olivLaw · European equity research
Goodtech ASA GOD.OL
Norway · Euronext Oslo Børs · ISIN NO0004913609 · Vertical: Listed companies from Norway
Goodtech ASA, listed in Oslo, provides industrial automation, robotisation and digitalisation solutions, with emphasis on long-term projects and service contracts. In 2025 the company returned to profit after its restructuring years, with earnings after tax of 18.9 MNOK, and its balance sheet remains solid with total equity of 277.0 MNOK.
At the close of 06 Nov 2026, Goodtech ASA (GOD.OL) stock was 14.90 NOK (+1.71% on the day), with market capitalisation 433.2 m NOK, P/E 22.9 on diluted EPS of 0.65 NOK over the last 12 months, beta 0.39, 52-week range 9.08–17.90 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)
- 49.7
- neutral
- Bollinger (20, 2)
- 12.76 – 17.66
- in the lower half of the band · %B 0.44 · band width 32.2%
- SMA 50 / 200
- 14.81 / 12.60
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- -0.18 / -0.11
- 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 | −5.4% | −0.6% | −4.7 pp | — |
| 3 months | +3.8% | −4.2% | +8.0 pp | — |
| 6 months | +33.0% | +4.3% | +28.7 pp | — |
| Year to date | +52.4% | +7.5% | +44.8 pp | — |
| 1 year | +65.6% | +9.9% | +55.6 pp | −4.7% |
| 3 years | +51.4% | +49.8% | +1.6 pp | +12.7% |
| 5 years | +57.3% | +42.8% | +14.5 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 50 percentile of its own 2-quarter history (min 15.0, median 24.6, max 34.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 726.8 m | 714.8 m | 721.2 m |
| Revenue YoY | unavailable | −1.7% | +0.9% |
| Net income | 8.1 m | -25.3 m | 18.9 m |
| Net income YoY | unavailable | −412.3% | unavailable |
| Diluted EPS | 0.29 | -0.87 | 0.65 |
| Diluted EPS YoY | unavailable | −400.0% | unavailable |
| net % | 1.1% | -3.5% | 2.6% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 127.0 m NOK
- Financial debt
- unavailable NOK
- Net debt
- unavailable NOK
- Equity
- 277.0 m NOK
- Total assets
- 510.4 m NOK
- Debt / equity
- unavailable
- Current ratio
- 1.29x
- ROE
- 7.0%
- ROA
- 3.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (NOK)
Margins
Income statement · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 726.8 m | 714.8 m | 721.2 m | esef· 21 Oct 2026verified |
| Operating income | 12.4 m | 18.8 m | 36.6 m | esef· 21 Oct 2026verified |
| Depreciation & amortisation | 21.8 m | 25.1 m | 27.0 m | esef· 21 Oct 2026verified |
| EBITDA | 34.2 m ≈ | 43.9 m ≈ | 63.6 m ≈ | esef· 21 Oct 2026derived |
| Interest expense | 16.8 m | 15.6 m | 10.3 m | esef· 21 Oct 2026verified |
| Pre-tax income | 7.5 m | 22.1 m | 33.6 m | esef· 21 Oct 2026verified |
| Income tax | -4.4 m | 5.7 m | 3.8 m | esef· 21 Oct 2026verified |
| Net income | 8.1 m | -25.3 m | 18.9 m | esef· 21 Oct 2026verified |
| Diluted EPS | 0.29 | -0.87 | 0.65 | 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 | 104.4 m | 110.8 m | 127.0 m | esef· 21 Oct 2026verified |
| Inventories | 4.7 m | 3.9 m | 3.6 m | esef· 21 Oct 2026verified |
| Current assets | 287.6 m | 237.7 m | 242.6 m | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 16.7 m | 13.9 m | 11.6 m | esef· 21 Oct 2026verified |
| Total assets | 580.3 m | 528.2 m | 510.4 m | esef· 21 Oct 2026verified |
| Current liabilities | 260.1 m | 199.4 m | 187.9 m | esef· 21 Oct 2026verified |
| Total liabilities | 300.0 m | 228.9 m | 233.5 m | esef· 21 Oct 2026verified |
| Equity | 280.3 m | 262.8 m | 277.0 m | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 27.0 m | 28.8 m | 29.1 m | esef· 21 Oct 2026derived |
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%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 433.2 m NOK
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%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 2.6% | 47 (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 | 3.6x | 32 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 1.3x | 41 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | 22.9x | 40 (vs peers) | 38% |
| 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 sheet35/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial47/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial40/100 · 1/3 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
GOODTECH ASA (GOD.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 721.2 m NOK in 2025; YoY growth 0.9%; net margin 2.6%; ROE 7.0%.
The estimated value range is 5.95–20.53 NOK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 12.84 NOK, the price of 14.90 NOK leaves a potential of -13.8% (value / price − 1) and a margin of safety of -16.0% (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: 4 of at least 6; score weight coverage: 27.1% of at least 60%).
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
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.
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, 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% |
| GOD.OLGoodtech Asa | 433.2 m | 22.9 | 7.0% | 2.6% | +0.9% | +62% / +49% |
| 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% |
1- and 3-year price returns: for GOD.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 | 8.49 Total return -43% · Per year -43% | 15.03 Total return 1% · Per year 1% | 22.68 Total return 52% · Per year 52% |
| 3 years | 7.65 Total return -49% · Per year -20% | 15.30 Total return 3% · Per year 1% | 25.43 Total return 71% · Per year 20% |
| 5 years | 6.90 Total return -54% · Per year -14% | 15.58 Total return 5% · Per year 1% | 28.52 Total return 91% · Per year 14% |
- Exit P/E± 3.83
- Net margin± 2.68
- Annual revenue growth± 2.28
- Annual dilution± 0.23
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
Goodtech ASA, listed in Oslo, provides industrial automation, robotisation and digitalisation solutions, with emphasis on long-term projects and service contracts. In 2025 the company returned to profit after its restructuring years, with earnings after tax of 18.9 MNOK, and its balance sheet remains solid with total equity of 277.0 MNOK.
