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.
Nel ASA is a Norwegian hydrogen technology company founded in 1927 and headquartered in Oslo, with roots in Norsk Hydro's early electrolyser developments. It specializes in providing comprehensive solutions for the production, storage, and distribution of hydrogen derived from renewable energy sources, positioning itself as a leading pure-play hydrogen electrolyser firm with global operations. The company's core offerings include advanced electrolysers—such as alkaline water electrolysis and proton exchange membrane (PEM) technologies—for industrial applications like fertilizer production, green steel, cement, refining, and ammonia manufacturing, as well as hydrogen fueling stations for fuel cell vehicles in transportation and maritime sectors. Notable features encompass high-capacity manufacturing facilities, including the world's largest automated electrolyser plant at Herøya, Norway, with 1 GW annual alkaline production capacity, and expansions like a Michigan plant to support U.S. hydrogen infrastructure. Nel ASA serves diverse markets worldwide, with significant revenue from the United States, Europe, and Asia, contributing to decarbonization efforts across energy, industry, and mobility through key enablers for a green hydrogen economy.
NOK 2.37
+NOK 0.00 (+0.00%)
Live · 05:22 PM
The business is unprofitable at the operating level (-71.36% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 30.7% YoY. Margins deteriorated 36.1pp alongside, both lines moving the wrong way.
ROIC dropped from -6.62% to -11.55%, capital efficiency is deteriorating. Negative free cash flow of -NOK 543M. The business is consuming cash, not generating it.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
NOK 956M
▼ -30.7% YoY
Net Income (TTM)
-NOK 1.23B
▼ -417.8% YoY
Op. Margin
-66.40%
▼ -36.1pp YoY
ROIC
-11.55%
▼ -4.9pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-NOK 639M
▲ +38.8% YoY
Op. Cash Flow (TTM)
-NOK 450M
▲ +0.7% YoY
Net Debt
-NOK 1.39B
Net Cash Position
Cash & Equiv.
NOK 1.62B
3Y CAGR: +1.7%
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Nel ASA (NEL.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, Nel ASA scores 25/100 on Intrinsiqq's quality scorecard (a lower-quality 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.
Nel ASA scores 25 out of 100 on Intrinsiqq's quality score, a weighted blend of 6 metrics each scored 0 to 100, which makes it a lower-quality business on these measures. Recent fundamentals include a -66.4% operating margin and a -11.5% 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 NEL.XOSL's valuation and scores 25/100 on quality (lower-quality). 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.