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Aker ASA (AKAAF) fair value: what the stock is really worth
As of Sep 25, 2026: fair value of Aker ASA $122, price $154, upside -20.9%, quality 49 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? No
- Good quality? No
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AA
Some data
Sep 23, 2026
Some data
Sep 23, 2026
Aker ASA
AKAAF · USWeak valuationQuality is weak on top of the rich price.
!Fair value $121.82 · Overvalued (−20.9%)
!Quality 49/100
!Expensive Growth (revenue 5y +24.2 %/yr)
✓Highly profitable · 21.4% net margin (TTM)
✓Moderate debt · generates free cash flow
!18.8% dividend yield · Pays more than it earns
!Moderate moat 62/100
!Evidence only medium, so the estimate is less certain
!The models disagree: range $57.19 to $235.93
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What runs behind every stock
26
valuation models
8 families, DCF to NCAV
37
quality factors
margins, balance sheet, cashflow, debt
6
AI factors
moat, what no ratio measures
2,000+
data points
verified, per stock, median
69 individual criteria per stock, every one traceable See the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Sep 23, 2026.
How to read this chart
60‑month range $6.14 – $173.85 · fair‑value band $57.19 – $235.93 · the $154.00 price screens above the $121.82 fair value. As of Sep 23, 2026.
Company profile
Aker ASA operates as an industrial investment company in Norway, Europa, North America, South America, and internationally. The company operates in two segments: Listed Equity Investments and Unlisted Equity Investments. It is involved in exploration and production of oil and gas; provision of offshore supply vessels to global offshore energy markets.
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Aker ASA operates as an industrial investment company in Norway, Europa, North America, South America, and internationally. The company operates in two segments: Listed Equity Investments and Unlisted Equity Investments. It is involved in exploration and production of oil and gas; provision of offshore supply vessels to global offshore energy markets. In addition, the company develops and supplies krill-based products, and health and nutrition products; long-term property development and management; industrial software, artificial intelligence (AI) solutions and infrastructure, that improve efficiency and decision-making across capital-intensive industries; oil and gas production and energy services; renewable energy sector; and harvesting and processing of marine biomass for human, and animal nutrition. Further, it offers subscriptions to access the software-as-a-service (SaaS) applications. Additionally, the company engages in real estate activities. The company was founded in 1841 and is based in Lysaker, Norway. Aker ASA operates as a subsidiary of TRG Holding AS.
Stock analysis
Aker ASA (AKAAF) currently trades at $154.00, while our model-based Fair Value estimate is $121.82, 20.9% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of $108.25 per share, and 2 of the 13 models we run sit above the $154.00 price.
Bear case: the Asset-Based group reads lowest at $43.90, and 11 of the 13 models stay below the price. Evidence for this calculation is medium.
Scenario range: $57.19 (bear) to $235.93 (bull), the price of $154.00 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 49/100 (below-average quality), in the Industrials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Aker ASA reported revenue of 12.9B NOK in FY2025 versus 8.9B NOK in FY2021, a compound +9.8%/yr. Reported net income was 3.9B NOK in FY2025, compounding −2.4%/yr from FY2021.
Key figures
Market cap $11.4B · P/E ratio 26.9 · P/S ratio 8.01 · EPS (TTM) $5.73 · Net margin 29.8% · Return on equity 4.4% · Return on assets (EBIT) −0.8% · Operating margin 27.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).
What moves the price
The share trades about 11% below its 52-week high and 206% above its 52-week low.
For context, the median of 10 Industrials peers we cover trades at 2% fair-value upside, at −21%, AKAAF screens richer than that median.
Fair Value models
Bear $57.19
Fair Value $121.82
Bull $235.93
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.
Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.
Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
Residual Income
$54.69
$58.76
$65.21
76
Growth DCF
$47.49
$137.47
$271.15
73
Owner Earnings
$66.40
$175.75
$373.71
70
All 13 models by family
DCF Models
Owner Earnings
$66.40
$175.75
$373.71
70
5Y P/E Exit
$36.25
$108.25
$194.04
66
10Y P/E Exit
$40.00
$108.13
$211.14
59
Earnings-Based
Graham-Dodd
$36.74
$205.19
$284.94
63
Lynch FV
$57.38
$81.97
$106.56
61
Dividend Discount
Gordon GGM
$48.31
$96.27
$145.78
67
DDM Multi-Stage
$48.31
$83.20
$101.62
67
Multiples
P/E Multiple
$85.10
$113.47
$141.83
63
P/B Multiple
$68.89
$91.85
$114.82
55
Asset-Based
NCAV (Graham)
$32.76
$43.90
$65.52
54
Growth DCF
Growth DCF
$47.49
$137.47
$271.15
73
Rev-Margin DCF
n/a
$11.44
$38.68
69
Economic Profit
Residual Income
$54.69
$58.76
$65.21
76
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Set up alert →Quality Score breakdown
Overall quality
49/100
Of which business quality 46 · Market factors (momentum, volatility) 82
Profitability
36
Margins and returns on capital today
Quality Growth
24
Are margins and returns improving?
Cashflow
56
Earnings quality: real cash, not paper profit
Fin. Strength
27
Balance sheet, leverage, solvency risk
Investment
62
Disciplined investing over empire-building
Low Volatility
50
Calm price path (market factor)
Momentum
93
Price trend over the last 3–12 months (market factor)
52W Momentum
100
Distance to the 52-week high (market factor)
Net Issuance
82
Share count: buybacks or dilution?
Revenue & earnings trend
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.
62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+6.0%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+24.2%
Start year 2020 (pandemic). Over 10 years: −15.6% a year
Revenue growth 21 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−5.2%
’14
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis.
−8.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year−8.0%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.6.4% vs −12.4%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−28% → 9%
Start year 2020 (pandemic)
⚠ Revenue per share shrinking 16.2%/yr over ~10Y (margins eroding too) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+31.4%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (figures in NOK, Norway: IMF forecast 2.4% a year to 2030, 3.3% from 2016 to 2025) that is about +28.3% a year for the price.
AKAAF screens overvalued: fair value 21% below the price. Compare with 3M Company →
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Conglomerates · 361 stocks
Beats the industry median on 6/11 measures
A mixed picture versus its industry peers.
Valuation Multiplesvs Conglomerates median · lower = cheaper
Context: sector, industry, market
- Is the Industrials sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: Industrials
- Undervalued stocks: US Stocks
- Valuation of the USA market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
None of the checked exposures detected
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| CK Hutchison Holdings 0001 | HK$67.25 | HK$134.50 | +100% |
| SK Inc 034730 | 611,000 KRW | 348,688 KRW | −43% |
| Jardine Matheson Holdings J36 | $55.36 | $78.34 | +42% |
| Keppel Ltd BN4 | 11.30 SGD | 3.88 SGD | −66% |
| Kingdom Holding 4280 | 13.08 SAR | 13.40 SAR | +2% |
| Koç Holding KCHOL | 216.50 TRY | 182.26 TRY | −16% |
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Frequently asked questions
Is Aker ASA (AKAAF) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of $121.82 versus the last price from Sep 25, 2026 of $154.00, about −21% upside (overvalued).
What is the fair value of AKAAF?
Our model-based fair value for Aker ASA is $121.82 (as of Sep 23, 2026), built from audited fundamentals. Last price (from Sep 25, 2026): $154.00.
What is the quality score of AKAAF?
Aker ASA has a Quality Score of 49/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Aker ASA (AKAAF)?
Our model-based price target is the fair value of $121.82 (as of Sep 23, 2026) from 13 valuation models. Cautious scenario $57.19, optimistic scenario $235.93. It is a calculation from audited fundamentals, not an analyst target.
What is the Aker ASA stock forecast for 2026?
Our models put fair value at $121.82, about −21% upside versus the last price from Sep 25, 2026 of $154.00 (overvalued). Cautious scenario $57.19, optimistic scenario $235.93. The calculation is refreshed regularly with new filings.
What is the revenue of Aker ASA (AKAAF)?
Aker ASA reported trailing-twelve-month revenue of about 18.4B NOK (latest available figure, as of Sep 23, 2026).
What growth is priced into Aker ASA (AKAAF)?
For today's price to be fair in a discounted-cash-flow model, Aker ASA would have to grow free cash flow by +31.4 % per year for five years (discount rate 8.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +24.2 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of AKAAF use?
