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Norwegian producer of silicones, silicon metal and ferrosilicon alloys used in solar, construction and electronics.
Norwegian producer of silicones, silicon metal and ferrosilicon alloys used in solar, construction and electronics.
Makes silicon metal and ferrosilicon in furnaces that run on hydropower, and sells silicones, which it makes from silicon in Europe and China, to construction, solar and electronics customers. China National Bluestar, a Chinese state-owned chemical company, is the controlling shareholder.
In one line: A Norwegian silicon materials producer (silicones, silicon metal).
Moat: narrow (scale, cost advantage). Low-carbon hydropower-based silicon production and vertical integration from quartz to silicones.
Headquarters: Oslo, Norway · Founded: 1904
Size Elkem (ELK.OL) is a Norway Materials company (Aluminum) with a market value of $1.18B, the 57th largest of 115 Norway companies the cockpit tracks. Shares closed at NOK 30.28 on 6 Nov 2026.
Performance Over six months the shares gained 7.0%, against -28.3% for the median peer and +2.7% for the Norway market (cap-weighted) — 2nd highest of 21 in its peer set.
Growth Revenue fell 11.7% over the last twelve months (peer median +18.4%); the operating margin is 3.0% (peer median 6.6%).
Valuation It trades at 1.2× enterprise value to sales against a peer median of 1.2× (11th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 17% a year for seven years (Req g). Recent delivered growth is -7%, so the hurdle is +24 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 5.1 points below its cost of capital (6.9% WACC).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NOK 15.0B | NOK 16.6B | NOK 17.7B | NOK 20.8B | NOK 45.1B |
| Revenue growth | — | -6% | -15% | -54% | — |
| Gross profit | NOK 236M | NOK 974M | NOK 4.44B | NOK 5.21B | NOK 16.4B |
| EBITDA | NOK 1.45B | NOK 2.13B | NOK 2.27B | NOK 3.09B | NOK 11.4B |
| Net income | -NOK 598M | -NOK 668M | NOK 488M | NOK 72.0M | NOK 9.56B |
| Free cash flow | NOK 990M | -NOK 1.14B | -NOK 1.37B | -NOK 2.22B | NOK 5.10B |
| Capital expenditure | NOK 1.43B | NOK 2.32B | NOK 3.40B | NOK 4.99B | NOK 4.21B |
| Total debt | NOK 11.9B | NOK 12.0B | NOK 13.0B | NOK 16.3B | NOK 12.4B |
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 | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Elkem ELK.OL | $1.18B | +7% | -12% | 3% | 1.2× | 17.0% |
| Wacker Chemie WCH.DE | $4.42B | -24% | -5% | -1% | 0.9× | n/a |
| Ferroglobe GSM | $477M | -37% | +4% | 0% | 0.4× | n/a |
| Hoshine Silicon Industry 603260.SS | $5.32B | -33% | -7% | -6% | 3.1× | 22.5% |
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 | ELK.OL | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -8.6% | -9.8% | 9th highest of 21 |
| 6-month return | +7.0% | -28.3% | 2nd highest of 21 |
| Distance from 52-week high | -19.6% | -43.5% | 3rd highest of 21 |
| Revenue growth (TTM) | -11.7% | +18.4% | lowest of 21 |
| Operating margin | 3.0% | 6.6% | 6th lowest of 21 |
| EV / Sales | 1.2× | 1.2× | 11th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 17.0% | 0.8% | most demanding of 8 |
| Growth delivered (Del g) | -7.2% | +15.7% | lowest of 8 |
| Hurdle (Req g minus delivered) | +24.3 pp | -11.2 pp | most demanding of 8 |
| ROIC minus cost of capital | -5.1 pp | -0.3 pp | 3rd lowest of 21 |
| EV / EBITDA | 12.1× | 5.8× | 2nd most expensive of 6 |
| Net debt / EBITDA | 4.4× | 2.4× | 2nd most indebted of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Elkem ELK.OL | Norway | $1.18B | +7% | -12% | 3% | 1.2× | 17.0% | -7.2% |
| Grinm Metal Composites (Beijing) Technology 688811.SS | China | $1.27B | -30% | 0% | 11% | 12.9× | n/a | n/a |
| Yinbang Clad Material 300337.SZ | China | $1.06B | -38% | +45% | 3% | 1.3× | n/a | n/a |
| Yong Jie New Material 603271.SS | China | $1.03B | -33% | +57% | 4% | 0.8× | 9.1% | +20.3% |
| Guangdong Haomei New Material 002988.SZ | China | $1.01B | -22% | +16% | 1% | 1.1× | n/a | n/a |
| Yechiu Metal Recycling (China) 601388.SS | China | $1.01B | -25% | +10% | 7% | 0.8× | 2.0% | +6.2% |
| Giansun Precision Technology 001400.SZ | China | $1.41B | -35% | 0% | 10% | 9.1× | n/a | n/a |
| Nippon Light Metal 5703.T | Japan | $949M | -15% | +14% | 5% | 0.5× | -4.1% | +6.2% |
| Jiangsu Asia-Pacific Light Alloy Technology 002540.SZ | China | $885M | -20% | +26% | 2% | 0.8× | n/a | n/a |
| Nantong Haixing Electronics 603115.SS | China | $1.62B | -22% | +21% | 8% | 4.1× | n/a | n/a |
| GETO New Materials 300986.SZ | China | $856M | -39% | +23% | 9% | 2.4× | n/a | n/a |
| Guangdong Hoshion Industrial Aluminium 002824.SZ | China | $825M | -29% | +34% | 4% | 1.3× | n/a | n/a |
| Jiaozuo Wanfang Aluminum Manufacturing 000612.SZ | China | $1.71B | -28% | +13% | 32% | 1.2× | -13.0% | +6.6% |
| Kaiser Aluminum KALU | United States | $1.75B | -41% | +40% | 8% | 0.6× | 0.8% | +23.5% |
| Granges GRNG.ST | Sweden | $1.83B | -6% | +27% | 6% | 0.7× | n/a | n/a |
| Innovation New Material Technology 600361.SS | China | $1.91B | -24% | +4% | 1% | 0.3× | n/a | n/a |
| Fujian Minfa Aluminium 002578.SZ | China | $726M | +20% | +15% | -2% | 2.3× | n/a | n/a |
| Shanghai Huafon Aluminium Corporation 601702.SS | China | $1.98B | -29% | +10% | 10% | 1.2× | n/a | n/a |
| Jiangsu Dingsheng New Material Joint-Stock 603876.SS | China | $2.00B | -52% | +10% | 4% | 0.8× | 8.1% | +16.2% |
| UACJ 5741.T | Japan | $2.06B | -36% | +28% | 9% | 0.6× | -5.3% | +15.7% |
| Xinjiang Joinworld 600888.SS | China | $2.07B | +3% | +21% | 7% | 2.0× | n/a | n/a |