Norwegian Air Shuttle ASA
Norwegian Air Shuttle ASA, together with its subsidiaries, provides air travel services in Norway and internationally. It is also involved in aircraft financing, leasing, and ownership; cargo; and other activities. The company was founded in 1993 and is headquartered in Fornebu, Norway.
Norwegian Air Shuttle ASA (NWARF) - Net Assets
Latest net assets as of December 2025: $7.66 Billion USD
Based on the latest financial reports, Norwegian Air Shuttle ASA (NWARF) has net assets worth $7.66 Billion USD as of December 2025.
Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($42.01 Billion) and total liabilities ($34.34 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $7.66 Billion |
| % of Total Assets | 18.24% |
| Annual Growth Rate | 22.56% |
| 5-Year Change | 134.39% |
| 10-Year Change | 89.27% |
| Growth Volatility | 91.92 |
Norwegian Air Shuttle ASA - Net Assets Trend (2002–2025)
This chart illustrates how Norwegian Air Shuttle ASA's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
Annual Net Assets for Norwegian Air Shuttle ASA (2002–2025)
The table below shows the annual net assets of Norwegian Air Shuttle ASA from 2002 to 2025.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | $7.66 Billion | +5.84% |
| 2024-12-31 | $7.24 Billion | +25.43% |
| 2023-12-31 | $5.77 Billion | +37.33% |
| 2022-12-31 | $4.20 Billion | +28.56% |
| 2021-12-31 | $3.27 Billion | +149.36% |
| 2020-12-31 | $-6.62 Billion | -260.58% |
| 2019-12-31 | $4.12 Billion | +142.00% |
| 2018-12-31 | $1.70 Billion | -18.77% |
| 2017-12-31 | $2.10 Billion | -48.17% |
| 2016-12-31 | $4.05 Billion | +36.54% |
| 2015-12-31 | $2.97 Billion | +40.65% |
| 2014-12-31 | $2.11 Billion | -23.33% |
| 2013-12-31 | $2.75 Billion | +13.60% |
| 2012-12-31 | $2.42 Billion | +24.42% |
| 2011-12-31 | $1.95 Billion | +8.33% |
| 2010-12-31 | $1.80 Billion | +12.13% |
| 2009-12-31 | $1.60 Billion | +78.48% |
| 2008-12-31 | $897.37 Million | +76.55% |
| 2007-12-31 | $508.27 Million | +94.94% |
| 2006-12-31 | $260.73 Million | +84.15% |
| 2005-12-31 | $141.59 Million | -10.54% |
| 2004-12-31 | $158.27 Million | -39.94% |
| 2003-12-31 | $263.53 Million | +270.35% |
| 2002-12-31 | $71.16 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to Norwegian Air Shuttle ASA's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have decreased by 0.0% over the analyzed period, potentially due to dividend distributions or operating losses.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Other Components | $7.66 Billion | 100.00% |
| Total Equity | $7.66 Billion | 100.00% |
Norwegian Air Shuttle ASA Competitors by Market Cap
The table below lists competitors of Norwegian Air Shuttle ASA ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Guangzhou Zhiguang Electric Co Ltd
SHE:002169
|
$928.08 Million |
|
Attendo AB (publ)
ST:ATT
|
$928.49 Million |
|
Affle (India) Limited
NSE:AFFLE
|
$928.60 Million |
|
Shanghai Fortune Techgroup Co Ltd
SHE:300493
|
$928.71 Million |
|
Zibo Qixiang Tengda Chemical Co Ltd
SHE:002408
|
$927.81 Million |
|
Ficont Industry (Beijing) Co. Ltd.
SHG:605305
|
$927.68 Million |
|
Uxi Unicomp Technology Co. Ltd. A
SHG:688531
|
$927.59 Million |
|
Lingyun Ind
SHG:600480
|
$927.46 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Norwegian Air Shuttle ASA's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 7,240,700,000 to 7,663,672,000, a change of 422,972,000 (5.8%).
- Net income of 2,706,472,000 contributed positively to equity growth.
- Dividend payments of 949,463,809 reduced retained earnings.
- Share repurchases of 47,972,898 reduced equity.
- Other comprehensive income decreased equity by 2,756,200,000.
- Other factors increased equity by 1,470,136,707.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $2.71 Billion | +35.32% |
| Dividends Paid | $949.46 Million | -12.39% |
| Share Repurchases | $47.97 Million | -0.63% |
| Other Comprehensive Income | $-2.76 Billion | -35.96% |
| Other Changes | $1.47 Billion | +19.18% |
| Total Change | $- | 5.84% |
Book Value vs Market Value Analysis
This analysis compares Norwegian Air Shuttle ASA's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 0.17x
- The company is trading below its book value, potentially indicating the market believes the assets are overvalued on the balance sheet or anticipates future losses.
