KOG Stock Analysis: Kongsberg Gruppen ASA | OL
Aerospace & Defense | OL, Norway | Market Cap: 310.238m NOK | 12M Return: 69.9% | NO0013536151 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 356M
EPS Trend: -51.9%
Qual. Beats: 0
Rev. Trend: 2.0%
Qual. Beats: 0
Warnings
Tailwinds
Seasonality 11.7 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Kongsberg Gruppen ASA is a Norwegian high-tech systems provider, founded in 1814 and headquartered in Kongsberg, Norway, with operations across Norway, North America, Europe, South America, Asia, Australia, and Africa. The firm operates through three segments: Kongsberg Defence & Aerospace (its core division), Kongsberg Discovery, and an Other segment focused on digitalization for the oil and gas and renewable energy markets. As one of Norways oldest industrial companies, it has evolved from its 19th-century origins into a major supplier within the European aerospace & defense sector.
The Kongsberg Defence & Aerospace segment supplies air defence and combat systems, sonars, navigation systems for vessels and submarines, integrated command and control solutions, remote weapon stations, naval strike and air-to-surface missiles, military tactical communications, and components for the space industry. Notably, the segment manufactures lightweight composite and titanium components for the F-35 combat aircraft program and provides maintenance and lifecycle services for military and civil platforms. Its involvement in the F-35 supply chain positions it within a globally significant defense procurement program.
The Kongsberg Discovery segment focuses on subsea positioning and communication technologies, sustainable management solutions, and uncrewed platforms for autonomous underwater and surface vessels used in research, defense, and commercial applications. This dual-use focus on both defense and commercial subsea markets reflects a common business model in the broader aerospace & defense industry, where companies leverage defense-developed technologies for adjacent civilian markets such as offshore energy, oceanographic research, and maritime autonomy.
The company reaches customers through multiple distribution channels, including direct sales, partnerships and alliances, and online platforms. Its revenue profile is tied closely to multi-year defense procurement cycles and government defense spending in NATO member countries, which typically provides longer-term revenue visibility than commercial-only industrial peers. As a large-cap industrial, Kongsbergs product portfolio spans both government and commercial end markets, with defense representing the largest share of its activities.
- European defense spending surge lifts missile and sonar order backlog
- F-35 titanium and composite component deliveries scale with fleet expansion
- Subsea Discovery segment margins pressured by oil and gas capex cycles
| Net Income: 7.12b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.11 > 0.02 and ΔFCF/TA -4.17 > 1.0 |
| NWC/Revenue: -15.11% < 20% (prev 7.05%; Δ -22.16% < -1%) |
| CFO/TA 0.22 > 3% & CFO 14.7b > Net Income 7.12b |
| Net Debt (-3.99b) to EBITDA (9.02b): -0.44 < 3 |
| Current Ratio: 0.87 > 1.5 & < 3 |
| Outstanding Shares: last quarter (879.6m) vs 12m ago 0.01% < -2% |
| Gross Margin: 67.21% > 18% (prev 83.26%; Δ -16.04% > 0.5%) |
| Asset Turnover: 54.66% > 50% (prev 71.14%; Δ -16.48% > 0%) |
| Interest Coverage Ratio: 11.71 > 6 (EBIT TTM 7.29b / Interest Expense TTM 622.0m) |
| A: -0.09 (Total Current Assets 40.6b - Total Current Liabilities 46.5b) / Total Assets 67.0b |
| B: 0.11 (Retained Earnings 7.22b / Total Assets 67.0b) |
| C: 0.10 (EBIT TTM 7.29b / Avg Total Assets 71.8b) |
| D: 0.25 (Book Value of Equity 13.3b / Total Liabilities 52.6b) |
| Altman-Z'' = 0.72 = B |
| DSRI: 0.45 (Receivables 8.69b/26.9b, Revenue 39.3b/54.5b) |
| GMI: 1.24 (GM 83.26% / 67.21%) |
| AQI: 1.31 (AQ_t 0.23 / AQ_t-1 0.18) |
| SGI: 0.72 (Revenue 39.3b / 54.5b) |
| TATA: -0.11 (NI 7.12b - CFO 14.7b) / TA 67.0b) |
| Beneish M = -3.29 (Cap -4..+1) = AA |
As of November 03, 2026, the stock is trading at NOK 357.60 with a total of 1,989,077 shares traded. Over the past week, the price has changed by +15.17%, over one month by +16.10%, over three months by +18.06% and over the past year by +69.86%.
