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NEL ASA is a hydrogen company delivering optimal solutions to produce, store and distribute hydrogen from renewable energy. It serves industries, energy, and gas companies with hydrogen technology. The company's hydrogen solutions cover the entire value chain from hydrogen production technologies to the manufacturing of hydrogen fueling stations, providing all fuel cell electric vehicles with the same fast fueling and long range as conventional vehicles. The company's segments include Nel Alkaline Electrolyser and Nel PEM Electrolyser. It generates maximum revenue from the Nel Alkaline Electrolyser. Nel Alkaline Electrolyser segment a supplier of hydrogen production equipment based on alkaline water electrolysis technology.
1998
409
LTM Revenue $115M
LTM EBITDA -$29.4M
$323M
Benchmark forward-looking revenue and EBITDA valuation multiples across generative AI, climate tech, semiconductors, online marketplaces, vertical SaaS and 220 more verticals.
NEL has a last 12-month revenue (LTM) of $115M and a last 12-month EBITDA of -$29.4M.
In the most recent fiscal year, NEL achieved revenue of $138M and an EBITDA of -$3.1M.
NEL expects next 12-month revenue of XXX and NTM EBITDA of XXX
See NEL valuation multiples based on analyst estimates| LTM | NTM | Last FY | FY 2025 | FY 2026 | FY 2027 | |
|---|---|---|---|---|---|---|
| Revenue | $115M | XXX | $138M | XXX | XXX | XXX |
| Gross Profit | $56.2M | XXX | $88.0M | XXX | XXX | XXX |
| Gross Margin | 49% | XXX | 64% | XXX | XXX | XXX |
| EBITDA | -$29.4M | XXX | -$3.1M | XXX | XXX | XXX |
| EBITDA Margin | -26% | XXX | -2% | XXX | XXX | XXX |
| EBIT | -$52.7M | XXX | -$48.7M | XXX | XXX | XXX |
| EBIT Margin | -46% | XXX | -35% | XXX | XXX | XXX |
| Net Profit | -$42.3M | XXX | -$24.3M | XXX | XXX | XXX |
| Net Margin | -37% | XXX | -18% | XXX | XXX | XXX |
| Net Debt | XXX | XXX | n/a | XXX | XXX | XXX |
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As of July 18, 2025, NEL's stock price is NOK 3 (or $0).
NEL has current market cap of NOK 4.9B (or $490M), and EV of NOK 3.3B (or $323M).
See NEL trading valuation data| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $323M | $490M | XXX | XXX | XXX | XXX | $-0.02 |
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Start Free TrialAs of July 18, 2025, NEL has market cap of $490M and EV of $323M.
NEL's trades at 2.3x EV/Revenue multiple, and -104.2x EV/EBITDA.
Equity research analysts estimate NEL's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
NEL has a P/E ratio of -11.6x.
See valuation multiples for NEL and 12K+ public comps| LTM | NTM | Last FY | FY 2025 | FY 2026 | FY 2027 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $490M | XXX | $490M | XXX | XXX | XXX |
| EV (current) | $323M | XXX | $323M | XXX | XXX | XXX |
| EV/Revenue | 2.8x | XXX | 2.3x | XXX | XXX | XXX |
| EV/EBITDA | -11.0x | XXX | -104.2x | XXX | XXX | XXX |
| EV/EBIT | -6.1x | XXX | -6.6x | XXX | XXX | XXX |
| EV/Gross Profit | 5.8x | XXX | n/a | XXX | XXX | XXX |
| P/E | -11.6x | XXX | -20.2x | XXX | XXX | XXX |
| EV/FCF | -5.4x | XXX | -3.5x | XXX | XXX | XXX |
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Access all public comps and forward-looking valuation multiples like EV/Revenue in 2025, based on equity research analyst estimates.
Start Free TrialNEL's last 12 month revenue growth is -10%
NEL's revenue per employee in the last FY averaged $0.3M, while opex per employee averaged $0.3M for the same period.
