olivLaw · European equity research
EQVA ASA EQVA.OL
Norway · Euronext Oslo Børs · ISIN NO0010708605 · Vertical: Listed companies from Norway
EQVA ASA is a full-service provider of industrial services in Norway, built on the development and long-term ownership of complementary industrial companies that contribute to the green transition. The group extended its footprint through acquisitions in 2025, and an equity ratio of 37 per cent and a workforce of 704 FTEs mark its current position.
At the close of 06 Nov 2026, EQVA ASA (EQVA.OL) stock was 2.51 NOK (−3.83% on the day), with market capitalisation 200.1 m NOK, P/E 4.6 on diluted EPS of 0.54 NOK over the last 12 months, dividend yield 0.00%, beta 0.32, 52-week range 2.49–4.53 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)
- 38.0
- weak (30–45)
- Bollinger (20, 2)
- 2.48 – 2.80
- in the lower half of the band · %B 0.08 · band width 11.8%
- SMA 50 / 200
- 2.80 / 3.06
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.05 / -0.05
- 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 | −5.6% | −0.6% | −5.0 pp | — |
| 3 months | −20.3% | −4.2% | −16.1 pp | — |
| 6 months | −21.6% | +4.3% | −25.9 pp | — |
| Year to date | −26.0% | +7.5% | −33.5 pp | — |
| 1 year | −42.7% | +9.9% | −52.6 pp | −4.7% |
| 3 years | +2.4% | +49.8% | −47.4 pp | +12.7% |
| 5 years | +25.0% | +42.8% | −17.8 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 2-quarter history (min 6.3, median 9.6, max 12.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 659.3 m | 1.1 bn | 1.3 bn |
| Revenue YoY | unavailable | +60.9% | +20.5% |
| Net income | -23.7 m | 29.9 m | 44.7 m |
| Net income YoY | unavailable | unavailable | +49.5% |
| Diluted EPS | -0.33 | 0.37 | 0.54 |
| Diluted EPS YoY | unavailable | unavailable | +45.9% |
| net % | -3.6% | 2.8% | 3.5% |
| Free cash flow | -56.6 m | 106.4 m | 87.4 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 148.9 m NOK
- Financial debt
- 168.3 m NOK
- Net debt
- 19.4 m NOK
- Equity
- 409.9 m NOK
- Total assets
- 1.1 bn NOK
- Debt / equity
- 0.41x
- Current ratio
- 1.02x
- ROE
- 12.4%
- ROA
- 4.6%
- FCF margin
- 6.8%
Financial statements (source on every figure)
Revenue and net income (NOK)
Margins
Income statement · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 659.3 m | 1.1 bn | 1.3 bn | esef· 21 Oct 2026verified |
| Operating income | 10.5 m | 63.9 m | 48.9 m | esef· 21 Oct 2026verified |
| Interest expense | 33.3 m | 29.2 m | 40.0 m | esef· 21 Oct 2026verified |
| Pre-tax income | -18.8 m | 36.4 m | 14.4 m | esef· 21 Oct 2026verified |
| Income tax | 1.1 m | 5.2 m | -14.7 m | esef· 21 Oct 2026verified |
| Net income | -23.7 m | 29.9 m | 44.7 m | esef· 21 Oct 2026verified |
| Diluted EPS | -0.33 | 0.37 | 0.54 | esef· 21 Oct 2026verified |
| Dividend per share | 0.00 | 0.19 | 0.00 | esef· 21 Oct 2026verified |
Balance sheet · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 36.0 m | 99.4 m | 148.9 m | esef· 21 Oct 2026verified |
| Inventories | 5.8 m | 21.3 m | 16.0 m | esef· 21 Oct 2026verified |
| Current assets | 235.8 m | 375.9 m | 485.9 m | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 111.8 m | 116.2 m | 153.3 m | esef· 21 Oct 2026verified |
| Goodwill | 248.3 m | 281.6 m | 342.0 m | esef· 21 Oct 2026verified |
| Intangibles (excl. goodwill) | 29.3 m | 27.8 m | 73.1 m | esef· 21 Oct 2026verified |
| Total assets | 667.6 m | 829.3 m | 1.1 bn | esef· 21 Oct 2026verified |
| Long-term debt | 125.3 m | 94.6 m | 168.3 m | esef· 21 Oct 2026verified |
| Current liabilities | 201.3 m | 382.9 m | 474.4 m | esef· 21 Oct 2026verified |
| Total liabilities | 377.2 m | 517.3 m | 714.0 m | esef· 21 Oct 2026verified |
| Equity | 290.4 m | 312.0 m | 409.9 m | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 71.9 m | 74.7 m | 79.7 m | esef· 21 Oct 2026derived |
Cash flow · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -51.0 m | 116.6 m | 102.9 m | esef· 21 Oct 2026verified |
| Capex | 5.6 m | 10.1 m | 15.5 m | esef· 21 Oct 2026verified |
| Free cash flow | -56.6 m ≈ | 106.4 m ≈ | 87.4 m ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | 18.6 m | 37.3 m | -91.1 m | esef· 21 Oct 2026verified |
| Financing cash flow | 8.0 m | -94.2 m | 32.0 m | esef· 21 Oct 2026verified |
| Dividends paid | 0 | 14.4 m | 0 | 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
Score: 61 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 200.1 m NOK
Key indicators
