Nel (NEL) Stock Overview
A hydrogen company, provides solutions to produce, store, and distribute hydrogen from renewable energy in Norway and internationally. More details
| Snowflake Score | |
|---|---|
| Valuation | 2/6 |
| Future Growth | 2/6 |
| Past Performance | 0/6 |
| Financial Health | 5/6 |
| Dividends | 0/6 |
NEL Community Fair Values
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Analyst Price Targets
Nel ASA Competitors
Price History & Performance
| Historical stock prices | |
|---|---|
| Current Share Price | NOK 2.98 |
| 52 Week High | NOK 3.96 |
| 52 Week Low | NOK 1.92 |
| Beta | 1.42 |
| 1 Month Change | 3.30% |
| 3 Month Change | 46.84% |
| 1 Year Change | 24.69% |
| 3 Year Change | -78.17% |
| 5 Year Change | -82.02% |
| Change since IPO | -98.91% |
Recent News & Updates
Narrative Update • May 29
NEL: Lowered Earnings Multiple Will Continue To Restrain Share Returns
Analysts have trimmed their price targets for Nel, with recent cuts including a move to NOK 2.40 from NOK 2.70. This reflects adjustments to profit margin expectations and a lower assumed future P/E multiple.Narrative Update • May 14
NEL: Higher Risk Pricing Will Constrain Returns As Execution Risks Persist
Nel's updated analyst price target edges slightly lower to about NOK 2.12 from NOK 2.13, with analysts citing revised fair value assumptions, a higher discount rate of 9.21% and refreshed expectations for revenue growth, profit margins and future P/E. Analyst Commentary Recent research indicates that analysts are recalibrating their views on Nel, with several cutting price targets while keeping a neutral stance on the stock.Recent updates
Narrative Update • May 29
NEL: Lowered Earnings Multiple Will Continue To Restrain Share Returns
Analysts have trimmed their price targets for Nel, with recent cuts including a move to NOK 2.40 from NOK 2.70. This reflects adjustments to profit margin expectations and a lower assumed future P/E multiple.Narrative Update • May 14
NEL: Higher Risk Pricing Will Constrain Returns As Execution Risks Persist
Nel's updated analyst price target edges slightly lower to about NOK 2.12 from NOK 2.13, with analysts citing revised fair value assumptions, a higher discount rate of 9.21% and refreshed expectations for revenue growth, profit margins and future P/E. Analyst Commentary Recent research indicates that analysts are recalibrating their views on Nel, with several cutting price targets while keeping a neutral stance on the stock.Narrative Update • Apr 26
NEL: Higher Risk Pricing Will Limit Future Returns At Current Levels
Nel’s analyst price target has been trimmed by roughly NOK 0.30 to around NOK 2.40, as analysts factor in slightly higher discount rates, modestly lower revenue growth assumptions, and a higher future P/E multiple. Analyst Commentary Recent research updates point to a more cautious stance on Nel, with price targets converging around NOK 2.40 and ratings sitting in the middle of the range rather than at the extremes.Narrative Update • Apr 11
NEL: Execution And Funding Will Shape Future Returns At Current Pricing
Analysts have trimmed their price target on Nel to about NOK 2.14 from roughly NOK 2.18, reflecting updated assumptions around discount rates, revenue growth and future P/E. These changes align with recent target cuts from NOK 2.70 to NOK 2.40 and a further NOK 0.30 reduction.
