Nammo: The State-Owned Ammunition Maker Behind Ukraine's 155mm Shells
Nammo is one of the most strategically important defense companies you cannot buy shares in. The Norwegian-Finnish ammunition and energetics group is state-owned — split 50/50 between the Norwegian government and Finland's Patria — and is not listed on any stock exchange, so it has no market capitalization. What it does have is scarce, high-demand capacity: 155mm artillery shells, the propellant that fires them, rocket motors and shoulder-launched anti-armor weapons. As artillery dominated the Ukraine war and Western stockpiles ran dry, Nammo's revenue surged to roughly NOK 14.4 billion in 2025.
Ownership & Financials
Nammo AS is not exchange-listed and therefore has no market capitalization. Ownership is evenly split between the Norwegian state, through the Ministry of Trade, Industry and Fisheries, and Finland's Patria — itself majority-owned by the Finnish state, with a minority Kongsberg stake. The proper way to size Nammo is through revenue, profit and backlog rather than a share price.
| Metric | Detail |
|---|---|
| Status | Private, state-owned — not exchange-listed |
| Ownership | 50% Norwegian state · 50% Patria (Finland) |
| Revenue 2025 (approx.) | ~NOK 14.4B (+~32% y/y) |
| Pre-tax profit 2025 (approx.) | ~NOK 1.74B (record) |
| Order backlog end-2025 (approx.) | ~NOK 55B |
| Core products | 155mm shells, propellant/rocket motors, shoulder-launched weapons |
⚠ Revenue, profit and backlog figures are approximate, from Nammo's 2025 annual and sustainability report (source). Nammo is state-owned and private; there is no market cap. Not investment advice.
Why Nammo Matters in Ukraine
Artillery has been the dominant killer of the Ukraine war, with both sides firing enormous numbers of 155mm and other shells. That made the small group of European companies able to manufacture shells and propellant at scale suddenly indispensable, and Nammo sits squarely in that group.
When deliveries to Ukraine and rising NATO consumption emptied Western stockpiles, the binding constraint was not money but production capacity — especially for the energetics that fill and fire each round. Nammo's revenue more than doubled from pre-war levels as governments rushed to place orders and fund expansion.
Because Nammo is state-owned by Norway and Finland, its expansion has also become an instrument of allied policy, with public funding directed at building durable shell and propellant capacity for the long term.
Shells, Propellant and the M72
Nammo's portfolio centers on energetics and ammunition. It produces 155mm artillery shells and the propelling charges that fire them, medium- and small-caliber ammunition, and rocket motors and propellant used in missiles and space applications. This vertical position — from raw energetics to finished rounds — is unusual and strategically valuable.
On the infantry side, Nammo makes the M72 LAW, a lightweight, single-use shoulder-fired anti-armor weapon supplied to Ukraine in large numbers for close-range defense against armored vehicles. Demand for such disposable launchers has climbed sharply across NATO since 2022.
The combination of consumable shells, scarce propellant and high-volume infantry weapons gives Nammo both recurring revenue and the kind of capacity that Western governments treat as a national-security priority.
Capacity Expansion
Nammo has launched a wave of capacity investments to meet wartime and replenishment demand. The Norwegian government earmarked substantial funding — around NOK 1 billion of a larger defense-industry package — specifically to lift artillery-shell output, and Nammo has expanded propellant and shell production across its Nordic sites.
The company has also extended its footprint abroad: it opened a 155mm-related production facility in Perry, Florida, and was selected to restart ammunition production at a previously shuttered plant in Denmark. These projects aim to multiply shell output rather than nudge it, reflecting the scale of the demand shock.
Building energetics capacity is slow and capital-intensive, but it is precisely this hard-to-replicate capability that has driven Nammo's record backlog above NOK 50 billion.
Risks and Outlook
The main risk to Nammo's trajectory is the long-run path of the war and of European ammunition budgets. A durable ceasefire could eventually slow new ordering, although NATO's need to rebuild depleted stockpiles is expected to run for years and would cushion any slowdown.
