NORSKE SKOG ASA (NSKOG.OL) Fundamental Analysis & Valuation

OSL:NSKOG • NO0010861115

30.15 NOK
+0.2 (+0.67%)
Last: Mar 6, 2026, 07:00 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Forecast Earnings Financials Ownership

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

Fundamental Rating

2

Taking everything into account, NSKOG scores 2 out of 10 in our fundamental rating. NSKOG was compared to 11 industry peers in the Paper & Forest Products industry. There are concerns on the financial health of NSKOG while its profitability can be described as average. While showing a medium growth rate, NSKOG is valued expensive at the moment.


Dividend Valuation Growth Profitability Health

4

1. NSKOG.OL Profitability Analysis

1.1 Basic Checks

  • In the past year NSKOG was profitable.
  • NSKOG had a positive operating cash flow in the past year.
  • In multiple years NSKOG reported negative net income over the last 5 years.
  • NSKOG had a positive operating cash flow in 4 of the past 5 years.
NSKOG.OL Yearly Net Income VS EBIT VS OCF VS FCFNSKOG.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

1.2 Ratios

  • NSKOG has a better Return On Assets (2.75%) than 81.82% of its industry peers.
  • NSKOG has a better Return On Equity (6.96%) than 72.73% of its industry peers.
  • NSKOG has a worse Return On Invested Capital (1.46%) than 72.73% of its industry peers.
Industry RankSector Rank
ROA 2.75%
ROE 6.96%
ROIC 1.46%
ROA(3y)-0.26%
ROA(5y)2.83%
ROE(3y)-1.16%
ROE(5y)5.69%
ROIC(3y)N/A
ROIC(5y)N/A
NSKOG.OL Yearly ROA, ROE, ROICNSKOG.OL Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 100 200

1.3 Margins

  • NSKOG has a Profit Margin of 4.29%. This is in the better half of the industry: NSKOG outperforms 72.73% of its industry peers.
  • In the last couple of years the Profit Margin of NSKOG has declined.
  • With a Operating Margin value of 2.23%, NSKOG is not doing good in the industry: 63.64% of the companies in the same industry are doing better.
  • In the last couple of years the Operating Margin of NSKOG has grown nicely.
  • With a Gross Margin value of 34.02%, NSKOG perfoms like the industry average, outperforming 54.55% of the companies in the same industry.
  • NSKOG's Gross Margin has declined in the last couple of years.
Industry RankSector Rank
OM 2.23%
PM (TTM) 4.29%
GM 34.03%
OM growth 3Y-48.33%
OM growth 5Y7.12%
PM growth 3Y-37.7%
PM growth 5YN/A
GM growth 3Y-6.66%
GM growth 5Y-2.75%
NSKOG.OL Yearly Profit, Operating, Gross MarginsNSKOG.OL Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 20 -20 40

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ROAROEROICOperating and Profit MarginShow most profitable peers

1

2. NSKOG.OL Health Analysis

2.1 Basic Checks

  • NSKOG has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it is destroying value.
  • NSKOG has about the same amout of shares outstanding than it did 1 year ago.
  • The number of shares outstanding for NSKOG has been increased compared to 5 years ago.
  • The debt/assets ratio for NSKOG is higher compared to a year ago.
NSKOG.OL Yearly Shares OutstandingNSKOG.OL Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20M 40M 60M 80M
NSKOG.OL Yearly Total Debt VS Total AssetsNSKOG.OL Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5B 10B

2.2 Solvency

  • Based on the Altman-Z score of 0.61, we must say that NSKOG is in the distress zone and has some risk of bankruptcy.
  • With a Altman-Z score value of 0.61, NSKOG is not doing good in the industry: 81.82% of the companies in the same industry are doing better.
  • NSKOG has a Debt/Equity ratio of 0.76. This is a neutral value indicating NSKOG is somewhat dependend on debt financing.
  • The Debt to Equity ratio of NSKOG (0.76) is worse than 63.64% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.76
Debt/FCF N/A
Altman-Z 0.61
ROIC/WACC0.25
WACC5.77%
NSKOG.OL Yearly LT Debt VS Equity VS FCFNSKOG.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 2B 4B 6B

2.3 Liquidity

  • A Current Ratio of 1.14 indicates that NSKOG should not have too much problems paying its short term obligations.
  • Looking at the Current ratio, with a value of 1.14, NSKOG is doing worse than 72.73% of the companies in the same industry.
  • NSKOG has a Quick Ratio of 1.14. This is a bad value and indicates that NSKOG is not financially healthy enough and could expect problems in meeting its short term obligations.
  • NSKOG has a worse Quick ratio (0.76) than 72.73% of its industry peers.
Industry RankSector Rank
Current Ratio 1.14
Quick Ratio 0.76
NSKOG.OL Yearly Current Assets VS Current LiabilitesNSKOG.OL Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2B 4B 6B

