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Kongsberg Gruppen ASA

NSKFF
51
Aerospace & Defense · Industrials
Price
$30.72
+0.00 (+0.00%)
Market Cap
$27.02B
Exchange
Other OTC
Winston Score
51
Winston is curious
Mixed quality — meaningful strengths and weaknesses.
Data as of Jul 27, 2026 · filings through Jun 30, 2026

Share count rising — dilution

+393.4% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 178.2M (2021) → 879.3M (2025)

Kongsberg Gruppen ASA is a Norwegian enterprise focused on delivering advanced high-tech systems and solutions, primarily serving the global maritime and defense sectors. The company operates through three distinct divisions: Kongsberg Maritime (KM), Kongsberg Defence & Aerospace (KDA), and Kongsberg Digital (KDI). Kongsberg Maritime provides sophisticated technologies for marine operations, including integrated bridge and control systems encompassing dynamic positioning, propulsion management, navigation, and automation. This segment also offers energy solutions, ship design services, and propulsion units such as propellers, thrusters, and water jet systems designed for offshore vessel maneuvering. KM's portfolio extends to deck machinery, like winches for mooring and anchor handling, specialized systems for diverse vessel classes, and cranes. Additionally, it develops hydro-acoustic solutions, autonomous underwater vehicles (AUVs) and autonomous maritime systems, products for the fisheries industry, underwater mapping technology, and bespoke sensors for specialist vessels. Kongsberg Defence & Aerospace delivers a comprehensive suite of defense-related systems and services. Its offerings include state-of-the-art air defense and combat systems, sonars, and navigation platforms for naval vessels and submarines, alongside integrated command and control (C2) systems. KDA also provides remote tower solutions for airports, remote-controlled weapon stations for both land-based vehicles and marine applications, military tactical communication products, and a range of missiles, including naval strike and air-to-surface variants. Furthermore, this segment manufactures lightweight composite and titanium components for the F-35 combat aircraft, supplies components and services to the space industry, develops port monitoring systems, and offers maintenance, repair, and overhaul (MRO) services. Kongsberg Digital concentrates on advancing digitalization initiatives within the oil and gas, wind energy, and merchant marine industries. Founded in 1814 and headquartered in Kongsberg, Norway, Kongsberg Gruppen ASA maintains a significant international presence, conducting operations across Norway, Europe, North America, South America, Asia, Australia, and Africa.

Winston Score History

Score breakdown

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Quality

Gross Margin
16.1%
Thin — 16.1% gross margin
Operating Margin
16.1%
Healthy — 16.1% operating margin
ROCE
11.5%
Below par — 11.5% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY
-21.6%
Shrinking sales (-21.6% YoY)
EPS YoY
-72.9%
Earnings shrinking (-72.9% YoY)

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

EPS Consistency
0/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion
125%
Turns 125% of profit into real cash
FCF Margin
16.6%
Converts sales into free cash efficiently (16.6%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity
0.11
Conservative — low debt load (0.11)
Interest Cover
24.34x
Comfortably covers interest (24.3x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)
3.7x
Attractive valuation — P/E 3.7

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward
+1.7
GROWING
Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend Yield
2.80%
Moderate income — 2.80% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth
-42.6%
Dividend cut (-42.6% YoY) — warning sign

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