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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.
Havila Kystruten AS's Sloan Ratio for the quarter that ended in Mar. 2026 was -26.33%.
Warning Sign:
When sloan ratio (-30.95)% higher than 25% or lower than -25%, earnings are more likely to be made up of accruals.
As of Mar. 2026, Havila Kystruten AS has a Sloan Ratio of -26.33%, indicating earnings are more likely to be made up of accruals.
Havila Kystruten AS (OSL:HKY) 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 Mar. 2026, Havila Kystruten AS has a Sloan Ratio of -26.33%, indicating earnings are more likely to be made up of accruals.
Havila Kystruten AS Sloan Ratio % Related Terms
Havila Kystruten AS Sloan Ratio % Historical Data
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The historical data trend for Havila Kystruten AS'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.
OSL:HKY vs BKNG, ABNB, RCL: Sloan Ratio % Comparison
For the Travel Services subindustry, Havila Kystruten AS'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.
Havila Kystruten AS Sloan Ratio % vs Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Havila Kystruten AS's Sloan Ratio % distribution charts can be found below:
* The bar in red indicates where Havila Kystruten AS'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.
Havila Kystruten AS's Sloan Ratio for the fiscal year that ended in Dec. 2025 is calculated as
Havila Kystruten AS's Net Income for the trailing twelve months (TTM) ended in Mar. 2026 was -272.184 (Jun. 2025 ) + -571.802 (Sep. 2025 ) + -161.143 (Dec. 2025 ) + 117.352 (Mar. 2026 ) = kr-888 Mil.
Havila Kystruten AS's Cash Flow from Operations for the trailing twelve months (TTM) ended in Mar. 2026 was 169.465 (Jun. 2025 ) + 41.588 (Sep. 2025 ) + 70.693 (Dec. 2025 ) + 96.547 (Mar. 2026 ) = kr378 Mil.
Havila Kystruten AS's Cash Flow from Investing for the trailing twelve months (TTM) ended in Mar. 2026 was -24.587 (Jun. 2025 ) + -12.645 (Sep. 2025 ) + -22.905 (Dec. 2025 ) + -13.533 (Mar. 2026 ) = kr-74 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.
Havila Kystruten AS (OSL:HKY) has a Sloan Ratio % of -26.33% as of Mar. 2026. Sloan ratio measures earnings quality based on the amount of accruals. View historical data on Havila Kystruten AS and its competitors.
Is Havila Kystruten AS's Sloan Ratio % too high?
Havila Kystruten AS's current Sloan Ratio % is -26.33%. Overall, Havila Kystruten AS has a GF Score™ of 52/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Havila Kystruten AS's Sloan Ratio % compare to BKNG and ABNB?
Havila Kystruten AS's Sloan Ratio % of -26.33% can be compared against companies in the Travel & Leisure 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 a Travel & Leisure company?
A good Sloan Ratio % depends on the Travel & Leisure 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 Havila Kystruten AS and its competitors. Havila Kystruten AS's current Sloan Ratio % is -26.33%. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Havila Kystruten AS stock overvalued right now?
Based on GuruFocus' analysis, Havila Kystruten AS (OSL:HKY) is currently considered Fairly Valued. The stock's GF Value™ is kr55.44, compared to a current price of kr51.50 — trading 7.1% below its estimated fair value. The current Sloan Ratio % is -26.33%. Havila Kystruten AS's overall GF Score™ is 52/100 with 6 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 Havila Kystruten AS (OSL:HKY), the current Sloan Ratio % is -26.33% 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 Havila Kystruten AS (OSL:HKY) Overvalued in 2026?
Based on GuruFocus' analysis, Havila Kystruten AS stock appears to be undervalued.
The current stock price of kr51.50 is trading 7.1% below its estimated GF Value™ of kr55.44.
GuruFocus considers Havila Kystruten AS to be Fairly Valued.
Key valuation signals for OSL:HKY:
Sloan Ratio %: -26.33%
GF Value™: kr55.44 vs. price of kr51.50 (7.1% below fair value)
No single metric tells the full story. See the OSL:HKY stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Havila Kystruten AS purpose is to operate shipping, transport, and tourism activities, including development and investment in other companies, and other activities naturally related thereto. It operates four vessels on the classic coastal route between Bergen and Kirkenes, using some of the environmentally friendly ships along the Norwegian coast.
52GF Score
Get the complete analysis for OSL:HKY
Sloan Ratio % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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