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Norway's largest multidisciplinary engineering and consulting firm for infrastructure, buildings and energy projects.
Norway's largest multidisciplinary engineering and consulting firm for infrastructure, buildings and energy projects.
Sells engineers' time on projects, mostly billed by the hour or at agreed fees, so revenue follows the number of consultants and how many are billed. Employees hold a large stake in the firm, and it also works in other Nordic markets beyond its Norwegian base.
In one line: Norway's largest engineering consultancy.
Moat: narrow (brand, process know-how). Largest engineering consultancy brand in Norway with deep public-sector relationships.
Headquarters: Sandvika, Norway · Founded: 1929 · Employees: 7,051
Size Norconsult (NORCO.OL) is a Norway Industrials company (Engineering & Construction) with a market value of $1.14B, the 59th largest of 115 Norway companies the cockpit tracks. Shares closed at NOK 35.75 on 6 Nov 2026.
Performance Over six months the shares gained 2.1%, against -17.7% for the median peer and +2.7% for the Norway market (cap-weighted) — 5th highest of 21 in its peer set.
Growth Revenue grew 13.2% over the last twelve months (peer median +6.1%); the operating margin is 7.0% (peer median 6.4%).
Valuation It trades at 15.7× forward earnings against a peer median of 16.8× (9th cheapest of 17).
Price implies For today's price to make sense, revenue must grow about -6% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is -16 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 7.0 points above its cost of capital (5.6% WACC).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NOK 12.5B | NOK 11.4B | NOK 10.4B | NOK 9.57B | NOK 8.42B |
| Revenue growth | — | +9% | +9% | +14% | — |
| Gross profit | NOK 861M | NOK 1.73B | NOK 1.33B | NOK 1.45B | NOK 1.36B |
| EBITDA | NOK 1.50B | NOK 1.51B | NOK 1.15B | NOK 1.22B | NOK 1.13B |
| Net income | NOK 592M | NOK 651M | NOK 496M | NOK 516M | NOK 454M |
| Free cash flow | NOK 944M | NOK 1.06B | NOK 1.44B | NOK 885M | NOK 884M |
| Capital expenditure | NOK 104M | NOK 120M | NOK 114M | NOK 82.0M | NOK 99.0M |
| Total debt | NOK 2.45B | NOK 2.97B | NOK 1.60B | NOK 1.58B | NOK 1.55B |
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 |
|---|---|---|---|---|---|---|
| Norconsult NORCO.OL | $1.14B | +2% | +13% | 7% | 15.7× | -5.9% |
| Arcadis ARCAD.AS | $4.42B | +31% | -1% | 6% | 15.0× | 5.5% |
| Sweco SWEC-A.ST | $5.32B | +12% | +6% | 10% | 20.6× | 5.0% |
| Multiconsult MULTI.OL | $390M | -17% | +4% | 5% | 14.3× | -5.8% |
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 | NORCO.OL | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.1% | +1.4% | 8th lowest of 21 |
| 6-month return | +2.1% | -17.7% | 5th highest of 21 |
| Distance from 52-week high | -27.3% | -33.5% | 9th highest of 21 |
| Revenue growth (TTM) | +13.2% | +6.1% | 7th highest of 21 |
| Operating margin | 7.0% | 6.4% | 9th highest of 21 |
| Forward P/E | 15.7× | 16.8× | 9th cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | -5.9% | 7.1% | 3rd least demanding of 10 |
| Growth delivered (Del g) | +10.6% | +13.6% | 4th lowest of 10 |
| Hurdle (Req g minus delivered) | -16.5 pp | -4.0 pp | 5th least demanding of 10 |
| ROIC minus cost of capital | +7.0 pp | -1.8 pp | 3rd highest of 19 |
| EV / EBITDA | 8.6× | 12.5× | 2nd cheapest of 10 |
| Net debt / EBITDA | 1.6× | 0.7× | 5th most indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Norconsult NORCO.OL | Norway | $1.14B | +2% | +13% | 7% | 15.7× | -5.9% | +10.6% |
| Techno Electric & Engineering TECHNOE.NS | India | $1.14B | -28% | +39% | 13% | 18.8× | n/a | n/a |
| Instalco INSTAL.ST | Sweden | $1.15B | +9% | +9% | 5% | 18.4× | 10.9% | +13.8% |
| Ameresco AMRC | United States | $1.15B | -28% | +9% | 7% | 15.6× | n/a | n/a |
| Jiangsu Zeyu Intelligent Electric Power 301179.SZ | China | $1.13B | -20% | +8% | 8% | 32.1× | 24.8% | +15.4% |
| Renew RNWH.L | United Kingdom | $1.15B | +19% | +8% | 6% | 15.3× | 7.7% | +11.7% |
| Decai Decoration 605287.SS | China | $1.12B | -3% | +17% | 5% | n/a | 25.3% | -5.4% |
| IPARK Hyundai Development 294870.KS | South Korea | $1.12B | +4% | -13% | 11% | 4.2× | n/a | n/a |
| Shenzhen Zhongzhuang Construction 002822.SZ | China | $1.15B | -15% | -56% | -96% | n/a | n/a | n/a |
| Norbit NORBT.OL | Norway | $1.12B | -28% | +34% | 22% | 21.1× | -5.3% | +32.2% |
| China Bester Group Telecom 603220.SS | China | $1.17B | -48% | +3% | 6% | 20.0× | n/a | n/a |
| EPIC Suisse EPIC.SW | Switzerland | $1.17B | +2% | +4% | 78% | 20.8× | 7.1% | +4.3% |
| GenusPlus GNP.AX | Australia | $1.18B | -12% | +71% | 6% | 18.1× | 6.2% | +32.1% |
| thyssenkrupp nucera AG & Co. KGaA NCH2.DE | Germany | $1.09B | -13% | -42% | -13% | n/a | n/a | n/a |
| IRCON International IRCON.NS | India | $1.08B | -33% | -3% | 7% | 15.4× | n/a | n/a |
| Tianjin Capital Environmental Protection 600874.SS | China | $1.21B | -9% | -3% | 29% | 9.6× | -15.4% | +7.3% |
| Chiyoda 6366.T | Japan | $1.07B | -35% | +16% | 17% | 6.7× | n/a | n/a |
| Anhui Construction Engineering 600502.SS | China | $1.07B | -23% | -4% | 6% | 4.6× | n/a | n/a |
| Toa Corporation (Construction) 1885.T | Japan | $1.06B | -29% | +2% | 7% | 9.1× | -12.2% | +13.6% |
| Xinjiang Communications Construction 002941.SZ | China | $1.22B | -20% | +23% | 5% | n/a | n/a | n/a |
| Lendlease LLC.AX | Australia | $1.23B | -16% | -30% | 0% | 147.4× | n/a | n/a |