TGS Stock Analysis: TGS NOPEC Geophysical ASA | OL
Oil & Gas Equipment & Services | OL, Norway | Market Cap: 26.528m NOK | 12M Return: 90.8% | NO0003078800 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 58.4M
Qual. Beats: 0
Rev. Trend: 93.3%
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.
TGS ASA is a Norwegian-headquartered provider of geoscience data services to the global oil and gas industry, operating since 1981 and listed on the Oslo Stock Exchange. The company is organized across five segments: Multi-Client, Marine Data Acquisition (MDA), Imaging, New Energy Solutions (NES), and Shared Services. Its core offerings include multi-client seismic libraries, well data, imaging services, and asset management, with growing exposure to carbon storage, wind, and solar through its NES segment. TGS also develops digital applications covering data platforms and AI/machine learning, and recently entered an agreement with Equatorial Guineas Ministry of Hydrocarbon and Mining Development to deliver an offshore MegaSurvey.
The company operates primarily on a multi-client data licensing model, in which seismic and subsurface data are acquired once and then licensed to multiple oil and gas operators, spreading acquisition costs across the customer base. As a constituent of the GICS Oil & Gas Equipment & Services sub-industry, TGS serves the upstream exploration and production value chain, supplying the digital subsurface datasets that E&P companies use to identify and de-risk hydrocarbon prospects. Its NES segment reflects a strategic extension of this data library and imaging capability into renewables and carbon storage workflows.
- Multi-client library revenues track offshore exploration spending cycles
- New Energy Solutions expands carbon storage and wind data contracts
- MegaSurvey agreements with governments boost long-term backlog
| Net Income: 661.7m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.53 > 0.02 and ΔFCF/TA 44.24 > 1.0 |
| NWC/Revenue: -9.61% < 20% (prev -22.60%; Δ 12.99% < -1%) |
| CFO/TA 0.88 > 3% & CFO 3.39b > Net Income 661.7m |
| Net Debt (37.5m) to EBITDA (1.99b): 0.02 < 3 |
| Current Ratio: 0.58 > 1.5 & < 3 |
| Outstanding Shares: last quarter (196.5m) vs 12m ago -1.12% < -2% |
| Gross Margin: 37.31% > 18% (prev 31.54%; Δ 5.77% > 0.5%) |
| Asset Turnover: 135.0% > 50% (prev 45.81%; Δ 89.15% > 0%) |
| Interest Coverage Ratio: 5.14 > 6 (EBIT TTM 1.28b / Interest Expense TTM 248.9m) |
| A: -0.13 (Total Current Assets 695.4m - Total Current Liabilities 1.20b) / Total Assets 3.86b |
| B: 0.13 (Retained Earnings 504.8m / Total Assets 3.86b) |
| C: 0.33 (EBIT TTM 1.28b / Avg Total Assets 3.87b) |
| D: 1.02 (Book Value of Equity 1.95b / Total Liabilities 1.91b) |
| Altman-Z'' = 2.87 = A |
| DSRI: 0.10 (Receivables 90.6m/345.4m, Revenue 5.22b/1.77b) |
| GMI: 0.85 (GM 31.54% / 37.31%) |
| AQI: 1.06 (AQ_t 0.59 / AQ_t-1 0.55) |
| SGI: 2.94 (Revenue 5.22b / 1.77b) |
| TATA: -0.71 (NI 661.7m - CFO 3.39b) / TA 3.86b) |
| Beneish M = -2.55 (Cap -4..+1) = A |
As of October 13, 2026, the stock is trading at NOK 138.50 with a total of 551,346 shares traded. Over the past week, the price has changed by +2.74%, over one month by -0.07%, over three months by +4.21% and over the past year by +90.84%.
Current recommended Stop Loss: 130.60 (which is 5.7% or 1.7 ATR below the current price).
TGS NOPEC Geophysical ASA has no consensus analysts rating.
