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Nel ASA (NEL.OL)
NOK2.22
+0.04 (+1.84%)
NO OSL Industrials Industrial - Machinery
Address
Karenslyst allé 49 279
Oslo, NO
Oslo, NO
CEO
Hakon Rypern Volldal
Website
nelhydrogen.com
IPO
2004-10-11
ISIN NO0010081235
Also trades on
Frankfurt Stock Exchange · D7G.F (EUR)
Oslo Stock Exchange · NEL.OL (NOK)
Other OTC · NLLSF (USD)
Other OTC · NLLSY (USD)
Description
Nel ASA is a prominent hydrogen technology firm, offering comprehensive systems for the generation, storage, and distribution of hydrogen, all sourced from renewable energy. Its operational reach extends across Norway, the United States, Denmark, and South Korea. The company's activities are divided into two core segments: Nel Hydrogen Fueling and Nel Hydrogen Electrolyser. The Nel Hydrogen Fueling division specializes in producing H2Station hydrogen refueling facilities, which enable fuel cell electric vehicles like cars, buses, trucks, and forklifts to achieve a range and refueling efficiency comparable to traditional fossil fuel-powered vehicles. Conversely, the Nel Hydrogen Electrolyser segment focuses on the manufacturing and deployment of electrolyzers for hydrogen production, utilizing both alkaline and proton exchange membrane (PEM) water electrolysis technologies. Nel ASA serves a diverse clientele, including businesses in the industrial, energy, and gas sectors. Established in 1927, the company initially operated as DiaGenic ASA before rebranding to Nel ASA in October 2014, and its headquarters are situated in Oslo, Norway.
Market Cap & Enterprise Value
Merger & Acquisition History
No mergers or acquisitions recorded for this company.
Technical Outlook
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Signal Summary
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| Indicator | 1D | 1W | 2W | 3W | 1M |
|---|
Each column is computed on that timeframe's candles (1D = daily, 1W ≈ weekly, 1M ≈ monthly), not on the same last day. ▲ bullish · ▼ bearish · — neutral. The Net row counts signals per column; hover any cell (or the indicator name) to see the exact rule behind it.
Day Score & sub-scores
Statistical fingerprint & regime detail
Conditional historical analysis
Customize analysis (advanced)
Indicative levels generated algorithmically. Not financial advice.
Risk Profile
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Price Chart
NOK2.22
+0.04 (+1.84%)
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Volume Profile
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Liquidity & share structure
Average Volume
7M
Beta
1.46
Float Shares
1.67B
Free Float %
90.9%
Price Performance
| 1D | 5D | 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | 10Y | Max |
|---|---|---|---|---|---|---|---|---|---|---|
| +4.20% | +1.45% | +29.90% | +88.48% | +60.88% | +65.73% | +71.65% | -72.67% | -78.76% | +52.15% | -99.94% |
Rolling Volatility
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Drawdown
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Relative Strength
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Monthly Returns Heatmap
From
To
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Annual Monthly Returns
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Daily Returns Distribution
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Revenue flow
Revenue by geography
Revenue by segment
From
To
Revenue composition
From
To
By product
By geography
Financial Statements
Select metrics from the tables below to build your comparison.
