Rankings Machinery & automation Kongsberg Maritime
Kongsberg Maritime
83
15070100
A view of the same findings, not a new score. How it works
In the 70+ zone: a score above 70 with more than 20% upside to the median analyst target.
Biggest deductions
- Multiples (absolute and peers)−5
- Margin−4
- Quality of growth−3
Strengths
- Order book+2
- Net cash and return on capital+1
- Broad customer base+1
How the score is built
From 100 to 83, 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
- 57.70 NOK
- Median analyst target
- 72.00 NOK
- Upside to median
- +24.8%
- Analysts
- 7
- Target range
- 55.00 – 80.00 NOK
- 52-week change
- –
- P/E (trailing)
- 20.3
- Forward P/E
- 17.0
- 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? · 4 findings−10 of −30
- −4MarginEBITDA margin 12.5% in Q2 and 13.0% in H1 vs the company's own target of over 16% across the cycle; operating margin has fallen from 13.3% (2024) and 12.8% (2025) to 11.9% TTM, and gross margin from 62.5% to 59.7%.
- −3Quality of growthRevenue grew only 5% in Q2 (6,651 vs 6,337m kr.) and is expected at only +3.5% in 2026 vs the target of 10% annual growth. Growth comes from new builds, while the high-margin aftermarket business is weak: customers are postponing larger upgrade projects in particular.
- −2Future segmentOffshore Energy is the largest segment in newbuild orders in H1 2026 (ahead of Naval & Government, Cargo and Tug), so a large share of order intake is tied to oil and gas investment rather than the green/autonomous shipping that is the investment case.
- −1Capital allocation (Berg Propulsion)First large acquisition as a standalone company: Berg Propulsion (about 160 m EUR in revenue 2025) is bought at roughly the same EV/EBITDA as Kongsberg Maritime's own valuation (about 14) – no discount for integration risk, and the price has not been disclosed.
Price
Today's multiples against the company's own history and its peers. · 2 findings−6 of −35
- −5Multiples (absolute and peers)P/E 20.4 (TTM) and forward P/E 21.6 on 2026E EPS of DKK 2.86, EV/EBITDA 14.0 and P/B 6.6 for a company with approx. 4% expected revenue growth and falling EPS in 2026. No own history due to the spin-off; DNB Carnegie has a sell recommendation with a price target of DKK 50.
- −1FCF yieldFCF yield 5.1% (TTM, 2.78 bn kr.), but analysts expect only 2.33 bn kr. in FCF for 2026, equal to about 4.3% of the market cap of 54.4 bn kr.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−7 of −35
- −3Newbuild cycle87% of the record-high order book is tied to newbuild deliveries, so earnings become more dependent on the shipyards' order cycle; DNB Carnegie has cut estimates after the capital markets day due to a more subdued outlook for reactivating offshore supply vessels.
- −2Currency and separation costsQ2 EBITDA was hit by 34m kr in currency effects and 37m kr in costs for the demerger; as a standalone company it must bear its own group costs without the parent's scale.
- −1Governance and state ownershipThe Norwegian state owns 50.004% (same structure as Kongsberg Gruppen), and free float is only 412 of 880m shares; the state can block strategic decisions and acquisitions.
- −1Integration riskBerg Propulsion is to be integrated into Propulsion & Handling at the same time as the organisation is established as a separately listed company.
Plus
Only documented strengths. · 3 findings+4 of +15
- +2Order bookRecord order book of DKK 28.4bn (about 1 year of revenue) after order intake of DKK 7.2bn in Q2 (book-to-bill 1.09; 1.25 for newbuilds in H1).
- +1Net cash and return on capitalNet cash of DKK 0.6bn (from net debt of DKK 3.5bn at the end of 2025), debt/EBITDA 0.49 and ROIC 30.6% (34.6% in 2025).
- +1Broad customer baseOver 30,000 ships sail with the company's systems, which gives a broad installed base for service and aftermarket.
Caveats
What the score does not capture, or where the data is weak.
Spun off from Kongsberg Gruppen and listed 23 Apr. 2026; the history is pro forma figures from the parent's segment (2023–2025), so there is no own multiple history, and T2 is based on absolute level and peers. EPS 2025 (DKK 4.30) is lifted by one-offs (pre-tax margin 16.8% vs operating margin 12.8%), so analysts' 2026E EPS of DKK 2.86 is a decline. Stockanalysis shows 31% revenue growth TTM, which is a pro forma distortion; the real growth rates are 6.3% in 2025 and 5% in Q2 2026. Not flagged cyclical, but 87% of the order book is tied to newbuilds and thus to the shipyard cycle. Insider trades have not been examined.
Also in Machinery & automation
The highest scores in the same industry.
