Norsk Hydro ASA NHYDY

MaterialsMetals & MiningNorway

Last close 7.16 USD on Nov 1, 2026, −5.3% year to date

Quant rating

Quant rating C Rank 120 of 220 in Materials

Growth B 72 of 220
Valuation A 25 of 220
Quality B 87 of 220
Revisions D 190 of 220
Momentum C 140 of 220

Wall Street consensus Strong Buy (1.00)Average target 9.64 USD +34.7%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 14.2B
Enterprise value: 16.4B
52-week range: 6.49 – 13.02
3-year range: 4.79 – 13.02
Dividend yield: 4.51%
Beta (5 years): 1.15
Shares outstanding: 1,978M
Next earnings: Feb 13, 2027

About the company

Norsk Hydro ASA is a Norway-based aluminium and energy company. The Company is present throughout the aluminium value chain, from energy to bauxite mining and alumina refining, primary aluminium, aluminium extrusions and aluminium recycling. Its reportable segments are the business areas: Hydro Bauxite & Alumina, activities includes bauxite mining activities, production of alumina and related commercial activities, primarily the sale of alumina; Hydro Aluminium Metal includes primary aluminium production and casting activities; Hydro Metal Markets includes all sales activities relating to products from our primary metal plants and operational responsibility for stand-alone recyclers as well as physical and financial metal trading activities; Hydro Extrusions delivers products within extrusion profiles, building systems and precision tubing; Hydro Energy includes operating and commercial responsibility for Hydro’s power stations in Norway, a trading and wholesale business in Brazil.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	20,676	17,917	19,104	21,225	16,993	–
Revenue growth	15.4%	−6.2%	−10.0%	24.9%	27.5%	9.2%
EPS (basic, normalized)	0.48	0.42	0.40	1.16	0.72	–
EPS growth	15.5%	3.7%	−65.2%	62.3%	–	–
Gross margin	36.0%	36.5%	36.2%	37.8%	40.6%	37.4%
Net margin	3.2%	2.8%	1.9%	11.6%	8.1%	5.5%
ROE	6.7%	5.7%	3.5%	25.9%	15.3%	11.4%

Balance sheet, last quarter
Cash & short-term investments (mil)	2,230
Current ratio	2.02x
Long-term debt (mil)	3,088
Net debt (mil)	2,208
Total equity (mil)	11,073
Net debt / equity	0.20x
Net debt / EBITDA	0.79x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	20,676	+15.4%	0.8x	2,784	+20.0%	5.9x	0.48	+15.5%	14.8x
2026	22,190	+7.3%	0.7x	3,730	+34.0%	4.4x	0.84	+73.6%	8.5x
2027	22,551	+1.6%	0.7x	3,803	+1.9%	4.3x	0.91	+8.3%	7.9x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	22,190	−0.7%	+2.1%	−6.4%	0.84	+6.3%	+9.1%	−24.3%
2027	22,551	−6.8%	−4.2%	−14.7%	0.91	−13.3%	−10.8%	−40.1%
2028	–	–	–	–	–	–	–	–

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	4,524	4,741	4,683	4,996	5,162	5,164	5,013	4,683	5,188	5,991
Sales mean (mil)	4,829	5,176	5,164	4,181	6,684	5,242	4,727	4,660	5,449	5,644
Surprise	−6.3%	−8.4%	−9.3%	+19.5%	−22.8%	−1.5%	+6.0%	+0.5%	−4.8%	+6.2%
EPS reported	0.09	0.09	0.14	0.10	0.15	0.16	0.10	0.07	0.21	0.23
EPS mean	0.09	0.14	0.14	0.23	0.20	0.08	0.08	0.03	0.12	0.17
Surprise	−2.2%	−35.7%	−0.7%	−56.1%	−26.5%	+103.8%	+26.2%	+130.0%	+77.5%	+37.6%

Peer comparison Metals & Mining

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
NHYDY Norsk Hydro ASA	14.2B	0.79x	3.2%	1.22x	8.5x	7.9x	4.4x	4.3x
SCCO Southern Copper Corp	149.9B	0.09x	32.3%	12.58x	22.2x	23.6x	13.3x	13.8x
NEM Newmont Corporation	110.8B	−0.23x	31.3%	3.12x	11.6x	10.7x	6.4x	6.1x
GMBXF Grupo Mexico SAB de CV	92.6B	0.36x	19.7%	3.52x	14.2x	13.9x	7.4x	7.4x
FCX Freeport-McMoRan Inc	87.5B	1.93x	8.5%	4.28x	19.4x	14.3x	8.4x	6.0x
AEM Agnico Eagle Mines Limited	83.5B	−0.41x	37.5%	2.82x	14.2x	14.0x	7.4x	7.1x
Mean		0.42x	22.1%	4.59x	15.0x	14.1x	7.9x	7.5x
Median		0.23x	25.5%	3.32x	14.2x	13.9x	7.4x	6.6x