Income Statement
Balance Sheet
Cash Flow Statement
Key Metrics
Financial Ratios
Employees
Financial Growth (CAGR)
Market Data
Analyst Consensus (1 ratings, all time)
Hold
Price Targets & DCF
Current price
2.22
Ratings Trend (MoM)
0% Bullish
| Rating | 2026-05 | Change |
|---|---|---|
| Strong Buy | 0 | 0 |
| Buy | 0 | 0 |
| Hold | 6 | 0 |
| Sell | 7 | 0 |
| Strong Sell | 0 | 0 |
Quality scores
Altman Z-Score
3.29
Safe zone
Piotroski F-Score
2 / 9
Weak
MOAT Score
1 / 10
No MOAT
Composite Rating
C+
Overall Score
2 / 5
Medium
DCF Score
1 / 5
Low
ROE Score
1 / 5
Low
ROA Score
1 / 5
Low
D/E Score
4 / 5
High
P/E Score
1 / 5
Low
P/Book Score
4 / 5
High
Operational MOAT
✗ Below peers
-
Revenue growth Industrial - Machinery: +7.4%-30.7% Q1'26: -4.7% (vs Q1'25)
-
EPS growth Industrial - Machinery: +15.6%-204.4% Q1'26: +20.0% (vs Q1'25)
-
FCF margin FCF growth · Industrial - Machinery: +38.2%-51.8% Q1'26: -143.9% (vs Q1'25)
-
EBIT margin Industrial - Machinery: +10.0%-58.7% Q1'26: -88.6% (vs Q1'25)
-
ROIC Industrial - Machinery: +6.8%-20.6% Q1'26: -20.6% (vs Q1'25)
-
Share dilution Industrial - Machinery: +0.0%+8.1% Q1'26: +7.6% (vs Q1'25)
-
Debt / EBITDA Net debt/EBITDA · Industrial - Machinery: -0.65×-1.54× Q1'26: -0.70× (vs Q1'25)
Valuation Multiples
From
To
Price Forecast (3Y)
From
To
Theoretical Return — If Invested Today
* These projections are based on analyst consensus estimates and user-defined valuation multiples. This table is for informational purposes only and does not constitute a recommendation to buy or sell any security. Past performance is not indicative of future results.
Consensus Estimates
| Metric |
Dec 2015 actual |
Dec 2016 actual |
Dec 2017 actual |
Dec 2018 actual |
Dec 2019 actual |
Dec 2020 actual |
Dec 2021 actual |
Dec 2022 actual |
Dec 2023 actual |
Dec 2024 actual |
Dec 2025 actual |
Dec 2026 5 Rev. Ana. 6 EPS Ana. |
Dec 2027 9 Rev. Ana. 7 EPS Ana. |
Dec 2028 5 Rev. Ana. 6 EPS Ana. |
Dec 2029 2 Rev. Ana. 4 EPS Ana. |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue |
88.54M
est: 128.00M (-30.8%)
|
98.45M
est: 103.85M (-5.2%)
|
286.37M
est: 298.00M (-3.9%)
|
453.19M
est: 489.50M (-7.4%)
|
519.05M
est: 551.10M (-5.8%)
|
578.33M
est: 601.27M (-3.8%)
|
753.10M
est: 810.16M (-7.0%)
|
914.85M
est: 851.42M (+7.5%)
|
1.68B
est: 1.67B (+1.0%)
|
1.39B
est: 1.54B (-9.6%)
|
963.11M
est: 972.65M (-1.0%)
|
771.65M
701.26M – 884.85M
