olivLaw · European equity research
Soiltech ASA STECH.OL
Norway · Euronext Oslo Børs · ISIN NO0010713571 · Vertical: Listed companies from Norway
Soiltech ASA is a Norwegian company that treats, recycles and handles contaminated water and solid industrial waste on site, mainly for clients in the oil and gas industry. The company closed 2025 with revenue of 400.8 million NOK, and interest in its energy-efficient technologies grows as environmental regulations tighten.
At the close of 06 Nov 2026, Soiltech ASA (STECH.OL) stock was 86.80 NOK (−2.47% on the day), with market capitalisation 7.0 m NOK, P/E 0.2 on diluted EPS of 380.00 NOK over the last 12 months, beta 0.20, 52-week range 66.00–92.00 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)
- 53.7
- neutral
- Bollinger (20, 2)
- 81.33 – 90.43
- in the upper half of the band · %B 0.60 · band width 10.6%
- SMA 50 / 200
- 84.47 / 84.39
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 1.31 / 1.02
- 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 | +7.7% | −0.6% | +8.3 pp | — |
| 3 months | −2.9% | −4.2% | +1.3 pp | — |
| 6 months | +6.1% | +4.3% | +1.8 pp | — |
| Year to date | +12.7% | +7.5% | +5.2 pp | — |
| 1 year | +20.2% | +9.9% | +10.3 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 50 percentile of its own 2-quarter history (min 0.2, median 0.3, max 0.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 229.1 m | 273.9 m | 400.8 m |
| Revenue YoY | unavailable | +19.5% | +46.4% |
| Net income | 27.4 m | 7.5 m | 32.0 m |
| Net income YoY | unavailable | −72.7% | +327.6% |
| Diluted EPS | 344.00 | 95.00 | 380.00 |
| Diluted EPS YoY | unavailable | −72.4% | +300.0% |
| net % | 12.0% | 2.7% | 8.0% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 57.5 m NOK
- Financial debt
- 125.7 m NOK
- Net debt
- 68.1 m NOK
- Equity
- 246.3 m NOK
- Total assets
- 591.2 m NOK
- Debt / equity
- 0.51x
- Current ratio
- 1.52x
- ROE
- 14.2%
- ROA
- 6.2%
- 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 | 229.1 m | 273.9 m | 400.8 m | esef· 21 Oct 2026verified |
| Operating income | 40.2 m | 23.8 m | 59.7 m | esef· 21 Oct 2026verified |
| Depreciation & amortisation | 17.9 m | 22.7 m | 32.1 m | esef· 21 Oct 2026verified |
| EBITDA | 58.1 m ≈ | 46.5 m ≈ | 91.8 m ≈ | esef· 21 Oct 2026derived |
| Interest expense | 8.4 m | 14.4 m | 17.4 m | esef· 21 Oct 2026verified |
| Pre-tax income | 32.3 m | 11.0 m | 41.3 m | esef· 21 Oct 2026verified |
| Income tax | 4.9 m | 3.5 m | 9.3 m | esef· 21 Oct 2026verified |
| Net income | 27.4 m | 7.5 m | 32.0 m | esef· 21 Oct 2026verified |
| Diluted EPS | 344.00 | 95.00 | 380.00 | 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 | 26.8 m | 34.7 m | 57.5 m | esef· 21 Oct 2026verified |
| Inventories | 159.0 k | 0 | — | esef· 08 May 2025verified |
| Current assets | 85.4 m | 110.0 m | 145.2 m | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 181.1 m | 201.9 m | 279.1 m | esef· 21 Oct 2026verified |
| Total assets | 350.7 m | 434.2 m | 591.2 m | esef· 21 Oct 2026verified |
| Long-term debt | 68.9 m | 86.6 m | 125.7 m | esef· 21 Oct 2026verified |
| Current liabilities | 68.7 m | 69.6 m | 95.7 m | esef· 21 Oct 2026verified |
| Total liabilities | 180.1 m | 229.7 m | 344.9 m | esef· 21 Oct 2026verified |
| Equity | 170.6 m | 204.5 m | 246.3 m | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 74.1 k | 74.9 k | 81.1 k | esef· 21 Oct 2026derived |
Cash flow · NOK
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: 58.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 7.0 m NOK
Key indicators
Coverage and freshness
Score by group
58% · 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: 58.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 16.2% | 77 (vs peers) | 18% |
| Net margin · Quality | 8.0% | 63 (vs peers) | 11% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 0.7x | 60 (vs peers) | 18% |
| Interest coverage · Balance sheet | 3.4x | 30 (on a fixed band) | 11% |
| Current ratio · Balance sheet | 1.5x | 60 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 0.2x | 95 (vs peers) | 18% |
| EV/EBITDA · Valuation | 0.8x | 86 (vs peers) | 18% |
| 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 sheet51/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality72/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation90/100 · 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
SOILTECH AS (STECH.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 400.8 m NOK in 2025; YoY growth 46.4%; net margin 8.0%; ROE 14.2%; net debt/EBITDA 0.7x.
