VAR ENERGI ASA (VAR.OL) Fundamental Analysis & Valuation

OSL:VAR • NO0011202772

39.19 NOK
+0.66 (+1.71%)
Last: Mar 11, 2026, 04:19 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Forecast Earnings Financials Ownership

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

Fundamental Rating

5

VAR gets a fundamental rating of 5 out of 10. The analysis compared the fundamentals against 83 industry peers in the Oil, Gas & Consumable Fuels industry. While VAR has a great profitability rating, there are quite some concerns on its financial health. VAR has a correct valuation and a medium growth rate.


Dividend Valuation Growth Profitability Health

7

1. VAR.OL Profitability Analysis

1.1 Basic Checks

  • In the past year VAR was profitable.
  • In the past year VAR had a positive cash flow from operations.
  • In the past 5 years VAR has always been profitable.
  • VAR had a positive operating cash flow in each of the past 5 years.
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 2025 0 2B 4B 6B

1.2 Ratios

  • Looking at the Return On Assets, with a value of 3.00%, VAR is doing worse than 63.86% of the companies in the same industry.
  • The Return On Equity of VAR (140.21%) is better than 100.00% of its industry peers.
  • The Return On Invested Capital of VAR (12.06%) is better than 90.36% of its industry peers.
  • The Average Return On Invested Capital over the past 3 years for VAR is significantly above the industry average of 8.83%.
Industry RankSector Rank
ROA 3%
ROE 140.21%
ROIC 12.06%
ROA(3y)2.53%
ROA(5y)3.18%
ROE(3y)70.72%
ROE(5y)63.78%
ROIC(3y)14.92%
ROIC(5y)18.62%
VAR.OL Yearly ROA, ROE, ROICVAR.OL Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 50 -50 100

1.3 Margins

  • Looking at the Profit Margin, with a value of 9.70%, VAR is in line with its industry, outperforming 54.22% of the companies in the same industry.
  • In the last couple of years the Profit Margin of VAR has remained more or less at the same level.
  • VAR's Operating Margin of 44.94% is amongst the best of the industry. VAR outperforms 96.39% of its industry peers.
  • In the last couple of years the Operating Margin of VAR has declined.
  • The Gross Margin of VAR (84.00%) is better than 90.36% of its industry peers.
  • VAR's Gross Margin has improved in the last couple of years.
Industry RankSector Rank
OM 44.94%
PM (TTM) 9.7%
GM 84%
OM growth 3Y-14.05%
OM growth 5YN/A
PM growth 3Y0.56%
PM growth 5YN/A
GM growth 3Y-1.67%
GM growth 5Y5.77%
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 2025 0 50 -50

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3

2. VAR.OL Health Analysis

2.1 Basic Checks

  • VAR has a Return on Invested Capital (ROIC), which is just above the Cost of Capital (WACC), which means it is creating some value.
  • The number of shares outstanding for VAR remains at a similar level compared to 1 year ago.
  • The number of shares outstanding for VAR remains at a similar level compared to 5 years ago.
  • The debt/assets ratio for VAR has been reduced compared to a year ago.
VAR.OL Yearly Shares OutstandingVAR.OL Yearly Shares OutstandingYearly Shares Outstanding 2017 2018 2019 2020 2021 2022 2023 2024 2025 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 2025 5B 10B 15B 20B 25B

2.2 Solvency

  • VAR has a debt to FCF ratio of 3.70. This is a good value and a sign of high solvency as VAR would need 3.70 years to pay back of all of its debts.
  • Looking at the Debt to FCF ratio, with a value of 3.70, VAR is in the better half of the industry, outperforming 66.27% of the companies in the same industry.
  • A Debt/Equity ratio of 10.64 is on the high side and indicates that VAR has dependencies on debt financing.
  • The Debt to Equity ratio of VAR (10.64) is worse than 97.59% of its industry peers.
Industry RankSector Rank
Debt/Equity 10.64
Debt/FCF 3.7
Altman-Z N/A
ROIC/WACC1.44
WACC8.36%
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 2025 0 2B 4B 6B 8B

2.3 Liquidity

  • VAR has a Current Ratio of 0.61. This is a bad value and indicates that VAR is not financially healthy enough and could expect problems in meeting its short term obligations.
  • VAR has a worse Current ratio (0.61) than 90.36% of its industry peers.
  • VAR has a Quick Ratio of 0.61. This is a bad value and indicates that VAR is not financially healthy enough and could expect problems in meeting its short term obligations.
  • With a Quick ratio value of 0.49, VAR is not doing good in the industry: 91.57% of the companies in the same industry are doing better.
Industry RankSector Rank
Current Ratio 0.61
Quick Ratio 0.49
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 2025 1B 2B 3B

