VAR ENERGI ASA (VAR.OL) Stock Fundamental Analysis

Europe • Euronext Oslo • OSL:VAR • NO0011202772

34.07 NOK
+0.36 (+1.07%)
Last: Feb 6, 2026, 07:00 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Analyst Ratings Earnings Estimates Financials Ownership
Fundamental Rating

5

Taking everything into account, VAR scores 5 out of 10 in our fundamental rating. VAR was compared to 74 industry peers in the Oil, Gas & Consumable Fuels industry. VAR scores excellent on profitability, but there are concerns on its financial health. VAR may be a bit undervalued, certainly considering the very reasonable score on growth


Dividend Valuation Growth Profitability Health

8

1. Profitability

1.1 Basic Checks

  • VAR had positive earnings in the past year.
  • In the past year VAR had a positive cash flow from operations.
  • VAR had positive earnings in 4 of the past 5 years.
  • Each year in the past 5 years VAR had a positive operating cash flow.
VAR.OL Yearly Net Income VS EBIT VS OCF VS FCFVAR.OL Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2017 2018 2019 2020 2021 2022 2023 2024 0 2B 4B 6B

1.2 Ratios

  • VAR has a worse Return On Assets (2.19%) than 65.75% of its industry peers.
  • The Return On Equity of VAR (70.22%) is better than 98.63% of its industry peers.
  • VAR's Return On Invested Capital of 10.78% is amongst the best of the industry. VAR outperforms 86.30% of its industry peers.
  • VAR had an Average Return On Invested Capital over the past 3 years of 22.49%. This is significantly above the industry average of 8.91%.
  • The 3 year average ROIC (22.49%) for VAR is well above the current ROIC(10.78%). The reason for the recent decline needs to be investigated.
Industry RankSector Rank
ROA 2.19%
ROE 70.22%
ROIC 10.78%
ROA(3y)3.19%
ROA(5y)0.97%
ROE(3y)45.05%
ROE(5y)18.2%
ROIC(3y)22.49%
ROIC(5y)N/A
VAR.OL Yearly ROA, ROE, ROICVAR.OL Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2017 2018 2019 2020 2021 2022 2023 2024 0 50 -50

1.3 Margins

  • Looking at the Profit Margin, with a value of 7.75%, VAR is in line with its industry, outperforming 54.79% of the companies in the same industry.
  • VAR's Profit Margin has improved in the last couple of years.
  • Looking at the Operating Margin, with a value of 43.98%, VAR belongs to the top of the industry, outperforming 95.89% of the companies in the same industry.
  • In the last couple of years the Operating Margin of VAR has grown nicely.
  • VAR has a better Gross Margin (81.88%) than 89.04% of its industry peers.
  • In the last couple of years the Gross Margin of VAR has grown nicely.
Industry RankSector Rank
OM 43.98%
PM (TTM) 7.75%
GM 81.88%
OM growth 3Y0.34%
OM growth 5Y18.33%
PM growth 3Y-26.93%
PM growth 5Y8.97%
GM growth 3Y-0.06%
GM growth 5Y3.92%
VAR.OL Yearly Profit, Operating, Gross MarginsVAR.OL Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2017 2018 2019 2020 2021 2022 2023 2024 0 50 -50

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1

2. Health

2.1 Basic Checks

  • VAR has a Return on Invested Capital (ROIC), which is well above the Cost of Capital (WACC), which means it is creating value.
  • VAR has about the same amout of shares outstanding than it did 1 year ago.
  • VAR has about the same amout of shares outstanding than it did 5 years ago.
  • VAR has a worse debt/assets ratio than last year.
VAR.OL Yearly Shares OutstandingVAR.OL Yearly Shares OutstandingYearly Shares Outstanding 2017 2018 2019 2020 2021 2022 2023 2024 500M 1B 1.5B 2B
VAR.OL Yearly Total Debt VS Total AssetsVAR.OL Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2017 2018 2019 2020 2021 2022 2023 2024 5B 10B 15B 20B

