TGS ASA (TGS.OL) Fundamental Analysis & Valuation

OSL:TGS • NO0003078800

113.5 NOK
+0.9 (+0.8%)
Last: Mar 10, 2026, 04:19 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Forecast Earnings Financials Ownership

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

Fundamental Rating

3

Taking everything into account, TGS scores 3 out of 10 in our fundamental rating. TGS was compared to 39 industry peers in the Energy Equipment & Services industry. TGS may be in some trouble as it scores bad on both profitability and health. TGS is not valued too expensively and it also shows a decent growth rate.


Dividend Valuation Growth Profitability Health

3

1. TGS.OL Profitability Analysis

1.1 Basic Checks

  • TGS had positive earnings in the past year.
  • In the past year TGS had a positive cash flow from operations.
  • In multiple years TGS reported negative net income over the last 5 years.
  • TGS had a positive operating cash flow in 4 of the past 5 years.
TGS.OL Yearly Net Income VS EBIT VS OCF VS FCFTGS.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 0 200M 400M 600M

1.2 Ratios

  • Looking at the Return On Assets, with a value of 1.29%, TGS is doing worse than 74.36% of the companies in the same industry.
  • TGS has a worse Return On Equity (2.48%) than 76.92% of its industry peers.
  • TGS has a worse Return On Invested Capital (6.91%) than 61.54% of its industry peers.
  • Measured over the past 3 years, the Average Return On Invested Capital for TGS is significantly below the industry average of 11.00%.
  • The last Return On Invested Capital (6.91%) for TGS is above the 3 year average (5.85%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA 1.29%
ROE 2.48%
ROIC 6.91%
ROA(3y)2.74%
ROA(5y)-0.96%
ROE(3y)4.45%
ROE(5y)-1.33%
ROIC(3y)5.85%
ROIC(5y)N/A
TGS.OL Yearly ROA, ROE, ROICTGS.OL Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 5 -5 10 -10 15

1.3 Margins

  • With a Profit Margin value of 2.84%, TGS is not doing good in the industry: 69.23% of the companies in the same industry are doing better.
  • In the last couple of years the Profit Margin of TGS has declined.
  • TGS's Operating Margin of 14.42% is in line compared to the rest of the industry. TGS outperforms 58.97% of its industry peers.
  • In the last couple of years the Operating Margin of TGS has declined.
  • The Gross Margin of TGS (78.59%) is better than 89.74% of its industry peers.
  • TGS's Gross Margin has declined in the last couple of years.
Industry RankSector Rank
OM 14.42%
PM (TTM) 2.84%
GM 78.59%
OM growth 3Y-27.75%
OM growth 5Y-12.35%
PM growth 3YN/A
PM growth 5Y-18.03%
GM growth 3Y-8.24%
GM growth 5Y-5.38%
TGS.OL Yearly Profit, Operating, Gross MarginsTGS.OL Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 50

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ROAROEROICOperating and Profit MarginShow most profitable peers

3

2. TGS.OL Health Analysis

2.1 Basic Checks

  • The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so TGS is destroying value.
  • TGS has no outstanding debt. Therefor its Debt/Equity and Debt/FCF ratios are 0 and belong to the best of the industry.
TGS.OL Yearly Shares OutstandingTGS.OL Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 50M 100M 150M
TGS.OL Yearly Total Debt VS Total AssetsTGS.OL Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 1B 2B 3B 4B

2.2 Solvency

  • TGS has an Altman-Z score of 1.51. This is a bad value and indicates that TGS is not financially healthy and even has some risk of bankruptcy.
  • With a decent Altman-Z score value of 1.51, TGS is doing good in the industry, outperforming 61.54% of the companies in the same industry.
  • The Debt to FCF ratio of TGS is 2.37, which is a good value as it means it would take TGS, 2.37 years of fcf income to pay off all of its debts.
  • TGS has a better Debt to FCF ratio (2.37) than 74.36% of its industry peers.
  • A Debt/Equity ratio of 0.37 indicates that TGS is not too dependend on debt financing.
  • TGS has a Debt to Equity ratio of 0.37. This is in the better half of the industry: TGS outperforms 61.54% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.37
Debt/FCF 2.37
Altman-Z 1.51
ROIC/WACC0.82
WACC8.47%
TGS.OL Yearly LT Debt VS Equity VS FCFTGS.OL Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 500M 1B 1.5B 2B

2.3 Liquidity

  • A Current Ratio of 0.68 indicates that TGS may have some problems paying its short term obligations.
  • TGS has a Current ratio of 0.68. This is amonst the worse of the industry: TGS underperforms 92.31% of its industry peers.
  • TGS has a Quick Ratio of 0.68. This is a bad value and indicates that TGS is not financially healthy enough and could expect problems in meeting its short term obligations.
  • Looking at the Quick ratio, with a value of 0.68, TGS is doing worse than 92.31% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 0.68
Quick Ratio 0.68
TGS.OL Yearly Current Assets VS Current LiabilitesTGS.OL Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 200M 400M 600M 800M 1B