Narrative Update • Mar 28
NEL: Lowered P/E Assumptions Will Restrain Future Share Returns
Analysts have trimmed their average price target for Nel to NOK 2.40, a NOK 0.30 reduction, citing refreshed assumptions around discount rates, revenue growth and future P/E expectations. Analyst Commentary Recent price target revisions suggest a more cautious tone around Nel, with bearish analysts flagging risks tied to valuation assumptions, execution, and future earnings power.Narrative Update • Mar 14
NEL: Higher Discount Rate Will Pressure Future Returns Despite Margin Gains
Analysts have trimmed their price target on Nel from NOK 1.20 to NOK 1.00 as they now apply a slightly higher discount rate, a lower assumed future P/E, and marginally softer revenue growth, partly offset by a stronger projected profit margin. Valuation Changes Fair Value: Adjusted from NOK 1.20 to NOK 1.00, implying a lower central value estimate per share.Narrative Update • Feb 27
NEL: Fair Outlook As New Hydrogen Capacity And Funding Will Reshape Prospects
Analysts have trimmed their price target on Nel slightly to reflect an updated fair value of NOK 2.18 per share, as they rework assumptions around growth, profitability and future P/E expectations. What's in the News Nel has approved construction of up to 1 GW of production capacity for its Next Generation Pressurized Alkaline electrolyzer technology at the Heroya facility in Norway, following a seven year development program and successful prototype start up.Narrative Update • Jan 18
NEL: Fair Outlook As Price Objective Rises On Hydrogen Capacity Plans
Analysts have increased their target price on Nel to NOK 2.70 from NOK 2.50, reflecting updated expectations for fair value, discount rate, revenue growth, profit margins and future P/E assumptions. Analyst Commentary Recent research points to a more constructive view on Nel’s fair value, with the new NOK 2.70 target price aligning with updated inputs for discount rate, revenue growth, profit margins and future P/E assumptions.Analysis Article • Nov 05
These Analysts Think Nel ASA's (OB:NEL) Sales Are Under Threat
The latest analyst coverage could presage a bad day for Nel ASA ( OB:NEL ), with the analysts making across-the-board...Analysis Article • Oct 16
Nel ASA's (OB:NEL) Shares Climb 28% But Its Business Is Yet to Catch Up
Nel ASA ( OB:NEL ) shareholders would be excited to see that the share price has had a great month, posting a 28% gain...Analysis Article • Sep 27
Nel (OB:NEL) Is In A Good Position To Deliver On Growth Plans
We can readily understand why investors are attracted to unprofitable companies. For example, although Amazon.com made...New Narrative • Aug 24
US Tax Incentives Will Unlock Green Hydrogen Potential
Key Takeaways Growing demand, favorable policies, and strong partnerships are expanding Nel's order backlog and supporting robust long-term revenue opportunities in the green hydrogen market. Ongoing technology improvements and cost-cutting measures are expected to boost profitability, improve margins, and strengthen Nel's competitive position.Analysis Article • May 02
Bearish: Analysts Just Cut Their Nel ASA (OB:NEL) Revenue and EPS estimates
One thing we could say about the analysts on Nel ASA ( OB:NEL ) - they aren't optimistic, having just made a major...Analysis Article • Apr 17
Nel ASA's (OB:NEL) Stock Retreats 29% But Revenues Haven't Escaped The Attention Of Investors
Nel ASA ( OB:NEL ) shares have retraced a considerable 29% in the last month, reversing a fair amount of their solid...Analysis Article • Jan 14
With A 31% Price Drop For Nel ASA (OB:NEL) You'll Still Get What You Pay For
To the annoyance of some shareholders, Nel ASA ( OB:NEL ) shares are down a considerable 31% in the last month, which...Analysis Article • Nov 27
Nel ASA's (OB:NEL) 33% Cheaper Price Remains In Tune With Revenues
To the annoyance of some shareholders, Nel ASA ( OB:NEL ) shares are down a considerable 33% in the last month, which...Analysis Article • Oct 13
What You Can Learn From Nel ASA's (OB:NEL) P/S After Its 28% Share Price Crash
Unfortunately for some shareholders, the Nel ASA ( OB:NEL ) share price has dived 28% in the last thirty days...Analysis Article • May 25
Market Participants Recognise Nel ASA's (OB:NEL) Revenues Pushing Shares 53% Higher
Nel ASA ( OB:NEL ) shareholders have had their patience rewarded with a 53% share price jump in the last month. But the...Analysis Article • May 24
Nel (OB:NEL) Is Using Debt Safely
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...Analysis Article • Apr 10
Investors Appear Satisfied With Nel ASA's (OB:NEL) Prospects As Shares Rocket 31%
Those holding Nel ASA ( OB:NEL ) shares would be relieved that the share price has rebounded 31% in the last thirty...Analysis Article • Mar 27
Calculating The Fair Value Of Nel ASA (OB:NEL)
Key Insights Nel's estimated fair value is kr5.78 based on 2 Stage Free Cash Flow to Equity Nel's kr4.88 share price...Analysis Article • Mar 01
Earnings Update: Nel ASA (OB:NEL) Just Reported Its Annual Results And Analysts Are Updating Their Forecasts
It's been a good week for Nel ASA ( OB:NEL ) shareholders, because the company has just released its latest annual...Analysis Article • Jan 17
Why We're Not Concerned Yet About Nel ASA's (OB:NEL) 27% Share Price Plunge
Nel ASA ( OB:NEL ) shareholders that were waiting for something to happen have been dealt a blow with a 27% share price...Analysis Article • Jan 13
At kr5.94, Is It Time To Put Nel ASA (OB:NEL) On Your Watch List?
