TGS Stock Analysis: TGS NOPEC Geophysical ASA | OL
Oil & Gas Equipment & Services | OL, Norway | Market Cap: 26.705m NOK | 12M Return: 75.1% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 64.2M
Qual. Beats: 0
Rev. Trend: 93.3%
Qual. Beats: 0
Warnings
Tailwinds
Seasonality 10.5 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
TGS ASA is a Norway-based provider of geoscience data and services primarily to the oil and gas industry, with operations spanning multiple international markets. The company is organized into five segments: Multi-Client, Marine Data Acquisition (MDA), Imaging, New Energy Solutions (NES), and Shared Services. Its offerings include seismic data and imaging solutions, validated well data across the full lifecycle (from permit to abandonment), carbon storage and monitoring solutions, wind energy data services, solar operations support, and asset management services, alongside applications spanning oil and gas, new energies, data platforms, and AI/machine learning.
In line with the broader energy transition, TGS has expanded beyond traditional hydrocarbons into renewables and carbon storage through its New Energy Solutions segment. The company recently entered an agreement with the Ministry of Hydrocarbon and Mining Development of the Republic of Equatorial Guinea to create an offshore MegaSurvey. The Multi-Client business model, which is standard in the seismic data industry, involves TGS funding data acquisition upfront and then licensing the resulting datasets to multiple oil and gas operators, thereby spreading risk and cost across the customer base.
TGS was founded in 1981 and is headquartered in Oslo. It was formerly known as TGS-NOPEC Geophysical Company ASA before adopting its current name in June 2021.
- Oil price swings drive multi-client seismic library demand
- New Energy Solutions revenue grows on offshore wind demand
- Equatorial Guinea MegaSurvey expands multi-client backlog
| Net Income: 661.7m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.53 > 0.02 and ΔFCF/TA 44.24 > 1.0 |
| NWC/Revenue: -9.61% < 20% (prev -22.60%; Δ 12.99% < -1%) |
| CFO/TA 0.88 > 3% & CFO 3.39b > Net Income 661.7m |
| Net Debt (37.5m) to EBITDA (2.01b): 0.02 < 3 |
| Current Ratio: 0.58 > 1.5 & < 3 |
| Outstanding Shares: last quarter (196.5m) vs 12m ago -1.12% < -2% |
| Gross Margin: 37.31% > 18% (prev 31.54%; Δ 5.77% > 0.5%) |
| Asset Turnover: 135.0% > 50% (prev 45.81%; Δ 89.15% > 0%) |
| Interest Coverage Ratio: 5.20 > 6 (EBIT TTM 1.29b / Interest Expense TTM 248.9m) |
| A: -0.13 (Total Current Assets 695.4m - Total Current Liabilities 1.20b) / Total Assets 3.86b |
| B: 0.13 (Retained Earnings 504.8m / Total Assets 3.86b) |
| C: 0.33 (EBIT TTM 1.29b / Avg Total Assets 3.87b) |
| D: 1.02 (Book Value of Equity 1.95b / Total Liabilities 1.91b) |
| Altman-Z'' = 2.90 = A |
| DSRI: 0.10 (Receivables 90.6m/345.4m, Revenue 5.22b/1.77b) |
| GMI: 0.85 (GM 31.54% / 37.31%) |
| AQI: 1.06 (AQ_t 0.59 / AQ_t-1 0.55) |
| SGI: 2.94 (Revenue 5.22b / 1.77b) |
| TATA: -0.71 (NI 661.7m - CFO 3.39b) / TA 3.86b) |
| Beneish M = -2.55 (Cap -4..+1) = A |
As of July 28, 2026, the stock is trading at NOK 131.00 with a total of 403,528 shares traded. Over the past week, the price has changed by -5.14%, over one month by -0.15%, over three months by -10.73% and over the past year by +75.05%.
Current recommended Stop Loss: 124.10 (which is 5.3% or 1.3 ATR below the current price).
