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Elkem ASA

Org. no. 911382008 · Oslo · Founded 1904 · 1,529 employees

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Score · fiscal year 2023

49of 100

How to read this: the company is ahead of 49 % of companies in the Morning class Large in the same sector in 2023. What does this mean?

Rank in the Morning class Large: 144 of 280 · What are Morning company classes?
Place in the whole sector: 1,344 of 2,652 · Industri

Profile

Elephant · Steward

Lower profitability, high solidity

Position against comparable companies in 2023, not a verdict on the company. Based on profitability 44 and solidity 59 out of 100 among companies in the Morning class Large in the same sector in 2023. Methodology

Against the sector

Elkem ASA is 1 points below the median for companies in the Morning class Large in the same sector in 2023.

Median score 50 among 280 companies.

Against companies in the Morning class Large in the same sector in 2023: operating margin 9.2% (median 5.6%) and equity ratio 39.4% (median 32.9%).

Source: Register of Company Accounts and Central Coordinating RegisterFetched 30 October 2026Report an issue
Key figures · 2023

The numbers behind the score

The numbers behind the score · 2023
MeasureCompanyMedianAhead of
Operating revenue11,628 MNOK1,171 MNOK
Operating margin 9.2% 5.6% 66 %
Profit margin 4.0% 5.4% shown, not part of the index
Return on assets 4.8% 12.1% 22 %
Equity ratio 39.4% 32.9% 59 %
Debt-to-equity 1.54 2.02 59 %
Current ratio 0.97 1.33 21 %
Revenue growth – 1.9% not compared
Revenue per employee7.60 MNOK5.51 MNOK

The median and “ahead of” refer to companies in the Morning class Large in the same sector in 2023. The bar shows the share of companies the figure is ahead of.

With an index of 49, Elkem ASA does better than 49% of companies in the Morning class Large in the same sector (280 companies) in 2023.

Over time

Score 2023–2025

CompanyMedian0255075100202320242025
  • Elkem ASA
  • Median: companies in the Morning class Large in the same sector
Analysis · 2023

What the numbers say

Elkem ASA had an operating margin of 9.2% and an equity ratio of 39.4% in 2023, and ranks 1,344 of 2,652 in Industri.

This text is generated automatically from the 2023 accounts.

Estimated value · 2023

Three simple methods

The methods give between 3,650 MNOK and 13,410 MNOK.

MethodInputMultipleEstimate
P/E Net profit: 365.0 MNOK 10.0 3,650 MNOK
EV/EBIT Operating profit: 1,065.0 MNOK
minus net debt 8,688.0 MNOK		 8.0 debt above value
P/B Equity: 13,410.0 MNOK 1.0 13,410 MNOK

A mechanical estimate from public accounts, not advice. Mechanical estimate from public accounts with fixed multiples. Not a valuation and not advice to buy or sell. The multiples are provisional default values and must be adjusted per sector before the figures are used for anything. See the calculation

Indications · 2023

Worth a closer look

  • watch

    Consider strengthening liquidity: current liabilities are 1.0 times current assets.

    Based on: Current ratio 0.97 (median 1.33).

Indications based on the latest annual accounts from open data. Not investment or financial advice.

Financial costs were 5.6% of the debt in 2023. The policy rate averaged 3.54 % the same year. This is a plain description of what the debt cost, not a model of interest sensitivity.

See interest rates, prices and exchange rates for the sector

Data quality

No anomalies found in the figures.

Stress test · 2022

Scenario analysis: the sector's weakest year

We have no accounts for 2022, the sector's weakest year, for this company.

The sector's weakest year was 2022, with a median operating margin of 0.0%. Based on the 10 fiscal years we have. The analysis grows as more years are fetched or imported. Methodology

Components · 2023

What the score is made of

Profitability44 weight 30%
Solidity59 weight 25%
Liquidity21 weight 15%
Growth– no data, left out
Consistency68 weight 15%

Index version 2. Data completeness 85%: the share of the weights that had data.

2023

Questions and answers

How profitable is Elkem ASA?

The operating margin was 9.2% in 2023, against a median of 5.6% among companies in the Morning class Large in the same sector. Return on assets was 4.8%.

How solid is Elkem ASA?

