Hexagon Composites ASA

HEX.OL

Packaging & Containers · Consumer Cyclical

Also trades as: 0EOF.L

Price

kr 13.70

+0.62 (+4.74%)

Market Cap

kr 3.44B

Exchange

Oslo Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Weak

Stability

Mixed

Valuation

Data not available

Track this stock — start free trial

Share count rising — dilution

+64.8% over 4y

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

Diluted shares outstanding: 139.8M (2021) → 230.5M (2025)

Winston Score History

The full picture

Hexagon Composites is a Norwegian company that makes lightweight composite pressure cylinders and systems used to store and transport compressed natural gas (CNG), hydrogen, and other alternative fuels. Its main customers are truck and bus manufacturers, fuel system integrators, and industrial gas companies. The company is one of the largest producers of high-pressure composite cylinders in the world.

Hexagon earns revenue by selling these cylinders and complete fuel storage systems, primarily to commercial vehicle and transportation markets. It operates globally, with manufacturing and sales across North America, Europe, and Asia, and generates roughly $600–700 million in annual revenue. Its competitive edge comes from deep engineering expertise and long customer relationships in a technically demanding niche, but the company is currently unprofitable at the operating level. The key growth driver is rising adoption of hydrogen and CNG as cleaner fuels for heavy transport, though slow hydrogen infrastructure buildout and weak demand cycles remain meaningful risks.

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

-6.8% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-188.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

kr 0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (4%)

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

Insider Activity

25.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

kr 482M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Revenue declining

Hexagon Composites ASA's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

1.0%

Thin — 1.0% gross margin

Profit after running costs

Operating Margin

1.0%

Thin — 1.0% operating margin

Return on the money invested

ROCE

-1.9%

Weak — -1.9% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Growth

Sales growth

Sales YoY

-39.0%

Shrinking sales (-39.0% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

3.4%

Thin free cash flow (3.4%)

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

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Stability

What it owes vs what it owns

Debt / Equity

0.36

Conservative — low debt load (0.36)

Covers its interest

Interest Cover

N/A

Data not available

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Dividends

Not applicable for this business.

🔒 See full fundamentals and if they are improving or declining — click here for your free trial now.

Start free trial