Elkem ASA (ELKEF) fair value: what the stock is really worth
As of Sep 25, 2026: fair value of Elkem ASA $1.57, price $3.40, upside -53.8%, quality 40 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range $1.55 – $3.93 · fair‑value band $0.5100 – $2.62 · the $3.40 price screens above the $1.57 fair value. Dashed = 300-day average. As of Sep 24, 2026.
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Elkem ASA engages in the provision of advanced material solutions worldwide. It operates through Silicones, Silicon Products, and Carbon Solutions segments.
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Elkem ASA engages in the provision of advanced material solutions worldwide. It operates through Silicones, Silicon Products, and Carbon Solutions segments. The company offers silicones polymers, including silicone oils, compounds, emulsions, grease, and resins, as well as chlorosilanes, heat cured rubber silicone, lower carbon and circular silicone materials, elastomer gels, liquid silicone rubber, and RTV-1 and RTV-2 silicones. It also provides silicon-based materials comprising silicon, silicon powder/micronized silicon, silica fume/ micro-silica, ferrosilicon, grain refiners, and specialties for technical ceramics. In addition, the company offers foundry alloys, such as preconditioners, recarburizers, conditioners, nodularizers, inserts, and inoculants; and carbon-based materials comprising carbon electrodes, synthetic graphite, furnace tapping materials, electrode paste, ramming paste, prebaked electrodes, and furnace lining materials, as well as polymer additives, boron carbide, and oilfield and refractories specialty products. It offers its products to electronics, aerospace, healthcare, personal care, packaging, airbag coating, chemicals, aluminium, electronics, automotive, specialty steel, solar, construction, refractories, oil and gas, military equipment, ferroalloys, silicon, and aluminium industries. The company was founded in 1904 and is based in Oslo, Norway. Elkem ASA operates as a subsidiary of Bluestar Elkem International Co., Ltd. S.A.
Stock analysis
Elkem ASA (ELKEF) currently trades at $3.40, while our model-based Fair Value estimate is $1.57, 53.8% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of $4.75 per share, and 2 of the 4 models we run sit above the $3.40 price.
Bear case: the Multiples group reads lowest at $2.21, and 2 of the 4 models stay below the price. Evidence for this calculation is medium.
Scenario range: $0.5100 (bear) to $2.62 (bull), the price of $3.40 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 Basic Materials sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Elkem ASA reported revenue of 16.5B NOK in FY2025 versus 33.1B NOK in FY2021, a compound −15.9%/yr. Reported net income was −668M NOK in FY2025.
Key figures
Market cap $2.2B · P/E ratio 68.0 · P/S ratio 0.07 · EPS (TTM) $0.0500 · Net margin −4.0% · Return on equity 1.7% · Return on assets (EBIT) 8.8% · Operating margin −2.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (medium confidence).
What moves the price
The share trades at its 52-week high and 43% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −46% fair-value upside, at −54%, ELKEF screens richer than that median.
Fair Value models
Bear $0.5100Fair Value $1.57Bull $2.62
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then ($0.0378 per share) are deliberately not added.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.Evidence ⓘEvidence = 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.0/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−7.1%
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.
−28.4%
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.
−7.2%
Start year 2020 (pandemic). Over 10 years: +1.4% a year
Revenue growth 10 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.
+1.4%
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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.
3.9% (2020) → 6.1% (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
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.Specialty Chemicals · 696 stocks
Beats the industry median on 5/13 measures
Overall it trails its industry peers.
Valuation
Quality Score40 · Bottom 25%
Fair Value upside+53.1% · Top 25%
Profitability
Return on equity (TTM)1.7% · Below median
Return on assets1.1% · Below median
Net margin (TTM)−2.6% · Bottom 25%
Operating margin (TTM)−2.5% · Bottom 25%
Growth and dividend
Revenue growth−5.4% · Bottom 25%
Dividend yield (TTM)15.9% · Top 25%
Balance sheet
Debt / equity0.39× · Highest 25%
Valuation Multiplesvs Specialty Chemicals median · lower = cheaper
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). "Elkem ASA Fair Value". https://www.fairvalue-calculator.com/stock/ELKEF
Frequently asked questions
Is Elkem ASA (ELKEF) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $1.57 versus the last price from Sep 25, 2026 of $3.40, about −54% upside (overvalued).
What is the fair value of ELKEF?
Our model-based fair value for Elkem ASA is $1.57 (as of Sep 24, 2026), built from audited fundamentals. Last price (from Sep 25, 2026): $3.40.
What is the quality score of ELKEF?
Elkem ASA 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 Elkem ASA (ELKEF)?