Coverage and freshness
Score by group
- Quality68
- Returns40
- Balance sheet7
- Valuation94
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
Neutral profile · Score 61/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 11.1% | 59 (vs peers) | 17% |
| Net margin · Quality | 3.5% | 53 (vs peers) | 10% |
| FCF conversion · Quality | 195.8% | 100 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 1.2x | 0 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 1.0x | 19 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 4.6x | 90 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 43.7% | 100 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 0.0% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet7/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality68/100 · 3/3 factors with a value
- Returns40/100 · 2/2 factors with a value
- Valuation94/100 · 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
EQVA ASA (EQVA.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.3 bn NOK in 2025; YoY growth 20.5%; net margin 3.5%; ROE 12.4%.
The estimated value range is 14.68–27.12 NOK per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 20.04 NOK, the price of 2.51 NOK leaves a potential of 698.3% (value / price − 1) and a margin of safety of 87.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 61/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 195.8%
- P/E (TTM): 4.6x
- FCF yield: 43.7%
- Payout ratio (FCF): 0.0%
- The price is below the estimated value range
What contradicts it
- Interest coverage: 1.2x
- Current ratio: 1.0x
- Shareholder yield (distributions): 0.0%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
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% |
| EQVA.OLEqva Asa | 200.1 m | 4.6 | 12.4% | 3.5% | +20.5% | −41% / −22% |
| 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 EQVA.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 | 1.70 Total return -32% · Per year -32% | 2.99 Total return 19% · Per year 19% | 4.49 Total return 79% · Per year 79% |
| 3 years | 2.02 Total return -20% · Per year -7% | 3.96 Total return 58% · Per year 16% | 6.47 Total return 158% · Per year 37% |
| 5 years | 2.39 Total return -5% · Per year -1% | 5.24 Total return 109% · Per year 16% | 9.31 Total return 271% · Per year 30% |
- Exit P/E± 0.99
- Net margin± 0.69
- Annual revenue growth± 0.52
- Annual dilution± 0.06
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
EQVA ASA is a full-service provider of industrial services in Norway, built on the development and long-term ownership of complementary industrial companies that contribute to the green transition. The group extended its footprint through acquisitions in 2025, and an equity ratio of 37 per cent 1 and a workforce of 704 FTEs 1 mark its current position.
SWOT
Strengths
- Financial position described as solid, with equity and capacity to support the strategy 1.
- Diversified portfolio across sectors, services and geographies, with a order book described as strong 1.
- Long-standing relationships with leading industrial clients and coverage along the entire Norwegian coast 1.
Weaknesses
- Dependence on large contracts with high market risk is identified as the most important risk for the company 1.
- The sick leave rate rose in 2025 compared with the prior year, mainly due to a few long-term cases 1.
- Subsidiaries bear the commercial risk of contracts, and the group proposes no dividend for fiscal 2025 1.
Opportunities
- Demand linked to the green transition, electrification and energy efficiency in industry could support growth 1.
- Recent acquisitions and the one agreed in January 2026 could extend geographic reach and service scope 1.
- Management sees opportunities in all core segments for the next one to three years 1.
Threats
- Geopolitical tensions, protectionism and trade disruptions could affect clients and project volumes 1.
- Cost pressure from materials and longer lead times linked to the war could compress margins 1.
- Political decisions on the aquaculture industry could indirectly reduce demand for some group services 1.
Risks
- Market risk on large contractshigh
The group must continuously win new contracts in competitive markets, and losing bids could affect revenue 1.
- Financial and liquidity riskmedium
Exposure to currency and interest rate movements, and liquidity management on each project, are risks the company monitors 1.
