VAR ENERGI ASA (VAR.OL) Fundamental Analysis & Valuation
OSL:VAR • NO0011202772
Current stock price
47.17 NOK
+2.83 (+6.38%)
Last:
This VAR.OL fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.
1. VAR.OL Profitability Analysis
1.1 Basic Checks
- VAR had positive earnings in the past year.
- In the past year VAR had a positive cash flow from operations.
- In the past 5 years VAR has always been profitable.
- VAR had a positive operating cash flow in each of the past 5 years.
1.2 Ratios
- The Return On Assets of VAR (3.00%) is worse than 63.41% of its industry peers.
- Looking at the Return On Equity, with a value of 140.21%, VAR belongs to the top of the industry, outperforming 100.00% of the companies in the same industry.
- VAR has a Return On Invested Capital of 12.06%. This is amongst the best in the industry. VAR outperforms 89.02% of its industry peers.
- Measured over the past 3 years, the Average Return On Invested Capital for VAR is significantly above the industry average of 8.92%.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 3% | ||
| ROE | 140.21% | ||
| ROIC | 12.06% |
ROA(3y)2.53%
ROA(5y)3.18%
ROE(3y)70.72%
ROE(5y)63.78%
ROIC(3y)14.92%
ROIC(5y)18.62%
1.3 Margins
- VAR's Profit Margin of 9.70% is in line compared to the rest of the industry. VAR outperforms 56.10% of its industry peers.
- In the last couple of years the Profit Margin of VAR has remained more or less at the same level.
- VAR has a Operating Margin of 44.94%. This is amongst the best in the industry. VAR outperforms 95.12% of its industry peers.
- In the last couple of years the Operating Margin of VAR has declined.
- The Gross Margin of VAR (84.00%) is better than 90.24% of its industry peers.
- In the last couple of years the Gross Margin of VAR has grown nicely.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 44.94% | ||
| PM (TTM) | 9.7% | ||
| GM | 84% |
OM growth 3Y-14.05%
OM growth 5YN/A
PM growth 3Y0.56%
PM growth 5YN/A
GM growth 3Y-1.67%
GM growth 5Y5.77%
2. VAR.OL Health Analysis
2.1 Basic Checks
- The Return on Invested Capital (ROIC) is just above the Cost of Capital (WACC), so VAR is still creating some value.
- VAR has about the same amout of shares outstanding than it did 1 year ago.
- VAR has about the same amout of shares outstanding than it did 5 years ago.
- The debt/assets ratio for VAR has been reduced compared to a year ago.
2.2 Solvency
- VAR has a debt to FCF ratio of 3.70. This is a good value and a sign of high solvency as VAR would need 3.70 years to pay back of all of its debts.
- The Debt to FCF ratio of VAR (3.70) is better than 64.63% of its industry peers.
- A Debt/Equity ratio of 10.64 is on the high side and indicates that VAR has dependencies on debt financing.
- VAR has a Debt to Equity ratio of 10.64. This is amonst the worse of the industry: VAR underperforms 96.34% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 10.64 | ||
| Debt/FCF | 3.7 | ||
| Altman-Z | N/A |
ROIC/WACC1.44
WACC8.39%
2.3 Liquidity
- A Current Ratio of 0.61 indicates that VAR may have some problems paying its short term obligations.
- VAR has a Current ratio of 0.61. This is amonst the worse of the industry: VAR underperforms 91.46% of its industry peers.
- A Quick Ratio of 0.49 indicates that VAR may have some problems paying its short term obligations.
- With a Quick ratio value of 0.49, VAR is not doing good in the industry: 91.46% of the companies in the same industry are doing better.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 0.61 | ||
| Quick Ratio | 0.49 |
3. VAR.OL Growth Analysis
3.1 Past
- VAR shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 190.91%, which is quite impressive.
- VAR shows a decrease in Earnings Per Share. Measured over the last years, the EPS has been decreasing by -5.57% yearly.
- VAR shows quite a strong growth in Revenue. In the last year, the Revenue has grown by 8.67%.
- Measured over the past years, VAR shows a very strong growth in Revenue. The Revenue has been growing by 22.84% on average per year.
EPS 1Y (TTM)190.91%
EPS 3Y-5.57%
EPS 5YN/A
EPS Q2Q%112.5%
Revenue 1Y (TTM)8.67%
Revenue growth 3Y-6.22%
Revenue growth 5Y22.84%
Sales Q2Q%32.77%
3.2 Future
- Based on estimates for the next years, VAR will show a small growth in Earnings Per Share. The EPS will grow by 2.01% on average per year.
