Kongsberg Maritime ASA (KMRRF) fair value: what the stock is really worth
As of Sep 25, 2026: fair value of Kongsberg Maritime ASA $7.73, price $6.40, upside +20.8%, quality 66 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Kongsberg Maritime ASA, along with its subsidiaries, provides products and systems for positioning and navigation, marine automation, onshore and offshore installations, merchant marine, and safety management solutions.
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Kongsberg Maritime ASA, along with its subsidiaries, provides products and systems for positioning and navigation, marine automation, onshore and offshore installations, merchant marine, and safety management solutions. Its products include bridge systems and control centres, deck machinery and cranes, electrical power systems, automation, digital solutions, naval, positioning, stabilisation and manoeuvring, propulsors and propulsion, tank monitoring, loading and stability, and simulation. The company also provides navigation and positioning systems, propulsion control systems, and automation and bridge systems, as well as hardware, and software and services. In addition, it provides cargo, fisheries and aquaculture, naval and coast guard, offshore oil and gas, offshore wind, passenger vessels, research, and workboats solutions. Further, it specializes in ship design; hydrodynamic research centre; engineering services; online services; and product disposal and recycling. It serves defense, maritime, oil and gas, and aerospace industries in Norway and internationally. The company was incorporated in 2025 and is headquartered in Kongsberg, Norway.
Stock analysis
Kongsberg Maritime ASA (KMRRF) currently trades at $6.40, while our model-based Fair Value estimate is $7.73, implying the stock looks roughly 17.2% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of $7.25 per share, and 13 of the 24 models we run sit above the $6.40 price.
Bear case: the Economic Profit group reads lowest at $3.16, and 11 of the 24 models stay below the price. Evidence for this calculation is medium.
Scenario range: $5.27 (bear) to $10.05 (bull), the price of $6.40 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 66/100 (solid quality), in the Industrials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Kongsberg Maritime ASA reported revenue of 26.9B NOK in FY2025 versus 20.7B NOK in FY2023, a compound +14.1%/yr. Reported net income was 3.8B NOK in FY2025, compounding +78.4%/yr from FY2023.
Key figures
Market cap $5.6B · P/E ratio 20.0 · P/S ratio 2.81 · EPS (TTM) $0.3200 · Net margin 14.0% · Return on assets (EBIT) 12.0% · Operating margin 10.2% · Revenue (TTM) 27.2B NOK.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).
What moves the price
For context, the median of 10 Industrials peers we cover trades at −25% fair-value upside, at 21%, KMRRF screens cheaper than that median.
Fair Value models
Bear $5.27Fair Value $7.73Bull $10.05
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. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then ($0.2411 per share) are deliberately not added.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.
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.72/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: only 3 usable fiscal years, at least 4 required
not computed
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
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).
+1.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+8.2%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in NOK, Norway: IMF forecast 2.4% a year to 2030, 3.3% from 2016 to 2025) that is about −0.7% a year for the price and +5.6% for the forecasts.
Price, fair value, quality and upside side by side.
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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.Aerospace & Defense · 228 stocks
Beats the industry median on 7/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score66 · Top 25%
Fair Value upside+20.8% · Top 25%
Profitability
Return on assets0.0% · Bottom 25%
Net margin (TTM)9.8% · Above median
Operating margin (TTM)10.2% · Below median
Growth and dividend
Revenue growth5.0% · Below median
Balance sheet
Debt / equity0.25× · Above median
Valuation Multiplesvs Aerospace & Defense median · lower = cheaper
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Is Kongsberg Maritime ASA (KMRRF) overvalued or undervalued?
As of Sep 28, 2026, our model estimates a fair value of $7.73 versus the last price from Sep 25, 2026 of $6.40, about +21% upside (undervalued).
What is the fair value of KMRRF?
Our model-based fair value for Kongsberg Maritime ASA is $7.73 (as of Sep 28, 2026), built from audited fundamentals. Last price (from Sep 25, 2026): $6.40.
What is the quality score of KMRRF?
Kongsberg Maritime ASA has a Quality Score of 66/100. 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 Kongsberg Maritime ASA (KMRRF)?
Our model-based price target is the fair value of $7.73 (as of Sep 28, 2026) from 24 valuation models. Cautious scenario $5.27, optimistic scenario $10.05. It is a calculation from audited fundamentals, not an analyst target.
What is the Kongsberg Maritime ASA stock forecast for 2026?
Our models put fair value at $7.73, about +21% upside versus the last price from Sep 25, 2026 of $6.40 (undervalued). Cautious scenario $5.27, optimistic scenario $10.05. The calculation is refreshed regularly with new filings.
What is the revenue of Kongsberg Maritime ASA (KMRRF)?
Kongsberg Maritime ASA reported trailing-twelve-month revenue of about 27.2B NOK (latest available figure, as of Sep 28, 2026).
What growth is priced into Kongsberg Maritime ASA (KMRRF)?
