NAS Stock Analysis: Norwegian Air Shuttle ASA | OL
Airlines | OL, Norway | Market Cap: 11.400m NOK | 12M Return: -30.2% | NO0010196140 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 60.3M
EPS Trend: 78.1%
Qual. Beats: 0
Rev. Trend: 94.4%
Qual. Beats: 0
Warnings
Tailwinds
No distinct edge detected
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.
Norwegian Air Shuttle ASA is a Norwegian air travel operator that flies passengers domestically within Norway and on international routes. Beyond scheduled passenger service, the company engages in aircraft financing, leasing, and ownership, and also conducts cargo and ancillary activities. Founded in 1993 and headquartered in Fornebu, Norway, the group operates through multiple subsidiaries that support its aviation operations.
As a player in the Passenger Airlines sub-industry, the business operates within a capital-intensive sector characterized by high fixed costs from fleet ownership and maintenance, significant exposure to jet fuel prices, and demand sensitivity to broader economic cycles. The combination of scheduled passenger service with in-house aircraft leasing and cargo operations is a vertically integrated model that can provide some flexibility in fleet deployment and revenue diversification beyond ticket sales.
- Jet fuel price volatility pressures operating margins
- Nordic leisure travel demand drives passenger revenue growth
- Low-cost carrier competition intensifies across European routes
| Net Income: 1.62b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.06 > 0.02 and ΔFCF/TA -3.13 > 1.0 |
| NWC/Revenue: -0.43% < 20% (prev 4.15%; Δ -4.58% < -1%) |
| CFO/TA 0.47 > 3% & CFO 22.1b > Net Income 1.62b |
| Net Debt (1.74b) to EBITDA (7.03b): 0.25 < 3 |
| Current Ratio: 0.99 > 1.5 & < 3 |
| Outstanding Shares: last quarter (1.05b) vs 12m ago 9.11% < -2% |
| Gross Margin: 34.74% > 18% (prev 42.61%; Δ -7.87% > 0.5%) |
| Asset Turnover: 83.56% > 50% (prev 83.04%; Δ 0.51% > 0%) |
| Interest Coverage Ratio: 2.21 > 6 (EBIT TTM 2.80b / Interest Expense TTM 1.27b) |
| A: -0.00 (Total Current Assets 19.4b - Total Current Liabilities 19.6b) / Total Assets 47.0b |
| B: -0.40 (Retained Earnings -18.9b / Total Assets 47.0b) |
| C: 0.06 (EBIT TTM 2.80b / Avg Total Assets 45.6b) |
| D: 0.17 (Book Value of Equity 6.66b / Total Liabilities 40.3b) |
| Altman-Z'' = -0.75 = B |
| DSRI: 0.94 (Receivables 5.04b/5.18b, Revenue 38.1b/36.7b) |
| GMI: 1.23 (GM 42.61% / 34.74%) |
| AQI: 1.05 (AQ_t 0.07 / AQ_t-1 0.06) |
| SGI: 1.04 (Revenue 38.1b / 36.7b) |
| TATA: -0.44 (NI 1.62b - CFO 22.1b) / TA 47.0b) |
| Beneish M = -2.86 (Cap -4..+1) = A |
As of October 19, 2026, the stock is trading at NOK 11.05 with a total of 6,931,907 shares traded. Over the past week, the price has changed by -0.14%, over one month by -9.91%, over three months by -14.28% and over the past year by -30.19%.
Current recommended Stop Loss: 10.60 (which is 4.1% or 1.5 ATR below the current price).
Norwegian Air Shuttle ASA has no consensus analysts rating.
P/E Trailing = 7.125
P/E Forward = 6.1387
P/S = 0.2993
P/B = 2.0159
P/EG = 3.3478
Revenue TTM = 38.1b NOK
EBIT TTM = 2.80b NOK
EBITDA TTM = 7.03b NOK
Long Term Debt = 4.02b NOK (from longTermDebt, last quarter)
Short Term Debt = 2.17b NOK (from shortLongTermDebt, last quarter)
Debt = 12.8b NOK (Leases only: 12.8b)
Net Debt = 1.74b NOK (calculated: Debt 12.8b - CCE 11.0b)
Enterprise Value = 13.1b NOK (11.4b + Debt 12.8b - CCE 11.0b)
Interest Coverage Ratio = 2.21 (Ebit TTM 2.80b / Interest Expense TTM 1.27b)
EV/FCF = 4.44x (Enterprise Value 13.1b / FCF TTM 2.96b)
FCF Yield = 22.53% (FCF TTM 2.96b / Enterprise Value 13.1b)
FCF Margin = 7.77% (FCF TTM 2.96b / Revenue TTM 38.1b)
Net Margin = 4.24% (Net Income TTM 1.62b / Revenue TTM 38.1b)
Gross Margin = 34.74% ((Revenue TTM 38.1b - Cost of Revenue TTM 24.9b) / Revenue TTM)
Gross Margin QoQ = 12.46% (prev 5.91%)
Tobins Q-Ratio = 0.28 (Enterprise Value 13.1b / Total Assets 47.0b)
Interest Expense / Debt = 9.95% (Interest Expense 1.27b / Debt 12.8b)
Taxrate = 10.21% (308.0m / 3.02b)
NOPAT = 2.52b (EBIT 2.80b * (1 - 10.21%))
Current Ratio = 0.99 (Total Current Assets 19.4b / Total Current Liabilities 19.6b)
Debt / Equity = 1.92 (Debt 12.8b / totalStockholderEquity, last quarter 6.66b)
Debt / EBITDA = 0.25 (Net Debt 1.74b / EBITDA 7.03b)
Debt / FCF = 0.59 (Net Debt 1.74b / FCF TTM 2.96b)
Total Stockholder Equity = 7.33b (last 4 quarters mean from totalStockholderEquity)
RoA = 3.55% (Net Income 1.62b / Total Assets 47.0b)
RoE = 22.05% (Net Income TTM 1.62b / Total Stockholder Equity 7.33b)
RoCE = 24.70% (EBIT 2.80b / Capital Employed (Equity 7.33b + L.T.Debt 4.02b))
RoIC = 9.88% (NOPAT 2.52b / Invested Capital 25.5b)
WACC = 7.75% (E(11.4b)/V(24.2b) * Re(6.43%) + D(12.8b)/V(24.2b) * Rd(9.95%) * (1-Tc(0.10)))
Discount Rate = 6.43% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -15.21 | Cagr: 0.04%
[DCF] Terminal Value 73.10% ; FCFF base≈3.44b ; Y1≈3.02b ; Y5≈2.44b
[DCF] Fair Price = 35.55 (EV 39.2b - Net Debt 1.74b = Equity 37.4b / Shares 1.05b; r=8.35% [WACC [floored]]; 5y FCF grow -15.0% → 2.50% )
EPS Correlation: 78.14 | EPS CAGR: 31.38% | SUE: -0.47 | # QB: 0
Revenue Correlation: 94.40 | Revenue CAGR: 19.28% | SUE: -0.14 | # QB: 0
EPS current Quarter (2026-09-30): EPS=1.59 | Chg30d=-0.28% | Revisions=+25% | Analysts=3
EPS current Year (2026-12-31): EPS=0.92 | Chg30d=+6.13% | Revisions=-25% | GrowthEPS=-57.2% | GrowthRev=+3.9%
EPS next Year (2027-12-31): EPS=1.67 | Chg30d=-18.81% | Revisions=-40% | GrowthEPS=+81.3% | GrowthRev=+6.8%
[Analyst] Revisions Ratio: -29% (up=1, down=3)