ZALARIS ASA (ZAL.OL) Stock Fundamental Analysis

Europe • Euronext Oslo • OSL:ZAL • NO0010708910

82 NOK
-1.8 (-2.15%)
Last: Feb 11, 2026, 12:23 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Analyst Ratings Earnings Estimates Financials Ownership
Fundamental Rating

5

We assign a fundamental rating of 5 out of 10 to ZAL. ZAL was compared to 34 industry peers in the Professional Services industry. ZAL has only an average score on both its financial health and profitability. ZAL has a correct valuation and a medium growth rate.


Dividend Valuation Growth Profitability Health

6

1. Profitability

1.1 Basic Checks

  • In the past year ZAL was profitable.
  • In the past year ZAL had a positive cash flow from operations.
  • In multiple years ZAL reported negative net income over the last 5 years.
  • Each year in the past 5 years ZAL had a positive operating cash flow.
ZAL.OL Yearly Net Income VS EBIT VS OCF VS FCFZAL.OL Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 100M -100M -200M

1.2 Ratios

  • Looking at the Return On Assets, with a value of 5.60%, ZAL is in the better half of the industry, outperforming 73.53% of the companies in the same industry.
  • With a decent Return On Equity value of 27.88%, ZAL is doing good in the industry, outperforming 76.47% of the companies in the same industry.
  • ZAL has a Return On Invested Capital of 13.39%. This is in the better half of the industry: ZAL outperforms 76.47% of its industry peers.
  • The Average Return On Invested Capital over the past 3 years for ZAL is below the industry average of 11.61%.
  • The last Return On Invested Capital (13.39%) for ZAL is above the 3 year average (7.14%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA 5.6%
ROE 27.88%
ROIC 13.39%
ROA(3y)-0.58%
ROA(5y)-0.28%
ROE(3y)-3.56%
ROE(5y)-2.63%
ROIC(3y)7.14%
ROIC(5y)5.76%
ZAL.OL Yearly ROA, ROE, ROICZAL.OL Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 10 -10 20 -20

1.3 Margins

  • ZAL has a Profit Margin of 5.12%. This is in the better half of the industry: ZAL outperforms 67.65% of its industry peers.
  • In the last couple of years the Profit Margin of ZAL has grown nicely.
  • Looking at the Operating Margin, with a value of 10.60%, ZAL is in the better half of the industry, outperforming 73.53% of the companies in the same industry.
  • ZAL's Operating Margin has improved in the last couple of years.
Industry RankSector Rank
OM 10.6%
PM (TTM) 5.12%
GM N/A
OM growth 3Y38.03%
OM growth 5Y33.39%
PM growth 3Y14.91%
PM growth 5YN/A
GM growth 3YN/A
GM growth 5YN/A
ZAL.OL Yearly Profit, Operating, Gross MarginsZAL.OL Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 2 -2 4 -4 6 8

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ROAROEROICOperating and Profit MarginShow most profitable peers

5

2. Health

2.1 Basic Checks

  • With a Return on Invested Capital (ROIC) just above the Cost of Capital (WACC), ZAL is creating some value.
  • The number of shares outstanding for ZAL remains at a similar level compared to 1 year ago.
  • ZAL has more shares outstanding than it did 5 years ago.
  • The debt/assets ratio for ZAL has been reduced compared to a year ago.
ZAL.OL Yearly Shares OutstandingZAL.OL Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 5M 10M 15M 20M
ZAL.OL Yearly Total Debt VS Total AssetsZAL.OL Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 200M 400M 600M 800M 1B

2.2 Solvency

  • ZAL has an Altman-Z score of 2.95. This is not the best score and indicates that ZAL is in the grey zone with still only limited risk for bankruptcy at the moment.
  • ZAL has a better Altman-Z score (2.95) than 70.59% of its industry peers.
  • ZAL has a debt to FCF ratio of 3.88. This is a good value and a sign of high solvency as ZAL would need 3.88 years to pay back of all of its debts.
  • Looking at the Debt to FCF ratio, with a value of 3.88, ZAL is in the better half of the industry, outperforming 64.71% of the companies in the same industry.
  • A Debt/Equity ratio of 1.86 is on the high side and indicates that ZAL has dependencies on debt financing.
  • ZAL has a worse Debt to Equity ratio (1.86) than 73.53% of its industry peers.
Industry RankSector Rank
Debt/Equity 1.86
Debt/FCF 3.88
Altman-Z 2.95
ROIC/WACC1.69
WACC7.93%
ZAL.OL Yearly LT Debt VS Equity VS FCFZAL.OL Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 200M -200M 400M

