Why Elkem stock moves
Elkem rose, moving against a sharply falling Oslo market.
Written after the close on ·
Why today
16,413 news analyzed todayElkem rose, moving against a sharply falling Oslo market.
No company news from that session explains the move.
Over the last five trading days, Elkem fell clearly, in line with a sharply falling market.
Earlier news, such as the third-quarter results and a broker cutting its price target, is background rather than the cause.
Next up is the fourth-quarter report, due in February 2027.
Today's move of +1.14% was 0.8 times a normal day's 1.4%. Oslo Børs benchmark index moved −1.31% on the same day.
Elkem +1.14%
What analysts expect, and how often they have been right
Analysts’ estimates for Elkem.
Elkem earned more than expected in 4 out of 7 reports.
Not in the chart because no estimate and result are available: 3 of the 10 reports in this period, the latest on September 10, 2026.
For comparison, about 46% of reports from Nordic companies beat the estimate in the last three years.
The share moved in the same direction as the earnings surprise in 5 out of 7 reports with a measured move, against about 63% of reports from Nordic companies.
Ratings
Price targets
Latest price 30.28 NOK
Earnings against expectations, and the share’s reaction
Expected EPSAbove estimateBelow estimateAs expectedNOK
Next reported quarter: expected earnings per share of 0.44 NOK (February 11). For the current fiscal year, expected earnings per share changed from 1.06 NOK three months ago to 0.94 NOK now. 2026 estimate: 0.94 NOK. 2027 estimate: 3.63 NOK.
Has the share price followed the business?
Price and earnings moved in the same direction: 1 out of 3 years. Across Nordic companies, that happens in about 60% of years. In 2025, the price changed +74% and earnings per share went from 0.77 NOK to -1.05 NOK.
Revenue, profit and market cap
RevenueProfitMarket capHatched bars: analysts’ estimates.bn NOK
Assets, liabilities and market cap
AssetsLiabilitiesMarket capbn NOK
Price and earnings moved in the same direction: 1 out of 3 years.Market cap (Now): 11.0 bn NOKRevenue 2025: 16.5 bn NOK
What the key figures say about Elkem
The figures connect what Elkem earns with what investors pay.
The line shows the share price in the same year, on its own scale. Hatched bars: analysts’ estimates.
Profit divided by the number of shares. Each share represents this much of the earnings.
2022–2025: -1.05 NOK–15.00 NOK. Peers: SP Group 27.97 DKK, Hexpol 5.25 SEK, Exel Composites 0.39 EUR. 2026 estimate: 0.94 NOK (0.71 NOK–1.26 NOK). 2027 estimate: 3.63 NOK (3.05 NOK–4.44 NOK).
What the company sold during the year.
2022–2025: 16.5 bn NOK–45.0 bn NOK. Peers: SP Group 3.4 bn DKK, Hexpol 19.6 bn SEK, Exel Composites 132 m EUR. 2026 estimate: 14.9 bn NOK (14.7 bn NOK–15.1 bn NOK). 2027 estimate: 16.5 bn NOK (15.1 bn NOK–18.4 bn NOK).
The percentage of revenue left after the costs of running the business.
2022–2025: 6.1%–22.5%. Peers: SP Group 14.1%, Hexpol 13.2%, Exel Composites 1.1%.
Profit as a percentage of shareholders’ money in the company.
2022–2025: −2.8%–33.4%. Peers: SP Group 18.6%, Hexpol 12.3%.
The price investors pay for each unit of annual earnings per share. Not shown for a loss.
2022–2025: 2.3–192.9. Peers: SP Group 16.5, Hexpol 17.9, Exel Composites 40.0. 2026 estimate: 32.2. 2027 estimate: 8.3.
What investors pay for each unit the company sells.
2022–2025: 0.50–1.17. Peers: SP Group 1.58, Hexpol 1.65, Exel Composites 0.83. 2026 estimate: 0.74. 2027 estimate: 0.66.
Money paid to shareholders per share, summed by calendar year.
2019–2025: 0.00 NOK–5.98 NOK.
The ordinary yearly dividend as a percentage of the share price.
2022–2025: 0.0%–28.3%. Peers: SP Group 0.9%, Hexpol 4.5%, Exel Composites 0.0%.
Net debt divided by operating earnings before depreciation and amortisation.
2022–2025: 0.21–2.43. Peers: SP Group 2.21, Hexpol 1.01.
More key figures
Market cap divided by shareholders’ equity, what remains after liabilities.
2022–2025: 0.43–0.81. Peers: SP Group 2.85, Hexpol 2.11, Exel Composites 3.93.
Market cap plus net debt, divided by operating earnings. This includes debt.
2022–2025: 2.0–26.5.
Cash left after investments, divided by the number of shares.
2022–2025: -3.49 NOK–8.02 NOK. Peers: SP Group 23.45 DKK, Hexpol 7.53 SEK.
The percentage of assets financed by shareholders’ equity.
2022–2025: 48.2%–54.3%.
What followed similar falls?
