Norwegian Air Shuttle Balance Sheet Health
Financial Health criteria checks 5/6
Norwegian Air Shuttle has a total shareholder equity of NOK7.7B and total debt of NOK5.8B, which brings its debt-to-equity ratio to 76.3%. Its total assets and total liabilities are NOK42.0B and NOK34.4B respectively. Norwegian Air Shuttle's EBIT is NOK3.3B making its interest coverage ratio 5. It has cash and short-term investments of NOK10.1B.
Key information
76.25%
Debt to equity ratio
NOK 5.85b
Debt
| Interest coverage ratio | 5x |
| Cash | NOK 10.06b |
| Equity | NOK 7.67b |
| Total liabilities | NOK 34.36b |
| Total assets | NOK 42.03b |
Recent financial health updates
Analysis Article • Aug 26
Norwegian Air Shuttle (OB:NAS) Has A Somewhat Strained Balance Sheet
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...Analysis Article • Feb 10
Here's Why Norwegian Air Shuttle (OB:NAS) Can Manage Its Debt Responsibly
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...Analysis Article • Sep 11
Does Norwegian Air Shuttle (OB:NAS) Have A Healthy Balance Sheet?
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...Analysis Article • May 30
Norwegian Air Shuttle (OB:NAS) Has A Pretty Healthy Balance Sheet
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it seems the smart money knows that...Recent updates
Narrative Update • Apr 29
NAS: Dividend And Load Factor Delivery Will Support Future Cash Flow
Analysts have trimmed their price target on Norwegian Air Shuttle from NOK 19.58 to NOK 17.21, citing updated assumptions around discount rates, revenue growth, profit margins and future P/E, even as recent research such as Pareto's upgrade reflects a more constructive view on the shares. Analyst Commentary Bullish Takeaways Bullish analysts see the recent upgrade as a signal that the current share price does not fully reflect their updated assumptions on future earnings and P/E, even after trimming the price target to NOK 17.21.
Narrative Update • Apr 14
NAS: Dividend Proposal And Traffic Trends Will Likely Limit Further Upside
Analysts have trimmed their fair value estimate for Norwegian Air Shuttle from NOK 17.00 to NOK 15.00. This reflects updated assumptions for a slightly higher discount rate, modestly higher revenue growth, a lower profit margin and a small adjustment to the future P/E multiple.
Narrative Update • Mar 31
NAS: Dividend Proposal And Load Factors Will Support Future Re Rating
Analysts have adjusted their fair value estimate for Norwegian Air Shuttle to NOK 22 from NOK 20, reflecting updated assumptions on the discount rate, revenue growth, profit margin and future P/E. Street research now includes a Hold rating with an NOK 18 price target.Narrative Update • Mar 17
NAS: Dividend Proposal And Solid Load Factors Will Support Future Upside
Analysts have adjusted their fair value estimate for Norwegian Air Shuttle to NOK 20.00 from NOK 19.00, reflecting updated assumptions on the discount rate, revenue growth, profit margins and future P/E following recent Street research, which includes a Hold rating with an NOK 18.00 price target. Analyst Commentary Recent research points to a more balanced stance on Norwegian Air Shuttle, with the current fair value estimate of NOK 20.00 sitting above the NOK 18.00 price target cited in Street research.Narrative Update • Mar 03
NAS: Fair Value And Dividend Outlook Will Likely Restrain Further Optimism
Narrative Update Analysts have raised their price target on Norwegian Air Shuttle from NOK 13.49 to NOK 17.00, citing updated assumptions for fair value, discount rate, revenue growth, profit margin and future P/E, along with a recent NOK 18 target and a downgrade to Hold from Danske Bank. Analyst Commentary Bearish analysts have turned more cautious on Norwegian Air Shuttle, shifting to a Hold stance with a price target of NOK 18.
