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

As of Nov 6, 2026: fair value (intrinsic value) of Thor Medical ASA stock NOK 2.41, price NOK 4.12, that is 41.3% below the price, quality 29 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 NO0010597883

TM Thor Medical ASA logo Thin data Nov 8, 2026

Thor Medical ASA

TRMED · OL
Very expensive, weak quality

Our calculation puts a fair price 41% below what the stock costs today.

Mixed vs. peers (3/6)
Fair value kr 2.41 · Strongly overvalued
Quality 29/100
Weak Growth
Negative free cash flow
Narrow moat 10/100 · thin data
Thin data
⚠ Dilution
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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 28.72 kr 0.6528 Fair Value kr 2.41 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 0.6528 – kr 28.72 · fair‑value band kr 1.84 – kr 3.61 · the kr 4.12 price screens above the kr 2.41 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

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 4.12, while our model-based Fair Value estimate is kr 2.41, 41% 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 1.84 (bear) to kr 3.61 (bull), the price of kr 4.12 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 29/100 (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 1.8B NOK (≈ $187M) Micro · EPS (TTM) kr −0.2300 · Return on equity −18.8% · Return on assets (EBIT) −93.0% (5-year average) · Operating margin −5,156% · Revenue growth (YoY) +800% · Free cash flow −121M NOK · Net cash 123M NOK.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 10 out of 100 (low confidence).

What moves the price

The share trades about 41% below its 52-week high and 17% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Healthcare peers we cover trades at 10% fair-value upside, at −41%, TRMED screens richer than that median.

Fair Value models

Bear kr 1.84 Fair Value kr 2.41 Bull kr 3.61
Price kr 4.12 · Downside -41.3%
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 0.2300 kr 0.3000 kr 0.4500 51
All 1 models by family
Asset-Based
NCAV (Graham) kr 0.2300 kr 0.3000 kr 0.4500 51

The fair value above starts from this blend and is adjusted for dilution from new shares.

Open the full fair value analysis →

Quality Score breakdown

Overall quality 29/100

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

Profitability 0
How much profit the company makes from its sales and capital
Quality Growth 60
Are margins and returns getting better?
Cashflow 7
Do the profits arrive as real cash?
Financial strength 96
Debt, balance sheet and risk of trouble
Investment 0
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 29
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 31
Distance to the 52-week high, does not count
New shares 0
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. 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 overvalued: fair value 41% below the price. 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 · 558 stocks

Beats the industry median on 3/5 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 29 · Bottom 25%
Fair Value upside −41.3% · Above median
Profitability
Return on assets −8.2% · Above median
Growth and dividend
Revenue growth (quarter YoY) 800.0% · Top 25%

Valuation Multiplesvs Biotechnology median · lower = cheaper

P/B 3.88× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 0
FUTURE (revenue growth)100 · sector 0
PAST (return on equity)0 · sector 0
HEALTH (low debt)0 · sector 97
DIVIDEND (yield)0 · sector 22

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 Biotechnology stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Incyte Corporation INCY $119.65 $199.23 +67% vs TRMED
Regeneron Pharmaceuticals, Inc REGN $904.35 $1,275 +41% vs TRMED
Vertex Pharmaceuticals Incorporated VRTX $547.09 $601.80 +10% vs TRMED
Samsung Biologics Co 207940 1,516,000 KRW 1,667,600 KRW +10% vs TRMED
Genmab A/S GMAB kr 3,527 kr 3,880 +10% vs TRMED
WuXi Biologics (Cayman) Inc 2269 HK$47.62 HK$52.38 +10% vs TRMED
argenx SE ARGX $927.21 $908.40 −2% vs TRMED
CSL Limited CSL A$200.77 A$183.04 −9% vs TRMED
Celltrion, Inc 068270 211,000 KRW 74,945 KRW −64% vs TRMED
Royalty Pharma plc RPRX $67.30 $19.01 −72% vs TRMED

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Thor Medical ASA: fair value per Fair Value Calculator

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 Nov 8, 2026, our model estimates a fair value of kr 2.41 versus a price of kr 4.12, about 41% lower (overvalued).
What is the fair value of TRMED?
Our model-based fair value for Thor Medical ASA is kr 2.41 (as of Nov 8, 2026), built from audited fundamentals. The current price: kr 4.12.
What is the quality score of TRMED?
Thor Medical ASA has a Quality Score of 29/100. 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 2.41 (as of Nov 8, 2026) from 1 valuation models. Cautious scenario kr 1.84, optimistic scenario kr 3.61. 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 2.41, about 41% lower versus a price of kr 4.12 (overvalued). Cautious scenario kr 1.84, optimistic scenario kr 3.61. The calculation is refreshed regularly with new filings.
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 2.41 per share (as of Nov 8, 2026), against a price of kr 4.12. It is the blended result of 1 valuation models in 1 family (Asset-Based).
Is Thor Medical ASA stock overvalued or undervalued in 2026?
As of Nov 8, 2026, TRMED trades above its calculated fair value: price kr 4.12, fair value kr 2.41, a gap of about −41% (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 4.12); the fair value is what the company's own numbers justify (kr 2.41). For Thor Medical ASA the two are kr 1.70 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 1.8B NOK (market capitalisation, as of Nov 8, 2026). Per share that is kr 4.12; our models calculate a fair value of kr 2.41 per share.
What do the bullish and bearish scenarios say about TRMED?
Our models span a range for Thor Medical ASA: cautious scenario kr 1.84, base kr 2.41, optimistic kr 3.61 per share (as of Nov 8, 2026, price kr 4.12). 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 Nov 8, 2026): return on equity −18.8%. They feed the Quality Score of 29/100, which measures business quality independently of the share price.
How far is TRMED from its 52-week high?
Thor Medical ASA trades at kr 4.12, about 41% below its 52-week high of kr 6.98 and 17% above the low of kr 3.51 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of kr 2.41 is for.
Which stocks are comparable to Thor Medical ASA?
From the same area (Healthcare) we also value Vertex Pharmaceuticals Incorporated, Regeneron Pharmaceuticals, Inc, CSL Limited, argenx SE, 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 Nov 8, 2026: price kr 4.12, calculated fair value kr 2.41 (−41%), Quality Score 29/100, 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 1 family: Asset-Based. Every model gets the same audited fundamentals; the fair value of kr 2.41 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. 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 Nov 6, 2026 was kr 4.12. Our model-based fair value is kr 2.41, about 41% lower (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 3.61). The favourable scenario is already priced in. Weak quality (29/100) 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 1.84 to kr 3.61) 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 1.8B NOK (≈ $187M). 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 −0.2300. 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 −18.8% (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 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 −5,156% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Thor Medical ASA (TRMED)?
Revenue at Thor Medical ASA is growing +800% versus a year earlier. 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 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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