage: 35.4% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 85.6%
- P/E (TTM): 7.0x
- FCF yield: 12.2%
- The price is below the estimated value range
What contradicts it
- Current ratio: 0.9x
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, 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 AKSO.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 | 24.20 Total return -35% · Per year -35% | 42.60 Total return 15% · Per year 15% | 63.89 Total return 72% · Per year 72% |
| 3 years | 28.71 Total return -22% · Per year -8% | 56.33 Total return 52% · Per year 15% | 92.01 Total return 148% · Per year 35% |
| 5 years | 34.05 Total return -8% · Per year -2% | 74.50 Total return 101% · Per year 15% | 132.49 Total return 258% · Per year 29% |
- Exit P/E± 14.08
- Net margin± 9.86
- Annual revenue growth± 7.35
- Annual dilution± 0.83
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
Aker Solutions is an engineering and project execution company serving oil and gas clients and, increasingly, renewable energy projects, from offshore wind to carbon capture and storage. The company closed 2025 with revenue of NOK 63.2 billion, and management expects activity levels to decrease in 2026.
SWOT
Strengths
- Long-standing technological and engineering base, combined with a solid balance sheet and a net cash position, gives flexibility in projects.
- Consistent order backlog, especially in the Renewables and Field Development segment, supports revenue visibility.
- Experience in digitalization and artificial intelligence solutions can reduce project execution costs.
Weaknesses
- EBITDA margins are relatively moderate and fell in the main segment, leaving little room for cost overruns.
- Dependence on large projects and fixed-price contracts can generate cost overruns and delivery delays.
- The expected decline in activity in 2026 shows exposure to customers' investment cycles.
Opportunities
- Demand for platform electrification and decarbonization of oil and gas operations could generate new contracts.
- Carbon capture and storage and offshore wind may open new markets, if public policy and project timelines materialize.
- The Entr consultancy entity could extend its work from projects to transition advisory services.
Threats
- Volatility in oil and gas prices can affect client investment levels and activity volumes.
- Geopolitical conflicts and instability in the Middle East can disrupt supply chains and operations in the region.
- Cyber, compliance and integrity risks in high-risk countries can lead to financial and reputational losses.
Risks
- Cost overrun risk in fixed-price projectshigh
Contracts with fixed prices for some or all deliverables expose the company to cost overruns, especially in complex projects requiring new technology.
- Energy market volatilityhigh
Sudden changes in energy supply, demand or prices can reduce client activity levels, with effects on orders.
- Geopolitical and supply chain risksmedium
Conflicts, tariffs and logistics disruptions can delay projects and increase material and transport costs.
- Cyber riskmedium
Cyber attacks can cause system downtime or loss of intellectual property, and internal monitoring capacity is limited.
- Compliance and integrity riskmedium
Operations in countries with high corruption and human rights risks can expose the company to sanctions and legal liability.
Investment thesis
What would need to be true (bull case)
- If the order backlog converts into stable revenue and electrification and CO2 capture grow, the company could benefit from a mix of traditional projects and energy transition work.
- The net cash balance and proposed dividends point to financial discipline that could support long-term shareholder confidence.
- Experience in digitalization could reduce execution costs and improve margins if projects are delivered on time.
What would break the thesis
- If activity decreases in 2026, revenue and capacity utilization could fall short of expectations, and margins could remain under pressure.
- Fixed-price contracts and complex projects can lead to cost overruns that could erode profitability.
- Dependence on oil and gas demand and on decarbonization policies leaves uncertain how quickly renewable segments can compensate.
What to watch
- Payment of the extraordinary dividend after approval at the Annual General MeetingApril 2026
- Evolution of activity levels and new orders against the expected decline2026
- EBITDA margin trend in the Renewables and Field Development segmentQ1 2026
- Progress of CO2 capture and offshore wind projectsnext 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
Aker Solutions is a digitally driven engineering and project execution company headquartered at Fornebu, Norway, listed on the Oslo stock exchange under the ticker AKSO. It provides products, systems and services from concept studies and front-end engineering to integrated project execution for the global oil and gas industry. Its main customers are international, national and independent energy companies in oil and gas production and renewable energy.
