1. Norway Stocks

  2. •

    Utilities

  3. •

    Regulated Gas
Cavendish Hydrogen ASA

Cavendish Hydrogen ASA

CAVEN.OL
Cavendish Hydrogen ASANO flagOslo Stock Exchange
8.00
NOK
-0.20
- -
267.34MMarket Cap
Cavendish Hydrogen ASA
CAVEN.OL
(Oslo Stock Exchange)

Recent

price

8.00

P/E

ratio

- -

div

yld

- -

ROIC.AI

2020
2021
2022
2023
2024
2025
TTM
FRC
- -
0.93
0.61
0.86
0.92
0.46
0.43
Revenue per Share
- -
-0.73
-2.24
-0.86
-0.68
-0.79
-0.69
Basic EPS, GAAP
- -
-0.92
-1.1
-0.69
-0.76
-0.56
-0.46
Free Cash Flow per Basic Share
- -
- -
- -
- -
- -
- -
- -
Dividend per Share
- -
1.15
0.13
0.57
-0.47
-1.27
-1.45
Book Value per Share
- -
-0.03
-0.07
0.38
1.8
1.12
0.99
Tangible Book Value per Share
- -
34
34
34
34
34
34
Basic Weighted Avg Shares
- -
31
21
29
31
15
14
Sales/Revenue/Turnover
- -
-76.68
-204.49
-83.29
-75.95
-156.61
-151.39
Operating Margin (%)
- -
4
5
5
5
5
5
Depreciation Expense
- -
-25
-75
-29
-23
-27
-23
Net Income, GAAP
- -
- -
- -
- -
- -
- -
- -
Effective Tax Rate (%)
- -
-79
-367.25
-100.01
-73.4
-174.04
-161.11
Profit Margin (%)
3
14
10
18
53
31
28
Working Capital
18
27
26
16
2
2
2
LT Debt
34
39
6
21
73
49
44
Total Equity
- -
- -
- -
- -
- -
- -
- -
Return on Invested Capital (%)
- -
- -
- -
- -
- -
- -
- -
Return on Capital (%)
- -
-68.92
-349.44
-242.41
- -
- -
- -
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
- -
- -
- -
LT Borrowings
2
2
2
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
33
33
33
Market Capitalization
23
20
19

Working Capital

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
45
38
34
Cash, Cash Equivalents & STI
23
20
16
Accounts Receivable, Net
4
2
1
Inventories
14
13
14
Total Current Liabilities
9
7
6
Payables & Accruals
- -
- -
- -
ST Debt
- -
- -
- -
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
- -
81.96%
-33.36%
Free Cash Flow
- -
- -
-26.86%
Net Income, GAAP
- -
- -
17.07%
Sales/Revenue/Turnover
- -
- -
-50.63%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
10
9
6
6
31
2025
4
6
4
2
15
2026
3
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
-0.18
-0.24
-0.13
-0.13
-0.68
2025
-0.28
-0.15
-0.17
-0.19
-0.79
2026
-0.18
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
- -
2025
- -
- -
- -
- -
- -
2026
- -
- -
- -
- -
- -
Similar Companies
Rajasthan Gases Limited (RAJGASES.BO)
Beijing Gas Blue Sky Holdings Limited (6828.HK)
AltaGas Ltd. (ALA.TO)
Chongqing Gas Group Corporation Ltd. (600917.SS)
PT Rukun Raharja Tbk (RAJA.JK)
Kyungdong City Gas Co., Ltd (267290.KS)
Business
Cavendish Hydrogen ASA develops, produces, markets, sells, installs, commissions, and services hydrogen fueling equipment for on-road vehicles including cars, vans, buses, and trucks. The company's core product is the H2Station, a standardized hydrogen fueling station offering fast fueling and long range comparable to fossil fuels with zero emissions; it also provides project execution, site engineering, installation, commissioning, operation support, maintenance services, and spare parts sales. Founded in 2003 and listed on the Oslo Stock Exchange (ticker: CAVEN.OL), Cavendish Hydrogen ASA is headquartered in Herning, Denmark, with additional offices in the United States and Austria, and operates globally across Europe, North America, and select Asian markets targeting the mobility sector's decarbonization needs. Recent developments include securing a contract in October 2025 with Hydroalp, part of Italy's BM Group, for hydrogen fueling stations to be delivered by Q2 2026, marking the company's second and third sites in Italy; another contract award in September 2025 with PAK-PCE Stacje H2 Sp. z o.o. in Poland to strengthen its European presence; and the appointment of Nils Jacob Haaning as Chief Commercial Officer in July 2025 to accelerate sales growth. In September 2025, Cavendish exited the South Korean market to focus resources on core regions. The company reported third-quarter 2025 revenues of EUR 4.1 million and continues to expand its manufacturing capacity in Herning, one of the world's largest dedicated hydrogen fueling production facilities.