2.2 Solvency

  • The Debt to FCF ratio of VAR is 7.35, which is on the high side as it means it would take VAR, 7.35 years of fcf income to pay off all of its debts.
  • The Debt to FCF ratio of VAR (7.35) is comparable to the rest of the industry.
  • VAR has a Debt/Equity ratio of 7.19. This is a high value indicating a heavy dependency on external financing.
  • The Debt to Equity ratio of VAR (7.19) is worse than 95.89% of its industry peers.
Industry RankSector Rank
Debt/Equity 7.19
Debt/FCF 7.35
Altman-Z N/A
ROIC/WACC1.28
WACC8.45%
VAR.OL Yearly LT Debt VS Equity VS FCFVAR.OL Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2017 2018 2019 2020 2021 2022 2023 2024 0 2B 4B 6B 8B

2.3 Liquidity

  • VAR has a Current Ratio of 0.72. This is a bad value and indicates that VAR is not financially healthy enough and could expect problems in meeting its short term obligations.
  • Looking at the Current ratio, with a value of 0.72, VAR is doing worse than 86.30% of the companies in the same industry.
  • VAR has a Quick Ratio of 0.72. This is a bad value and indicates that VAR is not financially healthy enough and could expect problems in meeting its short term obligations.
  • Looking at the Quick ratio, with a value of 0.61, VAR is doing worse than 84.93% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 0.72
Quick Ratio 0.61
VAR.OL Yearly Current Assets VS Current LiabilitesVAR.OL Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2017 2018 2019 2020 2021 2022 2023 2024 1B 2B 3B

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6

3. Growth

3.1 Past

  • VAR shows a slight negative growth in Earnings Per Share. In the last year, the EPS has decreased by -4.17%.
  • Measured over the past years, VAR shows a very strong growth in Earnings Per Share. The EPS has been growing by 31.78% on average per year.
  • The Revenue has been growing slightly by 1.05% in the past year.
  • Measured over the past years, VAR shows a very strong growth in Revenue. The Revenue has been growing by 20.92% on average per year.
EPS 1Y (TTM)-4.17%
EPS 3Y-21.91%
EPS 5Y31.78%
EPS Q2Q%-28.57%
Revenue 1Y (TTM)1.05%
Revenue growth 3Y6.86%
Revenue growth 5Y20.92%
Sales Q2Q%14.4%

3.2 Future

  • Based on estimates for the next years, VAR will show a very strong growth in Earnings Per Share. The EPS will grow by 28.39% on average per year.
  • VAR is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 2.56% yearly.
EPS Next Y288.12%
EPS Next 2Y77.66%
EPS Next 3Y47.32%
EPS Next 5Y28.39%
Revenue Next Year11.89%
Revenue Next 2Y10.59%
Revenue Next 3Y6.12%
Revenue Next 5Y2.56%

3.3 Evolution

  • The EPS growth rate is stable: in the next years the growth will be about the same 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 decreasing.
VAR.OL Yearly Revenue VS EstimatesVAR.OL Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2B 4B 6B 8B
VAR.OL Yearly EPS VS EstimatesVAR.OL Yearly EPS VS EstimatesYearly EPS VS Estimates 2022 2023 2024 2025 2026 2027 2028 2029 2030 0.1 0.2 0.3 0.4

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8

4. Valuation

4.1 Price/Earnings Ratio

  • Based on the Price/Earnings ratio of 15.21, the valuation of VAR can be described as correct.
  • Compared to the rest of the industry, the Price/Earnings ratio of VAR indicates a somewhat cheap valuation: VAR is cheaper than 63.01% of the companies listed in the same industry.
  • VAR is valuated rather cheaply when we compare the Price/Earnings ratio to 27.93, which is the current average of the S&P500 Index.
  • With a Price/Forward Earnings ratio of 10.09, the valuation of VAR can be described as very reasonable.
  • 76.71% of the companies in the same industry are more expensive than VAR, based on the Price/Forward Earnings ratio.
  • VAR is valuated cheaply when we compare the Price/Forward Earnings ratio to 27.77, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 15.21
Fwd PE 10.09
VAR.OL Price Earnings VS Forward Price EarningsVAR.OL Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

