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Nordhealth AS (NORDH) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Nordhealth AS stock NOK 15.22, price NOK 24.60, that is 38.1% below the price, quality 49 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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Healthcare NO · ISIN NO0011002651

NA Nordhealth AS logo Thin data Nov 8, 2026

Nordhealth AS

NORDH · OL
Very expensive, weak quality

Our calculation puts a fair price 38% below what the stock costs today.

Low debt
Quality 49/100
Expensive Growth (revenue 5y +32.0 %/yr in EUR)
Fair value kr 15.22 · Strongly overvalued
Loss-making · -29.9% net margin (TTM)
Negative free cash flow
Trails peers (2/10)
Narrow moat 13/100 · 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 46.00 kr 16.10 Fair Value kr 15.22 Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.

How to read this chart

60‑month range kr 16.10 – kr 46.00 · fair‑value band kr 10.12 – kr 19.10 · the kr 24.60 price screens above the kr 15.22 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.

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Company profile

Nordhealth AS provides healthcare software solutions in Norway, Finland, Sweden, the United Kingdom, Denmark, DACH, and internationally.

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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 24.60, while our model-based Fair Value estimate is kr 15.22, 38% 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 10.12 (bear) to kr 19.10 (bull), the price of kr 24.60 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 49/100 (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 (≈ $205M) Micro · P/S ratio 38.0 · EPS (TTM) kr −2.32 · Net margin −24.9% · Return on equity −25.8% · Return on assets (EBIT) −11.1% (5-year average) · Operating margin −25.6% · Revenue (TTM) €53.1M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 13 out of 100 (low confidence).

What moves the price

The share trades about 35% below its 52-week high and 16% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Healthcare peers we cover trades at 3% fair-value upside, at −38%, NORDH screens richer than that median.

Fair Value models

Bear kr 10.12 Fair Value kr 15.22 Bull kr 19.10
Price kr 24.60 · Downside -38.1%
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.
Best data coverage
NCAV (Graham) kr 1.07 kr 1.61 kr 2.02 53
All 1 models by family
Asset-Based
NCAV (Graham) kr 1.07 kr 1.61 kr 2.02 53

Open the full fair value analysis →

Quality Score breakdown

Overall quality 49/100

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

Profitability 30
How much profit the company makes from its sales and capital
Quality Growth 32
Are margins and returns getting better?
Cashflow 6
Do the profits arrive as real cash?
Financial strength 80
Debt, balance sheet and risk of trouble
Investment 85
Does it invest with discipline instead of growing at any price?
Low Volatility 50
How calm the share price moves, does not count
Price momentum 32
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 10
Distance to the 52-week high, does not count
New shares 86
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. 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)
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
not computed

NORDH screens overvalued: fair value 38% below the price. Compare with Veeva Systems Inc →

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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 · 117 stocks

Beats the industry median on 1/8 measures
Overall it trails its industry peers.
Valuation
Quality Score 49 · Below median
Fair Value upside −38.1% · Below median
Profitability
Return on assets −17.7% · Bottom 25%
Net margin (12 months) −29.9% · Bottom 25%
Operating margin (12 months) −25.6% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) 10.2% · Above median

Valuation Multiplesvs Health Information Services median · lower = cheaper

P/B 2.99× · Pricier than median
P/S (12 months) 3.47× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 5
FUTURE (revenue growth)51 · sector 46
PAST (return on equity)0 · sector 10
HEALTH (low debt)100 · sector 98
DIVIDEND (yield)0 · sector 41

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 Health Information Services stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Veeva Systems Inc VEEV $303.73 $334.10 +10% vs NORDH
HealthEquity, Inc HQY $103.63 $113.99 +10% vs NORDH
Doximity, Inc DOCS $32.51 $35.76 +10% vs NORDH
Inventurus Knowledge Solutions Limited IKS ₹1,657 ₹1,823 +10% vs NORDH
Waystar Holding WAY $28.35 $29.10 +3% vs NORDH
Hinge Health, Inc HNGE $115.76 $51.25 −56% vs NORDH
Pro Medicus Limited PME A$205.49 A$85.12 −59% vs NORDH
BrightSpring Health Services, Inc BTSG $67.15 $25.72 −62% vs NORDH
XtalPi Holdings 2228 HK$6.13 HK$1.53 −75% vs NORDH
Privia Health Group PRVA $24.42 $5.52 −77% vs NORDH

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Nordhealth AS: fair value per Fair Value Calculator

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 Nov 8, 2026, our model estimates a fair value of kr 15.22 versus a price of kr 24.60, about 38% lower (overvalued).
What is the fair value of NORDH?
Our model-based fair value for Nordhealth AS is kr 15.22 (as of Nov 8, 2026), built from audited fundamentals. The current price: kr 24.60.
What is the quality score of NORDH?
Nordhealth AS has a Quality Score of 49/100. 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 15.22 (as of Nov 8, 2026) from 1 valuation models. Cautious scenario kr 10.12, optimistic scenario kr 19.10. 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 15.22, about 38% lower versus a price of kr 24.60 (overvalued). Cautious scenario kr 10.12, optimistic scenario kr 19.10. 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 €53.1M (latest available figure, as of Nov 8, 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 15.22 per share (as of Nov 8, 2026), against a price of kr 24.60. It is the blended result of 1 valuation models in 1 family (Asset-Based).
Is Nordhealth AS stock overvalued or undervalued in 2026?
As of Nov 8, 2026, NORDH trades above its calculated fair value: price kr 24.60, fair value kr 15.22, a gap of about −38% (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 24.60); the fair value is what the company's own numbers justify (kr 15.22). For Nordhealth AS the two are kr 9.38 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 Nov 8, 2026). Per share that is kr 24.60; our models calculate a fair value of kr 15.22 per share.
What do the bullish and bearish scenarios say about NORDH?
Our models span a range for Nordhealth AS: cautious scenario kr 10.12, base kr 15.22, optimistic kr 19.10 per share (as of Nov 8, 2026, price kr 24.60). 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 Nov 8, 2026): return on equity −25.8%. They feed the Quality Score of 49/100, which measures business quality independently of the share price.
How far is NORDH from its 52-week high?
Nordhealth AS trades at kr 24.60, about 35% below its 52-week high of kr 37.60 and 16% above the low of kr 21.20 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of kr 15.22 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, Hinge Health, 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 Nov 8, 2026: price kr 24.60, calculated fair value kr 15.22 (−38%), Quality Score 49/100, 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 1 family: Asset-Based. Every model gets the same audited fundamentals; the fair value of kr 15.22 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. 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 Nov 6, 2026 was kr 24.60. Our model-based fair value is kr 15.22, about 38% lower (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 19.10). The favourable scenario is already priced in. Weak quality (49/100) 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 10.12 to kr 19.10) 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 (≈ $205M). 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 38.0 (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 −2.32. 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 −25.8% (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 −25.6% (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 +10.2% 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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