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.
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.
Return-on-Tangible-Asset is calculated as Net Income divided by its average total tangible assets. Total tangible assets equals to Total Assets minus Intangible Assets. Northern Ocean's annualizedNet Income for the quarter that ended in Mar. 2026 was kr-894 Mil. Northern Ocean's average total tangible assets for the quarter that ended in Mar. 2026 was kr4,841 Mil. Therefore, Northern Ocean's annualized Return-on-Tangible-Asset for the quarter that ended in Mar. 2026 was -18.47%.
The historical rank and industry rank for Northern Ocean's Return-on-Tangible-Asset or its related term are showing as below:
OSL:NOL'
s Return-on-Tangible-Asset Range Over the Past 10 Years
Min: -13.56 Med: -6.49 Max: -0.75
Current: -13.56
During the past 7 years, Northern Ocean's highest Return-on-Tangible-Asset was -0.75%. The lowest was -13.56%. And the median was -6.49%.
OSL:NOL's Return-on-Tangible-Asset is ranked worse than 82.44% of 1025
companies
in the Oil & Gas industry
Industry Median: 2.09
vs OSL:NOL: -13.56
Return-on-Tangible-Asset measures the rate of return on the average total tangible assets (total assets minus intangible assets). Tangible means physical in nature. Intangible Assets are assets that are not physical in nature, and typically "derive their value from legal or intellectual rights." Return-on-Tangible-Asset measures a firm's efficiency at generating profits from its tangible assets. It shows how well a company uses what it has to generate earnings. Return-on-Tangible-Assets can vary drastically across industries. Therefore, Return-on-Tangible-Asset should not be used to compare companies in different industries.
Be Aware
Like ROE and ROA, Return-on-Tangible-Asset is calculated with only 12 months data. Fluctuations in the companys earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective. Return-on-Tangible-Asset can be affected by events such as stock buyback or issuance, and by a companys tax rate and its interest payment. Return-on-Tangible-Asset may not reflect the true earning power of the assets. A more accurate measurement is ROC % (ROC).
Many analysts argue the higher return the better. Buffett states that really high Return-on-Tangible-Asset may indicate vulnerability in the durability of the competitive advantage.
Northern Ocean Return-on-Tangible-Asset Related Terms
Northern Ocean Return-on-Tangible-Asset Historical Data
* Premium members only.
The historical data trend for Northern Ocean's Return-on-Tangible-Asset 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.
OSL:NOL vs NE, RIG, VAL: Return-on-Tangible-Asset Comparison
For the Oil & Gas Drilling subindustry, Northern Ocean's Return-on-Tangible-Asset, along with its competitors' market caps and Return-on-Tangible-Asset 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.
Northern Ocean Return-on-Tangible-Asset vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Northern Ocean's Return-on-Tangible-Asset distribution charts can be found below:
* The bar in red indicates where Northern Ocean's Return-on-Tangible-Asset falls into.
* 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.
In the calculation of annual Return-on-Tangible-Asset, the net income of the last fiscal year and the average total tangible assets over the fiscal year are used. In calculating the quarterly data,
the Net Income data used here is four times the quarterly (Mar. 2026) net income data.
What does a Return-on-Tangible-Asset of -18.47% mean?
Northern Ocean (OSL:NOL) has a Return-on-Tangible-Asset of -18.47% as of Mar. 2026. Return on tangible assets is the ratio of current-period net income to average two-period tangible assets. View historical data on Northern Ocean and its competitors. According to the industry distribution chart, Northern Ocean ranks #845 out of 1025 companies in the Oil & Gas industry, placing it in the top 82.4%.
Is Northern Ocean's Return-on-Tangible-Asset too high?
Northern Ocean's current Return-on-Tangible-Asset is -18.47%. Based on the distribution chart, Northern Ocean ranks #845 out of 1025 companies in the Oil & Gas industry, which is in the bottom quartile relative to peers. Overall, Northern Ocean has a GF Score™ of 64/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Northern Ocean's Return-on-Tangible-Asset compare to NE and RIG?
According to the Oil & Gas industry distribution chart, Northern Ocean ranks #845 out of 1025 companies for Return-on-Tangible-Asset. This places Northern Ocean in the lower half of its industry. The industry median Return-on-Tangible-Asset is 2.09. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Return-on-Tangible-Asset for an Oil & Gas company?
The median Return-on-Tangible-Asset among Oil & Gas companies is 2.09, based on 1,025 companies in the industry. Companies in the top quartile (top 25%) have a Return-on-Tangible-Asset significantly above this median, while those in the bottom quartile fall well below. However, Return-on-Tangible-Asset should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Return-on-Tangible-Asset mean?
A high Return-on-Tangible-Asset can signal that a stock is expensive relative to its fundamentals. Return on tangible assets is the ratio of current-period net income to average two-period tangible assets. View historical data on Northern Ocean and its competitors. For the Oil & Gas industry, the median Return-on-Tangible-Asset is 2.09 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Northern Ocean's current Return-on-Tangible-Asset is -18.47%. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Northern Ocean stock overvalued right now?
Based on GuruFocus' analysis, Northern Ocean (OSL:NOL) is currently considered Modestly Overvalued. The stock's GF Value™ is kr6.07, compared to a current price of kr7.44 — trading 22.6% above its estimated fair value. The current Return-on-Tangible-Asset is -18.47%. Northern Ocean's overall GF Score™ is 64/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Return-on-Tangible-Asset calculated?
Return-on-Tangible-Asset is calculated from a company's financial statements. For Northern Ocean (OSL:NOL), the current Return-on-Tangible-Asset is -18.47% as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Northern Ocean (OSL:NOL) Overvalued in 2026?
Based on GuruFocus' analysis, Northern Ocean stock appears to be overvalued.
The current stock price of kr7.44 is trading 22.6% above its estimated GF Value™ of kr6.07.
GuruFocus considers Northern Ocean to be Modestly Overvalued.
Key valuation signals for OSL:NOL:
Return-on-Tangible-Asset: -18.47%
GF Value™: kr6.07 vs. price of kr7.44 (22.6% above fair value)
No single metric tells the full story. See the OSL:NOL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Northern Ocean Ltd is an international offshore drilling contractor for the oil and gas industry. The company acquires and operates modern drilling assets and is engaged in offshore contract drilling in benign and harsh environments, including ultra-deep-water environments. It owns a semi-submersible rig, Deepsea Mira. The company earns revenue mainly from drilling contracts for rigs.
64GF Score
Get the complete analysis for OSL:NOL
Return-on-Tangible-Asset is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
OSL:NOL has been successfully added to your 
