Nel ASA

OB:NEL Stock Report

Market Cap: NOK 4.5b

Nel Future Growth

Future criteria checks 1/6

Nel is forecast to grow earnings and revenue by 56.8% and 16.8% per annum respectively. EPS is expected to grow by 57.1% per annum. Return on equity is forecast to be -8.7% in 3 years.

Key information

56.8%

Earnings growth rate

57.13%

EPS growth rate

Electrical earnings growth16.5%
Revenue growth rate16.8%
Future return on equity-8.69%
Analyst coverage

Good

Last updated10 Apr 2026

Recent future growth updates

Recent updates

These Analysts Think Nel ASA's (OB:NEL) Sales Are Under Threat

Nov 05
These Analysts Think Nel ASA's (OB:NEL) Sales Are Under Threat

Nel ASA's (OB:NEL) Shares Climb 28% But Its Business Is Yet to Catch Up

Oct 16
Nel ASA's (OB:NEL) Shares Climb 28% But Its Business Is Yet to Catch Up

Nel (OB:NEL) Is In A Good Position To Deliver On Growth Plans

Sep 27
Nel (OB:NEL) Is In A Good Position To Deliver On Growth Plans

US Tax Incentives Will Unlock Green Hydrogen Potential

Key Takeaways Growing demand, favorable policies, and strong partnerships are expanding Nel's order backlog and supporting robust long-term revenue opportunities in the green hydrogen market. Ongoing technology improvements and cost-cutting measures are expected to boost profitability, improve margins, and strengthen Nel's competitive position.

Bearish: Analysts Just Cut Their Nel ASA (OB:NEL) Revenue and EPS estimates

May 02
Bearish: Analysts Just Cut Their Nel ASA (OB:NEL) Revenue and EPS estimates

Nel ASA's (OB:NEL) Stock Retreats 29% But Revenues Haven't Escaped The Attention Of Investors

Apr 17
Nel ASA's (OB:NEL) Stock Retreats 29% But Revenues Haven't Escaped The Attention Of Investors

With A 31% Price Drop For Nel ASA (OB:NEL) You'll Still Get What You Pay For

Jan 14
With A 31% Price Drop For Nel ASA (OB:NEL) You'll Still Get What You Pay For

Nel ASA's (OB:NEL) 33% Cheaper Price Remains In Tune With Revenues

Nov 27
Nel ASA's (OB:NEL) 33% Cheaper Price Remains In Tune With Revenues

What You Can Learn From Nel ASA's (OB:NEL) P/S After Its 28% Share Price Crash

Oct 13
What You Can Learn From Nel ASA's (OB:NEL) P/S After Its 28% Share Price Crash

Market Participants Recognise Nel ASA's (OB:NEL) Revenues Pushing Shares 53% Higher

May 25
Market Participants Recognise Nel ASA's (OB:NEL) Revenues Pushing Shares 53% Higher

Nel (OB:NEL) Is Using Debt Safely

May 24
Nel (OB:NEL) Is Using Debt Safely

Investors Appear Satisfied With Nel ASA's (OB:NEL) Prospects As Shares Rocket 31%

Apr 10
Investors Appear Satisfied With Nel ASA's (OB:NEL) Prospects As Shares Rocket 31%

Calculating The Fair Value Of Nel ASA (OB:NEL)

Mar 27
Calculating The Fair Value Of Nel ASA (OB:NEL)

Earnings Update: Nel ASA (OB:NEL) Just Reported Its Annual Results And Analysts Are Updating Their Forecasts

Mar 01
Earnings Update: Nel ASA (OB:NEL) Just Reported Its Annual Results And Analysts Are Updating Their Forecasts

Why We're Not Concerned Yet About Nel ASA's (OB:NEL) 27% Share Price Plunge

Jan 17
Why We're Not Concerned Yet About Nel ASA's (OB:NEL) 27% Share Price Plunge

At kr5.94, Is It Time To Put Nel ASA (OB:NEL) On Your Watch List?

