EN DE
Check 35,000+ stocks against 26 valuation models and 37 quality factors
Data-driven stock valuation

Nel ASA (NLLSY) fair value: what the stock is really worth

As of Oct 2, 2026: fair value of Nel ASA $12.73, price $6.40, upside +98.9%, quality 24 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? No
  3. Add to watchlist

Industrials · US · ISIN NO0010081235

NA Nel ASA logo Thin data Sep 24, 2026

Nel ASA

NLLSY · US

Cheap, value-trap riskThe stock looks deeply undervalued, but low quality raises value-trap risk.

✓Fair value $12.73 · Strongly undervalued (+98.9%)
!Quality 24/100
!Expensive Growth (revenue 5y +10.1 %/yr)
!Loss-making · -128.6% net margin (TTM)
!Low debt · negative free cash flow
!Narrow moat 12/100
!Evidence only low, so the estimate is less certain
Watch Nel ASA for free, get notified when fair value or trend changes. Plus fair value for all 35,000+ stocks, 14 days of Pro free, no card. Watch for free Pro now: $1 first month

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

$70.95 $5.65 Fair Value $12.73 Jul 2021 Oct 2026

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 $5.65 – $70.95 · fair‑value band $7.57 – $16.57 · the $6.40 price screens below the $12.73 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.

Which stocks are undervalued right now? Check free Discover now →

Company profile

Nel ASA, a hydrogen company, provides solutions to produce, store, and distribute hydrogen from renewable energy in Norway and internationally. It operates through Nel Alkaline Electrolyser and Nel PEM Electrolyser segments. The Nel Alkaline Electrolyser segment supplies hydrogen production equipment based on alkaline water electrolysis technology.

Show more

Nel ASA, a hydrogen company, provides solutions to produce, store, and distribute hydrogen from renewable energy in Norway and internationally. It operates through Nel Alkaline Electrolyser and Nel PEM Electrolyser segments. The Nel Alkaline Electrolyser segment supplies hydrogen production equipment based on alkaline water electrolysis technology. The Nel PEM Electrolyser segment supplies hydrogen production equipment based on proton exchange membrane (PEM) water electrolysis technology. The company was formerly known as DiaGenic ASA and changed its name to Nel ASA in October 2014. Nel ASA was founded in 1927 and is headquartered in Oslo, Norway.

Stock analysis

Nel ASA (NLLSY) currently trades at $6.40, while our model-based Fair Value estimate is $12.73, implying the stock looks roughly 49.7% undervalued today.

Show more

Valuation

Bull case: the Dividend Discount group reads highest at a median of $13.59 per share, and 2 of the 3 models we run sit above the $6.40 price.

Bear case: the Asset-Based group reads lowest at $4.47, and 1 of the 3 models stay below the price. Evidence for this calculation is low.

Scenario range: $7.57 (bear) to $16.57 (bull), the price of $6.40 sits below 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 24/100 (below-average quality), in the Industrials sector.

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

Nel ASA reported revenue of 935M NOK in FY2025 versus 753M NOK in FY2021, a compound +5.6%/yr. Reported net income was −1.2B NOK in FY2025.

Key figures

Market cap $476M · P/S ratio 0.50 · EPS (TTM) $−2.13 · Net margin −131% · Return on equity −27.9% · Return on assets (EBIT) −9.8% · Operating margin −101% · Revenue (TTM) 956M NOK.

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 about 45% below its 52-week high and 7% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Industrials peers we cover trades at −49% fair-value upside, at 99%, NLLSY screens cheaper than that median.

Fair Value models

Bear $7.57 Fair Value $12.73 Bull $16.57
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. 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.
Highest evidence
Gordon GGM $8.25 $14.87 $20.48 66
DDM Multi-Stage $8.25 $13.59 $15.89 65
NCAV (Graham) $3.34 $4.47 $6.68 54
All 3 models by family
Dividend Discount
Gordon GGM $8.25 $14.87 $20.48 66
DDM Multi-Stage $8.25 $13.59 $15.89 65
Asset-Based
NCAV (Graham) $3.34 $4.47 $6.68 54

Open the full fair value analysis →

Notify me when NLLSY reaches fair value

Put NLLSY on your watchlist. We get in touch as soon as price and fair value meet or the trend turns.

