olivLaw · European equity research
Zalaris ASA ZAL.OL
Norway · Euronext Oslo Børs · ISIN NO0010708910 · Vertical: Listed companies from Norway
Zalaris is a European provider of human capital management and payroll solutions that combines managed services, its own PeopleHub platform and consulting. In 2025 the company grew organically and its recurring revenue share rose, so its multi-country outsourcing model stays in focus for investors, especially if profitability gains hold.
At the close of 06 Nov 2026, Zalaris ASA (ZAL.OL) stock was 104.00 NOK (−0.48% on the day), with market capitalisation 2.3 bn NOK, P/E 45.4 on diluted EPS of 2.29 NOK over the last 12 months, beta 0.24, 52-week range 71.40–129.50 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)
- 49.3
- neutral
- Bollinger (20, 2)
- 89.97 – 124.18
- in the lower half of the band · %B 0.41 · band width 32.0%
- SMA 50 / 200
- 103.17 / 95.39
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- -0.66 / 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 | −2.3% | −0.6% | −1.7 pp | — |
| 3 months | +7.7% | −4.2% | +11.8 pp | — |
| 6 months | +4.8% | +4.3% | +0.5 pp | — |
| Year to date | +17.4% | +7.5% | +9.9 pp | — |
| 1 year | +16.9% | +9.9% | +6.9 pp | −4.7% |
| 3 years | +156.8% | +49.8% | +106.9 pp | +12.7% |
| 5 years | +102.3% | +42.8% | +59.5 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 38.7, median 46.5, max 54.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 1.1 bn | 1.3 bn | 1.5 bn |
| Revenue YoY | unavailable | +18.7% | +11.7% |
| Net income | -2.1 m | 33.8 m | 53.8 m |
| Net income YoY | unavailable | unavailable | +59.4% |
| Diluted EPS | -0.08 | 1.40 | 2.29 |
| Diluted EPS YoY | unavailable | unavailable | +63.6% |
| net % | -0.2% | 2.5% | 3.6% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 201.1 m NOK
- Financial debt
- 417.7 m NOK
- Net debt
- 216.7 m NOK
- Equity
- 274.0 m NOK
- Total assets
- 1.3 bn NOK
- Debt / equity
- 1.52x
- Current ratio
- unavailable
- ROE
- 20.1%
- ROA
- 4.1%
- 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 | 1.1 bn | 1.3 bn | 1.5 bn | esef· 21 Oct 2026verified |
| Operating income | 60.1 m | 113.7 m | 158.9 m | esef· 21 Oct 2026verified |
| Interest expense | 83.2 m | 59.2 m | 78.8 m | esef· 21 Oct 2026verified |
| Pre-tax income | -14.5 m | 49.5 m | 83.7 m | esef· 21 Oct 2026verified |
| Income tax | -11.5 m | 16.0 m | 30.3 m | esef· 21 Oct 2026verified |
| Net income | -2.1 m | 33.8 m | 53.8 m | esef· 21 Oct 2026verified |
| Diluted EPS | -0.08 | 1.40 | 2.29 | esef· 21 Oct 2026verified |
Balance sheet · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 135.7 m | 221.8 m | 201.1 m | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 35.2 m | 10.0 m | 8.2 m | esef· 21 Oct 2026verified |
| Goodwill | 209.4 m | 222.2 m | 220.1 m | esef· 21 Oct 2026verified |
| Intangibles (excl. goodwill) | 118.1 m | 118.9 m | 97.6 m | esef· 21 Oct 2026verified |
| Total assets | 1.1 bn | 1.3 bn | 1.3 bn | esef· 21 Oct 2026verified |
| Short-term debt | 10.8 m | 5.0 m | 251.0 k | esef· 21 Oct 2026verified |
| Long-term debt | 440.0 m | 464.2 m | 417.5 m | esef· 21 Oct 2026verified |
| Total liabilities | 908.6 m | 1.1 bn | 1.0 bn | esef· 21 Oct 2026verified |
| Equity | 203.0 m | 260.7 m | 274.0 m | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 26.5 m | 21.6 m | 21.7 m | 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
- indicators available: 5 of at least 6
- score weight coverage: 39.6% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 2.3 bn NOK
Key indicators
Coverage and freshness
Score by group
40% · 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: 39.6% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 20.3% | 82 (vs peers) | 26% |
| Net margin · Quality | 3.6% | 53 (vs peers) | 16% |
| 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 | 2.0x | 8 (on a fixed band) | 16% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 45.4x | 10 (vs peers) | 26% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 16% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial8/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality71/100 · 2/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation· partial10/100 · 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
ZALARIS ASA (ZAL.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.5 bn NOK in 2025; YoY growth 11.7%; net margin 3.6%; ROE 19.9%.