Jan 13
At kr5.94, Is It Time To Put Nel ASA (OB:NEL) On Your Watch List?

Nel (OB:NEL) Is Using Debt Safely

Dec 12
Nel (OB:NEL) Is Using Debt Safely

Nel (OB:NEL) Is Using Debt Safely

Sep 13
Nel (OB:NEL) Is Using Debt Safely

Investors Appear Satisfied With Nel ASA's (OB:NEL) Prospects

Jun 17
Investors Appear Satisfied With Nel ASA's (OB:NEL) Prospects

Is Nel (OB:NEL) Using Too Much Debt?

May 11
Is Nel (OB:NEL) Using Too Much Debt?

Does Nel (OB:NEL) Have A Healthy Balance Sheet?

Feb 06
Does Nel (OB:NEL) Have A Healthy Balance Sheet?

Is Nel (OB:NEL) Using Too Much Debt?

Sep 02
Is Nel (OB:NEL) Using Too Much Debt?

Earnings and Revenue Growth Forecasts

OB:NEL - Analysts future estimates and past financials data (NOK Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
12/31/20281,580-265-23306
12/31/20271,402-381-584-29310
12/31/2026858-451-505-1789
12/31/2025963-1,265-543-253N/A
9/30/20251,048-459-568-218N/A
6/30/20251,111-489-574-134N/A
3/31/20251,269-476-843-238N/A
12/31/20241,390-258-888-242N/A
9/30/20241,386-244-1,258-407N/A
6/30/20241,323-296-1,381-554N/A
3/31/20241,362-406-1,468-703N/A
12/31/20231,350-566-1,409-670N/A
9/30/20231,307-1,237-1,239-723N/A
6/30/20231,180-1,329-1,117-647N/A
3/31/2023982-1,376-897-560N/A
12/31/2022915-1,171-969-691N/A
9/30/2022781-720-876-599N/A
6/30/2022827-967-869-596N/A
3/31/2022805-1,005-786-424N/A
12/31/2021753-1,667-827-449N/A
9/30/2021723-102-817-441N/A
6/30/2021621-222-725-392N/A
3/31/2021607687-648-396N/A
12/31/20205781,262-448-216N/A
9/30/2020516-127-370-177N/A
6/30/2020543468-309-142N/A
3/31/2020522-222-318-173N/A
12/31/2019519-270-319-200N/A
9/30/2019477-231N/A-189N/A
6/30/2019445-264N/A-195N/A
3/31/2019457-210N/A-136N/A
12/31/2018453-189N/A-143N/A
9/30/2018449-112N/A-107N/A
6/30/2018442-79N/A-197N/A
3/31/2018352-67N/A-137N/A
12/31/2017275-52N/A-113N/A
9/30/2017220-94N/A-80N/A
6/30/2017135-73N/A35N/A
3/31/2017109-62N/A-27N/A
12/31/201698-56N/A-34N/A
9/30/201685-50N/A-76N/A
6/30/201689-39N/A-75N/A
3/31/2016110-31N/A-58N/A
12/31/201589-22N/A-38N/A
9/30/201572-3N/A-9N/A
6/30/201546-3N/A3N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: NEL is forecast to remain unprofitable over the next 3 years.

Earnings vs Market: NEL is forecast to remain unprofitable over the next 3 years.

High Growth Earnings: NEL is forecast to remain unprofitable over the next 3 years.

Revenue vs Market: NEL's revenue (16.8% per year) is forecast to grow faster than the Norwegian market (3.2% per year).

High Growth Revenue: NEL's revenue (16.8% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: NEL is forecast to be unprofitable in 3 years.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/04/20 05:12
End of Day Share Price 2026/04/20 00:00
Earnings2025/12/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Nel ASA is covered by 22 analysts. 10 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
James CarmichaelBerenberg
Alexander JonesBofA Global Research
Mikkel Nyholt-SmedsengCarnegie Investment Bank AB