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Akastor ASA

AKAST.OL
55
Oil & Gas Equipment & Services · Energy
Also trades as: 0IPT.L GBP 0.14 (+4.71%)
Price
kr 13.46
-0.24 (-1.75%)
Market Cap
kr 3.67B
Exchange
Oslo Stock Exchange
Winston Score
55
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 12, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Good
17/30
Growth
Good
10/20
Cash Flow
Weak
1/10
Stability
Strong
7/10
Valuation
Strong
7/10
Ownership
Good
10/15
Dividends
Good
3/5

55 of 100 counted points = Winston Score 55.

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§Winston Score History

The full picture

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.

Growth Profile

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

Revenue Growth

+97.5% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+47.5% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

kr 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 Position

Cash flow positive

kr 5.0B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Akastor ASA grew revenue 97% 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

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
54.5%
Healthy — 54.5% gross margin
Profit after running costs
Operating Margin
54.5%
Excellent — 54.5% operating margin
Return on the money invested
ROCE
4.1%
Weak — 4.1% 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 growth
Sales YoY
+66.9%
Fast-growing sales (+66.9% YoY)
Profit growth
EPS YoY
N/A
Data not available
How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
32%
Weak — only 32% of profit becomes cash
Spare cash per sale
FCF Margin
-0.2%
Burning cash (-0.2%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
0.00
Conservative — low debt load (0.00)
Covers its interest
Interest Cover
3.52x
Tight — interest eats into profit (3.5x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
24.6x
Growth-priced — P/E 24.6

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

Cheaper or dearer next year
P/E vs Forward
+17.6
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (24.6 → 7.0)

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Dividends

Dividend
Dividend Yield
15.41%
Healthy income — 15.41% yield

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

Dividend record
Dividend Growth
-77.3%
Dividend cut (-77.3% YoY) — warning sign
Payout Ratio
488%
no trend
Paying out more than the last 12 months of profit. The dividend is being funded from cash or borrowing, not this year’s earnings.

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