Kongsberg Gruppen ASA (KOG) fair value: what the stock is really worth
We calculate from audited financials what Kongsberg Gruppen ASA is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily, free.
Compare price with fair valuebelow fair value = cheap, above = expensive
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Industrials · NO · Market cap 244B NOK (≈ $26.4B) · ISIN NO0013536151
At a glance
KGKongsberg Gruppen ASAKOG · OL
Pricekr 301.20
Fair Valuekr 101.07
Upside−66.4%
Quality68/100
A solid business, but trading 198% above our fair value of kr 101.07.
As of Sep 8, 2026, the fair value of Kongsberg Gruppen ASA is kr 101.07 per share against a price of kr 301.20, so the fair value sits 66% below the price. A model estimate from reported figures, not an analyst target.
✓Healthy Growth (revenue 5y +4.3 %/yr)
✓Highly profitable · 20.5% net margin
✓Low debt · generates free cash flow
·0.73% dividend yield
!Mixed vs. peers (8/15)
✓Wide moat 73/100
!The models disagree: range kr 76.88 to kr 225.01
!Weak on dividend: 15 out of 100
Evidence: HighRange kr 76.88 to kr 225.01
Fair value as of: Sep 8, 2026
From 26 valuation models · updated yesterday
Share price −3.0% over the past month.
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69 individual criteria per stock, every one traceable See the method →
What matters now
The price sits above even our optimistic bull case (kr 225.01). The favourable scenario is already priced in.
The model range is unusually wide (kr 76.88 to kr 225.01). The outcome hinges heavily on assumptions, so read the point estimate with caution.
Solid but not exceptional quality (68/100) and above fair value, neither a clear bargain nor a standout compounder.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 8, 2026.
How to read this chart
60‑month range kr 27.58 – kr 421.22 · fair‑value band kr 76.88 – kr 225.01 · the kr 301.20 price screens above the kr 101.07 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 8, 2026.
Kongsberg Gruppen ASA (KOG) currently trades at kr 301.20, while our model-based Fair Value estimate is kr 101.07, implying the stock looks roughly 198.0% overvalued today. The Quality Score stands at 68/100 (solid quality), in the Industrials sector. Bull case: the Growth Earnings group reads highest at a median of kr 173.08 per share, and 0 of the 26 models we run sit above the kr 301.20 price. Bear case: the Asset-Based group reads lowest at kr 17.20, and 26 of the 26 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Kongsberg Gruppen ASA generated revenue of 33.5B NOK at a net margin of 22.0%. Revenue grew 27.1% year over year. It earns a return on equity of 20.8%. The balance sheet holds a net cash position of 3.8B NOK. Fundamentals as of Sep 8, 2026
Scenario range: kr 76.88 (bear) to kr 225.01 (bull), the price of kr 301.20 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target. The share trades about 29% below its 52-week high and 33% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at −43% fair-value upside, at −66%, KOG screens richer than that median.
Fair Value models
Based on fiscal year 2025 figures (about 8 months old). Earnings retained since then (kr 2.62 per share) are deliberately not added.
Each model values the company its own way; the fair value above is the evidence-weighted blend. Evidence (0 to 100) shows how complete a model's inputs are. How we calculate →
ModelBear ⓘ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.Evidence
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Key figures & financial health
P/E ratio55.3
P/S ratio13.9P/E × margin
EPS (TTM)kr 5.45price ÷ EPS = P/E 55.3
Dividend yield0.7%payout 40.4%
Net margin25.2%FY2025
Return on equity20.8%TTM
More key figures
Profitability
Return on assets (EBIT)7.4%avg 5y
Operating margin16.7%TTM
Growth
Revenue (TTM)33.5B NOKTTM
Revenue growth (YoY)+27.1%3y avg −0.3%
EPS growth (YoY)−26.3%
Balance sheet & cash flow
Free cash flow9.9B NOKFY2025
Net cash3.8B NOKFY2021
Figures from reported company fundamentals · as of Sep 8, 2026. TTM = trailing twelve months.
Quality Score breakdown
Overall quality68/100
Of which business quality 69
· Market factors (momentum, volatility) 43
Profitability65
Margins and returns on capital today
Quality Growth58
Are margins and returns improving?
Cashflow88
Earnings quality: real cash, not paper profit
Fin. Strength77
Balance sheet, leverage, solvency risk
Investment25
Disciplined investing over empire-building
Low Volatility63
Calm price path (market factor)
Momentum33
Price trend over the last 3–12 months (market factor)
52W Momentum37
Distance to the 52-week high (market factor)
Net Issuance82
Buybacks instead of dilution
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Kongsberg Gruppen ASA, together with its subsidiaries, provides high-tech systems and solutions primarily to customers in the defense markets. It operates through Kongsberg Defence & Aerospace, Kongsberg Discovery, and Other segments. The Kongsberg Defence & Aerospace segment provides various systems and services to the defence industry.