Technical analysis

1M−17.4%
3M−18.5%
1Y+5.8%
3Y+47.6%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Norsk Hydro ASA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	20,676	17,917	19,104	21,225	16,993	13,324
Cost of revenue	13,234	11,381	12,189	13,206	10,088	8,038
Gross profit	7,442	6,536	6,915	8,019	6,905	5,285
Selling, general & administrative expenses	2,790	2,371	2,559	2,336	2,304	2,229
Research & development	181	86.2	77.6	66.9	58.1	59.5
Depreciation/amortization	1,027	891	927	877	911	976
Interest expense (income), operating	−12.0	45.4	−48.5	−136	−152	−26.0
Unusual expense (income)	63.7	−41.5	426	9.0	9.2	−410
Other operating expenses	1,961	1,733	2,028	1,731	1,744	1,366
Operating income	1,432	1,451	946	3,135	2,031	1,091
Net interest income (expense)	−52.7	−596	−280	176	80.7	−525
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−14.9	−74.4	−20.7	−7.2	−22.8	−5.6
Net income before taxes	1,364	780	646	3,304	2,089	560
Provision for taxes	539	336	369	815	507	107
Minority interest	−158	66.0	76.8	−26.8	−202	21.6
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	668	509	353	2,462	1,379	475
Extraordinary items	–	–	0	3.7	1.4	−260
Net income	668	509	353	2,466	1,381	215
EBIT, normalized	1,606	1,391	1,362	3,030	1,893	57.5
EBITDA, normalized	2,633	2,290	2,296	4,036	2,924	1,148
Basic EPS, normalized	0.48	0.42	0.40	1.16	0.72	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Norsk Hydro ASA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	2,739	1,665	2,796	3,583	3,786	2,588
Receivables	2,578	2,508	2,507	2,449	2,337	2,141
Total inventory	2,764	2,480	2,511	3,066	2,474	2,272
Prepaid expenses	–	–	–	–	–	–
Other current assets	19.6	0	81.4	0	0.1	0
Total current assets	8,100	6,654	7,895	9,098	8,597	7,001
Property, plant & equipment	7,768	6,857	7,398	6,396	6,200	7,490
Goodwill	380	361	370	567	556	586
Intangibles	381	382	463	380	435	505
Long-term investments	2,358	2,347	2,197	2,261	2,151	2,183
Note receivable	311	329	130	75.5	286	80.7
Other long-term assets	1,410	1,316	1,917	1,497	1,590	1,321
Total assets	20,708	18,245	20,371	20,274	19,816	19,166
Liabilities
Accounts payable	1,897	1,732	1,843	1,919	2,085	1,685
Payable/accrued	–	–	–	–	–	–
Accrued expenses	884	777	904	720	655	647
Short-term debt	10.2	0.9	94.2	20.1	65.2	185
Current portion of long-term debt	800	1,020	607	669	665	368
Other current liabilities	1,095	818	882	1,042	1,024	501
Total current liabilities	4,687	4,347	4,331	4,370	4,493	3,386
Long-term debt	2,826	2,037	2,859	2,657	2,497	2,892
Minority interest	721	527	652	545	490	369
Other liabilities	2,548	2,407	2,606	2,244	2,790	3,859
Total liabilities	10,782	9,318	10,447	9,816	10,270	10,507
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	216	194	221	232	258	265
Additional paid-in capital	2,917	2,580	2,889	2,982	3,311	3,393
Retained earnings (accumulated deficit)	5,956	5,257	6,007	7,182	6,826	6,065
Treasury stock	−43.7	−147	−136	−125	−66.3	−77.2
Other equity	881	1,043	943	187	−783	−987
Total equity	9,926	8,927	9,924	10,458	9,545	8,659
Total liabilities & shareholders' equity	20,708	18,245	20,371	20,274	19,816	19,166

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Norsk Hydro ASA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	826	443	277	2,492	1,583	194
Depreciation, depletion & amortization	1,141	895	1,363	911	940	1,067
Deferred taxes	80.2	−83.4	−103	112	−11.0	−128
Non-cash items	−280	469	295	100	−539	62.3
Changes in working capital	550	−386	343	−621	−346	293
Cash from operations	2,317	1,338	2,174	2,995	1,627	1,488
Investing activities
Capital expenditures	−1,151	−1,193	−1,346	−980	−684	−644
Other investing cash flows	−629	56.2	−703	−97.7	152	−242
Cash from investing	−1,780	−1,136	−2,048	−1,078	−532	−887
Financing activities
Financing cash flow items	−7.8	−0.4	825	−1.9	–	–
Cash dividends paid	−455	−441	−1,241	−1,447	−320	−306
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	93.1	−663	−246	97.1	−175	435
Cash from financing	−370	−1,105	−661	−1,352	−496	129
Foreign exchange effects	−64.3	61.5	23.7	138	0.6	−106
Net change in cash	103	−842	−512	702	600	624
Free cash flow	1,166	145	828	2,014	944	843

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.