-20.7% YoY
|
1.29B
918.52M – 1.71B
+67.7% YoY
|
1.63B
1.61B – 1.65B
+25.8% YoY
|
5.25B
4.09B – 6.61B
+222.2% YoY
|
| EBITDA |
-11.76M
est: -35.76M (+67.1%)
|
-45.58M
est: -29.02M (-57.1%)
|
-81.19M
est: -83.26M (+2.5%)
|
-131.59M
est: -136.77M (+3.8%)
|
-189.10M
est: -153.98M (-22.8%)
|
1.34B
est: -167.99M (+897.9%)
|
-1.58B
est: -226.36M (-596.1%)
|
-1.00B
est: -237.89M (-321.7%)
|
-631.15M
est: -893.32M (+29.3%)
|
-29.95M
est: -824.73M (+96.4%)
|
-274.79M
est: -521.79M (+47.3%)
|
-413.96M
-474.69M – -376.20M
+20.7% YoY
|
-694.36M
-917.66M – -492.75M
-67.7% YoY
|
-873.74M
-885.33M – -862.14M
-25.8% YoY
|
-2.81B
-3.55B – -2.20B
-222.2% YoY
|
| EBIT |
-27.28M
est: -43.16M (+36.8%)
|
-62.01M
est: -35.02M (-77.1%)
|
-124.05M
est: -100.48M (-23.5%)
|
-198.08M
est: -165.05M (-20.0%)
|
-272.52M
est: -185.82M (-46.7%)
|
1.25B
est: -202.74M (+716.5%)
|
-1.68B
est: -273.17M (-514.9%)
|
-1.18B
est: -287.08M (-309.6%)
|
-854.96M
est: -1.09B (+21.6%)
|
-246.44M
est: -1.01B (+75.5%)
|
-565.26M
est: -636.66M (+11.2%)
|
-505.09M
-579.19M – -459.02M
+20.7% YoY
|
-847.22M
-1.12B – -601.23M
-67.7% YoY
|
-1.07B
-1.08B – -1.05B
-25.8% YoY
|
-3.43B
-4.33B – -2.68B
-222.2% YoY
|
| Net Income |
-21.73M
|
-55.83M
est: -76.59M (+27.1%)
|
-52.45M
est: -66.51M (+21.1%)
|
-188.83M
est: -196.11M (+3.7%)
|
-269.71M
est: -250.00M (-7.9%)
|
1.26B
est: -140.85M (+995.9%)
|
-1.67B
est: -1.60B (-4.0%)
|
-1.17B
est: -720.39M (-62.6%)
|
-855.20M
est: -584.75M (-46.3%)
|
-244.34M
est: -365.73M (+33.2%)
|
-1.27B
est: -579.31M (-118.4%)
|
-427.48M
-475.48M – -301.13M
+26.2% YoY
|
-329.65M
-386.23M – -228.22M
+22.9% YoY
|
-208.35M
-336.64M – -144.27M
+36.8% YoY
|
90.30M
64.48M – 120.79M
+143.3% YoY
|
| SGA |
24.67M
est: 26.07M (-5.4%)
|
25.92M
est: 21.15M (+22.5%)
|
58.78M
est: 60.69M (-3.1%)
|
96.93M
est: 99.69M (-2.8%)
|
102.84M
est: 112.23M (-8.4%)
|
114.74M
est: 122.45M (-6.3%)
|
156.52M
est: 164.99M (-5.1%)
|
142.00M
est: 173.39M (-18.1%)
|
568.57M
est: 413.13M (+37.6%)
|
164.83M
est: 381.41M (-56.8%)
|
405.11M
est: 241.31M (+67.9%)
|
191.44M
173.98M – 219.53M
-20.7% YoY
|
321.12M
227.88M – 424.39M
+67.7% YoY
|
404.07M
398.71M – 409.44M
+25.8% YoY
|
1.30B
1.02B – 1.64B
+222.2% YoY
|
| EPS |
-0.04
|
-0.08
est: -0.05 (-77.9%)
|
-0.06
est: -0.04 (-57.3%)
|
-0.18
est: -0.12 (-53.4%)
|
-0.22
est: -0.15 (-47.1%)
|
0.92
est: -0.08 (+1,191.7%)
|
-1.14
est: -0.96 (-18.8%)
|
-0.76
est: -0.43 (-76.3%)
