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Richard Sloan from the University of Michigan was first to document what is referred to as the "accrual anomaly". His 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones.
NEL ASA's Sloan Ratio for the quarter that ended in Jun. 2026 was -14.90%.
As of Jun. 2026, NEL ASA has a Sloan Ratio of -14.90%, indicating there is a warning stage of accrual build up.
NEL ASA (OTCPK:NLLSF) Sloan Ratio % Explanation
A former University of Michigan researcher, Richard Sloan's 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones. In fact, for the 40-year period between 1962 and 2001, buying the lowest accrual companies and shorting the highest accrual companies resulted in an average annual compounded return of 18%, more than double the S&P 500's 7.4% annual return over the same period.
If the Sloan Ratio is between -10% and 10%, the company is in the safe zone and there is no funny business with accruals.
If the Sloan Ratio is less than between -25% and -10% on the negative side, and between 10% and 25% on the positive side, this is a warning stage of accrual build up.
If the Sloan Ratio is less than -25% or greater than 25%, and this ratio is consistent over several quarters or even years, be careful. Earnings are highly likely to be made up of accruals.
As of Jun. 2026, NEL ASA has a Sloan Ratio of -14.90%, indicating there is a warning stage of accrual build up.
NEL ASA Sloan Ratio % Related Terms
NEL ASA Sloan Ratio % Historical Data
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The historical data trend for NEL ASA's Sloan 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.
For the Specialty Industrial Machinery subindustry, NEL ASA's Sloan Ratio %, along with its competitors' market caps and Sloan 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.
NEL ASA Sloan Ratio % vs Industrial Products Industry
For the Industrial Products industry and Industrials sector, NEL ASA's Sloan Ratio % distribution charts can be found below:
* The bar in red indicates where NEL ASA's Sloan Ratio % falls into.
Earnings contain a lot of non cash earnings which is called accruals. The Sloan ratio is a way to identify firms with low non-cash or accrual-derived earnings relative to their cash flow.
NEL ASA's Sloan Ratio for the fiscal year that ended in Dec. 2025 is calculated as
NEL ASA's Net Income for the trailing twelve months (TTM) ended in Jun. 2026 was -8.519 (Sep. 2025 ) + -86.115 (Dec. 2025 ) + -14.88 (Mar. 2026 ) + -19.678 (Jun. 2026 ) = $-129.19 Mil.
NEL ASA's Cash Flow from Operations for the trailing twelve months (TTM) ended in Jun. 2026 was -13.27 (Sep. 2025 ) + -0.977 (Dec. 2025 ) + -17.107 (Mar. 2026 ) + 0.175 (Jun. 2026 ) = $-31.18 Mil.
NEL ASA's Cash Flow from Investing for the trailing twelve months (TTM) ended in Jun. 2026 was -2.791 (Sep. 2025 ) + -11.682 (Dec. 2025 ) + -0.086 (Mar. 2026 ) + -11.33 (Jun. 2026 ) = $-25.89 Mil.
* 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.
NEL ASA (NLLSF) has a Sloan Ratio % of -14.90% as of Jun. 2026. Sloan ratio measures earnings quality based on the amount of accruals. View historical data on NEL ASA and its competitors.
Is NEL ASA's Sloan Ratio % too high?
NEL ASA's current Sloan Ratio % is -14.90%. Overall, NEL ASA has a GF Score™ of 56/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does NEL ASA's Sloan Ratio % compare to GEV and ETN?
NEL ASA's Sloan Ratio % of -14.90% can be compared against companies in the Industrial Products industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Sloan Ratio % for an Industrial Products company?
A good Sloan Ratio % depends on the Industrial Products industry context. However, Sloan Ratio % 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 Sloan Ratio % mean?
A high Sloan Ratio % can signal that a stock is expensive relative to its fundamentals. Sloan ratio measures earnings quality based on the amount of accruals. View historical data on NEL ASA and its competitors. NEL ASA's current Sloan Ratio % is -14.90%. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is NEL ASA stock overvalued right now?
Based on GuruFocus' analysis, NEL ASA (NLLSF) is currently considered Fairly Valued. The stock's GF Value™ is $0.23, compared to a current price of $0.22 — trading 4.3% below its estimated fair value. The current Sloan Ratio % is -14.90%. NEL ASA's overall GF Score™ is 56/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Sloan Ratio % calculated?
Sloan Ratio % is calculated from a company's financial statements. For NEL ASA (NLLSF), the current Sloan Ratio % is -14.90% as of Jun. 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 NEL ASA (NLLSF) Overvalued in 2026?
Based on GuruFocus' analysis, NEL ASA stock appears to be undervalued.
The current stock price of $0.22 is trading 4.3% below its estimated GF Value™ of $0.23.
GuruFocus considers NEL ASA to be Fairly Valued.
Key valuation signals for NLLSF:
Sloan Ratio %: -14.90%
GF Value™: $0.23 vs. price of $0.22 (4.3% below fair value)
No single metric tells the full story. See the NLLSF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
NEL ASA is a hydrogen company delivering optimal solutions to produce, store, and distribute hydrogen from renewable energy. It serves industries, energy, and gas companies with hydrogen technology. The company's hydrogen solutions cover the entire value chain from hydrogen production technologies to the manufacturing of hydrogen fueling stations, providing all fuel cell electric vehicles with the same fast fueling and long range as conventional vehicles. The company's segments include Nel Alkaline Electrolyser and Nel PEM Electrolyser. It generates maximum revenue from the Nel Alkaline Electrolyser. Nel Alkaline Electrolyser is a supplier of hydrogen production equipment based on alkaline water electrolysis technology.
56GF Score
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