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Norden Valuation Multiples
Discover Norden's revenue and EBITDA valuation multiples and investment history, alongside public comparables like Global Ship Lease, Solstad Maritime, Capital Clean Energy, SFL Corporation and more.
Norden Overview
About Norden
Dampskibsselskabet Norden AS is an independent shipping company. The company's operating segments include Assets & Logistics and Freight Services & Trading. It generates maximum revenue from Freight Services & Trading segment which offers transport of bulk commodities such as grain, coal, iron ore and sugar, and of fuel oil and refined oil products. Geographically, it generates revenue from China, Singapore, United States of America, Mexico and Other regions.
Founded
1871
HQ

Employees
473
Website
Sectors
Financials (LTM)
EV
$2B
Valuation Multiples
Start free trialNorden Financials
Norden reported last 12-month revenue of $3B and EBITDA of $383M.
In the same LTM period, Norden generated $383M in EBITDA and $116M in net income.
Revenue (LTM)
Norden P&L
In the most recent fiscal year, Norden reported revenue of $3B and EBITDA of $472M.
Norden is profitable as of last fiscal year, with gross margin of 5%, EBITDA margin of 15%, and net margin of 4%.
Financial data powered by Morningstar, Inc.
Norden Stock Performance
Norden has current market cap of $1B, and enterprise value of $2B.
Market Cap Evolution
Norden's stock price is $49.00.
Norden share price increased by 6.0% in the last 30 days, and by 57.7% in the last year.
Norden has an EPS (earnings per share) of $4.31.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $2B | $1B | 1.4% | 6.0% | 5.6% | 57.7% | $4.31 |
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Start Free TrialNorden Valuation Multiples
Norden trades at 0.6x EV/Revenue multiple, and 4.2x EV/EBITDA.
EV / Revenue (LTM)
Norden Financial Valuation Multiples
As of June 5, 2026, Norden has market cap of $1B and EV of $2B.
Norden has a P/E ratio of 11.8x.
Multiples above and below 250x are considered non-meaningful (n/m). Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified Norden Valuation Multiples
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.


Norden Margins & Growth Rates
Norden decreased revenue by 26% and EBITDA by 19% in the last fiscal year.
In the most recent fiscal year, Norden reported gross margin of 5%, EBITDA margin of 15%, and net margin of 4%.
Norden Margins
Norden Growth Rates
Data powered by FactSet, Inc. and Morningstar, Inc.
Norden Operational KPIs
Norden's revenue per employee in the last FY averaged $6.6M, while opex per employee averaged $0.2M for the same period.
Norden's Rule of 40 is (9%) (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
Norden's Rule of X is (48%) (created by Bessemer, Rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
Data powered by FactSet, Inc. and Morningstar, Inc.
Norden Competitors
Norden competitors include Global Ship Lease, Solstad Maritime, Capital Clean Energy, SFL Corporation, Yinson, DFDS, MPC Container Ships, Daehan Shipbuilding, Luka Koper and Infortar.
Most Norden public comparables operate across Marine Transportation.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| 2.0x | 2.0x | 2.6x | 3.0x | |||
| 3.2x | 3.0x | 5.6x | 5.8x | |||
| 8.8x | 8.2x | 10.6x | 10.7x | |||
| 5.2x | 5.4x | 9.3x | 9.5x | |||
| 3.8x | 3.9x | 6.3x | 6.4x | |||
| 0.7x | 0.7x | 6.0x | 5.6x | |||
| 2.6x | 2.8x | 3.7x | 4.7x | |||
| 1.3x | 1.3x | 5.3x | 5.0x | |||
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Investments by Norden
Norden has invested in 1 company to date.
Latest investment by Norden was on August 1st 2023. Norden invested in Mash Makes in their $13M Series A round (EV/Revenue multiple available to Pro users).
Latest Investments by Norden
| Description | Mash Makes is a cleantech company that converts biowaste into electricity, biofuels, hydrogen, and biochar through advanced processing technologies. Norway-based, it addresses waste from agriculture and food industries by optimizing supply chains and modular facilities. The firm supplies commodities to energy markets in Scandinavia and Europe, competing on cost with fossil-based alternatives. Mash Makes partners with municipalities for waste collection and utilities for output distribution. |
| HQ Country | |
| HQ City | Copenhagen |
| Deal Date | 1 Aug 2023 |
| Round | Series A |
| Raised | $13M |
| Investors | Norden |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Norden investments and their VC round multiples. Start Free Trial | |
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Start Free TrialAbout Norden
| When was Norden founded? | Norden was founded in 1871. |
| Where is Norden headquartered? | Norden is headquartered in Denmark. |
| How many employees does Norden have? | As of today, Norden has over 473 employees. |
| Who is the CEO of Norden? | Norden's CEO is Jan Rindbo. |
| Is Norden publicly listed? | Yes, Norden is a public company listed on Nasdaq Copenhagen. |
| What is the stock symbol of Norden? | Norden trades under DNORD ticker. |
| When did Norden go public? | Norden went public in 1993. |
| Who are competitors of Norden? | Norden main competitors include Global Ship Lease, Solstad Maritime, Capital Clean Energy, SFL Corporation, Yinson, DFDS, MPC Container Ships, Daehan Shipbuilding, Luka Koper, Infortar. |
| What is the current market cap of Norden? | Norden's current market cap is $1B. |
| What is the current revenue of Norden? | Norden's last 12 months revenue is $3B. |
| What is the current revenue growth of Norden? | Norden revenue growth (NTM/LTM) is (16%). |
| What is the current EV/Revenue multiple of Norden? | Current revenue multiple of Norden is 0.6x. |
| What is the current EBITDA of Norden? | Norden's last 12 months EBITDA is $383M. |
| What is Norden's EBITDA margin? | Norden's last 12 months EBITDA margin is 14%. |
| What is the current EV/EBITDA multiple of Norden? | Current EBITDA multiple of Norden is 4.2x. |
| What is the current FCF of Norden? | Norden's last 12 months FCF is $59M. |
| What is Norden's FCF margin? | Norden's last 12 months FCF margin is 2%. |
| What is the current EV/FCF multiple of Norden? | Current FCF multiple of Norden is 27.1x. |
| How many companies Norden has acquired to date? | Norden hasn't acquired any companies yet (or none have been disclosed publicly). |
| In how many companies Norden has invested to date? | As of June 2026, Norden has invested in 1 company. |
| What was the last Norden investment? | On 1st August 2023 Norden invested in Mash Makes, participating in a $13M Series A round. |
| In what companies Norden invested in? | Norden invested in Mash Makes. |
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