Kongsberg Maritime (OB:KMAR) has reported Q2 2026 revenue of NOK6.7b and net income of NOK517m, with basic EPS for the quarter at NOK0.59, setting a clear benchmark for how the business is currently converting its order book into earnings. Over the past year, the company has seen revenue move from NOK6.3b in Q2 2025 to NOK6.7b in Q2 2026, while trailing twelve month net income sits at NOK2.7b on EPS of NOK3.04. This gives investors a fuller view of recent profit trends. With that backdrop, the key question now is how investors weigh these results against a net margin profile that has come under some pressure.
See our full analysis for Kongsberg Maritime.With the headline numbers on the table, the next step is to set these results against the market narratives around Kongsberg Maritime to see which stories hold up and which need updating.
Curious how numbers become stories that shape markets? Explore Community Narratives
Margins Slip to 9.8% on Higher Costs
- Kongsberg Maritime’s trailing net profit margin sits at 9.8%, compared with 12% a year earlier, alongside trailing 12 month net income of NOK2,665 million on NOK27,179 million of revenue.
- What stands out for a bullish narrative that leans on “high quality earnings” is that this margin compression sits next to solid trailing 12 month net income, which
- highlights that earnings quality tags in the dataset are coming from the NOK2,665 million of profit on NOK27,179 million of revenue rather than from expanding margins, and
- means any bullish view needs to square the lower 9.8% margin with the fact that the latest quarterly net income of NOK517 million is below the NOK684 million recorded in Q2 2025.
Valuation: 17.6x P/E Versus DCF Fair Value
- The stock trades on a trailing P/E of 17.6x, below the European Machinery average of 20.9x and a peer average of 38.8x, while the provided DCF fair value of NOK100.64 sits well above the current share price of NOK53.30.
- Critics highlight that relying on valuation alone can be risky, and the figures here create a clear tension between a bearish view and the data because
- the roughly 47% gap between the NOK53.30 share price and the NOK100.64 DCF fair value points to a wide spread that bears need to explain using fundamentals such as the margin slide to 9.8%, and
- the discounted 17.6x P/E relative to the 20.9x industry level shows the stock is not priced at a premium even though trailing 12 month earnings of NOK2,665 million still sit well above the NOK1,188 million recorded back in 2023.
TTM Revenue at NOK27.2b With 4.1% Growth
- Over the last 12 months Kongsberg Maritime generated NOK27,179 million of revenue, which is 4.1% higher than the prior year, while trailing 12 month EPS stands at NOK3.04.
- Supporters of a growth focused bullish view see the combination of this 4.1% revenue increase and the earnings growth forecast of about 12.4% per year as important, yet the reported numbers also introduce checks on that optimism because
- recent quarterly net income moved from NOK684 million in Q2 2025 to NOK517 million in Q2 2026, which sits awkwardly next to the growth outlook, and
- the trailing 12 month net income of NOK2,665 million is lower than the NOK3,780 million shown for the 2025 Q4 trailing period, so bulls need to justify why future growth expectations outweigh the more recent soft patch in profits.
Curious how Kongsberg Maritime’s mixed margin picture and discounted P/E feed into the broader story investors are telling right now? 📊 Read the what the Community is saying about Kongsberg Maritime.
Next Steps
Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on Kongsberg Maritime's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move.
If this mix of pressures and positives around Kongsberg Maritime feels finely balanced, it is worth moving quickly to test the numbers yourself and stress test the narrative. To see what is behind the optimism, take a closer look at the 3 key rewards.
See What Else Is Out There Beyond Kongsberg Maritime
Kongsberg Maritime faces pressure from a lower 9.8% net margin, softer recent quarterly profits and a P/E that still leaves some investors unconvinced about near term earnings strength.
If this margin squeeze and earnings softness make you cautious, you can compare Kongsberg Maritime with companies that pair stronger profitability with sturdier financial profiles by checking out the solid balance sheet and fundamentals stocks screener (419 results).
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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