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Norwegian (OSEAX) Market Analysis & Valuation

UpdatedFeb 19, 2026
DataAggregated Company Financials
Companies279
  • 7D1.4%
  • 3M15.7%
  • 1Y17.3%
  • YTD8.9%

Over the last 7 days, the market has risen 1.4%, driven by gains of 6.0% in the Industrials sector. In contrast, the Materials sector is lagging, dropping 4.5%. The market is up 17% over the last 12 months. As for the next few years, earnings are expected to grow by 16% per annum.

Trending IndustriesOil and GasBiotechSoftwareRenewable Energy

Market Valuation and Performance

Has the Norwegian Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 19 Feb 2026NOK 4.5tNOK 3.1tNOK 246.1b13.6x18.4x1.5x
Sat, 17 Jan 2026NOK 4.4tNOK 3.3tNOK 267.8b14.5x16.5x1.3x
Mon, 15 Dec 2025NOK 4.2tNOK 3.3tNOK 268.5b13.8x15.5x1.3x
Wed, 12 Nov 2025NOK 4.1tNOK 3.3tNOK 270.8b13.4x15.1x1.2x
Fri, 10 Oct 2025NOK 4.2tNOK 3.2tNOK 295.5b12.2x14.1x1.3x
Sun, 07 Sep 2025NOK 4.1tNOK 3.2tNOK 295.7b12.4x13.9x1.3x
Tue, 05 Aug 2025NOK 4.1tNOK 3.3tNOK 306.0b13.1x13.4x1.2x
Thu, 03 Jul 2025NOK 4.0tNOK 3.2tNOK 302.0b12.7x13.2x1.2x
Sat, 31 May 2025NOK 3.9tNOK 3.3tNOK 305.7b12.1x12.7x1.2x
Mon, 28 Apr 2025NOK 3.7tNOK 3.3tNOK 320.3b12x11.6x1.1x
Wed, 26 Mar 2025NOK 4.0tNOK 3.3tNOK 319.5b12.2x12.4x1.2x
Fri, 21 Feb 2025NOK 3.8tNOK 3.3tNOK 328.6b11.3x11.7x1.2x
Sun, 19 Jan 2025NOK 3.9tNOK 3.5tNOK 340.1b12.2x11.4x1.1x
Tue, 17 Dec 2024NOK 3.7tNOK 3.4tNOK 336.5b11.3x11x1.1x
Thu, 14 Nov 2024NOK 3.7tNOK 3.4tNOK 330.4b10.6x11.1x1.1x
Sat, 12 Oct 2024NOK 3.8tNOK 3.3tNOK 307.8b11.5x12.4x1.2x
Mon, 09 Sep 2024NOK 3.7tNOK 3.3tNOK 308.9b11x11.9x1.1x
Wed, 07 Aug 2024NOK 3.7tNOK 3.3tNOK 299.6b10.7x12.3x1.1x
Fri, 05 Jul 2024NOK 3.9tNOK 3.3tNOK 284.7b11.4x13.6x1.2x
Sun, 02 Jun 2024NOK 4.0tNOK 3.3tNOK 281.9b11.7x14x1.2x
Tue, 30 Apr 2024NOK 4.0tNOK 3.4tNOK 277.2b11.4x14.4x1.2x
Thu, 28 Mar 2024NOK 3.9tNOK 3.4tNOK 302.6b11.8x13x1.2x
Sat, 24 Feb 2024NOK 3.8tNOK 3.3tNOK 267.7b11.7x14.1x1.1x
Mon, 22 Jan 2024NOK 3.9tNOK 3.5tNOK 349.5b10.8x11.3x1.1x
Wed, 20 Dec 2023NOK 4.0tNOK 3.5tNOK 345.4b10.5x11.6x1.2x
Fri, 17 Nov 2023NOK 4.1tNOK 3.6tNOK 360.6b10.4x11.3x1.1x
Sun, 15 Oct 2023NOK 4.1tNOK 3.8tNOK 423.2b10.7x9.7x1.1x
Tue, 12 Sep 2023NOK 4.0tNOK 3.7tNOK 413.2b10.8x9.7x1.1x
Thu, 10 Aug 2023NOK 3.9tNOK 3.6tNOK 403.5b10.9x9.8x1.1x
Sat, 08 Jul 2023NOK 3.8tNOK 3.8tNOK 499.3b11.1x7.6x1x
Mon, 05 Jun 2023NOK 3.9tNOK 3.9tNOK 520.8b11.5x7.4x1x
Wed, 03 May 2023NOK 3.9tNOK 3.8tNOK 555.3b11.6x7x1x
Fri, 31 Mar 2023NOK 3.9tNOK 3.7tNOK 545.3b11.6x7.1x1x
Sun, 26 Feb 2023NOK 4.0tNOK 3.7tNOK 579.1b11.5x7x1.1x
Price to Earnings Ratio