Set up alert →

Quality Score breakdown

Overall quality 24/100

Of which business quality 27 · Market factors (momentum, volatility) 26

Profitability 1
Margins and returns on capital today
Quality Growth 7
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 75
Balance sheet, leverage, solvency risk
Investment 76
Disciplined investing over empire-building
Low Volatility 15
Calm price path (market factor)
Momentum 38
Price trend over the last 3–12 months (market factor)
52W Momentum 17
Distance to the 52-week high (market factor)
Net Issuance 13
Share count: buybacks or dilution?

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. 29/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−32.7%
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.
+0.7%
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.
+10.1%
Start year 2020 (pandemic). Over 10 years: +26.6% a year
Revenue growth 16 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.
+74.1%
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.
−55.8% (2020) → −58.7% (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

Watch NLLSY, get fair value alerts →

Compare Nel ASA with another stock

Price, fair value, quality and upside side by side.

Free, no sign-up

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 Industrial Machinery · 789 stocks

Beats the industry median on 3/8 measures
Overall it trails its industry peers.
Valuation
Quality Score 24 · Bottom 25%
Fair Value upside +105.5% · Top 25%
Profitability
Return on assets −6.3% · Bottom 25%
Net margin (TTM) −128.6% · Bottom 25%
Operating margin (TTM) −101.5% · Bottom 25%
Growth and dividend
Revenue growth −4.7% · Below median

Valuation Multiplesvs Specialty Industrial Machinery median · lower = cheaper

P/B 0.12× · Cheapest 25%
P/S (TTM) 0.50× · Cheapest 25%

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 Specialty Industrial Machinery stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
GE Vernova Inc GEV $950.49 $142.61 −85%
SIE SIE €271.90 €150.42 −45%
Eaton Corporation ETN $433.27 $173.12 −60%
Parker-Hannifin Corporation PH $970.37 $494.81 −49%
Emerson Electric Co EMR $155.10 $62.54 −60%
Illinois Tool Works Inc ITW $257.28 $153.33 −40%
Cummins Inc CMI $516.57 $359.11 −30%
AMETEK, Inc AME $250.74 $125.77 −50%
Rockwell Automation, Inc ROK $442.45 $139.31 −69%
Sandvik AB SAND kr 362.00 kr 193.59 −47%

Explore undervalued stocks

More undervalued Industrials stocks →

All undervalued stocks TechnologyFinancial ServicesHealthcareConsumer CyclicalConsumer DefensiveCommunication ServicesIndustrialsEnergyBasic MaterialsReal EstateUtilities Deeply Undervalued StocksUndervalued High-Quality StocksUndervalued Blue-Chip StocksUndervalued Small-Cap StocksUndervalued Dividend Stocks

Try a ready-made strategy

Pick a strategy and jump into the live analysis with that exact screen applied.

🥇 Backtested Best 🏆 Big Names ⭐ Top Rated 💎 Quality on Sale 🚀 Profitable Growth 🧊 Quality Compounders 💵 Dividend Stars 📈 Strong Momentum 📉 Fallen Angels ⚖️ Deeply Undervalued 🔍 Small-Cap Gems 🏰 Moat at a Fair Price 💼 Insider Buying 🎩 Buffett-Style Quality 📚 Peter Lynch GARP 🧮 Greenblatt Magic Formula 🛡️ Graham Defensive

Discover tools

Stock screenerFilter by region, size and sector Compare toolTwo stocks side by side Extrinsic Value Calculator…Calculator with industry benchmark Peter Lynch Fair Value Formula &…Calculator with industry benchmark
Run the numbers yourself: free valuation calculators
DCF CalculatorGraham NumberPeter Lynch FormulaDDM CalculatorFama-French ModelIntrinsic Value
For bloggers & editors: embed code + live data

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.