SWOT
Strengths
- Solid balance sheet with no interest-bearing debt at the end of 2025 and a high equity ratio.
- Long-standing relationships with large industrial clients, supported by frame agreements and maintenance contracts.
- Technical competence in automation, robotisation and digitalisation, with ISO 14001 certification for environmental management.
Weaknesses
- Revenue depends on execution of individual projects, carrying risk of cost estimation errors and delays.
- Recent history of losses and discontinued operations, with improved profitability set as a priority for the next year.
- Currency exposure across several currencies, which can affect project profitability.
Opportunities
- Rising demand for large, complex industrial transformation projects.
- Expanding service contracts and managed services across the full client base.
- Investment in the green transition, offshore wind and low-carbon manufacturing.
Threats
- Client investment decisions delayed by geopolitical uncertainty.
- Changes in regulation, trade policy and public-sector priorities.
- Cybersecurity and data-quality risks as digitalisation expands.
Risks
- Project execution riskhigh
Projects could exceed budget or schedule, weighing on margins if initial estimates prove wrong.
- Geopolitical and macroeconomic riskhigh
Conflicts, trade tensions, interest rates and inflation could delay client investment and complicate supply chains.
- Currency riskmedium
Contracts in several currencies could shift project profitability if exchange rates move unfavourably, although partial hedging exists.
- Regulatory and public-policy riskmedium
Changes in public-sector priorities, environmental requirements or rules on contracted labour could affect operations.
- Cyber and technology riskmedium
Wider use of digitalisation and AI increases exposure to cyberattacks and data-quality problems.
Investment thesis
What would need to be true (bull case)
- If the return to profit seen in 2025 holds and project margins improve, the company could show that its restructuring has worked.
- A solid balance sheet with no interest-bearing debt gives flexibility for investment or possible acquisitions.
- If the green transition and demand for large industrial transformations continue, the service portfolio could grow.
What would break the thesis
- Dependence on individual projects makes revenue and profit hard to forecast from one year to the next.
- If geopolitical uncertainty keeps delaying client decisions, new order intake could decline.
- The recent history of losses and asset disposals could make the return to profitability fragile.
What to watch
- Margin development on large projects and project outcomes2026
- Growth of revenue from service and maintenance contracts2026
- Payment of the proposed NOK 0.50 per share dividend after the annual general meeting2026
- Timing of investment decisions by large energy and industrial clientsnext 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
Goodtech ASA is the parent company of a group that supplies industrial and environmental technology solutions, covering automation, robotisation and digitalisation. The business combines long-term projects, annual frame agreements and maintenance contracts with large clients in energy, food and pharma. The group refocused after divesting non-core operations in Åland and Sweden in February 2025.
Major clients named in the annual report include Equinor, Ineos and Nexans, alongside a range of smaller projects. The Bałtyk project for Equinor illustrates the kind of large projects the group pursues.
Management describes a strategy as a lifecycle partner, with emphasis on after-sales and service and long-term service agreements. The group works in contracts denominated in NOK, SEK, EUR and USD, and a significant part of revenue comes from executing individual projects.
Segments
Automation and robotisation projects
The core segment comprises individual industrial automation projects varying in size and complexity, with risks tied to execution and cost estimation.
Maintenance and frame agreements
Maintenance contracts and annual frame agreements with major clients provide more recurring revenue and are central to the plan to scale managed services.
Market context
Goodtech names its core markets as food and pharma, energy, defence and manufacturing. The green transition, particularly offshore wind, battery production and low-carbon manufacturing, is described as a favourable tailwind for its services.
Management notes that demand for large, complex industrial transformations is rising, but the timing of investment decisions for larger client projects can be delayed by geopolitical uncertainty.
Trends
- Green transition and sustainable investmenttailwind
Investment in offshore wind, batteries and energy-efficient production could create demand for the group's automation and digitalisation solutions.
- Digitalisation and artificial intelligencemixed
Adopting digitalisation and AI brings efficiency gains but also risks related to cybersecurity, regulation and data quality.
- Geopolitical uncertaintyheadwind
Global tensions and trade policy changes could weigh on client investment activity and the predictability of operations.
- Demand for complex industrial transformationstailwind
Industrial clients increasingly seek large transformation projects, which the group says its organisation has been adjusted to handle.
Competitive position
The annual report does not name direct competitors. The group positions itself in industrial automation, robotisation and digitalisation, where it competes with systems integrators and industrial service providers.
Its stated edge lies in experience with large projects involving heavy components and multi-disciplinary engineering, plus its group-wide service model. Without figures in the sources, quantitative comparison with rivals cannot be made.
- Industrial automation integrators
Companies offering automation and robotisation projects similar to Goodtech's, not named in the sources.
- Industrial engineering service providers
Engineering firms competing for complex industrial transformation projects, not named in the sources.
- Industrial digitalisation providers
Companies offering digitalisation and AI solutions for factories, not named in the sources.
- Regional technical service providers
Local firms that may compete for maintenance and service contracts, not named in the sources.
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 / Goodtech 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.