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AKVA group ASA

AKVA.OL
51
Manufacturing - Metal Fabrication · Industrials
Price
kr 138.00
+2.00 (+1.47%)
Market Cap
kr 5.02B
Exchange
Oslo Stock Exchange
Winston Score
51
Winston is curious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Mixed
Growth
Exceptional
Cash Flow
Strong
Stability
Good
Valuation
Strong
Dividends
Mixed

Share count rising — dilution

+7.6% over 4y

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

Diluted shares outstanding: 33.8M (2021) → 36.4M (2025)

Winston Score History

The full picture

AKVA group ASA is a Norwegian company that makes equipment and technology for fish farms. Its main products include fish cages, feeding systems, underwater cameras, and software that helps farmers monitor and manage fish like salmon and trout. The company sells to fish farming businesses, mostly in Norway but also across Europe, the Americas, and Australia.

AKVA makes money by selling hardware like cages and feeding machines, and also through software licenses and service contracts. It is one of the largest suppliers of fish farming technology in the world, which gives it a strong position in a specialized industry with few major competitors. The biggest growth driver is the global expansion of fish farming, as demand for seafood rises and land-based fish farming technology develops. The main risk is that fish farming regulations and environmental concerns could slow down how fast the industry grows, which would directly affect how much equipment AKVA can sell.

Growth Profile

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

Revenue Growth

+1.9% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+40.2% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

kr 150M/ year

Declining (-25% vs prior year)

3.4% of revenue

In line with sector average (4%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

0.7%ownership

Flat

Insider ownership roughly steady over the past year

Cash Runway

~4 years

kr 323M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

kr 323M cash & investments at current burn rate

Growth context

AKVA group ASA is growing revenue at 2% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
15.7%
Thin — 15.7% gross margin
Profit after running costs
Operating Margin
9.4%
Modest — 9.4% operating margin
Return on the money invested
ROCE
12.4%
Good — 12.4% 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 growth
Sales YoY
+14.3%
Fast-growing sales (+14.3% YoY)
Profit growth
EPS YoY
+24.2%
Earnings growing fast (+24.2% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is
EPS Consistency
7/8 quarters
Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash
Cash Conversion
182%
Turns 182% of profit into real cash
Spare cash per sale
FCF Margin
4.1%
Thin free cash flow (4.1%)

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

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Stability

What it owes vs what it owns
Debt / Equity
0.90
Moderate — manageable debt (0.90)
Covers its interest
Interest Cover
3.67x
Tight — interest eats into profit (3.7x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
23.5x
Growth-priced — P/E 23.5

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

Cheaper or dearer next year
P/E vs Forward
+10.1
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (23.5 → 13.4)

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Dividends

Dividend
Dividend Yield
1.45%
Small dividend — 1.45% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
+6.7%
Dividend growing modestly (6.7% YoY)

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