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Norwegian aluminum producer spanning bauxite mining, alumina refining, smelting and recycling.
Norwegian aluminum producer spanning bauxite mining, alumina refining, smelting and recycling.
Aluminium metal and extrusions are the biggest lines; metal sells at the London Metal Exchange price plus a premium for its form, so earnings swing with the aluminium price and power costs, partly cushioned by its own and contracted hydropower. Buying Sapa in 2017 made it a large extruder. The Norwegian state is the largest shareholder.
In one line: A Norwegian Alcoa.
Moat: narrow (scale, cost advantage). Access to low-carbon Norwegian hydropower gives a cost/emissions edge in energy-intensive smelting.
Headquarters: Oslo, Norway · Founded: 1905 · Employees: 31,618
Size Norsk Hydro (NHY.OL) is a Norway Materials company (Aluminum) with a market value of $14.4B, the 7th largest of 115 Norway companies the cockpit tracks. Shares closed at NOK 68.38 on 6 Nov 2026.
Performance Over six months the shares fell 34.3%, against -22.9% for the median peer and +2.7% for the Norway market (cap-weighted) — 4th lowest of 12 in its peer set.
Growth Revenue fell 4.0% over the last twelve months (peer median +13.5%); the operating margin is 9.8% (peer median 26.2%).
Valuation It trades at 8.3× forward earnings against a peer median of 6.7× (5th most expensive of 12).
Price implies For today's price to make sense, revenue must grow about 0% a year for seven years (Req g). Recent delivered growth is +13%, so the hurdle is -12 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.8 points above its cost of capital (9.7% WACC).
Credit Norsk Hydro has 3 bonds outstanding ($1.45B), rated BBB by the agencies and trading like BBB at a weighted spread of 110 bp.
Next results Next results expected around 16 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NOK 207B | NOK 206B | NOK 203B | NOK 192B | NOK 211B |
| Revenue growth | — | +2% | +6% | -9% | — |
| Gross profit | NOK 41.6B | NOK 35.4B | NOK 36.5B | NOK 34.1B | NOK 46.7B |
| EBITDA | NOK 31.2B | NOK 19.1B | NOK 20.6B | NOK 18.3B | NOK 33.7B |
| Net income | NOK 12.9B | NOK 6.72B | NOK 5.79B | NOK 3.58B | NOK 24.1B |
| Free cash flow | NOK 6.69B | NOK 11.7B | NOK 1.80B | NOK 8.58B | NOK 19.8B |
| Capital expenditure | NOK 11.4B | NOK 11.6B | NOK 13.6B | NOK 13.6B | NOK 9.60B |
| Total debt | NOK 35.1B | NOK 36.6B | NOK 34.7B | NOK 36.1B | NOK 32.8B |
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 |
|---|---|---|---|---|---|---|
| Norsk Hydro NHY.OL | $14.4B | -34% | -4% | 10% | 8.3× | 0.4% |
| Alcoa AA | $10.4B | -37% | +10% | 14% | 7.4× | -4.9% |
| Rio Tinto RIO.L | $144B | -21% | +11% | 27% | 10.3× | 5.6% |
| Aluminum Corporation of China 601600.SS | $20.7B | -26% | +5% | 18% | 6.7× | -16.2% |
| Chinahongqiao 1378.HK | $25.5B | -36% | +7% | 25% | 5.0× | -12.8% |
| South32 S32.AX | $13.7B | -1% | -4% | 15% | 12.7× | 6.3% |
| Century Aluminum CENX | $3.31B | -43% | +10% | 15% | 3.2× | 9.9% |
| Constellium CSTM | $2.93B | -36% | +26% | 9% | 8.3× | -6.8% |
| Hindalco Industries HINDALCO.NS | $22.7B | -9% | +20% | 11% | 8.6× | 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 | NHY.OL | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -12.7% | -3.6% | 2nd lowest of 13 |
| 6-month return | -34.3% | -22.9% | 4th lowest of 12 |
| Distance from 52-week high | -43.2% | -40.5% | 7th highest of 13 |
| Revenue growth (TTM) | -4.0% | +13.5% | 2nd lowest of 12 |
| Operating margin | 9.8% | 26.2% | 3rd lowest of 12 |
| Forward P/E | 8.3× | 6.7× | 5th most expensive of 12 |
| Growth the price implies (Req g, 7 yrs) | 0.4% | -12.8% | most demanding of 10 |
| Growth delivered (Del g) | +12.7% | +9.4% | 4th highest of 10 |
| Hurdle (Req g minus delivered) | -12.4 pp | -18.8 pp | 3rd most demanding of 10 |
| ROIC minus cost of capital | +1.8 pp | +12.4 pp | 4th lowest of 13 |
| EV / EBITDA | 5.0× | 4.1× | 2nd most expensive of 6 |
| Net debt / EBITDA | 0.5× | 0.2× | 2nd most indebted of 6 |
| Bond spread | 110 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Norsk Hydro NHY.OL | Norway | $14.4B | -34% | -4% | 10% | 8.3× | 0.4% | +12.7% |
| Vedanta Aluminium Metal VAML.NS | India | $15.6B | n/a | n/a | n/a | 6.7× | n/a | n/a |
| Yunnan Aluminium 000807.SZ | China | $12.8B | -23% | +16% | 26% | 5.8× | -16.1% | +15.2% |
| Inner Mongolia Dian Tou Energy 002128.SZ | China | $12.1B | -16% | +47% | 34% | 9.3× | -15.4% | +8.5% |
| Vedanta VEDL.NS | India | $10.8B | -14% | -37% | 28% | 6.0× | -9.5% | -3.1% |
| Alcoa AA | United States | $10.4B | -37% | +10% | 14% | 7.4× | -4.9% | +7.1% |
| Guangdong HEC Technology 600673.SS | China | $10.4B | -35% | +30% | 6% | 51.0× | n/a | n/a |
| Henan Shenhuo Coal Industary and Electricity Power 000933.SZ | China | $8.45B | -21% | +17% | 26% | 6.2× | -16.2% | +17.0% |
| Tianshan Aluminum 002532.SZ | China | $8.36B | -28% | +17% | 31% | 6.4× | -13.0% | +1.4% |
| Chinahongqiao 1378.HK | Hong Kong | $25.5B | -36% | +7% | 25% | 5.0× | -12.8% | +12.7% |
| Shandong Nanshan Aluminium 600219.SS | China | $7.53B | -19% | +4% | 13% | 10.7× | -5.7% | +9.4% |
| National Aluminium NATIONALUM.NS | India | $6.33B | -19% | +14% | 43% | 8.3× | -4.2% | +14.7% |
| United Company RUSAL international PJSC 0486.HK | Hong Kong | $4.26B | -34% | -4% | 6% | n/a | n/a | n/a |
Norsk Hydro has 3 bonds outstanding with $1.45B face value. The agencies rate it BBB; its bonds trade like BBB. Weighted yield 4.14%, a spread of 110 bp over government bonds.