# Nordic Semiconductor ASA (NOD.OL)

Canonical: https://gigainvestors.com/s/NOD.OL

Analysis as of: 2026-10-16T07:38:43.025Z. Financial observations: FY2000–FY2025.

Listing currency: NOK. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: NOK 167.40 per share; close as of 2026-10-15.

Estimated value: low NOK 24.05 per share, central NOK 25.63 per share, high NOK 27.74 per share. Buy at or below the central value NOK 25.63 per share. Valuation as of 2026-10-16T07:38:43.025Z; scenarios are not confidence intervals.

Expected annual return: 3.6% at the stated quote. About 3.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; NO 10-year bond 4.5% + 4 points).

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 1

- Operating margin variation: 1.28×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.05×

- FY2017: 0.04×

- FY2018: 0.05×

- FY2019: 0.03×

- FY2020: 0.11×

- FY2021: 0.14×

- FY2022: 0.21×

- FY2023: 0.01×

- FY2024: -0.09×

- FY2025: 0.04×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 35.4pp below the typical margin (limit 4pp)

- ROIC, median of available years: 6.4%

- ROIC, second-lowest year: 0.7%

- Typical minus recent gross margin: 35.4 pp

- Typical gross margin (annual median): 50.3%

- Recent gross margin (lower of latest and 3-year median): 14.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 7.0%

- ROIC including acquisitions, ten-year median: 2.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 6.1%

- FY2017: 6.6%

- FY2018: 7.7%

- FY2019: 4.2%

- FY2020: 21.7%

- FY2021: 35.7%

- FY2022: 52.4%

- FY2023: 0.7%

- FY2024: -8.7%

- FY2025: 5.5%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.98×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $177M

- Net income, five-year total: $180M

- Return on incremental invested capital: 0.5%

- Working capital / revenue, annual change: 0.1 pp

- Working capital / revenue, change between three-year averages: 4.5 pp

- Working capital / revenue, final three-year average: 44.3%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 1.10×

- FY2023: 0.59×

- FY2024: 1.38×

- FY2025: 1.13×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 6.6% vs 0.7%

- Per-share earnings: 0.04 to 0.04 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.9%

- Ordinary dilution, 5-year annual growth: 0.2%

- Market cap gain: $2.2B

- Cumulative retained earnings: $195M

- Diluted shares, 10-year annual growth: 1.9%

- Diluted shares, 5-year annual growth: 0.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -0.7%

- Per-share value change: -$0.00

- Per-share value, starting three-year median: $0.04

- Per-share value, ending three-year median: $0.04

- Buybacks concentrated in cheaper years (correlation): -0.09

- Average buyback yield: 0.7%

- Buyback history: 6 years

- Debt-funded buybacks: Yes

- Acquisition spending: $203M

- Cumulative net income, 10 years: $247M

- ROIC, first three-year median: 6.6%

- ROIC, last three-year median: 0.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.04

- FY2017: $0.04

- FY2018: $0.05

- FY2019: $0.04

- FY2020: $0.20

- FY2021: $0.37

- FY2022: $0.63

- FY2023: $0.04

- FY2024: -$0.20

- FY2025: $0.09

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -9.5%

- Receivables to sales index (DSRI): 1.09×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 15.1%

- Earnings backed by cash: Yes

- Operating cash / earnings: 6.54×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.31×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 3.5%

- FY2017: -15.3%

- FY2018: -8.1%

- FY2019: -3.9%

- FY2020: -5.2%

- FY2021: -4.1%

- FY2022: -2.6%

- FY2023: 14.8%

- FY2024: -12.3%

- FY2025: -9.5%

## Holders

## Price story

Down 45% since Nov 2021 · sales +30.5%

Story as of 2026-10-16T10:00:10.180Z; price observation 2026-10-15.

Price needs cash profits to grow 33.3% a year for ten years

- 2025-08-13: Nordic Semiconductor shares jump 10% on Q2 sales beat, rosy guidance ([investing.com](https://www.investing.com/news/earnings/nordic-semiconductor-shares-jump-10-on-q2-sales-beat-rosy-guidance-4187239))

### Sales · FY2024–2025

sales +30.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: $198M 

- FY2017: $236M 

- FY2018: $271M 

- FY2019: $288M 

- FY2020: $405M 

- FY2021: $611M 

- FY2022: $777M 

- FY2023: $543M 

- FY2024: $511M 

- FY2025: $668M 

### Gross margin · FY2025

gross margin 14.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 47.1% 

- FY2017: 47.2% 

- FY2018: 49.8% 

- FY2019: 50.9% 

- FY2020: 52.8% 

- FY2021: 53.5% 

- FY2022: 56.2% 

- FY2023: 52.3% 

- FY2024: 47.3% 

- FY2025: 14.9% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in semiconductors; annual sales are USD 667.6 million.

