Nordhealth AS (NORDH) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Nordhealth AS NOK 15.75, price NOK 24.20, upside -34.9%, quality 48 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 kr 16.10 – kr 46.00 · fair‑value band kr 10.34 – kr 19.65 · the kr 24.20 price screens above the kr 15.75 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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Nordhealth AS provides healthcare software solutions in Norway, Finland, Sweden, the United Kingdom, Denmark, DACH, and internationally.
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Nordhealth AS provides healthcare software solutions in Norway, Finland, Sweden, the United Kingdom, Denmark, DACH, and internationally. Its products include Provet, a practice management software platform for veterinary clinics and enterprise groups, providing appointment scheduling, patient management, electronic health records, billing and invoicing, reporting and analytics, government compliance tools, communication features, inventory management, and workflow automation; Diarium, a PMS for therapists that streamlines therapy sessions, booking, and invoicing; Physica, a PMS for physiotherapists; Psykbase, a PMS for psychologists and psychiatrists; EasyPractice, a PMS for therapists; and various PMS for veterinarians under the Vetserve, Sanimalis, Vetvision, and Vetera names. The company's products comprise Nordhealth Connect, a communication platform for patients and healthcare professionals; and Navisec, a digital learning environment for training and orientation. In addition, it offers services related to the implementation of SaaS systems, such as consultancy services, education, and data conversion. Further, the company provides nordhealth.fi, a consumer booking portal. Nordhealth AS was founded in 2001 and is based in Oslo, Norway.
Stock analysis
Nordhealth AS (NORDH) currently trades at kr 24.20, while our model-based Fair Value estimate is kr 15.75, implying the stock looks roughly 53.7% 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 evidence level at low.
Scenario range: kr 10.34 (bear) to kr 19.65 (bull), the price of kr 24.20 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 48/100 (below-average quality), in the Healthcare sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Nordhealth AS reported revenue of €50.8M in FY2025 versus €20.3M in FY2021, a compound +25.8%/yr. Reported net income was −€12.7M in FY2025.
Key figures
Market cap 1.9B NOK (≈ $200M) · P/S ratio 35.0 · EPS (TTM) kr −2.20 · Net margin −24.9% · Return on equity −23.3% · Return on assets (EBIT) −11.1% · Operating margin −35.6% · Revenue (TTM) €51.8M.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 44 out of 100 (low confidence).
What moves the price
The share trades about 36% below its 52-week high and 14% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −45% fair-value upside, at −35%, NORDH screens cheaper than that median.
Fair Value models
Bear kr 10.34Fair Value kr 15.75Bull kr 19.65
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.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.44/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+11.3%
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.
+17.9%
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.
+32.0%
Start year 2020 (pandemic)
’20
’21
’22
’23
’24
’25
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.
15.6% (2020) → −24.5% (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.Health Information Services · 133 stocks
Beats the industry median on 1/8 measures
Overall it trails its industry peers.
Valuation
Quality Score49 · Below median
Fair Value upside−35% · Below median
Profitability
Return on assets−12% · Bottom 25%
Net margin (TTM)−29% · Bottom 25%
Operating margin (TTM)−36% · Bottom 25%
Growth and dividend
Revenue growth8% · Above median
Valuation Multiplesvs Health Information Services median · lower = cheaper
P/B3.25× · Pricier than median
P/S (TTM)3.86× · Pricier than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 4
FUTURE (revenue growth)40· sector 35
PAST (return on equity)0· sector 5
HEALTH (low debt)100· sector 98
DIVIDEND (yield)0· sector 48
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). "Nordhealth AS Fair Value". https://www.fairvalue-calculator.com/stock/NORDH
Frequently asked questions
Is Nordhealth AS (NORDH) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of kr 15.75 versus a price of kr 24.20, about −35% upside (overvalued).
What is the fair value of NORDH?
Our model-based fair value for Nordhealth AS is kr 15.75 (as of Sep 24, 2026), built from audited fundamentals. The current price: kr 24.20.
What is the quality score of NORDH?
Nordhealth AS has a Quality Score of 48/100. 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 Nordhealth AS (NORDH)?
