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REC Silicon ASA (RECSI) fair value: what the stock is really worth

As of Jun 24, 2026: fair value of REC Silicon ASA NOK 0.04, price NOK 0.23, upside -82.6%, quality 40 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

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

Technology · NO · ISIN NO0010112675

RS Thin data Jun 23, 2026

REC Silicon ASA

RECSI · OL

Weakest SetupStrongly overvalued and low quality.

!Fair value kr 0.0400 · Strongly overvalued (−82.6%)
!Quality 40/100
!Weak Growth (revenue 5y −8.5 %/yr)
!Loss-making · -69.7% net margin (TTM)
!Negative equity (buybacks among others) · negative free cash flow
!Trails peers (0/7)
!Narrow moat 8/100
!Evidence only low, so the estimate is less certain
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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

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Price vs Fair Value

kr 24.50 kr 0.2250 Fair Value kr 0.0400 Mar 2021 Jun 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jun 23, 2026.

How to read this chart

60‑month range kr 0.2250 – kr 24.50 · fair‑value band kr 0.0300 – kr 0.0500 · the kr 0.2300 price screens above the kr 0.0400 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Jun 23, 2026.

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Company profile

REC Silicon ASA, together with its subsidiaries, produces and sells silicon materials for the solar and electronics industries in Norway and internationally.

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REC Silicon ASA, together with its subsidiaries, produces and sells silicon materials for the solar and electronics industries in Norway and internationally. It provides various Signature Silane gas, a pure form of silicon that produces product for fuel industries comprising specialty gases, including Dichlorosilane, Monochlorosilane, and Disilane for use in the manufacturing processes of flat panel displays, semiconductors, and solar cells; and solar grade polysilicon, including NextSi used for multi crystalline and monocrystalline solar ingot and wafer production in the manufacturing of solar modules. The company also provides electronic grade polysilicon consisting of float zone-based devices are used in motor control and power conversion processes for hybrid and electric vehicles, wind energy, and high voltage transmission, 5G communications, high-speed trains, internet of things, and big data, as well as Czochralski for manufacturing of semiconductor wafers used in memory processors, optics, and micro electromechanical systems. The company was formerly known as Renewable Energy Corporation ASA and changed its name to REC Silicon ASA in October 2013. REC Silicon ASA was founded in 1996 and is headquartered in Lysaker, Norway.

Stock analysis

REC Silicon ASA (RECSI) currently trades at kr 0.2300, while our model-based Fair Value estimate is kr 0.0400, 82.6% below the price, so the stock looks overvalued today.

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Valuation

How firm this estimate is: it rests on 3 models at a data quality of 95/100, which puts the evidence level at low.

Scenario range: kr 0.0300 (bear) to kr 0.0500 (bull), the price of kr 0.2300 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 Technology sector.

Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.

REC Silicon ASA reported revenue of $78.2M in FY2025 versus $143M in FY2021, a compound −14.0%/yr. Reported net income was −$63.1M in FY2025.

Key figures

Market cap 1.1B NOK (≈ $110M) · P/S ratio 13.9 · EPS (TTM) kr −1.01 · Net margin −80.7% · Return on equity −309% · Return on assets (EBIT) −10.5% · Operating margin −37.4% · Revenue (TTM) $76.3M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (low confidence).

What moves the price

The share trades about 91% below its 52-week high and 2% above its 52-week low.

For context, the median of 10 Technology peers we cover trades at −28% fair-value upside, at −83%, RECSI screens richer than that median.

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Quality Score breakdown

Overall quality 40/100

Of which business quality 38 · Market factors (momentum, volatility) 18

Profitability 29
Margins and returns on capital today
Quality Growth 60
Are margins and returns improving?
Cashflow 16
Earnings quality: real cash, not paper profit
Fin. Strength 6
Balance sheet, leverage, solvency risk
Investment 82
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 6
Price trend over the last 3–12 months (market factor)
52W Momentum 0
Distance to the 52-week high (market factor)
Net Issuance 80
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. 0/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−44.5%
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.
−19.1%
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.
−8.5%
Start year 2020 (pandemic). Over 10 years: −13.4% a year
Revenue growth 23 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.
+20.6%
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.
−5.9% (2020) → −33.2% (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

RECSI screens overvalued: fair value 83% below the price. Compare with ASML Holding →

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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.Semiconductor Equipment & Materials · 214 stocks

Beats the industry median on 0/7 measures
Overall it trails its industry peers.
Valuation
Quality Score 40 · Bottom 25%
Fair Value upside −82.6% · Bottom 25%
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 −13.7% · Bottom 25%
Net margin (TTM) −69.7% · Bottom 25%
Operating margin (TTM) −37.4% · Bottom 25%
Growth and dividend
Revenue growth −8.9% · Bottom 25%
Balance sheet
Debt / equity 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.

Valuation Multiplesvs Semiconductor Equipment & Materials median · lower = cheaper

P/B 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.
PEG 2.80× · Priciest 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 Semiconductor Equipment & Materials stocks, each showing price versus our Fair Value estimate.

