NAS Stock Analysis: Norwegian Air Shuttle ASA | OL
Airlines | OL, Norway | Market Cap: 13.777m NOK | 12M Return: -21.4% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 142M
EPS Trend: 78.1%
Qual. Beats: -1
Rev. Trend: 94.4%
Qual. Beats: 0
Warnings
Tailwinds
No distinct edge detected
Seasonality 10.5 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 (NAS.OL) is a Norwegian airline operator headquartered in Fornebu, Norway, founded in 1993. The company provides passenger air travel services both domestically in Norway and on international routes, and also engages in aircraft financing, leasing, ownership, and cargo operations. It is listed on the Oslo Stock Exchange and classified within the Industrials sector as a Passenger Airline.
The European passenger airline industry is highly competitive, with carriers operating under both full-service network and low-cost carrier (LCC) business models. LCC operators typically compete on price by offering point-to-point routes, ancillary fee-based revenue streams, and high aircraft utilization.
- Jet fuel price spikes compress Nordic short-haul margins
- Wizz Air and Ryanair expansion pressures Scandinavian ticket yields
- NOK currency swings impact European route profitability
| 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 July 16, 2026, the stock is trading at NOK 12.78 with a total of 14,007,944 shares traded. Over the past week, the price has changed by -6.48%, over one month by -19.87%, over three months by -5.10% and over the past year by -21.37%.
Current recommended Stop Loss: 12.10 (which is 5.3% or 1.3 ATR below the current price).
Norwegian Air Shuttle ASA has no consensus analysts rating.
P/E Trailing = 4.4108
P/E Forward = 8.0906
P/S = 0.3629
P/B = 1.5558
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 = 15.5b NOK (13.8b + Debt 12.8b - CCE 11.0b)
Interest Coverage Ratio = 2.21 (Ebit TTM 2.80b / Interest Expense TTM 1.27b)
EV/FCF = 5.24x (Enterprise Value 15.5b / FCF TTM 2.96b)
FCF Yield = 19.08% (FCF TTM 2.96b / Enterprise Value 15.5b)
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 = 0.33 (Enterprise Value 15.5b / 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 = 8.04% (E(13.8b)/V(26.6b) * Re(7.21%) + D(12.8b)/V(26.6b) * Rd(9.95%) * (1-Tc(0.10)))
Discount Rate = 7.21% (= 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 = 35.58 (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: 78.13 | EPS CAGR: 31.37% | SUE: -1.41 | # QB: -1
Revenue Correlation: 94.40 | Revenue CAGR: 19.28% | SUE: -0.14 | # QB: 0
EPS current Quarter (2026-09-30): EPS=1.62 | Chg30d=-20.35% | Revisions=-40% | Analysts=3
EPS current Year (2026-12-31): EPS=1.33 | Chg30d=-19.92% | Revisions=-50% | GrowthEPS=-38.3% | GrowthRev=+4.5%
EPS next Year (2027-12-31): EPS=2.07 | Chg30d=-5.13% | Revisions=-17% | GrowthEPS=+55.6% | GrowthRev=+6.6%
[Analyst] Revisions Ratio: -55% (up=1, down=7)