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Thor Medical ASA (TRMED) fair value: what the stock is really worth

As of Sep 24, 2026: fair value of Thor Medical ASA NOK 2.91, price NOK 4.60, upside -36.7%, quality 22 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
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Healthcare · NO · ISIN NO0010597883

TM Thin data Sep 24, 2026

Thor Medical ASA

TRMED · OL

Weakest SetupStrongly overvalued and low quality.

!Fair value kr 2.91 · Strongly overvalued (−37%)
!Quality 22/100
!Weak Growth
!negative free cash flow
✓Ranks above peers (5/6)
!Narrow moat 10/100
!Insider activity 45/100
!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 28.72 kr 0.6528 Fair Value kr 2.91 Jun 2021 Sep 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 kr 0.6528 – kr 28.72 · fair‑value band kr 2.18 – kr 4.28 · the kr 4.60 price screens above the kr 2.91 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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Company profile

Thor Medical ASA produces and supplies alpha-particle emitters for cancer therapy in Norway. It offers thorium-228, as well as radium-224 and lead-212 to radiopharmaceutical customers. The company was incorporated in 2009 and is headquartered in Oslo, Norway.

Stock analysis

Thor Medical ASA (TRMED) currently trades at kr 4.60, while our model-based Fair Value estimate is kr 2.91, implying the stock looks roughly 58.1% 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 2.18 (bear) to kr 4.28 (bull), the price of kr 4.60 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 22/100 (below-average quality), in the Healthcare sector.

Weak Growth: Revenue growth is weak, negative or inconsistent.

Thor Medical ASA reported revenue of 439K NOK in FY2025 versus 0 NOK in FY2021. Reported net income was −58.0M NOK in FY2025.

Key figures

Market cap 1.6B NOK (≈ $171M) · EPS (TTM) kr −0.1700 · Return on equity −14.6% · Return on assets (EBIT) −93.0% · Operating margin −4,933% · Revenue (TTM) 839K NOK · Free cash flow −121M NOK · Net cash 123M NOK.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).

What moves the price

The share trades about 34% below its 52-week high and 41% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Healthcare peers we cover trades at −5% fair-value upside, at −37%, TRMED screens richer than that median.

Fair Value models

Bear kr 2.18 Fair Value kr 2.91 Bull kr 4.28
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.
Highest evidence
NCAV (Graham) kr 0.6300 kr 0.8500 kr 1.27 51
All 1 models by family
Asset-Based
NCAV (Graham) kr 0.6300 kr 0.8500 kr 1.27 51

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Quality Score breakdown

Overall quality 22/100

Of which business quality 29 · Market factors (momentum, volatility) 54

Profitability 0
Margins and returns on capital today
Quality Growth 60
Are margins and returns improving?
Cashflow 7
Earnings quality: real cash, not paper profit
Fin. Strength 96
Balance sheet, leverage, solvency risk
Investment 0
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 63
Price trend over the last 3–12 months (market factor)
52W Momentum 45
Distance to the 52-week high (market factor)
Net Issuance 0
Share count: buybacks or dilution?

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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 growth is weak, negative or inconsistent.
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

TRMED screens 58% overvalued. Compare with Vertex Pharmaceuticals Incorporated →

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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.Biotechnology · 654 stocks

Beats the industry median on 4/5 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 29 · Bottom 25%
Fair Value upside −37% · Above median
Profitability
Return on assets −8% · Above median
Growth and dividend
Revenue growth 0% · Above median

Valuation Multiplesvs Biotechnology median · lower = cheaper

P/B 0.37× · 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 Biotechnology stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Vertex Pharmaceuticals Incorporated VRTX $522.38 $574.62 +10%
Regeneron Pharmaceuticals, Inc REGN $801.82 $1,252 +56%
argenx SE ARGX $963.79 $918.60 −5%
Samsung Biologics Co 207940 1,366,000 KRW 1,502,600 KRW +10%
CSL Limited CSL A$179.12 A$197.03 +10%
Alnylam Pharmaceuticals, Inc ALNY $251.65 $218.36 −13%
Royalty Pharma plc RPRX $58.52 $24.22 −59%
BeOne Medicines AG 6160 HK$218.20 HK$169.72 −22%
Celltrion, Inc 068270 177,400 KRW 74,519 KRW −58%
BioNTech SE BNTX $100.87 $63.62 −37%

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Thor Medical ASA · Fair Value
kr 2.91 −58%Fair Value
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Cite: Fair Value Calculator (2026). "Thor Medical ASA Fair Value". https://www.fairvalue-calculator.com/stock/TRMED

