ELKEM ASA (ELK.OL) Fundamental Analysis & Valuation

OSL:ELK • NO0010816093

29.32 NOK
-0.96 (-3.17%)
Last: Mar 6, 2026, 07:00 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Forecast Earnings Financials Ownership

This ELK.OL fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

Fundamental Rating

3

ELK gets a fundamental rating of 3 out of 10. The analysis compared the fundamentals against 66 industry peers in the Chemicals industry. While ELK is still in line with the averages on profitability rating, there are concerns on its financial health. ELK is valued expensive and it does not seem to be growing.


Dividend Valuation Growth Profitability Health

4

1. ELK.OL Profitability Analysis

1.1 Basic Checks

  • In the past year ELK has reported negative net income.
  • ELK had a positive operating cash flow in the past year.
  • ELK had positive earnings in 4 of the past 5 years.
  • ELK had a positive operating cash flow in each of the past 5 years.
ELK.OL Yearly Net Income VS EBIT VS OCF VS FCFELK.OL Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 2B -2B 4B 6B 8B 10B

1.2 Ratios

  • The Return On Assets of ELK (-1.41%) is worse than 68.18% of its industry peers.
  • ELK's Return On Equity of -2.79% is on the low side compared to the rest of the industry. ELK is outperformed by 68.18% of its industry peers.
  • Looking at the Return On Invested Capital, with a value of 1.68%, ELK is in line with its industry, outperforming 45.45% of the companies in the same industry.
  • The Average Return On Invested Capital over the past 3 years for ELK is below the industry average of 6.96%.
Industry RankSector Rank
ROA -1.41%
ROE -2.79%
ROIC 1.68%
ROA(3y)-0.12%
ROA(5y)5.76%
ROE(3y)-0.2%
ROE(5y)11.23%
ROIC(3y)3.48%
ROIC(5y)8.2%
ELK.OL Yearly ROA, ROE, ROICELK.OL Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 10 20 30

1.3 Margins

  • The Operating Margin of ELK (5.93%) is comparable to the rest of the industry.
  • ELK's Operating Margin has improved in the last couple of years.
  • ELK has a better Gross Margin (53.85%) than 81.82% of its industry peers.
  • ELK's Gross Margin has improved in the last couple of years.
Industry RankSector Rank
OM 5.93%
PM (TTM) N/A
GM 53.85%
OM growth 3Y-36.76%
OM growth 5Y7.46%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y1.71%
GM growth 5Y2.99%
ELK.OL Yearly Profit, Operating, Gross MarginsELK.OL Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 10 20 30 40 50

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ROAROEROICOperating and Profit MarginShow most profitable peers

3

2. ELK.OL Health Analysis

2.1 Basic Checks

  • ELK has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it is destroying value.
  • The number of shares outstanding for ELK remains at a similar level compared to 1 year ago.
  • ELK has more shares outstanding than it did 5 years ago.
  • The debt/assets ratio for ELK is higher compared to a year ago.
ELK.OL Yearly Shares OutstandingELK.OL Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 200M 400M 600M
ELK.OL Yearly Total Debt VS Total AssetsELK.OL Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10B 20B 30B 40B 50B

2.2 Solvency

  • ELK has an Altman-Z score of 1.68. This is a bad value and indicates that ELK is not financially healthy and even has some risk of bankruptcy.
  • ELK has a worse Altman-Z score (1.68) than 69.70% of its industry peers.
  • A Debt/Equity ratio of 0.40 indicates that ELK is not too dependend on debt financing.
  • ELK has a Debt to Equity ratio (0.40) which is comparable to the rest of the industry.
Industry RankSector Rank
Debt/Equity 0.4
Debt/FCF N/A
Altman-Z 1.68
ROIC/WACC0.23
WACC7.17%
ELK.OL Yearly LT Debt VS Equity VS FCFELK.OL Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 10B 20B

2.3 Liquidity

  • ELK has a Current Ratio of 2.24. This indicates that ELK is financially healthy and has no problem in meeting its short term obligations.
  • With a decent Current ratio value of 2.24, ELK is doing good in the industry, outperforming 75.76% of the companies in the same industry.
  • ELK has a Quick Ratio of 1.13. This is a normal value and indicates that ELK is financially healthy and should not expect problems in meeting its short term obligations.
  • ELK has a Quick ratio of 1.13. This is comparable to the rest of the industry: ELK outperforms 53.03% of its industry peers.
Industry RankSector Rank
Current Ratio 2.24
Quick Ratio 1.13
ELK.OL Yearly Current Assets VS Current LiabilitesELK.OL Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5B 10B 15B 20B 25B