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

4

3. TGS.OL Growth Analysis

3.1 Past

  • The earnings per share for TGS have decreased strongly by -84.62% in the last year.
  • The earnings per share for TGS have been decreasing by -55.54% on average. This is quite bad
  • Looking at the last year, TGS shows a very strong growth in Revenue. The Revenue has grown by 111.02%.
EPS 1Y (TTM)-84.62%
EPS 3Y-55.54%
EPS 5YN/A
EPS Q2Q%-84.21%
Revenue 1Y (TTM)111.02%
Revenue growth 3YN/A
Revenue growth 5YN/A
Sales Q2Q%-44.52%

3.2 Future

  • Based on estimates for the next years, TGS will show a very strong growth in Earnings Per Share. The EPS will grow by 170.50% on average per year.
  • Based on estimates for the next years, TGS will show a small growth in Revenue. The Revenue will grow by 4.31% on average per year.
EPS Next Y625.94%
EPS Next 2Y207.71%
EPS Next 3Y170.5%
EPS Next 5YN/A
Revenue Next Year-2.33%
Revenue Next 2Y2.99%
Revenue Next 3Y4.31%
Revenue Next 5YN/A

3.3 Evolution

  • The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
TGS.OL Yearly Revenue VS EstimatesTGS.OL Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 500M 1B 1.5B
TGS.OL Yearly EPS VS EstimatesTGS.OL Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 0 1 -1

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4

4. TGS.OL Valuation Analysis

4.1 Price/Earnings Ratio

  • TGS is valuated quite expensively with a Price/Earnings ratio of 147.40.
  • Based on the Price/Earnings ratio, TGS is valued a bit more expensive than the industry average as 74.36% of the companies are valued more cheaply.
  • Compared to an average S&P500 Price/Earnings ratio of 26.45, TGS is valued quite expensively.
  • A Price/Forward Earnings ratio of 20.25 indicates a rather expensive valuation of TGS.
  • Based on the Price/Forward Earnings ratio, TGS is valued a bit more expensive than the industry average as 66.67% of the companies are valued more cheaply.
  • The average S&P500 Price/Forward Earnings ratio is at 24.65. TGS is around the same levels.
Industry RankSector Rank
PE 147.4
Fwd PE 20.25
TGS.OL Price Earnings VS Forward Price EarningsTGS.OL Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 50 100

4.2 Price Multiples

  • Compared to the rest of the industry, the Price/Free Cash Flow ratio of TGS indicates a rather cheap valuation: TGS is cheaper than 84.62% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF 6.32
EV/EBITDA N/A
TGS.OL Per share dataTGS.OL EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 20 40 60 80

4.3 Compensation for Growth

  • TGS's 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 TGS's earnings are expected to grow with 170.50% in the coming years.
PEG (NY)0.24
PEG (5Y)N/A
EPS Next 2Y207.71%
EPS Next 3Y170.5%

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

4

5. TGS.OL Dividend Analysis

5.1 Amount

  • With a Yearly Dividend Yield of 5.66%, TGS is a good candidate for dividend investing.
  • TGS's Dividend Yield is a higher than the industry average which is at 3.20.
  • TGS's Dividend Yield is rather good when compared to the S&P500 average which is at 1.82.
Industry RankSector Rank
Dividend Yield 5.66%

5.2 History

  • The dividend of TGS decreases each year by -11.71%.
Dividend Growth(5Y)-11.71%
Div Incr Years0
Div Non Decr Years0

5.3 Sustainability

  • TGS pays out 239.94% of its income as dividend. This is not a sustainable payout ratio.
DP239.94%
EPS Next 2Y207.71%
EPS Next 3Y170.5%
TGS.OL Yearly Income VS Free CF VS DividendTGS.OL Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 100M -100M 200M
TGS.OL Dividend Payout.TGS.OL Dividend Payout, showing the Payout Ratio.TGS.OL Dividend Payout.PayoutRetained Earnings

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TGS.OL Fundamentals: All Metrics, Ratios and Statistics

TGS ASA

OSL:TGS (3/10/2026, 4:19:57 PM)

113.5

+0.9 (+0.8%)