  • VAR's Enterprise Value to EBITDA ratio is rather cheap when compared to the industry. VAR is cheaper than 90.41% of the companies in the same industry.
  • VAR's Price/Free Cash Flow ratio is a bit cheaper when compared to the industry. VAR is cheaper than 79.45% of the companies in the same industry.
Industry RankSector Rank
P/FCF 10.28
EV/EBITDA 2.49
VAR.OL Per share dataVAR.OL EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 10 -10 20

4.3 Compensation for Growth

  • VAR's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
  • VAR has an outstanding profitability rating, which may justify a higher PE ratio.
  • A more expensive valuation may be justified as VAR's earnings are expected to grow with 47.32% in the coming years.
PEG (NY)0.05
PEG (5Y)0.48
EPS Next 2Y77.66%
EPS Next 3Y47.32%

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

5

5. Dividend

5.1 Amount

  • VAR has a Yearly Dividend Yield of 14.45%, which is a nice return.
  • Compared to an average industry Dividend Yield of 5.14, VAR pays a better dividend. On top of this VAR pays more dividend than 98.63% of the companies listed in the same industry.
  • Compared to an average S&P500 Dividend Yield of 1.81, VAR pays a better dividend.
Industry RankSector Rank
Dividend Yield 14.45%

5.2 History

Dividend Growth(5Y)N/A
Div Incr Years0
Div Non Decr Years0

5.3 Sustainability

  • 194.92% of the earnings are spent on dividend by VAR. This is not a sustainable payout ratio.
DP194.92%
EPS Next 2Y77.66%
EPS Next 3Y47.32%
VAR.OL Yearly Income VS Free CF VS DividendVAR.OL Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2017 2018 2019 2020 2021 2022 2023 2024 0 1B -1B 2B 3B
VAR.OL Dividend Payout.VAR.OL Dividend Payout, showing the Payout Ratio.VAR.OL Dividend Payout.PayoutRetained Earnings

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VAR ENERGI ASA

OSL:VAR (2/6/2026, 7:00:00 PM)

34.07

+0.36 (+1.07%)