The equity ratio was 39.4% in 2023 (median 32.9%). Debt-to-equity was 1.54 (median 2.02).

What is the liquidity of Elkem ASA like?

The current ratio was 0.97 in 2023 (median 1.33). Current assets did not cover current liabilities.

How does Elkem ASA compare in Industri?

Elkem ASA ranks 1,344 of 2,652 in Industri for 2023. Among companies in the Morning class Large it is number 144 of 280.

Group accounts · 2025

56 of 100

Rank 19 of 45 groups in the Morning class Large in Industri. Groups are ranked only against other groups in the same sector and class, never against single companies.

Operating revenue, group
16,727 MNOK
Operating profit, group
1,307 MNOK
Profit before tax, group
534 MNOK
Total assets, group
47,481 MNOK
Equity, group
24,026 MNOK
Key figures in the group accounts against the company's own accounts
Key figureThe groupThe company alone (2023)
Operating margin7.8% –
Return on assets2.9% –
Equity ratio50.6% –
Current ratio2.72 –
Revenue growth−11.4% –

Group index in earlier years: 2023: 57 (19 of 45), 2024: 56 (19 of 46).

Same formulas and weights as the company index. Group and company are never added together, and the group accounts are not part of sector averages or company rankings.

Source: Brønnøysund Register Centre, group accounts 2025 (open data, NLOD 2.0).

Read the figures with care: a company in a group can look strong because of group contributions, or weak because dividends go up to the parent. The figures are indications, not the full picture.

We do not show the group structure, because open data does not say who owns whom.

From the Central Coordinating Register

Org. no.
911382008
Legal form
ASA · part of a group
Sector
Industri (20.130)
Morning company class
Large
Employees
1,529 registered 10 October 2026
Founded
2 January 1904 122 years in operation
Share capital
1,838.85 MNOK
Business address
Drammensveien 169, 0277 OSLO
Municipality
Oslo rank 63–220 of 357 in Norway
Latest accounts filed
2025
Website
www.elkem.no
LEI
549300CVBE06T0SH6T76 renews 26 August 2027

Source: Central Coordinating Register, Brønnøysund Register Centre. The employee count is reported by the company and may be older than the accounts. See the company at the Brønnøysund Register Centre

Ownership and roles

Loading roles …

Source: Central Coordinating Register, fetched 31 October 2026. Only names are shown.

Parent company
Parent does not consolidate the company

Source: GLEIF (Global Legal Entity Identifier Foundation), fetched 30 October 2026. The parent is the one the company itself reported to GLEIF.

Owners and shareholdings will appear here once the shareholder data extract is in place.

Coming · not built yet

Error in the data?

Do you see an error in the figures or in how the company is mapped (sector, holding, group)? Let us know. Corrections require documentation.

Report an issue

Figures last fetched 30 October 2026.

Details

Year by year · 2023–2025

Key figure202320242025Trend
Index494045
Rank1,3441,8801,649
Operating margin9.2%1.9%1.5%
Return on assets4.8%6.4%10.1%
Equity ratio39.4%43.4%52.6%
Current ratio0.971.061.18
Revenue growth–−16.5%−12.9%

Accounts

From the Brønnøysund Register Centre, in the company's reporting currency (NOK).

Key figure202320242025
Operating revenue11,628.0 MNOK9,710.0 MNOK8,461.0 MNOK
Operating profit1,065.0 MNOK181.0 MNOK131.0 MNOK
Profit before tax467.0 MNOK1,395.0 MNOK2,602.0 MNOK
Net profit365.0 MNOK2,323.0 MNOK2,900.0 MNOK
Financial expenses1,164.0 MNOK925.0 MNOK970.0 MNOK
Total assets34,074.0 MNOK36,136.0 MNOK35,376.0 MNOK
Current assets8,379.0 MNOK8,550.0 MNOK7,954.0 MNOK
Equity13,410.0 MNOK15,665.0 MNOK18,617.0 MNOK
Retained earnings9,912.0 MNOK12,163.0 MNOK15,109.0 MNOK
Total liabilities20,664.0 MNOK20,471.0 MNOK16,759.0 MNOK
Current liabilities8,645.0 MNOK8,064.0 MNOK6,726.0 MNOK

Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 30 October 2026, accounts id 5027387.

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