Current recommended Stop Loss: 331.80 (which is 7.2% or 2.4 ATR below the current price).
Kongsberg Gruppen ASA has no consensus analysts rating.
P/E Trailing = 60.7057
P/E Forward = 31.0559
P/S = 8.6838
P/B = 22.2649
P/EG = 1.5917
Revenue TTM = 39.3b NOK
EBIT TTM = 7.29b NOK
EBITDA TTM = 9.02b NOK
Long Term Debt = 1.00b NOK (from longTermDebt, last quarter)
Short Term Debt = 100.0m NOK (from shortLongTermDebt, last quarter)
Debt = 2.38b NOK (Leases only: 2.38b)
Net Debt = -3.99b NOK (calculated: Debt 2.38b - CCE 6.37b)
Enterprise Value = 306b NOK (310b + Debt 2.38b - CCE 6.37b)
Interest Coverage Ratio = 11.71 (Ebit TTM 7.29b / Interest Expense TTM 622.0m)
EV/FCF = 42.19x (Enterprise Value 306b / FCF TTM 7.26b)
FCF Yield = 2.37% (FCF TTM 7.26b / Enterprise Value 306b)
FCF Margin = 18.49% (FCF TTM 7.26b / Revenue TTM 39.3b)
Net Margin = 18.14% (Net Income TTM 7.12b / Revenue TTM 39.3b)
Gross Margin = 67.21% ((Revenue TTM 39.3b - Cost of Revenue TTM 12.9b) / Revenue TTM)
Gross Margin QoQ = none% (prev none%)
Tobins Q-Ratio = 4.57 (Enterprise Value 306b / Total Assets 67.0b)
Interest Expense / Debt = 26.17% (Interest Expense 622.0m / Debt 2.38b)
Taxrate = 17.59% (1.23b / 6.99b)
NOPAT = 6.00b (EBIT 7.29b * (1 - 17.59%))
Current Ratio = 0.87 (Total Current Assets 40.6b / Total Current Liabilities 46.5b)
Debt / Equity = 0.18 (Debt 2.38b / totalStockholderEquity, last quarter 13.3b)
Debt / EBITDA = -0.44 (Net Debt -3.99b / EBITDA 9.02b)
Debt / FCF = -0.55 (Net Debt -3.99b / FCF TTM 7.26b)
Total Stockholder Equity = 18.0b (last 4 quarters mean from totalStockholderEquity)
RoA = 9.92% (Net Income 7.12b / Total Assets 67.0b)
RoE = 39.55% (Net Income TTM 7.12b / Total Stockholder Equity 18.0b)
RoCE = 38.32% (EBIT 7.29b / Capital Employed (Equity 18.0b + L.T.Debt 1.00b))
RoIC = 29.84% (NOPAT 6.00b / Invested Capital 20.1b)
WACC = 5.35% (E(310b)/V(313b) * Re(5.23%) + D(2.38b)/V(313b) * Rd(26.17%) * (1-Tc(0.18)))
Discount Rate = 5.23% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -69.92 | Cagr: -0.18%
[DCF] Terminal Value 73.10% ; FCFF base≈8.95b ; Y1≈7.85b ; Y5≈6.34b
[DCF] Fair Price = 120.3 (EV 102b - Net Debt -3.99b = Equity 106b / Shares 879.6m; r=8.35% [WACC [floored]]; 5y FCF grow -15.0% → 2.50% )
EPS Correlation: -51.91 | EPS CAGR: -8.69% | SUE: 0.08 | # QB: 0
Revenue Correlation: 1.96 | Revenue CAGR: 0.23% | SUE: 0.04 | # QB: 0
EPS current Quarter (2027-03-31): EPS=0.00 | Chg30d=N/A | Revisions=N/A | Analysts=0
EPS current Year (2026-12-31): EPS=7.36 | Chg30d=-0.69% | Revisions=-57% | GrowthEPS=-18.6% | GrowthRev=-27.7%
EPS next Year (2027-12-31): EPS=11.28 | Chg30d=-0.09% | Revisions=+0% | GrowthEPS=+53.3% | GrowthRev=+50.7%
[Analyst] Revisions Ratio: -36% (up=2, down=6)