Narrative Update • Feb 17
Q4 2025 Performance &
1. Operating Result (EBIT) • Norwegian reported an operating profit (EBIT) of NOK 21 million in Q4 2025, a turnaround from a loss in the same quarter last year and consistent with internal improvement.Narrative Update • Feb 17
NAS: Dividend Outlook And Hold Rating Will Support Future Cash Flow Upside
Analysts have lifted their price target on Norwegian Air Shuttle from NOK 18.00 to about NOK 19.60, citing updated assumptions for fair value, discount rate, revenue growth, profit margin and future P/E, even as one firm shifted its rating to Hold. Analyst Commentary Recent research points to a more balanced stance on Norwegian Air Shuttle, with analysts updating their valuation work while also tempering their overall rating.Narrative Update • Feb 08
Aviation and tourism are no longer affected.
why ！ $NAS.OL (Norwegian Air Shuttle) Norwegian In recent years, the aviation and tourism industries have become less sensitive to geopolitical risks than in the past. While war may still affect demand on specific routes and in certain regions, overall tourism demand is structurally diversified.Narrative Update • Feb 03
NAS: Hold Downgrade And Buybacks Will Support Future Cash Flow Upside
Analysts have trimmed their price target on Norwegian Air Shuttle to NOK 18 from about NOK 18.63, reflecting updated views on discount rates, revenue growth expectations, profit margins, and future P/E assumptions that align with the recent downgrade to Hold. Analyst Commentary Recent research suggests that the updated NOK 18 price target and Hold rating reflect a more balanced view of Norwegian Air Shuttle, with analysts weighing both potential upside and key execution risks.Analysis Article • Jan 29
Is Now The Time To Put Norwegian Air Shuttle (OB:NAS) On Your Watchlist?
It's common for many investors, especially those who are inexperienced, to buy shares in companies with a good story...Narrative Update • Jan 22
Norwegian Air Shuttle's revenue will grow by 73.56% and profitability will soar
has initiated a buy-back program for up to 3,000,000 of its own shares, as part of its share savings plan and long-term incentive program for executive management. This move, facilitated by DNB Carnegie, is aimed at strengthening the company’s financial strategies and aligning management interests with shareholder value, potentially impacting its market positioning and stakeholder confidence.Narrative Update • Jan 19
NAS: Short Haul Leisure Focus Will Support Future Cash Flow Upside
Analysts have slightly lifted their price target on Norwegian Air Shuttle to NOK 18.63 from NOK 18.17, reflecting updated assumptions on discount rate, revenue growth, profit margins and future P/E, even as recent Street research includes a downgrade to Hold with an NOK 18 target. Analyst Commentary Recent research points to a more balanced stance on Norwegian Air Shuttle, with the latest move being a downgrade to Hold and a price target of NOK 18, broadly in line with the refreshed NOK 18.63 target.Analysis Article • Jan 08
There's No Escaping Norwegian Air Shuttle ASA's (OB:NAS) Muted Earnings
When close to half the companies in Norway have price-to-earnings ratios (or "P/E's") above 15x, you may consider...Narrative Update • Jan 05
NAS: Short Haul Leisure Focus And Balanced Risks Will Shape September Results
Analysts have raised their price target for Norwegian Air Shuttle from NOK 17.00 to NOK 17.75, reflecting updated assumptions on discount rates, revenue growth, profit margins and future P/E, along with a current preference for short haul and leisure exposure within European airlines. Analyst Commentary Bullish Takeaways Bullish analysts see the NOK 17.75 price target as aligned with updated assumptions on revenue, margins and future P/E, suggesting the current valuation reflects more constructive expectations for the business model.Narrative Update • Dec 21