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6

3. VAR.OL Growth Analysis

3.1 Past

  • VAR shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -56.00%.
  • 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.
  • Looking at the last year, VAR shows a quite strong growth in Revenue. The Revenue has grown by 8.67% in the last 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)-56%
EPS 3Y-21.91%
EPS 5Y31.78%
EPS Q2Q%114.39%
Revenue 1Y (TTM)8.67%
Revenue growth 3Y6.86%
Revenue growth 5Y20.92%
Sales Q2Q%32.77%

3.2 Future

  • The Earnings Per Share is expected to grow by 22.87% on average over the next years. This is a very strong growth
  • Based on estimates for the next years, VAR will show a small growth in Revenue. The Revenue will grow by 2.28% on average per year.
EPS Next Y227.86%
EPS Next 2Y73.87%
EPS Next 3Y45.06%
EPS Next 5Y22.87%
Revenue Next Year8.34%
Revenue Next 2Y9.04%
Revenue Next 3Y5.45%
Revenue Next 5Y2.28%

3.3 Evolution

  • The estimated forward EPS growth is still strong, although it is decreasing when compared to the stronger growth in the past 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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6

4. VAR.OL Valuation Analysis

4.1 Price/Earnings Ratio

  • With a Price/Earnings ratio of 37.32, VAR can be considered very expensive at the moment.
  • 73.49% of the companies in the same industry are cheaper than VAR, based on the Price/Earnings ratio.
  • The average S&P500 Price/Earnings ratio is at 26.25. VAR is valued slightly more expensive when compared to this.
  • A Price/Forward Earnings ratio of 12.31 indicates a correct valuation of VAR.
  • 75.90% of the companies in the same industry are more expensive than VAR, based on the Price/Forward Earnings ratio.
  • VAR is valuated rather cheaply when we compare the Price/Forward Earnings ratio to 24.39, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 37.32
Fwd PE 12.31
VAR.OL Price Earnings VS Forward Price EarningsVAR.OL Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30

4.2 Price Multiples

  • 92.77% of the companies in the same industry are more expensive than VAR, based on the Enterprise Value to EBITDA ratio.
  • 91.57% of the companies in the same industry are more expensive than VAR, based on the Price/Free Cash Flow ratio.
Industry RankSector Rank
P/FCF 6.11
EV/EBITDA 2.45
VAR.OL Per share dataVAR.OL EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 10 -10 20 30

4.3 Compensation for Growth

  • The low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
  • VAR has a very decent 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 45.06% in the coming years.
PEG (NY)0.16
PEG (5Y)1.17
EPS Next 2Y73.87%
EPS Next 3Y45.06%

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5

5. VAR.OL Dividend Analysis

5.1 Amount

  • VAR has a Yearly Dividend Yield of 13.95%, which is a nice return.
  • VAR's Dividend Yield is rather good when compared to the industry average which is at 4.82. VAR pays more dividend than 98.80% of the companies in the same industry.
  • Compared to an average S&P500 Dividend Yield of 1.82, VAR pays a better dividend.
Industry RankSector Rank
Dividend Yield 13.95%

5.2 History

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

5.3 Sustainability

  • VAR pays out 149.01% of its income as dividend. This is not a sustainable payout ratio.
DP149.01%
EPS Next 2Y73.87%
EPS Next 3Y45.06%
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 2025 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.OL Fundamentals: All Metrics, Ratios and Statistics

VAR ENERGI ASA

OSL:VAR (3/11/2026, 4:19:58 PM)

39.19

+0.66 (+1.71%)