2.3 Liquidity

  • A Current Ratio of 1.64 indicates that ZAL should not have too much problems paying its short term obligations.
  • The Current ratio of ZAL (1.64) is better than 88.24% of its industry peers.
  • ZAL has a Quick Ratio of 1.64. This is a normal value and indicates that ZAL is financially healthy and should not expect problems in meeting its short term obligations.
  • With an excellent Quick ratio value of 1.64, ZAL belongs to the best of the industry, outperforming 91.18% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 1.64
Quick Ratio 1.64
ZAL.OL Yearly Current Assets VS Current LiabilitesZAL.OL Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 200M 400M 600M 800M

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

6

3. Growth

3.1 Past

  • The Earnings Per Share has grown by an impressive 64.71% over the past year.
  • Measured over the past years, ZAL shows a very strong growth in Earnings Per Share. The EPS has been growing by 35.55% on average per year.
  • The Revenue has decreased by -8.73% in the past year.
  • ZAL shows quite a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 11.63% yearly.
EPS 1Y (TTM)64.71%
EPS 3Y35.55%
EPS 5YN/A
EPS Q2Q%150%
Revenue 1Y (TTM)-8.73%
Revenue growth 3Y20.2%
Revenue growth 5Y11.63%
Sales Q2Q%10.32%

3.2 Future

  • ZAL is expected to show quite a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 14.99% yearly.
  • The Revenue is expected to grow by 9.40% on average over the next years. This is quite good.
EPS Next Y4.2%
EPS Next 2Y18.02%
EPS Next 3Y14.99%
EPS Next 5YN/A
Revenue Next Year12.6%
Revenue Next 2Y10.39%
Revenue Next 3Y9.4%
Revenue Next 5YN/A

3.3 Evolution

  • The estimated forward EPS growth is still strong, although it is decreasing when compared to the stronger growth in the past 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 stable.
ZAL.OL Yearly Revenue VS EstimatesZAL.OL Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 500M 1B 1.5B
ZAL.OL Yearly EPS VS EstimatesZAL.OL Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 0 2 4 6

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Find the best growth stocksShow best growing peers

5

4. Valuation

4.1 Price/Earnings Ratio

  • ZAL is valuated rather expensively with a Price/Earnings ratio of 24.40.
  • ZAL's Price/Earnings ratio is in line with the industry average.
  • Compared to an average S&P500 Price/Earnings ratio of 28.03, ZAL is valued at the same level.
  • A Price/Forward Earnings ratio of 11.85 indicates a reasonable valuation of ZAL.
  • 67.65% of the companies in the same industry are more expensive than ZAL, based on the Price/Forward Earnings ratio.
  • ZAL is valuated cheaply when we compare the Price/Forward Earnings ratio to 27.97, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 24.4
Fwd PE 11.85
ZAL.OL Price Earnings VS Forward Price EarningsZAL.OL Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

  • ZAL's Enterprise Value to EBITDA is on the same level as the industry average.
  • Based on the Price/Free Cash Flow ratio, ZAL is valued a bit cheaper than 67.65% of the companies in the same industry.
Industry RankSector Rank
P/FCF 13.31
EV/EBITDA 10.7
ZAL.OL Per share dataZAL.OL EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 20 40 60

4.3 Compensation for Growth

  • The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates an expensive valuation of the company.
  • The decent profitability rating of ZAL may justify a higher PE ratio.
  • A more expensive valuation may be justified as ZAL's earnings are expected to grow with 14.99% in the coming years.
PEG (NY)5.81
PEG (5Y)N/A
EPS Next 2Y18.02%
EPS Next 3Y14.99%

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

1

5. Dividend

5.1 Amount

  • With a Yearly Dividend Yield of 1.02%, ZAL has a reasonable but not impressive dividend return.
  • ZAL's Dividend Yield is slightly below the industry average, which is at 2.51.
  • Compared to an average S&P500 Dividend Yield of 1.80, ZAL's dividend is way lower than the S&P500 average.
Industry RankSector Rank
Dividend Yield 1.02%

5.2 History

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

5.3 Sustainability

DPN/A
EPS Next 2Y18.02%
EPS Next 3Y14.99%
ZAL.OL Yearly Income VS Free CF VS DividendZAL.OL Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 100M -100M -200M

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Find the best dividend stocksShow peers with best dividend

ZALARIS ASA

OSL:ZAL (2/11/2026, 12:23:39 PM)

82

-1.8 (-2.15%)

