Norwegian Air Shuttle ASA

NAS.OL

Airlines, Airports & Air Services · Industrials

Price

kr 12.54

-0.09 (-0.71%)

Market Cap

kr 13.20B

Exchange

Oslo Stock Exchange

Winston Score

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

Mixed

Cash Flow

Exceptional

Stability

Good

Valuation

Strong

Dividends

Good

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Share count rising — dilution

+55.5% over 4y

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

Diluted shares outstanding: 698.5M (2021) → 1.09B (2025)

Winston Score History

The full picture

Norwegian Air Shuttle is a low-cost airline based in Norway. It flies passengers to destinations across Europe and a small number of routes beyond, competing on affordable ticket prices. It is one of the largest budget airlines in Scandinavia and serves both leisure travelers and cost-conscious business passengers.

The company makes most of its money by selling airline tickets, with additional revenue from baggage fees, seat upgrades, and onboard services. Norwegian operates primarily within Europe, with its home market in the Nordic countries. After going through bankruptcy restructuring in 2020–2021, it emerged as a smaller, leaner operation focused on short-haul European routes. Its main competitive edge is low operating costs, but it faces constant pressure from rivals like Ryanair and easyJet, and rising fuel costs remain a significant ongoing risk to 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

+1.2% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-158.2% 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

25.7%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

kr 13.7B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth context

Norwegian Air Shuttle ASA is growing revenue at 1% 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

12.5%

Thin — 12.5% gross margin

Profit after running costs

Operating Margin

2.1%

Thin — 2.1% operating margin

Return on the money invested

ROCE

21.9%

Exceptional — 21.9% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+2.2%

Nearly flat sales (+2.2% YoY)

Profit growth

EPS YoY

-20.7%

Earnings shrinking (-20.7% 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

482%

Turns 482% of profit into real cash

Spare cash per sale

FCF Margin

12.7%

Converts sales into free cash efficiently (12.7%)

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

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Stability

What it owes vs what it owns

Debt / Equity

0.93

Moderate — manageable debt (0.93)

Covers its interest

Interest Cover

2.12x

Tight — interest eats into profit (2.1x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

8.2x

Attractive valuation — P/E 8.2

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

Cheaper or dearer next year

P/E vs Forward

+1.1

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend

Dividend Yield

12.73%

Healthy income — 12.73% yield

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

Dividend record

Dividend Growth

N/A

—

Data not available

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