- Acquisition integration riskmedium
The board monitors risks tied to M&A processes, including integration and the realisation of scale benefits 1.
- Climate and project execution risklow
Extreme weather could delay projects such as hydropower builds, although the overall physical climate exposure is considered limited 1.
- Sanctions and supply riskmedium
The group complies with Norwegian sanctions and has halted new sales with Russian exposure, while material prices and lead times remain sensitive to the conflict 1.
Investment thesis
What would need to be true (bull case)
- If the green transition accelerates demand for electrification and energy efficiency, the group could benefit from its diversified portfolio and solid order book 1.
- Recent acquisitions, including the company's largest transaction to date, could extend geographic reach and the integrated service offering 1.
- A financial position described by management as solid could provide flexibility for further acquisitions and projects 1.
What would break the thesis
- Dependence on large contracts awarded through competitive bidding could lead to revenue volatility if projects are lost or delayed 1.
- Geopolitical tensions and trade disruptions could reduce client investment in industry, and short-term macroeconomic uncertainty remains high 1.
- No dividend is proposed for 2025, and growth through acquisitions could bring integration costs that weigh on margins 1.
What to watch
- Development of the order book and results of the Industrial Solutions segment2026
- Integration of the January 2026 acquisition (Einar Ågrey Farsund) and of the companies acquired in 20252026
- Sick leave rate and workforce costs after the increase seen in 20252026
- Dividend decision and use of equity of NOK 410 millionnext 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
EQVA ASA, listed on the Oslo Stock Exchange, provides industrial services to customers in smelting operations, process industry, aquaculture, the maritime sector, defence and offshore 1. Its model is based on acquiring and developing complementary companies, and its history, starting from a machine workshop founded in 1918, includes restructuring and the 2022 rename to EQVA 1. The stated strategy pursues organic growth and new acquisitions with a focus on profitability 1.
The group operates as a set of operating companies, each with its own guidelines and reporting, with the parent EQVA ASA acting as holding company 1. Subsidiaries bear the commercial risk of their client contracts, and the parent provides guarantees only in a limited number of cases 1. The company proposes not to pay a dividend for fiscal 2025 1.
The board describes the group's financial position as solid, with capacity to support its strategic priorities and risk profile 1. Capital management aims at an appropriate balance between equity and other financing sources 1.
Segments
Industrial Solutions
The main segment, which accounted for more than 99 per cent of total income in 2025 1. It comprises BKS, IMTAS, Austevoll Rørteknikk and Kvinnherad Elektro, offering technical installations, industrial services, piping systems for aquaculture and power and automation services 1.
Market context
Core markets identified by the company are smelters, land-based industry, aquaculture, defence, maritime and offshore 1. For the next one to three years management sees opportunities in all segments, although geopolitical tensions and trade disputes could affect clients 1.
Contracts are awarded in competitive markets through bidding, where the ability to meet client requirements is decisive 1. Higher material prices and longer lead times linked to the war are cited as cost pressures 1.
Trends
- Green transition and electrificationtailwind
Electrification, energy-efficiency and upgrade projects within process industries and smelters could support long-term demand for the group's services 1.
- Geopolitical tensions and protectionismheadwind
Rising geopolitical tensions, protectionism and trade disruptions are identified as factors that could affect clients and, through them, the group 1.
- Aquaculture policymixed
Political decisions, such as a possible taxation of the aquaculture sector, could indirectly influence demand for some of the group's services 1.
- Consolidation through acquisitionsmixed
Integrating acquired companies such as IMTAS and Austevoll Rørteknikk may create scale and synergies, but also brings integration risk 1.
Competitive position
Contracts are awarded in competitive markets, where the group bids against other suppliers 1. The sources do not name competitors, and the stated advantage lies in long-standing client relationships and a low-cost, customer-focused model 1.
The group positions itself as a fully integrated provider in piping, mechanical and power and automation disciplines in Norway, which could give it an edge in complex projects 1. Management says it aims to adapt to challenging market conditions 1.
- Norwegian industrial service providers
The sources do not name specific competitors; the group competes in bids with other suppliers in metallurgy, maritime and aquaculture markets 1.
- Aquaculture installation suppliers
The piping and service segment for aquaculture is served by several suppliers, none named in the sources 1.
- Small hydropower plant operators
Fossberg Kraft develops small plants in southern Norway, where other developers are active; none are named in the sources 1.
- Offshore and maritime service companies
Clients and competitors in the offshore and maritime sector are not named in the sources, but the market is contested through bidding 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 / EQVA 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.