Elkem Past Earnings Performance
Past criteria checks 1/6
Elkem's earnings have been declining at an average annual rate of -27.6%, while the Chemicals industry saw earnings growing at 0.5% annually. Revenues have been declining at an average rate of 18.6% per year. Elkem's return on equity is 1.7%, and it has net margins of 2%.
Key information
-27.60%
Earnings growth rate
-27.96%
EPS growth rate
| Chemicals Industry Growth | 32.60% |
| Revenue growth rate | -18.64% |
| Return on equity | 1.71% |
| Net Margin | 2.03% |
| Next Earnings Update | 10 Jul 2026 |
Recent past performance updates
Recent updates
Narrative Update • Jun 25
ELK: Equity Raising And Biocarbon Funding Will Shape Balanced Outlook
Analysts have raised their price target for Elkem to NOK34.24 from NOK32.78, citing updated assumptions on fair value, discount rate, revenue growth, profit margin and future P/E that slightly adjust the valuation framework. What’s in the News for Elkem Elkem ASA completed a follow-on equity offering of NOK 1.5b, issuing 55,555,555 common shares at NOK 27 per share through a subsequent direct listing.Narrative Update • Jun 05
ELK: Power Contract And Equity Raise Will Shape Balanced Future Outlook
Analysts now set their price target for Elkem at around NOK 32.78, up from about NOK 31.34, citing updated assumptions for fair value, discount rate, revenue growth, profit margin, and future P/E. What's in the News Statkraft and Elkem ASA signed a seven year power purchase agreement for the Bjølvefossen plant in Norway, covering 2031 to 2037.Narrative Update • May 15
ELK: Equity Raise And Biocarbon Project Will Support Future Upside
Elkem's updated analyst price target has shifted from NOK 33.29 to NOK 31.34, reflecting analysts' refreshed assumptions around revenue growth, profit margins, the discount rate, and future P/E expectations. What's in the News Elkem has filed a follow on equity offering of NOK 299.999997 million, offering 11,111,111 ordinary shares at NOK 27 per share through a rights offering (Key Developments).Narrative Update • Apr 25
ELK: New Three Division Structure And Workforce Cuts Will Support Upside
Analysts have made a small upward revision to Elkem's price target, moving it from NOK 33.14 to NOK 33.29. This reflects updated assumptions around revenue growth, profit margins and future P/E expectations.Narrative Update • Apr 10
ELK: New Three Division Structure And Cost Cuts Will Drive Upside
The analyst price target for Elkem has moved slightly higher to NOK33.14 from NOK32.83, with analysts citing adjustments in the assumed discount rate, revenue growth, profit margin, and future P/E to support the change. What's in the News Elkem is introducing a new corporate structure with three divisions: Elkem Silicon, Elkem Foundry Alloys and Elkem Carbon.Narrative Update • Mar 24
ELK: New Structure And Cost Cuts Will Support Future Upside
Analysts have kept their Elkem price target steady at NOK 32.83. They cite essentially unchanged assumptions for the discount rate, revenue growth, profit margin and future P/E as the basis for reaffirming their view.Narrative Update • Mar 10
ELK: Safety Actions And Stable Earnings Assumptions Will Support Upside Potential
Analysts have kept their fair value estimate for Elkem unchanged at NOK 32.83, with only small tweaks to assumptions on discount rate, revenue growth, profit margin and future P/E, which feed into an updated price target narrative. What's in the News An extraordinary general meeting on 9 March 2026 approved an amendment to Section 4 of Elkem ASA's articles of association, confirming share capital at NOK 1,505,514,210 divided into 301,102,842 shares with a nominal value of NOK 5 each (Key Developments).Narrative Update • Feb 23
ELK: Safety Actions And Earnings Assumptions Will Shape A Balanced Outlook
The analyst price target for Elkem has been adjusted from NOK 31.85 to NOK 32.83. Analysts cite updated assumptions across the discount rate, revenue growth, profit margin and forward P/E as the key drivers behind this change.Narrative Update • Feb 09
ELK: Safety Reforms After Saint Fons Incident Will Support Upbeat Outlook
Narrative Update on Elkem Analysts have kept their fair value estimate for Elkem steady at NOK 31.85. They explain the unchanged price target by slightly adjusting their assumptions for discount rate, revenue growth, profit margin and future P/E expectations, rather than changing their overall view of the company’s valuation.Narrative Update • Jan 25
