Nel Hydrogen Electrolyser AS
Score · fiscal year 2025
39of 100
How to read this: the company is ahead of 25 % of companies in the Morning class Large in the same sector in 2025. What does this mean?
Rank in the Morning class Large: 234 of 313 · What are Morning company classes?
Place in the whole sector: 1,990 of 2,720 · Industri
Profile
Elephant · Steward
Lower profitability, high solidity
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 0 and solidity 92 out of 100 among companies in the Morning class Large in the same sector in 2025. Methodology
Against the sector
Nel Hydrogen Electrolyser AS is 10 points below the median for companies in the Morning class Large in the same sector in 2025.
Median score 49 among 313 companies.
Against companies in the Morning class Large in the same sector in 2025: operating margin −102.3% (median 6.2%) and equity ratio 69.4% (median 33.2%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 582 MNOK | 1,143 MNOK |
| Operating margin | −102.3% | 6.2% |
| Profit margin | −107.2% | 6.5% |
| Return on assets | −31.1% | 11.4% |
| Equity ratio | 69.4% | 33.2% |
| Debt-to-equity | 0.44 | 1.99 |
| Current ratio | 1.92 | 1.31 |
| Revenue growth | −42.5% | 7.2% |
| Revenue per employee | 3.99 MNOK | 6.01 MNOK |
The median and “ahead of” refer to companies in the Morning class Large in the same sector in 2025. The bar shows the share of companies the figure is ahead of.
With an index of 39, Nel Hydrogen Electrolyser AS does better than 25% of companies in the Morning class Large in the same sector (313 companies) in 2025.
Score 2023–2025
- Nel Hydrogen Electrolyser AS
- Median: companies in the Morning class Large in the same sector
Nel Hydrogen Electrolyser AS has a score of 39 for 2025, rank 1,990 of 2,720 in the sector.
Strongest: Solidity: percentile 92 against peers, equity ratio 69.4% against a median of 33.2%. Liquidity: percentile 79 against peers, current ratio 1.92 against a median of 1.31.
Weakest: Profitability: percentile 0 against peers, operating margin −102.3% against a median of 6.2%. Growth: percentile 0 against peers, revenue growth −42.5% against a median of 7.2%.
Worth a closer look
- The company made a loss before tax. Are these one-off items or a pattern? Based on: profit margin −107.2% (median 6.5%).
- The operating margin is lower than at three in four companies in the sector. Where do costs differ from competitors? Based on: operating margin −102.3% (median 6.2%).
- What lies behind weak profitability, and will it last?
- What lies behind weak growth, and will it last?
Written by fixed rules from the figures. Describes the figures, does not explain causes. Not investment or financial advice. How the summary is made
What the numbers say
Nel Hydrogen Electrolyser AS had an operating margin of −102.3% and an equity ratio of 69.4% in 2025, and ranks 1,990 of 2,720 in Industri.
From 2024 to 2025: the operating margin fell from −4.8% to −102.3% and revenue fell by 43%.
This text is generated automatically from the 2025 accounts.
Three simple methods
One method gives a figure: 1,325 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 10.0 | not meaningful |
| EV/EBIT | 8.0 | not meaningful |
| P/B | 1.0 | 1,325 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
Worth a closer look
- watch
The company made a loss before tax. Are these one-off items or a pattern?
Based on: Profit margin −107.2% (median 6.5%).
- watch
The operating margin is lower than at three in four companies in the sector. Where do costs differ from competitors?
Based on: Operating margin −102.3% (median 6.2%).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 5.2% of the debt in 2025. The policy rate averaged 4.30 % 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
- watch Extreme margin: check the figures
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
What the score is made of
| Profitability | 0 | weight 30% |
|---|---|---|
| Solidity | 92 | weight 25% |
| Liquidity | 79 | weight 15% |
| Growth | 0 | weight 15% |
| Consistency | 24 | weight 15% |
Durability: 39 (average over 3 years)
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is Nel Hydrogen Electrolyser AS?
The operating margin was −102.3% in 2025, against a median of 6.2% among companies in the Morning class Large in the same sector. Return on assets was −31.1%. The company made a loss before tax.
How solid is Nel Hydrogen Electrolyser AS?
The equity ratio was 69.4% in 2025 (median 33.2%). Debt-to-equity was 0.44 (median 1.99).
What is the liquidity of Nel Hydrogen Electrolyser AS like?
The current ratio was 1.92 in 2025 (median 1.31).
How does Nel Hydrogen Electrolyser AS compare in Industri?
Nel Hydrogen Electrolyser AS ranks 1,990 of 2,720 in Industri for 2025. Among companies in the Morning class Large it is number 234 of 313. Revenue changed by −42.5% from the year before.
From the Central Coordinating Register
- Org. no.
- 912185877
- Legal form
- AS
- Sector
- Industri (28.990)
- Morning company class
- Large
- Employees
- 146 registered 10 October 2026
- Founded
- 1 July 2013 13 years in operation
- Share capital
- 250.00 MNOK
- Business address
- Heddalsvegen 11, 3674 NOTODDEN
- Municipality
- Notodden rank 24–36 of 38 in KOSTRA group 7
- Latest accounts filed
- 2025
- LEI
- 5493006GT5YEAOT9NC59 not renewed (lapsed)
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
- Nel ASA (Norway)
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.
Figures last fetched 30 October 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 32 | 46 | 39 | |
| Rank | 2,051 | 1,602 | 1,990 | |
| Operating margin | −16.0% | −4.8% | −102.3% | |
| Return on assets | −7.2% | −1.7% | −31.1% | |
| Equity ratio | 50.5% | 59.1% | 69.4% | |
| Current ratio | 1.28 | 1.29 | 1.92 | |
| Revenue growth | – | 15.5% | −42.5% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 876.6 MNOK | 1,012.5 MNOK | 582.0 MNOK |
| Operating profit | −140.6 MNOK | −48.3 MNOK | −595.1 MNOK |
| Profit before tax | −179.9 MNOK | −73.1 MNOK | −623.6 MNOK |
| Net profit | −179.9 MNOK | −73.1 MNOK | −609.7 MNOK |
| Financial expenses | 42.3 MNOK | 32.8 MNOK | 30.1 MNOK |
| Total assets | 1,909.3 MNOK | 2,336.1 MNOK | 1,909.1 MNOK |
| Current assets | 937.7 MNOK | 1,034.9 MNOK | 942.9 MNOK |
| Equity | 963.9 MNOK | 1,381.6 MNOK | 1,325.0 MNOK |
| Retained earnings | −471.3 MNOK | −553.8 MNOK | −1,159.9 MNOK |
| Total liabilities | 945.5 MNOK | 954.4 MNOK | 584.1 MNOK |
| Current liabilities | 733.8 MNOK | 800.7 MNOK | 490.4 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 30 October 2026, accounts id 6786176.
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