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Financial data sourced from official regulatory filings and verified market data providers. Metrics calculated using GAAP/IFRS standards.

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The analyses and visuals on this site are for informational purposes only and do not constitute investment advice.

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Last updated: April 2026

VAR FINANCIAL STATEMENTS

Var Energi ASA — balance sheet, income statement and cash flow trends

VARVar Energi ASA

🇳🇴 Norway · OL · Energy · Oil & Gas E&P

Value itDuel
PriceFinancialsPeers

Income Statement

Quarterly progression — trailing-twelve-month values
RevenueNet Income
010 B20 B2020202120222023202420252026

Profit Funnel

Q1 2026 · TTM
Revenue28.1 B $Gross Profit12.6 B $ · 45%Operating Income11.7 B $ · 42%Pre-tax Income13.6 B $ · 48%Net Income2 B $ · 7%

Percentages are relative to revenue.

Key Figures

YoY change
Revenue28.1 B $+286.9%
Gross Profit12.6 B $+211.5%
Operating Income11.7 B $+214.5%
EBITDA22.4 B $+300.0%
Net Income2 B $+190.4%

Peer Comparison· Oil & Gas E&P

CompanyRev. GrowthGross MarginEBITDA MarginNet Margin
VAR286.9%45.0%79.9%7.0%
KOS-8.0%11.4%1.4%-57.3%
PXT-17.6%40.9%46.7%19.6%
BIR12.6%43.7%55.8%9.6%
AAV8.7%40.4%66.3%16.8%
KEL12.8%19.7%55.5%8.7%
Industry median-1.0%38.9%51.0%12.6%
CompanyRev. GrowthGross MarginEBITDA MarginNet Margin
VAR286.9%45.0%79.9%7.0%
AKRBP172.4%63.8%67.6%9.4%
Industry median-1.0%38.9%51.0%12.6%

Balance Sheet

Quarterly period-end values
Total AssetsTotal LiabilitiesEquity
0100 B200 B2020202120222023202420252026

Capital Structure

Q1 2026
Total Assets26.9 B
  • Equity565.5 M $2%
  • Current Liabilities3.5 B $13%
  • Long-term Liabilities22.8 B $85%

Key Figures

YoY change
Total Assets26.9 B $+11.5%
Total Liabilities26.3 B $+13.9%
Total Equity565.5 M $-43.9%
Cash & ST Investments——
Total Debt——
Net Debt5.2 B $+5.4%

Peer Comparison· Oil & Gas E&P

CompanyCurrent RatioDebt/EquityNetDebt/EBITDAEquity/Assets
VAR0.63——2.1%
KOS0.60580.0%145.9610.8%
PXT1.499.5%0.0077.4%
BIR1.1723.1%1.3366.5%
AAV0.3848.6%1.8353.4%
KEL0.5212.9%0.5269.0%
Industry median0.8338.1%1.0352.5%
CompanyCurrent RatioDebt/EquityNetDebt/EBITDAEquity/Assets
VAR0.63——2.1%
AKRBP1.25——24.9%
Industry median0.8338.1%1.0352.5%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values
Operating Cash FlowCapital ExpendituresFree Cash Flow
010 B2020202120222023202420252026

Cash Flow Bridge

Q1 2026 · TTM
010 B18.6 B $Operating-11.4 B $Investing-4.5 B $Financing2.6 B $Net Change

Key Figures

YoY change
Operating Cash Flow18.6 B $+398.8%
Capital Expenditures10.5 B $+273.2%
Free Cash Flow6.9 B $+661.3%
Dividends Paid4.9 B $+349.8%

Peer Comparison· Oil & Gas E&P

CompanyCF MarginFCF MarginCapEx RatioCF/Net Income
VAR66.1%24.5%37.5%940.1%
KOS17.0%-4.9%21.9%-29.6%
PXT39.4%17.6%21.8%201.2%
BIR60.1%17.9%42.1%626.1%
AAV53.0%-15.4%68.5%315.1%
KEL52.1%-13.8%65.9%596.5%
Industry median49.1%15.4%36.0%195.0%
CompanyCF MarginFCF MarginCapEx RatioCF/Net Income
VAR66.1%24.5%37.5%940.1%
AKRBP89.5%3.3%85.4%948.4%
Industry median49.1%15.4%36.0%195.0%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 3, 26. This content is for informational purposes only and is not investment advice.