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

4

3. NSKOG.OL Growth Analysis

3.1 Past

  • NSKOG shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 113.26%, which is quite impressive.
  • Measured over the past years, NSKOG shows a very negative growth in Earnings Per Share. The EPS has been decreasing by -67.84% on average per year.
  • NSKOG shows a very negative growth in Revenue. In the last year, the Revenue has decreased by -11.16%.
  • Measured over the past years, NSKOG shows a small growth in Revenue. The Revenue has been growing by 0.59% on average per year.
EPS 1Y (TTM)113.26%
EPS 3Y-67.84%
EPS 5YN/A
EPS Q2Q%36.69%
Revenue 1Y (TTM)-11.16%
Revenue growth 3Y-13.39%
Revenue growth 5Y0.59%
Sales Q2Q%-2.89%

3.2 Future

  • NSKOG is expected to show a very negative growth in Earnings Per Share. In the coming years, the EPS will decrease by -58.09% yearly.
  • NSKOG is expected to show quite a strong growth in Revenue. In the coming years, the Revenue will grow by 9.17% yearly.
EPS Next Y-542.62%
EPS Next 2Y-58.09%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year9.01%
Revenue Next 2Y9.17%
Revenue Next 3YN/A
Revenue Next 5YN/A

3.3 Evolution

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

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0

4. NSKOG.OL Valuation Analysis

4.1 Price/Earnings Ratio

  • A Price/Earnings ratio of 48.63 indicates a quite expensive valuation of NSKOG.
  • Based on the Price/Earnings ratio, NSKOG is valued a bit more expensive than the industry average as 63.64% of the companies are valued more cheaply.
  • The average S&P500 Price/Earnings ratio is at 26.29. NSKOG is valued rather expensively when compared to this.
  • NSKOG is expected to report negative earnings next year, which makes the Forward Price/Earnings Ratio negative.
Industry RankSector Rank
PE 48.63
Fwd PE N/A
NSKOG.OL Price Earnings VS Forward Price EarningsNSKOG.OL Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 0 10 -10 20 30 40

4.2 Price Multiples

Industry RankSector Rank
P/FCF N/A
EV/EBITDA N/A
NSKOG.OL Per share dataNSKOG.OL EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 20 40 60 80 100

4.3 Compensation for Growth

  • A cheap valuation may be justified as NSKOG's earnings are expected to decrease with -58.09% in the coming years.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y-58.09%
EPS Next 3YN/A

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

2

5. NSKOG.OL Dividend Analysis

5.1 Amount

  • NSKOG has a Yearly Dividend Yield of 1.65%. Purely for dividend investing, there may be better candidates out there.
  • Compared to an average industry Dividend Yield of 2.80, NSKOG has a dividend in line with its industry peers.
  • NSKOG's Dividend Yield is comparable with the S&P500 average which is at 1.82.
Industry RankSector Rank
Dividend Yield 1.65%

5.2 History

  • The dividend of NSKOG decreases each year by -52.50%.
Dividend Growth(5Y)-52.5%
Div Incr Years0
Div Non Decr Years0

5.3 Sustainability

  • NSKOG's earnings and Dividend Rate are declining. This means the current dividend is most likely not sustainable.
DP0%
EPS Next 2Y-58.09%
EPS Next 3YN/A
NSKOG.OL Yearly Income VS Free CF VS DividendNSKOG.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

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NSKOG.OL Fundamentals: All Metrics, Ratios and Statistics

NORSKE SKOG ASA

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

30.15

+0.2 (+0.67%)

