(ELK) Elkem ASA - OL
Sector: Basic Materials | Industry: Specialty Chemicals | Exchange: OL (Norway) | Market Cap: 11.602m NOK | Total Return: 42.1% in 12m
Avg Turnover: 37.8M
Qual. Beats: -1
Rev. Trend: -98.6%
Qual. Beats: 0
Warnings
Choppy
Tailwinds
No distinct edge detected
Elkem ASA is a Norway-based materials provider specializing in silicones, silicon products, and carbon solutions. The company manages a vertically integrated value chain, processing raw materials into specialized chemicals and alloys for diverse industrial applications, including aerospace, electronics, and automotive sectors. It operates as a subsidiary of Bluestar Elkem International Co., Ltd. S.A.
The company’s Silicones segment focuses on high-performance polymers and elastomers, which are critical in the specialty chemicals sector for their thermal stability and chemical resistance. In the Silicon Products and Carbon Solutions segments, Elkem produces essential inputs for the primary aluminum and steel industries, such as ferrosilicon and carbon electrodes, which are necessary for high-temperature metallurgical smelting processes.
- Silicones segment margins recover as global destocking cycle concludes
- Silicon and ferrosilicon prices fluctuate with industrial and automotive demand
- Energy cost volatility in Norway impacts smelting production margins
- Expansion into battery materials and synthetic graphite diversifies revenue streams
| Net Income: -427.0m TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.02 > 0.02 and ΔFCF/TA 1.08 > 1.0 |
| NWC/Revenue: 129.8% < 20% (prev 41.05%; Δ 88.75% < -1%) |
| CFO/TA 0.06 > 3% & CFO 2.77b > Net Income -427.0m |
| Net Debt (-2.50b) to EBITDA (3.48b): -0.72 < 3 |
| Current Ratio: 2.53 > 1.5 & < 3 |
| Outstanding Shares: last quarter (636.0m) vs 12m ago 0.33% < -2% |
| Gross Margin: 51.25% > 18% (prev 52.42%; Δ -1.17% > 0.5%) |
| Asset Turnover: 33.61% > 50% (prev 42.23%; Δ -8.62% > 0%) |
| Interest Coverage Ratio: 1.75 > 6 (EBIT TTM 736.0m / Interest Expense TTM 420.0m) |
| A: 0.45 (Total Current Assets 35.0b - Total Current Liabilities 13.9b) / Total Assets 47.3b |
| B: 0.43 (Retained Earnings 20.2b / Total Assets 47.3b) |
| C: 0.02 (EBIT TTM 736.0m / Avg Total Assets 48.5b) |
| D: 1.01 (Book Value of Equity 23.7b / Total Liabilities 23.5b) |
| Altman-Z'' = 5.49 = AAA |
| DSRI: 1.26 (Receivables 2.00b/2.04b, Revenue 16.3b/21.0b) |
| GMI: 1.02 (GM 52.42% / 51.25%) |
| AQI: 0.13 (AQ_t 0.07 / AQ_t-1 0.57) |
| SGI: 0.78 (Revenue 16.3b / 21.0b) |
| TATA: -0.07 (NI -427.0m - CFO 2.77b) / TA 47.3b) |
| Beneish M = -3.47 (Cap -4..+1) = AA |
As of June 20, 2026, the stock is trading at NOK 32.04 with a total of 1,380,370 shares traded.
Over the past week, the price has changed by +2.35%,
over one month by +12.02%,
over three months by +14.17% and
over the past year by +42.06%.
Elkem ASA has no consensus analysts rating.
P/E Trailing = 63.3077
P/E Forward = 25.5102
P/S = 0.7115
P/B = 0.4893
Revenue TTM = 16.3b NOK
EBIT TTM = 736.0m NOK
EBITDA TTM = 3.48b NOK
Long Term Debt = 8.47b NOK (from longTermDebt, last quarter)
Short Term Debt = 3.30b NOK (from shortLongTermDebt, last quarter)
Debt = 394.0m NOK (Leases only: 394.0m)
Net Debt = -2.50b NOK (calculated: Debt 394.0m - CCE 2.89b)
Enterprise Value = 9.10b NOK (11.6b + Debt 394.0m - CCE 2.89b)
Interest Coverage Ratio = 1.75 (Ebit TTM 736.0m / Interest Expense TTM 420.0m)
EV/FCF = -7.96x (Enterprise Value 9.10b / FCF TTM -1.14b)
FCF Yield = -12.56% (FCF TTM -1.14b / Enterprise Value 9.10b)
FCF Margin = -7.01% (FCF TTM -1.14b / Revenue TTM 16.3b)
Net Margin = -2.62% (Net Income TTM -427.0m / Revenue TTM 16.3b)
Gross Margin = 51.25% ((Revenue TTM 16.3b - Cost of Revenue TTM 7.95b) / Revenue TTM)
Gross Margin QoQ = 43.73% (prev 54.51%)
Tobins Q-Ratio = 0.19 (Enterprise Value 9.10b / Total Assets 47.3b)
Interest Expense / Debt = 106.6% (Interest Expense 420.0m / Debt 394.0m)
Taxrate = 19.25% (97.0m / 504.0m)
NOPAT = 594.3m (EBIT 736.0m * (1 - 19.25%))
Current Ratio = 2.53 (Total Current Assets 35.0b / Total Current Liabilities 13.9b)
Debt / Equity = 0.02 (Debt 394.0m / totalStockholderEquity, last quarter 23.7b)
Debt / EBITDA = -0.72 (Net Debt -2.50b / EBITDA 3.48b)
Debt / FCF = 2.19 (negative FCF - burning cash) (Net Debt -2.50b / FCF TTM -1.14b)
Total Stockholder Equity = 23.8b (last 4 quarters mean from totalStockholderEquity)
RoA = -0.88% (Net Income -427.0m / Total Assets 47.3b)
RoE = -1.79% (Net Income TTM -427.0m / Total Stockholder Equity 23.8b)
RoCE = 2.28% (EBIT 736.0m / Capital Employed (Equity 23.8b + L.T.Debt 8.47b))
RoIC = 1.82% (NOPAT 594.3m / Invested Capital 32.6b)
WACC = 8.11% (E(11.6b)/V(12.0b) * Re(8.39%) + (debt cost/tax rate unavailable))
Discount Rate = 8.39% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 40.45 | Cagr: 3.79%
[DCF] Fair Price = unknown (Cash Flow -1.14b)
EPS Correlation: N/A | EPS CAGR: N/A | SUE: -0.98 | # QB: -1
Revenue Correlation: -98.64 | Revenue CAGR: -28.20% | SUE: -0.34 | # QB: 0
EPS current Quarter (2026-06-30): EPS=-0.01 | Chg30d=N/A | Revisions=N/A | Analysts=1
EPS next Quarter (2026-09-30): EPS=0.69 | Chg30d=-0.01% | Revisions=N/A | Analysts=1
EPS current Year (2026-12-31): EPS=1.40 | Chg30d=+1.11% | Revisions=+20% | GrowthEPS=+234.4% | GrowthRev=-46.8%
EPS next Year (2027-12-31): EPS=3.56 | Chg30d=-1.27% | Revisions=+0% | GrowthEPS=+154.3% | GrowthRev=+12.1%
[Analyst] Revisions Ratio: +20%