|
-0.52
est: -0.35 (-48.6%)
|
-0.23
est: -0.20 (-16.5%)
|
-0.70
est: -0.31 (-123.9%)
|
-0.23
-0.26 – -0.17
+26.3% YoY
|
-0.18
-0.21 – -0.13
+23.1% YoY
|
-0.12
-0.19 – -0.08
+29.6% YoY
|
0.05
0.04 – 0.07
+140.1% YoY
|
Historical Ratings (3M)
| Date | Rating | Overall | DCF | ROE | ROA | D/E | P/E | P/B |
|---|---|---|---|---|---|---|---|---|
| 2026-05-29 | C+ | 2/5 | 1/5 | 1/5 | 1/5 | 4/5 | 1/5 | 4/5 |
| 2026-05-28 | C+ | 2/5 | 1/5 | 1/5 | 1/5 | 4/5 | 1/5 | 4/5 |
| 2026-05-27 | C+ | 2/5 | 1/5 | 1/5 | 1/5 | 4/5 | 1/5 | 4/5 |
| 2026-05-26 | C+ | 2/5 | 1/5 | 1/5 | 1/5 | 4/5 | 1/5 | 4/5 |
| 2026-05-22 | C+ | 2/5 | 1/5 | 1/5 | 1/5 | 4/5 | 1/5 | 4/5 |
| 2026-05-21 | C | 2/5 | 1/5 | 1/5 | 1/5 | 3/5 | 1/5 | 4/5 |
| 2026-05-20 | C | 2/5 | 1/5 | 1/5 | 1/5 | 3/5 | 1/5 | 4/5 |
| 2026-05-19 | C | 2/5 | 1/5 | 1/5 | 1/5 | 3/5 | 1/5 | 4/5 |
| 2026-05-18 | C | 2/5 | 1/5 | 1/5 | 1/5 | 3/5 | 1/5 | 4/5 |
| 2026-05-15 | C | 2/5 | 1/5 | 1/5 | 1/5 | 3/5 | 1/5 | 4/5 |
| 2026-05-13 | C | 2/5 | 1/5 | 1/5 | 1/5 | 3/5 | 1/5 | 4/5 |
| 2026-05-12 | C | 2/5 | 1/5 | 1/5 | 1/5 | 3/5 | 1/5 | 4/5 |
| 2026-05-11 | C | 2/5 | 1/5 | 1/5 | 1/5 | 3/5 | 1/5 | 4/5 |
| 2026-05-08 | C | 2/5 | 1/5 | 1/5 | 1/5 | 3/5 | 1/5 | 4/5 |
| 2026-05-07 | C | 2/5 | 1/5 | 1/5 | 1/5 | 3/5 | 1/5 | 4/5 |
| 2026-05-06 | C | 2/5 | 1/5 | 1/5 | 1/5 | 3/5 | 1/5 | 4/5 |
| 2026-05-05 | C | 2/5 | 1/5 | 1/5 | 1/5 | 3/5 | 1/5 | 4/5 |
| 2026-05-04 | C | 2/5 | 1/5 | 1/5 | 1/5 | 3/5 | 1/5 | 4/5 |
| 2026-04-30 | C | 2/5 | 1/5 | 1/5 | 1/5 | 3/5 | 1/5 | 4/5 |
| 2026-04-29 | C | 2/5 | 1/5 | 1/5 | 1/5 | 2/5 | 1/5 | 4/5 |
| 2026-04-28 | C | 2/5 | 1/5 | 1/5 | 1/5 | 2/5 | 1/5 | 4/5 |
| 2026-04-27 | C | 2/5 | 1/5 | 1/5 | 1/5 | 2/5 | 1/5 | 4/5 |
| 2026-04-24 | C | 2/5 | 1/5 | 1/5 | 1/5 | 2/5 | 1/5 | 4/5 |
| 2026-04-23 | C | 2/5 | 1/5 | 1/5 | 1/5 | 2/5 | 1/5 | 4/5 |
| 2026-04-22 | C | 2/5 | 1/5 | 1/5 | 1/5 | 2/5 | 1/5 | 4/5 |
| 2026-04-21 | C | 2/5 | 1/5 | 1/5 | 1/5 | 2/5 | 1/5 | 4/5 |
| 2026-04-20 | C | 2/5 | 1/5 | 1/5 | 1/5 | 2/5 | 1/5 | 4/5 |
| 2026-04-17 | C | 2/5 | 1/5 | 1/5 | 1/5 | 2/5 | 1/5 | 4/5 |
| 2026-04-16 | C | 2/5 | 1/5 | 1/5 | 1/5 | 2/5 | 1/5 | 4/5 |
Owner Earnings
Owner's Earnings (history)
From
To
Owner alignment
Owner's Earnings TTM
-839.41M
OE per share TTM
-0.46
Owner's Yield
-11.86%
Maintenance CapEx ratio
—
Maint CapEx / Avg PPE
91.2%
Ownership Overview
Ownership breakdown
Ownership breakdown not available.