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

3

3. ELK.OL Growth Analysis

3.1 Past

  • ELK shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -234.62%.
  • Looking at the last year, ELK shows a very negative growth in Revenue. The Revenue has decreased by -41.01% in the last year.
  • Measured over the past years, ELK shows a decrease in Revenue. The Revenue has been decreasing by -7.20% on average per year.
EPS 1Y (TTM)-234.62%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-833.33%
Revenue 1Y (TTM)-41.01%
Revenue growth 3Y-28.38%
Revenue growth 5Y-7.2%
Sales Q2Q%-14.29%

3.2 Future

  • The Earnings Per Share is expected to grow by 111.76% on average over the next years. This is a very strong growth
  • Based on estimates for the next years, ELK will show a small growth in Revenue. The Revenue will grow by 4.88% on average per year.
EPS Next Y230.41%
EPS Next 2Y111.76%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year4.68%
Revenue Next 2Y4.88%
Revenue Next 3YN/A
Revenue Next 5YN/A

3.3 Evolution

  • When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
ELK.OL Yearly Revenue VS EstimatesELK.OL Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 10B 20B 30B 40B
ELK.OL Yearly EPS VS EstimatesELK.OL Yearly EPS VS EstimatesYearly EPS VS Estimates 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 0 5 10 15

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3

4. ELK.OL Valuation Analysis

4.1 Price/Earnings Ratio

  • ELK reported negative earnings for the last year, which makes the Price/Earnings Ratio negative.
  • A Price/Forward Earnings ratio of 21.41 indicates a rather expensive valuation of ELK.
  • ELK's Price/Forward Earnings ratio is in line with the industry average.
  • The average S&P500 Price/Forward Earnings ratio is at 24.57. ELK is around the same levels.
Industry RankSector Rank
PE N/A
Fwd PE 21.41
ELK.OL Price Earnings VS Forward Price EarningsELK.OL Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 0 10 -10 20 -20

4.2 Price Multiples

  • Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of ELK indicates a somewhat cheap valuation: ELK is cheaper than 71.21% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 7.69
ELK.OL Per share dataELK.OL EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 10 20 30

4.3 Compensation for Growth

  • The low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
  • A more expensive valuation may be justified as ELK's earnings are expected to grow with 111.76% in the coming years.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y111.76%
EPS Next 3YN/A

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

0

5. ELK.OL Dividend Analysis

5.1 Amount

  • ELK has a yearly dividend return of 0.98%, which is pretty low.
  • ELK's Dividend Yield is slightly below the industry average, which is at 2.21.
  • With a Dividend Yield of 0.98, ELK pays less dividend than the S&P500 average, which is at 1.82.
Industry RankSector Rank
Dividend Yield 0.98%

5.2 History

  • The dividend of ELK decreases each year by -35.09%.
Dividend Growth(5Y)-35.09%
Div Incr Years0
Div Non Decr Years0

5.3 Sustainability

  • ELK has negative earnings and hence a negative payout ratio. The dividend may be in danger.
DP-28.44%
EPS Next 2Y111.76%
EPS Next 3YN/A
ELK.OL Yearly Income VS Free CF VS DividendELK.OL Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 2B -2B 4B 6B 8B

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ELK.OL Fundamentals: All Metrics, Ratios and Statistics

ELKEM ASA

OSL:ELK (3/6/2026, 7:00:00 PM)

29.32

-0.96 (-3.17%)

