Nel ASA (NLLSF)
Juste valeurFondamental
35
Prix
$2.08
Capitalisation boursière
$3.77B
Partie 1 · Ce que vaut l'entreprise
Vue d'ensemble
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.
Comment l'entreprise gagne de l'argent
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.
Ce qui stimule la demande
CycliqueOrders 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.
Les arguments en faveur
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.
Les arguments contre
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 août 2026
Direct competitors
Who this company fights with for the same customers
Generated on 19 septembre 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.
Bilan & Liquidités
Chiffre d'affaires
$935M
12 derniers mois jusqu'au dernier trimestre publié — estimation à partir de ratios par action
Résultat net
$-1.65B
12 derniers mois jusqu'au dernier trimestre publié — estimation à partir de ratios par action
Flux de trésorerie libre
$-598M
Capitaux propres totaux
$3.60B
Passif total
$218M
Ratio de liquidité général
4.00
Couverture des intérêts
-
Dette/EBITDA
-
Bénéfice par action
Chiffre d'affaires & Résultat net
Flux de trésorerie libre
Décomposition du résultat
État historique
Marges dans le temps
La dette dans le temps
Le poids de la dette
Grille de la croissance
Croissance — Chiffre d'affaires
Estimation de la juste valeur
Juste valeur
$2.18
Prix actuel
$2.08
Marge de sécurité
+4.4%
Fourchette de juste valeur
$2.07 - $2.29
Écart entre les méthodes de valorisation utilisées, pas un intervalle de confiance calibré statistiquement.
Méthodes d'estimation
Indicateurs de valorisation
Ratio P/E
-
ROE
-30.3%
Ratio P/B
1.06
P/FCF
-
Marge brute
57.9%
ROIC
-25.9%
Radar de rentabilité
Création de valeur (avantage concurrentiel)
ROIC
-25.9%
WACC
7.6%
ROIC − WACC
-33.4 pp
Le ROIC est inférieur au coût du capital — l'entreprise détruit de la valeur pour chaque dollar investi.
Critères d'analyse fondamentale
Réussi (5)
- Gross Margin 57.9%
- P/B Ratio 1.06
- Debt/Equity ratio
- Current Ratio
- Revenue Growth 5Y 8.1%
Échoué (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
Indisponible (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)
Score F de Piotroski
Préoccupations financières sérieuses
Qualité des bénéfices
Qualité faible : examiner la comptabilité
Dilution du capital
Rachat d'actions. Favorable aux actionnaires
Participations institutionnelles
Aucune déclaration institutionnelle pour cette entreprise.
Gouvernance
Équipe dirigeante
| Nom | Titre | Âge |
|---|---|---|
| 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 | - |
Risque d'audit
1
Risque du conseil
1
Risque de rémunération
6
Risque droits des actionnaires
1
Partie 2 · Le prix et le moment d'entrer
Cette partie ne dit pas si l'entreprise vaut la peine : elle aide à choisir quand l'acheter, une fois que les fondamentaux vous ont convaincu. À l'intérieur : analyse technique, potentiel, baisses historiques, exposition gamma.
Latest News
Recent headlines for NLLSF, sourced from Markets Gazette.