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Lam Research Corporation LRCX $314.47 $250.94 −20%
Applied Materials, Inc AMAT $511.38 $368.52 −28%
KLA Corporation KLAC $187.92 $160.12 −15%
Teradyne, Inc TER $415.79 $65.79 −84%
Advanced Micro-Fabrication Equipment Inc 688012 ¥339.30 ¥110.10 −68%
Hon. Precision, Inc 7769 5,670 TWD 4,864 TWD −14%
Piotech Inc 688072 ¥700.90 ¥320.60 −54%
Qnity Electronics, Inc Q $124.69 $70.44 −44%
Entegris, Inc ENTG $151.89 $92.64 −39%

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REC Silicon ASA · Fair Value
kr 0.0400 −83%Fair Value
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Cite: Fair Value Calculator (2026). "REC Silicon ASA Fair Value". https://www.fairvalue-calculator.com/stock/RECSI

Frequently asked questions

Is REC Silicon ASA (RECSI) overvalued or undervalued?
As of Jun 23, 2026, our model estimates a fair value of kr 0.0400 versus the last price from Jun 24, 2026 of kr 0.2300, about −83% upside (overvalued).
What is the fair value of RECSI?
Our model-based fair value for REC Silicon ASA is kr 0.0400 (as of Jun 23, 2026), built from audited fundamentals. Last price (from Jun 24, 2026): kr 0.2300.
What is the quality score of RECSI?
REC Silicon 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 REC Silicon ASA (RECSI)?
Our model-based price target is the fair value of kr 0.0400 (as of Jun 23, 2026) from 3 valuation models. Cautious scenario kr 0.0300, optimistic scenario kr 0.0500. It is a calculation from audited fundamentals, not an analyst target.
What is the REC Silicon ASA stock forecast for 2026?
Our models put fair value at kr 0.0400, about −83% upside versus the last price from Jun 24, 2026 of kr 0.2300 (overvalued). Cautious scenario kr 0.0300, optimistic scenario kr 0.0500. The calculation is refreshed regularly with new filings.
What is the revenue of REC Silicon ASA (RECSI)?
REC Silicon ASA reported trailing-twelve-month revenue of about $76.3M (latest available figure, as of Jun 23, 2026).
What is the intrinsic value of REC Silicon ASA (RECSI)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For REC Silicon ASA it is kr 0.0400 per share (as of Jun 23, 2026), against a price of kr 0.2300. It is the blended result of 3 valuation models (cash flow, earnings, asset, dividend).
Is REC Silicon ASA stock overvalued or undervalued in 2026?
As of Jun 23, 2026, RECSI trades above its calculated fair value: price kr 0.2300, fair value kr 0.0400, a gap of about −83% (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 RECSI?
No. The price is what the market pays today (kr 0.2300); the fair value is what the company's own numbers justify (kr 0.0400). For REC Silicon ASA the two are kr 0.1900 per share apart. That gap is exactly why we show both numbers side by side.
How much is REC Silicon ASA worth?
The market values REC Silicon ASA at about 1.1B NOK (market capitalisation, as of Jun 23, 2026). Per share that is kr 0.2300; our models calculate a fair value of kr 0.0400 per share.
What do the bullish and bearish scenarios say about RECSI?
Our models span a range for REC Silicon ASA: cautious scenario kr 0.0300, base kr 0.0400, optimistic kr 0.0500 per share (as of Jun 23, 2026, price kr 0.2300). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of RECSI?
The PEG ratio of REC Silicon ASA is 2.80 (P/E divided by earnings growth, as of Jun 23, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of REC Silicon ASA (RECSI)?
Balance-sheet figures for REC Silicon ASA (as of Jun 23, 2026): negative equity, so no return on equity and no debt-to-equity ratio. They feed the Quality Score of 40/100, which measures business quality independently of the share price.
How far is RECSI from its 52-week high?
REC Silicon ASA trades at kr 0.2300, about 91% below its 52-week high of kr 2.60 and 2% above the low of kr 0.2250 (as of Jun 24, 2026). Distance from the high says nothing about value: that is what the fair value of kr 0.0400 is for.
Which stocks are comparable to REC Silicon ASA?
From the same area (Technology) we also value ASML Holding, Lam Research Corporation, Applied Materials, Inc, KLA 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 REC Silicon ASA stock attractive at the current price?
The data as of Jun 23, 2026: price kr 0.2300, calculated fair value kr 0.0400 (−83%), Quality Score 40/100, 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 RECSI calculated?
We run REC Silicon 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 kr 0.0400, 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. REC Silicon 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 REC Silicon ASA (RECSI)?
The latest price we hold is from Jun 24, 2026 and stands at kr 0.2300. Our model-based fair value is kr 0.0400, about −83% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with REC Silicon ASA right now?
The price sits above even our optimistic bull case (kr 0.0500). 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 large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.

Key figures of REC Silicon ASA

How large is the market capitalisation of REC Silicon ASA (RECSI)?
The market capitalisation of REC Silicon ASA is 1.1B NOK (≈ $110M). 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 REC Silicon ASA (RECSI)?
The price-to-sales ratio of REC Silicon ASA is 13.9 (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 REC Silicon ASA (RECSI)?
Earnings per share at REC Silicon ASA are kr −1.01. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of REC Silicon ASA (RECSI)?
The net margin of REC Silicon ASA is −80.7% (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 REC Silicon ASA (RECSI)?
The return on equity (ROE) of REC Silicon ASA is −309% (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 REC Silicon ASA (RECSI)?
On an EBIT basis the return on assets of REC Silicon ASA is −10.5% (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 REC Silicon ASA (RECSI)?
The operating margin of REC Silicon ASA is −37.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at REC Silicon ASA (RECSI)?
Revenue at REC Silicon ASA is growing −8.9% versus a year earlier (3y avg −19.1%). 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 REC Silicon ASA (RECSI) generate?
The free cash flow of REC Silicon ASA is −$85.7M (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 REC Silicon ASA (RECSI) carry?
The net debt of REC Silicon ASA is $435M (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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