ELK: Safety Incident And Minor Assumption Shifts Will Shape Balanced Outlook
Analysts have raised their fair value estimate for Elkem to €31.85 from €31.80, citing small adjustments to the discount rate, revenue growth, profit margin and forward P/E assumptions. What's in the News On 22 December 2025, an explosion occurred at a pilot workshop at the Elkem Silicones site in Saint Fons, Lyon, France, resulting in one employee losing his life and three others being injured (company report).Narrative Update • Jan 10
ELK: Medical Materials Push And Ferrosilicon Cuts Will Shape Balanced Outlook
Analysts now estimate Elkem's fair value at €31.80 per share, slightly higher than the previous estimate of €31.00, citing small adjustments to their discount rate, revenue growth, profit margin and future P/E assumptions. What's in the News Explosion at Elkem's Saint Fons silicones pilot workshop in Lyon on 22 December 2025 resulted in one fatality and three injuries, with management cooperating with local authorities and providing psychological support to employees (Key Developments).Narrative Update • Dec 25
ELK: Medical Materials Expansion And Ferrosilicon Curtailments Will Shape Measured Outlook
Analysts have raised their price target on Elkem to NOK 31.00 from NOK 29.80, reflecting updated assumptions of a slightly lower discount rate but higher future earnings multiples, despite somewhat softer expectations for revenue growth and profit margins. What's in the News Elkem ASA launched SILBIONE LSR Select EC 70, a next generation medical grade liquid silicone rubber engineered for wearable and diagnostic devices, combining high electrical conductivity, certified biocompatibility and enhanced process control (company announcement).Narrative Update • Dec 11
ELK: Medical Materials Expansion And Production Cuts Will Shape Balanced Outlook
Analysts have modestly raised their price target on Elkem to NOK 29.80, citing slightly lower perceived risk reflected in a reduced discount rate, while keeping growth, margin, and valuation assumptions broadly unchanged. What's in the News Elkem launched SILBIONE LSR Select EC 70, a next generation medical grade liquid silicone rubber designed for wearable and diagnostic devices, featuring high electrical conductivity, certified biocompatibility, and enhanced process control for precision healthcare applications (Key Developments).Narrative Update • Nov 27
ELK: New Medical-Grade Product Launch and Market Risks Will Shape Outlook
Analysts have maintained Elkem's fair value price target at NOK 29.80, citing stable underlying financial metrics and a slightly reduced discount rate as the basis for their decision. What's in the News Elkem ASA launched SILBIONE LSR Select EC 70, a next-generation medical-grade liquid silicone rubber designed for wearable and diagnostic devices.Narrative Update • Nov 13
ELK: Upcoming Medical Material Launch Will Support Increased Market Confidence
Narrative Update on Elkem: Analyst Price Target Revision Analysts have maintained their fair value estimate for Elkem at NOK 29.80. This reflects steady confidence in the company despite minor adjustments to key assumptions such as profit margin and growth projections.Narrative Update • Oct 29
Medical-Grade Silicone Launch and Production Cuts Will Balance Future Prospects
Analysts have raised their price target for Elkem from NOK 29.32 to NOK 29.80. This change reflects minor adjustments to their expectations for growth, discount rates, and profit margins.Narrative Update • Oct 15
Silicones Review And Carbon Capture R&D Will Improve Competitiveness
Elkem's analyst consensus price target has been raised from $27.92 to $29.32, reflecting analysts' expectations of slightly improved revenue growth and a lower discount rate that drives upward fair value adjustments. Valuation Changes The consensus analyst price target has increased from NOK 27.92 to NOK 29.32.Narrative Update • Sep 25
Silicones Review And Carbon Capture R&D Will Improve Competitiveness
Elkem's slight improvement in net profit margin has supported an upward revision of the consensus analyst price target from NOK26.40 to NOK27.92. What's in the News Elkem and NTE signed a long-term power purchase agreement for 300 GWh/year renewable power delivery (2028-2037) in Norway’s NO4 area.Analysis Article • Sep 20
Earnings Tell The Story For Elkem ASA (OB:ELK)
With a price-to-earnings (or "P/E") ratio of 23.4x Elkem ASA ( OB:ELK ) may be sending very bearish signals at the...Analysis Article • Jul 09
Is Now The Time To Look At Buying Elkem ASA (OB:ELK)?