- VAR is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 0.02% yearly.
EPS Next Y3.92%
EPS Next 2Y2.43%
EPS Next 3Y1.37%
EPS Next 5Y2.01%
Revenue Next Year9.76%
Revenue Next 2Y4.04%
Revenue Next 3Y2.57%
Revenue Next 5Y0.02%
3.3 Evolution
- The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
- 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.
4. VAR.OL Valuation Analysis
4.1 Price/Earnings Ratio
- VAR is valuated correctly with a Price/Earnings ratio of 15.36.
- Based on the Price/Earnings ratio, VAR is valued a bit cheaper than 70.73% of the companies in the same industry.
- VAR's Price/Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 25.79.
- VAR is valuated correctly with a Price/Forward Earnings ratio of 14.80.
- Based on the Price/Forward Earnings ratio, VAR is valued a bit cheaper than 71.95% of the companies in the same industry.
- The average S&P500 Price/Forward Earnings ratio is at 23.80. VAR is valued slightly cheaper when compared to this.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 15.36 | ||
| Fwd PE | 14.8 |
4.2 Price Multiples
- Based on the Enterprise Value to EBITDA ratio, VAR is valued cheaply inside the industry as 92.68% of the companies are valued more expensively.
- 89.02% of the companies in the same industry are more expensive than VAR, based on the Price/Free Cash Flow ratio.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 7.35 | ||
| EV/EBITDA | 2.68 |
4.3 Compensation for Growth
- The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates an expensive valuation of the company.
- VAR has a very decent profitability rating, which may justify a higher PE ratio.
PEG (NY)3.92
PEG (5Y)N/A
EPS Next 2Y2.43%
EPS Next 3Y1.37%
5. VAR.OL Dividend Analysis
5.1 Amount
- With a Yearly Dividend Yield of 12.16%, VAR is a good candidate for dividend investing.
- VAR's Dividend Yield is rather good when compared to the industry average which is at 4.49. VAR pays more dividend than 96.34% of the companies in the same industry.
- VAR's Dividend Yield is rather good when compared to the S&P500 average which is at 1.91.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 12.16% |
5.2 History
Dividend Growth(5Y)N/A
Div Incr Years0
Div Non Decr Years0
5.3 Sustainability
- 149.01% of the earnings are spent on dividend by VAR. This is not a sustainable payout ratio.
DP149.01%
EPS Next 2Y2.43%
EPS Next 3Y1.37%
VAR.OL Fundamentals: All Metrics, Ratios and Statistics
OSL:VAR (3/19/2026, 11:43:10 AM)
47.17
+2.83 (+6.38%)
Chartmill FA Rating
GICS SectorEnergy
GICS IndustryGroupEnergy
GICS IndustryOil, Gas & Consumable Fuels
Earnings (Last)02-10 2026-02-10/dmh
Earnings (Next)04-22 2026-04-22
Inst Owners16.29%
Inst Owner ChangeN/A
Ins Owners0.04%
Ins Owner ChangeN/A
Market Cap117.76B
Revenue(TTM)8.10B
Net Income(TTM)785.19M
Analysts70.91
Price Target37.52 (-20.46%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 12.16% |
Yearly Dividend4.56
Dividend Growth(5Y)N/A
DP149.01%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-57.9%
Min EPS beat(2)-82.35%
Max EPS beat(2)-33.44%
EPS beat(4)1
Avg EPS beat(4)-28.16%
Min EPS beat(4)-82.35%
Max EPS beat(4)35.01%
EPS beat(8)1
Avg EPS beat(8)-78.87%
EPS beat(12)1
Avg EPS beat(12)-63.73%
EPS beat(16)1
Avg EPS beat(16)-62.25%
Revenue beat(2)0
Avg Revenue beat(2)-2.65%
