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Nordic contract electronics manufacturer producing defense, medtech, energy and industrial electronics for outsourcing customers.
Nordic contract electronics manufacturer producing defense, medtech, energy and industrial electronics for outsourcing customers.
Builds finished electronics to customers' designs and is paid per unit, with component costs normally passed through, so earnings depend on volume and production efficiency rather than the value of parts. Customers' products stay in production for years once approved, which holds volumes steady. Defence and medical work needs strict certification.
In one line: A Nordic contract electronics manufacturer (EMS), like a smaller Jabil.
Moat: narrow (process know-how, customer qualification). Certified manufacturing processes for regulated defense/medtech customers create switching costs.
Headquarters: Asker, Norway · Founded: 1969 · Employees: 3,090
Size Kitron (KIT.OL) is a Norway Information Technology company (Electronic Production Equipment) with a market value of $2.02B, the 41st largest of 115 Norway companies the cockpit tracks. Shares closed at NOK 85.90 on 6 Nov 2026.
Performance Over six months the shares fell 20.0%, against -27.4% for the median peer and +2.7% for the Norway market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue grew 54.1% over the last twelve months (peer median +9.0%); the operating margin is 9.5% (peer median 5.0%).
Valuation It trades at 22.0× forward earnings against a peer median of 31.3× (6th cheapest of 19).
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 +17%, so the hurdle is -18 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 13.1 points above its cost of capital (6.6% WACC).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NOK 12.0B | NOK 8.65B | NOK 7.53B | NOK 8.86B | NOK 6.49B |
| Revenue growth | — | +15% | -15% | +37% | — |
| Gross profit | NOK 1.14B | NOK 1.11B | NOK 556M | NOK 793M | NOK 457M |
| EBITDA | NOK 1.42B | NOK 955M | NOK 773M | NOK 994M | NOK 618M |
| Net income | NOK 855M | NOK 513M | NOK 326M | NOK 584M | NOK 287M |
| Free cash flow | n/a | NOK 976M | NOK 418M | NOK 493M | NOK 88.9M |
| Capital expenditure | n/a | NOK 146M | NOK 108M | NOK 187M | NOK 96.6M |
| Total debt | NOK 1.46B | NOK 1.35B | NOK 1.91B | NOK 1.89B | NOK 1.90B |
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 |
|---|---|---|---|---|---|---|
| Kitron KIT.OL | $2.02B | -20% | +54% | 10% | 22.0× | -0.6% |
| Jabil JBL | $24.6B | -33% | +21% | 5% | 13.5× | 8.3% |
| Benchmark Electronics BHE | $2.16B | -29% | +13% | 4% | 17.7× | 13.8% |
| Note NOTE.ST | $445M | -12% | +9% | 9% | 15.3× | 0.0% |
| Scanfil SCANFL.HE | $877M | -7% | +19% | 6% | 16.2× | 6.9% |
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 | KIT.OL | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -17.2% | -19.7% | 10th highest of 21 |
| 6-month return | -20.0% | -27.4% | 9th highest of 21 |
| Distance from 52-week high | -26.1% | -50.8% | 3rd highest of 21 |
| Revenue growth (TTM) | +54.1% | +9.0% | 2nd highest of 21 |
| Operating margin | 9.5% | 5.0% | 5th highest of 21 |
| Forward P/E | 22.0× | 31.3× | 6th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | -0.6% | 11.2% | 2nd least demanding of 11 |
| Growth delivered (Del g) | +16.9% | +7.6% | 3rd highest of 11 |
| Hurdle (Req g minus delivered) | -17.5 pp | +2.2 pp | 2nd least demanding of 11 |
| ROIC minus cost of capital | +13.1 pp | -2.6 pp | 2nd highest of 21 |
| EV / EBITDA | 13.5× | 12.4× | 4th most expensive of 8 |
| Net debt / EBITDA | 0.3× | -0.6× | most indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Kitron KIT.OL | Norway | $2.02B | -20% | +54% | 10% | 22.0× | -0.6% | +16.9% |
| Plug Power PLUG | United States | $2.03B | -54% | +11% | -68% | n/a | n/a | n/a |
| Shenzhen SED Industry 000032.SZ | China | $2.03B | -36% | +5% | 1% | 42.9× | 7.0% | +8.9% |
| Xiamen Intretech 002925.SZ | China | $2.16B | -3% | +39% | 9% | 32.1× | n/a | n/a |
| Benchmark Electronics BHE | United States | $2.16B | -29% | +13% | 4% | 17.7× | 13.8% | +5.3% |
| Shenzhen Microgate Technology 300319.SZ | China | $1.86B | +12% | +11% | 8% | 30.5× | 22.5% | +10.3% |
| XiaMen HongXin Electron-tech 300657.SZ | China | $2.21B | -18% | +4% | 8% | 28.2× | n/a | n/a |
| Foxconn Technology 2354.TW | Taiwan | $2.23B | -11% | +13% | 2% | 13.3× | n/a | n/a |
| Shenzhen H&T Intelligent Control 002402.SZ | China | $2.23B | -49% | +2% | 6% | 41.3× | n/a | n/a |
| Alps Alpine 6770.T | Japan | $2.23B | -24% | +5% | 3% | 10.8× | -3.8% | +7.3% |
| DBG Technology 300735.SZ | China | $1.81B | -28% | +17% | 2% | 26.0× | 3.5% | +31.6% |
| Universal Microwave Technology 3491.TWO | Taiwan | $2.26B | -36% | +36% | 27% | 42.9× | n/a | n/a |
| Visual Photonics Epitaxy 2455.TW | Taiwan | $1.80B | -17% | +34% | 26% | 34.1× | 38.7% | +5.0% |
| VECO VECO | United States | $2.27B | -37% | -3% | 4% | 13.3× | 37.1% | +7.9% |
| Nippon Electric Glass 5214.T | Japan | $2.32B | -44% | +3% | 8% | 22.6× | 2.4% | +5.1% |
| Aehr Test Systems AEHR | United States | $1.75B | -45% | -15% | -28% | n/a | n/a | n/a |
| Sichuan Injet Electric 300820.SZ | China | $1.71B | +4% | -12% | 13% | 35.8× | 29.9% | +29.0% |
| Shenzhen Bluetrum Technology 688332.SS | China | $1.71B | -17% | +6% | 7% | 37.6× | n/a | n/a |
| Shenzhen Zesum Technology 301486.SZ | China | $2.41B | -42% | +57% | 3% | 99.2× | n/a | n/a |
| Beijing Relpow Technology 300593.SZ | China | $1.68B | -27% | +16% | -14% | 286.9× | n/a | n/a |
| CTS CTS | United States | $1.65B | -6% | +7% | 16% | 20.3× | 8.5% | +5.0% |