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TGS ASA (TGSNF) fair value: what the stock is really worth
We calculate from audited financials what TGS 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.
- Fair value above price? No
- Good quality? No
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Some data
Sep 13, 2026
Some data
Sep 13, 2026
TGS ASA
TGSNF · USWeak valuationQuality growthQuality is weak on top of the rich price.
!Fair value $12.64 · Overvalued (−16%)
!Quality 37/100
!Expensive Growth (revenue 5y +36.7 %/yr)
!Loss over the last twelve months · -0.2% net margin (TTM) · fiscal year 2025 1.2%
✓Low debt · generates free cash flow
·4.14% dividend yield
!Narrow moat 40/100
!Evidence only medium, so the estimate is less certain
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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, dashed = 300-day average. As of Sep 13, 2026.
How to read this chart
60‑month range $6.11 – $26.86 · the $14.98 price screens above the $12.64 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 13, 2026.
Company profile
TGS ASA provides geoscience data services to the oil and gas industry in Norway and internationally. It operates through Multi client, Marine Data Acquisition (MDA), Imaging, New Energy Solutions (NES), and Shared Services segments.
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TGS ASA provides geoscience data services to the oil and gas industry in Norway and internationally. It operates through Multi client, Marine Data Acquisition (MDA), Imaging, New Energy Solutions (NES), and Shared Services segments. The company offers seismic data using robust technology and imaging solutions; well data recorded expertly matched and validated, from permit to abandonment; carbon storage and monitoring solutions; wind energy data partner throughout the wind development lifecycle; solar operations; and asset management services. It also offers applications for oil and gas, new energies, data platforms, and ai/machine learning. TGS ASA has a agreement with Ministry of Hydrocarbon and Mining Development of the Republic of Equatorial Guinea to create an offshore MegaSurvey. The company was formerly known as TGS-NOPEC Geophysical Company ASA and changed its name to TGS ASA in June 2021. TGS ASA was founded in 1981 and is headquartered in Oslo, Norway.
Stock analysis
TGS ASA (TGSNF) currently trades at $14.98, while our model-based Fair Value estimate is $12.64, implying the stock looks roughly 18.5% overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of $21.73 per share, and 10 of the 26 models we run sit above the $14.98 price.
Bear case: the Growth Earnings group reads lowest at $1.55, and 16 of the 26 models stay below the price. Evidence for this calculation is medium.
Quality & growth
The Quality Score stands at 37/100 (below-average quality), in the Energy sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
TGS ASA reported revenue of $1.5B in FY2025 versus $519M in FY2021, a compound +31.0%/yr. Reported net income was $18.3M in FY2025.
Key figures
Market cap $2.9B · P/S ratio 2.11 · EPS (TTM) $−0.0100 · Dividend yield 4.1% · Net margin 1.2% · Return on equity −0.1% · Return on assets (EBIT) 3.1% · Operating margin 22.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 15% below its 52-week high and 123% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Energy peers we cover trades at −20% fair-value upside, at −16%, TGSNF screens cheaper than that median.
Fair Value models
Bear $12.64
Fair Value $12.64
Bull $12.64
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.
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
FCF DCF
$22.48
$42.98
$78.44
77
Residual Income
$6.81
$6.38
$4.53
76
Growth DCF
$22.08
$40.23
$70.14
75
All 26 models by family
DCF Models
FCF DCF
$22.48
$42.98
$78.44
77
Owner Earnings
$14.89
$29.04
$53.52
73
5Y Revenue Exit
$10.36
$16.86
$25.21
72
5Y EBITDA Exit
$18.89
$34.86
$55.06
73
5Y P/E Exit
$6.60
$8.91
$11.13
72
10Y Revenue Exit
$14.09
$21.73
$32.74
66
10Y EBITDA Exit
$19.89
$34.80
$57.75
66
10Y P/E Exit
$11.85
$15.96
$20.95
65
Earnings-Based
Graham-Dodd
$0.6300
$3.19
$4.40
64
Lynch FV
$0.8600
$1.23
$1.61
61
PEG = 1.0
$0.8600
$1.23
$1.61
57
EPV
$5.20
$6.33
$7.31
74
Dividend Discount
Gordon GGM
$5.44
$10.84
$16.41
67
DDM Multi-Stage
$5.44
$9.37
$11.44
67
Multiples
P/E Multiple
$0.9800
$1.30
$1.63
63
P/S Multiple
$1.19
$1.58
$1.98
58
P/B Multiple
$1.19
$1.58
$1.98
55
EV/EBIT
$5.13
$7.51
$9.89
65
EV/EBITDA
$18.63
$25.50
$32.38
67
EV/Revenue
$4.52
$7.32
$10.12
53
Asset-Based
NCAV (Graham)
$5.04
$6.75
$10.08
54
Growth DCF
Growth DCF
$22.08
$40.23
$70.14
75
Rev-Margin DCF
$10.36
$16.97
$25.76
72
Economic Profit
Residual Income
$6.81
$6.38
$4.53
76
ROIC Compounder
$5.20
$6.33
$7.31
72
Growth Earnings
Growth-Adj P/E
$1.08
$1.55
$2.01
67
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Set up alert →Quality Score breakdown
Overall quality
37/100
Of which business quality 41 · Market factors (momentum, volatility) 63
Profitability
20
Margins and returns on capital today
Quality Growth
40
Are margins and returns improving?
