TGS ASA (TGS.OL) Fundamental Analysis & Valuation

OSL:TGS • NO0003078800

108.9 NOK
-0.6 (-0.55%)
Last: Mar 6, 2026, 07:00 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

TGS gets a fundamental rating of 3 out of 10. The analysis compared the fundamentals against 36 industry peers in the Energy Equipment & Services industry. TGS may be in some trouble as it scores bad on both profitability and health. TGS has a expensive valuation and it also scores bad on growth.


Dividend Valuation Growth Profitability Health

3

1. TGS.OL Profitability Analysis

1.1 Basic Checks

  • TGS had positive earnings in the past year.
  • TGS had a positive operating cash flow in the past year.
  • 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 77.78% of the companies in the same industry.
  • With a Return On Equity value of 2.48%, TGS is not doing good in the industry: 75.00% of the companies in the same industry are doing better.
  • The Return On Invested Capital of TGS (6.91%) is comparable to the rest of the industry.
  • The Average Return On Invested Capital over the past 3 years for TGS is below the industry average of 10.29%.
  • The 3 year average ROIC (5.85%) for TGS is below the current ROIC(6.91%), indicating increased profibility in the last year.
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

  • The Profit Margin of TGS (2.84%) is worse than 69.44% of its industry peers.
  • In the last couple of years the Profit Margin of TGS has declined.
  • Looking at the Operating Margin, with a value of 14.42%, TGS is in line with its industry, outperforming 58.33% of the companies in the same industry.
  • TGS's Operating Margin has declined in the last couple of years.
  • Looking at the Gross Margin, with a value of 78.59%, TGS belongs to the top of the industry, outperforming 91.67% of the companies in the same industry.
  • In the last couple of years the Gross Margin of TGS has declined.
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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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.
  • There is no outstanding debt for TGS. This means it has a Debt/Equity and Debt/FCF ratio of 0 and it is amongst the best of the sector and 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

  • Based on the Altman-Z score of 1.49, we must say that TGS is in the distress zone and has some risk of bankruptcy.
  • TGS has a Altman-Z score (1.49) which is comparable to the rest of the industry.
  • TGS has a debt to FCF ratio of 2.37. This is a good value and a sign of high solvency as TGS would need 2.37 years to pay back of all of its debts.
  • TGS has a better Debt to FCF ratio (2.37) than 75.00% of its industry peers.
  • A Debt/Equity ratio of 0.37 indicates that TGS is not too dependend on debt financing.
  • With a decent Debt to Equity ratio value of 0.37, TGS is doing good in the industry, outperforming 61.11% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.37
Debt/FCF 2.37
Altman-Z 1.49
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's Current ratio of 0.68 is on the low side compared to the rest of the industry. TGS is outperformed by 91.67% 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.
  • The Quick ratio of TGS (0.68) is worse than 91.67% of its industry peers.
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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3

3. TGS.OL Growth Analysis

3.1 Past

  • The earnings per share for TGS have decreased strongly by -84.62% in the last year.
  • Measured over the past years, TGS shows a very negative growth in Earnings Per Share. The EPS has been decreasing by -55.54% on average per year.
EPS 1Y (TTM)-84.62%
EPS 3Y-55.54%
EPS 5YN/A
EPS Q2Q%-84.21%
Revenue 1Y (TTM)N/A
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 219.79% 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 Y562.81%
EPS Next 2Y219.79%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year-3.23%
Revenue Next 2Y2.11%
Revenue Next 3Y4.31%
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 accelerating.
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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3

4. TGS.OL Valuation Analysis

4.1 Price/Earnings Ratio

  • The Price/Earnings ratio is 141.43, which means the current valuation is very expensive for TGS.
  • Compared to the rest of the industry, the Price/Earnings ratio of TGS indicates a slightly more expensive valuation: TGS is more expensive than 75.00% of the companies listed in the same industry.
  • TGS's Price/Earnings ratio indicates a rather expensive valuation when compared to the S&P500 average which is at 26.29.
  • A Price/Forward Earnings ratio of 21.28 indicates a rather expensive valuation of TGS.
  • TGS's Price/Forward Earnings ratio is a bit more expensive when compared to the industry. TGS is more expensive than 66.67% of the companies in the same industry.
  • When comparing the Price/Forward Earnings ratio of TGS to the average of the S&P500 Index (24.57), we can say TGS is valued inline with the index average.
Industry RankSector Rank
PE 141.43
Fwd PE 21.28
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

  • Based on the Price/Free Cash Flow ratio, TGS is valued a bit cheaper than the industry average as 77.78% of the companies are valued more expensively.
Industry RankSector Rank
P/FCF 6.07
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.
  • TGS's earnings are expected to grow with 219.79% in the coming years. This may justify a more expensive valuation.
PEG (NY)0.25
PEG (5Y)N/A
EPS Next 2Y219.79%
EPS Next 3YN/A

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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.
  • Compared to an average industry Dividend Yield of 3.16, TGS pays a bit more dividend than its industry peers.
  • 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

  • 239.94% of the earnings are spent on dividend by TGS. This is not a sustainable payout ratio.
DP239.94%
EPS Next 2Y219.79%
EPS Next 3YN/A
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 (3/6/2026, 7:00:00 PM)

108.9

-0.6 (-0.55%)

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 Cap21.41B
Revenue(TTM)N/A
Net Income(TTM)49.50M
Analysts47.14
Price Target104.19 (-4.33%)
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)0.96%
EPS NQ rev (3m)16.67%
EPS NY rev (1m)0%
EPS NY rev (3m)-6.49%
Revenue NQ rev (1m)-0.37%
Revenue NQ rev (3m)-1.17%
Revenue NY rev (1m)-1.34%
Revenue NY rev (3m)-0.64%
Valuation
Industry RankSector Rank
PE 141.43
Fwd PE 21.28
P/S 1.27
P/FCF 6.07
P/OCF 2.57
P/B 1.11
P/tB 12.72
EV/EBITDA N/A
EPS(TTM)0.77
EY0.71%
EPS(NY)5.12
Fwd EY4.7%
FCF(TTM)17.95
FCFY16.49%
OCF(TTM)42.37
OCFY38.91%
SpS85.69
BVpS98.16
TBVpS8.56
PEG (NY)0.25
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 1.49
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 Y562.81%
EPS Next 2Y219.79%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)N/A
Revenue growth 3YN/A
Revenue growth 5YN/A
Sales Q2Q%-44.52%
Revenue Next Year-3.23%
Revenue Next 2Y2.11%
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 3 / 10 to TGS ASA (TGS.OL). This can be considered as Overvalued.


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 141.43 and the Price/Book (PB) ratio is 1.11.


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%.