Including reinvested dividends, Elkem fell 3.8% over the latest five trading days. Since March 22, 2018, falls at least this large were followed by a higher value 21 trading days later in 34 out of 68 non-overlapping periods. The median was −0.0%, against +1.1% for an ordinary 21-day period, which ended higher 53 times in 100.
Such a fall has not said much about the next month.
−0.0% · 34/68
What to watch next, and why
The earnings report shows how Elkem's revenue and profit have changed.
- Earnings report
The earnings report shows how Elkem's revenue and profit have changed.
Add to calendar
Earnings report
Next report: · Add to calendar · Google Calendar
On its last 15 report days Elkem usually moved about 2.5%. On a normal day it moves 1.4%.
+2.49% Why? −0.27% +1.13% −1.81%
10,000 NOK in Elkem bought on March 22, 2018 is worth 16,100 NOK today, with dividends reinvested.
The same amount in OSEBX with dividends would have become 25,800 NOK.
What would 10,000 NOK in Elkem be worth today? →
What would 10,000 NOK in Elkem be worth today?
16,100 NOK
with dividends reinvested, bought on March 22, 2018. The same amount in OSEBX with dividends would have become 25,800 NOK.
At worst it was worth 4,340 NOK (March 18, 2020).
The five biggest days of the journey
· +18.2% · the whole market rose 0.9% the same day
· −17.1% · the whole market rose 0.7% the same day · report day
· +16.8% · the whole market rose 1.3% the same day · report day
· +15.7% · the whole market rose 0.2% the same day · report day
· −14.5% · the whole market fell 0.1% the same day
Earlier days
−3.75% Elkem fell clearly over the week, moving in line with a sharp fall in the Oslo market. Read →
Elkem fell clearly over the week, moving in line with a sharp fall in the Oslo market.
Most of the week's news was dated before it, so no single Elkem event clearly explains the drop.
Broad market weakness likely drove most of the move.
On Tuesday, the shares rose slightly against the falling market.
−3.17% Elkem fell sharply without a company-news explanation. Read →
Elkem fell sharply without a company-news explanation.
Oslo Børs also fell sharply, so Elkem's drop was about the same as the market's, but it moved more than the index.
Over the last five trading days, Elkem fell sharply, and that is about twice a normal five-day stretch for the stock.
Earlier news included SEB cutting its price target to 36 Norwegian kroner and an insider purchase by CEO Dag Teigland, both before the session.
Next, watch the company's report on Thursday 11 February 2027.
−1.72% Elkem fell, in line with a sharp market fall. Read →
Elkem fell, in line with a sharp market fall.
SEB cut its target price to 36 kroner and kept its buy rating.
Oslo Børs fell sharply over the same days, so the drop mostly matched the market.
Over the last five trading days, Elkem rose slightly while the market fell slightly.
Likely reasons include the weak silicon prices reported in the third quarter and broad market selling.
−1.87% Elkem fell clearly, against a slightly rising market. Read →
Elkem fell clearly, against a slightly rising market.
The most likely reason is the CEO's purchase of 30,000 shares, announced that session, which signals insider confidence.
Over the last five trading days Elkem rose sharply, moving more than the Oslo Børs index, which also rose sharply.
Trading was about twice a normal session, and the move was big for Elkem.
The rise came after third-quarter results that beat expectations and a long-term power deal in Iceland.
+6.64% Elkem rose sharply over the week, a bigger move than the market's. Read →
Elkem rose sharply over the week, a bigger move than the market's.
Its third-quarter EBITDA, a measure of operating profit before depreciation, fell 14 per cent, but it roughly matched expectations.
The EU's new protective trade measures on cheap imports are expected to lift prices and demand later.
Oslo Børs rose sharply too, so Elkem's gain was not just the market.
+2.49% Elkem rose as Q3 2026 results were released that day. Read →
Elkem rose as Q3 2026 results were released that day.
Over the same days, Oslo Børs rose slightly, so Elkem moved more than the market.
Over the last five trading days, Elkem rose clearly, in line with a strong rise in the Oslo Børs index.
The results showed EBITDA down 14 per cent, but Elkem Foundry Alloys and Elkem Carbon held up well, and EU trade protection on silicon imports is expected to help prices.
Trading volume was about twice normal, and the move was about as large as a usual report day for Elkem.
−4.53% Elkem fell very sharply, while the Oslo market index rose clearly. Read →
Elkem fell very sharply, while the Oslo market index rose clearly.
No company news from the last session explains the move.
Over the last five trading days, Elkem fell very sharply while the market was roughly flat, a very big move for the stock.
The stock is well below its high of the past year, set in early September.
−9.06% Elkem fell very sharply over the last five trading days, while the wider market was roughly flat. Read →
Elkem fell very sharply over the last five trading days, while the wider market was roughly flat.
The drop was a very big move for the stock, rare compared with the past year.
The most relevant news was a new long-term power supply deal with Landsvirkjun for its Icelandic ferrosilicon plant, signed on 22 October, which secures electricity to 2039.
The deal may support the plant's cost outlook, but it did not stop the share price from falling.
Learn more · Why do stocks go up and down?