Tomra Systems ASA TMRAY

IndustrialsMachinery, Tools, Heavy Vehicles, Trains & ShipsNorway

Last close 10.35 USD on Nov 1, 2026, −21.2% year to date

Quant rating

Quant rating D Rank 365 of 418 in Industrials

Growth D 341 of 418
Valuation D 372 of 418
Quality C 257 of 418
Revisions D 343 of 418
Momentum C 170 of 418

Historical valuation

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

Key data

Market cap: 3.1B
Enterprise value: 3.8B
52-week range: 9.08 – 14.18
3-year range: 7.74 – 16.80
Dividend yield: 2.24%
Beta (5 years): 1.67
Shares outstanding: 296M
Next earnings: –

About the company

Tomra Systems ASA is a Norway-based sustainable technology company. The Company provides technology-led solutions that enable the circular economy with advanced collection and sorting systems that optimize resource recovery and minimize waste in the food, recycling and mining industries. TOMRA Collection is a provider of reverse vending solutions. Every year TOMRA facilitates the collection of more than 40 billion empty cans and bottles and provides retailers and other customers with an effective and efficient way of collecting, sorting and processing these containers. TOMRA Food is a provider of optical sorting and processing technology for the fresh and processed food industry. TOMRA Recycling is engaged in the automation of waste sorting. TOMRA Mining provides a complete product portfolio for efficient material separation in various minerals and ore applications such as processing of industrial minerals, diamonds and gemstone recovery, and metal recovery from slag.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	1,548	1,395	1,421	1,293	1,221	–
Revenue growth	11.0%	−1.8%	9.9%	5.9%	7.6%	6.4%
EPS (basic, normalized)	–	–	–	–	–	–
EPS growth	–	–	–	–	–	–
Gross margin	63.1%	59.8%	59.7%	58.9%	60.1%	60.3%
Net margin	7.1%	7.0%	4.6%	8.4%	10.0%	7.4%
ROE	15.7%	15.7%	9.9%	16.9%	19.2%	15.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	75.9
Current ratio	1.54x
Long-term debt (mil)	686
Net debt (mil)	713
Total equity (mil)	686
Net debt / equity	1.04x
Net debt / EBITDA	–

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	1,548	+11.0%	2.4x	–	–	–	–	–	–

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	–	–	–	–	–	–	–	–
2027	–	–	–	–	–	–	–	–
2028	–	–	–	–	–	–	–	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Machinery, Tools, Heavy Vehicles, Trains & Ships

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
TMRAY Tomra Systems ASA	3.1B	–	7.1%	4.53x	–	–	–	–
SYM Symbotic Inc.	22.9B	−8.96x	−0.8%	6.90x	70.4x	53.3x	64.1x	44.1x
NDSN Nordson Corporation	18.0B	1.82x	17.4%	5.50x	27.0x	24.9x	20.1x	18.9x
RBC RBC Bearings Incorporated	14.6B	1.14x	15.4%	4.23x	31.2x	27.9x	22.0x	19.8x
GGG Graco Inc.	10.8B	−0.01x	23.3%	4.38x	20.8x	19.7x	14.5x	13.8x
WTS Watts Water Technologies, Inc.	11.6B	−0.45x	14.0%	5.30x	27.0x	24.8x	17.8x	16.3x
Mean		−1.29x	12.7%	5.14x	35.3x	30.1x	27.7x	22.6x
Median		−0.01x	14.7%	4.91x	27.0x	24.9x	20.1x	18.9x

