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Norwegian independent oil and gas explorer producing mainly from the Kurdistan region of Iraq and the North Sea.
Norwegian independent oil and gas explorer producing mainly from the Kurdistan region of Iraq and the North Sea.
Sells crude oil from Kurdistan under production-sharing contracts with the regional government, where payment arrangements and the export route matter as much as volume. The 2023 shutdown of the Iraq-Turkey export pipeline cut exports from the region until they resumed. Its 2019 purchase of Faroe Petroleum took it into the North Sea.
In one line: A Norwegian independent oil & gas E&P company operating in Kurdistan/Iraq and the North Se.
Moat: none (regulatory licence). Commodity oil producer; value comes from concession/license access to reserves, not differentiation.
Headquarters: Oslo, Norway · Founded: 1971 · Employees: 1,159
Size DNO (DNO.OL) is a Norway Energy company (Integrated Oil) with a market value of $2.13B, the 40th largest of 115 Norway companies the cockpit tracks. Shares closed at NOK 20.28 on 6 Nov 2026.
Performance Over six months the shares gained 5.9%, against -10.6% for the median peer and +2.7% for the Norway market (cap-weighted) — 2nd highest of 21 in its peer set.
Growth Revenue grew 128.4% over the last twelve months (peer median +11.7%); the operating margin is 47.8% (peer median 18.7%).
Valuation It trades at 5.9× forward earnings against a peer median of 10.9× (4th cheapest of 15).
Capital Return on invested capital runs 55.4 points above its cost of capital (9.3% WACC).
Credit DNO has 3 bonds outstanding ($1.40B) and trading like B at a weighted spread of 321 bp.
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NOK 27.9B | NOK 15.3B | NOK 7.17B | NOK 7.06B | NOK 13.2B |
| Revenue growth | — | +113% | +2% | -47% | — |
| Gross profit | NOK 14.0B | NOK 4.31B | NOK 1.62B | NOK 2.70B | NOK 7.89B |
| EBITDA | NOK 19.3B | NOK 8.48B | NOK 3.56B | NOK 4.00B | NOK 9.80B |
| Net income | NOK 1.48B | -NOK 485M | -NOK 291M | NOK 197M | NOK 3.70B |
| Free cash flow | NOK 8.50B | NOK 1.13B | NOK 2.58B | NOK 322M | NOK 7.27B |
| Capital expenditure | NOK 6.35B | NOK 6.42B | NOK 4.00B | NOK 2.99B | NOK 3.61B |
| Total debt | NOK 15.9B | NOK 17.7B | NOK 9.12B | NOK 5.85B | NOK 5.60B |
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 |
|---|---|---|---|---|---|---|
| DNO DNO.OL | $2.13B | +6% | +128% | 48% | 5.9× | n/a |
| Gulf Keystone Petroleum GKP.L | $557M | +1% | +6% | 8% | 9.5× | n/a |
| Aker BP AKRBP.OL | $21.6B | -8% | +4% | 70% | 7.8× | -15.4% |
| Shamaran Petroleum SNM.OL | $381M | n/a | -5% | 45% | 7.4× | n/a |
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 | DNO.OL | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.4% | -9.7% | 2nd highest of 21 |
| 6-month return | +5.9% | -10.6% | 2nd highest of 21 |
| Distance from 52-week high | -17.6% | -27.2% | 5th highest of 21 |
| Revenue growth (TTM) | +128.4% | +11.7% | 2nd highest of 21 |
| Operating margin | 47.8% | 18.7% | highest of 21 |
| Forward P/E | 5.9× | 10.9× | 4th cheapest of 15 |
| ROIC minus cost of capital | +55.4 pp | +2.1 pp | highest of 21 |
| EV / EBITDA | 1.4× | 5.7× | cheapest of 16 |
| Net debt / EBITDA | 0.3× | 0.0× | 7th most indebted of 16 |
| Bond spread | 321 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| DNO DNO.OL | Norway | $2.13B | +6% | +128% | 48% | 5.9× | n/a | n/a |
| Headwater Exploration HWX.TO | Canada | $1.95B | -10% | +13% | 44% | 9.9× | 3.0% | +125.4% |
| BKV BKV | United States | $1.92B | -37% | +84% | -1% | 11.1× | n/a | n/a |
| Japan Petroleum Exploration 1662.T | Japan | $2.36B | -36% | -16% | 9% | 5.1× | -5.6% | +7.2% |
| Senton Energy 001331.SZ | China | $1.75B | -24% | -24% | -1% | n/a | n/a | n/a |
| Baytex Energy BTE.TO | Canada | $2.95B | -11% | -8% | 15% | 7.5× | 4.7% | +12.8% |
| Mach Natural Resources LP MNR | United States | $1.50B | -35% | +39% | 22% | 5.9× | -10.0% | +2.9% |
| Kelt Exploration KEL.TO | Canada | $1.45B | +4% | +30% | 17% | 12.4× | n/a | n/a |
| United Energy 0467.HK | Hong Kong | $1.44B | -10% | +28% | 14% | 3.6× | n/a | n/a |
| Paramount Resources POU.TO | Canada | $3.26B | +6% | -28% | 10% | 12.4× | n/a | n/a |
| Greenfire Resources GFR.TO | Canada | $1.36B | +3% | -2% | 17% | n/a | n/a | n/a |
| Geo-Jade Petroleum 600759.SS | China | $1.33B | -54% | +42% | 30% | n/a | -0.7% | +2.8% |
| Birchcliff Energy BIR.TO | Canada | $1.29B | +3% | +10% | 20% | 13.5× | 1.9% | +5.8% |
| Peyto Exploration & Development PEY.TO | Canada | $3.54B | -5% | +26% | 40% | 12.6× | -2.1% | +22.8% |
| Kosmos Energy KOS | United States | $1.26B | -23% | +23% | 23% | 4.6× | -6.4% | +9.9% |
| Tamarack Valley Energy TVE.TO | Canada | $3.83B | -7% | +11% | 48% | 10.7× | -5.6% | +46.8% |
| Athabasca Oil ATH.TO | Canada | $3.92B | +1% | +3% | 31% | 13.7× | -5.3% | +23.4% |
| Shandong Xinchao Energy 600777.SS | China | $3.97B | -33% | -15% | 13% | n/a | -10.0% | +13.1% |
| Totalenergies EP Gabon EC.PA | France | $1.14B | -5% | -13% | 25% | n/a | -10.7% | -0.6% |
| Sino Prima Gas Technology 300483.SZ | China | $1.11B | -15% | +40% | 24% | 12.5× | -8.7% | +13.3% |
| Sino Geophysical 300191.SZ | China | $1.10B | -47% | +136% | 14% | n/a | n/a | n/a |
DNO has 3 bonds outstanding with $1.40B face value. Weighted yield 7.79%, a spread of 321 bp over government bonds.