VAR ENERGI ASA (VAR.OL) Stock Fundamental Analysis

OSL:VAR • NO0011202772

32.86 NOK
-0.32 (-0.96%)
Last: Feb 17, 2026, 04:19 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Analyst Ratings Earnings Estimates Financials Ownership
Fundamental Rating

6

We assign a fundamental rating of 6 out of 10 to VAR. VAR was compared to 77 industry peers in the Oil, Gas & Consumable Fuels industry. VAR scores excellent on profitability, but there are concerns on its financial health. VAR scores decently on growth, while it is valued quite cheap. This could make an interesting combination.


Dividend Valuation Growth Profitability Health

8

1. Profitability

1.1 Basic Checks

  • VAR had positive earnings in the past year.
  • In the past year VAR had a positive cash flow from operations.
  • VAR had positive earnings in 4 of the past 5 years.
  • VAR had a positive operating cash flow in each of the past 5 years.
VAR.OL Yearly Net Income VS EBIT VS OCF VS FCFVAR.OL Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2017 2018 2019 2020 2021 2022 2023 2024 0 2B 4B 6B

1.2 Ratios

  • VAR has a worse Return On Assets (2.19%) than 66.23% of its industry peers.
  • The Return On Equity of VAR (70.22%) is better than 98.70% of its industry peers.
  • VAR has a Return On Invested Capital of 10.78%. This is amongst the best in the industry. VAR outperforms 84.42% of its industry peers.
  • VAR had an Average Return On Invested Capital over the past 3 years of 22.49%. This is significantly above the industry average of 8.82%.
  • The 3 year average ROIC (22.49%) for VAR is well above the current ROIC(10.78%). The reason for the recent decline needs to be investigated.
Industry RankSector Rank
ROA 2.19%
ROE 70.22%
ROIC 10.78%
ROA(3y)3.19%
ROA(5y)0.97%
ROE(3y)45.05%
ROE(5y)18.2%
ROIC(3y)22.49%
ROIC(5y)N/A
VAR.OL Yearly ROA, ROE, ROICVAR.OL Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2017 2018 2019 2020 2021 2022 2023 2024 0 50 -50

1.3 Margins

  • Looking at the Profit Margin, with a value of 7.75%, VAR is in line with its industry, outperforming 54.55% of the companies in the same industry.
  • In the last couple of years the Profit Margin of VAR has grown nicely.
  • VAR has a better Operating Margin (43.98%) than 96.10% of its industry peers.
  • VAR's Operating Margin has improved in the last couple of years.
  • With an excellent Gross Margin value of 81.88%, VAR belongs to the best of the industry, outperforming 89.61% of the companies in the same industry.
  • In the last couple of years the Gross Margin of VAR has grown nicely.
Industry RankSector Rank
OM 43.98%
PM (TTM) 7.75%
GM 81.88%
OM growth 3Y0.34%
OM growth 5Y18.33%
PM growth 3Y-26.93%
PM growth 5Y8.97%
GM growth 3Y-0.06%
GM growth 5Y3.92%
VAR.OL Yearly Profit, Operating, Gross MarginsVAR.OL Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2017 2018 2019 2020 2021 2022 2023 2024 0 50 -50

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1

2. Health

2.1 Basic Checks

  • VAR has a Return on Invested Capital (ROIC), which is well above the Cost of Capital (WACC), which means it is creating value.
  • VAR has about the same amout of shares outstanding than it did 1 year ago.
  • The number of shares outstanding for VAR remains at a similar level compared to 5 years ago.
  • Compared to 1 year ago, VAR has a worse debt to assets ratio.
VAR.OL Yearly Shares OutstandingVAR.OL Yearly Shares OutstandingYearly Shares Outstanding 2017 2018 2019 2020 2021 2022 2023 2024 500M 1B 1.5B 2B
VAR.OL Yearly Total Debt VS Total AssetsVAR.OL Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2017 2018 2019 2020 2021 2022 2023 2024 5B 10B 15B 20B