7x


Total Market Cap: NOK 4.0tTotal Earnings: NOK 579.1bTotal Revenue: NOK 3.7tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Market Price to Earnings3Y Average 11.9x202420252026
Current Market PE
  • Investors are optimistic on the Norwegian market, and appear confident in strong long term growth rates.
  • The market is trading at a PE ratio of 18.4x which is higher than its 3-year average PE of 11.9x.
Past Earnings Growth
  • The earnings for companies in the Norwegian industry have declined 25% per year over the last three years.
  • Revenues have also declined 6.3% per year.
  • This means overall sales from these companies are declining and profits are subsequently falling as well.

Sector Trends

Which sectors have driven the changes within the Norwegian Market?

NO Market1.43%
Industrials5.97%
Financials2.06%
Energy1.29%
Tech0.96%
Consumer Staples0.86%
Real Estate0.34%
Consumer Discretionary-0.49%
Telecom-2.04%
Utilities-3.51%
Materials-4.50%
Healthcare-5.82%
Sector PE
  • Investors favour the Tech sector the most for future growth even though it's trading below its 3-year average PE ratio of 274x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 27.9%, which is higher than its past year's earnings growth of 7.5% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 48% over the next 5 years.
  • This is better than its past earnings growth rate of 17% per year.
  • In contrast, the Real Estate sector is expected to see its earnings grow by 2.2% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuationSector
KOG Kongsberg GruppenNOK 396.6510.0%
+NOK 31.7b		54.8%PE83.6xIndustrials
DNB DNB BankNOK 302.003.2%
+NOK 13.5b		20.9%PB1.5xFinancials
SB1NO SpareBank 1 Sør-NorgeNOK 211.006.1%
+NOK 4.5b		35.3%PB1.4xFinancials
ORK OrklaNOK 126.203.5%
+NOK 4.2b		19.2%PE19.5xConsumer Staples
KIT KitronNOK 102.0023.0%
+NOK 4.2b		163.8%PE45.4xTech
See more

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ODF
NOK 118.40
Odfjell
7D
-11.1%
1Y
17.2%
KIT
NOK 102.00
Kitron
7D
23.0%
1Y
163.8%
DNB
NOK 302.00
DNB Bank
7D
3.2%
1Y
20.9%
SUBC
NOK 261.00
Subsea 7
7D
4.6%
1Y
41.3%

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KOG
NOK 396.65
Kongsberg Gruppen
7D
10.0%
1Y
54.8%
TOM
NOK 120.70
Tomra Systems
7D
-7.4%
1Y
-31.8%
ORK
NOK 126.20
Orkla
7D
3.5%
1Y
19.2%

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Analysts now estimate Orkla’s fair value at NOK 122.00, up from NOK 115.40. This reflects updated assumptions for slightly higher revenue growth, stronger profit margins and a modestly lower future P/E, even as they apply a higher discount rate to their cash flow estimates.
SB1NO
NOK 211.00
SpareBank 1 Sør-Norge
7D
6.1%
1Y
35.3%

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Feb 15
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LINK
NOK 20.60
LINK Mobility Group Holding
7D
-18.6%
1Y
-12.3%

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Feb 15
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NHY
NOK 83.76
Norsk Hydro
7D
-8.1%
1Y
26.8%
SALM
NOK 585.00
SalMar
7D
-1.7%
1Y
-0.09%

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Feb 13
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GJF
NOK 266.60
Gjensidige Forsikring
7D
-3.3%
1Y
17.8%

GJF: Rebased Earnings Assumptions And Special Dividend Will Shape Future Returns

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EQNR
NOK 269.30
Equinor
7D
-0.4%
1Y
3.5%

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Analysts have nudged their fair value estimate for Equinor higher to about NOK 240. This reflects recent shifts in their price targets and a mix of upgrade and downgrade commentary on earnings quality, growth expectations and valuation, including references to an updated forward P/E framework.
VEND
NOK 232.20
Vend Marketplaces
7D
-9.2%
1Y
-24.7%
WAWI
NOK 127.50
Wallenius Wilhelmsen
7D
8.1%
1Y
33.5%

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COSH
NOK 130.50
Constellation Oil Services Holding
7D
1.6%
1Y
n/a