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Napatech A/S (NAPA) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Napatech A/S stock NOK 17.43, price NOK 36.30, that is 52.0% below the price, quality 40 out of 100. Rating: strongly overvalued. Calculated from audited financials with one of our 26 valuation models and 37 quality factors, updated daily.

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Technology NO · Home Denmark · ISIN DK0060520450

NA Napatech A/S logo Thin data Nov 4, 2026

Napatech A/S

NAPA · OL
Very expensive, weak quality

Our calculation puts a fair price 52% below what the stock costs today.

Low debt
Revenue last quarter +52% vs. a year ago.
Quality 40/100
Fair value kr 17.43 · Strongly overvalued (−52.0%)
Weak Growth (revenue 5y −5.5 %/yr in DKK)
Loss-making · -26.8% net margin (TTM)
Negative free cash flow
Trails peers (2/10)
Narrow moat 10/100 · thin data
Thin data
⚠ Dilution
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

kr 58.50 kr 7.90 Fair Value kr 17.43 Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 4, 2026.

How to read this chart

60‑month range kr 7.90 – kr 58.50 · fair‑value band kr 11.51 – kr 21.76 · the kr 36.30 price screens above the kr 17.43 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 4, 2026.

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Company profile

Napatech A/S provides programmable smart network interface cards and data processing units solutions for cloud, enterprise, and telecom datacenter networks in the Americas and internationally.

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The company provides Link Capture Software that enables packet capture with nanosecond timestamping and replay with precise inter-frame gap control; Link Inline Software provides a processing architecture which offloads and accelerates flow aware application dataplanes; Link-Virtualization Software, offloads and accelerates the Open vSwitch data plane to enhance CPU efficiency and network performance; Link-Storage Software, a solution for storage and network offload, virtualized cloud, and cloud-native or bare-metal server virtualization; Link-Security Software, offloads the TLS protocol from the host CPU to an DPU while maintaining full software compatibility at the application level; and Link Programmable, which enables end users and OEMs to deploy FPGA computation solutions.

It also provides capture products, including NT400D13, NT400D11, NT200A02, NT100A01, NT50B01, NT40A11, and N3070X SmartNIC; inline products, such as NT200A02 SmartNIC; and storage, security products, including F2070X DPU. In addition, the company offers solutions for 5G user plane function, cyber security, telecom, cloud and data centers, financial services, infrastructure and defense, network management, and virtualization.

Napatech A/S was incorporated in 2003 and is headquartered in Copenhagen, Denmark.

Stock analysis

Napatech A/S (NAPA) currently trades at kr 36.30, while our model-based Fair Value estimate is kr 17.43, 52% below the price, so the stock looks overvalued today.

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Valuation

How firm this estimate is: it rests on 1 models at a data quality of 95/100, which puts the data coverage at low.

Scenario range: kr 11.51 (bear) to kr 21.76 (bull), the price of kr 36.30 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 40/100 (below-average quality), in the Technology sector.

Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.

Napatech A/S reported revenue of 147M DKK in FY2025 versus 195M DKK in FY2021, a compound −6.9%/yr. Reported net income was −80.7M DKK in FY2025.

Key figures

Market cap 4.6B NOK (≈ $484M) Small · P/S ratio 26.0 · EPS (TTM) kr −0.6700 · Net margin −55.0% · Return on equity −23.8% · Return on assets (EBIT) −20.7% (5-year average) · Operating margin −19.2% · Revenue (TTM) 176M DKK.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 10 out of 100 (low confidence).

What moves the price

The share trades about 38% below its 52-week high and 45% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Technology peers we cover trades at −45% fair-value upside, at −52%, NAPA screens richer than that median.

Fair Value models

Bear kr 11.51 Fair Value kr 17.43 Bull kr 21.76
Price kr 36.30 · Downside -52.0%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
NCAV (Graham) kr 1.48 kr 2.24 kr 2.80 55
All 1 models by family
Asset-Based
NCAV (Graham) kr 1.48 kr 2.24 kr 2.80 55

The fair value above starts from this blend and is adjusted for dilution from new shares.

