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Elliptic Laboratories AS (ELABS) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Elliptic Laboratories AS stock NOK 0.79, price NOK 2.72, that is 71.0% below the price, quality 44 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 · ISIN NO0010722283

EL Elliptic Laboratories AS logo Thin data Nov 3, 2026

Elliptic Laboratories AS

ELABS · OL
Very expensive, weak quality

Our calculation puts a fair price 71% below what the stock costs today.

Low debt
Quality 44/100
Expensive Growth (revenue 5y +27.4 %/yr in NOK)
Revenue last quarter 48% below a year ago.
Fair value kr 0.7900 · Strongly overvalued
Loss-making · -192.0% net margin (TTM)
Negative free cash flow
Trails peers (2/10)
Narrow moat 12/100 · thin data
Thin data
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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 29.05 kr 2.38 Fair Value kr 0.7900 Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 3, 2026.

How to read this chart

60‑month range kr 2.38 – kr 29.05 · fair‑value band kr 0.5200 – kr 0.9900 · the kr 2.72 price screens above the kr 0.7900 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 3, 2026.

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Company profile

Elliptic Laboratories ASA, an artificial intelligence (AI) software company, engages in the provision of AI virtual smart sensors for the smartphone, laptop, Internet of Things, and automotive markets in Norway, the United States, China, South Korea, Taiwan, and Japan.

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The company offers AI Virtual Human Presence Sensor, a presence-detection solution used to improve the security of data stored on devices and to allow intuitive responses based on natural human interaction; AI Virtual Proximity Sensor that enables exquisite full-screen devices; and AI Virtual Connection Sensor that allows pair and authenticate smart devices that are in the same room using ultrasound.

It also provides AI Virtual Position Sensor which automatically detects the location of an external display in relation to a laptop; AI Virtual Gesture Sensor that enables touchless user interactions; AI Virtual Breathing sensor that enables to track person's breathing; and AI Virtual heartbeat Sensor that tracks a person's heart rate.

The company was incorporated in 2006 and is headquartered in Oslo, Norway.

Stock analysis

Elliptic Laboratories AS (ELABS) currently trades at kr 2.72, while our model-based Fair Value estimate is kr 0.7900, 71% 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 0.5200 (bear) to kr 0.9900 (bull), the price of kr 2.72 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 44/100 (below-average quality), in the Technology sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Elliptic Laboratories AS reported revenue of 101M NOK in FY2025 versus 54.6M NOK in FY2021, a compound +16.7%/yr. Reported net income was −138M NOK in FY2025.

Key figures

Market cap 336M NOK (≈ $35.6M) Micro · P/S ratio 4.33 · EPS (TTM) kr −1.15 · Net margin −136% · Return on equity −59.3% · Return on assets (EBIT) −9.7% (5-year average) · Operating margin −89.7% · Revenue (TTM) 79.9M NOK.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 12 out of 100 (low confidence).

What moves the price

The share trades about 70% below its 52-week high and 14% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Technology peers we cover trades at −11% fair-value upside, at −71%, ELABS screens richer than that median.

Fair Value models

Bear kr 0.5200 Fair Value kr 0.7900 Bull kr 0.9900
Price kr 2.72 · Downside -71.0%
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 0.5200 kr 0.7900 kr 0.9900 54
All 1 models by family
Asset-Based
NCAV (Graham) kr 0.5200 kr 0.7900 kr 0.9900 54

Open the full fair value analysis →

Quality Score breakdown

Overall quality 44/100

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

Profitability 7
How much profit the company makes from its sales and capital
Quality Growth 19
Are margins and returns getting better?
Cashflow 10
Do the profits arrive as real cash?
Financial strength 86
Debt, balance sheet and risk of trouble
Investment 67
Does it invest with discipline instead of growing at any price?
Low Volatility 38
How calm the share price moves, does not count
Price momentum 25
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 2
Distance to the 52-week high, does not count
New shares 90
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. 32/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−23.2%
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.
+24.8%
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.
+27.4%
Start year 2020 (pandemic)
Revenue growth 8 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.
+32.5%
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.
−33.4% (2020) → −44.9% (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

ELABS screens overvalued: fair value 71% below the price. Compare with Microsoft Corporation →

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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.Software - Infrastructure · 346 stocks

Beats the industry median on 1/8 measures
Overall it trails its industry peers.
Valuation
Quality Score 44 · Below median
Fair Value upside −71.0% · Bottom 25%
Profitability
Return on assets −62.3% · Bottom 25%
Net margin (12 months) −192.0% · Bottom 25%
Operating margin (12 months) −89.7% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) −47.5% · Bottom 25%

Valuation Multiplesvs Software - Infrastructure median · lower = cheaper

P/B 1.77× · Cheaper than median
P/S (12 months) 4.21× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 25
FUTURE (revenue growth)0 · sector 60
PAST (return on equity)0 · sector 23
HEALTH (low debt)100 · sector 98
DIVIDEND (yield)0 · sector 31

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 Software - Infrastructure stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Microsoft Corporation MSFT $530.61 $583.67 +10% vs ELABS
Fortinet, Inc FTNT $118.84 $130.72 +10% vs ELABS
Oracle Corporation ORCL $116.10 $111.97 −4% vs ELABS
NetApp, Inc NTAP $169.19 $156.80 −7% vs ELABS
Block, Inc XYZ $85.48 $76.43 −11% vs ELABS
Synopsys, Inc SNPS $450.46 $288.23 −36% vs ELABS
Zscaler, Inc ZS $197.66 $101.45 −49% vs ELABS
Palantir Technologies Inc PLTR $160.38 $42.20 −74% vs ELABS
CrowdStrike Holdings CRWD $216.90 $37.97 −82% vs ELABS
Palo Alto Networks, Inc PANW $313.84 $39.54 −87% vs ELABS

