Northcoders Group PLC (CODE) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Northcoders Group PLC stock £0.09, price £0.21, that is 57.1% below the price, quality 45 out of 100. Rating: strongly overvalued. Calculated from audited financials with one of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 4, 2026.
How to read this chart
60‑month range £0.1800 – £3.80 · fair‑value band £0.0600 – £0.1100 · the £0.2100 price screens above the £0.0900 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 4, 2026.
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Northcoders Group PLC provides training programs for software coding to individual and corporate customers in the United Kingdom.
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The company offers bootcamp training courses for software development, data engineering, cloud engineering, AI and machine learning, and corporate academies; and consultancy services. It also engages in the provision of software development training courses; and non-trading activities.
Northcoders Group PLC was founded in 2015 and is headquartered in Manchester, the United Kingdom.
Stock analysis
Northcoders Group PLC (CODE) currently trades at £0.2100, while our model-based Fair Value estimate is £0.0900, 57% 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 96/100, which puts the data coverage at low.
Scenario range: £0.0600 (bear) to £0.1100 (bull), the price of £0.2100 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 45/100 (below-average quality), in the Consumer Defensive sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Northcoders Group PLC reported revenue of £4.9M in FY2025 versus £3.0M in FY2021, a compound +13.2%/yr. Reported net income was −£3.0M in FY2025.
Key figures
Market cap £1.7M Micro · P/S ratio 0.64 · EPS (TTM) £−0.4800 · Net margin −143% · Return on equity −106% · Return on assets (EBIT) −8.3% (5-year average) · Operating margin −41.3% · Revenue (TTM) £2.6M.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 8 out of 100 (low confidence).
What moves the price
The share trades about 41% below its 52-week high and 17% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Defensive peers we cover trades at 31% fair-value upside, at −57%, CODE screens richer than that median.
Fair Value models
Bear£0.0600Fair Value £0.0900Bull£0.1100
Price £0.2100 · Downside -57.1%
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.
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.38/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−43.9%
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.
−4.0%
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.
+29.8%
Start year 2020 (pandemic)
Revenue growth 7 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.
+23.7%
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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.
−84.6% (2020) → −24.3% (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
Price, fair value, quality and upside side by side.
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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.Education & Training Services · 108 stocks
Beats the industry median on 2/9 measures
Overall it trails its industry peers.
Valuation
Quality Score45 · Bottom 25%
Fair Value upside−57.1% · Bottom 25%
Profitability
Return on assets−73.9% · Bottom 25%
Net margin (12 months)−142.8% · Bottom 25%
Operating margin (12 months)−41.3% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)−63.1% · Bottom 25%
Balance sheet
Debt / equity0.35× · Above median
Valuation Multiplesvs Education & Training Services median · lower = cheaper
P/B0.72× · Cheapest 25%
P/S (12 months)0.64× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 48
FUTURE (revenue growth)0· sector 21
PAST (return on equity)0· sector 28
HEALTH (low debt)83· sector 95
DIVIDEND (yield)0· sector 58
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Northcoders Group PLC Fair Value". https://www.fairvalue-calculator.com/stock/CODE
Frequently asked questions
Is Northcoders Group PLC (CODE) overvalued or undervalued?
As of Nov 4, 2026, our model estimates a fair value of £0.0900 versus a price of £0.2100, about 57% lower (overvalued).
What is the fair value of CODE?
Our model-based fair value for Northcoders Group PLC is £0.0900 (as of Nov 4, 2026), built from audited fundamentals. The current price: £0.2100.
What is the quality score of CODE?
Northcoders Group PLC has a Quality Score of 45/100. 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 Northcoders Group PLC (CODE)?
Our model-based price target is the fair value of £0.0900 (as of Nov 4, 2026) from 1 valuation models. Cautious scenario £0.0600, optimistic scenario £0.1100. It is a calculation from audited fundamentals, not an analyst target.
What is the Northcoders Group PLC stock forecast for 2026?
Our models put fair value at £0.0900, about 57% lower versus a price of £0.2100 (overvalued). Cautious scenario £0.0600, optimistic scenario £0.1100. The calculation is refreshed regularly with new filings.
