Kongsberg Gruppen: Market Cap, NSM and NASAMS in the Ukraine War
Kongsberg Gruppen ASA, the Norwegian technology group listed in Oslo as KOG, has become one of Europe's clearest defense winners of the post-2022 rearmament. Best known for the Naval Strike Missile and, with the United States, the NASAMS air-defense system, Kongsberg has watched its market value climb from roughly NOK 17 billion at the end of 2016 to around NOK 270 billion in mid-2026 — an increase of roughly fifteenfold. Strong precision-strike and air-defense demand from NATO members, and direct deliveries to Ukraine, have turned a diversified maritime-and-defense group into a structural-growth defense story.
Market Capitalization 2016 → 2026
Kongsberg entered the decade as a mid-cap Norwegian industrial group split between maritime systems and a smaller defense arm. By 2026 it had become one of the most valuable companies on the Oslo exchange, with defense the dominant growth engine.
| Metric | Value (NOK) |
|---|---|
| Market cap ~2016 (approx., as of 2016-12-31) | ~NOK 17B |
| Market cap 2026 (as of 2026-06-14) | ~NOK 270B |
| Approx. growth | ~15x |
⚠ Figures are approximate, rounded, and based on public market-data aggregators (source). The 2016 value is an estimate; the 2026 value is an as-of snapshot that changes daily with the share price and NOK/USD rate (the cap traded as high as roughly NOK 368B in April 2026). Not investment advice.
What Drove the Re-Rating
Before February 2022, Kongsberg was valued largely on its maritime business, with defense seen as a steady but cyclical contributor tied to a handful of missile and air-defense programs. The shares traded on modest multiples relative to global defense primes.
Russia's full-scale invasion of Ukraine changed the demand picture almost overnight. European and NATO buyers rushed to buy precision-strike weapons and air-defense systems — exactly the categories where Kongsberg holds leading products. Orders for the Naval Strike Missile and NASAMS climbed sharply, and the company's defense backlog reached record highs.
Investors re-rated Kongsberg from a maritime-led conglomerate into a structural-growth defense supplier. The Defence & Aerospace unit became the fastest-growing segment, and management raised medium-term revenue ambitions repeatedly as the order book swelled.
Role in the Ukraine War
Kongsberg's link to Ukraine is direct and high-profile. NASAMS units, co-produced with the U.S. firm Raytheon (RTX), have been delivered to Ukraine to defend cities and critical infrastructure against Russian cruise missiles and drones, and have built a strong export reputation.
The Naval Strike Missile has been used by Ukrainian coastal batteries against Russian Black Sea Fleet vessels, reinforcing the weapon's reputation as a credible anti-ship deterrent. NATO navies have since ordered the missile in volume, both to arm new platforms and to deter further aggression.
This combination of operational use in Ukraine and large follow-on orders from allied states gives Kongsberg an unusually clear demand narrative, supported by long-duration framework contracts.
NSM, NASAMS and the Product Mix
Kongsberg's growth rests on two flagship defense products. The Naval Strike Missile is a long-range, sea-skimming anti-ship and land-attack weapon, while NASAMS is a networked ground-based air-defense system pairing Kongsberg launchers and command-and-control with AMRAAM and other interceptors.
Beyond these, Kongsberg Defence & Aerospace supplies remote weapon stations, command systems, space and surveillance technology, and components for major Western fighter programs. The group also retains two large non-defense arms: Kongsberg Maritime, a leader in ship systems and automation, and Kongsberg Discovery, focused on sensors and ocean technology.
This diversification means Kongsberg is not a pure-play defense company, but defense has clearly become the segment driving both growth and valuation since 2022.
Revenue and Backlog
Group revenue reached roughly NOK 58.6 billion in 2025, up around 17% on an underlying basis, with Defence & Aerospace growing about 32% and the operating margin improving to roughly 14%. The order backlog rose to record levels above NOK 150 billion by year-end, led by large air-defense and missile contracts such as a multi-billion-kroner NASAMS deal with Denmark.