Our model-based price target is the fair value of $1.57 (as of Sep 24, 2026) from 4 valuation models. Cautious scenario $0.5100, optimistic scenario $2.62. It is a calculation from audited fundamentals, not an analyst target.
What is the Elkem ASA stock forecast for 2026?
Our models put fair value at $1.57, about −54% upside versus the last price from Sep 25, 2026 of $3.40 (overvalued). Cautious scenario $0.5100, optimistic scenario $2.62. The calculation is refreshed regularly with new filings.
What is the revenue of Elkem ASA (ELKEF)?
Elkem ASA reported trailing-twelve-month revenue of about 16.3B NOK (latest available figure, as of Sep 24, 2026).
What is the intrinsic value of Elkem ASA (ELKEF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Elkem ASA it is $1.57 per share (as of Sep 24, 2026), against a price of $3.40. It is the blended result of 4 valuation models (cash flow, earnings, asset, dividend).
Is Elkem ASA stock overvalued or undervalued in 2026?
As of Sep 24, 2026, ELKEF trades above its calculated fair value: price $3.40, fair value $1.57, a gap of about −54% (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 ELKEF?
No. The price is what the market pays today ($3.40); the fair value is what the company's own numbers justify ($1.57). For Elkem ASA the two are $1.83 per share apart. That gap is exactly why we show both numbers side by side.
How much is Elkem ASA worth?
The market values Elkem ASA at about $2.2B (market capitalisation, as of Sep 24, 2026). Per share that is $3.40; our models calculate a fair value of $1.57 per share.
What do the bullish and bearish scenarios say about ELKEF?
Our models span a range for Elkem ASA: cautious scenario $0.5100, base $1.57, optimistic $2.62 per share (as of Sep 24, 2026, price $3.40). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ELKEF?
Elkem ASA trades at a price-to-earnings ratio of 68.0 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $1.57 is built from several models across several years. Other multiples: P/B 0.1, P/S 0.1, EV/EBITDA 2.6.
How solid is the balance sheet of Elkem ASA (ELKEF)?
Balance-sheet figures for Elkem ASA (as of Sep 24, 2026): return on equity 1.7%, debt of 0.39 per unit of equity. They feed the Quality Score of 40/100, which measures business quality independently of the share price.
How far is ELKEF from its 52-week high?
Elkem ASA trades at $3.40, at its 52-week high of $3.40 and 43% above the low of $2.37 (as of Sep 25, 2026). Distance from the high says nothing about value: that is what the fair value of $1.57 is for.
Which stocks are comparable to Elkem ASA?
From the same area (Basic Materials) we also value Linde plc, The Sherwin-Williams Company, Ecolab Inc, Air Products and Chemicals, 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 Elkem ASA stock attractive at the current price?
The data as of Sep 24, 2026: price $3.40, calculated fair value $1.57 (−54%), Quality Score 40/100, from 4 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 ELKEF calculated?
We run Elkem ASA through 4 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $1.57, 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 14.5 % above its aggregate fair value. Elkem ASA 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 Elkem ASA (ELKEF)?
The latest price we hold is from Sep 25, 2026 and stands at $3.40. Our model-based fair value is $1.57, about −54% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Elkem ASA right now?
The price sits above even our optimistic bull case ($2.62). 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 model range is unusually wide ($0.5100 to $2.62). The outcome hinges heavily on assumptions, so read the point estimate with caution.
Key figures of Elkem ASA
How large is the market capitalisation of Elkem ASA (ELKEF)?
The market capitalisation of Elkem ASA is $2.2B. 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 Elkem ASA (ELKEF)?
The price-to-sales ratio of Elkem ASA is 0.07 (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 Elkem ASA (ELKEF)?
Earnings per share at Elkem ASA are $0.0500 (price ÷ EPS = P/E 68.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Elkem ASA (ELKEF)?
The net margin of Elkem ASA is −4.0% (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 Elkem ASA (ELKEF)?
The return on equity (ROE) of Elkem ASA is 1.7% (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 Elkem ASA (ELKEF)?
On an EBIT basis the return on assets of Elkem ASA is 8.8% (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 Elkem ASA (ELKEF)?
The operating margin of Elkem ASA is −2.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Elkem ASA (ELKEF)?
Revenue at Elkem ASA is growing −5.4% versus a year earlier (3y avg −28.4%). 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 Elkem ASA (ELKEF)?
Earnings per share at Elkem ASA are growing −68.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Elkem ASA (ELKEF) generate?
The free cash flow of Elkem ASA is −1.2B 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 debt does Elkem ASA (ELKEF) carry?
The net debt of Elkem ASA is 8.9B NOK (fiscal year 2025). 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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Sep 24, 2026