At a glance
Institutional holders
—
Total invested
—
Insider transactions (90d)
0
Beneficial owners (>5%)
0
Beneficial owners (>5%)
No beneficial ownership filings recorded.
Institutional Activity (13F)
Institutional ownership trend
Institutional history not available.
Top institutional holders
Top holders not available.
ETF Ownership
Top ETFs holding this stock
Held by 9 ETFs in our universe
| # | ETF | Weight | Est. AUM exposure | TER |
|---|---|---|---|---|
| 1 | Global X - Hydrogen UCITS ETF HYGN.L | 4.44% | 2.11M | 0.50% |
| 2 | Global X - Hydrogen ETF HYDR | 4.16% | 3.80M | 0.50% |
| 3 | VanEck Hydrogen Economy UCITS ETF HDRO.L | 2.03% | 2.55M | 0.55% |
| 4 | Global X Hydrogen ETF HGEN.AX | 1.12% | 352.9K | 0.69% |
| 5 | iShares Energy Storage & Materials ETF IBAT | 0.08% | 60.7K | 0.47% |
| 6 | Avantis International Small Cap Equity ETF AVDS | 0.02% | 48.3K | 0.30% |
| 7 | Dimensional - International Small Cap ETF DFIS | 0.01% | 327.2K | 0.39% |
| 8 | Dimensional - International Vector Equity ETF DXIV | 0.00% | 8.5K | 0.53% |
| 9 | Avantis International Equity ETF AVDE | 0.00% | 103.7K | 0.23% |
Insider Activity
Insider Activity — Latest Quarter
No insider activity available.
Insider buys vs sells (history)
Insider history not available.
Recent insider transactions
No recent insider transactions.
Executive team
Top executives
EBIT / Employee
-1.43M
Shares Outstanding
1.84B
Executive compensation
Executive compensation (annual)
Executive compensation not available.
CEO compensation breakdown
No CEO compensation history available.
Proxy statements
Proxy statements (DEF 14A)
No proxy statements available for this company yet.
Recent SEC filings
Recent SEC filings
No SEC filings available for this company yet.
Executive team
| Name | Title | Compensation | Gender |
|---|---|---|---|
| Hakon Rypern Volldal | Chief Executive Officer | 7M | male |
| Kjell Christian Bjornsen | Chief Financial Officer | 4M | male |
| Marius Løken | Chief Technical Officer | 4M | male |
| Todd Cartwright | Chief Commercial Officer | 4M | male |
| Stein Ove Erdal | Chief Legal Officer | 3M | male |
| Tushar Ghuwalewala | Senior Vice President of PEM Operations | 3M | male |
| Anne Liberg | Chief Human Resources Officer | 3M | female |
| Birgitte Nordvik | Chief Project Officer | 3M | female |
| Mats Bohman | Vice President of Alkaline Operations | 2M | male |
| Tomas Tronstad | Managing Director of Hyon | — | — |
| Wilhelm Flinder | Head of IR, Communications & Marketing | — | male |
ESG Score History
No data available for this company.
Senate Trading Activity
No Senate trading activity found for this company.
House Trading Activity
No House trading activity found for this company.
Market share among peers
Peer comparison — filtered group (TTM)
Your opinion
Share your view on this stock and instantly see how the community has voted over the last 6 months.
Community Opinion for NEL.OL
Short-term intention
Target Price Distribution
These are community opinions and do not constitute buy or sell advice to act on. The results shown are based on aggregated opinions and are not an investment recommendation, nor do they intend to influence any investment decision.
