Zalaris ASA (OSL:ZAL) Cyclically Adjusted PS Ratio: (As of Sep. 20, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
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Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

OSL:ZAL Zalaris ASA OSL:ZAL
89 GF Score
Price kr100.00
GF Value kr97.72
Valuation Fairly Valued
! 5 Warning Signs
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What is Zalaris ASA Cyclically Adjusted PS Ratio?

Shiller PE for Stocks: The True Measure of Stock Valuation


Zalaris ASA  (OSL:ZAL) Cyclically Adjusted PS Ratio Explanation

Compared with the regular PS Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PS Ratio smoothed out the fluctuations of revenue during business cycles. Therefore it is more accurate in reflecting the valuation of the company.

If a company has consistent business performance, the Cyclically Adjusted PS Ratio should give similar results to regular PS Ratio.


Zalaris ASA Cyclically Adjusted PS Ratio Related Terms


Zalaris ASA Cyclically Adjusted PS Ratio Historical Data

* Premium members only.

The historical data trend for Zalaris ASA's Cyclically Adjusted PS Ratio can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Zalaris ASA Cyclically Adjusted PS Ratio Chart

Zalaris ASA Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Cyclically Adjusted PS Ratio
Get a 7-Day Free Trial Premium Member Only Premium Member Only - 0.70 1.23 1.80 1.88

Zalaris ASA Quarterly Data
Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26 Jun26
Cyclically Adjusted PS Ratio Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 1.70 1.72 1.85 1.98 1.97

OSL:ZAL vs RHI, KFY, TNET: Cyclically Adjusted PS Ratio Comparison

For the Staffing & Employment Services subindustry, Zalaris ASA's Cyclically Adjusted PS Ratio, along with its competitors' market caps and Cyclically Adjusted PS Ratio data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Zalaris ASA Cyclically Adjusted PS Ratio vs Business Services Industry

For the Business Services industry and Industrials sector, Zalaris ASA's Cyclically Adjusted PS Ratio distribution charts can be found below:

* The bar in red indicates where Zalaris ASA's Cyclically Adjusted PS Ratio falls into.


OSL:ZAL
89GF Score
Zalaris ASA OSL:ZAL
Cyclically Adjusted PS Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Zalaris ASA Cyclically Adjusted PS Ratio Calculation

Like the Shiller PE Ratio, the Cyclically Adjusted PS Ratio takes the Revenue per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/S calculation. Because it considers this 10-year average, it's often referred to as the CAPS Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PS Ratio.

Zalaris ASA's Cyclically Adjusted Revenue per Share for the quarter that ended in Jun. 2026 is calculated as:

For example, Zalaris ASA's adjusted Revenue per Share data for the three months ended in Jun. 2026 was:

Adj_RevenuePerShare=Revenue per Share/CPI of Jun. 2026 (Change)*Current CPI (Jun. 2026)
=15.766/141.6200*141.6200
=15.766

Current CPI (Jun. 2026) = 141.6200.

Zalaris ASA Quarterly Data

Revenue per Share CPI Adj_RevenuePerShare
201609 5.140 104.200 6.986
201612 5.536 104.400 7.510
201703 5.590 105.000 7.540
201706 6.474 105.800 8.666
201709 7.528 105.900 10.067
201712 9.580 106.100 12.787
201803 9.171 107.300 12.104
201806 9.302 108.500 12.141
201809 8.683 109.500 11.230
201812 9.115 109.800 11.757
201903 9.031 110.400 11.585
201906 8.805 110.600 11.275
201909 8.952 111.100 11.411
201912 10.539 111.300 13.410
202003 10.252 111.200 13.057
202006 10.125 112.100 12.791
202009 9.681 112.900 12.144
202012 9.968 112.900 12.504
202103 9.377 114.600 11.588
202106 8.957 115.300 11.002
202109 9.260 117.500 11.161
202112 9.469 118.900 11.278
202203 9.695 119.800 11.461
202206 9.731 122.600 11.241
202209 10.350 125.600 11.670
202212 11.600 125.900 13.048
202303 12.074 127.600 13.401
202306 13.019 130.400 14.139
202309 11.004 129.800 12.006
202312 14.501 131.900 15.570
202403 12.634 132.600 13.493
202406 12.472 133.800 13.201
202409 13.808 133.700 14.626
202412 16.815 134.800 17.666
202503 15.746 136.100 16.385
202506 15.229 137.800 15.651
202509 16.740 138.500 17.117
202512 18.271 139.140 18.597
202603 15.784 141.060 15.847
202606 15.766 141.620 15.766

Add all the adjusted revenue per share together and divide 10 will get our Cyclically Adjusted Revenue per Share.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

Is Zalaris ASA (OSL:ZAL) Overvalued in 2026?

Based on GuruFocus' analysis, Zalaris ASA stock appears to be overvalued. The current stock price of kr100.00 is trading 2.3% above its estimated GF Value™ of kr97.72. GuruFocus considers Zalaris ASA to be Fairly Valued.

Key valuation signals for OSL:ZAL:

  • Cyclically Adjusted PS Ratio:
  • GF Value™: kr97.72 vs. price of kr100.00 (2.3% above fair value)
  • GF Score™: 89/100 with 5 warning signs

No single metric tells the full story. See the OSL:ZAL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Zalaris ASA Business Description

Address Hoffsveien 4, Oslo, NOR, NO-0275
Zalaris ASA is a company that offers outsourced personnel and payroll services. The company has two reportable segments: Managed Services and Zalaris Consulting. Managed Services include payroll and HR outsourcing services, cloud system solutions and services, and contribute to the majority of the revenue. The Zalaris Consulting segment includes the implementation of SAP HCM & Payroll and SuccessFactors, based on Zalaris templates, or implementation of customer-specific functionalities. Zalaris operates in Norway, Northern Europe, Central Europe, the UK, Ireland, and APAC.
89GF Score

Get the complete analysis for OSL:ZAL

Cyclically Adjusted PS Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

kr100.00
Price
kr97.72
GF Value