- The price-to-book ratio has increased from 0.00x to 0.17x over the analyzed period, suggesting growing market confidence.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2002-12-31 | $274.68 | $1.18 | x |
| 2003-12-31 | $666.59 | $1.18 | x |
| 2004-12-31 | $229.93 | $1.18 | x |
| 2005-12-31 | $206.29 | $1.18 | x |
| 2006-12-31 | $357.63 | $1.18 | x |
| 2007-12-31 | $651.19 | $1.18 | x |
| 2008-12-31 | $884.09 | $1.18 | x |
| 2009-12-31 | $1277.34 | $1.18 | x |
| 2010-12-31 | $1369.76 | $1.18 | x |
| 2011-12-31 | $1475.84 | $1.18 | x |
| 2012-12-31 | $1837.29 | $1.18 | x |
| 2013-12-31 | $2058.47 | $1.18 | x |
| 2014-12-31 | $1572.23 | $1.18 | x |
| 2015-12-31 | $2223.57 | $1.18 | x |
| 2016-12-31 | $2987.70 | $1.18 | x |
| 2017-12-31 | $9012.38 | $1.18 | x |
| 2018-12-31 | $1066.76 | $1.18 | x |
| 2019-12-31 | $1497.79 | $1.18 | x |
| 2020-12-31 | $-137.20 | $1.18 | x |
| 2021-12-31 | $4.68 | $1.18 | x |
| 2022-12-31 | $3.73 | $1.18 | x |
| 2023-12-31 | $5.12 | $1.18 | x |
| 2024-12-31 | $6.42 | $1.18 | x |
| 2025-12-31 | $7.06 | $1.18 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Norwegian Air Shuttle ASA utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 35.32%
- The company demonstrates strong efficiency in generating profits from shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 7.41%
- • Asset Turnover: 0.87x
- • Equity Multiplier: 5.48x
- Recent ROE (35.32%) is above the historical average (-4.87%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2002 | -72.88% | -13.42% | 1.75x | 3.10x | $-58.98 Million |
| 2003 | -16.22% | -4.46% | 1.83x | 1.99x | $-69.10 Million |
| 2004 | -69.40% | -9.08% | 2.65x | 2.88x | $-125.67 Million |
| 2005 | 19.76% | 1.42% | 2.92x | 4.77x | $13.82 Million |
| 2006 | -8.44% | -0.75% | 2.77x | 4.07x | $-48.07 Million |
| 2007 | 16.64% | 2.00% | 1.81x | 4.59x | $33.75 Million |
| 2008 | 0.44% | 0.06% | 1.96x | 3.54x | $-85.79 Million |
| 2009 | 27.86% | 6.11% | 1.46x | 3.14x | $286.09 Million |
| 2010 | 9.52% | 2.03% | 1.27x | 3.69x | $-8.71 Million |
| 2011 | 6.28% | 1.16% | 1.17x | 4.63x | $-72.43 Million |
| 2012 | 18.86% | 3.55% | 1.08x | 4.92x | $214.58 Million |
| 2013 | 11.69% | 2.06% | 1.06x | 5.37x | $46.58 Million |
| 2014 | -50.74% | -5.47% | 0.86x | 10.77x | $-1.28 Billion |
| 2015 | 8.30% | 1.09% | 0.71x | 10.67x | $-50.38 Million |
| 2016 | 28.11% | 4.36% | 0.69x | 9.35x | $731.44 Million |
| 2017 | -86.03% | -5.80% | 0.71x | 20.86x | $-2.00 Billion |
| 2018 | -86.60% | -3.63% | 0.72x | 33.18x | $-1.63 Billion |
| 2019 | -39.24% | -3.70% | 0.51x | 20.81x | $-2.02 Billion |
| 2020 | 0.00% | -253.31% | 0.18x | 0.00x | $-22.38 Billion |
| 2021 | 57.21% | 36.91% | 0.27x | 5.76x | $1.54 Billion |
| 2022 | 23.92% | 5.33% | 0.83x | 5.39x | $585.16 Million |
| 2023 | 30.09% | 6.80% | 0.84x | 5.29x | $1.16 Billion |
| 2024 | 18.72% | 3.84% | 0.94x | 5.19x | $631.03 Million |
| 2025 | 35.32% | 7.41% | 0.87x | 5.48x | $1.94 Billion |
Industry Comparison
This section compares Norwegian Air Shuttle ASA's net assets metrics with peer companies in the Airlines industry.
Industry Context
- Industry: Airlines
- Average net assets among peers: $87,156,709,242
- Average return on equity (ROE) among peers: 21.77%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Norwegian Air Shuttle ASA (NWARF) | $7.66 Billion | -72.88% | 4.48x | $927.92 Million |
| American Airlines Group (AAL) | $3.79 Billion | 70.70% | 12.55x | $6.80 Billion |
| Air Canada (ACDVF) | $2.39 Billion | 72.03% | 12.07x | $2.83 Billion |
| Grupo Aeroméxico, S.A.B. de C.V. (AERO) | $-899.91 Million | 0.00% | 0.00x | $260.71 Million |
| Air France-KLM SA (AFRAF) | $1.30 Billion | 61.11% | 16.69x | $1.02 Billion |
| Aegean Airlines S.A (AGZNF) | $499.36 Million | 26.02% | 4.76x | $461.90 Million |
| AirAsia Group Berhad (AIABF) | $1.61 Billion | -30.93% | 4.93x | $418.10 Million |
| Air China Limited (AICAF) | $66.60 Billion | 10.17% | 2.21x | $2.97 Billion |
| Allegiant Travel Company (ALGT) | $1.05 Billion | -4.25% | 3.00x | $1.17 Billion |
| Alaska Air Group Inc (ALK) | $345.30 Million | 2.98% | 2.51x | $4.42 Billion |
| ANA Holdings Inc (ALNPF) | $794.90 Billion | 9.83% | 1.80x | $7.63 Billion |