2.2 Solvency

  • The Debt to FCF ratio of VAR is 7.35, which is on the high side as it means it would take VAR, 7.35 years of fcf income to pay off all of its debts.
  • VAR's Debt to FCF ratio of 7.35 is in line compared to the rest of the industry. VAR outperforms 49.35% of its industry peers.
  • A Debt/Equity ratio of 7.19 is on the high side and indicates that VAR has dependencies on debt financing.
  • Looking at the Debt to Equity ratio, with a value of 7.19, VAR is doing worse than 96.10% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 7.19
Debt/FCF 7.35
Altman-Z N/A
ROIC/WACC1.28
WACC8.45%
VAR.OL Yearly LT Debt VS Equity VS FCFVAR.OL Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2017 2018 2019 2020 2021 2022 2023 2024 0 2B 4B 6B 8B

2.3 Liquidity

  • A Current Ratio of 0.72 indicates that VAR may have some problems paying its short term obligations.
  • VAR's Current ratio of 0.72 is on the low side compared to the rest of the industry. VAR is outperformed by 88.31% of its industry peers.
  • VAR has a Quick Ratio of 0.72. This is a bad value and indicates that VAR is not financially healthy enough and could expect problems in meeting its short term obligations.
  • VAR has a Quick ratio of 0.61. This is amonst the worse of the industry: VAR underperforms 87.01% of its industry peers.
Industry RankSector Rank
Current Ratio 0.72
Quick Ratio 0.61
VAR.OL Yearly Current Assets VS Current LiabilitesVAR.OL Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2017 2018 2019 2020 2021 2022 2023 2024 1B 2B 3B

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6

3. Growth

3.1 Past

  • VAR shows a slight negative growth in Earnings Per Share. In the last year, the EPS has decreased by -4.17%.
  • The Earnings Per Share has been growing by 31.78% on average over the past years. This is a very strong growth
  • Looking at the last year, VAR shows a small growth in Revenue. The Revenue has grown by 1.05% in the last year.
  • Measured over the past years, VAR shows a very strong growth in Revenue. The Revenue has been growing by 20.92% on average per year.
EPS 1Y (TTM)-4.17%
EPS 3Y-21.91%
EPS 5Y31.78%
EPS Q2Q%-28.57%
Revenue 1Y (TTM)1.05%
Revenue growth 3Y6.86%
Revenue growth 5Y20.92%
Sales Q2Q%14.4%

3.2 Future

  • The Earnings Per Share is expected to grow by 27.71% on average over the next years. This is a very strong growth
  • Based on estimates for the next years, VAR will show a small growth in Revenue. The Revenue will grow by 2.56% on average per year.
EPS Next Y288.12%
EPS Next 2Y77.66%
EPS Next 3Y47.32%
EPS Next 5Y27.71%
Revenue Next Year11.89%
Revenue Next 2Y10.59%
Revenue Next 3Y6.12%
Revenue Next 5Y2.56%

3.3 Evolution

  • When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is stable.
  • The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
VAR.OL Yearly Revenue VS EstimatesVAR.OL Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2B 4B 6B 8B
VAR.OL Yearly EPS VS EstimatesVAR.OL Yearly EPS VS EstimatesYearly EPS VS Estimates 2022 2023 2024 2025 2026 2027 2028 2029 2030 0.1 0.2 0.3 0.4

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9

4. Valuation

4.1 Price/Earnings Ratio

  • A Price/Earnings ratio of 15.00 indicates a correct valuation of VAR.
  • 62.34% of the companies in the same industry are more expensive than VAR, based on the Price/Earnings ratio.
  • Compared to an average S&P500 Price/Earnings ratio of 27.19, VAR is valued a bit cheaper.
  • A Price/Forward Earnings ratio of 9.96 indicates a reasonable valuation of VAR.
  • Based on the Price/Forward Earnings ratio, VAR is valued cheaply inside the industry as 80.52% of the companies are valued more expensively.
  • When comparing the Price/Forward Earnings ratio of VAR to the average of the S&P500 Index (28.06), we can say VAR is valued rather cheaply.
Industry RankSector Rank
PE 15
Fwd PE 9.96
VAR.OL Price Earnings VS Forward Price EarningsVAR.OL Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