Cashflow
79
Earnings quality: real cash, not paper profit
Fin. Strength
46
Balance sheet, leverage, solvency risk
Investment
5
Disciplined investing over empire-building
Low Volatility
50
Calm price path (market factor)
Momentum
68
Price trend over the last 3–12 months (market factor)
52W Momentum
69
Distance to the 52-week high (market factor)
Net Issuance
39
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
+15.8%
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.
+28.7%
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.
+36.7%
Revenue growth 23 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.
+11.5%
’14
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’21
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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.
−0.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year−4.2%
Dividend (yield on the price)4.1%
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.−38% vs −22%, slowing
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.−83% → 12%
⚠ Revenue per share shrinking 2.3%/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
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).
−5.0%
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.
+5.7%
Yearly sales growth analysts expect, extended to five years.
Forecast 2026 (sales)−4.5%
Forecast 2027 (sales)+10.0%
Projected 2028 (sales)+9.0%
Projected 2029 (sales)+8.0%
Projected 2030 (sales)+7.0%
TGSNF screens 19% overvalued. Compare with SLB N.V →
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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.Oil & Gas Equipment & Services · 187 stocks
Beats the industry median on 5/12 measures
A mixed picture versus its industry peers.
Valuation Multiplesvs Oil & Gas Equipment & Services median · lower = cheaper
Context: sector, industry, market
- Is the Energy sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: Energy
- 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.
Oil & gas
Similar stocks
10 more Oil & Gas Equipment & Services stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| SLB N.V SLB | $56.06 | $28.66 | −49% |
| Baker Hughes Company BKR | $59.06 | $32.40 | −45% |
| TechnipFMC plc FTI | $76.34 | $27.68 | −64% |
| Halliburton Company HAL | $35.84 | $21.50 | −40% |
| Tenaris S.A TS | $57.39 | $45.68 | −20% |
| Yantai Jereh Oilfield Services Group 002353 | ¥118.94 | ¥128.30 | +8% |
| Saipem SpA SPM | €4.31 | €2.72 | −37% |
| Subsea 7 S.A SUBC | kr 322.00 | kr 257.79 | −20% |
| China Oilfield Services Limited 601808 | ¥12.46 | ¥13.04 | +5% |
| Gaztransport & Technigaz SA GTT | €216.20 | €237.82 | +10% |
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Frequently asked questions
Is TGS ASA (TGSNF) overvalued or undervalued?
As of Sep 13, 2026, our model estimates a fair value of $12.64 versus a price of $14.98, about −16% upside (overvalued).
What is the fair value of TGSNF?
Our model-based fair value for TGS ASA is $12.64 (as of Sep 13, 2026), built from audited fundamentals. The current price: $14.98.
What is the quality score of TGSNF?
TGS ASA has a Quality Score of 37/100. 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 TGS ASA (TGSNF)?
Our model-based price target is the fair value of $12.64 (as of Sep 13, 2026) from 26 valuation models. It is a calculation from audited fundamentals, not an analyst target.
What is the TGS ASA stock forecast for 2026?
Our models put fair value at $12.64, about −16% upside versus a price of $14.98 (overvalued). The calculation is refreshed regularly with new filings.
What is the revenue of TGS ASA (TGSNF)?
TGS ASA reported trailing-twelve-month revenue of about $1.3B (latest available figure, as of Sep 13, 2026).
Does TGS ASA pay a dividend?