Chartmill FA Rating
GICS SectorEnergy
GICS IndustryGroupEnergy
GICS IndustryOil, Gas & Consumable Fuels
Earnings (Last)02-10
Earnings (Next)04-22
Inst Owners16.29%
Inst Owner ChangeN/A
Ins Owners0.04%
Ins Owner ChangeN/A
Market Cap97.83B
Revenue(TTM)8.10B
Net Income(TTM)785.19M
Analysts70.91
Price Target37.52 (-4.26%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 13.95%
Yearly Dividend4.53
Dividend Growth(5Y)N/A
DP149.01%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)N/A
Avg EPS beat(2)N/A
Min EPS beat(2)N/A
Max EPS beat(2)N/A
EPS beat(4)N/A
Avg EPS beat(4)N/A
Min EPS beat(4)N/A
Max EPS beat(4)N/A
EPS beat(8)N/A
Avg EPS beat(8)N/A
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)0
Avg Revenue beat(2)-2.65%
Min Revenue beat(2)-3.63%
Max Revenue beat(2)-1.68%
Revenue beat(4)0
Avg Revenue beat(4)-4.12%
Min Revenue beat(4)-6.67%
Max Revenue beat(4)-1.68%
Revenue beat(8)0
Avg Revenue beat(8)-4.28%
Revenue beat(12)0
Avg Revenue beat(12)-4.47%
Revenue beat(16)1
Avg Revenue beat(16)-4.19%
PT rev (1m)-1.61%
PT rev (3m)-4.73%
EPS NQ rev (1m)-10.15%
EPS NQ rev (3m)-10.3%
EPS NY rev (1m)-4.22%
EPS NY rev (3m)-4.7%
Revenue NQ rev (1m)-2.43%
Revenue NQ rev (3m)-3.49%
Revenue NY rev (1m)-2.78%
Revenue NY rev (3m)-4%
Valuation
Industry RankSector Rank
PE 37.32
Fwd PE 12.31
P/S 1.26
P/FCF 6.11
P/OCF 2.22
P/B 18.24
P/tB N/A
EV/EBITDA 2.45
EPS(TTM)1.05
EY2.68%
EPS(NY)3.18
Fwd EY8.13%
FCF(TTM)6.41
FCFY16.35%
OCF(TTM)17.67
OCFY45.09%
SpS31.05
BVpS2.15
TBVpS-13.68
PEG (NY)0.16
PEG (5Y)1.17
Graham Number7.12
Profitability
Industry RankSector Rank
ROA 3%
ROE 140.21%
ROCE 15.66%
ROIC 12.06%
ROICexc 12.43%
ROICexgc 15.22%
OM 44.94%
PM (TTM) 9.7%
GM 84%
FCFM 20.64%
ROA(3y)2.53%
ROA(5y)3.18%
ROE(3y)70.72%
ROE(5y)63.78%
ROIC(3y)14.92%
ROIC(5y)18.62%
ROICexc(3y)15.38%
ROICexc(5y)19.1%
ROICexgc(3y)18.46%
ROICexgc(5y)22.78%
ROCE(3y)19.38%
ROCE(5y)24.18%
ROICexgc growth 3Y-28.75%
ROICexgc growth 5YN/A
ROICexc growth 3Y-29.54%
ROICexc growth 5YN/A
OM growth 3Y-14.05%
OM growth 5YN/A
PM growth 3Y0.56%
PM growth 5YN/A
GM growth 3Y-1.67%
GM growth 5Y5.77%
F-Score6
Asset Turnover0.31
Health
Industry RankSector Rank
Debt/Equity 10.64
Debt/FCF 3.7
Debt/EBITDA 0.94
Cap/Depr 108.34%
Cap/Sales 36.27%
Interest Coverage 9.87
Cash Conversion 72.57%
Profit Quality 212.8%
Current Ratio 0.61
Quick Ratio 0.49
Altman-Z N/A
F-Score6
WACC8.36%
ROIC/WACC1.44
Cap/Depr(3y)150.12%
Cap/Depr(5y)158.02%
Cap/Sales(3y)38.41%
Cap/Sales(5y)37.22%
Profit Quality(3y)161.22%
Profit Quality(5y)220.02%
High Growth Momentum
Growth
EPS 1Y (TTM)-56%
EPS 3Y-21.91%
EPS 5Y31.78%
EPS Q2Q%114.39%
EPS Next Y227.86%
EPS Next 2Y73.87%
EPS Next 3Y45.06%
EPS Next 5Y22.87%
Revenue 1Y (TTM)8.67%
Revenue growth 3Y6.86%
Revenue growth 5Y20.92%
Sales Q2Q%32.77%
Revenue Next Year8.34%
Revenue Next 2Y9.04%
Revenue Next 3Y5.45%
Revenue Next 5Y2.28%
EBIT growth 1Y-4.55%
EBIT growth 3Y-19.4%
EBIT growth 5YN/A
EBIT Next Year80.06%
EBIT Next 3Y21.81%
EBIT Next 5Y10.81%
FCF growth 1Y258.03%
FCF growth 3Y-17.89%
FCF growth 5YN/A
OCF growth 1Y35.19%
OCF growth 3Y-6.75%
OCF growth 5Y21.45%

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 6 / 10 to VAR ENERGI ASA (VAR.OL). This can be considered as Fairly Valued.


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

VAR ENERGI ASA (VAR.OL) has a profitability rating of 7 / 10.


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

The financial health rating of VAR ENERGI ASA (VAR.OL) is 3 / 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 149.01%.