Nel ASA NLLSY

IndustrialsRenewable EnergyNorway

Last close 6.50 USD on Nov 1, 2026, −4.1% year to date

Quant rating

Quant rating C Rank 222 of 418 in Industrials

Growth A 38 of 418
Valuation D 357 of 418
Quality C 195 of 418
Revisions A 62 of 418
Momentum D 331 of 418

Wall Street consensus Hold (3.42)Average target 0.25 USD −96.2%

Historical valuation

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

Key data

Market cap: 387M
Enterprise value: 293M
52-week range: 6.00 – 11.62
3-year range: 5.65 – 23.68
Dividend yield: –
Beta (5 years): 1.97
Shares outstanding: 1,838M
Next earnings: Feb 18, 2027

About the company

Nel ASA is a Norway-based hydrogen company that delivers solutions to produce, store and distribute hydrogen from renewable energy. The Company specializes in electrolyser technology for production of renewable hydrogen, and hydrogen fueling equipment for road-going vehicles. The Company's business activities are divided into two operation segments: Nel Hydrogen Fueling and Nel Hydrogen Electrolyser. The Nel Hydrogen Fueling segment is a manufacturer of hydrogen fueling stations for Fuel Cell Electric Vehicles. Nel’s H2Station manufacturing plant is located in Herning, Denmark. The Nel Hydrogen Electrolyser segment is a global supplier of hydrogen production equipment based on both alkaline and proton exchange membrane (PEM) water electrolysis technology. Nel Hydrogen Electrolyser has production facilities in Heroya, Norway, and in Wallingford, USA.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	95.7	122	133	93.4	85.5	–
Revenue growth	−21.7%	−8.2%	42.6%	9.2%	26.8%	7.3%
EPS (basic, normalized)	−0.07	−0.01	−0.05	−0.07	−0.13	–
EPS growth	–	–	–	–	–	–
Gross margin	58.4%	63.7%	47.0%	36.1%	26.7%	46.4%
Net margin	−131.4%	−18.5%	−41.9%	−128.0%	−207.6%	−105.5%
ROE	−28.4%	−4.6%	−9.7%	−22.3%	−29.8%	−19.0%

Balance sheet, last quarter
Cash & short-term investments (mil)	112
Current ratio	4.06x
Long-term debt (mil)	17.7
Net debt (mil)	−90.5
Total equity (mil)	358
Net debt / equity	−0.25x
Net debt / EBITDA	3.14x

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	95.7	−21.7%	3.1x	−28.8	−32.1%	−10.2x	−0.07	−444.7%	−88.5x
2026	76.0	−20.6%	3.9x	−45.1	−56.6%	−6.5x	−0.03	+54.9%	−196.5x
2027	130	+71.0%	2.3x	−23.1	+48.8%	−12.7x	−0.02	+33.8%	−296.9x
2028	164	+26.2%	1.8x	−13.9	+39.7%	−21.0x	−0.02	+23.5%	−388.1x

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	76.0	−4.8%	−20.5%	−15.5%	−0.03	+0.9%	−2.3%	−24.7%
2027	130	−9.2%	−16.8%	−13.7%	−0.02	+2.4%	+0.7%	−6.5%
2028	164	−7.4%	−19.1%	−15.8%	−0.02	+3.3%	+4.9%	+0.4%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Sales reported (mil)	403	391	450	175	215	349	361	152	182	138
Sales mean (mil)	434	408	454	250	207	228	287	230	187	204
Surprise	−7.1%	−4.2%	−0.7%	−30.0%	+3.9%	+53.3%	+25.8%	−34.1%	−2.7%	−32.1%
EPS reported	−0.07	−0.07	−0.04	−0.10	−0.07	−0.05	−0.47	−0.08	−0.10	−0.08
EPS mean	−0.06	−0.06	−0.05	−0.08	−0.07	−0.08	−0.06	−0.06	−0.07	−0.07
Surprise	−11.1%	−17.4%	+13.4%	−29.0%	+4.8%	+37.7%	−654.1%	−39.1%	−36.4%	−23.1%

Peer comparison Renewable Energy

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
NLLSY Nel ASA	387M	3.14x	−131.4%	1.04x	−196.5x	−296.9x	−6.5x	−12.7x
ARRY Array Technologies Inc	522M	4.76x	−8.7%	1.76x	4.6x	3.8x	6.4x	5.5x
LCFS Tidewater Renewables Ltd	520M	7.23x	1.4%	4.25x	15.9x	9.4x	6.7x	7.0x
JKS Jinko Holdings Limited	452M	24.16x	−6.8%	0.21x	−1.7x	39.3x	94.5x	8.7x
CRDE Cardinal Ethanol LLC	359M	–	13.9%	–	–	–	–	–
GEVO Gevo, Inc.	309M	7.15x	−21.1%	1.13x	−12.9x	−52.1x	7.5x	6.5x
Mean		9.29x	−25.4%	1.68x	−38.1x	−59.3x	21.7x	3.0x
Median		7.15x	−7.8%	1.13x	−1.7x	3.8x	6.7x	6.5x

