Nel ASA (NLLSF)
Fair bewertetFundamental
35
Kurs
$2.08
Marktkapitalisierung
$3.77B
Teil 1 · Was das Unternehmen wert ist
Übersicht
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.
Wie das Geld verdient wird
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.
Was die Nachfrage antreibt
ZyklischOrders 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.
Die Argumente dafür
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.
Die Argumente dagegen
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. August 2026
Direct competitors
Who this company fights with for the same customers
Generated on 19. September 2026 with claude-haiku-4-5 — shared with all users
Sells its Silyzer PEM electrolysers into the same gigawatt-scale green hydrogen tenders, backed by the balance sheet of a large energy group.
German pure-play electrolyser maker bidding for the same large-scale alkaline green hydrogen plants in refining, steel and ammonia that Nel targets.
UK manufacturer of PEM electrolysers sold to the same European industrial and renewable-energy customers as Nel's PEM line.
US supplier of PEM electrolysers and hydrogen fuelling equipment, competing with Nel on both of its product lines in North America.
Privately held Belgian group and one of the largest suppliers of pressurised alkaline electrolysers, expanding in Europe and the United States where Nel also sells.
Norwegian rival offering high-pressure alkaline electrolysers to the same industrial-scale hydrogen projects, often from the same home market.
Bilanz & Liquidität
Umsatz
$935M
Letzte 12 Monate bis zum zuletzt gemeldeten Quartal — Schätzung aus Kennzahlen je Aktie
Nettogewinn
$-1.65B
Letzte 12 Monate bis zum zuletzt gemeldeten Quartal — Schätzung aus Kennzahlen je Aktie
Freier Cashflow
$-598M
Gesamtes Eigenkapital
$3.60B
Gesamtverbindlichkeiten
$218M
Current Ratio
4.00
Zinsdeckungsgrad
-
Schulden/EBITDA
-
Gewinn je Aktie
Umsatz & Nettogewinn
Freier Cashflow
Ertragsaufschlüsselung
Historische Aufstellung
Margen im Zeitverlauf
Verschuldung im Zeitverlauf
Wie schwer die Schulden wiegen
Wachstumsraster
Wachstum — Umsatz
Innerer-Wert-Schätzung
Innerer Wert
$2.18
Aktueller Kurs
$2.08
Sicherheitsmarge
+4.4%
Innerer-Wert-Spanne
$2.07 - $2.29
Streubreite zwischen den verwendeten Bewertungsmethoden, kein statistisch kalibriertes Konfidenzintervall.
Bewertungsmethoden
Bewertungskennzahlen
P/E-Verhältnis
-
ROE
-30.3%
P/B-Verhältnis
1.07
P/FCF
-
Bruttomarge
57.9%
ROIC
-25.9%
Rentabilitäts-Radar
Wertschöpfung (Wettbewerbsvorteil)
ROIC
-25.9%
WACC
7.6%
ROIC − WACC
-33.4 pp
Der ROIC liegt unter den Kapitalkosten: Das Unternehmen vernichtet für jeden investierten Dollar Wert.
Fundamentalanalyse-Kriterien
Bestanden (5)
- Gross Margin 57.9%
- P/B Ratio 1.07
- Debt/Equity ratio
- Current Ratio
- Revenue Growth 5Y 8.1%
Nicht bestanden (10)
- Price CAGR 0.50%
- 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
Nicht verfügbar (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
Ernsthafte finanzielle Bedenken
Gewinnqualität
Niedrige Qualität: Rechnungslegung prüfen
Aktienverwässerung
Aktienrückkäufe. Aktionärsfreundlich
Institutionelle Beteiligungen
Für dieses Unternehmen liegen keine institutionellen Meldungen vor.
Unternehmensführung
Führungsteam
| Name | Position | Alter |
|---|---|---|
| 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 | - |
Prüfungsrisiko
1
Vorstandsrisiko
1
Vergütungsrisiko
6
Aktionärsrechterisiko
1
Teil 2 · Der Preis und der Einstiegszeitpunkt
Dieser Teil sagt nicht, ob das Unternehmen etwas taugt: Er hilft bei der Wahl des Kaufzeitpunkts, nachdem die Fundamentaldaten überzeugt haben. Enthalten: technische Analyse, Potenzial, historische Drawdowns, Gamma-Exposure.
Latest News
Recent headlines for NLLSF, sourced from Markets Gazette.