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1. Company Snapshot

1.a. Company Description

Aker Solutions ASA provides solutions, products, systems, and services to the oil and gas industry worldwide.It offers field planning, feasibility, and concept studies; specialist engineering, project management, and procurement services; floater designs, offshore wind, as well as engages in design, delivery, and construction of deepwater risers, oil, and gas production, and receiving and processing facilities.In addition, the company provides offshore fish farming, carbon capture, utilization and storage, hydrogen, and offshore wind solutions.


Further, the company designs and constructs jackets for construction services and offers electrification services.Additionally, the company provides subsea production, compression, pump, power distribution, and processing systems, and subsea lifecycle services.Furthermore, the company offers maintenance, modifications, decommissioning, asset integrity management, hook-up, and completion solutions.


Aker Solutions ASA was founded in 1841 and is headquartered in Fornebu, Norway.

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1.b. Last Insights on AKSO

Aker Solutions' recent performance was driven by record-high activity, solid financial results, and a significant increase in net cash position to NOK 3.7 billion. The company's Q4 2025 earnings call highlighted a 19% revenue increase, with expectations for 2026 revenues between NOK 45-50 billion and EBITDA margins of 7.0-7.5%. Recent contract wins, including a six-year frame agreement with ConocoPhillips, have contributed to growth. Additionally, the company's 20% ownership in SLB OneSubsea has generated substantial dividends. A proposed dividend payout of NOK 3.60 per share for 2025 also supports shareholder value.

1.c. Company Highlights

2. Aker Solutions' 2025 Earnings: A Strong Year with Record Revenues

Aker Solutions delivered a robust financial performance in 2025, with record-high revenues of NOK 63.2 billion, representing a 19% increase from 2024. The EBITDA margin for the full year was solid, and the company's net cash position improved to NOK 3.7 billion. Earnings per share (EPS) came in at 1.45, beating estimates of 1.18. The company's revenue growth was driven by its Renewables and Field Development segment, which reported NOK 46.1 billion in revenue for the full year, a 21% year-on-year increase.

Publication Date: Feb -09

📋 Highlights
  • Revenue Growth:: 2025 full-year revenue reached NOK 63.2 billion (19% YoY growth), with Q4 revenue at NOK 16.7 billion.
  • EBITDA Margins:: Q4 EBITDA margin was 7.9% (7.5% excluding SLB OneSubsea), with full-year Renewable and Field Development margin at 8.1%.
  • Cash Position:: Net cash increased to NOK 3.7 billion, driven by NOK 80 million in net income from SLB OneSubsea and NOK 2.6 billion operating cash flow.
  • Dividend Increase:: Proposed 2025 dividend of NOK 3.6 per share, up from NOK 3.3 in 2024, with NOK 1.6 billion distributed to shareholders.
  • Order Backlog:: Year-end backlog of NOK 65 billion, including NOK 47 billion in SLB OneSubsea and NOK 23 billion in Life Cycle segment.

Segmental Performance

The Life Cycle segment delivered double-digit revenue growth, with an underlying EBITDA margin of 7.2% for the full year. The segment's backlog stood at NOK 23 billion at year-end, driven by long-term frame agreements and reimbursable modification projects. Aker Solutions' 20% ownership in SLB OneSubsea also contributed to the company's strong financial performance, with an EBITDA margin of 19.4% for the full year.

Outlook and Guidance

Aker Solutions expects Life Cycle revenues to remain stable in 2026, and forecasts revenues between NOK 45 billion and NOK 50 billion for the full year. The company guides an EBITDA margin of 7-7.5% for 2026, excluding net income from SLB OneSubsea. With a tender pipeline of NOK 80 billion as of the end of Q4, the company is well-positioned for future growth.

Valuation and Returns

At current levels, Aker Solutions trades at a P/E Ratio of 7.2, an EV/EBITDA of 5.12, and a Dividend Yield of 63.95%. The company's return on equity (ROE) stands at 23.74%, indicating a strong ability to generate returns for shareholders. With a robust financial position and a strong outlook, Aker Solutions is well-positioned to deliver continued growth and returns to shareholders.

Cash Flow and Dividend

Aker Solutions' cash flow from operations was NOK 2.6 billion, and the company distributed about NOK 1.6 billion to shareholders. The Board will propose a cash dividend of NOK 3.6 per share for 2025, up from NOK 3.3 per share in 2024. The company's net cash position increased to NOK 3.7 billion during 2025, driven by strong cash generation and dividend income from SLB OneSubsea.

