Nel ASA (NLLSF)
NEGATIVEFundamental
29
Preço
$2.14
Capitalização de Mercado
$3.82B
Parte 1 · Quanto vale a empresa
Visão Geral
Nel ASA makes the equipment that splits water into hydrogen and oxygen using electricity, a process called electrolysis, for customers who want to produce hydrogen as an industrial input or fuel without burning fossil fuels. It sells two competing technologies — alkaline electrolysers, built at its Herøya plant in Norway, and proton-exchange-membrane (PEM) electrolysers, built in Connecticut — to industrial gas companies, energy firms and other buyers pursuing hydrogen projects. Nel spun off its hydrogen refueling-station business as a separate listed company, Cavendish Hydrogen, in mid-2024.
Como gera receita
Revenue comes from selling electrolyser equipment on a project-by-project basis, so results depend heavily on how many customers reach a final investment decision and place an order in a given period, not on repeat, predictable purchases. Full-year 2025 revenue fell 31% to NOK 963 million from NOK 1,390 million, driven by a sharp drop in alkaline-electrolyser sales that a smaller gain in PEM sales only partly offset — a sign of how lumpy and order-dependent revenue still is in an industry where large hydrogen projects are still early and often delayed.
O que impulsiona a procura
CíclicoOrders depend on customers committing capital to large, multi-year hydrogen production projects, decisions that are highly sensitive to government subsidies, the price of competing fossil-fuel-based hydrogen, and the cost of the renewable electricity the process consumes. When any of these turns unfavorable, customers can and do delay final investment decisions, leaving Nel's order book thin for extended periods.
Os argumentos a favor
Buyers argue that offering both alkaline and PEM technology lets Nel serve whichever projects favor either approach, that spinning off the refueling business focuses the company on its larger electrolyser opportunity, and that a rebound in PEM orders points to renewed customer interest once project financing conditions improve.
Os argumentos contra
Sellers fear that a 31% revenue decline in a single year shows how few large hydrogen projects are actually reaching a final investment decision, that project-based orders make revenue inherently unpredictable from one year to the next, and that Nel remains unprofitable while it waits for the hydrogen market to scale.
Written by the editors, published on 18 de agosto de 2026
Direct competitors
Who this company fights with for the same customers
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Balanço & Liquidez
Receita
$935M
Últimos 12 meses até o último trimestre divulgado — estimativa a partir de métricas por ação
Resultado Líquido
$-1.65B
Últimos 12 meses até o último trimestre divulgado — estimativa a partir de métricas por ação
Fluxo de Caixa Livre
$-598M
Capital Próprio Total
$3.60B
Passivo Total
$218M
Rácio de Liquidez
4.00
Cobertura de Juros
-
Dívida/EBITDA
-
Resultados Por Ação
Receita & Resultado Líquido
Fluxo de Caixa Livre
Decomposição dos Resultados
Demonstração histórica
Margens ao longo do tempo
A dívida ao longo do tempo
Quanto pesa a dívida
Grelha do crescimento
Crescimento — Receitas
Estimativa de Valor Justo
Valor Justo
$2.08
Preço Atual
$2.14
Margem de Segurança
-2.9%
Intervalo de Valor Justo
$1.98 - $2.19
Métodos de Estimativa
Métricas de Avaliação
Rácio P/E
-
ROE
-30.3%
Rácio P/B
1.08
P/FCF
-
Margem Bruta
57.9%
ROIC
-25.9%
Radar de Rentabilidade
Value Creation (Economic Moat)
ROIC
-25.9%
WACC
7.6%
ROIC − WACC
-33.5 pp
ROIC is below the cost of capital — the company is destroying value for every dollar invested.
Critérios de Análise Fundamental
Aprovado (5)
- Gross Margin 57.9%
- P/B Ratio 1.08
- Debt/Equity ratio
- Current Ratio
- Revenue Growth 5Y 8.1%
Reprovado (10)
- Price CAGR 0.67%
- ROIC -25.9%
- Operating Margin -147.6%
- Positive Free Cash Flow
- DCF valuation (Unknown)
- ROE -32.0%
- Analyst Consensus 5% Buy
- Earnings Surprise avg -170.1%
- Net Margin Trend -115.0% vs -16.3%
- Piotroski F-Score 1/9
Indisponível (12)
- EPS data insufficient
- P/FCF NaN
- Dividend Payout NaN%
- CapEx intensity
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- Low reliance on intangibles
- Price below Graham Number
- PEG Ratio (need PE > 0 and growth > 0)
- Earnings Quality (OCF/Net Income)
- Share Dilution (missing shares data)
Piotroski F-Score
Preocupações financeiras graves
Qualidade dos Resultados
Baixa qualidade: investigar a contabilidade
Diluição de Ações
A recomprar ações. Favorável ao acionista
Governação
Equipa Executiva
| Nome | Cargo | Idade |
|---|---|---|
| Mr. Kjell Christian Bjornsen | Chief Financial Officer | 49 |
| Mr. Marius Løken | Chief Technical Officer | 48 |
| Mr. Stein Ove Erdal J.D. | Chief Legal Officer | 46 |
| Ms. Anne Liberg | Chief People & Culture Officer (CHRO) | - |
| Mr. Todd Cartwright | Chief Commercial Officer | 59 |
| Mr. Tushar Ghuwalewala | Senior VP of PEM Operations | - |
| Ms. Birgitte Nordvik | Chief Project Officer | - |
| Mr. Mats Bohman | Vice President of Alkaline Operations | - |
| Mr. Wilhelm Flinder | Head of IR, Communications & Marketing | - |
| Tomas Tronstad | Managing Director of Hyon | - |
Risco de Auditoria
1
Risco do Conselho
1
Risco de Remuneração
6
Risco dos Direitos dos Acionistas
1
Parte 2 · O preço e o momento de entrar
Esta parte não serve para saber se a empresa vale: serve para escolher quando comprá-la, depois que os fundamentos te convenceram. Dentro: análise técnica, potencial, quedas históricas, exposição gama.
Latest News
Recent headlines for NLLSF, sourced from Markets Gazette.