Var Energi ASA VARRY

EnergyOil & GasNorway

Last close 12.00 USD on Nov 1, 2026, +96.8% year to date

Quant rating

Quant rating A+ Rank 1 of 113 in Energy

Growth B 44 of 113
Valuation A 12 of 113
Quality B 34 of 113
Revisions A 5 of 113
Momentum A 9 of 113

Wall Street consensus Hold (2.71)Average target 6.26 USD −47.8%

Historical valuation

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

Key data

Market cap: 16.0B
Enterprise value: 19.3B
52-week range: 6.03 – 12.75
3-year range: 5.01 – 12.75
Dividend yield: 8.93%
Beta (5 years): –
Shares outstanding: 2,496M
Next earnings: Feb 9, 2027

About the company

Var Energi ASA is a Norway-based pure play upstream oil and gas company. It operates four fields on the Norwegian continental shelf (NCS), located in the Barents Sea, the Norwegian Sea and the North Sea. The Company’s aim is exploration, development and production of hydrocarbons. Var Energi is engaged in large-scale national projects aiming to develop and demonstrate greenhouse gas (GHG) emission reduction capabilities The Company holds ownership interests in more than 30 partner-operated fields.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	8,096	7,407	6,834	9,816	6,070	–
Revenue growth	9.3%	8.4%	−30.4%	61.7%	109.8%	22.8%
EPS (basic, normalized)	0.32	0.11	0.24	0.38	–	–
EPS growth	186.4%	−54.2%	−36.8%	–	–	–
Gross margin	84.0%	81.1%	83.4%	88.4%	81.2%	83.6%
Net margin	9.7%	4.2%	8.9%	9.5%	10.8%	8.6%
ROE	121.6%	25.2%	37.6%	62.8%	39.0%	57.2%

Balance sheet, last quarter
Cash & short-term investments (mil)	4,751
Current ratio	1.31x
Long-term debt (mil)	7,818
Net debt (mil)	3,323
Total equity (mil)	1,910
Net debt / equity	1.74x
Net debt / EBITDA	0.48x

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	8,096	+9.3%	2.4x	6,895	+15.6%	2.8x	0.32	+186.4%	38.1x
2026	13,579	+67.7%	1.4x	11,401	+65.4%	1.7x	0.78	+148.3%	15.3x
2027	12,719	−6.3%	1.5x	10,678	−6.3%	1.8x	0.61	−21.5%	19.5x
2028	10,603	−16.6%	1.8x	8,531	−20.1%	2.3x	0.44	−29.0%	27.5x

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	13,579	+5.3%	+10.2%	+13.2%	0.78	+3.5%	+10.3%	+27.8%
2027	12,719	+13.3%	+21.7%	+25.2%	0.61	+22.8%	+36.9%	+40.8%
2028	10,603	+7.1%	+10.0%	+13.0%	0.44	+11.3%	+10.9%	+11.8%

Earnings surprises EPS beat in 2 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)	1,949	1,940	1,871	1,683	1,833	1,849	2,140	2,235	2,667	3,719
Sales mean (mil)	1,947	2,038	1,936	1,787	1,945	1,917	2,199	2,250	2,633	3,756
Surprise	+0.1%	−4.8%	−3.4%	−5.8%	−5.7%	−3.6%	−2.6%	−0.7%	+1.3%	−1.0%
EPS reported	0.04	0.08	0.07	−0.08	0.18	0.08	0.05	0.01	0.14	0.33
EPS mean	0.06	0.10	0.08	0.02	0.13	0.12	0.07	0.06	0.12	0.21
Surprise	−37.5%	−18.2%	−13.8%	−450.0%	+36.4%	−31.2%	−32.8%	−83.2%	+13.6%	+58.1%

Peer comparison Oil & Gas

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
VARRY Var Energi ASA	16.0B	0.48x	9.7%	8.36x	15.3x	19.5x	1.7x	1.8x
VNOM Viper Energy Inc	17.1B	5.26x	−4.9%	3.37x	16.6x	17.4x	10.3x	10.4x
WCP Whitecap Resources Inc	17.1B	0.74x	19.0%	2.06x	12.7x	11.5x	5.0x	5.1x
WCRIY Whitecap Resources Inc	17.1B	0.72x	19.0%	2.06x	12.5x	11.3x	5.0x	5.1x
GLPEY Galp Energia SGPS SA	15.8B	1.05x	5.6%	3.21x	3.9x	4.7x	3.5x	4.0x
ARXCY ARC Resources Ltd.	13.9B	0.34x	20.9%	–	–	–	–	–
Mean		1.43x	11.6%	3.81x	12.2x	12.9x	5.1x	5.3x
Median		0.73x	14.4%	3.21x	12.7x	11.5x	5.0x	5.1x

