Rankings Oil & gas Aker Solutions
Aker Solutions
67
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- Quality of growth−6
- Multiples vs own history−6
- Margin−5
Strengths
- Net cash+1
- Raised guidance and order book+1
- Hidden value+1
How the score is built
From 100 to 67, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 35.72 NOK
- Median analyst target
- 39.00 NOK
- Upside to median
- +9.2%
- Analysts
- 10
- Target range
- 35.00 – 67.00 NOK
- 52-week change
- +27%
- P/E (trailing)
- 5.7
- Forward P/E
- 8.3
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 3 findings−13 of −30
- −5MarginOperating margin 4.6% (TTM) and an EBITDA margin of about 7.5% excl. OneSubsea in 2026 guidance; in 2021–2023 the operating margin was only 0.2–2.1%. Net profit is lifted by gains on sales (NOK 0.8–1.0bn a year).
- −6Quality of growthGrowth from NOK 27bn to 62bn in 2022–2025 came from the temporary Norwegian tax package. Revenue is now expected to fall 13% in 2026 and 24% in 2027 (NOK 40.8bn), and EPS is expected −40% in 2027.
- −2MoatAn EPC contractor with fixed-price risk; management itself says the company must succeed at 'lower margins' in new markets (CCS, hydropower, SMR), where meaningful revenue is years away.
Price
Today's multiples against the company's own history and its peers. · 2 findings−8 of −35
- −6Multiples vs own historyP/B 2.39 vs 1.09–1.98 in 2021–2025 (highest in the period), forward P/E 10.6 vs 5.3–6.2 in 2024–2025 (11.6–28 in 2021–2023 with almost no earnings) and EV/EBITDA 4.2 vs 1.3–3.7 in 2024–2025. The share price is up 34% in a year while earnings are heading down.
- −2FCF qualityThe 17% FCF yield (TTM) rests on customer advances: operating cash flow was −NOK 195m in Q2, and management expects working capital to draw about NOK 1.2bn. The dividend (NOK 4.2bn) exceeded FCF (3.6bn).
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−7 of −35
- −3Old fixed-price projectsCommercial discussions on older fixed-price (lump-sum) projects are still unresolved; estimates were adjusted in Q1, and there remains a risk of new provisions.
- −2Control and related-party customerOnly 231m of 486m shares are free float; the Aker group has control, and Aker BP (same owner) is one of the largest customers (Hugin A, Valhall PWP). Minority shareholders have limited influence on the pricing of intra-group contracts.
- −1Lost tenderThe tender pipeline fell to NOK 77bn after the loss of a European offshore wind project in Q2, and management will not give 2027 guidance because several large projects are still out to tender.
- −1Management changeNew CEO (Paal Eikeseth) from 1 September 2026 in the middle of the transition from the tax-package peak to lower activity.
Plus
Only documented strengths. · 3 findings+3 of +15
- +1Net cashNet cash of NOK 4.3bn incl. liquid fund investments after paying NOK 4.2bn of dividends; capex only 0.6% of revenue.
- +1Raised guidance and order book2026 revenue guidance raised to NOK 50–55bn; a secured order book of NOK 77.2bn (about 1.5 years of revenue), and all five Life Cycle framework agreements have been renewed.
- +1Hidden valueA 20% stake in SLB OneSubsea, which pays regular dividends (NOK 138m in Q2, rising in H2) and is not included in the EBITDA margin.
Caveats
What the score does not capture, or where the data is weak.
Accounts and price in NOK, so the P/E is not distorted by currency: a price of NOK 42.4 gives a trailing P/E of 6.3 (lifted by about NOK 0.8bn in disposal gains), about 7.0 on 2026 (EPS 6.07) and about 11.6 on 2027 (EPS 3.64). ROIC of 32% is inflated by negative working capital (customer advances) and the 20% stake in SLB OneSubsea. The 21% dividend yield is due to a special dividend (NOK 8.60 in total in Q2) and will not recur. How much of the order book comes from Aker BP (related via Aker ASA) has not been quantified; peers (Technip Energies, Wood) have not been examined.
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