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Norwegian biorefinery converting wood biomass into lignin-based specialty chemicals, cellulose fibers and biovanillin.
Norwegian biorefinery converting wood biomass into lignin-based specialty chemicals, cellulose fibers and biovanillin.
Treats spruce and other wood at its Sarpsborg site so that nearly all the raw material becomes products, selling lignin-based binders, speciality cellulose and wood-based vanillin; the value comes from putting each fraction of the wood to use. Most sales are outside Norway.
In one line: A Norwegian wood-biorefinery specialty chemicals maker.
Moat: narrow (process know-how, IP / patents). Proprietary biorefinery technology extracts multiple high-value products from wood with few scaled peers.
Headquarters: Sarpsborg, Norway · Founded: 1889 · Employees: 1,228
Size Borregaard (BRG.OL) is a Norway Materials company (Chemicals: Major Diversified) with a market value of $1.68B, the 48th largest of 115 Norway companies the cockpit tracks. Shares closed at NOK 156.20 on 6 Nov 2026.
Performance Over six months the shares gained 7.0%, against -18.4% for the median peer and +2.7% for the Norway market (cap-weighted) — 2nd highest of 19 in its peer set.
Growth Revenue grew 2.9% over the last twelve months (peer median +8.7%); the operating margin is 16.6% (peer median 8.7%).
Valuation It trades at 24.4× forward earnings against a peer median of 27.3× (8th cheapest of 17).
Price implies For today's price to make sense, revenue must grow about -1% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is -9 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 5.9 points above its cost of capital (6.8% WACC).
Next results Next results expected around 3 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NOK 7.85B | NOK 7.58B | NOK 7.50B | NOK 7.02B | NOK 6.78B |
| Revenue growth | — | +1% | +7% | +4% | — |
| Gross profit | NOK 1.30B | NOK 2.85B | NOK 2.83B | NOK 2.69B | NOK 2.51B |
| EBITDA | NOK 1.91B | NOK 1.88B | NOK 1.87B | NOK 1.78B | NOK 1.64B |
| Net income | NOK 269M | NOK 620M | NOK 823M | NOK 870M | NOK 892M |
| Free cash flow | NOK 914M | NOK 573M | NOK 375M | NOK 912M | NOK 276M |
| Capital expenditure | NOK 726M | NOK 793M | NOK 711M | NOK 667M | NOK 465M |
| Total debt | NOK 2.21B | NOK 2.18B | NOK 2.32B | NOK 2.26B | NOK 2.07B |
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 |
|---|---|---|---|---|---|---|
| Borregaard BRG.OL | $1.68B | +7% | +3% | 17% | 24.4× | -1.0% |
| Rayonier Advanced Materials RYAM | $399M | -36% | +2% | 0% | 16.5× | 32.2% |
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 | BRG.OL | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.7% | -13.0% | 4th highest of 21 |
| 6-month return | +7.0% | -18.4% | 2nd highest of 19 |
| Distance from 52-week high | -22.1% | -35.6% | 6th highest of 21 |
| Revenue growth (TTM) | +2.9% | +8.7% | 5th lowest of 21 |
| Operating margin | 16.6% | 8.7% | 5th highest of 21 |
| Forward P/E | 24.4× | 27.3× | 8th cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | -1.0% | 18.7% | 3rd least demanding of 11 |
| Growth delivered (Del g) | +7.7% | +5.9% | 5th highest of 11 |
| Hurdle (Req g minus delivered) | -8.8 pp | +11.8 pp | 3rd least demanding of 11 |
| ROIC minus cost of capital | +5.9 pp | -2.1 pp | 5th highest of 21 |
| EV / EBITDA | 9.1× | 16.2× | 3rd cheapest of 11 |
| Net debt / EBITDA | 1.0× | 2.0× | 5th least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Borregaard BRG.OL | Norway | $1.68B | +7% | +3% | 17% | 24.4× | -1.0% | +7.7% |
| Nippon Kayaku 4272.T | Japan | $1.66B | +3% | +14% | 10% | 10.1× | -4.8% | +6.9% |
| Metis TechBio 7666.HK | Hong Kong | $1.66B | n/a | +6,987% | -367% | n/a | n/a | n/a |
| Valiant 002643.SZ | China | $1.66B | -28% | +3% | 10% | 25.6× | 17.4% | +4.9% |
| Huntsman HUN | United States | $1.66B | -37% | +6% | 0% | 353.8× | n/a | n/a |
| Fine Organic Industries FINEORG.NS | India | $1.64B | +9% | +13% | 20% | 33.4× | 26.7% | +15.7% |
| AARTI Industries AARTIIND.NS | India | $1.71B | -9% | +40% | 9% | 29.1× | n/a | n/a |
| Advanced Echem Materials 4749.TWO | Taiwan | $1.72B | -39% | +19% | 25% | 33.1× | n/a | n/a |
| Alzchem ACT0.DE | Germany | $1.56B | n/a | +5% | 16% | 20.9× | -1.1% | +8.2% |
| Innospec IOSP | United States | $1.93B | -3% | +5% | 8% | 13.4× | 4.4% | +8.3% |
| Jilin Chemical Fibre Stock 000420.SZ | China | $1.42B | -25% | +11% | 5% | 154.0× | n/a | n/a |
| Privi Speciality Chemicals PRIVISCL.NS | India | $1.40B | -4% | +18% | 20% | 30.4× | 30.1% | +15.0% |
| Qingdao Huicheng Environmental Technology 300779.SZ | China | $2.02B | -9% | -13% | 5% | 129.3× | n/a | n/a |
| Rianlon 300596.SZ | China | $1.39B | -7% | +11% | 11% | 14.7× | n/a | n/a |
| Jiangsu Shuangxing Color Plastic New Materials 002585.SZ | China | $1.38B | +5% | -4% | -4% | 62.8× | 22.5% | +0.2% |
| Zhejiang Yongtai Technology 002326.SZ | China | $2.04B | -40% | +38% | 11% | n/a | n/a | n/a |
| Shanghai Emperor of Cleaning Hi-Tech 603200.SS | China | $1.37B | -16% | +4% | -8% | n/a | n/a | n/a |
| Eternal Materials 1717.TW | Taiwan | $2.06B | -27% | -2% | 5% | 17.2× | 19.9% | +1.2% |
| Isuspecialtychemical 457190.KS | South Korea | $1.36B | -49% | +14% | 3% | n/a | n/a | n/a |
| Ingevity NGVT | United States | $2.07B | -21% | -12% | 25% | 10.4× | -0.9% | -0.8% |
| China Resources Chemical Innovative Materials 301090.SZ | China | $1.35B | -33% | +4% | 1% | 19.2× | 21.4% | +1.1% |