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Norwegian construction, civil engineering and property development company operating across Norway, Sweden and Denmark.
Norwegian construction, civil engineering and property development company operating across Norway, Sweden and Denmark.
Wins construction work in competitive bidding for public and private buyers, often on fixed-price or open-book contracts, so margins depend on estimating well. It builds property for sale in Norway, and its asphalt and aggregates operations supply its own road projects. Employees collectively own a large share.
In one line: A large Nordic construction and property developer.
Moat: none (scale). Competitive-bid construction with some advantage from vertically integrated asphalt/aggregates.
Headquarters: Oslo, Norway · Founded: 1936 · Employees: 7,763
Size Veidekke (VEI.OL) is a Norway Industrials company (Engineering & Construction) with a market value of $3.13B, the 31st largest of 115 Norway companies the cockpit tracks. Shares closed at NOK 215.00 on 6 Nov 2026.
Performance Over six months the shares gained 24.6%, against -15.1% for the median peer and +2.7% for the Norway market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue grew 7.9% over the last twelve months (peer median +3.8%); the operating margin is 4.8% (peer median 5.0%).
Valuation It trades at 17.1× forward earnings against a peer median of 12.4× (3rd most expensive of 21).
Price implies For today's price to make sense, revenue must grow about -3% a year for seven years (Req g). Recent delivered growth is +2%, so the hurdle is -6 pp: the price already allows for a slowdown.
Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NOK 44.8B | NOK 43.1B | NOK 41.4B | NOK 43.1B | NOK 38.7B |
| Revenue growth | — | +4% | -4% | +12% | — |
| Gross profit | NOK 2.15B | NOK 1.98B | NOK 6.46B | NOK 6.08B | NOK 5.99B |
| EBITDA | NOK 3.25B | NOK 3.08B | NOK 2.66B | NOK 2.43B | NOK 2.41B |
| Net income | NOK 1.69B | NOK 1.55B | NOK 1.26B | NOK 1.07B | NOK 1.09B |
| Free cash flow | NOK 4.44B | NOK 2.89B | NOK 1.65B | NOK 2.22B | NOK 606M |
| Capital expenditure | NOK 453M | NOK 399M | NOK 695M | NOK 844M | NOK 785M |
| Total debt | NOK 170M | NOK 276M | NOK 1.55B | NOK 1.30B | NOK 1.27B |
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 |
|---|---|---|---|---|---|---|
| Veidekke VEI.OL | $3.13B | +25% | +8% | 5% | 17.1× | -3.5% |
| Skanska SKA-B.ST | $12.1B | +16% | -6% | 4% | 17.1× | 8.3% |
| NCC NCC-A.ST | $1.69B | -3% | -17% | 3% | 22.2× | -1.6% |
| AF Gruppen AFG.OL | $2.42B | +13% | +11% | 5% | 16.2× | -9.7% |
| Peab PEAB-B.ST | $2.80B | +5% | +4% | 4% | 11.4× | 6.6% |
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 | VEI.OL | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +6.7% | -3.7% | 4th highest of 21 |
| 6-month return | +24.6% | -15.1% | 4th highest of 21 |
| Distance from 52-week high | -2.0% | -28.3% | highest of 21 |
| Revenue growth (TTM) | +7.9% | +3.8% | 7th highest of 21 |
| Operating margin | 4.8% | 5.0% | 11th highest of 21 |
| Forward P/E | 17.1× | 12.4× | 3rd most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | -3.5% | 3.1% | 6th least demanding of 17 |
| Growth delivered (Del g) | +2.5% | +8.4% | 6th lowest of 17 |
| Hurdle (Req g minus delivered) | -5.9 pp | -8.3 pp | 8th most demanding of 17 |
| EV / EBITDA | 7.9× | 8.6× | 7th cheapest of 14 |
| Net debt / EBITDA | -1.1× | 0.9× | 6th least indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Veidekke VEI.OL | Norway | $3.13B | +25% | +8% | 5% | 17.1× | -3.5% | +2.5% |
| Sinoma International Engineering 600970.SS | China | $3.15B | -14% | +3% | 5% | 9.2× | -8.3% | +10.3% |
| Kraftia 1959.T | Japan | $3.10B | -29% | +5% | 12% | 10.8× | 2.8% | +4.0% |
| China Communications Services 0552.HK | Hong Kong | $3.19B | -19% | 0% | 2% | 5.7× | n/a | n/a |
| Downer EDI DOW.AX | Australia | $3.21B | -6% | -7% | 4% | 15.8× | 11.1% | -3.4% |
| SINOPEC Engineering (Group) 2386.HK | Hong Kong | $3.05B | -13% | +14% | 2% | 9.0× | n/a | n/a |
| Ventia Services VNT.AX | Australia | $3.24B | -2% | -1% | 7% | 16.1× | -1.4% | +13.7% |
| Legence LGN | United States | $3.02B | -72% | +69% | 3% | 12.2× | 29.7% | +69.2% |
| Bravida BRAV.ST | Sweden | $3.00B | +30% | +4% | 6% | 19.0× | 5.3% | +5.9% |
| L&K Engineering (Suzhou) 603929.SS | China | $2.99B | -50% | +43% | 25% | 14.8× | 7.5% | +39.5% |
| ACME Solar ACMESOLAR.NS | India | $2.95B | +32% | +54% | 66% | 29.6× | n/a | n/a |
| Jgc 1963.T | Japan | $2.94B | -18% | -15% | 6% | 10.0× | n/a | n/a |
| Shanghai Construction 600170.SS | China | $2.89B | -20% | -22% | 1% | 16.7× | -10.4% | -2.3% |
| Worley WOR.AX | Australia | $3.39B | -16% | -5% | 4% | 12.6× | 5.2% | +2.3% |
| Alten ATE.PA | France | $3.43B | +43% | 0% | 8% | 11.4× | 3.5% | +11.9% |
| EXEO 1951.T | Japan | $2.84B | -22% | +18% | 7% | 12.2× | -5.0% | +6.6% |
| Peab PEAB-B.ST | Sweden | $2.80B | +5% | +4% | 4% | 11.4× | 6.6% | -0.4% |
| Primoris Services PRIM | United States | $3.52B | -38% | -5% | 3% | 13.7× | 22.8% | +16.8% |
| Morgan Sindall MGNS.L | United Kingdom | $2.77B | -7% | +11% | 5% | 11.7× | -4.7% | +10.6% |
| Elecnor ENO.MC | Spain | $2.76B | -30% | +7% | 4% | 17.0× | -4.9% | +12.3% |
| Comsys 1721.T | Japan | $3.55B | -15% | +4% | 8% | 13.3× | -0.7% | +2.3% |