Technical analysis

1M+9.1%
3M+23.3%
1Y+103.0%
3Y+157.4%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Var Energi ASA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	8,096	7,407	6,834	9,816	6,070	2,894
Cost of revenue	1,295	1,403	1,138	1,143	1,141	1,057
Gross profit	6,801	6,004	5,697	8,673	4,929	1,837
Selling, general & administrative expenses	39.2	35.3	28.8	26.3	26.5	20.2
Research & development	291	231	121	104	89.3	82.4
Depreciation/amortization	2,710	1,916	1,423	1,448	1,705	1,707
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	−547	−22.3	511	647	−1.2	2,197
Other operating expenses	123	53.5	96.2	79.9	51.8	83.5
Operating income	4,185	3,790	3,517	6,369	3,059	−2,253
Net interest income (expense)	280	−347	−51.0	−405	−245	153
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−158	−131	−109	−108	−167	−104
Net income before taxes	4,306	3,313	3,357	5,856	2,647	−2,204
Provision for taxes	3,460	2,986	2,747	4,919	1,992	−577
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	846	327	610	936	654	−1,627
Extraordinary items	–	–	–	–	–	–
Net income	846	327	610	936	654	−1,627
EBIT, normalized	3,638	3,768	4,028	7,016	3,057	−56.2
EBITDA, normalized	6,348	5,684	5,450	8,464	4,762	1,651
Basic EPS, normalized	0.32	0.11	0.24	0.38	–	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Var Energi ASA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	684	267	725	435	9.5	263
Receivables	688	713	608	964	939	906
Total inventory	336	241	252	266	301	283
Prepaid expenses	39.8	16.8	53.4	30.7	8.3	24.4
Other current assets	16.1	29.5	21.2	24.7	214	9.5
Total current assets	1,764	1,267	1,659	1,720	1,473	1,486
Property, plant & equipment	20,216	16,935	15,311	14,738	15,487	15,728
Goodwill	3,358	2,988	1,958	2,020	2,532	2,821
Intangibles	769	647	360	319	305	221
Long-term investments	1.1	0.7	0.7	0.8	0.9	0.9
Note receivable	–	–	–	–	–	–
Other long-term assets	37.3	30.8	0.7	0.5	1.8	2.7
Total assets	26,145	21,868	19,289	18,797	19,799	20,260
Liabilities
Accounts payable	478	356	329	369	422	253
Payable/accrued	–	–	–	–	–	–
Accrued expenses	149	102	29.5	50.7	–	–
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	133	70.4	99.3	599	442	41.1
Other current liabilities	2,150	1,368	1,666	2,291	1,416	644
Total current liabilities	2,911	1,897	2,124	3,309	2,280	938
Long-term debt	5,957	5,224	3,164	2,566	4,710	5,707
Minority interest	–	–	–	–	–	–
Other liabilities	16,717	13,915	12,233	11,441	11,306	11,760
Total liabilities	25,585	21,036	17,521	17,316	18,296	18,405
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	46.0	46.0	46.0	46.0	46.0	46.0
Additional paid-in capital	0	0	758	1,868	2,643	3,593
Retained earnings (accumulated deficit)	–	–	–	–	–	–
Treasury stock	–	–	–	–	–	–
Other equity	514	787	964	−433	−1,186	−1,784
Total equity	560	833	1,768	1,482	1,503	1,855
Total liabilities & shareholders' equity	26,145	21,868	19,289	18,797	19,799	20,260

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Var Energi ASA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	4,306	3,313	3,357	5,856	2,647	−2,204
Depreciation, depletion & amortization	2,710	1,916	1,423	1,448	1,705	1,707
Deferred taxes	–	–	–	–	–	–
Non-cash items	−694	499	731	1,195	497	2,323
Changes in working capital	−1,715	−2,320	−2,091	−2,817	−269	−82.0
Cash from operations	4,607	3,408	3,420	5,682	4,580	1,744
Investing activities
Capital expenditures	−2,936	−2,941	−2,682	−2,663	−2,655	−1,914
Other investing cash flows	−182	−1,303	13.6	0.3	22.2	−33.5
Cash from investing	−3,118	−4,244	−2,668	−2,663	−2,633	−1,947
Financing activities
Financing cash flow items	−430	−359	−215	−161	−1,092	−450
Cash dividends paid	−1,170	−1,080	−1,110	−775	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	479	1,887	865	−1,967	−885	723
Cash from financing	−1,121	448	−459	−2,903	−1,976	273
Foreign exchange effects	52.6	−68.1	−2.5	106	−19.4	−1.7
Net change in cash	421	−456	290	221	−48.8	68.4
Free cash flow	1,671	467	739	3,018	1,925	−170

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.