Northern Ocean (OSL:NOL) ROCE %: -23.57% (As of Mar. 2026)

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Director of Data and Quant Analytics at GuruFocus
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OSL:NOL Northern Ocean Ltd OSL:NOL
61 GF Score
Price kr7.52
GF Value kr6.05
Valuation Modestly Overvalued
! 4 Warning Signs
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What is Northern Ocean ROCE %?

Northern Ocean OSL:NOL 61 ROCE % is -23.57% as of Mar. 2026. GuruFocus rates OSL:NOL with a GF Score™ of 61/100 and a GF Value™ of kr6.05 (Modestly Overvalued). The stock has 4 warning signs investors should review.

ROCE % measures how well a company generates profits from its capital. It is calculated as EBIT divided by Capital Employed, where Capital Employed is calculated as Total Assets minus Total Current Liabilities. Northern Ocean's annualized ROCE % for the quarter that ended in Mar. 2026 was -23.57%.

Northern Ocean  (OSL:NOL) ROCE % Explanation

ROCE % can be especially useful when comparing the performance of capital-intensive companies. Unlike ROE %, which indicates the profitability of Shareholders Equity, ROCE % also considers long-term debt in Capital Employed. This can be helpful when analyzing companies with significant debt, as the result is neutralized by taking debt into consideration.

Generally speaking, a higher ROCE % indicates a stonger profitability for a company. Moreover, it is important to look at the ratio from a long term perspective. Investors tend to favor companies with stable and rising ROCE % trend over those with volatile ones.

Northern Ocean ROCE % Related Terms

Northern Ocean ROCE % Historical Data

* Premium members only.

The historical data trend for Northern Ocean's ROCE % 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.

Northern Ocean ROCE % Chart

Northern Ocean Annual Data
Trend Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
ROCE %
Get a 7-Day Free Trial -6.04 -7.01 -2.45 -0.77 -6.24

Northern Ocean Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
ROCE % 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 1.92 0.35 -5.64 -32.14 -23.57
OSL:NOL
61GF Score
Northern Ocean Ltd OSL:NOL
ROCE % is just one metric. See GF Score™, valuation, warning signs, and more.
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Northern Ocean ROCE % Calculation

Northern Ocean's annualized ROCE % for the fiscal year that ended in Dec. 2025 is calculated as:

ROCE %=EBIT/( (Capital Employed+Capital Employed)/ count )
(A: Dec. 2025 )  (A: Dec. 2024 )(A: Dec. 2025 )
=EBIT/( ( (Total Assets - Total Current Liabilities)+(Total Assets - Total Current Liabilities) )/ count )
(A: Dec. 2025 )  (A: Dec. 2024 )(A: Dec. 2025 )
=-447.079/( ( (11574.594 - 751.228) + (5124.4 - 1611.788) )/ 2 )
=-447.079/( (10823.366+3512.612)/ 2 )
=-447.079/7167.989
=-6.24 %

Northern Ocean's ROCE % of for the quarter that ended in Mar. 2026 is calculated as:

ROCE %=EBIT (1)/( (Capital Employed+Capital Employed)/ count )
(Q: Mar. 2026 )  (Q: Dec. 2025 )(Q: Mar. 2026 )
=EBIT/( ( (Total Assets - Total Current Liabilities)+(Total Assets - Total Current Liabilities) )/ count )
(Q: Mar. 2026 )  (Q: Dec. 2025 )(Q: Mar. 2026 )
=-781.148/( ( (5124.4 - 1611.788) + (4557.468 - 1442.57) )/ 2 )
=-781.148/( ( 3512.612 + 3114.898 )/ 2 )
=-781.148/3313.755
=-23.57 %

(1) Note: The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.

* 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.

Frequently Asked Questions Learn more about ROCE % →
What does a ROCE % of -23.57% mean?
Northern Ocean (OSL:NOL) has a ROCE % of -23.57% as of Mar. 2026.
Is Northern Ocean's ROCE % too high?
Northern Ocean's current ROCE % is -23.57%. Overall, Northern Ocean has a GF Score™ of 61/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Northern Ocean's ROCE % compare to NE and RIG?
Northern Ocean's ROCE % of -23.57% can be compared against companies in the Oil & Gas industry. The industry median ROCE % is 6.88. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good ROCE % for an Oil & Gas company?
The median ROCE % among Oil & Gas companies is 6.88, based on 976 companies in the industry. Companies in the top quartile (top 25%) have a ROCE % significantly above this median, while those in the bottom quartile fall well below. However, ROCE % 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 ROCE % mean?
A high ROCE % can signal that a stock is expensive relative to its fundamentals. For the Oil & Gas industry, the median ROCE % is 6.88 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Northern Ocean's current ROCE % is -23.57%. 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 kr6.05, compared to a current price of kr7.52 — trading 24.3% above its estimated fair value. The current ROCE % is -23.57%. Northern Ocean's overall GF Score™ is 61/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is ROCE % calculated?
ROCE % is calculated from a company's financial statements. For Northern Ocean (OSL:NOL), the current ROCE % is -23.57% 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 kr7.52 is trading 24.3% above its estimated GF Value™ of kr6.05. GuruFocus considers Northern Ocean to be Modestly Overvalued.

Key valuation signals for OSL:NOL:

  • ROCE %: -23.57%
  • GF Value™: kr6.05 vs. price of kr7.52 (24.3% above fair value)
  • GF Score™: 61/100 with 4 warning signs

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 Business Description

Industry EnergyOil & Gas
Other Exchanges NTNOF:USANOLo:Sweden
Address 14 Par La Ville Road, Par La Ville Place, PO Box HM 1593, Hamilton, BMU, HM08
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.
61GF Score

Get the complete analysis for OSL:NOL

ROCE % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

kr7.52
Price
kr6.05
GF Value