Frequently asked questions

Is Thor Medical ASA (TRMED) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of kr 2.91 versus a price of kr 4.60, about −37% upside (overvalued).
What is the fair value of TRMED?
Our model-based fair value for Thor Medical ASA is kr 2.91 (as of Sep 24, 2026), built from audited fundamentals. The current price: kr 4.60.
What is the quality score of TRMED?
Thor Medical ASA has a Quality Score of 22/100. 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 Thor Medical ASA (TRMED)?
Our model-based price target is the fair value of kr 2.91 (as of Sep 24, 2026) from 1 valuation models. Cautious scenario kr 2.18, optimistic scenario kr 4.28. It is a calculation from audited fundamentals, not an analyst target.
What is the Thor Medical ASA stock forecast for 2026?
Our models put fair value at kr 2.91, about −37% upside versus a price of kr 4.60 (overvalued). Cautious scenario kr 2.18, optimistic scenario kr 4.28. The calculation is refreshed regularly with new filings.
What is the revenue of Thor Medical ASA (TRMED)?
Thor Medical ASA reported trailing-twelve-month revenue of about 839K NOK (latest available figure, as of Sep 24, 2026).
What is the intrinsic value of Thor Medical ASA (TRMED)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Thor Medical ASA it is kr 2.91 per share (as of Sep 24, 2026), against a price of kr 4.60. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is Thor Medical ASA stock overvalued or undervalued in 2026?
As of Sep 24, 2026, TRMED trades above its calculated fair value: price kr 4.60, fair value kr 2.91, a gap of about −37% (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 TRMED?
No. The price is what the market pays today (kr 4.60); the fair value is what the company's own numbers justify (kr 2.91). For Thor Medical ASA the two are kr 1.69 per share apart. That gap is exactly why we show both numbers side by side.
How much is Thor Medical ASA worth?
The market values Thor Medical ASA at about 1.6B NOK (market capitalisation, as of Sep 24, 2026). Per share that is kr 4.60; our models calculate a fair value of kr 2.91 per share.
What do the bullish and bearish scenarios say about TRMED?
Our models span a range for Thor Medical ASA: cautious scenario kr 2.18, base kr 2.91, optimistic kr 4.28 per share (as of Sep 24, 2026, price kr 4.60). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Thor Medical ASA (TRMED)?
Balance-sheet figures for Thor Medical ASA (as of Sep 24, 2026): return on equity −14.6%. They feed the Quality Score of 22/100, which measures business quality independently of the share price.
How far is TRMED from its 52-week high?
Thor Medical ASA trades at kr 4.60, about 34% below its 52-week high of kr 6.98 and 41% above the low of kr 3.27 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of kr 2.91 is for.
Which stocks are comparable to Thor Medical ASA?
From the same area (Healthcare) we also value Vertex Pharmaceuticals Incorporated, Regeneron Pharmaceuticals, Inc, argenx SE, Samsung Biologics 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 Thor Medical ASA stock attractive at the current price?
The data as of Sep 24, 2026: price kr 4.60, calculated fair value kr 2.91 (−37%), Quality Score 22/100, 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 TRMED calculated?
We run Thor Medical ASA 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 2.91, 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. Thor Medical 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 Thor Medical ASA (TRMED)?
The closing price on Sep 24, 2026 was kr 4.60. Our model-based fair value is kr 2.91, about −37% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Thor Medical ASA right now?
The price sits above even our optimistic bull case (kr 4.28). The favourable scenario is already priced in. Weak quality (22/100) 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 2.18 to kr 4.28) leaves room in how you read the outcome.

Key figures of Thor Medical ASA

How large is the market capitalisation of Thor Medical ASA (TRMED)?
The market capitalisation of Thor Medical ASA is 1.6B NOK (≈ $171M). 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 are the earnings per share of Thor Medical ASA (TRMED)?
Earnings per share at Thor Medical ASA are kr −0.1700. Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of Thor Medical ASA (TRMED)?
The return on equity (ROE) of Thor Medical ASA is −14.6% (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 Thor Medical ASA (TRMED)?
On an EBIT basis the return on assets of Thor Medical ASA is −93.0% (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 Thor Medical ASA (TRMED)?
The operating margin of Thor Medical ASA is −4,933% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How much free cash flow does Thor Medical ASA (TRMED) generate?
The free cash flow of Thor Medical ASA is −121M 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 Thor Medical ASA (TRMED) hold?
Thor Medical ASA holds more cash than debt, 123M NOK net (fiscal year 2024). The company holds more cash than debt, a safety cushion.
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