Reach Subsea ASA

REACH.OL

Oil & Gas Equipment & Services · Energy

Exchange

Oslo Stock Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

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

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Mixed

Stability

Weak

Valuation

Data not available

Dividends

Mixed

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Winston Score History

The full picture

Reach Subsea ASA is a Norwegian company that provides underwater services to the oil and gas industry. It sends specialized vessels and remotely operated vehicles (ROVs) — essentially underwater robots — to inspect, maintain, and repair equipment on the seafloor. Its main customers are oil companies operating offshore fields, primarily in the North Sea.

The company earns money by charging day rates to rent out its vessels and ROV crews for specific projects. It operates mainly in Norwegian and broader European offshore waters, with a market cap of roughly $1.8 billion. Its competitive position relies on its fleet of specialized vessels and technical expertise, which are not easy or cheap to replicate quickly. However, the company is currently running at an operating loss, meaning costs exceed revenues from operations, and its growth depends heavily on offshore energy spending — which can drop sharply if oil prices fall or energy companies cut their exploration and maintenance budgets.

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

+44.4% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+86.4% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

59.3%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Position

Cash flow positive

kr 851M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Revenue accelerating

Reach Subsea ASA grew revenue 44% 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

34.5%

Modest — 34.5% gross margin

Profit after running costs

Operating Margin

19.5%

Healthy — 19.5% operating margin

Return on the money invested

ROCE

0.4%

Weak — 0.4% 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

-2.4%

Shrinking sales (-2.4% YoY)

Profit growth

EPS YoY

-128.8%

Earnings shrinking (-128.8% YoY)

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

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

23.1%

Converts sales into free cash efficiently (23.1%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

1.35

Elevated debt (1.35)

Covers its interest

Interest Cover

0.08x

Dangerous — barely covers interest (0.1x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

2.81%

no trend

Moderate income — 2.81% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

N/A

no trend

Data not available

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