  • 90.91% of the companies in the same industry are more expensive than VAR, based on the Enterprise Value to EBITDA ratio.
  • Based on the Price/Free Cash Flow ratio, VAR is valued cheaply inside the industry as 80.52% of the companies are valued more expensively.
Industry RankSector Rank
P/FCF 10.15
EV/EBITDA 2.48
VAR.OL Per share dataVAR.OL EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 10 -10 20

4.3 Compensation for Growth

  • VAR's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
  • The excellent profitability rating of VAR may justify a higher PE ratio.
  • VAR's earnings are expected to grow with 47.32% in the coming years. This may justify a more expensive valuation.
PEG (NY)0.05
PEG (5Y)0.47
EPS Next 2Y77.66%
EPS Next 3Y47.32%

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

5

5. Dividend

5.1 Amount

  • With a Yearly Dividend Yield of 14.50%, VAR is a good candidate for dividend investing.
  • Compared to an average industry Dividend Yield of 5.21, VAR pays a better dividend. On top of this VAR pays more dividend than 98.70% of the companies listed in the same industry.
  • Compared to an average S&P500 Dividend Yield of 1.82, VAR pays a better dividend.
Industry RankSector Rank
Dividend Yield 14.5%

5.2 History

Dividend Growth(5Y)N/A
Div Incr Years0
Div Non Decr Years0

5.3 Sustainability

  • VAR pays out 194.92% of its income as dividend. This is not a sustainable payout ratio.
DP194.92%
EPS Next 2Y77.66%
EPS Next 3Y47.32%
VAR.OL Yearly Income VS Free CF VS DividendVAR.OL Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2017 2018 2019 2020 2021 2022 2023 2024 0 1B -1B 2B 3B
VAR.OL Dividend Payout.VAR.OL Dividend Payout, showing the Payout Ratio.VAR.OL Dividend Payout.PayoutRetained Earnings

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VAR ENERGI ASA

OSL:VAR (2/17/2026, 4:19:51 PM)

32.86

-0.32 (-0.96%)