Management has set long-term revenue ambitions stretching toward NOK 100 billion and beyond later this decade. Because much of the backlog reflects multi-year framework contracts, it provides forward visibility that underpins the higher valuation rather than a one-off spike.
Key Data
| Metric | Value |
|---|---|
| Ticker / exchange | KOG · Oslo Børs (Euronext Oslo) |
| Country | Norway |
| Status | Publicly listed; ~50% owned by the Norwegian state |
| Segments | defense & aerospace, maritime, discovery |
| Revenue 2025 (approx.) | ~NOK 58.6B |
| Market cap (as of 2026-06-14) | ~NOK 270B |
| Ukraine relevance | NASAMS air defense (with RTX/Raytheon) and Naval Strike Missile delivered to / used by Ukraine; major NATO follow-on orders. |
⚠ Revenue and backlog from Kongsberg's 2025 results (source). Market cap is an approximate as-of snapshot. Not investment advice.
Frequently Asked Questions
How much has Kongsberg Gruppen's market cap grown since 2016?
Kongsberg Gruppen's market capitalization rose from roughly NOK 17 billion at the end of 2016 to around NOK 270 billion in mid-2026 — an increase of roughly fifteenfold. Figures are approximate and based on public market-data aggregators; the 2026 value is an as-of snapshot that moves with the share price and the NOK/USD rate.
Is Kongsberg Gruppen publicly listed?
Yes. Kongsberg Gruppen ASA trades on the Oslo Stock Exchange (Euronext Oslo Børs) under the ticker KOG. The Norwegian state, through the Ministry of Trade, Industry and Fisheries, remains the largest single shareholder with roughly half of the company.
What drove Kongsberg's share-price re-rating?
The main drivers are the Naval Strike Missile (NSM) and the NASAMS air-defense system, co-developed with the United States. Russia's invasion of Ukraine triggered a surge in demand for precision strike and air defense across NATO, lifting Kongsberg's defense order book to record highs and re-rating the shares.
What is NASAMS and how is it linked to Ukraine?
NASAMS is a ground-based air-defense system Kongsberg developed jointly with the U.S. firm Raytheon (RTX). It has been delivered to Ukraine to protect cities and critical infrastructure against Russian missiles and drones, and has become one of the most sought-after Western air-defense exports.
What is the Naval Strike Missile?
The Naval Strike Missile (NSM) is a long-range, sea-skimming anti-ship and land-attack missile. Ukraine has used coastal NSM batteries against Russian Black Sea Fleet targets, and NATO navies have ordered the missile in large numbers, making it a core Kongsberg growth product.
How much revenue does Kongsberg Gruppen make?
Group revenue reached roughly NOK 58.6 billion in 2025, with around 17% underlying growth and the Defence & Aerospace unit the fastest-growing segment. The order backlog rose to record levels above NOK 150 billion, supporting forward revenue visibility.
Who owns Kongsberg Gruppen?
The Norwegian government is the largest shareholder, holding close to 50% through the Ministry of Trade, Industry and Fisheries. The remaining shares are widely held by institutional and private investors and trade freely on the Oslo exchange.
Does Kongsberg make more than weapons?
Yes. Alongside Kongsberg Defence & Aerospace, the group runs Kongsberg Maritime (ship systems and automation) and Kongsberg Discovery (sensors and ocean technology). Defense has been the fastest-growing arm since 2022, but the maritime and discovery units remain substantial businesses.
Could a ceasefire hurt Kongsberg's valuation?
A durable ceasefire that lowered the perceived threat could slow new ordering and pressure the high valuation. However, multi-year NSM and NASAMS contracts and the need to replenish depleted NATO stockpiles would cushion any near-term slowdown.
Where can I verify Kongsberg's market cap figures?
Current and historical figures are published by market-data aggregators such as companiesmarketcap.com, stockanalysis.com and macrotrends.net, and in Kongsberg's own investor filings. Always check the as-of date and currency, since market cap changes daily. This page is analysis, not investment advice.