Min Revenue beat(2)-3.63%
Max Revenue beat(2)-1.68%
Revenue beat(4)0
Avg Revenue beat(4)-4.12%
Min Revenue beat(4)-6.67%
Max Revenue beat(4)-1.68%
Revenue beat(8)0
Avg Revenue beat(8)-4.28%
Revenue beat(12)0
Avg Revenue beat(12)-4.47%
Revenue beat(16)1
Avg Revenue beat(16)-4.19%
PT rev (1m)-1.61%
PT rev (3m)-4.73%
EPS NQ rev (1m)-3.79%
EPS NQ rev (3m)-3.94%
EPS NY rev (1m)-4.22%
EPS NY rev (3m)-4.7%
Revenue NQ rev (1m)1.05%
Revenue NQ rev (3m)-0.04%
Revenue NY rev (1m)-2.78%
Revenue NY rev (3m)-4%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 15.36 | ||
| Fwd PE | 14.8 | ||
| P/S | 1.52 | ||
| P/FCF | 7.35 | ||
| P/OCF | 2.67 | ||
| P/B | 21.94 | ||
| P/tB | N/A | ||
| EV/EBITDA | 2.68 |
EPS(TTM)3.07
EY6.51%
EPS(NY)3.19
Fwd EY6.76%
FCF(TTM)6.41
FCFY13.6%
OCF(TTM)17.69
OCFY37.49%
SpS31.08
BVpS2.15
TBVpS-13.69
PEG (NY)3.92
PEG (5Y)N/A
Graham Number12.19
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 3% | ||
| ROE | 140.21% | ||
| ROCE | 15.66% | ||
| ROIC | 12.06% | ||
| ROICexc | 12.43% | ||
| ROICexgc | 15.22% | ||
| OM | 44.94% | ||
| PM (TTM) | 9.7% | ||
| GM | 84% | ||
| FCFM | 20.64% |
ROA(3y)2.53%
ROA(5y)3.18%
ROE(3y)70.72%
ROE(5y)63.78%
ROIC(3y)14.92%
ROIC(5y)18.62%
ROICexc(3y)15.38%
ROICexc(5y)19.1%
ROICexgc(3y)18.46%
ROICexgc(5y)22.78%
ROCE(3y)19.38%
ROCE(5y)24.18%
ROICexgc growth 3Y-28.75%
ROICexgc growth 5YN/A
ROICexc growth 3Y-29.54%
ROICexc growth 5YN/A
OM growth 3Y-14.05%
OM growth 5YN/A
PM growth 3Y0.56%
PM growth 5YN/A
GM growth 3Y-1.67%
GM growth 5Y5.77%
F-Score6
Asset Turnover0.31
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 10.64 | ||
| Debt/FCF | 3.7 | ||
| Debt/EBITDA | 0.94 | ||
| Cap/Depr | 108.34% | ||
| Cap/Sales | 36.27% | ||
| Interest Coverage | 9.87 | ||
| Cash Conversion | 72.57% | ||
| Profit Quality | 212.8% | ||
| Current Ratio | 0.61 | ||
| Quick Ratio | 0.49 | ||
| Altman-Z | N/A |
F-Score6
WACC8.39%
ROIC/WACC1.44
Cap/Depr(3y)150.12%
Cap/Depr(5y)158.02%
Cap/Sales(3y)38.41%
Cap/Sales(5y)37.22%
Profit Quality(3y)161.22%
Profit Quality(5y)220.02%
High Growth Momentum
Growth
EPS 1Y (TTM)190.91%
EPS 3Y-5.57%
EPS 5YN/A
EPS Q2Q%112.5%
EPS Next Y3.92%
EPS Next 2Y2.43%
EPS Next 3Y1.37%
EPS Next 5Y2.01%
Revenue 1Y (TTM)8.67%
Revenue growth 3Y-6.22%
Revenue growth 5Y22.84%
Sales Q2Q%32.77%
Revenue Next Year9.76%
Revenue Next 2Y4.04%
Revenue Next 3Y2.57%
Revenue Next 5Y0.02%
EBIT growth 1Y-4.55%
EBIT growth 3Y-19.4%
EBIT growth 5YN/A
EBIT Next Year80.06%
EBIT Next 3Y21.81%
EBIT Next 5Y10.81%
FCF growth 1Y258.03%
FCF growth 3Y-17.89%
FCF growth 5YN/A
OCF growth 1Y35.19%
OCF growth 3Y-6.75%
OCF growth 5Y21.45%
VAR ENERGI ASA / VAR.OL Fundamental Analysis FAQ
What is the fundamental rating for VAR stock?
ChartMill assigns a fundamental rating of 5 / 10 to VAR.OL.
What is the valuation status for VAR stock?
ChartMill assigns a valuation rating of 6 / 10 to VAR ENERGI ASA (VAR.OL). This can be considered as Fairly Valued.
How profitable is VAR ENERGI ASA (VAR.OL) stock?
VAR ENERGI ASA (VAR.OL) has a profitability rating of 7 / 10.
What is the financial health of VAR ENERGI ASA (VAR.OL) stock?
The financial health rating of VAR ENERGI ASA (VAR.OL) is 3 / 10.
Can you provide the dividend sustainability for VAR stock?
The dividend rating of VAR ENERGI ASA (VAR.OL) is 5 / 10 and the dividend payout ratio is 149.01%.