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Norwegian technology group making defense systems and missiles, having spun off its maritime electronics unit in 2026.
Norwegian technology group making defense systems and missiles, having spun off its maritime electronics unit in 2026.
Wins long-term government contracts for missiles and defence systems and books revenue as work progresses, so a large order backlog shows what is ahead. The Norwegian state is the largest shareholder. NASAMS air defence is built with US firm Raytheon, and the Naval Strike Missile is a major export.
In one line: A Norwegian Raytheon/L3Harris hybrid.
Moat: narrow (IP / patents, regulatory licence, customer qualification). Long-cycle government defense contracts and proprietary missile technology (e.g., NASAMS) create high switching costs.
Headquarters: Kongsberg, Norway · Founded: 1814 · Employees: 16,376
Size Kongsberg Gruppen (KOG.OL) is a Norway Industrials company (Aerospace & Defense) with a market value of $31.8B, the 3rd largest of 115 Norway companies the cockpit tracks. Shares closed at NOK 335.40 on 6 Nov 2026.
Performance Over six months the shares gained 12.5%, against -3.6% for the median peer and +2.7% for the Norway market (cap-weighted) — 5th highest of 20 in its peer set.
Growth Revenue fell 28.0% over the last twelve months (peer median +12.3%); the operating margin is 16.5% (peer median 11.2%).
Valuation It trades at 46.3× forward earnings against a peer median of 22.1× (4th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 22% a year for seven years (Req g). Recent delivered growth is +4%, so the hurdle is +17 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 31.0 points above its cost of capital (8.7% WACC).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NOK 39.3B | NOK 31.5B | NOK 24.6B | NOK 40.6B | NOK 31.8B |
| Revenue growth | — | +28% | -39% | +28% | — |
| Gross profit | NOK 6.71B | NOK 5.71B | NOK 4.09B | NOK 6.38B | NOK 4.67B |
| EBITDA | NOK 7.90B | NOK 5.61B | NOK 3.94B | NOK 5.79B | NOK 4.41B |
| Net income | NOK 7.12B | NOK 4.17B | NOK 2.62B | NOK 3.71B | NOK 2.77B |
| Free cash flow | NOK 8.18B | NOK 11.1B | NOK 12.3B | NOK 3.92B | NOK 585M |
| Capital expenditure | NOK 3.15B | NOK 2.93B | NOK 2.25B | NOK 2.38B | NOK 1.08B |
| Total debt | NOK 3.48B | NOK 5.36B | NOK 4.69B | NOK 4.89B | NOK 4.40B |
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 |
|---|---|---|---|---|---|---|
| Kongsberg Gruppen KOG.OL | $31.8B | +13% | -28% | 17% | 46.3× | 21.7% |
| Saab SAAB-B.ST | $33.3B | +19% | +28% | 10% | 40.2× | 6.0% |
| Rheinmetall RHM.DE | $42.5B | -29% | -2% | 18% | 22.0× | 6.5% |
| RTX RTX | $256B | +8% | +12% | 11% | 24.4× | 8.4% |
| Thales HO.PA | $51.1B | -1% | +7% | 11% | 20.6× | -2.8% |
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 | KOG.OL | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +15.1% | +4.0% | highest of 21 |
| 6-month return | +12.5% | -3.6% | 5th highest of 20 |
| Distance from 52-week high | -21.4% | -23.2% | 11th highest of 21 |
| Revenue growth (TTM) | -28.0% | +12.3% | lowest of 20 |
| Operating margin | 16.5% | 11.2% | 8th highest of 21 |
| Forward P/E | 46.3× | 22.1× | 4th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 21.7% | 7.0% | 5th most demanding of 16 |
| Growth delivered (Del g) | +4.3% | +11.5% | 2nd lowest of 15 |
| Hurdle (Req g minus delivered) | +17.5 pp | -1.2 pp | 3rd most demanding of 15 |
| ROIC minus cost of capital | +31.0 pp | +8.3 pp | highest of 20 |
| EV / EBITDA | 37.1× | 18.8× | 2nd most expensive of 17 |
| Net debt / EBITDA | -0.4× | 1.6× | 4th least indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Kongsberg Gruppen KOG.OL | Norway | $31.8B | +13% | -28% | 17% | 46.3× | 21.7% | +4.3% |
| Rocket Lab RKLB | United States | $31.8B | -50% | +53% | -29% | n/a | n/a | n/a |
| Elbit Systems ESLT | United States | $32.0B | -13% | +12% | 9% | 46.5× | 10.1% | +11.5% |
| Leonardo LDO.MI | Italy | $31.0B | -4% | +10% | 7% | 20.2× | 14.3% | +7.8% |
| Bharat Electronics BEL.NS | India | $30.6B | -10% | +20% | 26% | 41.5× | 38.2% | +14.3% |
| Saab SAAB-B.ST | Sweden | $33.3B | +19% | +28% | 10% | 40.2× | 6.0% | +17.4% |
| Hindustan Aeronautics HAL.NS | India | $35.2B | +4% | +7% | 23% | 33.6× | 42.7% | +7.2% |
| Dassault Aviation AM.PA | France | $26.0B | +6% | +33% | 9% | 19.6× | 5.2% | +6.2% |
| HEICO HEI | United States | $39.2B | +14% | +21% | 24% | 47.8× | 24.5% | +20.2% |
| Axon Enterprise AXON | United States | $25.4B | -22% | +35% | 1% | 36.5× | n/a | n/a |
| Hanwha Aerospace 012450.KS | South Korea | $25.0B | -53% | +28% | 11% | 17.2× | -7.0% | +38.1% |
| Rheinmetall RHM.DE | Germany | $42.5B | -29% | -2% | 18% | 22.0× | 6.5% | +12.9% |
| Singapore Technologies Engineering S63.SI | Singapore | $22.6B | -13% | +11% | 9% | 27.3× | 5.3% | +11.5% |
| Bombardier BBD-B.TO | Canada | $22.5B | +8% | +11% | 11% | 22.1× | 19.0% | +8.9% |
| Arxis ARXS | United States | $21.5B | +42% | +114% | 20% | 54.2× | 58.8% | n/a |
| MTU Aero Engines MTX.DE | Germany | $20.9B | +21% | +12% | 13% | 18.5× | 6.3% | +17.1% |
| L3Harris LHX | United States | $48.4B | -13% | +7% | 12% | 20.1× | 7.0% | +3.7% |
| Honeywell Aerospace HONA | United States | $48.5B | n/a | n/a | 20% | 18.8× | n/a | n/a |
| AVIC Shenyang Aircraft 600760.SS | China | $20.8B | +4% | -1% | 8% | 45.1× | n/a | n/a |
| Thales HO.PA | France | $51.1B | -1% | +7% | 11% | 20.6× | -2.8% | +7.6% |
| FTAI Aviation FTAI | United States | $18.4B | -33% | +46% | 23% | 16.7× | n/a | n/a |