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NRC Group ASA

NRC.OL
36
Engineering & Construction · Industrials
Also trades as: 0DSJ.L GBP 0.10 (-1.71%)
Price
kr 9.90
+0.20 (+2.06%)
Market Cap
kr 1.71B
Exchange
Oslo Stock Exchange
Winston Score
36
Winston is serious
Below-average fundamentals — multiple weak pillars.
Data as of Oct 12, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Weak
5/30
Growth
Mixed
5/20
Cash Flow
Strong
7/10
Stability
Good
6/10
Valuation
Good
5/10
Ownership
Mixed
6/15
Dividends
Not counted
n/a

34 of 95 counted points = Winston Score 36. Pillars marked n/a do not apply to this company and are left out of the total.

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Share count rising — dilution

+155.7% over 4y

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

Diluted shares outstanding: 72.9M (2021) → 186.5M (2025)

§Winston Score History

The full picture

NRC Group ASA is a Nordic construction and maintenance company that focuses on railway infrastructure. It builds, upgrades, and maintains train tracks, tunnels, and related rail systems. Its main customers are national rail authorities and government agencies in Scandinavia, making it heavily tied to public infrastructure spending.

The company earns revenue through project contracts and long-term maintenance agreements with public clients, which provides some revenue stability. NRC Group operates primarily in Norway, Sweden, and Finland, where governments have committed to expanding and modernizing rail networks. The thin operating margin of around 2% reflects the low-margin nature of construction contracting, where labor and materials costs are high. The key growth driver is continued public investment in Nordic rail infrastructure, but the main risk is project execution — cost overruns and delays on fixed-price contracts can quickly erode already narrow margins.

Growth Profile

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

Revenue Growth

-3.3% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-48.5% 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

4.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

kr 78M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Revenue declining

NRC Group 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.

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Quality

Profit per sale
Gross Margin
3.6%
Thin — 3.6% gross margin
Profit after running costs
Operating Margin
3.6%
Thin — 3.6% operating margin
Return on the money invested
ROCE
6.1%
Weak — 6.1% 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
-7.3%
Shrinking sales (-7.3% 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
718%
Turns 718% of profit into real cash
Spare cash per sale
FCF Margin
1.7%
Thin free cash flow (1.7%)

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
0.37
Conservative — low debt load (0.37)
Covers its interest
Interest Cover
2.04x
Tight — interest eats into profit (2.0x)

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)
106.8x
Expensive — P/E 106.8

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

Cheaper or dearer next year
P/E vs Forward
+89.8
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (106.8 → 17.0)

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Dividends

Not applicable for this business.
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