Norse Atlantic ASA (NRSAF) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Norse Atlantic ASA $0.04, price $0.03, upside +7.2%, quality 56 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 Oct 4, 2026.
How to read this chart
60‑month range $0.0280 – $8.08 · fair‑value band $0.0306 – $0.0459 · the $0.0334 price screens below the $0.0358 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 4, 2026.
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Norse Atlantic ASA provides long-haul airline services in Norway, the United Kingdom, rest of Europe, the United States, and internationally. The company serves a scheduled network across destinations. It also engages in leasing of aircraft and technical services. The company was incorporated in 2021 and is headquartered in Arendal, Norway.
Stock analysis
Norse Atlantic ASA (NRSAF) currently trades at $0.0334, while our model-based Fair Value estimate is $0.0358, so the stock looks roughly fairly valued today (gap 6.7%).
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Valuation
How firm this estimate is: it rests on 10 models at a data quality of 95/100, which puts the evidence level at low.
Scenario range: $0.0306 (bear) to $0.0459 (bull), the price of $0.0334 sits inside 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 56/100 (solid quality), in the Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Norse Atlantic ASA reported revenue of $734M in FY2025 versus $3.0M in FY2021, a compound +296.4%/yr. Reported net income was −$61.9M in FY2025.
Key figures
Market cap $98.9M · P/S ratio 0.14 · EPS (TTM) $−0.6100 · Net margin −8.4% · Return on equity −1,995% · Return on assets (EBIT) −8.1% · Operating margin −20.7% · Revenue (TTM) $727M.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 37 out of 100 (low confidence).
What moves the price
The share trades about 96% below its 52-week high and 19% above its 52-week low.
For context, the median of 10 Industrials peers we cover trades at 33% fair-value upside, at 7%, NRSAF screens richer than that median.
Fair Value models
Bear $0.0306Fair Value $0.0358Bull $0.0459
Price $0.0334 · Upside +7.2%
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.
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.62/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+24.8%
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.
+91.7%
’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.
−267.3% (2021) → −2.7% (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
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.Airlines · 57 stocks
Beats the industry median on 3/8 measures
Overall it trails its industry peers.
Valuation
Quality Score56 · Top 25%
Fair Value upside+7.2% · Below median
Profitability
Return on equity (TTM)Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
Return on assets−2.0% · Bottom 25%
Net margin (TTM)−18.7% · Bottom 25%
Operating margin (TTM)−20.7% · Bottom 25%
Growth and dividend
Revenue growth−34.8% · Bottom 25%
Balance sheet
Debt / equityNegative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
Valuation Multiplesvs Airlines median · lower = cheaper
P/BNegative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
P/S (TTM)0.14× · Cheapest 25%
P/FCF2.0× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)43· sector 47
FUTURE (revenue growth)0· sector 80
PAST (return on equity)0· sector 50
HEALTH (low debt)0· sector 67
DIVIDEND (yield)0· sector 48
PAST 0: with negative equity (buybacks among others) return on equity is not meaningfully computable.
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Is Norse Atlantic ASA (NRSAF) overvalued or undervalued?
As of Oct 4, 2026, our model estimates a fair value of $0.0358 versus a price of $0.0334, about +7% upside (fairly valued).
What is the fair value of NRSAF?
Our model-based fair value for Norse Atlantic ASA is $0.0358 (as of Oct 4, 2026), built from audited fundamentals. The current price: $0.0334.
What is the quality score of NRSAF?
Norse Atlantic ASA has a Quality Score of 56/100. 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 Norse Atlantic ASA (NRSAF)?
Our model-based price target is the fair value of $0.0358 (as of Oct 4, 2026) from 9 valuation models. Cautious scenario $0.0306, optimistic scenario $0.0459. It is a calculation from audited fundamentals, not an analyst target.
What is the Norse Atlantic ASA stock forecast for 2026?
Our models put fair value at $0.0358, about +7% upside versus a price of $0.0334 (fairly valued). Cautious scenario $0.0306, optimistic scenario $0.0459. The calculation is refreshed regularly with new filings.
