NORWEGIAN AIR SHUTTLE AS (NAS.OL) Stock Fundamental Analysis
Europe - Euronext Oslo - OSL:NAS - NO0010196140 - Common Stock
16.355 NOK
+0.18 (+1.08%)
NAS gets a fundamental rating of 5 out of 10. The analysis compared the fundamentals against 18 industry peers in the Passenger Airlines industry. NAS has an average financial health and profitability rating. NAS is valued quite cheap, while showing a decent growth score. This is a good combination!
1. Profitability
1.1 Basic Checks
- NAS had positive earnings in the past year.
- NAS had a positive operating cash flow in the past year.
- NAS had positive earnings in 4 of the past 5 years.
- Of the past 5 years NAS 4 years had a positive operating cash flow.
1.2 Ratios
- Looking at the Return On Assets, with a value of 5.96%, NAS is in the better half of the industry, outperforming 77.78% of the companies in the same industry.
- With a decent Return On Equity value of 32.55%, NAS is doing good in the industry, outperforming 72.22% of the companies in the same industry.
- NAS's Return On Invested Capital of 10.23% is fine compared to the rest of the industry. NAS outperforms 77.78% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 5.96% | ||
| ROE | 32.55% | ||
| ROIC | 10.23% |
ROA(3y)4.57%
ROA(5y)-4.57%
ROE(3y)24.24%
ROE(5y)N/A
ROIC(3y)N/A
ROIC(5y)N/A
1.3 Margins
- Looking at the Profit Margin, with a value of 6.70%, NAS is in the better half of the industry, outperforming 66.67% of the companies in the same industry.
- In the last couple of years the Profit Margin of NAS has declined.
- NAS's Operating Margin of 9.68% is fine compared to the rest of the industry. NAS outperforms 77.78% of its industry peers.
- In the last couple of years the Operating Margin of NAS has grown nicely.
- NAS's Gross Margin of 52.55% is fine compared to the rest of the industry. NAS outperforms 61.11% of its industry peers.
- NAS's Gross Margin has improved in the last couple of years.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 9.68% | ||
| PM (TTM) | 6.7% | ||
| GM | 52.55% |
OM growth 3YN/A
OM growth 5Y26.07%
PM growth 3Y-52.98%
PM growth 5YN/A
GM growth 3Y29.93%
GM growth 5Y4.87%
2. Health
2.1 Basic Checks
- The Return on Invested Capital (ROIC) is just above the Cost of Capital (WACC), so NAS is still creating some value.
- The number of shares outstanding for NAS has been increased compared to 1 year ago.
- The number of shares outstanding for NAS has been increased compared to 5 years ago.
- NAS has a better debt/assets ratio than last year.
2.2 Solvency
- NAS has a debt to FCF ratio of 4.96. This is a neutral value as NAS would need 4.96 years to pay back of all of its debts.
- With a decent Debt to FCF ratio value of 4.96, NAS is doing good in the industry, outperforming 66.67% of the companies in the same industry.
- A Debt/Equity ratio of 1.49 is on the high side and indicates that NAS has dependencies on debt financing.
- With a Debt to Equity ratio value of 1.49, NAS perfoms like the industry average, outperforming 44.44% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 1.49 | ||
| Debt/FCF | 4.96 | ||
| Altman-Z | N/A |
ROIC/WACC1.08
WACC9.46%
2.3 Liquidity
- A Current Ratio of 1.03 indicates that NAS should not have too much problems paying its short term obligations.
- NAS has a Current ratio of 1.03. This is amongst the best in the industry. NAS outperforms 88.89% of its industry peers.
- NAS has a Quick Ratio of 1.03. This is a bad value and indicates that NAS is not financially healthy enough and could expect problems in meeting its short term obligations.
- With an excellent Quick ratio value of 0.99, NAS belongs to the best of the industry, outperforming 88.89% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 1.03 | ||
| Quick Ratio | 0.99 |
3. Growth
3.1 Past
- NAS shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 57.35%, which is quite impressive.
- The earnings per share for NAS have been decreasing by -23.42% on average. This is quite bad
- The Revenue has grown by 13.19% in the past year. This is quite good.
- Measured over the past years, NAS shows a decrease in Revenue. The Revenue has been decreasing by -4.09% on average per year.
