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Norwegian geoscience data company providing seismic data libraries and subsurface data products to oil and gas explorers.
Norwegian geoscience data company providing seismic data libraries and subsurface data products to oil and gas explorers.
Funds seismic surveys itself, often partly pre-paid by oil companies, then keeps licensing the same data to many customers, so late sales add to earnings long after a survey is shot. The 2024 merger with PGS, a Norwegian seismic company, added survey ships and data, making it larger and more survey-heavy.
In one line: A Norwegian seismic/subsurface data library company for oil & gas explorers.
Moat: narrow (data, scale, installed base). Owns one of the largest multi-client seismic data libraries, licensed repeatedly to many customers.
Headquarters: Asker, Norway · Founded: 1981 · Employees: 1,640
Size Tgs (TGS.OL) is a Norway Information Technology company (Data Processing Services) with a market value of $2.73B, the 35th largest of 115 Norway companies the cockpit tracks. Shares closed at NOK 128.90 on 6 Nov 2026.
Performance Over six months the shares fell 13.5%, against -30.4% for the median peer and +2.7% for the Norway market (cap-weighted) — 8th highest of 19 in its peer set.
Growth Revenue fell 29.5% over the last twelve months (peer median +11.2%); the operating margin is 11.9% (peer median -3.2%).
Valuation It trades at 16.3× forward earnings against a peer median of 30.4× (5th cheapest of 12).
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 +36%, so the hurdle is -31 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 4.2 points below its cost of capital (9.1% WACC).
Credit Tgs has 1 bond outstanding ($550M), rated BB- by the agencies and trading like BB- at a weighted spread of 235 bp.
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NOK 13.1B | NOK 15.9B | NOK 14.2B | NOK 8.40B | NOK 6.89B |
| Revenue growth | — | +12% | +69% | +22% | — |
| Gross profit | NOK 2.66B | NOK 2.98B | NOK 3.15B | NOK 1.30B | NOK 1.97B |
| EBITDA | NOK 6.98B | NOK 9.31B | NOK 7.47B | NOK 4.06B | NOK 5.18B |
| Net income | NOK 835M | NOK 190M | NOK 1.01B | NOK 229M | NOK 845M |
| Free cash flow | NOK 5.13B | NOK 7.37B | NOK 5.08B | NOK 5.67B | NOK 3.08B |
| Capital expenditure | NOK 5.11B | NOK 4.87B | NOK 4.68B | NOK 4.63B | NOK 2.16B |
| Total debt | NOK 7.10B | NOK 8.64B | NOK 9.32B | NOK 865M | NOK 1.10B |
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 |
|---|---|---|---|---|---|---|
| Tgs TGS.OL | $2.73B | -13% | -30% | 12% | 16.3× | 5.5% |
| Viridien VIRI.PA | $763M | -16% | -14% | 11% | 22.9× | -2.9% |
| Fugro FUR.AS | $1.06B | -29% | -11% | 3% | n/a | 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 | TGS.OL | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.5% | -10.9% | 8th highest of 21 |
| 6-month return | -13.5% | -30.4% | 8th highest of 19 |
| Distance from 52-week high | -19.4% | -40.8% | 5th highest of 21 |
| Revenue growth (TTM) | -29.5% | +11.2% | lowest of 21 |
| Operating margin | 11.9% | -3.2% | 5th highest of 21 |
| Forward P/E | 16.3× | 30.4× | 5th cheapest of 12 |
| Growth the price implies (Req g, 7 yrs) | 5.5% | 10.9% | 4th least demanding of 8 |
| Growth delivered (Del g) | +36.2% | +2.1% | highest of 8 |
| Hurdle (Req g minus delivered) | -30.7 pp | +6.4 pp | least demanding of 8 |
| ROIC minus cost of capital | -4.2 pp | -8.0 pp | 5th highest of 21 |
| EV / EBITDA | 4.4× | 19.1× | 3rd cheapest of 14 |
| Net debt / EBITDA | 0.8× | 0.7× | 8th most indebted of 16 |
| Bond spread | 235 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Tgs TGS.OL | Norway | $2.73B | -13% | -30% | 12% | 16.3× | 5.5% | +36.2% |
| Beijing Sinnet Technology 300383.SZ | China | $2.70B | -37% | -2% | -11% | 149.7× | 46.5% | -0.7% |
| Ionic Digital IOND | United States | $2.68B | n/a | -8% | -44% | 28.0× | n/a | n/a |
| Megaport MP1.AX | Australia | $2.80B | +86% | +37% | -10% | 99.5× | n/a | n/a |
| Kingsoft Cloud 3896.HK | Hong Kong | $2.54B | -47% | +35% | -3% | n/a | n/a | n/a |
| Cipher Digital CIFR | United States | $2.99B | -68% | -29% | -172% | n/a | n/a | n/a |
| Sunevision 1686.HK | Hong Kong | $2.46B | -29% | +6% | 52% | 14.3× | 10.9% | +10.7% |
| Csquare CSQR | United States | $2.39B | n/a | +9% | 10% | n/a | n/a | n/a |
| DXC Technology DXC | United States | $2.31B | +58% | -3% | 1% | 5.8× | 3.2% | -6.5% |
| Kyndryl Holdings Incorporation KD | United States | $3.55B | +33% | -1% | 4% | 5.9× | 1.6% | -4.9% |
| Dentsu Soken 4812.T | Japan | $3.56B | +31% | +10% | 14% | 30.4× | 0.3% | +8.7% |
| Shenzhen Xunce Technology 3317.HK | Hong Kong | $1.93B | -79% | +287% | -3% | 200.1× | n/a | n/a |
| JOYY, Inc. Sponsored ADR JOYY | United States | $3.98B | +37% | +8% | 2% | 12.9× | 19.8% | +2.1% |
| GDS 9698.HK | Hong Kong | $4.22B | -52% | +13% | 17% | 36.8× | n/a | n/a |
| Bitdeer Technologies BTDR | United States | $1.63B | -55% | +128% | -30% | n/a | n/a | n/a |
| Applied Digital APLD | United States | $4.70B | -62% | +290% | -24% | n/a | n/a | n/a |
| ChronoScale CHRN | United States | $1.57B | -31% | +190% | -68% | n/a | n/a | n/a |
| JMDC 4483.T | Japan | $1.52B | +10% | +19% | 20% | 31.9× | 19.7% | +24.6% |
| Suncorporation 6736.T | Japan | $1.49B | +22% | -11% | 1% | n/a | n/a | n/a |
| HawkEye 360 HAWK | United States | $1.45B | -55% | +88% | -8% | n/a | n/a | n/a |
| Nextdc NXT.AX | Australia | $5.47B | -30% | +16% | -7% | n/a | n/a | n/a |
Tgs has 1 bond outstanding with $550M face value. The agencies rate it BB-; its bonds trade like BB-. Weighted yield 6.94%, a spread of 235 bp over government bonds.