Nel ASA (NLLSF)
適正価値ファンダメンタル
35
株価
$2.08
時価総額
$3.77B
パート1 · 企業の価値
概要
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.
収益の仕組み
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.
需要を左右する要因
景気循環型Orders 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.
強気材料
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.
弱気材料
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 2026年8月18日
Direct competitors
Who this company fights with for the same customers
Generated on 2026年9月19日 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.
貸借対照表と流動性
売上高
$935M
直近の公表四半期までの12か月 — 1株当たり指標からの推計
純利益
$-1.65B
直近の公表四半期までの12か月 — 1株当たり指標からの推計
フリーキャッシュフロー
$-598M
自己資本合計
$3.60B
負債合計
$218M
流動比率
4.00
利払い倍率
-
負債/EBITDA
-
一株当たり利益（EPS）
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$2.18
現在株価
$2.08
安全マージン
+4.4%
適正価値レンジ
$2.07 - $2.29
使用した評価手法間のばらつきであり、統計的に較正された信頼区間ではありません。
推定方法
バリュエーション指標
P/E レシオ
-
ROE
-30.3%
P/B レシオ
1.07
P/FCF
-
粗利益率
57.9%
ROIC
-25.9%
収益性レーダー
価値創造（経済的モート）
ROIC
-25.9%
WACC
7.6%
ROIC − WACC
-33.4 pp
ROICが資本コストを下回っています。投資した1ドルごとに企業は価値を破壊しています。
ファンダメンタル分析基準
合格（5）
- Gross Margin 57.9%
- P/B Ratio 1.07
- Debt/Equity ratio
- Current Ratio
- Revenue Growth 5Y 8.1%
不合格（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
データなし（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-スコア
重大な財務上の懸念
利益の質
低品質：会計処理を調査してください
株式希薄化
株式を買い戻している。株主に友好的
機関投資家の保有
この企業について機関投資家の報告はありません。
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| 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 | - |
監査リスク
1
取締役会リスク
1
報酬リスク
6
株主権利リスク
1
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容：テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
Latest News
Recent headlines for NLLSF, sourced from Markets Gazette.