Tekna

Machinery & automation · NorwayRank 404 of 829Prices 2 Nov 2026Model 1.4

15070100

A good business with a real question mark: the price, a crack, or both.

Biggest deductions

Multiples vs own history−10
Margin−7
Capital allocation−5

Strengths

Order book and book-to-bill+2
Net cash+1
Principal owner investing+1

How the score is built

From 100 to 61, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.

100Start

61Score

Hover or select a step to see what drove it. Steps with findings open them below.

Key numbers

As of 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.

Price: 6.20 NOK
Median analyst target: –
Upside to median: –
Analysts: none
Target range: –
52-week change: +82%
P/E (trailing): n/a
Forward P/E: n/a
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−19 of −30

Margin
EBIT was −CAD 3.0m TTM (−7.7%) and net income −4.9m. Adjusted EBITDA is positive for the fourth quarter in a row (CAD 1.4m in Q2, 12.8% margin), but there have been losses every year in 2021–2025.
stockanalysis.com
−7
Capital allocation
The company listed in 2021 at about NOK 30 and has lost money every year since. The 2021 acquisition cost CAD 23.5m. In December 2025 came a rights issue of NOK 300m at NOK 3.00 (+78% shares), underwritten by the main owner, who also converted a shareholder loan.
filingreader.com
−5
Quality of growth
Revenue went from CAD 40.9m (2023) to 37.2 (2024) and 35.6 (2025) before rising to 38.8 TTM (+19% in H1 2026). Over five years, growth is about 9% a year from 26.8m (2021), and order intake is uneven and marked by single large system orders.
stockanalysis.com
−4
Moat
Tekna has decades of expertise in induction plasma and a strong position in spherical powder (e.g. titanium) for aircraft and defence. Competition is fierce from Colibrium Additive (GE/AP&C), Carpenter Additive, 6K Additive and Oerlikon, and customers can switch powder supplier.
metal-am.com
−3

Price

Today's multiples against the company's own history and its peers. · 1 finding−10 of −35

Multiples vs own history
P/S 5.0 and EV/Sales 4.75 are the highest since 2021 (P/S 1.4-3.8 and EV/Sales 2.1-3.6 in 2022-2025), and EV/EBITDA is 115. Market cap is +148% in a year.
stockanalysis.com
−10

Cracks

Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−8 of −35

Controlling shareholder and liquidity
Arendals Fossekompani owns 72.4%, and free float is approx. 61m shares. Only approx. 52,000 shares trade per day (approx. 0.3m NOK). The minority has no influence, and an exit for the main owner or a squeeze-out at a low price is a risk.
filingreader.com
−3
Order concentration
The record order book of CAD 28.5m is lifted by a single systems order of CAD 11.5m (about 40%) from a new US customer in critical minerals. Without it, order intake was about 7.5m, below revenue.
inderes.fi
−3
End markets
The adoption of 3D printing in industry has been slower than expected: revenue fell in 2024-2025, especially in Asia (10.0 → 5.7 → 2.2 CAD m TTM). Demand depends on aircraft and defence programmes.
stockanalysis.com
−2

Plus

Only documented strengths. · 3 findings+4 of +15

Order book and book-to-bill
Order intake was CAD 19.0m in Q2 (more than doubled, book-to-bill 1.8x), and the order book reached a record CAD 28.5m (20.9), with visibility into 2027.
inderes.fi
+2
Net cash
Cash 18.0m CAD versus debt of 6.6m CAD as of 30 Jun 2026, i.e. net cash of approx. 11.5m CAD after the offering and the restructuring of the shareholder loan.
stockanalysis.com
+1
Principal owner investing
Arendals Fossekompani subscribed 76.1m shares for 228m NOK in the December 2025 issue, and other primary insiders also increased their holdings.
filingreader.com
+1

Caveats

What the score does not capture, or where the data is weak.

Tekna reports in CAD; the amounts in the penny object are converted to NOK at CAD/NOK 6.753 (4.6427/0.6875). Industry: plasma technology and metal powder for 3D printing (aircraft, defence, electronics) and plasma systems; the closest on the list is 'Machinery & automation'. Stockanalysis's 'dilution YoY' (+12%) is a weighted average; the rights issue in December 2025 raised the share count by about 78% (100m new shares on 127.5m). Arendals Fossekompani owns 72.4%, so free float is small. The split of revenue between Materials and Systems, customer concentration, short interest and peers are not verified.