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Orkla ASA

ORK.OL
50
Packaged Foods · Consumer Defensive
Price
kr 97.55
+1.25 (+1.30%)
Market Cap
kr 95.38B
Exchange
Oslo Stock Exchange
Winston Score
50
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
Strong
Stability
Strong
Valuation
Good
Dividends
Exceptional

Winston Score History

The full picture

Orkla ASA is a Norwegian company that makes everyday consumer goods, mostly food and snacks. Its brands include well-known products like Grandiosa frozen pizza, Stabburet spreads, and Abba seafood, sold mainly to grocery stores and households across the Nordic countries. It is one of the largest branded consumer goods companies in Scandinavia.

Orkla earns most of its revenue by selling packaged food products through retail supermarkets, with additional income from ingredients sold to other food businesses. The company operates primarily in Norway, Sweden, Denmark, Finland, and the Baltics, with some presence in Central and Eastern Europe. Its main competitive advantage is strong local brand loyalty in markets where it holds leading positions, but it faces ongoing pressure from private-label store brands and rising input costs that can squeeze profit margins.

Share count broadly stable

+0.2% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 997.1M (2021) → 999.2M (2025)

Score breakdown

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Quality

Profit per sale
Gross Margin
10.6%
Thin — 10.6% gross margin
Profit after running costs
Operating Margin
10.6%
Modest — 10.6% operating margin
Return on the money invested
ROCE
11.0%
Below par — 11.0% 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
-0.4%
Shrinking sales (-0.4% YoY)
Profit growth
EPS YoY
-34.8%
Earnings shrinking (-34.8% 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
138%
Turns 138% of profit into real cash
Spare cash per sale
FCF Margin
9.5%
Modest free cash flow (9.5%)

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
0.49
Conservative — low debt load (0.49)
Covers its interest
Interest Cover
9.43x
Comfortably covers interest (9.4x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
14.1x
Attractive valuation — P/E 14.1

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+0.2
GROWING
Earnings roughly flat

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Dividends

Dividend
Dividend Yield
5.84%
Healthy income — 5.84% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record
Dividend Growth
+128.3%
Dividend growing fast (128.3% YoY)

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