Solstad Maritime ASA (SOMA) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Solstad Maritime ASA NOK 21.81, price NOK 28.80, upside -24.3%, quality 66 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
16‑month range kr 15.43 – kr 29.45 · fair‑value band kr 15.05 – kr 43.49 · the kr 28.80 price screens above the kr 21.81 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.
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Solstad Maritime ASA owns and operates offshore service vessels (OSVs) that provides maritime services to the offshore energy industry in North Sea, North and Central America, Mediterranean and rest of the Europe, Africa, South America, Australia, and Asia.
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Solstad Maritime ASA owns and operates offshore service vessels (OSVs) that provides maritime services to the offshore energy industry in North Sea, North and Central America, Mediterranean and rest of the Europe, Africa, South America, Australia, and Asia. It operates through Anchor Handling Tug Supply Vessels (AHTS) and Construction Service Vessels (CSVs) segments. The company operates subsea construction contracts; and offers services to various vessel spreads, such as ROVs, tooling, project personnel, engineering support, survey, and other services. It also offers vessel management and operations services. The company operates 10 AHTS vessels and 22 CSVs. Solstad Maritime ASA was incorporated in 2023 and is headquartered in Skudeneshavn, Norway.
Stock analysis
Solstad Maritime ASA (SOMA) currently trades at kr 28.80, while our model-based Fair Value estimate is kr 21.81, implying the stock looks roughly 32.0% overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of kr 7.36 per share, and 0 of the 26 models we run sit above the kr 28.80 price.
Bear case: the Growth DCF group reads lowest at kr 2.60, and 26 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: kr 15.05 (bear) to kr 43.49 (bull), the price of kr 28.80 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.
Solstad Maritime ASA reported revenue of $580M in FY2025 versus $403M in FY2021, a compound +9.5%/yr. Reported net income was $213M in FY2025.
Key figures
Market cap 13.4B NOK (≈ $1.4B) · P/E ratio 5.7 · P/S ratio 2.09 · EPS (TTM) kr 5.06 · Dividend yield 1.0% · Net margin 36.7% · Return on equity 27.1% · Return on assets (EBIT) 8.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).
What moves the price
The share trades about 2% below its 52-week high and 87% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 60% fair-value upside, at −24%, SOMA screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely (kr 0.9200 to kr 10.76). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear kr 15.05Fair Value kr 21.81Bull kr 43.49
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 (kr 3.48 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.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.85/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+5.2%
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.
+7.4%
’21
’22
’23
’24
’25
What shareholders gained per year (last 3 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 3 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.
+7.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+6.4%
Dividend (yield on the price)1.0%
Profit margin 2021 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.−16% → 34%
Growth Forecast
Little optimism in the price
The price assumes less 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).
+2.3%
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 USD, USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about −0.1% a year for the price.
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.Marine Shipping · 236 stocks
Beats the industry median on 8/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score66 · Top 25%
Fair Value upside−24% · Below median
Profitability
Return on equity (TTM)27% · Top 25%
Return on assets8% · Top 25%
Net margin (TTM)38% · Top 25%
Operating margin (TTM)42% · Top 25%
Growth and dividend
Revenue growth23% · Above median
Dividend yield (TTM)1.0% · Below median
Balance sheet
Debt / equity0.56× · Highest 25%
Valuation Multiplesvs Marine Shipping median · lower = cheaper
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Is Solstad Maritime ASA (SOMA) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of kr 21.81 versus a price of kr 28.80, about −24% upside (overvalued).
What is the fair value of SOMA?
Our model-based fair value for Solstad Maritime ASA is kr 21.81 (as of Sep 23, 2026), built from audited fundamentals. The current price: kr 28.80.
What is the quality score of SOMA?
Solstad 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 Solstad Maritime ASA (SOMA)?
Our model-based price target is the fair value of kr 21.81 (as of Sep 23, 2026) from 26 valuation models. Cautious scenario kr 15.05, optimistic scenario kr 43.49. It is a calculation from audited fundamentals, not an analyst target.
What is the Solstad Maritime ASA stock forecast for 2026?
Our models put fair value at kr 21.81, about −24% upside versus a price of kr 28.80 (overvalued). Cautious scenario kr 15.05, optimistic scenario kr 43.49. The calculation is refreshed regularly with new filings.
What is the revenue of Solstad Maritime ASA (SOMA)?
Solstad Maritime ASA reported trailing-twelve-month revenue of about $614M (latest available figure, as of Sep 23, 2026).
Does Solstad Maritime ASA pay a dividend?
Solstad Maritime ASA currently shows a dividend yield of about 1.04% relative to its recent price (as of Sep 23, 2026).
What growth is priced into Solstad Maritime ASA (SOMA)?
For today's price to be fair in a discounted-cash-flow model, Solstad Maritime ASA would have to grow free cash flow by +2.3 % per year for five years (discount rate 11.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 4 years revenue grew +9.5 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of SOMA use?
