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Employees: 201
Size Zaptec (ZAP.OL) is a Norway Industrials company (Electrical Products) with a market value of $519M, the 87th largest of 115 Norway companies the cockpit tracks. Shares closed at NOK 55.50 on 6 Nov 2026.
Performance Over six months the shares gained 31.4%, against -26.3% for the median peer and +2.7% for the Norway market (cap-weighted) — 2nd highest of 21 in its peer set.
Growth Revenue grew 33.8% over the last twelve months (peer median +14.8%); the operating margin is 9.9% (peer median 4.6%).
Valuation It trades at 29.5× forward earnings against a peer median of 14.7× (most expensive of 7).
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 +47%, so the hurdle is -50 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 47.3 points above its cost of capital (6.0% WACC).
Next results Next results expected around 17 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NOK 1.91B | NOK 1.53B | NOK 1.27B | NOK 1.40B | NOK 737M |
| Revenue growth | — | +21% | -10% | +90% | — |
| Gross profit | NOK 189M | NOK 111M | NOK 47.1M | NOK 10.7M | -NOK 40.8M |
| EBITDA | NOK 225M | NOK 108M | NOK 44.0M | NOK 10.1M | -NOK 25.0M |
| Net income | NOK 142M | NOK 53.9M | -NOK 3.24M | NOK 22.2M | -NOK 52.9M |
| Free cash flow | NOK 438M | NOK 436M | -NOK 51.7M | -NOK 298M | -NOK 75.8M |
| Capital expenditure | NOK 74.4M | NOK 47.2M | NOK 44.4M | NOK 78.4M | NOK 24.8M |
| Total debt | NOK 52.1M | NOK 49.7M | NOK 203M | NOK 52.8M | NOK 45.2M |
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.
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 | ZAP.OL | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -10.2% | -13.6% | 8th highest of 21 |
| 6-month return | +31.4% | -26.3% | 2nd highest of 21 |
| Distance from 52-week high | -16.0% | -47.7% | highest of 21 |
| Revenue growth (TTM) | +33.8% | +14.8% | 7th highest of 21 |
| Operating margin | 9.9% | 4.6% | 3rd highest of 21 |
| Forward P/E | 29.5× | 14.7× | most expensive of 7 |
| Growth the price implies (Req g, 7 yrs) | -2.8% | 14.8% | 2nd least demanding of 10 |
| Growth delivered (Del g) | +47.5% | +6.4% | highest of 10 |
| Hurdle (Req g minus delivered) | -50.3 pp | +9.9 pp | least demanding of 10 |
| ROIC minus cost of capital | +47.3 pp | -2.0 pp | highest of 21 |
| EV / EBITDA | 19.7× | 16.1× | 3rd most expensive of 8 |
| Net debt / EBITDA | -1.7× | 0.2× | 3rd least indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Zaptec ZAP.OL | Norway | $519M | +31% | +34% | 10% | 29.5× | -2.8% | +47.5% |
| Veken Technology 600152.SS | China | $523M | -56% | +15% | -7% | n/a | n/a | n/a |
| Qingdao Topscomm Communication 603421.SS | China | $523M | -35% | -39% | -50% | n/a | 5.8% | -6.5% |
| Guoxia Technology 2655.HK | Hong Kong | $513M | -66% | +78% | 9% | n/a | n/a | n/a |
| Harbin Jiuzhou 300040.SZ | China | $513M | -26% | -3% | 9% | 23.3× | 17.6% | +2.6% |
| SEBANG GLOBAL BATTERY 004490.KS | South Korea | $525M | -18% | -2% | 6% | 3.7× | n/a | n/a |
| Shanghai Smart Control 001266.SZ | China | $528M | -16% | +25% | 5% | n/a | 24.4% | +6.1% |
| Shenyu Communication Technology 300563.SZ | China | $529M | -40% | +2% | 7% | n/a | 16.2% | +6.4% |
| Ram Ratna Wires RAMRAT.NS | India | $508M | +13% | +72% | 4% | n/a | n/a | n/a |
| Ceepower 300062.SZ | China | $532M | -27% | +19% | -7% | n/a | 6.6% | +4.1% |
| Shenzhen UUGreenPower 301590.SZ | China | $507M | -55% | -12% | -11% | 16.6× | n/a | n/a |
| V-Marc India VMARCIND.NS | India | $503M | +93% | +218% | 10% | n/a | n/a | n/a |
| Shenzhen Deren Electronic 002055.SZ | China | $502M | -9% | -6% | 4% | n/a | n/a | n/a |
| Ballard Power Systems BLDP.TO | Canada | $541M | -66% | +45% | -47% | n/a | n/a | n/a |
| Sanyou 300932.SZ | China | $544M | -21% | +14% | 6% | n/a | n/a | n/a |
| Zhejiang Mustang Battery 605378.SS | China | $544M | -32% | -11% | 2% | n/a | n/a | n/a |
| Beijing Dinghan Technology 300011.SZ | China | $494M | -26% | -2% | -1% | n/a | 31.5% | +7.2% |
| SEMCNS 252990.KS | South Korea | $492M | -20% | +66% | 29% | 17.4× | 14.8% | +16.8% |
| Nantong Xingqiu Graphite 688633.SS | China | $490M | -47% | +44% | 31% | 8.1× | -6.5% | +7.6% |
| Cinderson Tech (Suzhou) 603344.SS | China | $555M | -30% | +7% | 6% | 12.9× | 7.0% | +9.3% |
| Anfu CE LINK 300787.SZ | China | $484M | -4% | +17% | -1% | n/a | n/a | n/a |