olivLaw · European equity research
Norconsult ASA NORCO.OL
Norway · Euronext Oslo Børs · ISIN NO0013052209 · Vertical: Listed companies from Norway
Norconsult ASA is a Nordic multidisciplinary consultancy in engineering, architecture and digital services, active in buildings, infrastructure, energy and industry. In 2025 it reported solid revenue growth supported by strategic acquisitions, while infrastructure and energy markets remained stable.
At the close of 06 Nov 2026, Norconsult ASA (NORCO.OL) stock was 35.75 NOK (+1.27% on the day), with market capitalisation 10.9 bn NOK, P/E 16.8 on diluted EPS of 2.13 NOK over the last 12 months, dividend yield 4.76%, beta 0.24, 52-week range 33.80–47.20 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)
- 37.4
- weak (30–45)
- Bollinger (20, 2)
- 35.27 – 39.61
- in the lower half of the band · %B 0.11 · band width 11.6%
- SMA 50 / 200
- 37.96 / 38.61
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.43 / -0.15
- 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 | −3.6% | −0.6% | −3.0 pp | — |
| 3 months | −8.0% | −4.2% | −3.8 pp | — |
| 6 months | −3.8% | +4.3% | −8.1 pp | — |
| Year to date | −22.1% | +7.5% | −29.6 pp | — |
| 1 year | −24.3% | +9.9% | −34.3 pp | −4.7% |
| 3 years | unavailable | +49.8% | unavailable | +12.7% |
| 5 years | unavailable | +42.8% | unavailable | — |
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 33 percentile of its own 3-quarter history (min 13.4, median 21.5, max 26.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 9.6 bn | 10.4 bn | 11.4 bn |
| Revenue YoY | unavailable | +8.9% | +9.5% |
| Net income | 516.0 m | 496.0 m | 651.0 m |
| Net income YoY | unavailable | −3.9% | +31.3% |
| Diluted EPS | 1.82 | 1.65 | 2.13 |
| Diluted EPS YoY | unavailable | −9.3% | +29.1% |
| net % | 5.4% | 4.8% | 5.7% |
| Free cash flow | 863.0 m | 1.4 bn | 1.0 bn |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.2 bn NOK
- Financial debt
- 240.0 m NOK
- Net debt
- -980.0 m NOK
- Equity
- 3.1 bn NOK
- Total assets
- 9.4 bn NOK
- Debt / equity
- 0.08x
- Current ratio
- 1.15x
- ROE
- 23.1%
- ROA
- 7.9%
- FCF margin
- 9.2%
Financial statements (source on every figure)
Revenue and net income (NOK)
Margins
Income statement · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 9.6 bn | 10.4 bn | 11.4 bn | esef· 21 Oct 2026verified |
| Operating income | 673.0 m | 570.0 m | 856.0 m | esef· 21 Oct 2026verified |
| Interest expense | 71.0 m | 83.0 m | 105.0 m | esef· 21 Oct 2026verified |
| Pre-tax income | 674.0 m | 567.0 m | 850.0 m | esef· 21 Oct 2026verified |
| Income tax | 158.0 m | 69.0 m | 197.0 m | esef· 21 Oct 2026verified |
| Net income | 516.0 m | 496.0 m | 651.0 m | esef· 21 Oct 2026verified |
| Diluted EPS | 1.82 | 1.65 | 2.13 | esef· 21 Oct 2026verified |
| Dividend per share | — | — | 1.70 | esef· 21 Oct 2026verified |
Balance sheet · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 553.0 m | 1.2 bn | 1.2 bn | esef· 21 Oct 2026verified |
| Current assets | 3.5 bn | 4.1 bn | 4.3 bn | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 158.0 m | 178.0 m | 191.0 m | esef· 21 Oct 2026verified |
| Goodwill | 1.0 bn | 1.1 bn | 2.7 bn | esef· 21 Oct 2026verified |
| Intangibles (excl. goodwill) | 78.0 m | 109.0 m | 498.0 m | esef· 21 Oct 2026verified |
| Total assets | 6.3 bn | 7.1 bn | 9.4 bn | esef· 21 Oct 2026verified |
| Short-term debt | — | 0 | 240.0 m | esef· 21 Oct 2026verified |
| Current liabilities | 3.0 bn | 3.2 bn | 3.8 bn | esef· 21 Oct 2026verified |
| Equity | 2.1 bn | 2.5 bn | 3.1 bn | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 282.0 m | 288.4 m | 305.6 m | esef· 21 Oct 2026derived |
Cash flow · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 922.0 m | 1.5 bn | 1.1 bn | esef· 21 Oct 2026verified |
| Capex | 59.0 m | 81.0 m | 77.0 m | esef· 21 Oct 2026verified |
| Free cash flow | 863.0 m ≈ | 1.4 bn ≈ | 1.0 bn ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | -165.0 m | -138.0 m | -1.5 bn | esef· 21 Oct 2026verified |