NAS: Leisure Demand Resilience Will Likely Prove Insufficient To Justify Current Optimism
Analysts have modestly raised their fair value estimate for Norwegian Air Shuttle from NOK 13.00 to about NOK 13.49, reflecting improved confidence in the carrier's short haul and leisure focused strategy, despite more tempered expectations for revenue growth and profit margins. Analyst Commentary Recent research updates highlight a more constructive stance on Norwegian Air Shuttle, with some institutions lifting their ratings and price targets in recognition of the airline's disciplined capacity management and focus on profitable short haul and leisure routes.Narrative Update • Dec 07
NAS: Short Haul Leisure Demand Will Support September Results Amid Balanced Risk Profile
Analysts have nudged their price target on Norwegian Air Shuttle higher, from NOK 17.00 to NOK 17.75. They cite a stronger preference for short haul and leisure focused European airlines, as well as modest improvements in profitability expectations.Narrative Update • Nov 23
NAS: Preference For Short Haul And Leisure Will Support Strong September Results
Norwegian Air Shuttle's price target was raised by analysts from NOK 17 to NOK 17.75. This reflects improved sentiment around the airline's strong positioning in short haul and leisure travel heading into the September quarter results.Narrative Update • Nov 06
NAS: Short Haul And Leisure Focus Will Drive Performance Into September Results
Narrative Update on Norwegian Air Shuttle The analyst price target for Norwegian Air Shuttle has increased from NOK 17.00 to NOK 17.75. This change reflects analysts' preference for short haul and leisure segment performance among European airlines ahead of the September quarter results.Analysis Article • Oct 30
Shareholders Will Be Pleased With The Quality of Norwegian Air Shuttle's (OB:NAS) Earnings
Investors were underwhelmed by the solid earnings posted by Norwegian Air Shuttle ASA ( OB:NAS ) recently. We did some...Narrative Update • Oct 23
Analysts Boost Norwegian Air Shuttle Price Target Citing Strong Short Haul and Leisure Outlook
Analysts have raised their price target for Norwegian Air Shuttle from NOK 17.30 to NOK 18.17. They cite a more favorable outlook for short haul and leisure travel segments in the upcoming quarter.Analysis Article • Sep 12
Is There Now An Opportunity In Norwegian Air Shuttle ASA (OB:NAS)?
Norwegian Air Shuttle ASA ( OB:NAS ), is not the largest company out there, but it led the OB gainers with a relatively...Analysis Article • Aug 26
Norwegian Air Shuttle (OB:NAS) Has A Somewhat Strained Balance Sheet
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...Analysis Article • Jul 16
Earnings Update: Here's Why Analysts Just Lifted Their Norwegian Air Shuttle ASA (OB:NAS) Price Target To kr16.32
Shareholders will be ecstatic, with their stake up 20% over the past week following Norwegian Air Shuttle ASA 's...Analysis Article • Jun 27
Investors Continue Waiting On Sidelines For Norwegian Air Shuttle ASA (OB:NAS)
It's not a stretch to say that Norwegian Air Shuttle ASA's ( OB:NAS ) price-to-earnings (or "P/E") ratio of 10.6x right...Analysis Article • May 08
This Is Why Norwegian Air Shuttle ASA's (OB:NAS) CEO Can Expect A Bump Up In Their Pay Packet
Key Insights Norwegian Air Shuttle will host its Annual General Meeting on 14th of May Salary of kr5.94m is part of CEO...Analysis Article • Mar 13
Is Now An Opportune Moment To Examine Norwegian Air Shuttle ASA (OB:NAS)?
Norwegian Air Shuttle ASA ( OB:NAS ), is not the largest company out there, but it received a lot of attention from a...Analysis Article • Feb 10
Here's Why Norwegian Air Shuttle (OB:NAS) Can Manage Its Debt Responsibly
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...