TGS ASA currently shows a dividend yield of about 4.14% relative to its recent price (as of Sep 13, 2026).
What growth is priced into TGS ASA (TGSNF)?
For today's price to be fair in a discounted-cash-flow model, TGS ASA would have to grow free cash flow by -5.0 % per year for five years (discount rate 9.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +36.7 % per year. As of Sep 13, 2026.
What discount rate (WACC) does the fair value of TGSNF use?
Our models discount TGS 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 TGS ASA that is -5.0 % 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 TGS ASA (TGSNF) delivered so far?
Over the past 5 years revenue at TGS ASA grew +36.7 % a year. The price currently implies -5.0 % 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 TGS ASA (TGSNF) growing?
The median revenue growth in the sector is +1.9 % a year. That is the yardstick for the growth priced into TGS ASA (-5.0 % 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 TGS ASA (TGSNF)?
The free-cash-flow yield on the price is 12.93 %: that much free cash flow TGS 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 TGS ASA (TGSNF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For TGS ASA it is $12.64 per share (as of Sep 13, 2026), against a price of $14.98. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is TGS ASA stock overvalued or undervalued in 2026?
As of Sep 13, 2026, TGSNF trades above its calculated fair value: price $14.98, fair value $12.64, a gap of about −16% (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 TGSNF?
No. The price is what the market pays today ($14.98); the fair value is what the company's own numbers justify ($12.64). For TGS ASA the two are $2.34 per share apart. That gap is exactly why we show both numbers side by side.
How much is TGS ASA worth?
The market values TGS ASA at about $2.9B (market capitalisation, as of Sep 13, 2026). Per share that is $14.98; our models calculate a fair value of $12.64 per share.
How solid is the balance sheet of TGS ASA (TGSNF)?
Balance-sheet figures for TGS ASA (as of Sep 13, 2026): return on equity −0.1%, debt of 0.31 per unit of equity. They feed the Quality Score of 37/100, which measures business quality independently of the share price.
How far is TGSNF from its 52-week high?
TGS ASA trades at $14.98, about 15% below its 52-week high of $17.70 and 123% above the low of $6.71 (as of Sep 13, 2026). Distance from the high says nothing about value: that is what the fair value of $12.64 is for.
Which stocks are comparable to TGS ASA?
From the same area (Energy) we also value SLB N.V, Baker Hughes Company, TechnipFMC plc, Halliburton Company, 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 TGS ASA stock attractive at the current price?
The data as of Sep 13, 2026: price $14.98, calculated fair value $12.64 (−16%), Quality Score 37/100, 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 TGSNF calculated?
We run TGS 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 $12.64, 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 15.8 % above its aggregate fair value. TGS 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 should I pay attention to with TGS ASA right now?
The price sits above even our optimistic bull case ($12.64). The favourable scenario is already priced in. Weak quality (37/100) and above fair value at the same time, the margin of safety is missing on both counts.
Where does the earnings growth of TGS ASA (TGSNF) come from?
Earnings per share at TGS ASA grew −16.6 % a year from 2012 to 2023. Broken into its drivers: revenue per share −3.5 %, EBIT margin −11.3 %, tax rate −1.8 %, residual (interest, one-offs) −0.7 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of TGS ASA
How large is the market capitalisation of TGS ASA (TGSNF)?
The market capitalisation of TGS ASA is $2.9B. 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 TGS ASA (TGSNF)?
The price-to-sales ratio of TGS ASA is 2.11 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of TGS ASA (TGSNF)?
Earnings per share at TGS ASA are $−0.0100. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of TGS ASA (TGSNF)?
The dividend yield of TGS ASA is 4.1%. 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 TGS ASA (TGSNF)?
The net margin of TGS ASA is 1.2% (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 TGS ASA (TGSNF)?
The return on equity (ROE) of TGS ASA is −0.1% (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 TGS ASA (TGSNF)?
On an EBIT basis the return on assets of TGS ASA is 3.1% (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 TGS ASA (TGSNF)?
The operating margin of TGS ASA is 22.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at TGS ASA (TGSNF)?
Revenue at TGS ASA is growing −42.2% versus a year earlier (3y avg +28.7%). 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 TGS ASA (TGSNF)?
Earnings per share at TGS ASA are growing −84.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does TGS ASA (TGSNF) carry?
The net debt of TGS ASA is $438M (fiscal year 2025, ≈ 1.2 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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