| Financing cash flow | -1.2 bn | -728.0 m | 377.0 m | 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 weight coverage: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 10.9 bn NOK
Key indicators
Coverage and freshness
Score by group
52% · 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: score weight coverage: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 37.9% | 91 (vs peers) | 20% |
| Net margin · Quality | 5.7% | 58 (vs peers) | 12% |
| FCF conversion · Quality | 160.7% | 100 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 8.2x | 100 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 1.1x | 29 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 16.8x | 55 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 9.6% | 100 (on a fixed band) | 16% |
| 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 sheet72/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality84/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation75/100 · 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
Norconsult ASA (NORCO.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 11.4 bn NOK in 2025; YoY growth 9.5%; net margin 5.7%; ROE 23.1%.
The estimated value range is 19.51–58.01 NOK per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 42.09 NOK, the price of 35.75 NOK leaves a potential of 17.7% (value / price − 1) and a margin of safety of 15.1% (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 (score weight coverage: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 37.9%
- FCF conversion: 160.7%
- Interest coverage: 8.2x
- FCF yield: 9.6%
What contradicts it
- Current ratio: 1.1x
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, 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 | 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% |
| NORCO.OLNorconsult ASA | 10.9 bn | 16.8 | 23.1% | 5.7% | +9.5% | −21% / +84% |
| 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% |
1- and 3-year price returns: for NORCO.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 | 22.18 Total return -34% · Per year -34% | 39.13 Total return 15% · Per year 15% | 58.82 Total return 71% · Per year 71% |
| 3 years | 23.73 Total return -21% · Per year -8% | 46.88 Total return 48% · Per year 14% | 77.06 Total return 137% · Per year 33% |
| 5 years | 25.38 Total return -8% · Per year -2% | 56.17 Total return 89% · Per year 14% | 100.95 Total return 224% · Per year 27% |
- Exit P/E± 11.72
- Net margin± 8.20
- Annual revenue growth± 6.43
- Annual dilution± 0.69
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
Norconsult ASA is a Nordic multidisciplinary consultancy in engineering, architecture and digital services, active in buildings, infrastructure, energy and industry. In 2025 it reported solid revenue growth supported by strategic acquisitions, while infrastructure and energy markets remained stable 1.
SWOT
Strengths
- Broad interdisciplinary expertise in engineering, architecture and digitalisation, covering the full project cycle 1.
- Solid local presence in Norway, Sweden, Denmark and the renewable segment, with an employee base that is also shareholders 1.
- A capital structure supported by retained earnings accumulated over many years 1.
Weaknesses
Opportunities
Risks
- Assignment execution riskhigh
Risks in project execution, client relationships and contractual requirements could affect service quality and financial results 1.
- Acquisition riskmedium
Integrating the companies acquired in 2025 could involve operational and organisational culture difficulties 1.
- Code of ethics breachesmedium
Breaches of the code of ethics or of regulations could affect the company's reputation and client relationships 1.
- Political and regulatory changemedium
Changes in politics or the regulatory framework could influence public demand and operating conditions 1.
- Debt after acquisitionslow
External debt taken on for acquisitions could limit financial flexibility if markets become volatile 1.
