Aker ASA (AKER) fair value: what the stock is really worth
As of Oct 22, 2026: fair value (intrinsic value) of Aker ASA stock NOK 972, price NOK 1,152, upside -15.6%, quality 56 out of 100. Rating: overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 22, 2026.
How to read this chart
60‑month range kr 454.62 – kr 1,624 · fair‑value band kr 383.23 – kr 2,167 · the kr 1,152 price screens above the kr 971.97 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Oct 22, 2026.
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Aker ASA operates as an industrial investment company in Norway, Europa, North America, South America, and internationally. The company operates in two segments: Listed Equity Investments and Unlisted Equity Investments.
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It is involved in exploration and production of oil and gas; provision of offshore supply vessels to global offshore energy markets.
In addition, the company develops and supplies krill-based products, and health and nutrition products; long-term property development and management; industrial software, artificial intelligence (AI) solutions and infrastructure, that improve efficiency and decision-making across capital-intensive industries; oil and gas production and energy services; renewable energy sector; and harvesting and processing of marine biomass for human, and animal nutrition.
Further, it offers subscriptions to access the software-as-a-service (SaaS) applications. Additionally, the company engages in real estate activities. The company was founded in 1841 and is based in Lysaker, Norway. Aker ASA operates as a subsidiary of TRG Holding AS.
Stock analysis
Aker ASA (AKER) currently trades at kr 1,152, while our model-based Fair Value estimate is kr 971.97, 15.6% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Dividend Discount group reads highest at a median of kr 1,355 per share, and 5 of the 13 models we run sit above the kr 1,152 price.
Bear case: the Growth DCF group reads lowest at kr 396.22, and 8 of the 13 models stay below the price. Data coverage for this calculation is high.
Scenario range: kr 383.23 (bear) to kr 2,167 (bull), the price of kr 1,152 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 56/100 (solid quality), in the Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Aker ASA reported revenue of 18.4B NOK in FY2025 versus 5.7B NOK in FY2021, a compound +34.1%/yr. Reported net income was 3.9B NOK in FY2025, compounding −1.9%/yr from FY2021.
Key figures
Market cap 85.6B NOK (≈ $9.1B) Mid · P/E ratio 3.0 · P/S ratio 3.08 · EPS (TTM) kr 378.91 · Dividend yield 4.6% · Net margin 69.3% · Return on equity 45.1% · Return on assets (EBIT) −0.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 80 out of 100 (low confidence).
What moves the price
The share trades about 29% below its 52-week high and 64% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 6% fair-value upside, at −16%, AKER screens richer than that median.
Fair Value models
Bearkr 383.23Fair Value kr 971.97Bullkr 2,167
Price kr 1,152 · Upside -15.6%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (kr 263.41 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.86/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+50.3%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+23.9%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+37.7%
Start year 2020 (pandemic). Over 10 years: −12.6% a year
Revenue growth 21 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−3.6%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis.
+19.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+14.8%
Dividend (yield on the price)4.6%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.6.8% vs −12.2%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−26% → 19%
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Revenue per share shrinking 16.2%/yr over ~10Y (margins eroding too) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+32.9%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Norway: IMF forecast 2.4% a year to 2030, 3.3% from 2016 to 2025) that is about +29.8% a year for the price.
AI conclusion: The main strength is the sharpened portfolio with fewer larger holdings after the merger while the main weak point is thin operational evidence and mixed profitability signals.
Main risk: The shift to a less transparent private structure after the merger risks limiting external oversight on marine biotech holdings and their value creation.
Aker has now completed the merger that takes Aker BioMarine fully private and folds it into the group. This sharpens the portfolio around fewer, larger holdings and removes one listed exposure. Does the move give management more room to build long-term value in marine biotech, or does it simply concentrate risk in a less transparent structure?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Conglomerates · 355 stocks
Beats the industry median on 9/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score56 · Above median
Fair Value upside−18.9% · Below median
Profitability
Return on equity (12 months)45.1% · Top 25%
Return on assets5.5% · Top 25%
Net margin (12 months)96.6% · Top 25%
Operating margin (12 months)81.8% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)360.5% · Top 25%
Dividend yield (12 months)4.6% · Top 25%
Balance sheet
Debt / equity0.83× · Highest 25%
Valuation Multiplesvs Conglomerates median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Aker ASA Fair Value". https://www.fairvalue-calculator.com/stock/AKER
Frequently asked questions
Is Aker ASA (AKER) overvalued or undervalued?
As of Oct 22, 2026, our model estimates a fair value of kr 971.97 versus a price of kr 1,152, about −16% upside (overvalued).
What is the fair value of AKER?
Our model-based fair value for Aker ASA is kr 971.97 (as of Oct 22, 2026), built from audited fundamentals. The current price: kr 1,152.
What is the quality score of AKER?
Aker ASA has a Quality Score of 56/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Aker ASA (AKER)?
Our model-based price target is the fair value of kr 971.97 (as of Oct 22, 2026) from 13 valuation models. Cautious scenario kr 383.23, optimistic scenario kr 2,167. It is a calculation from audited fundamentals, not an analyst target.
What is the Aker ASA stock forecast for 2026?
Our models put fair value at kr 971.97, about −16% upside versus a price of kr 1,152 (overvalued). Cautious scenario kr 383.23, optimistic scenario kr 2,167. The calculation is refreshed regularly with new filings.