TGS NOPEC Geophysical ASA has no consensus analysts rating.
Market Cap USD = 2.79b (26.7b NOK * 0.1045 NOK.USD)
P/E Forward = 17.331
P/S = 20.2662
P/B = 1.5292
P/EG = 0.9152
Revenue TTM = 5.22b USD
EBIT TTM = 1.29b USD
EBITDA TTM = 2.01b USD
Long Term Debt = 596.1m USD (from longTermDebt, last quarter)
Short Term Debt = 44.1m USD (from shortLongTermDebt, last quarter)
Debt = 162.7m USD (Leases only: 162.7m)
Net Debt = 37.5m USD (calculated: Debt 162.7m - CCE 125.2m)
Enterprise Value = 2.83b USD (2.79b + Debt 162.7m - CCE 125.2m)
Interest Coverage Ratio = 5.20 (Ebit TTM 1.29b / Interest Expense TTM 248.9m)
EV/FCF = 1.38x (Enterprise Value 2.83b / FCF TTM 2.05b)
FCF Yield = 72.47% (FCF TTM 2.05b / Enterprise Value 2.83b)
FCF Margin = 39.29% (FCF TTM 2.05b / Revenue TTM 5.22b)
Net Margin = 12.68% (Net Income TTM 661.7m / Revenue TTM 5.22b)
Gross Margin = 37.31% ((Revenue TTM 5.22b - Cost of Revenue TTM 3.27b) / Revenue TTM)
Gross Margin QoQ = 38.50% (prev 40.08%)
Tobins Q-Ratio = 0.73 (Enterprise Value 2.83b / Total Assets 3.86b)
Interest Expense / Debt = 153.0% (Interest Expense 248.9m / Debt 162.7m)
Taxrate = 5.84% (60.3m / 1.03b)
NOPAT = 1.22b (EBIT 1.29b * (1 - 5.84%))
Current Ratio = 0.58 (Total Current Assets 695.4m / Total Current Liabilities 1.20b)
Debt / Equity = 0.08 (Debt 162.7m / totalStockholderEquity, last quarter 1.95b)
Debt / EBITDA = 0.02 (Net Debt 37.5m / EBITDA 2.01b)
Debt / FCF = 0.02 (Net Debt 37.5m / FCF TTM 2.05b)
Total Stockholder Equity = 6.45b (last 4 quarters mean from totalStockholderEquity)
RoA = 17.12% (Net Income 661.7m / Total Assets 3.86b)
RoE = 10.25% (Net Income TTM 661.7m / Total Stockholder Equity 6.45b)
RoCE = 18.36% (EBIT 1.29b / Capital Employed (Equity 6.45b + L.T.Debt 596.1m))
RoIC = 47.97% (NOPAT 1.22b / Invested Capital 2.54b)
WACC = 8.50% (E(2.79b)/V(2.95b) * Re(9.0%) + (debt cost/tax rate unavailable))
Discount Rate = 9.0% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 87.34 | Cagr: 22.92%
[DCF] Terminal Value 77.47% ; FCFF base≈1.37b ; Y1≈1.57b ; Y5≈2.30b
[DCF] Fair Price = 171.7 (EV 33.8b - Net Debt 37.5m = Equity 33.7b / Shares 196.5m; r=8.50% [WACC]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: -0.21 | # QB: 0
Revenue Correlation: 93.26 | Revenue CAGR: 139.5% | SUE: -0.00 | # QB: 0
EPS current Quarter (2026-09-30): EPS=0.21 | Chg30d=-25.97% | Revisions=+25% | Analysts=2
EPS current Year (2026-12-31): EPS=0.94 | Chg30d=+2.37% | Revisions=+25% | GrowthEPS=+900.1% | GrowthRev=-1.8%
EPS next Year (2027-12-31): EPS=1.24 | Chg30d=-1.27% | Revisions=-25% | GrowthEPS=+31.9% | GrowthRev=+7.1%
[Analyst] Revisions Ratio: +17% (up=2, down=1)