Chartmill FA Rating
GICS SectorEnergy
GICS IndustryGroupEnergy
GICS IndustryOil, Gas & Consumable Fuels
Earnings (Last)10-21
Earnings (Next)02-10
Inst Owners16.32%
Inst Owner ChangeN/A
Ins Owners0.04%
Ins Owner ChangeN/A
Market Cap85.05B
Revenue(TTM)7.54B
Net Income(TTM)584.86M
Analysts77.14
Price Target38.13 (11.92%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 14.45%
Yearly Dividend4.21
Dividend Growth(5Y)N/A
DP194.92%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-32.65%
Min EPS beat(2)-33.44%
Max EPS beat(2)-31.86%
EPS beat(4)1
Avg EPS beat(4)-119.2%
Min EPS beat(4)-446.49%
Max EPS beat(4)35.01%
EPS beat(8)1
Avg EPS beat(8)-73.2%
EPS beat(12)1
Avg EPS beat(12)-57.81%
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)0
Avg Revenue beat(2)-4.06%
Min Revenue beat(2)-4.49%
Max Revenue beat(2)-3.63%
Revenue beat(4)0
Avg Revenue beat(4)-5.38%
Min Revenue beat(4)-6.74%
Max Revenue beat(4)-3.63%
Revenue beat(8)0
Avg Revenue beat(8)-4.55%
Revenue beat(12)0
Avg Revenue beat(12)-4.78%
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)-3.18%
PT rev (3m)-3.15%
EPS NQ rev (1m)-35.06%
EPS NQ rev (3m)-37.76%
EPS NY rev (1m)-2.07%
EPS NY rev (3m)-9.12%
Revenue NQ rev (1m)-10.35%
Revenue NQ rev (3m)-10.35%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-0.6%
Valuation
Industry RankSector Rank
PE 15.21
Fwd PE 10.09
P/S 1.16
P/FCF 10.28
P/OCF 2.36
P/B 10.5
P/tB N/A
EV/EBITDA 2.49
EPS(TTM)2.24
EY6.57%
EPS(NY)3.38
Fwd EY9.91%
FCF(TTM)3.31
FCFY9.72%
OCF(TTM)14.42
OCFY42.31%
SpS29.39
BVpS3.24
TBVpS-12.45
PEG (NY)0.05
PEG (5Y)0.48
Graham Number12.79
Profitability
Industry RankSector Rank
ROA 2.19%
ROE 70.22%
ROCE 14%
ROIC 10.78%
ROICexc 11.17%
ROICexgc 13.56%
OM 43.98%
PM (TTM) 7.75%
GM 81.88%
FCFM 11.27%
ROA(3y)3.19%
ROA(5y)0.97%
ROE(3y)45.05%
ROE(5y)18.2%
ROIC(3y)22.49%
ROIC(5y)N/A
ROICexc(3y)23.16%
ROICexc(5y)N/A
ROICexgc(3y)27.5%
ROICexgc(5y)N/A
ROCE(3y)29.21%
ROCE(5y)N/A
ROICexgc growth 3Y4.04%
ROICexgc growth 5Y38.36%
ROICexc growth 3Y3.1%
ROICexc growth 5Y41.51%
OM growth 3Y0.34%
OM growth 5Y18.33%
PM growth 3Y-26.93%
PM growth 5Y8.97%
GM growth 3Y-0.06%
GM growth 5Y3.92%
F-Score4
Asset Turnover0.28
Health
Industry RankSector Rank
Debt/Equity 7.19
Debt/FCF 7.35
Debt/EBITDA 1.05
Cap/Depr 120.29%
Cap/Sales 37.78%
Interest Coverage 9.3
Cash Conversion 65.07%
Profit Quality 145.4%
Current Ratio 0.72
Quick Ratio 0.61
Altman-Z N/A
F-Score4
WACC8.45%
ROIC/WACC1.28
Cap/Depr(3y)175.33%
Cap/Depr(5y)158.77%
Cap/Sales(3y)35.36%
Cap/Sales(5y)43.19%
Profit Quality(3y)197.73%
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-4.17%
EPS 3Y-21.91%
EPS 5Y31.78%
EPS Q2Q%-28.57%
EPS Next Y288.12%
EPS Next 2Y77.66%
EPS Next 3Y47.32%
EPS Next 5Y28.39%
Revenue 1Y (TTM)1.05%
Revenue growth 3Y6.86%
Revenue growth 5Y20.92%
Sales Q2Q%14.4%
Revenue Next Year11.89%
Revenue Next 2Y10.59%
Revenue Next 3Y6.12%
Revenue Next 5Y2.56%
EBIT growth 1Y-17.93%
EBIT growth 3Y7.22%
EBIT growth 5Y43.09%
EBIT Next Year69.58%
EBIT Next 3Y23.54%
EBIT Next 5Y12.15%
FCF growth 1Y338.54%
FCF growth 3Y-37.64%
FCF growth 5Y24.35%
OCF growth 1Y23.09%
OCF growth 3Y-9.38%
OCF growth 5Y17.84%

VAR ENERGI ASA / VAR.OL FAQ

What is the fundamental rating for VAR stock?

ChartMill assigns a fundamental rating of 5 / 10 to VAR.OL.


What is the valuation status for VAR stock?

ChartMill assigns a valuation rating of 8 / 10 to VAR ENERGI ASA (VAR.OL). This can be considered as Undervalued.


How profitable is VAR ENERGI ASA (VAR.OL) stock?

VAR ENERGI ASA (VAR.OL) has a profitability rating of 8 / 10.


What is the financial health of VAR ENERGI ASA (VAR.OL) stock?

The financial health rating of VAR ENERGI ASA (VAR.OL) is 1 / 10.


Can you provide the dividend sustainability for VAR stock?

The dividend rating of VAR ENERGI ASA (VAR.OL) is 5 / 10 and the dividend payout ratio is 194.92%.