Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
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Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
Fjord Defence Group ASA is a Norwegian defence compounder dedicated to acquiring and scaling small- to mid-sized profitable defence technology companies. Employing a buy-and-build strategy, it targets firms with revenues between NOK 100–300 million, strong leadership, solid profitability, and high growth potential in defence, security, and related sectors. The company aims to build a portfolio capitalizing on a multi-decade upcycle in global defence spending, with goals to reach NOK 2 billion in revenue within 3–4 years through accretive acquisitions and organic expansion. In 2025, it acquired Fjord Defence AS, a specialist in weapon mounts, tripods, pedestals, and accessories for ground, vehicle, and maritime applications, and Scanfiber Composites A/S, enhancing its niche capabilities in advanced defence equipment. Headquartered in Oslo, Fjord Defence Group ASA maintains a lean team of about three employees while granting portfolio companies operational autonomy alongside access to capital and public markets. It also strategically manages legacy assets like a seismic multi-client library as a liquidity reserve for future defence-focused initiatives, positioning itself as a key player in the aerospace and defence industry within industrials.
NOK 16.15
NOK 0.20 (-1.22%)
EOD Jul 1, 2026
The business is unprofitable at the operating level (-166.32% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue up 32.9% YoY with margins expanding 33.9pp.
Negative free cash flow of -NOK 44M. The business is consuming cash, not generating it.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
NOK 91M
▲ +32.9% YoY
Net Income (TTM)
-NOK 114M
▲ +25.3% YoY
Op. Margin
-116.50%
▲ +33.9pp YoY
ROIC
-15.66%
▲ +7.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-NOK 49M
▼ -360.2% YoY
Op. Cash Flow (TTM)
-NOK 49M
▼ -184.2% YoY
Net Debt
-NOK 174M
Net Cash Position
Cash & Equiv.
NOK 199M
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Fjord Defence Group ASA (DFENS.XOSL)'s valuation is best read against its own history, its peers, and the growth its price implies. A high multiple is not the same as overvalued: fast-growing, high-quality businesses can deserve a premium. See the general approach in how to tell if a stock is overvalued.
On quality, Fjord Defence Group ASA scores 40/100 on Intrinsiqq's quality scorecard (a mixed business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. All figures are computed from SEC filings; read the full . This is analysis, not investment advice.
Fjord Defence Group ASA scores 40 out of 100 on Intrinsiqq's quality score, a weighted blend of 6 metrics each scored 0 to 100, which makes it a mixed business on these measures. Recent fundamentals include a -116.5% operating margin and a -15.7% return on invested capital. The score weighs revenue and free-cash-flow growth, operating margins, return on invested capital, share-count change, and balance-sheet strength, all computed from SEC filings, not opinion. Because valuation only means something relative to quality, the full metric-by-metric breakdown is on the quality scorecard.
That depends on valuation and quality together, not either alone. you should weigh DFENS.XOSL's valuation and scores 40/100 on quality (mixed). A cheap price is only a bargain if the business is durable, and a premium can be justified by genuine quality, so the two questions, "is it cheap?" and "is it good?", only make sense side by side. Read the valuation against the quality scorecard, run the DCF on your own assumptions, and decide for yourself. This is analysis from SEC filings, not investment advice.