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Norwegian Valuation Multiples
Discover revenue and EBITDA valuation multiples for Norwegian and similar public comparables like Air New Zealand, Allegiant Travel, Philippine Airlines, Garuda Indonesia and more.
Norwegian Overview
About Norwegian
Norwegian Air Shuttle ASA is an airline that operates short-haul flights across the Nordic countries and to destinations in Europe. The company has organized its operations into three functional business areas, including Commercial, Operations, and Support Functions. With over three hundred routes in its network, Norwegian Air Shuttle provides passengers with quality flights at affordable fares. The company's focus is on low-cost air travel for passengers, and it believes in offering friendly and helpful service while maintaining operational excellence.
Founded
1993
HQ
Employees
8.8K
Website
Sectors
Financials (LTM)
EV
$3B
Norwegian Financials
Norwegian reported last 12-month revenue of $4B and EBITDA of $835M.
In the same LTM period, Norwegian generated $1B in gross profit, $835M in EBITDA, and $256M in net income.
Revenue (LTM)
Norwegian P&L
In the most recent fiscal year, Norwegian reported revenue of $4B and EBITDA of $909M.
Norwegian expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $4B | XXX | $4B | XXX | XXX | XXX |
| Gross Profit | $1B | XXX | $926M | XXX | XXX | XXX |
| Gross Margin | 31% | XXX | 23% | XXX | XXX | XXX |
| EBITDA | $835M | XXX | $909M | XXX | XXX | XXX |
| EBITDA Margin | 21% | XXX | 23% | XXX | XXX | XXX |
| EBIT Margin | 9% | XXX | 10% | XXX | XXX | XXX |
| Net Profit | $256M | XXX | $289M | XXX | XXX | XXX |
| Net Margin | 6% | XXX | 7% | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
Norwegian Stock Performance
Norwegian has current market cap of $2B, and enterprise value of $3B.
Market Cap Evolution
Norwegian's stock price is $1.57.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $3B | $2B | -0.1% | XXX | XXX | XXX | $0.28 |
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Start Free TrialNorwegian Valuation Multiples
Norwegian trades at 0.7x EV/Revenue multiple, and 3.3x EV/EBITDA.
EV / Revenue (LTM)
Norwegian Financial Valuation Multiples
As of April 20, 2026, Norwegian has market cap of $2B and EV of $3B.
Equity research analysts estimate Norwegian's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
Norwegian has a P/E ratio of 6.5x.
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $2B | XXX | $2B | XXX | XXX | XXX |
| EV (current) | $3B | XXX | $3B | XXX | XXX | XXX |
| EV/Revenue | 0.7x | XXX | 0.7x | XXX | XXX | XXX |
| EV/EBITDA | 3.3x | XXX | 3.1x | XXX | XXX | XXX |
| EV/EBIT | 7.6x | XXX | 7.2x | XXX | XXX | XXX |
| EV/Gross Profit | 2.2x | XXX | 3.0x | XXX | XXX | XXX |
| P/E | 6.5x | XXX | 5.7x | XXX | XXX | XXX |
| EV/FCF | 8.0x | XXX | 9.0x | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified Norwegian 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.
Norwegian Margins & Growth Rates
Norwegian's revenue in the last 12 month grew by 8%.
Norwegian's revenue per employee in the last FY averaged $0.5M, while opex per employee averaged $0.1M for the same period.
Norwegian's rule of 40 is 28% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
Norwegian's rule of X is 40% (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).
Norwegian Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 8% | XXX | 8% | XXX | XXX | XXX |
| EBITDA Margin | 21% | XXX | 23% | XXX | XXX | XXX |
| EBITDA Growth | 6% | XXX | (6%) | XXX | XXX | XXX |
| Rule of 40 | — | XXX | 28% | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | 40% | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $0.5M | XXX | XXX | XXX |
| Opex per Employee | — | XXX | $0.1M | XXX | XXX | XXX |
| S&M Expenses to Revenue | 0% | XXX | 3% | XXX | XXX | XXX |
| G&A Expenses to Revenue | — | XXX | 3% | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 14% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Norwegian Public Comps
See public comps and valuation multiples for other Airlines comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| Norwegian | XXX | XXX | XXX | XXX | XXX | XXX |
| Air New Zealand | XXX | XXX | XXX | XXX | XXX | XXX |
| Allegiant Travel | XXX | XXX | XXX | XXX | XXX | XXX |
| Philippine Airlines | XXX | XXX | XXX | XXX | XXX | XXX |
| Garuda Indonesia | XXX | XXX | XXX | XXX | XXX | XXX |
| Aegean Airlines | 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.
Norwegian M&A Activity
Norwegian acquired XXX companies to date.
Last acquisition by Norwegian was on XXXXXXXX, XXXXX. Norwegian acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by Norwegian
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialNorwegian Investment Activity
Norwegian invested in XXX companies to date.
Norwegian made its latest investment on XXXXXXXX, XXXXX. Norwegian invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by Norwegian
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAbout Norwegian
| When was Norwegian founded? | Norwegian was founded in 1993. |
| Where is Norwegian headquartered? | Norwegian is headquartered in Norway. |
| How many employees does Norwegian have? | As of today, Norwegian has over 8K employees. |
| Who is the CEO of Norwegian? | Norwegian's CEO is Geir Karlsen. |
| Is Norwegian publicly listed? | Yes, Norwegian is a public company listed on Oslo Børs. |
| What is the stock symbol of Norwegian? | Norwegian trades under NAS ticker. |
| When did Norwegian go public? | Norwegian went public in 2003. |
| Who are competitors of Norwegian? | Norwegian main competitors are Air New Zealand, Allegiant Travel, Philippine Airlines, Garuda Indonesia. |
| What is the current market cap of Norwegian? | Norwegian's current market cap is $2B. |
| What is the current revenue of Norwegian? | Norwegian's last 12 months revenue is $4B. |
| What is the current revenue growth of Norwegian? | Norwegian revenue growth (NTM/LTM) is 8%. |
| What is the current EV/Revenue multiple of Norwegian? | Current revenue multiple of Norwegian is 0.7x. |
| Is Norwegian profitable? | Yes, Norwegian is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of Norwegian? | Norwegian's last 12 months EBITDA is $835M. |
| What is Norwegian's EBITDA margin? | Norwegian's last 12 months EBITDA margin is 21%. |
| What is the current EV/EBITDA multiple of Norwegian? | Current EBITDA multiple of Norwegian is 3.3x. |
| What is the current FCF of Norwegian? | Norwegian's last 12 months FCF is $349M. |
| What is Norwegian's FCF margin? | Norwegian's last 12 months FCF margin is 9%. |
| What is the current EV/FCF multiple of Norwegian? | Current FCF multiple of Norwegian is 8.0x. |
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