Full company description
Kongsberg Gruppen ASA, together with its subsidiaries, provides high-tech systems and solutions primarily to customers in the defense markets. It operates through Kongsberg Defence & Aerospace, Kongsberg Discovery, and Other segments. The Kongsberg Defence & Aerospace segment provides various systems and services to the defence industry. It provides air defence and combat systems, sonars, and navigation for marine vessels and submarines, as well as integrated command and control systems; remote control weapon stations for land-based vehicles and marine vessels; remote tower solutions for airports; products for military tactical communication; naval strike and air-to-surface missiles; and components and services to the space industry, as well as port monitoring systems. This segment also offers lightweight composite and titanium components for F-35 combat aircraft, as well as maintenance and lifecycle services for military and civil capabilities. The Kongsberg Discovery segment offers subsea positioning and communication technologies; sustainable management technologies; and technologies that provide its customers with information about position, speed, acceleration, and heading, as well as uncrewed platforms that deliver autonomous underwater and surface vessels for research, defence, and commercial use. The Other segment focuses on digitalization within the oil and gas, and renewable energy markets. It operates primarily in Norway, Europe, North America, South America, Asia, Australia, and Africa. The company's distribution channels, including direct sales, partnerships and alliances, online platforms, marketing advanced technology. Kongsberg Gruppen ASA was founded in 1814 and is headquartered in Kongsberg, Norway.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Kongsberg Gruppen ASA reported revenue of 31.6B NOK in FY2025 versus 27.4B NOK in FY2021, a compound +3.6%/yr. Reported net income was 8.0B NOK in FY2025, compounding +38.5%/yr from FY2021.
Growth Quality 77/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
31.6B NOK
Latest YoY
+28.1%
Avg. revenue growth/yr (3Y) ⓘ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.
−0.3%
Avg. revenue growth/yr (5Y) ⓘ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.
+4.3%
Avg. revenue growth/yr (25Y) ⓘ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.
+7.4%
Value creation/yr (5Y) ⓘEarnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
≈ +30.8%
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share+30.1%
Dividend yield0.7%
Trend ⓘ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.5Y 30.1% vs 10Y 23.7%, picking up
Operating margin (EBIT) ⓘ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.7.9% (2020) → 16.8% (2025) · rising
Worst earnings drop45% (2008) · in NOK
⚠ Final year 2025 sits 114% above trend (one-off), rate approximate
Revenue+3.6%/yr
FY2127.4B NOK
FY2231.8B NOK
FY2340.6B NOK
FY2424.6B NOK
FY2531.6B NOK
Net income+38.5%/yr
FY212.2B NOK
FY222.8B NOK
FY233.7B NOK
FY245.1B NOK
FY258.0B NOK
Character of growth · EPS growth decomposed (2011-2022)+4.8 % p.a.
Revenue per share+3.8 %
of which total revenue +6.8 % · buybacks/dilution −2.8 %
EBIT margin−1.7 %
Tax rate+1.4 %
Residual (interest, one-offs)+1.3 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
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.
Valuation
Quality Score68 · Top 25%
Fair Value upside−67% · Below median
Profitability
Return on equity (TTM)33% · Top 25%
Return on assets5% · Above median
Net margin (TTM)21% · Top 25%
Operating margin (TTM)16% · Above median
Growth and dividend
Revenue growth30% · Top 25%
Dividend yield (TTM)0.7% · Below median
Balance sheet
Debt / equity0.04× · Below median
Valuation Multiples vs Aerospace & Defense median · lower = cheaper
P/E (TTM)55.3× · Pricier than median
P/B10.81× · Priciest 25%
P/S (TTM)6.83× · Priciest 25%
P/FCF2.6× · Cheapest 25%
EV/EBITDA33.5× · Priciest 25%
PEG2.18× · Pricier than median
What the price implies (reverse DCF)
The inverse question: what free-cash-flow growth must Kongsberg Gruppen ASA deliver for ten years so that today's price is fair in our DCF model? Same formula, same discount rate as the fair value.
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
This stockSector peers
VALUE0· sector 0
FUTURE100· sector 50
PAST100· sector 38
HEALTH98· sector 93
DIVIDEND15· sector 16
VALUE 0: the price sits above our fair-value range.
Insider activity: 45/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
WeaponsDefense
Similar stocks
10 more Aerospace & Defense stocks, each showing price versus our Fair Value estimate (as of Sep 8, 2026).
Is Kongsberg Gruppen ASA (KOG) overvalued or undervalued?