Execution risk is real: scaling explosives and propellant production safely is difficult, and supply chains for raw materials such as nitrocellulose are tight. Because Nammo is state-owned, it is also somewhat insulated from short-term market pressure, which supports long-horizon investment but ties its strategy to government priorities.
On balance, Nammo's record backlog and the structural shortage of European energetics capacity point to several years of strong, contracted demand.
Key Data
| Metric | Value |
|---|---|
| Listing status | Private, state-owned — not exchange-listed (no ticker) |
| Country | Norway & Finland |
| Ownership | 50% Norwegian state · 50% Patria (Finland) |
| Segments | artillery ammunition, propellant & rocket motors, shoulder-launched weapons |
| Revenue 2025 (approx.) | ~NOK 14.4B |
| Order backlog end-2025 (approx.) | ~NOK 55B |
| Ukraine relevance | Major maker of 155mm shells and propellant plus the M72 anti-armor weapon; expanding shell capacity for Ukraine and NATO replenishment. |
⚠ Financial figures are approximate, from Nammo's 2025 annual report (source). No market cap exists because the company is state-owned and private. Not investment advice.
Frequently Asked Questions
Is Nammo publicly traded?
No. Nammo AS is a privately held, state-owned company and is not listed on any stock exchange, so it has no market capitalization or traded share price. It is owned 50% by the Norwegian state and 50% by the Finnish defense group Patria.
Who owns Nammo?
Nammo is owned 50% by the Norwegian Ministry of Trade, Industry and Fisheries and 50% by Finland's Patria. Patria is itself majority-owned by the Finnish state, with a minority stake held by Norway's Kongsberg Defence & Aerospace, so Nammo is effectively a Nordic state-backed venture.
What does Nammo make?
Nammo specializes in ammunition and energetics: 155mm artillery shells, medium- and small-caliber ammunition, rocket motors and propellant, and shoulder-launched weapons such as the M72 anti-armor system. It is one of the most important ammunition makers supporting Ukraine and NATO replenishment.
How much revenue does Nammo make?
Nammo reported revenue of roughly NOK 14.4 billion in 2025, up about 32% year-on-year, with a record pre-tax profit and an order backlog that rose to around NOK 55 billion. Revenue had already climbed to about NOK 10.9 billion in 2024 from lower pre-war levels.
Why is Nammo important for Ukraine?
Artillery has been decisive in the war, and Nammo is a leading European maker of 155mm shells and the propellant that fires them. Western stockpiles were quickly depleted, so Nammo's ability to ramp shell and energetics production became one of the most strategically valuable capabilities in European defense.
Is Nammo expanding production?
Yes. Nammo is investing heavily to expand 155mm shell and propellant capacity, supported by Norwegian government funding and new contracts, and has taken on projects to restart or build ammunition lines in several countries, including a plant in the United States and work in Denmark.
What is the M72 and why does it matter?
The M72 LAW is a lightweight, shoulder-fired anti-armor weapon made by Nammo. Large numbers have been supplied to Ukraine for close-range defense against armored vehicles, and demand for such disposable launchers has risen sharply across NATO since 2022.
Can I find a Nammo market cap or share price?
No. Because Nammo is private and state-owned, it is not exchange-listed and has no official market capitalization or share price. The right way to size the company is through its revenue, profit and order backlog, which it publishes in annual reports.
Could a ceasefire hurt Nammo?
A durable ceasefire could slow new ammunition ordering over time. However, NATO members still need to rebuild stockpiles depleted by deliveries to Ukraine, a multi-year process, and Nammo's record backlog gives it years of contracted work regardless of the near-term path of the war.
Where can I verify Nammo's financial figures?
Nammo publishes revenue, profit and backlog figures in its annual and sustainability reports, and these are reported by defense and business media. Because the company is private, there is no daily market-cap data; rely on the official reports and reputable reporting. This page is analysis, not investment advice.