Akastor ASA

AKAST.OL

Oil & Gas Equipment & Services · Energy

Also trades as: 0IPT.L

Price

kr 12.94

+0.04 (+0.31%)

Market Cap

kr 3.53B

Exchange

Oslo Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 10, 2026 · filings through Mar 31, 2026

Akastor ASA is a Norwegian oil services investment company. Instead of drilling for oil itself, it owns stakes in businesses that provide equipment and services to oil and gas companies around the world. Its main holding is MHWirth, which makes drilling equipment used on offshore oil rigs. Its customers are large oil companies and drilling contractors operating in offshore energy markets.

Akastor makes money through its portfolio companies, which earn revenue by selling and servicing drilling equipment and through long-term service contracts with oil producers. The company is headquartered in Norway and operates globally, with a strong presence in offshore markets. Its high gross margin reflects the value of specialized equipment and service contracts, though its low return on invested capital suggests the portfolio is still working toward consistent profitability. The key risk is that Akastor's performance depends heavily on offshore drilling activity, which rises and falls with oil prices and energy investment cycles.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+139.5% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+145.8% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

58.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

5+ years

Quarterly Free Cash Flow

↑ Burn rate improving

$4.7B cash & investments at current burn rate

Revenue accelerating

Akastor ASA grew revenue 139% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.3% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 271.6M (2021) → 272.6M (2025)

Score breakdown

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Quality

Gross Margin

94.0%

Premium pricing power — 94.0% gross margin

Operating Margin

61.5%

Excellent — 61.5% operating margin

ROCE

2.1%

Weak — 2.1% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+39.6%

Fast-growing sales (+39.6% YoY)

EPS YoY

-83.8%

Earnings shrinking (-83.8% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Cash Conversion

44%

Weak — only 44% of profit becomes cash

FCF Margin

6.2%

Modest free cash flow (6.2%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.03

Conservative — low debt load (0.03)

Interest Cover

1.60x

Dangerous — barely covers interest (1.6x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

25.3x

Growth-priced — P/E 25.3

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+11.2

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (25.3 → 14.1)

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Dividends

Dividend Yield

20.42%

Healthy income — 20.42% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend Growth

-82.0%

Dividend cut (-82.0% YoY) — warning sign

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