Nel ASA (NLLSF)
Valor JustoFundamental
35
Precio
$2.09
Capitalización Bursátil
$3.77B
Parte 1 · Cuánto vale la empresa
Resumen
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.
Cómo genera ingresos
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.
Qué impulsa la demanda
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.
Los 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.
Los argumentos en 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
Generated on 19 de septiembre de 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.
Balance y Liquidez
Ingresos
$935M
Últimos 12 meses hasta el último trimestre publicado — estimación a partir de métricas por acción
Beneficio Neto
$-1.65B
Últimos 12 meses hasta el último trimestre publicado — estimación a partir de métricas por acción
Flujo de Caja Libre
$-598M
Patrimonio Neto Total
$3.60B
Pasivo Total
$218M
Ratio de Liquidez
4.00
Cobertura de Intereses
-
Deuda/EBITDA
-
Beneficio Por Acción
Ingresos y Beneficio Neto
Flujo de Caja Libre
Desglose de Ingresos
Estado histórico
Márgenes en el tiempo
La deuda en el tiempo
Cuánto pesa la deuda
Cuadro de crecimiento
Crecimiento — Ingresos
Estimación de Valor Justo
Valor Justo
$2.18
Precio Actual
$2.09
Margen de Seguridad
+4.2%
Rango de Valor Justo
$2.07 - $2.29
Dispersión entre los métodos de valoración utilizados, no un intervalo de confianza calibrado estadísticamente.
Métodos de Estimación
Métricas de Valoración
Ratio P/E
-
ROE
-30.3%
Ratio P/B
1.07
P/FCF
-
Margen Bruto
57.9%
ROIC
-25.9%
Radar de Rentabilidad
Creación de Valor (Ventaja Competitiva)
ROIC
-25.9%
WACC
7.6%
ROIC − WACC
-33.4 pp
El ROIC está por debajo del coste del capital: la empresa destruye valor por cada dólar invertido.
Criterios de Análisis Fundamental
Superado (5)
- Gross Margin 57.9%
- P/B Ratio 1.07
- Debt/Equity ratio
- Current Ratio
- Revenue Growth 5Y 8.1%
Fallido (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
No disponible (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
Preocupaciones financieras graves
Calidad de los Beneficios
Baja calidad: investigue la contabilidad
Dilución de Acciones
Recomprando acciones. Favorable para el accionista
Participaciones institucionales
No hay declaraciones institucionales para esta empresa.
Gobernanza
Equipo Directivo
| Nombre | Cargo | Edad |
|---|---|---|
| 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 | - |
Riesgo de Auditoría
1
Riesgo del Consejo
1
Riesgo de Compensación
6
Riesgo de Derechos del Accionista
1
Parte 2 · El precio y el momento de entrar
Esta parte no sirve para saber si la empresa vale: sirve para elegir cuándo comprarla, una vez que los fundamentales te han convencido. Dentro: análisis técnico, potencial, caídas históricas, exposición gamma.
Latest News
Recent headlines for NLLSF, sourced from Markets Gazette.