The estimated value range is 5,897.42–11,272.13 NOK per share (median of 2 methods, agreement: same basis (multiples on one peer group, not independent confirmations)); assumptions are illustrative. Against the central value of 8,406.68 NOK, the price of 86.80 NOK leaves a potential of 9,585.1% (value / price − 1) and a margin of safety of 99.0% (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 (score weight coverage: 58.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 16.2%
- P/E (TTM): 0.2x
- EV/EBITDA: 0.8x
- The price is below the estimated value range
What contradicts it
- Interest coverage: 3.4x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, 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% |
| 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% |
| STECH.OLSoiltech As | 7.0 m | 0.2 | 14.2% | 8.0% | +46.4% | +25% / unavailable |
1- and 3-year price returns: for STECH.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 | 58.96 Total return -32% · Per year -32% | 103.76 Total return 20% · Per year 20% | 155.64 Total return 79% · Per year 79% |
| 3 years | 69.94 Total return -19% · Per year -7% | 137.22 Total return 58% · Per year 16% | 224.12 Total return 158% · Per year 37% |
| 5 years | 82.95 Total return -4% · Per year -1% | 181.48 Total return 109% · Per year 16% | 322.74 Total return 272% · Per year 30% |
- Exit P/E± 34.31
- Net margin± 24.01
- Annual revenue growth± 17.91
- Annual dilution± 2.02
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
Soiltech ASA is a Norwegian company that treats, recycles and handles contaminated water and solid industrial waste on site, mainly for clients in the oil and gas industry. The company closed 2025 with revenue of 400.8 million NOK, and interest in its energy-efficient technologies grows as environmental regulations tighten 1.
SWOT
Strengths
- Proprietary on-site treatment technologies and recognised ISO certifications.
- Balance sheet described by management as solid, with no trade losses reported in 2025.
- Strong revenue growth and rapid expansion of the solid waste management service in 2025.
Weaknesses
- Dependence on oil, gas and drilling clients, a cyclical sector.
- Revenue concentrated in a few large customers, increasing exposure to the loss of one contract.
- No dividend is paid and cash is reinvested, so growth depends more on external financing.
Opportunities
- Stricter environmental rules could expand demand for the company's technologies.
- A possible move from Euronext Expand to Euronext Oslo Børs could improve visibility and liquidity.
- Higher activity in the second half of 2026, as management expects, could support revenue.
Threats
- A decline in oil industry investment could quickly reduce demand for services.
- Clients can terminate contracts without cause at short notice.
- Price competition could compress margins if new providers enter the market.
Risks
- Cyclicality of client industryhigh
Clients in oil, gas and drilling are exposed to investment cycles, and a fall in their activity could directly reduce contracted volumes for Soiltech 1.
- Client concentrationhigh
A significant share of revenue comes from a few large clients, so losing a single contract could have a visible effect on results 1.
- Debt and financing costsmedium
Borrowings and lease liabilities rose in 2025 and financial expenses remained significant; higher interest rates or slower activity could pressure cash flow 1.
- Terminable contractsmedium
Because clients can terminate contracts without cause at short notice, future revenue is harder to forecast 1.
- Climate and regulatory risklow
The company rates its direct climate risk as low, but regulatory changes and customer preferences could indirectly affect operations and long-term growth 1.
Investment thesis
What would need to be true (bull case)
- If environmental rules tighten and demand for efficient technologies rises, the company could be well placed, with a solid balance sheet and growing solid waste revenue 1.