Nel ASA · Fair Value
$12.73 +50%Fair Value
Calculator →

Cite: Fair Value Calculator (2026). "Nel ASA Fair Value". https://www.fairvalue-calculator.com/stock/NLLSY

Frequently asked questions

Is Nel ASA (NLLSY) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $12.73 versus a price of $6.40, about +99% upside (undervalued).
What is the fair value of NLLSY?
Our model-based fair value for Nel ASA is $12.73 (as of Sep 24, 2026), built from audited fundamentals. The current price: $6.40.
What is the quality score of NLLSY?
Nel ASA has a Quality Score of 24/100. 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 Nel ASA (NLLSY)?
Our model-based price target is the fair value of $12.73 (as of Sep 24, 2026) from 3 valuation models. Cautious scenario $7.57, optimistic scenario $16.57. It is a calculation from audited fundamentals, not an analyst target.
What is the Nel ASA stock forecast for 2026?
Our models put fair value at $12.73, about +99% upside versus a price of $6.40 (undervalued). Cautious scenario $7.57, optimistic scenario $16.57. The calculation is refreshed regularly with new filings.
What is the revenue of Nel ASA (NLLSY)?
Nel ASA reported trailing-twelve-month revenue of about 956M NOK (latest available figure, as of Sep 24, 2026).
What is the intrinsic value of Nel ASA (NLLSY)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Nel ASA it is $12.73 per share (as of Sep 24, 2026), against a price of $6.40. It is the blended result of 3 valuation models (cash flow, earnings, asset, dividend).
Is Nel ASA stock overvalued or undervalued in 2026?
As of Sep 24, 2026, NLLSY trades below its calculated fair value: price $6.40, fair value $12.73, a gap of about +99% (undervalued). 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 NLLSY?
No. The price is what the market pays today ($6.40); the fair value is what the company's own numbers justify ($12.73). For Nel ASA the two are $6.33 per share apart. That gap is exactly why we show both numbers side by side.
How much is Nel ASA worth?
The market values Nel ASA at about $476M (market capitalisation, as of Sep 24, 2026). Per share that is $6.40; our models calculate a fair value of $12.73 per share.
What do the bullish and bearish scenarios say about NLLSY?
Our models span a range for Nel ASA: cautious scenario $7.57, base $12.73, optimistic $16.57 per share (as of Sep 24, 2026, price $6.40). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Nel ASA (NLLSY)?
Balance-sheet figures for Nel ASA (as of Sep 24, 2026): return on equity −27.9%. They feed the Quality Score of 24/100, which measures business quality independently of the share price.
How far is NLLSY from its 52-week high?
Nel ASA trades at $6.40, about 45% below its 52-week high of $11.62 and 7% above the low of $6.00 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of $12.73 is for.
Which stocks are comparable to Nel ASA?
From the same area (Industrials) we also value GE Vernova Inc, SIE, Eaton Corporation, Parker-Hannifin Corporation, 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 Nel ASA stock attractive at the current price?
The data as of Sep 24, 2026: price $6.40, calculated fair value $12.73 (+99%), Quality Score 24/100, from 3 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 NLLSY calculated?
We run Nel ASA through 3 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 $12.73, 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. Nel ASA currently trades 50 % below its own fair value, and the market average says nothing about that. 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 Nel ASA (NLLSY)?
The closing price on Oct 2, 2026 was $6.40. Our model-based fair value is $12.73, about +99% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Nel ASA right now?
The large discount to fair value meets weak quality (24/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case ($7.57). The market is more pessimistic than our downside scenario. 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 ($7.57 to $16.57) leaves room in how you read the outcome.

Key figures of Nel ASA

How large is the market capitalisation of Nel ASA (NLLSY)?
The market capitalisation of Nel ASA is $476M. 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 Nel ASA (NLLSY)?
The price-to-sales ratio of Nel ASA is 0.50 (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 Nel ASA (NLLSY)?
Earnings per share at Nel ASA are $−2.13. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Nel ASA (NLLSY)?
The net margin of Nel ASA is −131% (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 Nel ASA (NLLSY)?
The return on equity (ROE) of Nel ASA is −27.9% (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 Nel ASA (NLLSY)?
On an EBIT basis the return on assets of Nel ASA is −9.8% (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 Nel ASA (NLLSY)?
The operating margin of Nel ASA is −101% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Nel ASA (NLLSY)?
Revenue at Nel ASA is growing −4.7% versus a year earlier (3y avg +0.7%). 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 Nel ASA (NLLSY) generate?
The free cash flow of Nel ASA is −403M 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 Nel ASA (NLLSY) hold?
Nel ASA holds more cash than debt, 1.4B NOK net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
Free · no account needed

Watch Nel ASA in the live analysis

One click puts Nel ASA on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 35,000+ stock screener. You can also try 14 days of Pro there, no card.

Watch for free →

Zero risk: nothing is ever charged. Your watchlist is yours, with or without an account.