Open the full fair value analysis →

Quality Score breakdown

Overall quality 40/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 14
How much profit the company makes from its sales and capital
Quality Growth 93
Are margins and returns getting better?
Cashflow 0
Do the profits arrive as real cash?
Financial strength 98
Debt, balance sheet and risk of trouble
Investment 39
Does it invest with discipline instead of growing at any price?
Low Volatility 45
How calm the share price moves, does not count
Price momentum 38
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 38
Distance to the 52-week high, does not count
New shares 0
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 6/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+25.9%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−2.6%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−5.5%
Start year 2020 (pandemic). Over 10 years: −3.8% a year
Revenue growth 14 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+0.6%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
6.0% (2020) → −55.1% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

NAPA screens overvalued: fair value 52% below the price. Compare with Cisco Systems, Inc →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Communication Equipment · 302 stocks

Beats the industry median on 2/9 measures
Overall it trails its industry peers.
Valuation
Quality Score 40 · Bottom 25%
Fair Value upside −52.0% · Below median
Profitability
Return on assets −29.7% · Bottom 25%
Net margin (12 months) −26.8% · Bottom 25%
Operating margin (12 months) −19.2% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) 52.3% · Top 25%
Balance sheet
Debt / equity 0.02× · Below median

Valuation Multiplesvs Communication Equipment median · lower = cheaper

P/B 15.87× · Priciest 25%
P/S (12 months) 18.47× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 0
FUTURE (revenue growth)100 · sector 57
PAST (return on equity)0 · sector 21
HEALTH (low debt)99 · sector 98
DIVIDEND (yield)0 · sector 24

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Communication Equipment stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Cisco Systems, Inc CSCO $93.85 $105.29 +12% vs NAPA
Eoptolink Technology Inc 300502 ¥172.10 ¥189.31 +10% vs NAPA
Ubiquiti Inc UI $592.84 $652.12 +10% vs NAPA
Zhongji Innolight Co 300308 ¥448.00 ¥342.18 −24% vs NAPA
Nokia Oyj NOKIA €6.98 €3.87 −45% vs NAPA
Motorola Solutions, Inc MSI $514.51 $249.63 −51% vs NAPA
Foxconn Industrial Internet Co 601138 ¥40.71 ¥13.93 −66% vs NAPA
Ciena Corporation CIEN $243.39 $74.58 −69% vs NAPA
Yangtze Optical Fibre And Cable Joint Stock Limited 601869 ¥240.00 ¥59.92 −75% vs NAPA
Lumentum Holdings LITE $538.59 $85.88 −84% vs NAPA

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Napatech A/S: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Napatech A/S Fair Value". https://www.fairvalue-calculator.com/stock/NAPA