Our models discount Solstad Maritime ASA at 11.0 %: a base by market capitalisation (small), country premium for Norway. 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 Solstad Maritime ASA that is +2.3 % per year a year over ten years, using the same discount rate (11.0 %) and the same formula as our fair value.
How much growth has Solstad Maritime ASA (SOMA) delivered so far?
Over the past 4 years revenue at Solstad Maritime ASA grew +9.5 % a year. The price currently implies +2.3 % 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 Solstad Maritime ASA (SOMA) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into Solstad Maritime ASA (+2.3 % 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 Solstad Maritime ASA (SOMA)?
The free-cash-flow yield on the price is 11.81 %: that much free cash flow Solstad Maritime ASA produces per unit of market value. When it exceeds the discount rate of our models (11.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Solstad Maritime ASA (SOMA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Solstad Maritime ASA it is kr 21.81 per share (as of Sep 23, 2026), against a price of kr 28.80. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Solstad Maritime ASA stock overvalued or undervalued in 2026?
As of Sep 23, 2026, SOMA trades above its calculated fair value: price kr 28.80, fair value kr 21.81, a gap of about −24% (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 SOMA?
No. The price is what the market pays today (kr 28.80); the fair value is what the company's own numbers justify (kr 21.81). For Solstad Maritime ASA the two are kr 6.99 per share apart. That gap is exactly why we show both numbers side by side.
How much is Solstad Maritime ASA worth?
The market values Solstad Maritime ASA at about 13.4B NOK (market capitalisation, as of Sep 23, 2026). Per share that is kr 28.80; our models calculate a fair value of kr 21.81 per share.
What do the bullish and bearish scenarios say about SOMA?
Our models span a range for Solstad Maritime ASA: cautious scenario kr 15.05, base kr 21.81, optimistic kr 43.49 per share (as of Sep 23, 2026, price kr 28.80). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of SOMA?
Solstad Maritime ASA trades at a price-to-earnings ratio of 5.7 (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 kr 21.81 is built from several models across several years. Other multiples: P/B 1.6, P/S 2.3, EV/EBITDA 6.4.
How solid is the balance sheet of Solstad Maritime ASA (SOMA)?
Balance-sheet figures for Solstad Maritime ASA (as of Sep 23, 2026): return on equity 27.1%, debt of 0.56 per unit of equity. They feed the Quality Score of 66/100, which measures business quality independently of the share price.
How far is SOMA from its 52-week high?
Solstad Maritime ASA trades at kr 28.80, about 2% below its 52-week high of kr 29.45 and 87% above the low of kr 15.43 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of kr 21.81 is for.
Which stocks are comparable to Solstad Maritime ASA?
From the same area (Industrials) we also value Adani Ports and Special Economic Zone Limited, COSCO SHIPPING Holdings, Hapag-Lloyd Aktiengesellschaft,, Shanghai International Port (Group) Co, 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 Solstad Maritime ASA stock attractive at the current price?
The data as of Sep 23, 2026: price kr 28.80, calculated fair value kr 21.81 (−24%), Quality Score 66/100, 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 SOMA calculated?
We run Solstad Maritime 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 21.81, 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 14.1 % above its aggregate fair value. Solstad Maritime 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 Solstad Maritime ASA (SOMA)?
The closing price on Sep 23, 2026 was kr 28.80. Our model-based fair value is kr 21.81, about −24% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Solstad Maritime ASA right now?
The model range is unusually wide (kr 15.05 to kr 43.49). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (66/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of Solstad Maritime ASA
How large is the market capitalisation of Solstad Maritime ASA (SOMA)?
The market capitalisation of Solstad Maritime ASA is 13.4B NOK (≈ $1.4B). 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 Solstad Maritime ASA (SOMA)?
The price-to-sales ratio of Solstad Maritime ASA is 2.09 (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 Solstad Maritime ASA (SOMA)?
Earnings per share at Solstad Maritime ASA are kr 5.06 (price ÷ EPS = P/E 5.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Solstad Maritime ASA (SOMA)?
The dividend yield of Solstad Maritime ASA is 1.0% (payout 5.9%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Solstad Maritime ASA (SOMA)?
The net margin of Solstad Maritime ASA is 36.7% (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 Solstad Maritime ASA (SOMA)?
The return on equity (ROE) of Solstad Maritime ASA is 27.1% (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 Solstad Maritime ASA (SOMA)?
On an EBIT basis the return on assets of Solstad Maritime ASA is 8.4% (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 Solstad Maritime ASA (SOMA)?
The operating margin of Solstad Maritime ASA is 41.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Solstad Maritime ASA (SOMA)?
Revenue at Solstad Maritime ASA is growing +23.3% versus a year earlier (3y avg +7.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Solstad Maritime ASA (SOMA)?
Earnings per share at Solstad Maritime ASA are growing −22.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Solstad Maritime ASA (SOMA) carry?
The net debt of Solstad Maritime ASA is $533M (fiscal year 2025, ≈ 3.2 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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