Beyond oil and gas, the company delivers consultancy, engineering services and technical solutions for energy transition projects in offshore wind, electrification, hydrogen, carbon capture and storage and hydropower. The entity Entr aims to become a leading advisory and engineering force for the energy transition.
In 2025 the organization was divided into four business segments (New Build, New Energies, Life Cycle and Power Solutions), reported externally as Renewables and Field Development and Life Cycle, with a holding in SLB OneSubsea. Digitalization and artificial intelligence are used to improve project execution and operations.
Segments
Life Cycle
This segment optimizes field life solutions, with maintenance and modification services for offshore infrastructure and decarbonization solutions such as electrification. Revenue reached NOK 15.0 billion in 2025, and the order backlog stood at NOK 23.0 billion, with a book-to-bill ratio of 1.0.
SLB OneSubsea
The company reports separately its holding in SLB OneSubsea, received as part of the consideration for establishing the entity. After the reporting period, Aker Solutions sold its entire SLB shareholding, which enabled the proposal of an extraordinary dividend.
Market context
The energy market is shaped by the energy trilemma of reliability, affordability and sustainability. Oil and gas remain important for the company, with large projects for Aker BP, while operator decarbonization and public policy create demand for electrification and CCS. Management expects activity levels could decrease in 2026 after several years of record workload.
The geopolitical context, including the escalation of military conflicts in the Middle East in early 2026, affects energy prices, international value chains and operations in the region. Offshore wind, hydropower and hydrogen markets offer new opportunities, but demand and timing remain uncertain.
Trends
- Decarbonization of oil and gas operationstailwind
Operators are seeking emission reductions, and the company is working on electrification of platforms in the North Sea and Norwegian Sea. This could support demand for electrification services in the Life Cycle segment.
- Carbon capture and storagetailwind
The company is present across the CO2 value chain, with a capture facility opened in 2025 and contracts for receiving terminal capacity. Growth in this area could bring new revenue, but timing depends on client decisions and public policy.
- Expected decline in activityheadwind
After years of record workload, management expects activity to decrease in 2026 and is adjusting capacity and costs. If this decline materializes, pressure on revenue and workforce utilization could increase.
- Digitalization and artificial intelligencemixed
Digital project execution, such as the Yggdrasil model, and autonomous drone offshore inspections can bring efficiency and savings. Results depend, however, on client adoption and the commercial development of these tools.
Competitive position
Competition in offshore engineering and execution includes international energy services companies and specialized installation builders. The company's position rests on technical capabilities built over nearly two centuries and on relationships with major operators in Norway and other regions.
In renewable energy, competition comes from firms already active in offshore wind and hydropower. The company seeks to differentiate through integrated solutions from foundations to converter stations and through transition consultancy.
- SLBSLB
Energy services company with which Aker Solutions collaborated in SLB OneSubsea and in CO2 capture technology.
- Offshore platform and installation builders
International offshore project execution companies competing for large platform and module contracts.
- Offshore wind infrastructure suppliers
Manufacturers and builders of foundations and electrical substations for wind farms, active in the same European and American markets.
- Hydropower and electromechanical service providers
Companies specialized in upgrading and equipping hydroelectric plants, competing in the hydropower segment.
News & filings
In the press
- Aker Shares Climb After Nscale Gets $45 Billion ContractYahoo Finance — News · 27 Aug 2026 · EN
- Aker BP begins production from Skarv Satellites in Norwegian SeaYahoo Finance — News · 26 Aug 2026 · EN
- Equinor, Aker BP and Vår Energi launch NCS exploration allianceYahoo Finance — News · 25 Aug 2026 · EN
- Equinor and Aker BP Make New North Sea Gas DiscoveryOil Price · 24 Aug 2026 · EN
- Equinor and Aker BP Make New North Sea Gas DiscoveryYahoo Finance — News · 24 Aug 2026 · EN
- Aker BP Gains 2.2 Million Barrels With Tiny Stake IncreaseOil Price · 08 Jun 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 / Aker Solutions 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.