Chartmill FA Rating
GICS SectorEnergy
GICS IndustryGroupEnergy
GICS IndustryOil, Gas & Consumable Fuels
Earnings (Last)01-27
Earnings (Next)04-22
Inst Owners16.32%
Inst Owner ChangeN/A
Ins Owners0.04%
Ins Owner ChangeN/A
Market Cap82.03B
Revenue(TTM)7.54B
Net Income(TTM)584.86M
Analysts72.73
Price Target38.13 (16.04%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 14.5%
Yearly Dividend4.13
Dividend Growth(5Y)N/A
DP194.92%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-32.65%
Min EPS beat(2)-33.44%
Max EPS beat(2)-31.86%
EPS beat(4)1
Avg EPS beat(4)-119.2%
Min EPS beat(4)-446.49%
Max EPS beat(4)35.01%
EPS beat(8)1
Avg EPS beat(8)-73.2%
EPS beat(12)1
Avg EPS beat(12)-57.81%
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)0
Avg Revenue beat(2)-4.06%
Min Revenue beat(2)-4.49%
Max Revenue beat(2)-3.63%
Revenue beat(4)0
Avg Revenue beat(4)-5.38%
Min Revenue beat(4)-6.74%
Max Revenue beat(4)-3.63%
Revenue beat(8)0
Avg Revenue beat(8)-4.55%
Revenue beat(12)0
Avg Revenue beat(12)-4.78%
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)-3.18%
PT rev (3m)-3.15%
EPS NQ rev (1m)-40.04%
EPS NQ rev (3m)-42.53%
EPS NY rev (1m)-2.07%
EPS NY rev (3m)-9.12%
Revenue NQ rev (1m)-10.7%
Revenue NQ rev (3m)-10.7%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-0.6%
Valuation
Industry RankSector Rank
PE 15
Fwd PE 9.96
P/S 1.14
P/FCF 10.15
P/OCF 2.33
P/B 10.36
P/tB N/A
EV/EBITDA 2.48
EPS(TTM)2.19
EY6.66%
EPS(NY)3.3
Fwd EY10.04%
FCF(TTM)3.24
FCFY9.85%
OCF(TTM)14.09
OCFY42.87%
SpS28.72
BVpS3.17
TBVpS-12.17
PEG (NY)0.05
PEG (5Y)0.47
Graham Number12.5
Profitability
Industry RankSector Rank
ROA 2.19%
ROE 70.22%
ROCE 14%
ROIC 10.78%
ROICexc 11.17%
ROICexgc 13.56%
OM 43.98%
PM (TTM) 7.75%
GM 81.88%
FCFM 11.27%
ROA(3y)3.19%
ROA(5y)0.97%
ROE(3y)45.05%
ROE(5y)18.2%
ROIC(3y)22.49%
ROIC(5y)N/A
ROICexc(3y)23.16%
ROICexc(5y)N/A
ROICexgc(3y)27.5%
ROICexgc(5y)N/A
ROCE(3y)29.21%
ROCE(5y)N/A
ROICexgc growth 3Y4.04%
ROICexgc growth 5Y38.36%
ROICexc growth 3Y3.1%
ROICexc growth 5Y41.51%
OM growth 3Y0.34%
OM growth 5Y18.33%
PM growth 3Y-26.93%
PM growth 5Y8.97%
GM growth 3Y-0.06%
GM growth 5Y3.92%
F-Score4
Asset Turnover0.28
Health
Industry RankSector Rank
Debt/Equity 7.19
Debt/FCF 7.35
Debt/EBITDA 1.05
Cap/Depr 120.29%
Cap/Sales 37.78%
Interest Coverage 9.3
Cash Conversion 65.07%
Profit Quality 145.4%
Current Ratio 0.72
Quick Ratio 0.61
Altman-Z N/A
F-Score4
WACC8.45%
ROIC/WACC1.28
Cap/Depr(3y)175.33%
Cap/Depr(5y)158.77%
Cap/Sales(3y)35.36%
Cap/Sales(5y)43.19%
Profit Quality(3y)197.73%
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-4.17%
EPS 3Y-21.91%
EPS 5Y31.78%
EPS Q2Q%-28.57%
EPS Next Y288.12%
EPS Next 2Y77.66%
EPS Next 3Y47.32%
EPS Next 5Y27.71%
Revenue 1Y (TTM)1.05%
Revenue growth 3Y6.86%
Revenue growth 5Y20.92%
Sales Q2Q%14.4%
Revenue Next Year11.89%
Revenue Next 2Y10.59%
Revenue Next 3Y6.12%
Revenue Next 5Y2.56%
EBIT growth 1Y-17.93%
EBIT growth 3Y7.22%
EBIT growth 5Y43.09%
EBIT Next Year69.58%
EBIT Next 3Y23.54%
EBIT Next 5Y12.12%
FCF growth 1Y338.54%
FCF growth 3Y-37.64%
FCF growth 5Y24.35%
OCF growth 1Y23.09%
OCF growth 3Y-9.38%
OCF growth 5Y17.84%

VAR ENERGI ASA / VAR.OL 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 8 / 10 to VAR ENERGI ASA (VAR.OL). This can be considered as Undervalued.


How profitable is VAR ENERGI ASA (VAR.OL) stock?

VAR ENERGI ASA (VAR.OL) has a profitability rating of 8 / 10.


What is the financial health of VAR ENERGI ASA (VAR.OL) stock?

The financial health rating of VAR ENERGI ASA (VAR.OL) is 1 / 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 194.92%.