VOW ASA

VOW.OL

Industrial - Pollution & Treatment Controls · Industrials

Exchange

Oslo Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Weak

Valuation

Data not available

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Winston Score History

The full picture

VOW ASA is a Norwegian industrial company that helps ships and factories deal with waste and pollution. Its main products are systems that clean wastewater, treat sewage, and convert waste into energy — primarily for cruise ships, naval vessels, and offshore platforms. The company is part of the growing "maritime environmental technology" space, where stricter global regulations are pushing ship operators to upgrade their pollution controls.

VOW makes money by selling these waste-treatment systems and providing related services and maintenance contracts to its customers. It operates mainly in Europe but serves clients globally through the shipping and maritime industry. The company is small, with a market cap under $1 billion, and its financials show it is not yet profitable, with negative operating and returns on capital. The key growth driver is tightening international maritime emissions rules, but the main risk is that VOW must scale revenue significantly faster than costs to reach profitability — something it has so far struggled to do.

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

+8.7% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+47.0% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

30.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~1 months

kr 14M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Short runway — potential dilution ahead through share issuance

Cash watch

VOW ASA has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

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

12.2%

Thin — 12.2% gross margin

Profit after running costs

Operating Margin

3.8%

Thin — 3.8% operating margin

Return on the money invested

ROCE

-12.5%

Weak — -12.5% return on capital

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

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Growth

Sales growth

Sales YoY

+3.5%

Slow sales growth (+3.5% 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

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

4.6%

Thin free cash flow (4.6%)

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

2.25

Heavy debt load (2.25)

Covers its interest

Interest Cover

N/A

Data not available

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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

Not applicable for this business.

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