As of Sep 8, 2026, our model estimates a fair value of kr 101.07 versus a price of kr 301.20, about −66% upside (overvalued).
What is the fair value of KOG?
Our model-based fair value for Kongsberg Gruppen ASA is kr 101.07 (as of Sep 8, 2026), built from audited fundamentals. The current price: kr 301.20.
What is the quality score of KOG?
Kongsberg Gruppen ASA has a Quality Score of 68/100. 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 Gruppen ASA (KOG)?
Our model-based price target is the fair value of kr 101.07 (as of Sep 8, 2026) from 26 valuation models. Cautious scenario kr 76.88, optimistic scenario kr 225.01. It is a calculation from audited fundamentals, not an analyst target.
What is the Kongsberg Gruppen ASA stock forecast for 2026?
Our models put fair value at kr 101.07, about −66% upside versus a price of kr 301.20 (overvalued). Cautious scenario kr 76.88, optimistic scenario kr 225.01. The calculation is refreshed regularly with new filings.
What is the revenue of Kongsberg Gruppen ASA (KOG)?
Kongsberg Gruppen ASA reported trailing-twelve-month revenue of about 33.5B NOK (latest available figure, as of Sep 8, 2026).
What is the net profit margin of KOG?
The net profit margin of Kongsberg Gruppen ASA is about 22.0%, meaning it keeps roughly 22.0% of revenue as net income. Based on the latest reported figures.
Does Kongsberg Gruppen ASA pay a dividend?
Kongsberg Gruppen ASA currently shows a dividend yield of about 0.73% relative to its recent price (as of Sep 8, 2026).
What growth is priced into Kongsberg Gruppen ASA (KOG)?
For today's price to be fair in a discounted-cash-flow model, Kongsberg Gruppen ASA would have to grow free cash flow by +6.7 % per year for ten years (discount rate 7.9 %, then 2 % perpetual growth). Over the last 5 years revenue grew +4.3 % per year. As of Sep 8, 2026.
What discount rate (WACC) does the fair value of KOG use?
Our models discount Kongsberg Gruppen ASA at 7.9 %: a base by market capitalisation (large), damped by beta 0.20, country premium for Norway. The same rate applies in all 26 models.
What is the intrinsic value of Kongsberg Gruppen ASA (KOG)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Kongsberg Gruppen ASA it is kr 101.07 per share (as of Sep 8, 2026), against a price of kr 301.20. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Kongsberg Gruppen ASA stock overvalued or undervalued in 2026?
As of Sep 8, 2026, KOG trades above its calculated fair value: price kr 301.20, fair value kr 101.07, a gap of about −66% (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 KOG?
No. The price is what the market pays today (kr 301.20); the fair value is what the company's own numbers justify (kr 101.07). For Kongsberg Gruppen ASA the two are kr 200.13 per share apart. That gap is exactly why we show both numbers side by side.
How much is Kongsberg Gruppen ASA worth?
The market values Kongsberg Gruppen ASA at about 244B NOK (market capitalisation, as of Sep 8, 2026). Per share that is kr 301.20; our models calculate a fair value of kr 101.07 per share.
What do the bullish and bearish scenarios say about KOG?
Our models span a range for Kongsberg Gruppen ASA: cautious scenario kr 76.88, base kr 101.07, optimistic kr 225.01 per share (as of Sep 8, 2026, price kr 301.20). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of KOG?
Kongsberg Gruppen ASA trades at a price-to-earnings ratio of 55.3 (as of Sep 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 101.07 is built from several models across several years. Other multiples: PEG 2.2, P/B 10.8, P/S 6.8, EV/EBITDA 33.5.
What is the PEG ratio of KOG?
The PEG ratio of Kongsberg Gruppen ASA is 2.18 (P/E divided by earnings growth, as of Sep 8, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Kongsberg Gruppen ASA (KOG)?
Balance-sheet figures for Kongsberg Gruppen ASA (as of Sep 8, 2026): return on equity 32.6%, debt of 0.04 per unit of equity. They feed the Quality Score of 68/100, which measures business quality independently of the share price.
How far is KOG from its 52-week high?
Kongsberg Gruppen ASA trades at kr 301.20, about 29% below its 52-week high of kr 424.70 and 33% above the low of kr 227.27 (as of Sep 8, 2026). Distance from the high says nothing about value: that is what the fair value of kr 101.07 is for.
Which stocks are comparable to Kongsberg Gruppen 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 Gruppen ASA stock attractive at the current price?
The data as of Sep 8, 2026: price kr 301.20, calculated fair value kr 101.07 (−66%), Quality Score 68/100, from 26 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 KOG calculated?
We run Kongsberg Gruppen ASA through 26 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 kr 101.07, with the spread shown as a cautious and an optimistic scenario.
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