Frequently asked questions

Is Napatech A/S (NAPA) overvalued or undervalued?
As of Nov 4, 2026, our model estimates a fair value of kr 17.43 versus a price of kr 36.30, about 52% lower (overvalued).
What is the fair value of NAPA?
Our model-based fair value for Napatech A/S is kr 17.43 (as of Nov 4, 2026), built from audited fundamentals. The current price: kr 36.30.
What is the quality score of NAPA?
Napatech A/S has a Quality Score of 40/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Napatech A/S (NAPA)?
Our model-based price target is the fair value of kr 17.43 (as of Nov 4, 2026) from 1 valuation models. Cautious scenario kr 11.51, optimistic scenario kr 21.76. It is a calculation from audited fundamentals, not an analyst target.
What is the Napatech A/S stock forecast for 2026?
Our models put fair value at kr 17.43, about 52% lower versus a price of kr 36.30 (overvalued). Cautious scenario kr 11.51, optimistic scenario kr 21.76. The calculation is refreshed regularly with new filings.
What is the revenue of Napatech A/S (NAPA)?
Napatech A/S reported trailing-twelve-month revenue of about 176M DKK (latest available figure, as of Nov 4, 2026).
What is the intrinsic value of Napatech A/S (NAPA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Napatech A/S it is kr 17.43 per share (as of Nov 4, 2026), against a price of kr 36.30. It is the blended result of 1 valuation models in 1 family (Asset-Based).
Is Napatech A/S stock overvalued or undervalued in 2026?
As of Nov 4, 2026, NAPA trades above its calculated fair value: price kr 36.30, fair value kr 17.43, a gap of about −52% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of NAPA?
No. The price is what the market pays today (kr 36.30); the fair value is what the company's own numbers justify (kr 17.43). For Napatech A/S the two are kr 18.88 per share apart. That gap is exactly why we show both numbers side by side.
How much is Napatech A/S worth?
The market values Napatech A/S at about 4.6B NOK (market capitalisation, as of Nov 4, 2026). Per share that is kr 36.30; our models calculate a fair value of kr 17.43 per share.
What do the bullish and bearish scenarios say about NAPA?
Our models span a range for Napatech A/S: cautious scenario kr 11.51, base kr 17.43, optimistic kr 21.76 per share (as of Nov 4, 2026, price kr 36.30). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Napatech A/S (NAPA)?
Balance-sheet figures for Napatech A/S (as of Nov 4, 2026): return on equity −23.8%, debt of 0.02 per unit of equity. They feed the Quality Score of 40/100, which measures business quality independently of the share price.
How far is NAPA from its 52-week high?
Napatech A/S trades at kr 36.30, about 38% below its 52-week high of kr 58.50 and 45% above the low of kr 25.10 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of kr 17.43 is for.
Which stocks are comparable to Napatech A/S?
From the same area (Technology) we also value Cisco Systems, Inc, Foxconn Industrial Internet Co, Zhongji Innolight Co, Motorola Solutions, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Napatech A/S stock attractive at the current price?
The data as of Nov 4, 2026: price kr 36.30, calculated fair value kr 17.43 (−52%), Quality Score 40/100, from 1 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of NAPA calculated?
We run Napatech A/S through 1 models from 1 family: Asset-Based. Every model gets the same audited fundamentals; the fair value of kr 17.43 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. Napatech A/S itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Napatech A/S (NAPA)?
The closing price on Nov 6, 2026 was kr 36.30. Our model-based fair value is kr 17.43, about 52% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Napatech A/S right now?
The price sits above even our optimistic bull case (kr 21.76). The favourable scenario is already priced in. Weak quality (40/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (kr 11.51 to kr 21.76) leaves room in how you read the outcome.

Key figures of Napatech A/S

How large is the market capitalisation of Napatech A/S (NAPA)?
The market capitalisation of Napatech A/S is 4.6B NOK (≈ $484M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Napatech A/S (NAPA)?
The price-to-sales ratio of Napatech A/S is 26.0 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Napatech A/S (NAPA)?
Earnings per share at Napatech A/S are kr −0.6700. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Napatech A/S (NAPA)?
The net margin of Napatech A/S is −55.0% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Napatech A/S (NAPA)?
The return on equity (ROE) of Napatech A/S is −23.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Napatech A/S (NAPA)?
On an EBIT basis the return on assets of Napatech A/S is −20.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Napatech A/S (NAPA)?
The operating margin of Napatech A/S is −19.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Napatech A/S (NAPA)?
Revenue at Napatech A/S is growing +52.3% versus a year earlier (3y avg −2.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Napatech A/S (NAPA)?
Earnings per share at Napatech A/S are growing +286% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Napatech A/S (NAPA) generate?
The free cash flow of Napatech A/S is −42.2M DKK (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Napatech A/S (NAPA) carry?
The net debt of Napatech A/S is 1.7M DKK (fiscal year 2023). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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