Chartmill FA Rating
GICS SectorMaterials
GICS IndustryGroupMaterials
GICS IndustryPaper & Forest Products
Earnings (Last)02-05
Earnings (Next)04-24
Inst Owners12.73%
Inst Owner ChangeN/A
Ins Owners20.58%
Ins Owner ChangeN/A
Market Cap2.56B
Revenue(TTM)9.45B
Net Income(TTM)405.00M
Analysts82
Price Target23.46 (-22.19%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 1.65%
Yearly Dividend0
Dividend Growth(5Y)-52.5%
DP0%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-13.32%
Min EPS beat(2)-18.96%
Max EPS beat(2)-7.68%
EPS beat(4)2
Avg EPS beat(4)22.06%
Min EPS beat(4)-18.96%
Max EPS beat(4)93.79%
EPS beat(8)3
Avg EPS beat(8)-416.9%
EPS beat(12)5
Avg EPS beat(12)204.73%
EPS beat(16)8
Avg EPS beat(16)168.6%
Revenue beat(2)0
Avg Revenue beat(2)-6.53%
Min Revenue beat(2)-10.6%
Max Revenue beat(2)-2.45%
Revenue beat(4)0
Avg Revenue beat(4)-9.55%
Min Revenue beat(4)-23.8%
Max Revenue beat(4)-1.34%
Revenue beat(8)0
Avg Revenue beat(8)-13.41%
Revenue beat(12)0
Avg Revenue beat(12)-12.51%
Revenue beat(16)1
Avg Revenue beat(16)-10.23%
PT rev (1m)-2.13%
PT rev (3m)-2.13%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)0%
EPS NY rev (3m)-15.65%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)-6.32%
Revenue NY rev (3m)-7.19%
Valuation
Industry RankSector Rank
PE 48.63
Fwd PE N/A
P/S 0.27
P/FCF N/A
P/OCF 11.27
P/B 0.44
P/tB 0.44
EV/EBITDA N/A
EPS(TTM)0.62
EY2.06%
EPS(NY)-2.74
Fwd EYN/A
FCF(TTM)-8.9
FCFYN/A
OCF(TTM)2.68
OCFY8.87%
SpS111.34
BVpS68.59
TBVpS68.39
PEG (NY)N/A
PEG (5Y)N/A
Graham Number30.93
Profitability
Industry RankSector Rank
ROA 2.75%
ROE 6.96%
ROCE 1.9%
ROIC 1.46%
ROICexc 1.62%
ROICexgc 1.62%
OM 2.23%
PM (TTM) 4.29%
GM 34.03%
FCFM N/A
ROA(3y)-0.26%
ROA(5y)2.83%
ROE(3y)-1.16%
ROE(5y)5.69%
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 3Y-59.05%
ROICexgc growth 5Y-7.53%
ROICexc growth 3Y-59.05%
ROICexc growth 5Y-7.34%
OM growth 3Y-48.33%
OM growth 5Y7.12%
PM growth 3Y-37.7%
PM growth 5YN/A
GM growth 3Y-6.66%
GM growth 5Y-2.75%
F-Score4
Asset Turnover0.64
Health
Industry RankSector Rank
Debt/Equity 0.76
Debt/FCF N/A
Debt/EBITDA N/A
Cap/Depr N/A
Cap/Sales 10.4%
Interest Coverage 0.92
Cash Conversion N/A
Profit Quality N/A
Current Ratio 1.14
Quick Ratio 0.76
Altman-Z 0.61
F-Score4
WACC5.77%
ROIC/WACC0.25
Cap/Depr(3y)N/A
Cap/Depr(5y)N/A
Cap/Sales(3y)19.48%
Cap/Sales(5y)16.83%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)113.26%
EPS 3Y-67.84%
EPS 5YN/A
EPS Q2Q%36.69%
EPS Next Y-542.62%
EPS Next 2Y-58.09%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)-11.16%
Revenue growth 3Y-13.39%
Revenue growth 5Y0.59%
Sales Q2Q%-2.89%
Revenue Next Year9.01%
Revenue Next 2Y9.17%
Revenue Next 3YN/A
Revenue Next 5YN/A
EBIT growth 1Y30.25%
EBIT growth 3Y-55.25%
EBIT growth 5Y7.74%
EBIT Next Year193.12%
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y52%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y1613.33%
OCF growth 3Y-51.9%
OCF growth 5Y-16.19%

NORSKE SKOG ASA / NSKOG.OL FAQ

What is the fundamental rating for NSKOG stock?

ChartMill assigns a fundamental rating of 2 / 10 to NSKOG.OL.


Can you provide the valuation status for NORSKE SKOG ASA?

ChartMill assigns a valuation rating of 0 / 10 to NORSKE SKOG ASA (NSKOG.OL). This can be considered as Overvalued.


What is the profitability of NSKOG stock?

NORSKE SKOG ASA (NSKOG.OL) has a profitability rating of 4 / 10.


How financially healthy is NORSKE SKOG ASA?

The financial health rating of NORSKE SKOG ASA (NSKOG.OL) is 1 / 10.


What is the earnings growth outlook for NORSKE SKOG ASA?

The Earnings per Share (EPS) of NORSKE SKOG ASA (NSKOG.OL) is expected to decline by -542.62% in the next year.