New Narrative • Feb 06
Wideroe Integration Will Improve Operational Efficiency And Market Reach
Acquisition of Wideroe is expected to enhance operational efficiencies and market reach, positively impacting net margins and revenue.Analysis Article • Jan 14
Norwegian Air Shuttle ASA's (OB:NAS) Earnings Are Not Doing Enough For Some Investors
Norwegian Air Shuttle ASA's ( OB:NAS ) price-to-earnings (or "P/E") ratio of 6x might make it look like a buy right now...Analysis Article • Dec 03
Returns On Capital Are Showing Encouraging Signs At Norwegian Air Shuttle (OB:NAS)
If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an...Analysis Article • Nov 02
Norwegian Air Shuttle (OB:NAS) Is Posting Promising Earnings But The Good News Doesn’t Stop There
Despite posting healthy earnings, Norwegian Air Shuttle ASA's ( OB:NAS ) stock has been quite weak. Our analysis...Analysis Article • Oct 24
An Intrinsic Calculation For Norwegian Air Shuttle ASA (OB:NAS) Suggests It's 50% Undervalued
Key Insights The projected fair value for Norwegian Air Shuttle is kr22.59 based on 2 Stage Free Cash Flow to Equity...Analysis Article • Sep 11
Does Norwegian Air Shuttle (OB:NAS) Have A Healthy Balance Sheet?
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...Analysis Article • Aug 01
Is Now An Opportune Moment To Examine Norwegian Air Shuttle ASA (OB:NAS)?
While Norwegian Air Shuttle ASA ( OB:NAS ) might not have the largest market cap around , it received a lot of...Analysis Article • Jul 05
Lacklustre Performance Is Driving Norwegian Air Shuttle ASA's (OB:NAS) 28% Price Drop
Unfortunately for some shareholders, the Norwegian Air Shuttle ASA ( OB:NAS ) share price has dived 28% in the last...Analysis Article • Jun 21
Should You Be Adding Norwegian Air Shuttle (OB:NAS) To Your Watchlist Today?
The excitement of investing in a company that can reverse its fortunes is a big draw for some speculators, so even...Analysis Article • May 30
Norwegian Air Shuttle (OB:NAS) Has A Pretty Healthy Balance Sheet
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it seems the smart money knows that...Analysis Article • May 01
Need To Know: Analysts Are Much More Bullish On Norwegian Air Shuttle ASA (OB:NAS) Revenues
Celebrations may be in order for Norwegian Air Shuttle ASA ( OB:NAS ) shareholders, with the analysts delivering a...Analysis Article • Mar 11
Is Now The Time To Look At Buying Norwegian Air Shuttle ASA (OB:NAS)?
Norwegian Air Shuttle ASA ( OB:NAS ), might not be a large cap stock, but it led the OB gainers with a relatively large...Analysis Article • Feb 07
Earnings Not Telling The Story For Norwegian Air Shuttle ASA (OB:NAS) After Shares Rise 25%
Norwegian Air Shuttle ASA ( OB:NAS ) shares have continued their recent momentum with a 25% gain in the last month...Analysis Article • Jan 28
Here's Why We Think Norwegian Air Shuttle (OB:NAS) Might Deserve Your Attention Today
Investors are often guided by the idea of discovering 'the next big thing', even if that means buying 'story stocks...Financial Position Analysis
Short Term Liabilities: NAS's short term assets (NOK14.5B) exceed its short term liabilities (NOK14.0B).
Long Term Liabilities: NAS's short term assets (NOK14.5B) do not cover its long term liabilities (NOK20.3B).
Debt to Equity History and Analysis
Debt Level: NAS has more cash than its total debt.
Reducing Debt: NAS had negative shareholder equity 5 years ago, but is now positive and has therefore improved.
Debt Coverage: NAS's debt is well covered by operating cash flow (134.1%).
Interest Coverage: NAS's interest payments on its debt are well covered by EBIT (5x coverage).
Balance Sheet
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Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/05/13 19:39 |
| End of Day Share Price | 2026/05/13 00:00 |
| Earnings | 2025/12/31 |
| 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.
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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
Norwegian Air Shuttle ASA is covered by 21 analysts. 6 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 |
| Andrew Lobbenberg | Barclays |
| Katherine Somerville | Berenberg |