What is the revenue of Aker ASA (AKER)?
Aker ASA reported trailing-twelve-month revenue of about 40.3B NOK (latest available figure, as of Oct 22, 2026).
Does Aker ASA pay a dividend?
Aker ASA currently shows a dividend yield of 4.60% relative to its recent price (as of Oct 22, 2026).
What growth is priced into Aker ASA (AKER)?
For today's price to be fair in a discounted-cash-flow model, Aker ASA would have to grow free cash flow by +32.9 % per year for five years (discount rate 8.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +37.7 % per year. As of Oct 22, 2026.
What discount rate (WACC) does the fair value of AKER use?
Our models discount Aker ASA at 8.3 %: a base by market capitalisation (mid), damped by beta 0.37, country premium for Norway. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Aker ASA that is +32.9 % per year a year over ten years, using the same discount rate (8.3 %) and the same formula as our fair value.
How much growth has Aker ASA (AKER) delivered so far?
Over the past 5 years revenue at Aker ASA grew +37.7 % a year. The price currently implies +32.9 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Aker ASA (AKER) growing?
The median revenue growth in the sector is +9.2 % a year. That is the yardstick for the growth priced into Aker ASA (+32.9 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Aker ASA (AKER)?
The free-cash-flow yield on the price is 1.69 %: that much free cash flow Aker ASA produces per unit of market value. When it exceeds the discount rate of our models (8.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Aker ASA (AKER)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Aker ASA it is kr 971.97 per share (as of Oct 22, 2026), against a price of kr 1,152. It is the blended result of 13 valuation models (cash flow, earnings, asset, dividend).
Is Aker ASA stock overvalued or undervalued in 2026?
As of Oct 22, 2026, AKER trades above its calculated fair value: price kr 1,152, fair value kr 971.97, a gap of about −16% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of AKER?
No. The price is what the market pays today (kr 1,152); the fair value is what the company's own numbers justify (kr 971.97). For Aker ASA the two are kr 180.03 per share apart. That gap is exactly why we show both numbers side by side.
How much is Aker ASA worth?
The market values Aker ASA at about 85.6B NOK (market capitalisation, as of Oct 22, 2026). Per share that is kr 1,152; our models calculate a fair value of kr 971.97 per share.
What do the bullish and bearish scenarios say about AKER?
Our models span a range for Aker ASA: cautious scenario kr 383.23, base kr 971.97, optimistic kr 2,167 per share (as of Oct 22, 2026, price kr 1,152). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of AKER?
Aker ASA trades at a price-to-earnings ratio of 3.0 (as of Oct 22, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 971.97 is built from several models across several years. Other multiples: PEG 1.9, P/B 1.9, P/S 3.1, EV/EBITDA 6.0.
What is the PEG ratio of AKER?
The PEG ratio of Aker ASA is 1.88 (P/E divided by earnings growth, as of Oct 22, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Aker ASA (AKER)?
Balance-sheet figures for Aker ASA (as of Oct 22, 2026): return on equity 45.1%, debt of 0.83 per unit of equity. They feed the Quality Score of 56/100, which measures business quality independently of the share price.
How far is AKER from its 52-week high?
Aker ASA trades at kr 1,152, about 29% below its 52-week high of kr 1,624 and 64% above the low of kr 703.85 (as of Oct 22, 2026). Distance from the high says nothing about value: that is what the fair value of kr 971.97 is for.
Which stocks are comparable to Aker ASA?
From the same area (Industrials) we also value 3M Company, Honeywell International Inc, Swire Pacific Limited, SGH Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Aker ASA stock attractive at the current price?
The data as of Oct 22, 2026: price kr 1,152, calculated fair value kr 971.97 (−16%), Quality Score 56/100, from 13 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of AKER calculated?
We run Aker ASA through 13 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of kr 971.97, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.6 % above its aggregate fair value. Aker ASA itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Aker ASA (AKER)?
The closing price on Oct 22, 2026 was kr 1,152. Our model-based fair value is kr 971.97, about −16% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Aker ASA right now?
The model range is unusually wide (kr 383.23 to kr 2,167). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (56/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of Aker ASA
How large is the market capitalisation of Aker ASA (AKER)?
The market capitalisation of Aker ASA is 85.6B NOK (≈ $9.1B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Aker ASA (AKER)?
The price-to-sales ratio of Aker ASA is 3.08 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Aker ASA (AKER)?
Earnings per share at Aker ASA are kr 378.91 (price ÷ EPS = P/E 3.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Aker ASA (AKER)?
The dividend yield of Aker ASA is 4.6% (payout 14.0%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Aker ASA (AKER)?
The net margin of Aker ASA is 69.3% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Aker ASA (AKER)?
The return on equity (ROE) of Aker ASA is 45.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Aker ASA (AKER)?
On an EBIT basis the return on assets of Aker ASA is −0.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Aker ASA (AKER)?
The operating margin of Aker ASA is 81.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Aker ASA (AKER)?
Revenue at Aker ASA is growing +361% versus a year earlier (3y avg +23.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much net debt does Aker ASA (AKER) carry?
The net debt of Aker ASA is 38.7B NOK (fiscal year 2025, ≈ 26.8 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Oct 22, 2026