Chartmill FA Rating
GICS SectorEnergy
GICS IndustryGroupEnergy
GICS IndustryEnergy Equipment & Services
Earnings (Last)02-12
Earnings (Next)04-30
Inst Owners62.52%
Inst Owner ChangeN/A
Ins Owners0.05%
Ins Owner ChangeN/A
Market Cap22.31B
Revenue(TTM)2.78B
Net Income(TTM)49.50M
Analysts47.14
Price Target104.19 (-8.2%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 5.66%
Yearly Dividend5.41
Dividend Growth(5Y)-11.71%
DP239.94%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-92.38%
Min EPS beat(2)-286.02%
Max EPS beat(2)101.27%
EPS beat(4)1
Avg EPS beat(4)-77.25%
Min EPS beat(4)-286.02%
Max EPS beat(4)101.27%
EPS beat(8)2
Avg EPS beat(8)-184.52%
EPS beat(12)3
Avg EPS beat(12)-141.9%
EPS beat(16)4
Avg EPS beat(16)-125.7%
Revenue beat(2)1
Avg Revenue beat(2)-5.34%
Min Revenue beat(2)-19.07%
Max Revenue beat(2)8.4%
Revenue beat(4)3
Avg Revenue beat(4)2.67%
Min Revenue beat(4)-19.07%
Max Revenue beat(4)17.79%
Revenue beat(8)4
Avg Revenue beat(8)0.82%
Revenue beat(12)4
Avg Revenue beat(12)-4.68%
Revenue beat(16)7
Avg Revenue beat(16)1.47%
PT rev (1m)0.7%
PT rev (3m)1.42%
EPS NQ rev (1m)1.45%
EPS NQ rev (3m)7.15%
EPS NY rev (1m)-1.04%
EPS NY rev (3m)7.95%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)-0.73%
Revenue NY rev (1m)-1.34%
Revenue NY rev (3m)-1.34%
Valuation
Industry RankSector Rank
PE 147.4
Fwd PE 20.25
P/S 1.32
P/FCF 6.32
P/OCF 2.68
P/B 1.16
P/tB 13.25
EV/EBITDA N/A
EPS(TTM)0.77
EY0.68%
EPS(NY)5.61
Fwd EY4.94%
FCF(TTM)17.95
FCFY15.82%
OCF(TTM)42.38
OCFY37.34%
SpS85.7
BVpS98.17
TBVpS8.56
PEG (NY)0.24
PEG (5Y)N/A
Graham Number41.24
Profitability
Industry RankSector Rank
ROA 1.29%
ROE 2.48%
ROCE 8.97%
ROIC 6.91%
ROICexc 7.47%
ROICexgc 25.25%
OM 14.42%
PM (TTM) 2.84%
GM 78.59%
FCFM 20.95%
ROA(3y)2.74%
ROA(5y)-0.96%
ROE(3y)4.45%
ROE(5y)-1.33%
ROIC(3y)5.85%
ROIC(5y)N/A
ROICexc(3y)6.57%
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)7.72%
ROCE(5y)N/A
ROICexgc growth 3YN/A
ROICexgc growth 5YN/A
ROICexc growth 3Y-35.15%
ROICexc growth 5Y-15.78%
OM growth 3Y-27.75%
OM growth 5Y-12.35%
PM growth 3YN/A
PM growth 5Y-18.03%
GM growth 3Y-8.24%
GM growth 5Y-5.38%
F-Score6
Asset Turnover0.45
Health
Industry RankSector Rank
Debt/Equity 0.37
Debt/FCF 2.37
Debt/EBITDA N/A
Cap/Depr N/A
Cap/Sales 28.5%
Interest Coverage 250
Cash Conversion N/A
Profit Quality 738.73%
Current Ratio 0.68
Quick Ratio 0.68
Altman-Z 1.51
F-Score6
WACC8.47%
ROIC/WACC0.82
Cap/Depr(3y)N/A
Cap/Depr(5y)N/A
Cap/Sales(3y)39.85%
Cap/Sales(5y)52.79%
Profit Quality(3y)338.92%
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-84.62%
EPS 3Y-55.54%
EPS 5YN/A
EPS Q2Q%-84.21%
EPS Next Y625.94%
EPS Next 2Y207.71%
EPS Next 3Y170.5%
EPS Next 5YN/A
Revenue 1Y (TTM)111.02%
Revenue growth 3YN/A
Revenue growth 5YN/A
Sales Q2Q%-44.52%
Revenue Next Year-2.33%
Revenue Next 2Y2.99%
Revenue Next 3Y4.31%
Revenue Next 5YN/A
EBIT growth 1Y112.02%
EBIT growth 3Y-1.41%
EBIT growth 5Y3.1%
EBIT Next Year252.68%
EBIT Next 3Y57.62%
EBIT Next 5Y41.78%
FCF growth 1Y153.59%
FCF growth 3Y13.38%
FCF growth 5Y-1.21%
OCF growth 1Y55.12%
OCF growth 3Y25.56%
OCF growth 5Y2.32%

TGS ASA / TGS.OL FAQ

What is the fundamental rating for TGS stock?

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


What is the valuation status of TGS ASA (TGS.OL) stock?

ChartMill assigns a valuation rating of 4 / 10 to TGS ASA (TGS.OL). This can be considered as Fairly Valued.


Can you provide the profitability details for TGS ASA?

TGS ASA (TGS.OL) has a profitability rating of 3 / 10.


What is the valuation of TGS ASA based on its PE and PB ratios?

The Price/Earnings (PE) ratio for TGS ASA (TGS.OL) is 147.4 and the Price/Book (PB) ratio is 1.16.


Can you provide the dividend sustainability for TGS stock?

The dividend rating of TGS ASA (TGS.OL) is 4 / 10 and the dividend payout ratio is 239.94%.