Norwegian Air Shuttle ASA (OSL:NAS) Shiller PE Ratio: (As of Sep. 22, 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.

OSL:NAS Norwegian Air Shuttle ASA OSL:NAS
72 GF Score
Price kr12.18
GF Value kr15.92
Valuation Modestly Undervalued
! 4 Warning Signs
View Full Analysis

What is Norwegian Air Shuttle ASA Shiller PE Ratio?

Shiller PE for Stocks: The True Measure of Stock Valuation


Norwegian Air Shuttle ASA  (OSL:NAS) Shiller PE Ratio Explanation

Compared with the regular PE Ratio, which works poorly for cyclical businesses, the Shiller PE Ratio smoothed out the fluctuations of profit margins during business cycles. Therefore it is more accurate in reflecting the valuation of the company.

If a company has consistent business performance, the Shiller PE Ratio should give similar results to regular PE Ratio.

Compared with the PS Ratio, the Shiller PE Ratio makes the comparison between different industries more meaningful.


Be Aware

Shiller PE Ratio assumes that over the long term, businesses and profitability revert to their means. If a company's business model does not work in the future compared with the past, Shiller PE Ratio and PS Ratio will give false valuations.


Norwegian Air Shuttle ASA Shiller PE Ratio Related Terms


Norwegian Air Shuttle ASA Shiller PE Ratio Historical Data

* Premium members only.

The historical data trend for Norwegian Air Shuttle ASA's Shiller PE 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.

Norwegian Air Shuttle ASA Shiller PE Ratio Chart

Norwegian Air Shuttle ASA Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Shiller PE Ratio
Get a 7-Day Free Trial Premium Member Only Premium Member Only - - - - -

Norwegian Air Shuttle ASA Quarterly Data
Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26 Jun26
Shiller PE 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 - - - - -

OSL:NAS vs DAL, UAL, LUV: Shiller PE Ratio Comparison

For the Airlines subindustry, Norwegian Air Shuttle ASA's Shiller PE Ratio, along with its competitors' market caps and Shiller PE 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.


Norwegian Air Shuttle ASA Shiller PE Ratio vs Transportation Industry

For the Transportation industry and Industrials sector, Norwegian Air Shuttle ASA's Shiller PE Ratio distribution charts can be found below:

* The bar in red indicates where Norwegian Air Shuttle ASA's Shiller PE Ratio falls into.


OSL:NAS
72GF Score
Norwegian Air Shuttle ASA OSL:NAS
Shiller PE Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Norwegian Air Shuttle ASA Shiller PE Ratio Calculation

For Shiller PE Ratio, the earnings of the past 10 years are inflation-adjusted and averaged. The result is used for P/E calculation. Since it looks at the average over the last 10 years, the Shiller PE Ratio is also called PE10.

The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The same calculation is applied here to individual companies.

Norwegian Air Shuttle ASA's E10 for the quarter that ended in Jun. 2026 is calculated as:

For example, Norwegian Air Shuttle ASA's adjusted earnings per share data for the three months ended in Jun. 2026 was:

Adj_EPS=Earnings per Share (Diluted)/CPI of Jun. 2026 (Change)*Current CPI (Jun. 2026)
=-0.5278/141.6200*141.6200
=-0.528

Current CPI (Jun. 2026) = 141.6200.

Norwegian Air Shuttle ASA Quarterly Data

Earnings per Share (Diluted) CPI Adj_EPS
201609 728.590 104.200 990.239
201612 144.117 104.400 195.496
201703 -1,107.563 105.000 -1,493.839
201706 -520.421 105.800 -696.617
201709 813.992 105.900 1,088.551
201712 -538.622 106.100 -718.941
201803 -33.631 107.300 -44.388
201806 185.359 108.500 241.941
201809 752.182 109.500 972.822
201812 -1,780.896 109.800 -2,296.998
201903 -767.515 110.400 -984.560
201906 25.085 110.600 32.121
201909 565.214 111.100 720.483
201912 -597.166 111.300 -759.844
202003 111.200 0.000
202006 -16.844 112.100 -21.279
202009 -13.444 112.900 -16.864
202012 -207.254 112.900 -259.976
202103 -13.892 114.600 -17.167
202106 3.929 115.300 4.826
202109 0.211 117.500 0.254
202112 0.120 118.900 0.143
202203 -1.113 119.800 -1.315
202206 1.109 122.600 1.281
202209 0.808 125.600 0.911
202212 -0.128 125.900 -0.144
202303 -1.067 127.600 -1.184
202306 0.477 130.400 0.518
202309 1.811 129.800 1.976
202312 0.129 131.900 0.138
202403 -0.939 132.600 -1.003
202406 0.423 133.800 0.448
202409 1.779 133.700 1.885
202412 -0.231 134.800 -0.243
202503 -0.785 136.100 -0.817
202506 0.808 137.800 0.830
202509 2.414 138.500 2.468
202512 -0.015 139.140 -0.015
202603 -0.344 141.060 -0.345
202606 -0.528 141.620 -0.528

Add all the adjusted EPS together and divide 10 will get our E10.

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 Norwegian Air Shuttle ASA (OSL:NAS) Overvalued in 2026?

Based on GuruFocus' analysis, Norwegian Air Shuttle ASA stock appears to be undervalued. The current stock price of kr12.18 is trading 23.5% below its estimated GF Value™ of kr15.92. GuruFocus considers Norwegian Air Shuttle ASA to be Modestly Undervalued.

Key valuation signals for OSL:NAS:

  • Shiller PE Ratio:
  • GF Value™: kr15.92 vs. price of kr12.18 (23.5% below fair value)
  • GF Score™: 72/100 with 4 warning signs

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


Norwegian Air Shuttle ASA Business Description

Address Oksenoyveien 3, Fornebu, P.O. Box 115, Lysaker, NOR, NO-1366
Norwegian Air Shuttle ASA is a Norwegian low-cost airline operating under the Norwegian brand. It provides short-haul passenger flights within Norway and the Nordic region and to destinations across Europe, serving leisure and business travellers through a point-to-point network. The company operates a fleet of Boeing 737 aircraft, including the 737-800 and 737 MAX 8, and focuses on a single-class, low-fare model with ancillary revenue from baggage, seat selection, and onboard sales. Its main base is at Oslo Airport Gardermoen, with additional bases in Norway, Denmark, Sweden, and Finland. Norwegian also operates the loyalty programme Norwegian Reward. The Wideroe regional airline, previously part of the group, was sold in 2023. The company is listed on the Oslo Stock Exchange.
72GF Score

Get the complete analysis for OSL:NAS

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

kr12.18
Price
kr15.92
GF Value