EPS 1Y (TTM)57.35%
EPS 3Y-23.42%
EPS 5YN/A
EPS Q2Q%35.39%
Revenue 1Y (TTM)13.19%
Revenue growth 3Y91.01%
Revenue growth 5Y-4.09%
Sales Q2Q%5.68%
3.2 Future
- Based on estimates for the next years, NAS will show a very strong growth in Earnings Per Share. The EPS will grow by 27.68% on average per year.
- NAS is expected to show quite a strong growth in Revenue. In the coming years, the Revenue will grow by 9.27% yearly.
EPS Next Y139.12%
EPS Next 2Y49.19%
EPS Next 3Y36.44%
EPS Next 5Y27.68%
Revenue Next Year6.76%
Revenue Next 2Y6.48%
Revenue Next 3Y5.95%
Revenue Next 5Y9.27%
3.3 Evolution
- The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
- 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.
4. Valuation
4.1 Price/Earnings Ratio
- The Price/Earnings ratio is 7.64, which indicates a rather cheap valuation of NAS.
- 61.11% of the companies in the same industry are more expensive than NAS, based on the Price/Earnings ratio.
- The average S&P500 Price/Earnings ratio is at 27.33. NAS is valued rather cheaply when compared to this.
- NAS is valuated cheaply with a Price/Forward Earnings ratio of 7.65.
- Compared to the rest of the industry, the Price/Forward Earnings ratio of NAS is on the same level as its industry peers.
- NAS's Price/Forward Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 24.12.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 7.64 | ||
| Fwd PE | 7.65 |
4.2 Price Multiples
- NAS's Enterprise Value to EBITDA ratio is rather cheap when compared to the industry. NAS is cheaper than 83.33% of the companies in the same industry.
- NAS's Price/Free Cash Flow ratio is rather cheap when compared to the industry. NAS is cheaper than 83.33% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 5.81 | ||
| EV/EBITDA | 2.4 |
4.3 Compensation for Growth
- NAS's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
- The decent profitability rating of NAS may justify a higher PE ratio.
- A more expensive valuation may be justified as NAS's earnings are expected to grow with 36.44% in the coming years.
PEG (NY)0.05
PEG (5Y)N/A
EPS Next 2Y49.19%
EPS Next 3Y36.44%
5. Dividend
5.1 Amount
- No dividends for NAS!.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 0% |
OSL:NAS (1/15/2026, 12:45:13 PM)
16.355
+0.18 (+1.08%)
Chartmill FA Rating
GICS SectorIndustrials
GICS IndustryGroupTransportation
GICS IndustryPassenger Airlines
Earnings (Last)10-22 2025-10-22/bmo
Earnings (Next)02-13 2026-02-13/amc
Inst Owners45.6%
Inst Owner ChangeN/A
Ins Owners0.38%
Ins Owner ChangeN/A
Market Cap17.26B
Revenue(TTM)37.35B
Net Income(TTM)2.50B
Analysts76.36
Price Target17.6 (7.61%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 0% |
Yearly DividendN/A
Dividend Growth(5Y)N/A
DPN/A
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)22.34%
Min EPS beat(2)16.82%
Max EPS beat(2)27.86%
EPS beat(4)3
Avg EPS beat(4)0.11%
Min EPS beat(4)-52.76%
Max EPS beat(4)27.86%
EPS beat(8)5
Avg EPS beat(8)30.09%
EPS beat(12)7
Avg EPS beat(12)24.45%
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)1
Avg Revenue beat(2)0.43%
Min Revenue beat(2)-0.15%
Max Revenue beat(2)1.01%
