olivLaw · European equity research
Vow ASA VOW.OL
Norway · Euronext Oslo Børs · ISIN NO0010708068 · Vertical: Listed companies from Norway
Vow ASA is a Norwegian provider of technology and solutions for the maritime industry, notably wastewater purification and waste management on cruise ships, plus industrial environmental projects. The company is in a transitional phase, with a solid order backlog and heightened focus on liquidity, supported by demand from stricter environmental regulation.
At the close of 06 Nov 2026, Vow ASA (VOW.OL) stock was 2.65 NOK (+0.95% on the day), with market capitalisation 789.6 m NOK, beta 0.87, 52-week range 1.48–3.34 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)
- 38.9
- weak (30–45)
- Bollinger (20, 2)
- 2.59 – 3.09
- in the lower half of the band · %B 0.10 · band width 17.4%
- SMA 50 / 200
- 2.79 / 2.51
- mixed trend
- MACD (12, 26, 9)
- -0.05 / -0.01
- 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 | −12.9% | −0.6% | −12.2 pp | — |
| 3 months | +19.7% | −4.2% | +23.9 pp | — |
| 6 months | +11.1% | +4.3% | +6.8 pp | — |
| Year to date | −5.2% | +7.5% | −12.7 pp | — |
| 1 year | +63.5% | +9.9% | +53.6 pp | −4.7% |
| 3 years | −74.7% | +49.8% | −124.6 pp | +12.7% |
| 5 years | −89.7% | +42.8% | −132.5 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.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 918.5 m | 1.0 bn | 1.0 bn |
| Revenue YoY | unavailable | +10.9% | +1.6% |
| Net income | -155.2 m | -132.4 m | -286.6 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -1.34 | -1.09 | -0.96 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -16.9% | -13.0% | -27.7% |
| Free cash flow | -16.8 m | 155.6 m | 58.4 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 30.5 m NOK
- Financial debt
- 227.6 m NOK
- Net debt
- 197.1 m NOK
- Equity
- 227.4 m NOK
- Total assets
- 1.1 bn NOK
- Debt / equity
- 1.00x
- Current ratio
- 0.58x
- ROE
- -78.3%
- ROA
- -22.4%
- FCF margin
- 5.6%
Financial statements (source on every figure)
Revenue and net income (NOK)
Margins
Income statement · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 918.5 m | 1.0 bn | 1.0 bn | esef· 21 Oct 2026verified |
| Operating income | -106.9 m | -9.8 m | -226.4 m | esef· 21 Oct 2026verified |
| Interest expense | 101.0 m | 96.3 m | — | esef· 08 May 2025verified |
| Pre-tax income | -158.2 m | -135.4 m | -291.9 m | esef· 21 Oct 2026verified |
| Income tax | -6.0 m | -3.4 m | -12.4 m | esef· 21 Oct 2026verified |
| Net income | -155.2 m | -132.4 m | -286.6 m | esef· 21 Oct 2026verified |
| Diluted EPS | -1.34 | -1.09 | -0.96 | esef· 21 Oct 2026verified |
Balance sheet · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 57.5 m | 46.3 m | 30.5 m | esef· 21 Oct 2026verified |
| Inventories | 36.1 m | 38.0 m | 36.5 m | esef· 21 Oct 2026verified |
| Current assets | 725.3 m | 715.9 m | 430.9 m | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 40.5 m | 24.8 m | 21.9 m | esef· 21 Oct 2026verified |
| Goodwill | 171.6 m | 179.0 m | 121.3 m | esef· 21 Oct 2026verified |
| Intangibles (excl. goodwill) | 416.5 m | 470.3 m | 425.4 m | esef· 21 Oct 2026verified |
| Total assets | 1.5 bn | 1.5 bn | 1.1 bn | esef· 21 Oct 2026verified |
| Short-term debt | 81.8 m | 52.7 m | 193.9 m | esef· 21 Oct 2026verified |
| Long-term debt | 345.8 m | 254.5 m | 33.7 m | esef· 21 Oct 2026verified |
| Current liabilities | 695.7 m | 652.2 m | 738.5 m | esef· 21 Oct 2026verified |
| Total liabilities | 1.1 bn | 992.8 m | 838.5 m | esef· 21 Oct 2026verified |
| Equity | 396.4 m | 504.5 m | 227.4 m | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 115.8 m | 121.5 m | 298.5 m | esef· 21 Oct 2026derived |
Cash flow · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -600.0 k | 159.1 m | 64.7 m | esef· 21 Oct 2026verified |
| Capex | 16.2 m | 3.5 m | 6.3 m | esef· 21 Oct 2026verified |
| Free cash flow | -16.8 m ≈ | 155.6 m ≈ | 58.4 m ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | -99.9 m | -72.7 m | -11.2 m | esef· 21 Oct 2026verified |
| Financing cash flow | 115.2 m | -100.2 m | -68.1 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
