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Norwegian construction, civil engineering, environmental remediation and property development contractor.
Norwegian construction, civil engineering, environmental remediation and property development contractor.
Wins work through competitive tenders, so earnings come from pricing bids well and executing projects on time; the order backlog shows work for the coming years. Environmental and demolition services, including offshore decommissioning, and property development diversify it away from pure building.
In one line: A Norwegian construction and environmental services contractor.
Moat: none (scale). Competitive-bid contracting business without significant pricing power.
Headquarters: Oslo, Norway · Founded: 1985 · Employees: 5,805
Size AF Gruppen (AFG.OL) is a Norway Industrials company (Engineering & Construction) with a market value of $2.42B, the 38th largest of 115 Norway companies the cockpit tracks. Shares closed at NOK 196.20 on 6 Nov 2026.
Performance Over six months the shares gained 13.3%, against -7.8% for the median peer and +2.7% for the Norway market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue grew 10.9% over the last twelve months (peer median +7.8%); the operating margin is 5.2% (peer median 5.8%).
Valuation It trades at 16.2× forward earnings against a peer median of 14.5× (9th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about -10% a year for seven years (Req g). Recent delivered growth is +3%, so the hurdle is -13 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 20.5 points above its cost of capital (5.9% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NOK 34.1B | NOK 31.9B | NOK 30.2B | NOK 30.2B | NOK 31.0B |
| Revenue growth | — | +5% | 0% | -3% | — |
| Gross profit | NOK 4.58B | NOK 4.02B | NOK 3.04B | NOK 2.82B | NOK 3.06B |
| EBITDA | NOK 2.53B | NOK 2.99B | NOK 2.08B | NOK 1.84B | NOK 2.05B |
| Net income | NOK 1.22B | NOK 1.09B | NOK 708M | NOK 403M | NOK 958M |
| Free cash flow | n/a | NOK 2.87B | NOK 2.00B | NOK 979M | NOK 1.48B |
| Capital expenditure | n/a | NOK 298M | NOK 255M | NOK 535M | NOK 291M |
| Total debt | NOK 1.60B | NOK 1.51B | NOK 1.31B | NOK 1.34B | NOK 1.41B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| AF Gruppen AFG.OL | $2.42B | +13% | +11% | 5% | 16.2× | -9.7% |
| Veidekke VEI.OL | $3.13B | +25% | +8% | 5% | 17.1× | -3.5% |
| NCC NCC-A.ST | $1.69B | -3% | -17% | 3% | 22.2× | -1.6% |
| Skanska SKA-B.ST | $12.1B | +16% | -6% | 4% | 17.1× | 8.3% |
| Peab PEAB-B.ST | $2.80B | +5% | +4% | 4% | 11.4× | 6.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | AFG.OL | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.8% | +0.6% | 7th highest of 21 |
| 6-month return | +13.3% | -7.8% | 4th highest of 21 |
| Distance from 52-week high | -3.8% | -26.6% | highest of 21 |
| Revenue growth (TTM) | +10.9% | +7.8% | 6th highest of 21 |
| Operating margin | 5.2% | 5.8% | 10th lowest of 21 |
| Forward P/E | 16.2× | 14.5× | 9th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | -9.7% | 3.9% | least demanding of 18 |
| Growth delivered (Del g) | +3.4% | +10.6% | 3rd lowest of 18 |
| Hurdle (Req g minus delivered) | -13.1 pp | -5.7 pp | 7th least demanding of 18 |
| ROIC minus cost of capital | +20.5 pp | +4.2 pp | 3rd highest of 20 |
| EV / EBITDA | 9.3× | 9.2× | 8th most expensive of 16 |
| Net debt / EBITDA | 0.1× | 0.2× | 10th least indebted of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| AF Gruppen AFG.OL | Norway | $2.42B | +13% | +11% | 5% | 16.2× | -9.7% | +3.4% |
| Arcplus 600629.SS | China | $2.43B | -17% | -25% | -3% | 38.4× | n/a | n/a |
| Webuild WBD.MI | Italy | $2.39B | -22% | +2% | -1% | 6.5× | -2.1% | +24.4% |
| Kalpataru Projects International KPIL.NS | India | $2.48B | +6% | +15% | 6% | 18.6× | 14.9% | +16.0% |
| Koninklijke Heijmans HEIJM.AS | Netherlands | $2.55B | -7% | +11% | 6% | 13.5× | 3.9% | +9.7% |
| Shanghai Tunnel Engineering 600820.SS | China | $2.56B | -9% | -9% | 6% | 8.0× | -0.6% | +1.4% |
| Bilfinger GBF.DE | Germany | $2.57B | -31% | +6% | 5% | 15.5× | -6.7% | +9.4% |
| Tecnicas Reunidas TRE.MC | Spain | $2.57B | -5% | +33% | 4% | 13.5× | -2.5% | +12.9% |
| Toda 1860.T | Japan | $2.58B | -3% | +10% | 6% | 11.1× | -0.8% | +5.0% |
| Cemindia Projects CEMPRO.NS | India | $2.58B | +36% | +10% | 9% | 32.8× | 42.2% | +29.9% |
| Penta-Ocean Construction 1893.T | Japan | $2.25B | -29% | +7% | 7% | 8.9× | n/a | n/a |
| Aecon ARE.TO | Canada | $2.59B | -4% | +23% | 2% | 26.3× | 5.1% | +8.3% |
| Grenergy Renovables GRE.MC | Spain | $2.24B | -40% | +8% | 23% | 18.9× | n/a | n/a |
| Nbcc (india) NBCC.NS | India | $2.23B | -19% | +4% | 6% | 26.0× | 40.1% | +12.9% |
| Keller KLR.L | United Kingdom | $2.63B | +24% | +10% | 7% | 11.8× | 4.4% | +8.4% |
| IRB Infrastructure Developers IRB.NS | India | $2.18B | -21% | -14% | 27% | 16.0× | 9.2% | +4.2% |
| Bird Construction BDT.TO | Canada | $2.70B | +28% | +7% | 4% | 21.5× | 6.1% | +17.7% |
| Yankey Engineering 6691.TW | Taiwan | $2.16B | -16% | +63% | 16% | 9.7× | 2.8% | +33.1% |
| Elecnor ENO.MC | Spain | $2.76B | -30% | +7% | 4% | 17.0× | -4.9% | +12.3% |
| Morgan Sindall MGNS.L | United Kingdom | $2.77B | -7% | +11% | 5% | 11.7× | -4.7% | +10.6% |
| Peab PEAB-B.ST | Sweden | $2.80B | +5% | +4% | 4% | 11.4× | 6.6% | -0.4% |