Chartmill FA Rating
GICS SectorMaterials
GICS IndustryGroupMaterials
GICS IndustryChemicals
Earnings (Last)02-13
Earnings (Next)04-30
Inst Owners19.77%
Inst Owner ChangeN/A
Ins Owners0.04%
Ins Owner ChangeN/A
Market Cap18.75B
Revenue(TTM)16.54B
Net Income(TTM)-668.00M
Analysts80
Price Target33.49 (14.22%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 0.98%
Yearly Dividend0.3
Dividend Growth(5Y)-35.09%
DP-28.44%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-126.72%
Min EPS beat(2)-382.13%
Max EPS beat(2)128.7%
EPS beat(4)1
Avg EPS beat(4)-1080.43%
Min EPS beat(4)-2351.11%
Max EPS beat(4)128.7%
EPS beat(8)2
Avg EPS beat(8)-1050.28%
EPS beat(12)3
Avg EPS beat(12)-798.74%
EPS beat(16)6
Avg EPS beat(16)-595.2%
Revenue beat(2)0
Avg Revenue beat(2)-3.52%
Min Revenue beat(2)-5.2%
Max Revenue beat(2)-1.83%
Revenue beat(4)1
Avg Revenue beat(4)-1.88%
Min Revenue beat(4)-5.85%
Max Revenue beat(4)5.35%
Revenue beat(8)3
Avg Revenue beat(8)-2.65%
Revenue beat(12)4
Avg Revenue beat(12)-2.99%
Revenue beat(16)7
Avg Revenue beat(16)-1.18%
PT rev (1m)6.43%
PT rev (3m)18.11%
EPS NQ rev (1m)-13.89%
EPS NQ rev (3m)1450%
EPS NY rev (1m)0%
EPS NY rev (3m)4.19%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)1.37%
Revenue NY rev (3m)-2.27%
Valuation
Industry RankSector Rank
PE N/A
Fwd PE 21.41
P/S 1.13
P/FCF N/A
P/OCF 15.94
P/B 0.78
P/tB 0.8
EV/EBITDA 7.69
EPS(TTM)-1.05
EYN/A
EPS(NY)1.37
Fwd EY4.67%
FCF(TTM)-1.79
FCFYN/A
OCF(TTM)1.84
OCFY6.27%
SpS25.86
BVpS37.41
TBVpS36.68
PEG (NY)N/A
PEG (5Y)N/A
Graham NumberN/A
Profitability
Industry RankSector Rank
ROA -1.41%
ROE -2.79%
ROCE 2.33%
ROIC 1.68%
ROICexc 1.79%
ROICexgc 1.81%
OM 5.93%
PM (TTM) N/A
GM 53.85%
FCFM N/A
ROA(3y)-0.12%
ROA(5y)5.76%
ROE(3y)-0.2%
ROE(5y)11.23%
ROIC(3y)3.48%
ROIC(5y)8.2%
ROICexc(3y)3.95%
ROICexc(5y)10.19%
ROICexgc(3y)4.13%
ROICexgc(5y)11.03%
ROCE(3y)4.92%
ROCE(5y)11.89%
ROICexgc growth 3Y-58%
ROICexgc growth 5Y-16.5%
ROICexc growth 3Y-57.13%
ROICexc growth 5Y-14.5%
OM growth 3Y-36.76%
OM growth 5Y7.46%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y1.71%
GM growth 5Y2.99%
F-Score4
Asset Turnover0.35
Health
Industry RankSector Rank
Debt/Equity 0.4
Debt/FCF N/A
Debt/EBITDA 2.59
Cap/Depr 84.6%
Cap/Sales 14.02%
Interest Coverage 1.43
Cash Conversion 31.6%
Profit Quality N/A
Current Ratio 2.24
Quick Ratio 1.13
Altman-Z 1.68
F-Score4
WACC7.17%
ROIC/WACC0.23
Cap/Depr(3y)137.02%
Cap/Depr(5y)158.31%
Cap/Sales(3y)18.9%
Cap/Sales(5y)15.19%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-234.62%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-833.33%
EPS Next Y230.41%
EPS Next 2Y111.76%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)-41.01%
Revenue growth 3Y-28.38%
Revenue growth 5Y-7.2%
Sales Q2Q%-14.29%
Revenue Next Year4.68%
Revenue Next 2Y4.88%
Revenue Next 3YN/A
Revenue Next 5YN/A
EBIT growth 1Y-33.2%
EBIT growth 3Y-54.71%
EBIT growth 5Y-0.27%
EBIT Next Year586.1%
EBIT Next 3Y113.92%
EBIT Next 5YN/A
FCF growth 1Y16.45%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y-42.07%
OCF growth 3Y-49.83%
OCF growth 5Y-11.04%

ELKEM ASA / ELK.OL FAQ

What is the ChartMill fundamental rating of ELKEM ASA (ELK.OL) stock?

ChartMill assigns a fundamental rating of 3 / 10 to ELK.OL.


What is the valuation status for ELK stock?

ChartMill assigns a valuation rating of 3 / 10 to ELKEM ASA (ELK.OL). This can be considered as Overvalued.


What is the profitability of ELK stock?

ELKEM ASA (ELK.OL) has a profitability rating of 4 / 10.


How financially healthy is ELKEM ASA?

The financial health rating of ELKEM ASA (ELK.OL) is 3 / 10.


Can you provide the expected EPS growth for ELK stock?

The Earnings per Share (EPS) of ELKEM ASA (ELK.OL) is expected to grow by 230.41% in the next year.