Our models discount Aker ASA at 8.5 %: a base by market capitalisation (mid), damped by beta 0.25, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Aker ASA that is +31.4 % per year a year over ten years, using the same discount rate (8.5 %) and the same formula as our fair value.
How much growth has Aker ASA (AKAAF) delivered so far?
Over the past 5 years revenue at Aker ASA grew +24.2 % a year. The price currently implies +31.4 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Aker ASA (AKAAF) growing?
The median revenue growth in the sector is +7.2 % a year. That is the yardstick for the growth priced into Aker ASA (+31.4 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Aker ASA (AKAAF)?
The free-cash-flow yield on the price is 1.77 %: that much free cash flow Aker ASA produces per unit of market value. When it exceeds the discount rate of our models (8.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Aker ASA (AKAAF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Aker ASA it is $121.82 per share (as of Sep 23, 2026), against a price of $154.00. It is the blended result of 13 valuation models (cash flow, earnings, asset, dividend).
Is Aker ASA stock overvalued or undervalued in 2026?
As of Sep 23, 2026, AKAAF trades above its calculated fair value: price $154.00, fair value $121.82, a gap of about −21% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of AKAAF?
No. The price is what the market pays today ($154.00); the fair value is what the company's own numbers justify ($121.82). For Aker ASA the two are $32.18 per share apart. That gap is exactly why we show both numbers side by side.
How much is Aker ASA worth?
The market values Aker ASA at about $11.4B (market capitalisation, as of Sep 23, 2026). Per share that is $154.00; our models calculate a fair value of $121.82 per share.
What do the bullish and bearish scenarios say about AKAAF?
Our models span a range for Aker ASA: cautious scenario $57.19, base $121.82, optimistic $235.93 per share (as of Sep 23, 2026, price $154.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of AKAAF?
Aker ASA trades at a price-to-earnings ratio of 26.9 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $121.82 is built from several models across several years.
How solid is the balance sheet of Aker ASA (AKAAF)?
Balance-sheet figures for Aker ASA (as of Sep 23, 2026): return on equity 4.4%, debt of 0.83 per unit of equity. They feed the Quality Score of 49/100, which measures business quality independently of the share price.
How far is AKAAF from its 52-week high?
Aker ASA trades at $154.00, about 11% below its 52-week high of $173.85 and 206% above the low of $50.36 (as of Sep 25, 2026). Distance from the high says nothing about value: that is what the fair value of $121.82 is for.
Which stocks are comparable to Aker ASA?
From the same area (Industrials) we also value 3M Company, Honeywell International Inc, CITIC Limited, Swire Pacific Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Aker ASA stock attractive at the current price?
The data as of Sep 23, 2026: price $154.00, calculated fair value $121.82 (−21%), Quality Score 49/100, from 13 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of AKAAF calculated?
We run Aker ASA through 13 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $121.82, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Aker ASA itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Aker ASA (AKAAF)?
The latest price we hold is from Sep 25, 2026 and stands at $154.00. Our model-based fair value is $121.82, about −21% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Aker ASA right now?
The model range is unusually wide ($57.19 to $235.93). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (49/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of Aker ASA
How large is the market capitalisation of Aker ASA (AKAAF)?
The market capitalisation of Aker ASA is $11.4B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Aker ASA (AKAAF)?
The price-to-sales ratio of Aker ASA is 8.01 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Aker ASA (AKAAF)?
Earnings per share at Aker ASA are $5.73 (price ÷ EPS = P/E 26.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Aker ASA (AKAAF)?
The net margin of Aker ASA is 29.8% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Aker ASA (AKAAF)?
The return on equity (ROE) of Aker ASA is 4.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Aker ASA (AKAAF)?
On an EBIT basis the return on assets of Aker ASA is −0.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Aker ASA (AKAAF)?
The operating margin of Aker ASA is 27.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Aker ASA (AKAAF)?
Revenue at Aker ASA is growing +12.7% versus a year earlier (3y avg +10.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much net debt does Aker ASA (AKAAF) carry?
The net debt of Aker ASA is 39.8B NOK (fiscal year 2025, ≈ 20.5 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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