DNB Bank ASA (OSTO:DNBO) Cyclically Adjusted PS Ratio: (As of Sep. 21, 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.
Reviewed by: Charlie Tian Charlie Tian
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.

OSTO:DNBO DNB Bank ASA OSTO:DNBO
69 GF Score
Price kr313.70
GF Value kr267.21
Valuation Modestly Overvalued
! 9 Warning Signs
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What is DNB Bank ASA Cyclically Adjusted PS Ratio?

Shiller PE for Stocks: The True Measure of Stock Valuation


DNB Bank ASA  (OSTO:DNBo) 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.


DNB Bank ASA Cyclically Adjusted PS Ratio Related Terms


DNB Bank ASA Cyclically Adjusted PS Ratio Historical Data

* Premium members only.

The historical data trend for DNB Bank 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.

DNB Bank ASA Cyclically Adjusted PS Ratio Chart

DNB Bank 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 4.97 4.60 4.88 4.84 5.61

DNB Bank 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 5.79 5.53 5.61 5.87 5.67

DNB Bank ASA Cyclically Adjusted PS Ratio Competitor Comparison

For the Banks - Regional subindustry, DNB Bank 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.


DNB Bank ASA Cyclically Adjusted PS Ratio vs Banks Industry

For the Banks industry and Financial Services sector, DNB Bank ASA's Cyclically Adjusted PS Ratio distribution charts can be found below:

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


OSTO:DNBO
69GF Score
DNB Bank ASA OSTO:DNBO
Cyclically Adjusted PS Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
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DNB Bank 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.

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

For example, DNB Bank 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)
=16.366/141.6200*141.6200
=16.366

Current CPI (Jun. 2026) = 141.6200.

DNB Bank ASA Quarterly Data

Revenue per Share CPI Adj_RevenuePerShare
201609 8.407 104.200 11.426
201612 8.623 104.400 11.697
201703 8.251 105.000 11.129
201706 8.553 105.800 11.449
201709 8.538 105.900 11.418
201712 8.849 106.100 11.811
201803 7.913 107.300 10.444
201806 8.310 108.500 10.847
201809 8.358 109.500 10.810
201812 9.068 109.800 11.696
201903 8.672 110.400 11.124
201906 9.391 110.600 12.025
201909 9.750 111.100 12.428
201912 9.632 111.300 12.256
202003 9.061 111.200 11.540
202006 8.347 112.100 10.545
202009 8.688 112.900 10.898
202012 8.486 112.900 10.645
202103 9.231 114.600 11.407
202106 9.284 115.300 11.403
202109 9.385 117.500 11.312
202112 10.046 118.900 11.966
202203 10.230 119.800 12.093
202206 10.054 122.600 11.614
202209 10.577 125.600 11.926
202212 12.537 125.900 14.102
202303 13.726 127.600 15.234
202306 13.253 130.400 14.393
202309 13.928 129.800 15.196
202312 13.907 131.900 14.932
202403 14.010 132.600 14.963
202406 14.927 133.800 15.799
202409 14.782 133.700 15.658
202412 15.642 134.800 16.433
202503 15.056 136.100 15.667
202506 16.103 137.800 16.549
202509 15.751 138.500 16.106
202512 16.846 139.140 17.146
202603 15.569 141.060 15.631
202606 16.366 141.620 16.366

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 DNB Bank ASA (OSTO:DNBO) Overvalued in 2026?

Based on GuruFocus' analysis, DNB Bank ASA stock appears to be overvalued. The current stock price of kr313.70 is trading 17.4% above its estimated GF Value™ of kr267.21. GuruFocus considers DNB Bank ASA to be Modestly Overvalued.

Key valuation signals for OSTO:DNBO:

  • Cyclically Adjusted PS Ratio:
  • GF Value™: kr267.21 vs. price of kr313.70 (17.4% above fair value)
  • GF Score™: 69/100 with 9 warning signs

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


DNB Bank ASA Business Description

Address Dronning Eufemias gate 30, Bjorvika, Oslo, NOR, 0191
DNB Bank ASA is a Norwegian financial services group offering financial products and services, including loans and deposits, mutual funds and asset management, life insurance and pension savings, payment and financing services, real estate broking, and services related to the money and capital markets. DNB has the following operating segments: Personal customers, Corporate customers Norway, Large corporates and international customers, and Others. Maximum revenue is generated from its Large corporates and international customers business, which caters to corporate customers across different industries, providing them with various banking and advisory services as well as access to online and mobile banking, and other digital services. DNB derives maximum revenue from its Banking activities.
69GF Score

Get the complete analysis for OSTO:DNBO

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

kr313.70
Price
kr267.21
GF Value