Eqva ASA

EQVA.OL

Aerospace & Defense · Industrials

Price

kr 3.05

+0.04 (+1.33%)

Market Cap

kr 271.4M

Exchange

Oslo Stock Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Weak

Growth

Good

Cash Flow

Strong

Stability

Weak

Valuation

Weak

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Share count rising — dilution

+251.5% over 4y

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

Diluted shares outstanding: 24.8M (2021) → 87.1M (2025)

Winston Score History

The full picture

Eqva ASA is a Norwegian industrial company that provides technical products and services mainly to the maritime, offshore energy, and defense sectors. Its core offerings include engineered components, maintenance services, and supply chain solutions for ships, offshore installations, and defense equipment. The company serves customers across Norway's shipping industry, oil and gas operators, and the Norwegian Armed Forces.

Eqva generates revenue by selling specialized parts and delivering technical services under contracts with industrial and government customers. It operates primarily in Norway, with some activity tied to the broader Nordic region, and its market capitalization sits around $0.3 billion, making it a small-cap industrial firm. The company's ties to Norway's defense procurement and maritime infrastructure give it a degree of stability, but its thin operating margin of roughly 2.8% leaves little room for error, and the key risk is that any slowdown in Norwegian defense spending or offshore activity could quickly pressure profitability.

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

+45.1% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-119.1% YoY

YoY Growth Rate

Earnings declining

R&D Spend

kr 0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

22.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

kr 362M cash & investments

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

Revenue accelerating

Eqva ASA grew revenue 45% 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.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

9.2%

Thin — 9.2% gross margin

Profit after running costs

Operating Margin

0.1%

Thin — 0.1% operating margin

Return on the money invested

ROCE

4.2%

Weak — 4.2% 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

+32.7%

Fast-growing sales (+32.7% YoY)

Profit growth

EPS YoY

-99.7%

Earnings shrinking (-99.7% YoY)

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

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

5139%

Turns 5139% of profit into real cash

Spare cash per sale

FCF Margin

0.0%

Thin free cash flow (0.0%)

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

1.38

Elevated debt (1.38)

Covers its interest

Interest Cover

0.92x

Dangerous — barely covers interest (0.9x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

Price vs profit

P/E Ratio (TTM)

357.1x

Expensive — P/E 357.1

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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