NEL's rule of 40 is -48% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
NEL's rule of X is -51% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
See operational valuation multiples for NEL and other 12K+ public comps| LTM | NTM | Last FY | FY 2025 | FY 2026 | FY 2027 | |
|---|---|---|---|---|---|---|
| Revenue Growth | -10% | XXX | -8% | XXX | XXX | XXX |
| EBITDA Margin | -26% | XXX | -2% | XXX | XXX | XXX |
| EBITDA Growth | -6% | XXX | n/a | XXX | XXX | XXX |
| Rule of 40 | -48% | XXX | -13% | XXX | XXX | XXX |
| Bessemer Rule of X | XXX | XXX | -51% | XXX | XXX | XXX |
| Revenue per Employee | XXX | XXX | $0.3M | XXX | XXX | XXX |
| Opex per Employee | XXX | XXX | $0.3M | XXX | XXX | XXX |
| S&M Expenses to Revenue | XXX | XXX | 1% | XXX | XXX | XXX |
| G&A Expenses to Revenue | XXX | XXX | n/a | XXX | XXX | XXX |
| R&D Expenses to Revenue | XXX | XXX | 3% | XXX | XXX | XXX |
| Opex to Revenue | XXX | XXX | 99% | XXX | XXX | XXX |
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Benchmark public comps and private revenue and EBITDA valuation multiples across GRC software, cloud infrastructure, DevOps, online marketplaces and so much more!
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| 2025E | 2026E | 2027E | 2025E | 2026E | 2027E | |
| SBM Offshore | XXX | XXX | XXX | XXX | XXX | XXX |
| Friedrich Vorwerk Group | XXX | XXX | XXX | XXX | XXX | XXX |
| GE Vernova T&D India | XXX | XXX | XXX | XXX | XXX | XXX |
| Suzlon Energy | XXX | XXX | XXX | XXX | XXX | XXX |
| Inox Wind | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
NEL acquired XXX companies to date.
Last acquisition by NEL was XXXXXXXX, XXXXX XXXXX XXXXXX . NEL acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX ).
See M&A valuation multiples| Acquired Company | EV | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
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Start Free Trial| When was NEL founded? | NEL was founded in 1998. |
| Where is NEL headquartered? | NEL is headquartered in Norway. |
| How many employees does NEL have? | As of today, NEL has 409 employees. |
| Who is the CEO of NEL? | NEL's CEO is Mr. Hakon Volldal. |
| Is NEL publicy listed? | Yes, NEL is a public company listed on OSL. |
| What is the stock symbol of NEL? | NEL trades under NEL ticker. |
| When did NEL go public? | NEL went public in 2004. |
| Who are competitors of NEL? | Similar companies to NEL include e.g. SBM Offshore, Friedrich Vorwerk Group, GE Vernova T&D India, Suzlon Energy. |
| What is the current market cap of NEL? | NEL's current market cap is $490M |
| What is the current revenue of NEL? | NEL's last 12 months revenue is $115M. |
| What is the current revenue growth of NEL? | NEL revenue growth (NTM/LTM) is -10%. |
| What is the current EV/Revenue multiple of NEL? | Current revenue multiple of NEL is 2.8x. |
| Is NEL profitable? | Yes, NEL is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of NEL? | NEL's last 12 months EBITDA is -$29.4M. |
| What is NEL's EBITDA margin? | NEL's last 12 months EBITDA margin is -26%. |
| What is the current EV/EBITDA multiple of NEL? | Current EBITDA multiple of NEL is -11.0x. |
| What is the current FCF of NEL? | NEL's last 12 months FCF is -$59.6M. |
| What is NEL's FCF margin? | NEL's last 12 months FCF margin is -52%. |
| What is the current EV/FCF multiple of NEL? | Current FCF multiple of NEL is -5.4x. |
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