Norwegian - Public Comps and Valuation Multiples

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

norwegian.com

Sectors

Airlines

Financials

LTM Revenue $3.7B

LTM EBITDA $791M

EV

$2.2B

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Norwegian Financials

As of September 2025, Norwegian reported last 12-month revenue of $3.7B and EBITDA of $791M.

In the same period, Norwegian generated $1.1B in LTM gross profit and $235M in net income.

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Norwegian P&L

In the most recent fiscal year, Norwegian reported revenue of $3.5B and EBITDA of $723M.

Norwegian expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$3.7B	XXX	$3.5B	XXX	XXX	XXX
Gross Profit	$1.1B	XXX	$709M	XXX	XXX	XXX
Gross Margin	30%	XXX	20%	XXX	XXX	XXX
EBITDA	$791M	XXX	$723M	XXX	XXX	XXX
EBITDA Margin	22%	XXX	21%	XXX	XXX	XXX
EBIT	$322M	XXX	$214M	XXX	XXX	XXX
EBIT Margin	9%	XXX	6%	XXX	XXX	XXX
Net Profit	$235M	XXX	$134M	XXX	XXX	XXX
Net Margin	6%	XXX	4%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Norwegian including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $3.7B. EBITDA for the last twelve months was $791M. In the most recent fiscal year, Norwegian achieved $3.5B in revenue and $723M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$3.7B	Analyst estimates available to subscribers	$3.5B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$1.1B	Analyst estimates available to subscribers	$709M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	30.2% gross margin	Analyst estimates available to subscribers	20.3% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$791M	Analyst estimates available to subscribers	$723M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	21.5% EBITDA margin	Analyst estimates available to subscribers	20.7% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$322M	Analyst estimates available to subscribers	$214M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	8.8% EBIT margin	Analyst estimates available to subscribers	6.1% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$235M	Analyst estimates available to subscribers	$134M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	6.4% net profit margin	Analyst estimates available to subscribers	3.8% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Norwegian

This financial data table provides comprehensive performance metrics for Norwegian, a company based in Norway. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Norwegian generated $3.7B in revenue over the last twelve months.
The company achieved $791M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $1.1B.
Net income over the last twelve months reached $235M.

Fiscal Year Performance

In the most recent fiscal year, Norwegian reported $3.5B in total revenue.
Fiscal year EBITDA was $723M.
The company maintained a gross profit margin of 20.3% in the most recent fiscal year.
EBITDA margin for the fiscal year was 20.7%.
Net profit margin reached 3.8% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Norwegian. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Norwegian Stock Performance

Norwegian has current market cap of NOK 17.6B (or $1.7B), and EV of NOK 22.5B (or $2.2B).

Market Cap Evolution

Norwegian Stock Data

As of October 17, 2025, Norwegian's stock price is NOK 17 (or $2).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$2.2B	$1.7B	XXX	XXX	XXX	XXX	$0.17

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Norwegian Valuation Multiples

Norwegian's trades at 0.6x EV/Revenue multiple, and 3.1x EV/EBITDA.

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Norwegian Financial Valuation Multiples

As of October 17, 2025, Norwegian has market cap of $1.7B and EV of $2.2B.

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 7.4x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$1.7B	XXX	$1.7B	XXX	XXX	XXX
EV (current)	$2.2B	XXX	$2.2B	XXX	XXX	XXX
EV/Revenue	0.6x	XXX	0.6x	XXX	XXX	XXX
EV/EBITDA	2.8x	XXX	3.1x	XXX	XXX	XXX
EV/EBIT	6.9x	XXX	10.4x	XXX	XXX	XXX
EV/Gross Profit	2.0x	XXX	n/a	XXX	XXX	XXX
P/E	7.4x	XXX	13.0x	XXX	XXX	XXX
EV/FCF	7.1x	XXX	4.0x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Norwegian Margins & Growth Rates

Norwegian's last 12 month revenue growth is 7%

Norwegian's revenue per employee in the last FY averaged $0.4M, while opex per employee averaged $0.1M for the same period.

Norwegian's rule of 40 is 32% (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 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).

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Norwegian Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	7%	XXX	7%	XXX	XXX	XXX
EBITDA Margin	22%	XXX	21%	XXX	XXX	XXX
EBITDA Growth	10%	XXX	15%	XXX	XXX	XXX
Rule of 40	32%	XXX	28%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	40%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.4M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	3%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	14%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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