Technical analysis

1M+7.4%
3M+0.1%
1Y−15.9%
3Y+42.2%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Tomra Systems ASA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	1,548	1,395	1,421	1,293	1,221	1,134
Cost of revenue	572	561	573	532	487	432
Gross profit	976	834	848	761	734	702
Selling, general & administrative expenses	543	448	483	408	378	372
Research & development	–	–	–	–	–	–
Depreciation/amortization	134	102	105	96.6	95.3	98.2
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	−2.5	2.5	5.1	4.5	−0.1	5.5
Other operating expenses	128	119	143	98.3	87.5	77.6
Operating income	174	162	111	154	174	148
Net interest income (expense)	−17.3	−22.8	−15.0	−2.8	−1.3	−24.7
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−4.0	−3.5	−2.9	−2.3	−1.9	−1.5
Net income before taxes	153	136	93.5	149	170	122
Provision for taxes	37.0	32.8	22.7	35.4	43.8	31.1
Minority interest	−6.3	−5.8	−5.1	−4.1	−4.6	−2.6
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	109	97.1	65.7	109	122	88.4
Extraordinary items	–	–	–	–	–	–
Net income	109	97.1	65.7	109	122	88.4
EBIT, normalized	169	165	116	158	174	154
EBITDA, normalized	303	267	216	255	269	252
Basic EPS, normalized	–	–	–	–	–	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Tomra Systems ASA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	97.6	121	115	75.5	70.9	61.1
Receivables	490	407	413	363	308	274
Total inventory	299	233	262	242	214	174
Prepaid expenses	–	–	–	–	–	–
Other current assets	5.1	6.9	0	1.2	4.2	5.0
Total current assets	892	769	789	682	597	514
Property, plant & equipment	460	367	316	273	250	276
Goodwill	433	354	–	318	337	354
Intangibles	144	105	395	68.4	65.7	64.3
Long-term investments	28.3	21.3	68.4	7.8	3.5	7.7
Note receivable	58.1	44.9	–	37.9	35.8	33.4
Other long-term assets	72.8	58.7	53.0	35.4	27.5	30.4
Total assets	2,088	1,720	1,621	1,422	1,316	1,280
Liabilities
Accounts payable	88.1	63.6	80.6	67.0	73.1	64.4
Payable/accrued	–	–	–	–	–	–
Accrued expenses	191	145	–	118	114	33.6
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	60.5	91.6	76.1	29.3	75.7	30.4
Other current liabilities	203	244	373	146	133	177
Total current liabilities	543	544	530	360	396	306
Long-term debt	736	448	406	325	154	263
Minority interest	42.4	34.2	26.5	19.6	19.5	19.0
Other liabilities	81.9	68.2	6.6	66.7	66.7	58.9
Total liabilities	1,403	1,095	969	771	635	647
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	30.3	26.8	221	15.1	16.8	17.3
Additional paid-in capital	204	180	–	93.7	104	107
Retained earnings (accumulated deficit)	500	427	455	443	490	429
Treasury stock	0	−0.1	–	0	0	0
Other equity	−48.9	−9.6	−23.2	99.6	69.9	79.7
Total equity	686	625	652	651	680	633
Total liabilities & shareholders' equity	2,088	1,720	1,621	1,422	1,316	1,280

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Tomra Systems ASA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	153	136	93.5	149	170	122
Depreciation, depletion & amortization	134	102	99.3	96.6	95.3	98.2
Deferred taxes	–	–	–	–	–	–
Non-cash items	−7.2	5.1	2.1	−5.1	8.6	−19.7
Changes in working capital	−79.0	0.5	−43.9	−118	−75.3	−5.5
Cash from operations	201	244	151	122	199	195
Investing activities
Capital expenditures	−154	−122	−103	−88.2	−66.3	−69.6
Other investing cash flows	−48.7	−55.8	−7.6	7.7	17.8	8.7
Cash from investing	−203	−178	−110	−80.5	−48.5	−60.9
Financing activities
Financing cash flow items	−23.3	−20.5	−20.3	−14.7	−12.1	−14.1
Cash dividends paid	−64.4	−51.6	−50.1	−94.1	−49.6	−46.3
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	62.1	22.4	67.4	87.8	−79.4	−65.6
Cash from financing	−25.5	−49.7	−3.0	−21.0	−141	−126
Foreign exchange effects	−13.9	3.9	−1.9	−7.9	1.7	–
Net change in cash	−41.8	19.8	36.0	12.5	11.1	8.3
Free cash flow	46.3	121	48.4	33.8	133	126

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.