While Elkem ASA ( OB:ELK ) might not have the largest market cap around , it received a lot of attention from a...Analysis Article • Jun 17
Does Elkem (OB:ELK) Have A Healthy Balance Sheet?
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...Analysis Article • May 07
Shareholders Shouldn’t Be Too Comfortable With Elkem's (OB:ELK) Strong Earnings
Strong earnings weren't enough to please Elkem ASA's ( OB:ELK ) shareholders over the last week. We did some digging...Analysis Article • Apr 29
Elkem (OB:ELK) Will Want To Turn Around Its Return Trends
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for...Analysis Article • Mar 24
Is It Too Late To Consider Buying Elkem ASA (OB:ELK)?
Elkem ASA ( OB:ELK ), might not be a large cap stock, but it saw a significant share price rise of 36% in the past...
New Narrative • Feb 09
Carbon Capture Initiatives Will Strengthen ESG Positioning And Brand Value
Expansion in China and targeted operational improvements aim to boost EBITDA, enhancing revenue and earnings growth.Analysis Article • Feb 05
Investors Still Aren't Entirely Convinced By Elkem ASA's (OB:ELK) Revenues Despite 26% Price Jump
The Elkem ASA ( OB:ELK ) share price has done very well over the last month, posting an excellent gain of 26%. While...Analysis Article • Jan 23
Here's Why Elkem (OB:ELK) Is Weighed Down By Its Debt Load
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' It's only natural to consider a company's...Analysis Article • Dec 19
Market Still Lacking Some Conviction On Elkem ASA (OB:ELK)
You may think that with a price-to-sales (or "P/S") ratio of 0.3x Elkem ASA ( OB:ELK ) is definitely a stock worth...Analysis Article • Nov 02
There May Be Reason For Hope In Elkem's (OB:ELK) Disappointing Earnings
Soft earnings didn't appear to concern Elkem ASA's ( OB:ELK ) shareholders over the last week. Our analysis suggests...Analysis Article • Oct 27
Elkem ASA Just Missed EPS By 51%: Here's What Analysts Think Will Happen Next
It's shaping up to be a tough period for Elkem ASA ( OB:ELK ), which a week ago released some disappointing...Analysis Article • Sep 04
Little Excitement Around Elkem ASA's (OB:ELK) Revenues
You may think that with a price-to-sales (or "P/S") ratio of 0.4x Elkem ASA ( OB:ELK ) is definitely a stock worth...Analysis Article • Aug 07
The Returns On Capital At Elkem (OB:ELK) Don't Inspire Confidence
If you're looking for a multi-bagger, there's a few things to keep an eye out for. Ideally, a business will show two...Analysis Article • Jul 17
Elkem ASA Beat Analyst Estimates: See What The Consensus Is Forecasting For This Year
Elkem ASA ( OB:ELK ) investors will be delighted, with the company turning in some strong numbers with its latest...Analysis Article • Jun 11
These 4 Measures Indicate That Elkem (OB:ELK) Is Using Debt In A Risky Way
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...Analysis Article • May 27
Elkem ASA's (OB:ELK) Revenues Are Not Doing Enough For Some Investors
Elkem ASA's ( OB:ELK ) price-to-sales (or "P/S") ratio of 0.4x might make it look like a strong buy right now compared...Analysis Article • May 11
Elkem ASA's (OB:ELK) Intrinsic Value Is Potentially 24% Below Its Share Price
Key Insights The projected fair value for Elkem is kr15.80 based on 2 Stage Free Cash Flow to Equity Current share...Analysis Article • Apr 22
Analysts Have Made A Financial Statement On Elkem ASA's (OB:ELK) First-Quarter Report
Elkem ASA ( OB:ELK ) just released its latest first-quarter report and things are not looking great. It was a pretty...Analysis Article • Apr 09
What Does Elkem ASA's (OB:ELK) Share Price Indicate?