Revenue beat(4)3
Avg Revenue beat(4)1.82%
Min Revenue beat(4)-0.15%
Max Revenue beat(4)4.79%
Revenue beat(8)6
Avg Revenue beat(8)3.33%
Revenue beat(12)10
Avg Revenue beat(12)16.13%
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)0%
PT rev (3m)6.15%
EPS NQ rev (1m)0%
EPS NQ rev (3m)178.26%
EPS NY rev (1m)4.66%
EPS NY rev (3m)19.83%
Revenue NQ rev (1m)1.06%
Revenue NQ rev (3m)1.92%
Revenue NY rev (1m)0.26%
Revenue NY rev (3m)0.19%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 7.64 | ||
| Fwd PE | 7.65 | ||
| P/S | 0.46 | ||
| P/FCF | 5.81 | ||
| P/OCF | 2.24 | ||
| P/B | 2.25 | ||
| P/tB | 3.02 | ||
| EV/EBITDA | 2.4 |
EPS(TTM)2.14
EY13.08%
EPS(NY)2.14
Fwd EY13.07%
FCF(TTM)2.82
FCFY17.21%
OCF(TTM)7.29
OCFY44.57%
SpS35.4
BVpS7.28
TBVpS5.42
PEG (NY)0.05
PEG (5Y)N/A
Graham Number18.73
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 5.96% | ||
| ROE | 32.55% | ||
| ROCE | 13.29% | ||
| ROIC | 10.23% | ||
| ROICexc | 16.68% | ||
| ROICexgc | 18.9% | ||
| OM | 9.68% | ||
| PM (TTM) | 6.7% | ||
| GM | 52.55% | ||
| FCFM | 7.95% |
ROA(3y)4.57%
ROA(5y)-4.57%
ROE(3y)24.24%
ROE(5y)N/A
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexgc growth 3YN/A
ROICexgc growth 5Y60.91%
ROICexc growth 3YN/A
ROICexc growth 5Y59.71%
OM growth 3YN/A
OM growth 5Y26.07%
PM growth 3Y-52.98%
PM growth 5YN/A
GM growth 3Y29.93%
GM growth 5Y4.87%
F-Score6
Asset Turnover0.89
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 1.49 | ||
| Debt/FCF | 4.96 | ||
| Debt/EBITDA | 1.48 | ||
| Cap/Depr | 113.77% | ||
| Cap/Sales | 12.64% | ||
| Interest Coverage | 3.39 | ||
| Cash Conversion | 99.03% | ||
| Profit Quality | 118.76% | ||
| Current Ratio | 1.03 | ||
| Quick Ratio | 0.99 | ||
| Altman-Z | N/A |
F-Score6
WACC9.46%
ROIC/WACC1.08
Cap/Depr(3y)15.75%
Cap/Depr(5y)9.82%
Cap/Sales(3y)2.09%
Cap/Sales(5y)1.38%
Profit Quality(3y)307.13%
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)57.35%
EPS 3Y-23.42%
EPS 5YN/A
EPS Q2Q%35.39%
EPS Next Y139.12%
EPS Next 2Y49.19%
EPS Next 3Y36.44%
EPS Next 5Y27.68%
Revenue 1Y (TTM)13.19%
Revenue growth 3Y91.01%
Revenue growth 5Y-4.09%
Sales Q2Q%5.68%
Revenue Next Year6.76%
Revenue Next 2Y6.48%
Revenue Next 3Y5.95%
Revenue Next 5Y9.27%
EBIT growth 1Y57.72%
EBIT growth 3YN/A
EBIT growth 5Y20.92%
EBIT Next Year282.93%
EBIT Next 3Y66.97%
EBIT Next 5Y45.55%
FCF growth 1Y-38.58%
FCF growth 3Y256.62%
FCF growth 5Y21.9%
OCF growth 1Y75.78%
OCF growth 3Y268.24%
OCF growth 5Y17.99%
NORWEGIAN AIR SHUTTLE AS / NAS.OL FAQ
Can you provide the ChartMill fundamental rating for NORWEGIAN AIR SHUTTLE AS?
ChartMill assigns a fundamental rating of 5 / 10 to NAS.OL.
What is the valuation status of NORWEGIAN AIR SHUTTLE AS (NAS.OL) stock?
ChartMill assigns a valuation rating of 9 / 10 to NORWEGIAN AIR SHUTTLE AS (NAS.OL). This can be considered as Undervalued.
Can you provide the profitability details for NORWEGIAN AIR SHUTTLE AS?
NORWEGIAN AIR SHUTTLE AS (NAS.OL) has a profitability rating of 6 / 10.
What is the earnings growth outlook for NORWEGIAN AIR SHUTTLE AS?
The Earnings per Share (EPS) of NORWEGIAN AIR SHUTTLE AS (NAS.OL) is expected to grow by 139.12% in the next year.