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Norwegian low-cost airline operating short and medium-haul flights across the Nordics and Europe.
Norwegian low-cost airline operating short and medium-haul flights across the Nordics and Europe.
Since a 2021 restructuring it has dropped long-haul and flies only short and medium routes with one aircraft type, the Boeing 737, which lowers costs; income comes from fares and extras such as bags and seat selection. The network is built around Norwegian domestic and Nordic routes, with busy European leisure flying in summer.
In one line: Norway's Southwest/easyJet-style budget airline.
Moat: none (cost advantage). Low-cost carrier competing on price in a commodity, capacity-driven industry.
Headquarters: Fornebu, Norway · Founded: 1993 · Employees: 7,398
Size Norwegian Air Shuttle (NAS.OL) is a Norway Industrials company (Airlines) with a market value of $1.47B, the 51st largest of 115 Norway companies the cockpit tracks. Shares closed at NOK 12.93 on 6 Nov 2026.
Performance Over six months the shares fell 10.7%, against +8.0% for the median peer and +2.7% for the Norway market (cap-weighted) — 5th lowest of 21 in its peer set.
Growth Revenue grew 2.5% over the last twelve months (peer median +10.8%); the operating margin is 5.9% (peer median 5.6%).
Valuation It trades at 22.0× forward earnings against a peer median of 13.0× (6th most expensive of 15).
Price implies For today's price to make sense, revenue must grow about -16% a year for seven years (Req g). Recent delivered growth is +36%, so the hurdle is -52 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 6.0 points above its cost of capital (5.3% WACC).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NOK 37.5B | NOK 37.6B | NOK 35.3B | NOK 25.5B | NOK 18.1B |
| Revenue growth | — | +7% | +38% | +41% | — |
| Gross profit | NOK 5.04B | NOK 7.06B | NOK 5.68B | NOK 4.68B | NOK 530M |
| EBITDA | NOK 7.09B | NOK 7.48B | NOK 7.20B | NOK 5.79B | NOK 1.25B |
| Net income | NOK 905M | NOK 2.65B | NOK 1.36B | NOK 1.61B | NOK 920M |
| Free cash flow | NOK 4.68B | NOK 2.21B | NOK 5.43B | NOK 4.55B | NOK 1.46B |
| Capital expenditure | NOK 3.34B | NOK 5.45B | NOK 1.31B | NOK 586M | NOK 874M |
| Total debt | NOK 17.3B | NOK 19.6B | NOK 17.6B | NOK 15.5B | NOK 11.9B |
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 |
|---|---|---|---|---|---|---|
| Norwegian Air Shuttle NAS.OL | $1.47B | -11% | +3% | 6% | 22.0× | -16.5% |
| Ryanair Holdings PLC Sponsored ADR RYAAY | $29.5B | +2% | +9% | 13% | 17.0× | 6.4% |
| easyJet EZJ.L | $6.96B | +90% | +10% | 5% | 68.9× | 4.8% |
| Wizz Air WIZZ.L | $1.48B | +8% | +11% | -2% | n/a | 3.4% |
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 | NAS.OL | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +15.6% | +4.8% | 6th highest of 21 |
| 6-month return | -10.7% | +8.0% | 5th lowest of 21 |
| Distance from 52-week high | -28.5% | -26.2% | 9th lowest of 21 |
| Revenue growth (TTM) | +2.5% | +10.8% | 3rd lowest of 21 |
| Operating margin | 5.9% | 5.6% | 11th highest of 21 |
| Forward P/E | 22.0× | 13.0× | 6th most expensive of 15 |
| Growth the price implies (Req g, 7 yrs) | -16.5% | 1.1% | 2nd least demanding of 13 |
| Growth delivered (Del g) | +35.8% | +24.8% | 3rd highest of 13 |
| Hurdle (Req g minus delivered) | -52.3 pp | -20.3 pp | 2nd least demanding of 13 |
| ROIC minus cost of capital | +6.0 pp | -1.2 pp | 5th highest of 21 |
| EV / EBITDA | 2.8× | 4.7× | 2nd cheapest of 14 |
| Net debt / EBITDA | 0.8× | 2.2× | 3rd least indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Norwegian Air Shuttle NAS.OL | Norway | $1.47B | -11% | +3% | 6% | 22.0× | -16.5% | +35.8% |
| Wizz Air WIZZ.L | United Kingdom | $1.48B | +8% | +11% | -2% | n/a | 3.4% | +49.5% |
| Virgin Australia VGN.AX | Australia | $1.48B | +18% | +9% | 11% | 6.6× | -13.4% | +4.9% |
| CITIC Offshore Helicopter 000099.SZ | China | $1.41B | -31% | -9% | 12% | 30.3× | 1.8% | +7.5% |
| JetBlue Airways JBLU | United States | $1.38B | -28% | +10% | -6% | n/a | n/a | n/a |
| China Express Airlines 002928.SZ | China | $1.34B | -12% | +4% | -17% | 155.2× | n/a | n/a |
| Frontier ULCC | United States | $1.71B | +40% | +24% | -15% | 1,818.4× | 31.6% | +24.4% |
| Starlux Airlines 2646.TW | Taiwan | $1.76B | -6% | +23% | 1% | 52.3× | n/a | n/a |
| Asiana Airlines 020560.KS | South Korea | $1.21B | +13% | -17% | -12% | n/a | n/a | n/a |
| Finnair FIA1S.HE | Finland | $1.14B | +38% | +11% | 4% | 9.4× | -9.6% | +30.2% |
| Milkyway Intelligent Supply Chain Service 603713.SS | China | $1.90B | +29% | +15% | 8% | 16.8× | n/a | n/a |
| Republic Airways RJET | United States | $942M | -12% | +438% | 11% | n/a | 2.8% | +25.2% |
| Grupo Aeromexico, S.A.B. de C.V. Unsponsored ADR AERO | United States | $2.32B | +1% | +10% | 11% | 10.4× | -6.6% | +32.3% |
| Azul S.A. Sponsored ADR AZUL | United States | $915M | +86% | +12% | 14% | 13.3× | n/a | n/a |
| Allegiant Travel ALGT | United States | $2.51B | +11% | +12% | 9% | 12.7× | n/a | n/a |
| Controladora Vuela Compania de Aviacion SAB de CV Sponsored ADR VLRS | United States | $850M | +3% | +19% | -5% | n/a | -13.7% | +23.8% |
| Tigerair Taiwan 6757.TW | Taiwan | $753M | +8% | +13% | 19% | 9.8× | -20.2% | +55.1% |
| SkyWest SKYW | United States | $3.02B | -10% | +7% | 14% | 7.5× | 2.2% | +13.8% |
| Juneyao Airlines 603885.SS | China | $3.42B | -8% | +8% | 1% | 69.5× | 0.4% | +17.4% |
| China Airlines 2610.TW | Taiwan | $3.94B | +17% | +8% | 8% | 9.9× | n/a | n/a |
| Air Canada AC.TO | Canada | $3.95B | +10% | +13% | 2% | n/a | 14.3% | +30.8% |