- 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
06 Nov 2026Source: olivLaw, closing series
Market cap: 789.6 m 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 | -32.0% | 5 (vs peers) | 29% |
| Net margin · Quality | -27.7% | 18 (vs peers) | 18% |
| 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 | -2.4x | 0 (on a fixed band) | 18% |
| Current ratio · Balance sheet | 0.6x | 0 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 7.4% | 92 (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 sheet0/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality10/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial92/100 · 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
VOW ASA (VOW.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.0 bn NOK in 2025; YoY growth 1.6%; net margin -27.7%; ROE -80.0%.
The estimated value range is 4.21–6.16 NOK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 5.01 NOK, the price of 2.65 NOK leaves a potential of 89.4% (value / price − 1) and a margin of safety of 47.2% (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 yield: 7.4%
- The price is below the estimated value range
What contradicts it
- ROIC: -32.0%
- Net margin: -27.7%
- Interest coverage: -2.4x
- Current ratio: 0.6x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), 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% |
| 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% |
| VOW.OLVow Asa | 789.6 m | — | -80.0% | -27.7% | +1.6% | +28% / −79% |
| 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 VOW.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 | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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
Vow ASA is a Norwegian provider of technology and solutions for the maritime industry, notably wastewater purification and waste management on cruise ships, plus industrial environmental projects. The company is in a transitional phase, with a solid order backlog and heightened focus on liquidity, supported by demand from stricter environmental regulation.1
SWOT
Strengths
- A well-recognised brand in the cruise industry and standardised, cost-efficient solutions.
- A solid maritime order backlog and sustained demand from shipyards.
- Strong technical capability in project risk assessment and in-house technology development.
Weaknesses
- Liquidity under pressure during the transition, with fluctuations expected around deliveries and payments.
- Reliance on fixed-price projects that are exposed to cost overrun risk.
- Credit risk from some customers in the industrial segment, where markets are still immature.
Opportunities
- Stricter environmental rules could create new demand for purification and waste management technology.
- Commissioning of the Follum and Rhode Island projects could open new markets.
- A larger operating fleet could expand aftersales volumes at better margins.
Threats
- Geopolitical tensions and trade barriers could disrupt supply chains.
- Competing technologies could reduce the competitiveness of the company's solutions.
- High inflation and currency fluctuations could affect reported financial results.
Risks
- Operational project riskhigh
Complex projects with fixed prices could exceed costs or deadlines, which could harm reputation and finances.1
- Liquidity riskhigh
Large project deliveries may create a temporary liquidity effect, so cash management remains a priority.1
- Technology riskmedium
New technologies may not work as intended in all operating environments, and competing developments could reduce the company's edge.1
- Compliance and integrity riskmedium
The company could become involved in unethical conduct, directly or through third parties, although it maintains anti-corruption controls.1
- Currency and interest rate risklow
Reporting in Norwegian kroner and exposure to NIBOR-linked borrowing could influence reported figures, with no interest rate hedging in place.1
Investment thesis
What would need to be true (bull case)
- If environmental regulation keeps tightening, demand for the company's solutions could remain high over the long term.