Chartmill FA Rating
GICS SectorIndustrials
GICS IndustryGroupCommercial & Professional Services
GICS IndustryProfessional Services
Earnings (Last)10-24
Earnings (Next)02-26
Inst Owners46.01%
Inst Owner ChangeN/A
Ins OwnersN/A
Ins Owner ChangeN/A
Market Cap1.82B
Revenue(TTM)1.47B
Net Income(TTM)75.29M
Analysts80
Price Target109.65 (33.72%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 1.02%
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)0
Avg EPS beat(2)-15.74%
Min EPS beat(2)-24.39%
Max EPS beat(2)-7.08%
EPS beat(4)N/A
Avg EPS beat(4)N/A
Min EPS beat(4)N/A
Max EPS beat(4)N/A
EPS beat(8)N/A
Avg EPS beat(8)N/A
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)-0.71%
Min Revenue beat(2)-1.98%
Max Revenue beat(2)0.55%
Revenue beat(4)N/A
Avg Revenue beat(4)N/A
Min Revenue beat(4)N/A
Max Revenue beat(4)N/A
Revenue beat(8)N/A
Avg Revenue beat(8)N/A
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)0%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)0%
EPS NY rev (3m)0%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0%
Revenue NY rev (3m)0%
Valuation
Industry RankSector Rank
PE 24.4
Fwd PE 11.85
P/S 1.23
P/FCF 13.31
P/OCF 11.99
P/B 6.7
P/tB N/A
EV/EBITDA 10.7
EPS(TTM)3.36
EY4.1%
EPS(NY)6.92
Fwd EY8.44%
FCF(TTM)6.16
FCFY7.51%
OCF(TTM)6.84
OCFY8.34%
SpS66.47
BVpS12.24
TBVpS-2.21
PEG (NY)5.81
PEG (5Y)N/A
Graham Number30.42
Profitability
Industry RankSector Rank
ROA 5.6%
ROE 27.88%
ROCE 19.79%
ROIC 13.39%
ROICexc 13.39%
ROICexgc 22.54%
OM 10.6%
PM (TTM) 5.12%
GM N/A
FCFM 9.27%
ROA(3y)-0.58%
ROA(5y)-0.28%
ROE(3y)-3.56%
ROE(5y)-2.63%
ROIC(3y)7.14%
ROIC(5y)5.76%
ROICexc(3y)17.04%
ROICexc(5y)13.22%
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)10.55%
ROCE(5y)8.52%
ROICexgc growth 3YN/A
ROICexgc growth 5Y18%
ROICexc growth 3Y28.82%
ROICexc growth 5Y35.65%
OM growth 3Y38.03%
OM growth 5Y33.39%
PM growth 3Y14.91%
PM growth 5YN/A
GM growth 3YN/A
GM growth 5YN/A
F-Score8
Asset Turnover1.09
Health
Industry RankSector Rank
Debt/Equity 1.86
Debt/FCF 3.88
Debt/EBITDA 2.25
Cap/Depr 22.46%
Cap/Sales 1.02%
Interest Coverage 4.19
Cash Conversion 67.96%
Profit Quality 181.18%
Current Ratio 1.64
Quick Ratio 1.64
Altman-Z 2.95
F-Score8
WACC7.93%
ROIC/WACC1.69
Cap/Depr(3y)52.11%
Cap/Depr(5y)45.36%
Cap/Sales(3y)2.71%
Cap/Sales(5y)2.52%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)64.71%
EPS 3Y35.55%
EPS 5YN/A
EPS Q2Q%150%
EPS Next Y4.2%
EPS Next 2Y18.02%
EPS Next 3Y14.99%
EPS Next 5YN/A
Revenue 1Y (TTM)-8.73%
Revenue growth 3Y20.2%
Revenue growth 5Y11.63%
Sales Q2Q%10.32%
Revenue Next Year12.6%
Revenue Next 2Y10.39%
Revenue Next 3Y9.4%
Revenue Next 5YN/A
EBIT growth 1Y36.19%
EBIT growth 3Y65.91%
EBIT growth 5Y48.9%
EBIT Next Year93.58%
EBIT Next 3Y34.49%
EBIT Next 5YN/A
FCF growth 1Y830.81%
FCF growth 3Y103.15%
FCF growth 5Y43.58%
OCF growth 1Y464.1%
OCF growth 3Y58.47%
OCF growth 5Y25.33%

ZALARIS ASA / ZAL.OL FAQ

Can you provide the ChartMill fundamental rating for ZALARIS ASA?

ChartMill assigns a fundamental rating of 5 / 10 to ZAL.OL.


Can you provide the valuation status for ZALARIS ASA?

ChartMill assigns a valuation rating of 4 / 10 to ZALARIS ASA (ZAL.OL). This can be considered as Fairly Valued.


Can you provide the profitability details for ZALARIS ASA?

ZALARIS ASA (ZAL.OL) has a profitability rating of 6 / 10.


What is the valuation of ZALARIS ASA based on its PE and PB ratios?

The Price/Earnings (PE) ratio for ZALARIS ASA (ZAL.OL) is 24.4 and the Price/Book (PB) ratio is 6.7.


What is the financial health of ZALARIS ASA (ZAL.OL) stock?

The financial health rating of ZALARIS ASA (ZAL.OL) is 5 / 10.