Our model-based price target is the fair value of kr 15.75 (as of Sep 24, 2026) from 1 valuation models. Cautious scenario kr 10.34, optimistic scenario kr 19.65. It is a calculation from audited fundamentals, not an analyst target.
What is the Nordhealth AS stock forecast for 2026?
Our models put fair value at kr 15.75, about −35% upside versus a price of kr 24.20 (overvalued). Cautious scenario kr 10.34, optimistic scenario kr 19.65. The calculation is refreshed regularly with new filings.
What is the revenue of Nordhealth AS (NORDH)?
Nordhealth AS reported trailing-twelve-month revenue of about €51.8M (latest available figure, as of Sep 24, 2026).
What is the intrinsic value of Nordhealth AS (NORDH)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Nordhealth AS it is kr 15.75 per share (as of Sep 24, 2026), against a price of kr 24.20. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is Nordhealth AS stock overvalued or undervalued in 2026?
As of Sep 24, 2026, NORDH trades above its calculated fair value: price kr 24.20, fair value kr 15.75, a gap of about −35% (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 NORDH?
No. The price is what the market pays today (kr 24.20); the fair value is what the company's own numbers justify (kr 15.75). For Nordhealth AS the two are kr 8.45 per share apart. That gap is exactly why we show both numbers side by side.
How much is Nordhealth AS worth?
The market values Nordhealth AS at about 1.9B NOK (market capitalisation, as of Sep 24, 2026). Per share that is kr 24.20; our models calculate a fair value of kr 15.75 per share.
What do the bullish and bearish scenarios say about NORDH?
Our models span a range for Nordhealth AS: cautious scenario kr 10.34, base kr 15.75, optimistic kr 19.65 per share (as of Sep 24, 2026, price kr 24.20). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Nordhealth AS (NORDH)?
Balance-sheet figures for Nordhealth AS (as of Sep 24, 2026): return on equity −23.3%. They feed the Quality Score of 48/100, which measures business quality independently of the share price.
How far is NORDH from its 52-week high?
Nordhealth AS trades at kr 24.20, about 36% below its 52-week high of kr 37.60 and 14% above the low of kr 21.20 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of kr 15.75 is for.
Which stocks are comparable to Nordhealth AS?
From the same area (Healthcare) we also value Veeva Systems Inc, Pro Medicus Limited, BrightSpring Health Services, Inc, HealthEquity, 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 Nordhealth AS stock attractive at the current price?
The data as of Sep 24, 2026: price kr 24.20, calculated fair value kr 15.75 (−35%), Quality Score 48/100, 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 NORDH calculated?
We run Nordhealth AS through 1 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 kr 15.75, 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 14.0 % above its aggregate fair value. Nordhealth 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 Nordhealth AS (NORDH)?
The closing price on Sep 24, 2026 was kr 24.20. Our model-based fair value is kr 15.75, about −35% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Nordhealth AS right now?
The price sits above even our optimistic bull case (kr 19.65). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (48/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (kr 10.34 to kr 19.65) leaves room in how you read the outcome.
Key figures of Nordhealth AS
How large is the market capitalisation of Nordhealth AS (NORDH)?
The market capitalisation of Nordhealth AS is 1.9B NOK (≈ $200M). 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 Nordhealth AS (NORDH)?
The price-to-sales ratio of Nordhealth AS is 35.0 (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 Nordhealth AS (NORDH)?
Earnings per share at Nordhealth AS are kr −2.20. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Nordhealth AS (NORDH)?
The net margin of Nordhealth AS is −24.9% (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 Nordhealth AS (NORDH)?
The return on equity (ROE) of Nordhealth AS is −23.3% (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 Nordhealth AS (NORDH)?
On an EBIT basis the return on assets of Nordhealth AS is −11.1% (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 Nordhealth AS (NORDH)?
The operating margin of Nordhealth AS is −35.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Nordhealth AS (NORDH)?
Revenue at Nordhealth AS is growing +7.9% versus a year earlier (3y avg +17.9%). 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 Nordhealth AS (NORDH) generate?
The free cash flow of Nordhealth AS is −€4.4M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
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