Market Cap USD = 2.77b (26.5b NOK * 0.10437 NOK.USD)
P/E Trailing = 29.7357
P/E Forward = 17.301
P/S = 19.5561
P/B = 1.5637
P/EG = 0.9152
Revenue TTM = 5.22b USD
EBIT TTM = 1.28b USD
EBITDA TTM = 1.99b USD
Long Term Debt = 596.1m USD (from longTermDebt, last quarter)
Short Term Debt = 44.1m USD (from shortLongTermDebt, last quarter)
Debt = 162.7m USD (Leases only: 162.7m)
Net Debt = 37.5m USD (calculated: Debt 162.7m - CCE 125.2m)
Enterprise Value = 2.81b USD (2.77b + Debt 162.7m - CCE 125.2m)
Interest Coverage Ratio = 5.14 (Ebit TTM 1.28b / Interest Expense TTM 248.9m)
EV/FCF = 1.37x (Enterprise Value 2.81b / FCF TTM 2.05b)
FCF Yield = 73.04% (FCF TTM 2.05b / Enterprise Value 2.81b)
FCF Margin = 39.29% (FCF TTM 2.05b / Revenue TTM 5.22b)
Net Margin = 12.68% (Net Income TTM 661.7m / Revenue TTM 5.22b)
Gross Margin = 37.31% ((Revenue TTM 5.22b - Cost of Revenue TTM 3.27b) / Revenue TTM)
Gross Margin QoQ = 38.50% (prev 40.08%)
Tobins Q-Ratio = 0.73 (Enterprise Value 2.81b / Total Assets 3.86b)
Interest Expense / Debt = 153.0% (Interest Expense 248.9m / Debt 162.7m)
Taxrate = 5.84% (60.3m / 1.03b)
NOPAT = 1.21b (EBIT 1.28b * (1 - 5.84%))
Current Ratio = 0.58 (Total Current Assets 695.4m / Total Current Liabilities 1.20b)
Debt / Equity = 0.08 (Debt 162.7m / totalStockholderEquity, last quarter 1.95b)
Debt / EBITDA = 0.02 (Net Debt 37.5m / EBITDA 1.99b)
Debt / FCF = 0.02 (Net Debt 37.5m / FCF TTM 2.05b)
Total Stockholder Equity = 6.45b (last 4 quarters mean from totalStockholderEquity)
RoA = 17.12% (Net Income 661.7m / Total Assets 3.86b)
RoE = 10.25% (Net Income TTM 661.7m / Total Stockholder Equity 6.45b)
RoCE = 18.16% (EBIT 1.28b / Capital Employed (Equity 6.45b + L.T.Debt 596.1m))
RoIC = 47.43% (NOPAT 1.21b / Invested Capital 2.54b)
WACC = 8.19% (E(2.77b)/V(2.93b) * Re(8.67%) + (debt cost/tax rate unavailable))
Discount Rate = 8.67% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 87.34 | Cagr: 22.92%
[DCF] Terminal Value 77.97% ; FCFF base≈1.37b ; Y1≈1.57b ; Y5≈2.30b
[DCF] Fair Price = 176.3 (EV 34.7b - Net Debt 37.5m = Equity 34.6b / Shares 196.5m; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: -0.21 | # QB: 0
Revenue Correlation: 93.26 | Revenue CAGR: 139.5% | SUE: -0.00 | # QB: 0
EPS current Quarter (2026-09-30): EPS=0.18 | Chg30d=+71.14% | Revisions=-25% | Analysts=3
EPS current Year (2026-12-31): EPS=0.97 | Chg30d=-7.35% | Revisions=+29% | GrowthEPS=+934.3% | GrowthRev=-2.9%
EPS next Year (2027-12-31): EPS=1.18 | Chg30d=-9.69% | Revisions=-17% | GrowthEPS=+21.0% | GrowthRev=+5.8%
[Analyst] Revisions Ratio: +0% (up=4, down=4)