The estimated value range is 20.97–72.35 NOK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 45.25 NOK, the price of 104.00 NOK leaves a potential of -56.5% (value / price − 1) and a margin of safety of -129.9% (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: 39.6% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 20.3%
What contradicts it
- Interest coverage: 2.0x
- P/E (TTM): 45.4x
- Shareholder yield (distributions): 0.0%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Current ratio, EV/EBITDA, FCF yield, 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% |
| ZAL.OLZalaris Asa | 2.3 bn | 45.4 | 19.9% | 3.6% | +11.7% | +13% / +163% |
| 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 ZAL.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 | 71.36 Total return -31% · Per year -31% | 125.76 Total return 21% · Per year 21% | 188.88 Total return 82% · Per year 82% |
| 3 years | 79.58 Total return -23% · Per year -9% | 156.79 Total return 51% · Per year 15% | 257.05 Total return 147% · Per year 35% |
| 5 years | 88.75 Total return -15% · Per year -3% | 195.49 Total return 88% · Per year 13% | 349.82 Total return 236% · Per year 27% |
- Exit P/E± 39.20
- Net margin± 27.44
- Annual revenue growth± 21.08
- Annual dilution± 2.31
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
Zalaris is a European provider of human capital management and payroll solutions that combines managed services, its own PeopleHub platform and consulting. In 2025 the company grew organically and its recurring revenue share rose, so its multi-country outsourcing model stays in focus for investors, especially if profitability gains hold 1.
SWOT
Strengths
- Steady organic growth and a rising share of recurring revenue from managed services.
- Proprietary PeopleHub platform and local delivery centres across several regions.
- Improving operating profitability, including through the efficiency programme in Germany.
Weaknesses
- The consulting segment's profit fell because costs grew faster than revenue.
- Equity is modest relative to assets, which limits financial flexibility.
- Product development depends on consultants and partners rather than dedicated teams.
Opportunities
- Rising client interest in multi-country outsourced payroll.
- Expanding existing contracts through additional services and new geographies.
- Further margin gains from operational optimisation.
Threats
- Companies may postpone HR transformation projects if investment budgets shrink.
- Competition from global vendors and cloud platforms could pressure pricing.
- Changes in shareholder structure and dividend plans could affect investor confidence.
Risks
- Reliance on the consulting segmentmedium
Revenue and profit in Zalaris Consulting have weakened, which could weigh on group results if the trend continues.
- Capital structuremedium
The equity share remains low and liabilities have stayed significant, limiting room to absorb financial shocks.
- Execution of efficiency gainslow
The German improvement programme must be sustained to deliver the expected effects, and delays could reduce margin gains.
- Concentration on large clientsmedium
Contracts with large clients can significantly affect revenue, and losing a major client could weigh on results.
- Takeover transactionhigh
The voluntary offer for all shares and the proposal not to pay a dividend for 2025 could change strategy and the shareholder structure.
Investment thesis
What would need to be true (bull case)
- If organic growth and recurring revenue hold, operating margins could keep improving.
- Client interest in multi-country payroll could support new contracts in every region.
- The PeopleHub platform and local centres could make the company attractive to European clients with complex operations.
What would break the thesis
- If the consulting segment keeps declining, group results could be weaker than expected.
