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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

Denmark

Employees

473

Website

norden.com

Financials (LTM)

Revenue: $3B
EBITDA: $383M

EV

$2B

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Norden 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%.

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LTMLast FY202320242025202620272028
Revenue$3B$3B$4B$4B$3B
Gross Profit-$170M$443M$178M$170M
Gross Margin-5%12%4%5%
EBITDA$383M$472M$799M$527M$472M
EBITDA Margin14%15%22%13%15%
EBIT Margin5%4%9%3%3%
Net Profit$116M$120M$400M$163M$120M
Net Margin4%4%11%4%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.

See more trading valuation data for Norden
EVMarket CapPrice 1DPrice 1MPrice 3MPrice 12MEPS
$2B$1B1.4%6.0%5.6%57.7%$4.31

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Norden Valuation Multiples

Norden trades at 0.6x EV/Revenue multiple, and 4.2x EV/EBITDA.

See NTM and 2027E valuation multiples for Norden

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.

LTMLast FY202320242025202620272028
EV/Revenue0.6x0.5x0.4x0.4x0.5x
EV/EBITDA4.2x3.4x2.0x3.0x3.4x
EV/EBIT11.8x13.0x4.7x13.4x18.2x
EV/Gross Profit-9.5x3.6x9.0x9.5x
P/E11.8x11.4x3.4x8.4x11.4x
EV/FCF27.1x(12.4x)5.0x(28.7x)(6.4x)

Multiples above and below 250x are considered non-meaningful (n/m). Valuation data powered by FactSet, Inc. and Morningstar, Inc.

Verified Norden Valuation Multiples

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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%.

See estimated margins and future growth rates for Norden

Norden Margins

Last FY202420252026202720282029
Gross Margin5%4%5%-
EBITDA Margin15%13%15%16%
EBIT Margin4%3%3%7%
Net Margin4%4%4%5%
FCF Margin(4%)(1%)(8%)13%

Norden Growth Rates

FY+1/FY23/2424/2525/2626/2727/2828/29
Revenue Growth(26%)9%(23%)(26%)
Gross Profit Growth-(60%)(5%)-
EBITDA Growth(19%)(34%)(11%)(19%)
EBIT Growth25%(65%)(27%)75%
Net Profit Growth(9%)(59%)(26%)(9%)
FCF Growth(341%)(117%)349%(224%)

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).

Access forward-looking KPIs for Norden
LTMLast FY202320242025202620272028
Rule of 40(2%)(9%)---
Bessemer Rule of X(26%)(48%)---
Revenue per Employee-$6.6M---
Opex per Employee-$0.2M---
G&A Expenses to Revenue-1%3%1%1%
Opex to Revenue-3%3%1%3%

Data powered by FactSet, Inc. and Morningstar, Inc.

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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/RevenueEV/EBITDA
Last FYLTM2027ELast FYLTM2027E
Global Ship Lease2.0x2.0x2.6x3.0x
Solstad Maritime3.2x3.0x5.6x5.8x
Capital Clean Energy8.8x8.2x10.6x10.7x
SFL Corporation5.2x5.4x9.3x9.5x
Yinson3.8x3.9x6.3x6.4x
DFDS0.7x0.7x6.0x5.6x
MPC Container Ships2.6x2.8x3.7x4.7x
Daehan Shipbuilding1.3x1.3x5.3x5.0x

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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).

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Latest Investments by Norden

Mash Makes
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 CountryDenmark
HQ City
Copenhagen
Deal Date1 Aug 2023
RoundSeries A
Raised$13M
InvestorsNorden
Valuationundisclosed
EV/Revenue
EV/EBITDA

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About 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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