Technical analysis

1M+1.6%
3M−15.3%
1Y−13.3%
3Y−63.1%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Nel ASA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	95.7	122	133	93.4	85.5	67.4
Cost of revenue	39.8	44.3	70.6	59.7	62.6	45.9
Gross profit	55.9	77.9	62.6	33.7	22.9	21.5
Selling, general & administrative expenses	58.4	58.5	56.1	70.8	60.8	45.0
Research & development	4.2	3.7	4.3	7.5	2.4	1.5
Depreciation/amortization	28.9	19.0	16.8	17.5	–	0
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	79.5	0	0.1	33.4	0.5	7.6
Other operating expenses	20.6	31.0	29.1	34.9	13.6	4.3
Operating income	−136	−34.3	−43.8	−131	−54.5	−36.9
Net interest income (expense)	5.7	10.8	−13.4	8.9	−125	190
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	1.1	0.3	0.5	0.5	0	2.6
Net income before taxes	−129	−23.2	−56.7	−121	−179	156
Provision for taxes	−3.1	−0.6	−0.8	−1.6	−1.9	−1.9
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−126	−22.7	−55.9	−120	−178	158
Extraordinary items	0	1.2	−28.5	–	–	–
Net income	−126	−21.5	−84.4	−120	−178	158
EBIT, normalized	−12.6	−34.3	−43.6	−66.9	−54.0	−28.1
EBITDA, normalized	16.3	−15.2	−21.5	−49.3	−42.3	−17.5
Basic EPS, normalized	−0.07	−0.01	−0.05	−0.07	−0.13	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Nel ASA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	161	164	333	329	313	277
Receivables	32.7	66.6	89.2	60.3	45.2	28.3
Total inventory	91.3	46.8	69.5	51.5	37.3	27.6
Prepaid expenses	10.4	20.3	21.2	15.0	6.3	2.2
Other current assets	1.2	2.6	18.0	52.3	69.0	201
Total current assets	297	300	531	508	471	536
Property, plant & equipment	118	146	129	80.2	70.8	44.1
Goodwill	6.1	36.2	37.0	37.3	69.9	72.2
Intangibles	52.0	54.3	63.1	58.1	60.1	55.0
Long-term investments	0	0	1.2	4.5	4.2	2.7
Note receivable	–	–	–	–	–	–
Other long-term assets	19.4	17.9	14.6	21.3	6.6	5.8
Total assets	493	555	775	709	682	715
Liabilities
Accounts payable	12.6	9.7	20.2	20.6	15.1	9.5
Payable/accrued	–	–	–	–	–	–
Accrued expenses	7.9	9.2	9.3	6.7	6.6	6.2
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	4.3	3.9	3.8	3.1	2.3	1.7
Other current liabilities	51.2	65.3	97.8	91.2	56.1	32.9
Total current liabilities	76.0	88.2	131	122	80.1	50.3
Long-term debt	18.9	19.0	21.9	19.7	15.5	12.5
Minority interest	–	–	–	–	–	–
Other liabilities	6.8	9.6	10.8	11.9	14.4	15.1
Total liabilities	102	117	164	153	110	77.9
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	36.6	29.4	33.0	31.9	33.2	32.8
Additional paid-in capital	787	669	855	725	635	509
Retained earnings (accumulated deficit)	−441	−279	−289	−212	−104	86.0
Treasury stock	0	0	0	0	0	0
Other equity	8.8	19.2	13.3	12.2	7.8	9.6
Total equity	391	438	612	556	572	637
Total liabilities & shareholders' equity	493	555	775	709	682	715

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Nel ASA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−129	−23.2	−86.1	−121	−191	145
Depreciation, depletion & amortization	108	19.0	22.3	50.9	12.2	19.0
Deferred taxes	–	–	–	–	–	–
Non-cash items	2.5	3.1	35.7	5.1	127	−189
Changes in working capital	−7.1	−20.2	−37.9	−5.4	1.1	−0.5
Cash from operations	−25.1	−21.3	−66.1	−70.5	−51.0	−25.2
Investing activities
Capital expenditures	−28.9	−59.9	−73.0	−28.5	−42.8	−27.1
Other investing cash flows	−1.5	8.7	9.2	−12.7	0.4	−7.3
Cash from investing	−30.4	−51.2	−63.8	−41.1	−42.4	−34.3
Financing activities
Financing cash flow items	−2.0	−56.5	−4.0	−3.5	−2.2	−8.5
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	32.2	−2.1	156	156	140	278
Cash from financing	30.1	−58.6	152	153	138	270
Foreign exchange effects	−0.3	0.1	0	1.5	−0.3	0.4
Net change in cash	−25.7	−131	22.2	42.4	44.3	211
Free cash flow	−54.0	−81.1	−139	−98.9	−93.9	−52.2

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.