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NORTHERN OCEAN LTD (NOL.OL) Stock Fundamental Analysis

OSL:NOL - Euronext Oslo - BMG6682J1036 - Common Stock - Currency: NOK

5.88  +0.08 (+1.38%)

Fundamental Rating

2

Taking everything into account, NOL scores 2 out of 10 in our fundamental rating. NOL was compared to 36 industry peers in the Energy Equipment & Services industry. NOL has a bad profitability rating. Also its financial health evaluation is rather negative. NOL is not valued too expensively and it also shows a decent growth rate.


Dividend Valuation Growth Profitability Health

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1

1. Profitability

1.1 Basic Checks

NOL had negative earnings in the past year.
NOL had a positive operating cash flow in the past year.
NOL had negative earnings in each of the past 5 years.
In the past 5 years NOL reported 4 times negative operating cash flow.
NOL.OL Yearly Net Income VS EBIT VS OCF VS FCFNOL.OL Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2018 2019 2020 2021 2022 2023 2024 0 -50M -100M -150M -200M

1.2 Ratios

With a Return On Assets value of -6.42%, NOL is not doing good in the industry: 88.89% of the companies in the same industry are doing better.
NOL has a Return On Equity of -15.46%. This is amonst the worse of the industry: NOL underperforms 88.89% of its industry peers.
Industry RankSector Rank
ROA -6.42%
ROE -15.46%
ROIC N/A
ROA(3y)-7.3%
ROA(5y)-5.25%
ROE(3y)-16.42%
ROE(5y)-11.74%
ROIC(3y)N/A
ROIC(5y)N/A
NOL.OL Yearly ROA, ROE, ROICNOL.OL Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2018 2019 2020 2021 2022 2023 2024 0 20 40 60 80

1.3 Margins

NOL has a Gross Margin of 25.49%. This is comparable to the rest of the industry: NOL outperforms 55.56% of its industry peers.
NOL's Gross Margin has improved in the last couple of years.
The Profit Margin and Operating Margin are not available for NOL so they could not be analyzed.
Industry RankSector Rank
OM N/A
PM (TTM) N/A
GM 25.49%
OM growth 3YN/A
OM growth 5YN/A
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-2.2%
GM growth 5Y128.67%
NOL.OL Yearly Profit, Operating, Gross MarginsNOL.OL Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2018 2019 2020 2021 2022 2023 2024 0 -100 -200 -300 -400

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2

2. Health

2.1 Basic Checks

NOL does not have a ROIC to compare to the WACC, probably because it is not profitable.
Compared to 1 year ago, NOL has more shares outstanding
Compared to 5 years ago, NOL has more shares outstanding
The debt/assets ratio for NOL is higher compared to a year ago.
NOL.OL Yearly Shares OutstandingNOL.OL Yearly Shares OutstandingYearly Shares Outstanding 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M
NOL.OL Yearly Total Debt VS Total AssetsNOL.OL Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2018 2019 2020 2021 2022 2023 2024 200M 400M 600M 800M 1B

2.2 Solvency

Based on the Altman-Z score of 0.00, we must say that NOL is in the distress zone and has some risk of bankruptcy.
NOL's Altman-Z score of 0.00 is in line compared to the rest of the industry. NOL outperforms 41.67% of its industry peers.
A Debt/Equity ratio of 1.19 is on the high side and indicates that NOL has dependencies on debt financing.
NOL has a Debt to Equity ratio of 1.19. This is in the lower half of the industry: NOL underperforms 69.44% of its industry peers.
Industry RankSector Rank
Debt/Equity 1.19
Debt/FCF N/A
Altman-Z 0
ROIC/WACCN/A
WACC8.03%
NOL.OL Yearly LT Debt VS Equity VS FCFNOL.OL Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2018 2019 2020 2021 2022 2023 2024 0 200M -200M 400M

2.3 Liquidity

NOL has a Current Ratio of 1.34. This is a normal value and indicates that NOL is financially healthy and should not expect problems in meeting its short term obligations.
NOL's Current ratio of 1.34 is in line compared to the rest of the industry. NOL outperforms 50.00% of its industry peers.
A Quick Ratio of 1.33 indicates that NOL should not have too much problems paying its short term obligations.
NOL has a Quick ratio (1.33) which is comparable to the rest of the industry.
Industry RankSector Rank
Current Ratio 1.34
Quick Ratio 1.33
NOL.OL Yearly Current Assets VS Current LiabilitesNOL.OL Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M 400M

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4

3. Growth

3.1 Past

The Earnings Per Share has grown by an nice 11.43% over the past year.
The Revenue for NOL has decreased by -18.38% in the past year. This is quite bad
NOL shows a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 79.78% yearly.
EPS 1Y (TTM)11.43%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%20%
Revenue 1Y (TTM)-18.38%
Revenue growth 3Y57.31%
Revenue growth 5Y79.78%
Sales Q2Q%-31.99%

3.2 Future

The Earnings Per Share is expected to grow by 30.78% on average over the next years. This is a very strong growth
Based on estimates for the next years, NOL will show a small growth in Revenue. The Revenue will grow by 4.24% on average per year.
EPS Next Y49.5%
EPS Next 2Y51.65%
EPS Next 3Y30.78%
EPS Next 5YN/A
Revenue Next Year-10.59%
Revenue Next 2Y10.13%
Revenue Next 3Y4.24%
Revenue Next 5YN/A