- If client activity returns to higher levels in the second half of 2026, as management anticipates, revenue could keep growing 1.
- A possible uplisting to the main list of the Oslo Stock Exchange could improve share liquidity and investor visibility 1.
What would break the thesis
- If investment in the oil industry declines, demand for the company's services could slow quickly and revenue could suffer 1.
- Dependence on a few large clients and the ability to terminate contracts at short notice could make results more volatile 1.
- If debt and financing costs keep rising, margins could come under pressure, especially if activity does not improve 1.
What to watch
- Client activity versus management's expectation for Q1 and Q2 2026Q2 2026
- Trend in revenue concentration among major customers2026
- Any decision on a move to Euronext Oslo Børs2026
- Level of debt and financial expenses relative to operating cash flownext 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
Soiltech ASA, headquartered in Sandnes, Norway, is an innovative technology company specialising in the treatment, recycling and sustainable handling of contaminated water and solid industrial waste streams on site 1. Revenue mainly comes from services related to fluid treatment, solid waste handling, cleaning and associated services for oil and gas customers. The key element is deploying and operating treatment equipment at the customer's site, with contracts generally paid on agreed daily rates for equipment and personnel 1. The company was listed on Euronext Expand in September 2024 under the ticker STECH 1.
The revenue model rests on agreed daily rates for equipment and personnel, plus reimbursement of costs with a markup, with rates differing depending on whether equipment is in active use or on standby 1. However, customers can terminate contracts without cause at short notice, so revenue depends on client activity levels 1. According to the company, its customers are solid, credit-worthy oil, gas and drilling companies 1.
At end-2025 the group had 146 employees, up from 126 in 2024, and it presents its presence mainly in Norway and Europe, with a smaller exposure to the rest of the world 1. The company is recertified under ISO 9001, ISO 14001 and ISO 45001 1.
Segments
Fluid treatment
Fluid treatment is the largest segment, with revenue of 214.7 million NOK in 2025, compared with 193.9 million NOK in 2024 1.
Solid waste management
Solid waste management grew sharply, from 80.1 million NOK in 2024 to 186.2 million NOK in 2025, becoming close to half of total revenue 1.
Market context
The company focuses on Europe and the Middle East, where the report says market visibility remains good, supported by clients' ambition to maintain or increase activity levels 1. Revenue from Norway was 310.3 million NOK in 2025 and from Europe excluding Norway 89.9 million NOK 1.
The market is cyclical because clients come from oil, gas and drilling, though the company says its client base is solid and it had no trade losses in 2025 1. Revenue is concentrated: major customers generated 300.6 million NOK in 2025 1.
Trends
- Tighter environmental regulationtailwind
Stricter emission and discharge rules could increase the role of waste reduction and reuse technologies, which the company considers energy efficient; if these rules expand, demand could support growth 1.
- Rising demand for environmental efficiencytailwind
Management states that demand for its services is increasing, driven by technological improvements that enhance efficiency and environmental performance, and activity from Q2 2026 could be higher than in Q1 1.
- Shifts in industry investmentheadwind
Possible changes in investment patterns in the oil and gas industry could indirectly affect operations and growth prospects, since the company depends on clients in this sector 1.
- Capital and debt costsmixed
Higher investment and borrowing for equipment and contracts, plus lease obligations, could make financing costs weigh more on profitability if activity slows 1.
Competitive position
The annual report does not name competitors, so the list below is based on the sector of waste and fluid treatment services for oil and gas, without external data. The company differentiates itself through its on-site treatment technologies and its quality and environmental certifications 1.
Competition is mainly on daily rates for equipment and personnel, equipment availability and safety record, where the company reported four near-miss incidents and two first aid cases in 2025 1.
- Drilling fluid treatment service providers
Companies offering fluid treatment to drilling operators, a segment close to Soiltech's main business; not named in the source.
- Industrial waste management firms
Operators collecting and treating solid industrial waste for energy clients, competing with the solid waste service.
- Site cleaning and service contractors
Providers of cleaning and operating services on oil sites that may bid for the same client contracts.
- Water and waste recycling technology providers
Firms with comparable water and waste recycling and reuse technologies that could become competitors if demand for such solutions grows.
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 / Soiltech 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.