Nel ASA ( OB:NEL ), might not be a large cap stock, but it saw significant share price movement during recent months on...Analysis Article • Dec 12
Nel (OB:NEL) Is Using Debt Safely
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...Analysis Article • Sep 13
Nel (OB:NEL) Is Using Debt Safely
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it might be obvious that you need to...Analysis Article • Jun 17
Investors Appear Satisfied With Nel ASA's (OB:NEL) Prospects
Nel ASA's ( OB:NEL ) price-to-sales (or "P/S") ratio of 22x may look like a poor investment opportunity when you...Analysis Article • May 11
Is Nel (OB:NEL) Using Too Much Debt?
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...Analysis Article • Feb 06
Does Nel (OB:NEL) Have A Healthy Balance Sheet?
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...Shareholder Returns
| NEL | NO Electrical | NO Market | |
|---|---|---|---|
| 7D | -22.6% | -15.4% | 0.2% |
| 1Y | 24.7% | 54.1% | 18.3% |
Return vs Industry: NEL underperformed the Norwegian Electrical industry which returned 54.1% over the past year.
Return vs Market: NEL exceeded the Norwegian Market which returned 18.3% over the past year.
Price Volatility
| NEL volatility | |
|---|---|
| NEL Average Weekly Movement | 13.3% |
| Electrical Industry Average Movement | 7.0% |
| Market Average Movement | 5.4% |
| 10% most volatile stocks in NO Market | 11.4% |
| 10% least volatile stocks in NO Market | 3.2% |
Stable Share Price: NEL's share price has been volatile over the past 3 months compared to the Norwegian market.
Volatility Over Time: NEL's weekly volatility (13%) has been stable over the past year, but is still higher than 75% of Norwegian stocks.
About the Company
| Founded | Employees | CEO | Website |
|---|---|---|---|
| 1927 | 320 | Hakon Volldal | nelhydrogen.com |
Nel ASA, a hydrogen company, provides solutions to produce, store, and distribute hydrogen from renewable energy in Norway and internationally. It operates through Nel Alkaline Electrolyser and Nel PEM Electrolyser segments. The Nel Alkaline Electrolyser segment supplies hydrogen production equipment based on alkaline water electrolysis technology.
Nel ASA Fundamentals Summary
| NEL fundamental statistics | |
|---|---|
| Market cap | NOK 5.47b |
| Earnings (TTM) | -NOK 1.23b |
| Revenue (TTM) | NOK 955.87m |
5.7x
P/S Ratio-4.4x
P/E RatioIs NEL overvalued?
See Fair Value and valuation analysisEarnings & Revenue
| NEL income statement (TTM) | |
|---|---|
| Revenue | NOK 955.87m |
| Cost of Revenue | NOK 406.88m |
| Gross Profit | NOK 549.00m |
| Other Expenses | NOK 1.78b |
| Earnings | -NOK 1.23b |
Last Reported Earnings
Mar 31, 2026
Next Earnings Date
Jul 15, 2026
| Earnings per share (EPS) | -0.67 |
| Gross Margin | 57.43% |
| Net Profit Margin | -128.62% |
| Debt/Equity Ratio | 0% |
How did NEL perform over the long term?
See historical performance and comparisonCompany Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/06/07 18:11 |
| End of Day Share Price | 2026/06/05 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the world class team who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Nel ASA is covered by 22 analysts. 9 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| James Carmichael | Berenberg |
| Alexander Jones | BofA Global Research |
| Mikkel Nyholt-Smedseng | Carnegie Investment Bank AB |