What is Nel ASA's (NEL.OL) StockRank?

MoatMap's StockRank for Nel ASA (NEL.OL) is 29/100, with a Sell signal. This is a composite score combining Quality (29), Value (44), and Momentum (47) factor ranks across MoatMap's 19,000+ stock universe.

Does Nel ASA have an economic moat?

Nel ASA (NEL.OL) has a Quality factor score of 29/100. The Quality factor combines ROIC, Piotroski F-Score, and leverage — the financial fingerprints of a durable competitive advantage. A Quality score above 70 typically indicates a company with the financial characteristics of a moated business.

Is Nel ASA a buy, hold, or sell?

MoatMap's current signal for Nel ASA (NEL.OL) is Sell, based on a StockRank of 29/100. Signals are derived mechanically from the StockRank composite and should be one input among many — combine with your own thesis on management, competitive position, and valuation.

What sector is Nel ASA in?

Nel ASA (NEL.OL) operates in the Industrials sector, specifically the Specialty Industrial Machinery industry (Norway).

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NEL.OL

SELLREMOVE

Nel ASA · Industrials · Norway · $764M · Avg Vol: $3M/d

StockRank

P/E (TTM)

—

ROE

-27.9%

D/E

0.1x

Dividend %

—

Director Trades · 180d

None in 180d →

Buybacks · 180d

None in 180d →

AI CONVICTION THESIS

Nel ASA is a highly speculative, cash-burning green hydrogen player. It fails our Terry Smith quality filter completely due to its lack of profitability, negative ROIC, and reliance on capital markets for survival, despite theoretical green transition tailwinds.

COMPANY DESCRIPTION

Nel ASA is a global, dedicated hydrogen company delivering optimal solutions to produce, store, and distribute hydrogen from renewable energy. The company is a market leader in water electrolysis technology, offering both alkaline and proton exchange membrane electrolyzers. Its competitive moat is built on decades of industrial experience, large-scale manufacturing capacity, and strategic partnerships with major industrial and energy players worldwide.

FINANCIAL SUMMARY

Year	2021	2022	2023	2024	2025	CAGR
Revenue	—	99M	146M	150M	104M	1.7%
EPS	—	-0.08	-0.06	-0.02	-0.08	—
Shares	—	1.6B	1.7B	1.7B	1.8B	+17.6%
Debt	3M	24M	28M	28M	25M	78.1%
Equity	—	589M	670M	538M	425M	-10.3%
Op CF	—	-75M	-72M	-26M	-27M	—
Inv CF	—	-44M	-70M	-63M	-33M	—
Fin CF	—	162M	167M	-72M	33M	—

PRICE (1M)-13.2%

SMA 50SMA 200

$0.28

RSI (14)

22.7

52W High

$0.43

From 52W High

0.6%

SCORE BREAKDOWN

Quality

ROIC

-30.5%2.3

ROE

-27.9%4.3

GP/Assets

11.1%31.9

Op. Margin

-101.4%1.9

FCF/Assets

-11.3%6.6

Piotroski

—13.7

Int. Cover

-50.0x1.1

D/E Ratio

0.06x83.3

Current Ratio

4.41x92.0

Value

P/E (TTM)

—N/A

EV/EBITDA

-11.4x92.9

P/FCF

—N/A

P/B

1.3x66.4

P/S

5.0x16.7

Div Yield

—N/A

Momentum

52W High %

65%24.2

RS 6M

-13%49.9

SMA 50/200

1.17x78.3

EPS Rev 4W

+0.2%58.6

EPS Rev 12W

—N/A

EPS Improve

—60.5

Q Growth

—N/A

FUNDAMENTALS

Market Cap

$764M

P/E (Forward)

-14.3x

Gross Margin

57.4%

SECTOR PEERS

Closest peers in Industrials, ranked by industry match, size, and score similarity. Cross-listings of NEL.OL are excluded.

Ticker	Company	Mkt Cap	StockRank	Signal
NEL.OL	Nel ASA(you)	$764M	29	SELL
NKR.OL	Nekkar ASA	$167M	37	HOLD
SCANA.OL	Scana ASA	$74M	36	HOLD
NRC.OL	NRC Group ASA	$151M	31	SELL
DFENS.OL	Fjord Defence Group ASA	$144M	26	SELL
VOW.OL	Vow ASA	$79M	27	SELL
MULTI.OL	Multiconsult ASA	$472M	67	BUY
STECH.OL	Soiltech ASA	$84M	33	SELL
NORCO.OL	NORCONSULT ASA	$1.2B	69	BUY
TOM.OL	Tomra Systems ASA	$3.1B	50	HOLD

Peer medians: ROE 16.8% · P/E 17.9x · Gross margin 37.9%

Nel ASA (NEL.OL) — Stock Score Summary

Nel ASA (NEL.OL) has a MoatMap StockRank of 29/100 based on Quality (29/100), Value (44/100), and Momentum (47/100) factor scores. The current signal is SELL. Nel ASA is a highly speculative, cash-burning green hydrogen player. It fails our Terry Smith quality filter completely due to its lack of profitability, negative ROIC, and reliance on capital markets for survival, despite theoretical green transition tailwinds.

Key Financial Metrics

Price	$0.28
Market Cap	$764M
P/E (Forward)	-14.34
Price/Book	1.27
Return on Equity	-27.9%
Return on Invested Capital	-30.5%
Debt/Equity	5.97
Gross Margin	57.4%
Operating Margin	-101.4%
Revenue Growth	-4.7%
Free Cash Flow	$-7M

Nel ASA operates in the Specialty Industrial Machinery industry, part of the Industrials sector (Norway).

Frequently Asked Questions

What is Nel ASA’s (NEL.OL) StockRank?: MoatMap’s StockRank for Nel ASA (NEL.OL) is 29/100, with a Sell signal. It is a composite of Quality (29), Value (44), and Momentum (47) factor ranks across MoatMap’s 19,000+ stock universe.
Does Nel ASA have an economic moat?: Nel ASA (NEL.OL) has a Quality factor score of 29/100. The Quality factor combines ROIC, Piotroski F-Score, and leverage — the financial fingerprints of a durable competitive advantage. A Quality score above 70 typically indicates a company with the characteristics of a moated business.
Is Nel ASA a buy, hold, or sell?: MoatMap’s current signal for Nel ASA (NEL.OL) is Sell, based on a StockRank of 29/100. Signals are derived mechanically from the StockRank composite and should be one input among many — combine with your own thesis on management, competitive position, and valuation.
What sector is Nel ASA in?: Nel ASA (NEL.OL) operates in the Industrials sector, specifically the Specialty Industrial Machinery industry (Norway).