Investment thesis
What would need to be true (bull case)
What would break the thesis
- The private building market remains weak, and a recovery could be delayed, which could limit growth in some segments 1.
- Dependence on the public sector could expose the company to budget decisions or project delays 1.
- Debt taken on for acquisitions could reduce financial flexibility if financing conditions worsen 1.
What to watch
- Development of the adjusted EBITA margin versus the 2025 level2026
- Integration of Aas-Jakobsen Group and Metier Group in results2026
- Demand trends in the private building market2026
- Level of external debt and the proposed dividendnext 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
Norconsult provides planning, design, engineering, project execution and follow-up across the entire project cycle, from ideas and concepts to operation and monitoring 1. It is primarily an engineering and architecture company with over 7 200 employees, whose knowledge is its most important asset 1. Norconsult ASA is the parent company, and most services are delivered through Norconsult Norge AS and its subsidiaries in Norway, Sweden and Denmark 1.
The strategy focuses on profitable growth, both organic and through acquisitions, with the ambition to become one of the top three interdisciplinary consultancy firms in the Nordics 1. In 2025 the group completed the Aas-Jakobsen Group acquisition, described as the largest transaction in its history, the Metier Group and the Swedish company Sigma Civil 1. Digitalisation and artificial intelligence are used across projects and administration 1.
Norconsult is listed on Oslo Børs, and a large majority of employees are also shareholders, adding a long-term engagement element 1. The company aims to pay dividends of more than 50 percent of net profit over time, but the annual recommendation depends on cash flows and investment needs 1.
Segments
Norway and Sweden
Norway Head Office reported operating revenue after external project costs of NOK 3 139 million in 2025, and Norway Regions NOK 2 875 million, both with acquisition contributions 1. Sweden grew 18 percent to NOK 1 830 million, driven by more FTEs and a higher billing ratio 1.
Renewable Energy
The Renewable Energy segment serves the renewable industry, drawing on experience in hydropower, solar, wind and power transmission, with locations in Norway, Poland, Iceland and Finland 1. Strong organic growth in hydropower and transmission lifted revenue to NOK 854 million in 2025 1.
Market context
Markets for Norconsult's services remained stable in 2025, with healthy demand for infrastructure, energy projects and public buildings, while residential and commercial building stayed subdued 1. The company relies heavily on the public sector, which makes it less exposed to short-term economic cyclicality 1.
The outlook for the market is stability, with uncertainty linked to the international geopolitical situation, and activity in the energy sector could remain high if industrial investments are not delayed 1. A recovery in the private building market could take time, even though signs of optimism appear in larger cities 1.
Trends
- Strong demand for power gridstailwind
Rising electricity production and consumption makes a robust transmission grid essential, and projects such as high-voltage lines support Norconsult's activity 1.
- Public infrastructure investmenttailwind
Long-term public investment plans keep demand for infrastructure and public buildings stable, which could reduce sensitivity to the economic cycle 1.
- Weak private building marketheadwind
Residential and commercial demand remains weaker, and a return of volumes could take time, limiting growth in some segments 1.
- Geopolitical uncertaintymixed
Geopolitical factors could delay industrial investment decisions, although energy activity remains solid, with outcomes depending on how these factors develop 1.
Competitive position
Norconsult operates in Nordic engineering and architecture markets, where competition comes from national consultancy firms and international groups active in infrastructure and energy projects. The source provided does not detail direct competitors, so competitive positioning rests mainly on service diversification and local presence 1.
The company's advantage lies in combining interdisciplinary expertise, local presence across several Nordic countries and the ability to take projects from idea to operation 1. Recent acquisitions extended the service range, and the strategy aims to strengthen the position in the Norwegian market 1.
- Nordic engineering and architecture firms
Regional competitors in the Norwegian, Swedish and Danish markets, not detailed in the source provided.
- International infrastructure consultancy groups
Competitors on large infrastructure and energy projects, not detailed in the source provided.
- IT consultancy and digitalisation firms
Competition in digital services and software for construction, not detailed in the source provided.
- Renewable energy service providers
Competition in hydropower, power transmission and wind projects, not detailed in the source provided.
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 / Norconsult 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.