- A solid order backlog with improved terms could support margin growth in the maritime segment.
- Growth in the aftersales segment, with improving margins, could add stability to revenue.
What would break the thesis
- If liquidity stays under pressure during large deliveries, the company could need additional financing.
- Fixed-price projects could produce cost overruns that reduce profitability.
- Dependence on a few customers and immature industrial markets could create significant credit exposure.
What to watch
- Evolution of liquidity after large project deliveries and a return to positive operating cash flow2026
- Full commissioning of the Follum and Rhode Island projects and the CHE reactor2026
- Evolution of maritime margins as the order backlog converts into revenue2026
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
Vow ASA is listed on the Oslo Stock Exchange and delivers both fixed-price and reimbursable contracts covering design, equipment procurement, construction and project management. Many of its solutions are developed in-house, and its cruise ship services are marketed under the Scanship brand.1
The business is organised around segments covering maritime solutions, aftersales services and industrial solutions. The company reports in Norwegian kroner (NOK), although a substantial part of project costs is in euro, which provides a natural hedge against currency risk.1
The shareholder base is relatively concentrated, with the largest holders controlling a significant share of capital. The 2025 annual report describes the year as transitional, focused on regaining financial control through working capital management and cost control.1
Segments
Maritime Solutions
The maritime segment supplies wastewater purification and waste management systems for ships. The annual report describes a strong backlog with improved terms that could support margin performance, although high activity at shipyards may affect project timelines.1
Aftersales
The aftersales segment shows steadily improving margins and healthy growth, supported by a growing fleet of vessels in operation that drives demand for lifecycle services.1
Industrial Solutions
The industrial segment includes large-scale projects at Follum and Rhode Island that are being commissioned, with ramp-up to full operation expected during 2026, along with the CHE reactor delivered in Q4 2025. Markets here are still immature, which creates credit risk for some customers.1
Market context
The annual report describes the market outlook as positive, with rising demand across segments driven by strict regulation and heightened environmental awareness. According to the company, European shipyards building cruise ships have order books close to full into the 2030s.1
Instability in the world economy, trade barriers such as tariffs, and geopolitical tensions could affect supply chains and customer activity levels. The company warns that uncertainty about future contract awards could influence earnings and profitability.1
Trends
- Stricter environmental regulationtailwind
Tighter regulation and environmental awareness are boosting demand for the company's technologies, which could support future orders.1
- Growing cruise fleettailwind
A growing fleet of vessels in operation creates steady demand for aftersales services, with a positive effect on the aftersales segment.1
- Geopolitical tensions and supply chainsheadwind
Geopolitical polarisation and supply chain disruptions could change business opportunities and raise costs or lead times.1
- Inflation and raw material pricesmixed
A risk of higher inflation and raw material price swings could affect margins on fixed-price projects, although escalation clauses partly mitigate this.1
Competitive position
The annual report states that the company's success depends on its ability to compete effectively and maintain market positions, and that competing technological developments could reduce the competitiveness of Vow's solutions. The analysed sources do not name competitors explicitly.1
The competitive edge rests on cost efficiency, standardised and flexible solutions, and the recognised Scanship brand in the cruise industry. Protecting this brand is considered essential to operations.1
- Competitors named in sources
The analysed source does not name competitors, so no ticker can be determined from it.
- Maritime wastewater technology providers
Competition comes from alternative technologies developed by third parties, mentioned only in general terms in the report.
- Industrial system builders and suppliers
Competition in the industrial segment depends on market maturation, which the report describes as a risk factor.
- Other aftersales service providers
Competition for lifecycle services is implicit in the growth strategy of the aftersales segment.
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 / Vow 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.