What is the revenue of Norse Atlantic ASA (NRSAF)?
Norse Atlantic ASA reported trailing-twelve-month revenue of about $727M (latest available figure, as of Oct 4, 2026).
What is the intrinsic value of Norse Atlantic ASA (NRSAF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Norse Atlantic ASA it is $0.0358 per share (as of Oct 4, 2026), against a price of $0.0334. It is the blended result of 9 valuation models (cash flow, earnings, asset, dividend).
Is Norse Atlantic ASA stock overvalued or undervalued in 2026?
As of Oct 4, 2026, NRSAF trades below its calculated fair value: price $0.0334, fair value $0.0358, a gap of about +7% (fairly valued). 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 NRSAF?
No. The price is what the market pays today ($0.0334); the fair value is what the company's own numbers justify ($0.0358). For Norse Atlantic ASA the two are $0.0024 per share apart. That gap is exactly why we show both numbers side by side.
How much is Norse Atlantic ASA worth?
The market values Norse Atlantic ASA at about $98.9M (market capitalisation, as of Oct 4, 2026). Per share that is $0.0334; our models calculate a fair value of $0.0358 per share.
What do the bullish and bearish scenarios say about NRSAF?
Our models span a range for Norse Atlantic ASA: cautious scenario $0.0306, base $0.0358, optimistic $0.0459 per share (as of Oct 4, 2026, price $0.0334). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Norse Atlantic ASA (NRSAF)?
Balance-sheet figures for Norse Atlantic ASA (as of Oct 4, 2026): negative equity, so no return on equity and no debt-to-equity ratio. They feed the Quality Score of 56/100, which measures business quality independently of the share price.
How far is NRSAF from its 52-week high?
Norse Atlantic ASA trades at $0.0334, about 96% below its 52-week high of $0.8454 and 19% above the low of $0.0280 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of $0.0358 is for.
Which stocks are comparable to Norse Atlantic ASA?
From the same area (Industrials) we also value Delta Air Lines, Inc, United Airlines Holdings, Ryanair Holdings, Southwest Airlines Co, 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 Norse Atlantic ASA stock attractive at the current price?
The data as of Oct 4, 2026: price $0.0334, calculated fair value $0.0358 (+7%), Quality Score 56/100, from 9 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 NRSAF calculated?
We run Norse Atlantic ASA through 9 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 $0.0358, 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 15.0 % above its aggregate fair value. Norse Atlantic ASA currently trades 7 % 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 Norse Atlantic ASA (NRSAF)?
The closing price on Oct 2, 2026 was $0.0334. Our model-based fair value is $0.0358, about +7% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Norse Atlantic ASA right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Key figures of Norse Atlantic ASA
How large is the market capitalisation of Norse Atlantic ASA (NRSAF)?
The market capitalisation of Norse Atlantic ASA is $98.9M. 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 Norse Atlantic ASA (NRSAF)?
The price-to-sales ratio of Norse Atlantic ASA is 0.14 (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 Norse Atlantic ASA (NRSAF)?
Earnings per share at Norse Atlantic ASA are $−0.6100. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Norse Atlantic ASA (NRSAF)?
The net margin of Norse Atlantic ASA is −8.4% (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 Norse Atlantic ASA (NRSAF)?
The return on equity (ROE) of Norse Atlantic ASA is −1,995% (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 Norse Atlantic ASA (NRSAF)?
On an EBIT basis the return on assets of Norse Atlantic ASA is −8.1% (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 Norse Atlantic ASA (NRSAF)?
The operating margin of Norse Atlantic ASA is −20.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Norse Atlantic ASA (NRSAF)?
Revenue at Norse Atlantic ASA is growing −34.8% versus a year earlier (3y avg +91.7%). 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 Norse Atlantic ASA (NRSAF) generate?
The free cash flow of Norse Atlantic ASA is $48.5M (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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Thin data
Oct 4, 2026