For today's price to be fair in a discounted-cash-flow model, Kongsberg Maritime ASA would have to grow free cash flow by +1.7 % per year for five years (discount rate 9.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 2 years revenue grew +14.1 % per year. As of Sep 28, 2026.
What discount rate (WACC) does the fair value of KMRRF use?
Our models discount Kongsberg Maritime ASA at 9.7 %: a base by market capitalisation (mid), 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 Kongsberg Maritime ASA that is +1.7 % per year a year over ten years, using the same discount rate (9.7 %) and the same formula as our fair value.
How much growth has Kongsberg Maritime ASA (KMRRF) delivered so far?
Over the past 2 years revenue at Kongsberg Maritime ASA grew +14.1 % a year. The price currently implies +1.7 % 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 Kongsberg Maritime ASA (KMRRF) growing?
The median revenue growth in the sector is +5.8 % a year. That is the yardstick for the growth priced into Kongsberg Maritime ASA (+1.7 % 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 Kongsberg Maritime ASA (KMRRF)?
The free-cash-flow yield on the price is 7.92 %: that much free cash flow Kongsberg Maritime ASA produces per unit of market value. When it exceeds the discount rate of our models (9.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Kongsberg Maritime ASA (KMRRF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Kongsberg Maritime ASA it is $7.73 per share (as of Sep 28, 2026), against a price of $6.40. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Kongsberg Maritime ASA stock overvalued or undervalued in 2026?
As of Sep 28, 2026, KMRRF trades below its calculated fair value: price $6.40, fair value $7.73, a gap of about +21% (undervalued). 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 KMRRF?
No. The price is what the market pays today ($6.40); the fair value is what the company's own numbers justify ($7.73). For Kongsberg Maritime ASA the two are $1.33 per share apart. That gap is exactly why we show both numbers side by side.
How much is Kongsberg Maritime ASA worth?
The market values Kongsberg Maritime ASA at about $5.6B (market capitalisation, as of Sep 28, 2026). Per share that is $6.40; our models calculate a fair value of $7.73 per share.
What do the bullish and bearish scenarios say about KMRRF?
Our models span a range for Kongsberg Maritime ASA: cautious scenario $5.27, base $7.73, optimistic $10.05 per share (as of Sep 28, 2026, price $6.40). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of KMRRF?
Kongsberg Maritime ASA trades at a price-to-earnings ratio of 20.0 (as of Sep 28, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $7.73 is built from several models across several years. Other multiples: P/B 8.8, P/S 2.0, EV/EBITDA 15.5.
How solid is the balance sheet of Kongsberg Maritime ASA (KMRRF)?
Balance-sheet figures for Kongsberg Maritime ASA (as of Sep 28, 2026): debt of 0.25 per unit of equity. They feed the Quality Score of 66/100, which measures business quality independently of the share price.
Which stocks are comparable to Kongsberg Maritime ASA?
From the same area (Industrials) we also value General Electric Company, RTX Corporation, Airbus SE, Lockheed Martin Corporation, 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 Kongsberg Maritime ASA stock attractive at the current price?
The data as of Sep 28, 2026: price $6.40, calculated fair value $7.73 (+21%), Quality Score 66/100, from 24 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 KMRRF calculated?
We run Kongsberg Maritime ASA through 24 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 $7.73, 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. Kongsberg Maritime ASA currently trades 17 % below its own fair value, and the market average says nothing about that. 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 Kongsberg Maritime ASA (KMRRF)?
The latest price we hold is from Sep 25, 2026 and stands at $6.40. Our model-based fair value is $7.73, about +21% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Kongsberg Maritime ASA right now?
Solid quality (66/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range ($5.27 to $10.05) leaves room in how you read the outcome.
Key figures of Kongsberg Maritime ASA
How large is the market capitalisation of Kongsberg Maritime ASA (KMRRF)?
The market capitalisation of Kongsberg Maritime ASA is $5.6B. 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 Kongsberg Maritime ASA (KMRRF)?
The price-to-sales ratio of Kongsberg Maritime ASA is 2.81 (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 Kongsberg Maritime ASA (KMRRF)?
Earnings per share at Kongsberg Maritime ASA are $0.3200 (price ÷ EPS = P/E 20.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Kongsberg Maritime ASA (KMRRF)?
The net margin of Kongsberg Maritime ASA is 14.0% (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 EBIT return on assets of Kongsberg Maritime ASA (KMRRF)?
On an EBIT basis the return on assets of Kongsberg Maritime ASA is 12.0% (avg 3y). 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 Kongsberg Maritime ASA (KMRRF)?
The operating margin of Kongsberg Maritime ASA is 10.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Kongsberg Maritime ASA (KMRRF)?
Revenue at Kongsberg Maritime ASA is growing +5.0% versus a year earlier. 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 Kongsberg Maritime ASA (KMRRF) carry?
The net debt of Kongsberg Maritime ASA is 1.6B NOK (fiscal year 2025, ≈ 0.4 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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Sep 28, 2026