What is the revenue of Northcoders Group PLC (CODE)?
Northcoders Group PLC reported trailing-twelve-month revenue of about £2.6M (latest available figure, as of Nov 4, 2026).
What is the intrinsic value of Northcoders Group PLC (CODE)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Northcoders Group PLC it is £0.0900 per share (as of Nov 4, 2026), against a price of £0.2100. It is the blended result of 1 valuation models in 1 family (Asset-Based).
Is Northcoders Group PLC stock overvalued or undervalued in 2026?
As of Nov 4, 2026, CODE trades above its calculated fair value: price £0.2100, fair value £0.0900, a gap of about −57% (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 CODE?
No. The price is what the market pays today (£0.2100); the fair value is what the company's own numbers justify (£0.0900). For Northcoders Group PLC the two are £0.1200 per share apart. That gap is exactly why we show both numbers side by side.
How much is Northcoders Group PLC worth?
The market values Northcoders Group PLC at about £1.7M (market capitalisation, as of Nov 4, 2026). Per share that is £0.2100; our models calculate a fair value of £0.0900 per share.
What do the bullish and bearish scenarios say about CODE?
Our models span a range for Northcoders Group PLC: cautious scenario £0.0600, base £0.0900, optimistic £0.1100 per share (as of Nov 4, 2026, price £0.2100). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Northcoders Group PLC (CODE)?
Balance-sheet figures for Northcoders Group PLC (as of Nov 4, 2026): return on equity −106.4%, debt of 0.35 per unit of equity. They feed the Quality Score of 45/100, which measures business quality independently of the share price.
How far is CODE from its 52-week high?
Northcoders Group PLC trades at £0.2100, about 41% below its 52-week high of £0.3550 and 17% above the low of £0.1800 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of £0.0900 is for.
Which stocks are comparable to Northcoders Group PLC?
From the same area (Consumer Defensive) we also value New Oriental Education & Technology Group, Laureate Education, Inc, Covista Inc, Physicswallah Limited, 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 Northcoders Group PLC stock attractive at the current price?
The data as of Nov 4, 2026: price £0.2100, calculated fair value £0.0900 (−57%), Quality Score 45/100, 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 CODE calculated?
We run Northcoders Group PLC through 1 models from 1 family: Asset-Based. Every model gets the same audited fundamentals; the fair value of £0.0900 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 13.3% above its aggregate fair value. Northcoders Group PLC 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 Northcoders Group PLC (CODE)?
The closing price on Nov 6, 2026 was £0.2100. Our model-based fair value is £0.0900, about 57% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Northcoders Group PLC right now?
The price sits above even our optimistic bull case (£0.1100). The favourable scenario is already priced in. Weak quality (45/100) 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 (£0.0600 to £0.1100) leaves room in how you read the outcome.
Key figures of Northcoders Group PLC
How large is the market capitalisation of Northcoders Group PLC (CODE)?
The market capitalisation of Northcoders Group PLC is £1.7M. 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 Northcoders Group PLC (CODE)?
The price-to-sales ratio of Northcoders Group PLC is 0.64 (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 Northcoders Group PLC (CODE)?
Earnings per share at Northcoders Group PLC are £−0.4800. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Northcoders Group PLC (CODE)?
The net margin of Northcoders Group PLC is −143% (last twelve months). 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 Northcoders Group PLC (CODE)?
The return on equity (ROE) of Northcoders Group PLC is −106% (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 Northcoders Group PLC (CODE)?
On an EBIT basis the return on assets of Northcoders Group PLC is −8.3% (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 Northcoders Group PLC (CODE)?
The operating margin of Northcoders Group PLC is −41.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Northcoders Group PLC (CODE)?
Revenue at Northcoders Group PLC is growing −63.1% versus a year earlier (3y avg −4.0%). 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 Northcoders Group PLC (CODE)?
Earnings per share at Northcoders Group PLC are growing −34.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Northcoders Group PLC (CODE) generate?
The free cash flow of Northcoders Group PLC is −£137K (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Northcoders Group PLC (CODE) hold?
Northcoders Group PLC holds more cash than debt, £422K net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Thin data
Nov 4, 2026