- Low equity and significant liabilities could constrain investment and flexibility in difficult periods.
- The takeover transaction could change the long-term strategy and reduce transparency for minority shareholders.
What to watch
- Trend in the adjusted EBIT margin in Managed ServicesQ1 2027
- Return to profitability in Zalaris Consulting2027
- Status of the takeover offer and the decision on dividendsnext 10-K
- Development of the equity ratio from the 21.3% level2027
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
Zalaris aims to simplify HR and payroll administration and to give businesses useful information so they can invest more in people. The group delivers solutions covering the full employee lifecycle, from recruiting and onboarding to compensation, time and attendance, travel expenses and performance management 1. Delivery models include on-premise implementations, software as a service (SaaS), cloud integration and business process outsourcing (BPO), and the company is listed on the Oslo Stock Exchange 1.
Activities are organised in two business segments, Managed Services, which includes cloud services and HR outsourcing, and Zalaris Consulting, which helps clients with HR transformation projects 1. Local-language centres cover northern and central Europe, the UK and Ireland, and Asia-Pacific from Australia, Singapore and India 1. The company is headquartered in Oslo and audited by EY 1.
The PeopleHub platform is central to the product strategy, and development is carried out by the company's consultants with the support of suppliers and partners, without dedicated R&D teams 1. This structure means part of the value depends on the ability to integrate standard software into new HR and payroll processes 1.
Segments
Managed Services
Managed Services is the bulk of the business, with revenue of NOK 1163.4 million in 2025, up 16% on the prior year. Growth came from new customers implemented in 2025, from upsell of new services or geographies, and from higher volumes of change orders 1.
Zalaris Consulting
Zalaris Consulting had revenue of NOK 336.8 million in 2025, nearly flat on 2024, while operating profit fell to NOK 10.1 million because costs rose without a matching increase in revenue 1.
Regional mix
By region, Northern Europe generated the largest share of revenue, and APAC posted the fastest percentage growth. Germany contributed to margin improvement through the efficiency programme launched in 2024 1.
Market context
Zalaris operates in the European market for human capital management and payroll solutions, where management reports significant interest in outsourced multi-country payroll because organisations seek to reduce costs and optimise global HR processes 1. The company says it has a strong pipeline of prospective contracts across all regions 1.
The market is most receptive where large companies seek an integrated multi-country payroll operating model, and Zalaris is positioning itself in that segment. Cost pressure could support demand for outsourced services, while transformation consulting remains more sensitive to investment cycles 1.
Trends
- Multi-country payroll outsourcingtailwind
Organisations increasingly seek one payroll model across several countries, which favours providers with platforms and local centres. If the trend holds, it could support growth in Managed Services 1.
- Recurring revenuetailwind
The share of recurring revenue has risen, making revenue more predictable. The company shows that growth came mainly from managed services 1.
- Demand for HR consultingheadwind
Demand for HR transformation projects is more fragile, and consulting revenue stagnated in 2025, which points to exposure to client investment decisions 1.
- Cost pressure and efficiencymixed
Efficiency programmes and operational consolidation, including in Germany, can improve margins but may also delay projects if execution is uneven 1.
Competitive position
Zalaris competes with HCM software vendors and outsourced payroll providers, including global firms and regional companies. The available sources do not name specific competitors, so market comparisons should be treated with caution.
The company's stated edge is combining the PeopleHub platform with local delivery centres in several European countries and Asia-Pacific. If that combination stays differentiated, it could support winning multi-country clients 1.
- Global HCM and payroll vendors
Large HCM software and outsourced payroll firms competing for multinational clients. The source does not name them, so no tickers are assigned.
- Regional HR service providers
Local HR and payroll outsourcing firms in Northern and Central Europe active in the mid-market client segment.
- HR transformation consultancies
Firms offering HR transformation projects that compete directly with the Zalaris Consulting segment.
- Cloud HR solution providers
SaaS platforms that could partly replace managed services if clients choose to run HR administration in-house.
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 / Zalaris 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.