3. NewsRoom

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Aker Solutions awarded long-term MMO frame agreement by Aker BP

Feb -20

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Aker Solutions wins five-year MMO contract from Aker BP

Feb -17

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Aker Solutions reports $1.7bn revenue for Q4 2025

Feb -09

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Feb -09

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Aker Solutions ASA (AKRTF) Q4 2025 Earnings Call Highlights: Record Revenue Growth and ...

Feb -06

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Aker Solutions ASA: Fourth-quarter and full-year 2025 results

Feb -06

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.03%)

6. Segments

Renewables & Field Development

Expected Growth: 9.95%

Aker Solutions ASA's Renewables & Field Development segment growth of 9.95% is driven by increasing demand for offshore wind farms, government incentives for renewable energy, and rising investments in electrification of oil and gas platforms. Additionally, the company's strong order backlog, strategic partnerships, and innovative technology solutions also contribute to this growth.

Life Cycle

Expected Growth: 4.78%

Aker Solutions ASA's 4.78% growth is driven by increasing demand for subsea and topside maintenance services, driven by aging oil and gas infrastructure. Additionally, the company's focus on renewable energy and electrification of oil and gas fields contributes to growth. Furthermore, Aker's strong order backlog and strategic partnerships with key clients provide a solid foundation for future growth.

Other

Expected Growth: 8.37%

Aker Solutions ASA's 8.37% growth is driven by increasing demand for subsea equipment and services, driven by rising oil prices and growing offshore production. Additionally, the company's focus on cost reduction, strategic partnerships, and expansion into new markets, such as renewable energy, contribute to its growth momentum.

7. Detailed Products

Subsea Production Systems

Aker Solutions provides subsea production systems that enable the efficient extraction of oil and gas from offshore fields.

Subsea Processing Systems

Aker Solutions offers subsea processing systems that enable the separation, boosting, and transportation of oil and gas from the seafloor.

Subsea Umbilicals, Risers and Flowlines (SURF)

Aker Solutions provides SURF solutions that enable the transportation of oil and gas from the seafloor to the surface.

Topside and Onshore Processing

Aker Solutions offers topside and onshore processing solutions that enable the processing and transportation of oil and gas from the surface.

Well Intervention Services

Aker Solutions provides well intervention services that enable the maintenance and optimization of oil and gas wells.

Decommissioning Services

Aker Solutions offers decommissioning services that enable the safe and efficient removal of oil and gas infrastructure.

8. Aker Solutions ASA's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Aker Solutions ASA is moderate, as the company operates in a niche market with limited alternatives.

Bargaining Power Of Customers

The bargaining power of customers is low, as Aker Solutions ASA has a strong reputation and provides specialized services, making it difficult for customers to negotiate prices.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate, as Aker Solutions ASA relies on a few key suppliers for critical components, but has some flexibility to negotiate prices.

Threat Of New Entrants

The threat of new entrants is low, as Aker Solutions ASA operates in a highly specialized market with significant barriers to entry, including high capital requirements and regulatory hurdles.

Intensity Of Rivalry

The intensity of rivalry is high, as Aker Solutions ASA operates in a competitive market with several established players, and must continually innovate and improve its services to maintain market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 15.65%
Debt Cost 3.95%
Equity Weight 84.35%
Equity Cost 11.34%
WACC 10.18%
Leverage 18.55%

11. Quality Control: Aker Solutions ASA passed 6 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Aker Solutions

A-Score: 6.2/10

Value: 8.8

Growth: 6.2

Quality: 6.2

Yield: 6.9

Momentum: 6.0

Volatility: 3.3

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Schoeller-Bleckmann Oilfield Equipment

A-Score: 5.8/10

Value: 7.6

Growth: 5.4

Quality: 4.6

Yield: 6.9

Momentum: 4.0

Volatility: 6.0

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Stock-Card
TGS

A-Score: 5.6/10

Value: 6.8

Growth: 4.3

Quality: 5.4

Yield: 8.8

Momentum: 6.0

Volatility: 2.3

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Gulf Marine Services

A-Score: 4.1/10

Value: 8.6

Growth: 3.1

Quality: 6.7

Yield: 0.0

Momentum: 3.5

Volatility: 2.7

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Stock-Card
Edda Wind

A-Score: 3.3/10

Value: 6.0

Growth: 3.0

Quality: 2.4

Yield: 0.0

Momentum: 6.0

Volatility: 2.3

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Stock-Card
PGS

A-Score: 2.8/10

Value: 8.0

Growth: 2.1

Quality: 1.9

Yield: 0.0

Momentum: 4.0

Volatility: 0.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

40.26$

Current Price

40.26$

Potential

-0.00%

Expected Cash-Flows