3.3 Evolution

When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
NOL.OL Yearly Revenue VS EstimatesNOL.OL Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2019 2020 2021 2022 2023 2024 2025 2026 2027 100M 200M 300M
NOL.OL Yearly EPS VS EstimatesNOL.OL Yearly EPS VS EstimatesYearly EPS VS Estimates 2019 2020 2021 2022 2023 2024 2025 2026 2027 0 -0.2 -0.4 -0.6 -0.8 -1

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4

4. Valuation

4.1 Price/Earnings Ratio

NOL reported negative earnings for the last year, which makes the Price/Earnings Ratio negative.
NOL is valuated cheaply with a Price/Forward Earnings ratio of 5.93.
Based on the Price/Forward Earnings ratio, NOL is valued a bit cheaper than 72.22% of the companies in the same industry.
Compared to an average S&P500 Price/Forward Earnings ratio of 36.52, NOL is valued rather cheaply.
Industry RankSector Rank
PE N/A
Fwd PE 5.93
NOL.OL Price Earnings VS Forward Price EarningsNOL.OL Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 0 10 20 30

4.2 Price Multiples

77.78% of the companies in the same industry are cheaper than NOL, based on the Enterprise Value to EBITDA ratio.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 15.4
NOL.OL Per share dataNOL.OL EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 5 10

4.3 Compensation for Growth

The low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
NOL's earnings are expected to grow with 30.78% in the coming years. This may justify a more expensive valuation.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y51.65%
EPS Next 3Y30.78%

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0

5. Dividend

5.1 Amount

NOL does not give a dividend.
Industry RankSector Rank
Dividend Yield N/A

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NORTHERN OCEAN LTD

OSL:NOL (7/17/2025, 7:00:00 PM)

5.88

+0.08 (+1.38%)

Chartmill FA Rating
GICS SectorEnergy
GICS IndustryGroupEnergy
GICS IndustryEnergy Equipment & Services
Earnings (Last)05-30 2025-05-30/bmo
Earnings (Next)08-29 2025-08-29
Inst Owners8.02%
Inst Owner ChangeN/A
Ins Owners0.02%
Ins Owner ChangeN/A
Market Cap1.78B
Analysts80
Price Target8.33 (41.67%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield N/A
Yearly DividendN/A
Dividend Growth(5Y)N/A
DPN/A
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-56.77%
Min EPS beat(2)-147.52%
Max EPS beat(2)33.99%
EPS beat(4)1
Avg EPS beat(4)-104.89%
Min EPS beat(4)-197.03%
Max EPS beat(4)33.99%
EPS beat(8)2
Avg EPS beat(8)-151.21%
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)1
Avg Revenue beat(2)2.63%
Min Revenue beat(2)-5.3%
Max Revenue beat(2)10.56%
Revenue beat(4)1
Avg Revenue beat(4)-0.59%
Min Revenue beat(4)-5.3%
Max Revenue beat(4)10.56%
Revenue beat(8)5
Avg Revenue beat(8)8.53%
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)0%
PT rev (3m)-25.76%
EPS NQ rev (1m)-900%
EPS NQ rev (3m)-900%
EPS NY rev (1m)0%
EPS NY rev (3m)0.41%
Revenue NQ rev (1m)0.95%
Revenue NQ rev (3m)0.95%
Revenue NY rev (1m)0%
Revenue NY rev (3m)0.34%
Valuation
Industry RankSector Rank
PE N/A
Fwd PE 5.93
P/S 0.73
P/FCF N/A
P/OCF 48.38
P/B 0.4
P/tB 0.4
EV/EBITDA 15.4
EPS(TTM)-3.2
EYN/A
EPS(NY)0.99
Fwd EY16.87%
FCF(TTM)-2.11
FCFYN/A
OCF(TTM)0.12
OCFY2.07%
SpS8.06
BVpS14.83
TBVpS14.83
PEG (NY)N/A
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA -6.42%
ROE -15.46%
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) N/A
GM 25.49%
FCFM N/A
ROA(3y)-7.3%
ROA(5y)-5.25%
ROE(3y)-16.42%
ROE(5y)-11.74%
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexcg growth 3YN/A
ROICexcg growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-2.2%
GM growth 5Y128.67%
F-Score4
Asset Turnover0.23
Health
Industry RankSector Rank
Debt/Equity 1.19
Debt/FCF N/A
Debt/EBITDA 12.18
Cap/Depr 126.71%
Cap/Sales 27.69%
Interest Coverage N/A
Cash Conversion 8.4%
Profit Quality N/A
Current Ratio 1.34
Quick Ratio 1.33
Altman-Z 0
F-Score4
WACC8.03%
ROIC/WACCN/A
Cap/Depr(3y)78.92%
Cap/Depr(5y)75.36%
Cap/Sales(3y)21.09%
Cap/Sales(5y)21.44%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)11.43%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%20%
EPS Next Y49.5%
EPS Next 2Y51.65%
EPS Next 3Y30.78%
EPS Next 5YN/A
Revenue 1Y (TTM)-18.38%
Revenue growth 3Y57.31%
Revenue growth 5Y79.78%
Sales Q2Q%-31.99%
Revenue Next Year-10.59%
Revenue Next 2Y10.13%
Revenue Next 3Y4.24%
Revenue Next 5YN/A
EBIT growth 1Y30.45%
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next Year900.83%
EBIT Next 3Y171.58%
EBIT Next 5YN/A
FCF growth 1Y36.8%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y103.95%
OCF growth 3YN/A
OCF growth 5YN/A