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Elliptic Laboratories AS: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Elliptic Laboratories AS Fair Value". https://www.fairvalue-calculator.com/stock/ELABS

Frequently asked questions

Is Elliptic Laboratories AS (ELABS) overvalued or undervalued?
As of Nov 3, 2026, our model estimates a fair value of kr 0.7900 versus a price of kr 2.72, about 71% lower (overvalued).
What is the fair value of ELABS?
Our model-based fair value for Elliptic Laboratories AS is kr 0.7900 (as of Nov 3, 2026), built from audited fundamentals. The current price: kr 2.72.
What is the quality score of ELABS?
Elliptic Laboratories AS has a Quality Score of 44/100. 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 Elliptic Laboratories AS (ELABS)?
Our model-based price target is the fair value of kr 0.7900 (as of Nov 3, 2026) from 1 valuation models. Cautious scenario kr 0.5200, optimistic scenario kr 0.9900. It is a calculation from audited fundamentals, not an analyst target.
What is the Elliptic Laboratories AS stock forecast for 2026?
Our models put fair value at kr 0.7900, about 71% lower versus a price of kr 2.72 (overvalued). Cautious scenario kr 0.5200, optimistic scenario kr 0.9900. The calculation is refreshed regularly with new filings.
What is the revenue of Elliptic Laboratories AS (ELABS)?
Elliptic Laboratories AS reported trailing-twelve-month revenue of about 79.9M NOK (latest available figure, as of Nov 3, 2026).
What is the intrinsic value of Elliptic Laboratories AS (ELABS)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Elliptic Laboratories AS it is kr 0.7900 per share (as of Nov 3, 2026), against a price of kr 2.72. It is the blended result of 1 valuation models in 1 family (Asset-Based).
Is Elliptic Laboratories AS stock overvalued or undervalued in 2026?
As of Nov 3, 2026, ELABS trades above its calculated fair value: price kr 2.72, fair value kr 0.7900, a gap of about −71% (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 ELABS?
No. The price is what the market pays today (kr 2.72); the fair value is what the company's own numbers justify (kr 0.7900). For Elliptic Laboratories AS the two are kr 1.93 per share apart. That gap is exactly why we show both numbers side by side.
How much is Elliptic Laboratories AS worth?
The market values Elliptic Laboratories AS at about 336M NOK (market capitalisation, as of Nov 3, 2026). Per share that is kr 2.72; our models calculate a fair value of kr 0.7900 per share.
What do the bullish and bearish scenarios say about ELABS?
Our models span a range for Elliptic Laboratories AS: cautious scenario kr 0.5200, base kr 0.7900, optimistic kr 0.9900 per share (as of Nov 3, 2026, price kr 2.72). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Elliptic Laboratories AS (ELABS)?
Balance-sheet figures for Elliptic Laboratories AS (as of Nov 3, 2026): return on equity −59.3%. They feed the Quality Score of 44/100, which measures business quality independently of the share price.
How far is ELABS from its 52-week high?
Elliptic Laboratories AS trades at kr 2.72, about 70% below its 52-week high of kr 8.93 and 14% above the low of kr 2.38 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of kr 0.7900 is for.
Which stocks are comparable to Elliptic Laboratories AS?
From the same area (Technology) we also value Microsoft Corporation, Oracle Corporation, Palantir Technologies Inc, Palo Alto Networks, 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 Elliptic Laboratories AS stock attractive at the current price?
The data as of Nov 3, 2026: price kr 2.72, calculated fair value kr 0.7900 (−71%), Quality Score 44/100, 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 ELABS calculated?
We run Elliptic Laboratories AS through 1 models from 1 family: Asset-Based. Every model gets the same audited fundamentals; the fair value of kr 0.7900 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. Elliptic Laboratories AS 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 Elliptic Laboratories AS (ELABS)?
The closing price on Nov 6, 2026 was kr 2.72. Our model-based fair value is kr 0.7900, about 71% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Elliptic Laboratories AS right now?
The price sits above even our optimistic bull case (kr 0.9900). The favourable scenario is already priced in. Weak quality (44/100) 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 0.5200 to kr 0.9900) leaves room in how you read the outcome.

Key figures of Elliptic Laboratories AS

How large is the market capitalisation of Elliptic Laboratories AS (ELABS)?
The market capitalisation of Elliptic Laboratories AS is 336M NOK (≈ $35.6M). 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 Elliptic Laboratories AS (ELABS)?
The price-to-sales ratio of Elliptic Laboratories AS is 4.33 (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 Elliptic Laboratories AS (ELABS)?
Earnings per share at Elliptic Laboratories AS are kr −1.15. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Elliptic Laboratories AS (ELABS)?
The net margin of Elliptic Laboratories AS is −136% (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 Elliptic Laboratories AS (ELABS)?
The return on equity (ROE) of Elliptic Laboratories AS is −59.3% (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 Elliptic Laboratories AS (ELABS)?
On an EBIT basis the return on assets of Elliptic Laboratories AS is −9.7% (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 Elliptic Laboratories AS (ELABS)?
The operating margin of Elliptic Laboratories AS is −89.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Elliptic Laboratories AS (ELABS)?
Revenue at Elliptic Laboratories AS is growing −47.5% versus a year earlier (3y avg +24.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Elliptic Laboratories AS (ELABS) generate?
The free cash flow of Elliptic Laboratories AS is −41.1M NOK (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 Elliptic Laboratories AS (ELABS) hold?
Elliptic Laboratories AS holds more cash than debt, 57.0M NOK net (fiscal year 2024). The company holds more cash than debt, a safety cushion.
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