Elkem ASA ( OB:ELK ), is not the largest company out there, but it saw a double-digit share price rise of over 10% in...Revenue & Expenses Breakdown
Revenue & Expenses Breakdown
How Elkem makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 31 Mar 26 | 16,306 | 331 | 2,870 | 0 |
| 31 Dec 25 | 16,535 | 301 | 2,898 | 0 |
| 30 Sep 25 | 16,901 | 484 | 2,931 | 0 |
| 30 Jun 25 | 16,980 | 699 | 2,887 | 0 |
| 31 Mar 25 | 17,458 | 2,123 | 2,831 | 0 |
| 31 Dec 24 | 17,810 | 2,026 | 2,792 | 0 |
| 30 Sep 24 | 8,308 | 3,256 | 878 | 0 |
| 30 Jun 24 | 11,900 | 2,367 | 1,438 | 0 |
| 31 Mar 24 | 16,058 | 1,085 | 2,080 | 0 |
| 31 Dec 23 | 21,134 | 1,999 | 2,683 | 0 |
| 30 Sep 23 | 36,517 | 1,427 | 5,168 | 0 |
| 30 Jun 23 | 39,820 | 4,929 | 5,159 | 0 |
| 31 Mar 23 | 42,988 | 7,855 | 5,062 | 0 |
| 31 Dec 22 | 45,017 | 9,561 | 4,979 | 0 |
| 30 Sep 22 | 45,073 | 10,631 | 4,914 | 0 |
| 30 Jun 22 | 42,671 | 8,956 | 4,846 | 0 |
| 31 Mar 22 | 37,733 | 6,602 | 4,728 | 0 |
| 31 Dec 21 | 33,083 | 4,628 | 4,578 | 0 |
| 30 Sep 21 | 29,779 | 2,770 | 4,438 | 0 |
| 30 Jun 21 | 26,856 | 1,294 | 4,219 | 0 |
| 31 Mar 21 | 25,387 | 672 | 4,110 | 0 |
| 31 Dec 20 | 24,025 | 239 | 4,060 | 0 |
| 30 Sep 20 | 22,498 | 150 | 3,919 | 0 |
| 30 Jun 20 | 22,260 | 460 | 3,914 | 0 |
| 31 Mar 20 | 22,204 | 616 | 3,819 | 0 |
| 31 Dec 19 | 22,245 | 855 | 3,727 | 0 |
| 30 Sep 19 | 22,840 | 1,211 | 3,828 | 0 |
| 30 Jun 19 | 23,138 | 1,921 | 3,730 | 0 |
| 31 Mar 19 | 24,282 | 3,104 | 3,667 | 0 |
| 31 Dec 18 | 24,968 | 3,337 | 3,584 | 0 |
| 30 Sep 18 | 25,216 | 3,620 | 3,527 | 0 |
| 30 Jun 18 | 24,680 | 3,077 | 3,457 | 0 |
| 31 Mar 18 | 22,995 | 2,011 | 3,391 | 0 |
| 31 Dec 17 | 21,133 | 1,211 | 3,303 | 0 |
| 31 Dec 16 | 14,045 | 722 | 2,696 | 0 |
| 31 Dec 15 | 14,361 | 809 | 2,561 | 0 |
Quality Earnings: ELK has high quality earnings.
Growing Profit Margin: ELK's current net profit margins (2%) are lower than last year (12.2%).
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: ELK's earnings have declined by 27.6% per year over the past 5 years.
Accelerating Growth: ELK's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: ELK had negative earnings growth (-84.4%) over the past year, making it difficult to compare to the Chemicals industry average (0.1%).
Return on Equity
High ROE: ELK's Return on Equity (1.7%) is considered low.
Return on Assets
Return on Capital Employed
Discover strong past performing companies
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/07/06 22:50 |
| End of Day Share Price | 2026/07/06 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
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.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* 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
Elkem ASA is covered by 9 analysts. 5 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| null null | ABG Sundal Collier |
| Sebastian Satz | Citigroup Inc |
| Elliott Geoffrey Jones | Danske Bank |