- Source: https://eodhd.com/api/fundamentals/NDCVF.US.json#2025-12-31 (filed 2026-10-16T07:38:43.025Z); FY2025: revenue 667620000; grossProfit 99550548; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); NOD.OL: Nordic Semiconductor ASA, a fabless semiconductor company, provides low power wireless connectivity solutions in Europe, the Americas, and the Asia Pacific. The company offers cellular IoT that comprises NB-IoT and LTE-M; non-terrestrial networks; Wi-Fi solutions; Bluetooth low energy System-on-Chip (SoC); Bluetooth direction finding solution; DECT NR+, a non-cellular radio standard; Thread, an IP-based wireless networking protocol solution; nRF52 and nRF51 wireless SoCs; and range extenders, as well as Bluetooth LE audio, Bluetooth mesh, and Zigbee products. It also provides Matter, a Connected Home over IP solution; Amazon sidewalk; multiprotocol SoCs; Bluetooth wireless technology; security solution; Edge AI; ANT solutions, including wireless multiprotocol SoCs supporting the ANT wireless protocol; and KNX IoT. In addition, the company offers power management integrated circuits (PMIC) comprising nPM1100 PMIC, nPM1300 PMIC, nPM2100, and nPM6001 PMIC; cloud services, such as location, security, and device management services; nRF Cloud solution; and application specific integrated circuits and related consulting services. Its products are used for consumer devices, including asset tracking, audio, education, HID, smart home and remotes, gaming, virtual reality and augmented reality products, and wearables; for industrial automation, such as automotive, beacons, building automation, professional lighting, transportation, retail, and smart agriculture and metering; and healthcare devices that include connected health and sports and fitness. Nordic Semiconductor ASA was founded in 1983 and is headquartered in Trondheim, Norway.

### Why customers stay

Margins ranged from 14.9% to 52.3% during 2023–25; it earns 6.4% on its capital.

- Source: https://eodhd.com/api/fundamentals/NDCVF.US.json#2023-12-31 (filed 2026-10-16T07:38:43.025Z); FY2023: grossProfit / revenue = 52.3%.

- Source: https://eodhd.com/api/fundamentals/NDCVF.US.json#2024-12-31 (filed 2026-10-16T07:38:43.025Z); FY2024: grossProfit / revenue = 47.3%.

- Source: https://eodhd.com/api/fundamentals/NDCVF.US.json#2025-12-31 (filed 2026-10-16T07:38:43.025Z); FY2025: grossProfit / revenue = 14.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:43.025Z); 10-year return on capital observations [[2016,0.06121650039808271],[2017,0.06586741323425824],[2018,0.0765773737136531],[2019,0.04182802402366366],[2020,0.21715792765557573],[2021,0.35687557175486495],[2022,0.5244727527564669],[2023,0.006710064108193554],[2024,-0.08684602221864898],[2025,0.055202325030771875]]; median 0.06354195681617048. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid no dividends in 10 years; bought back USD 31.1 million of shares.

- Source: https://eodhd.com/api/fundamentals/NDCVF.US.json#2016-12-31 (filed 2026-10-16T07:38:43.025Z); FY2016: growth capex 267153.0273101982; upkeep 14860846.972689802; owner earnings 2757378.027310198. Growth capex / owner earnings = 0.09688661643931498.

- Source: https://eodhd.com/api/fundamentals/NDCVF.US.json#2017-12-31 (filed 2026-10-16T07:38:43.025Z); FY2017: growth capex 2339889.5049934722; upkeep 17064110.495006528; owner earnings 2698622.5049934722. Growth capex / owner earnings = 0.8670681062889647.

- Source: https://eodhd.com/api/fundamentals/NDCVF.US.json#2020-12-31 (filed 2026-10-16T07:38:43.025Z); FY2020: growth capex 0; upkeep 24878000; owner earnings 39062179. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/NDCVF.US.json#2021-12-31 (filed 2026-10-16T07:38:43.025Z); FY2021: growth capex 2322817; upkeep 28371183; owner earnings 71171000. Growth capex / owner earnings = 0.03263712748169901.

- Source: https://eodhd.com/api/fundamentals/NDCVF.US.json#2022-12-31 (filed 2026-10-16T07:38:43.025Z); FY2022: growth capex 0; upkeep 30554000; owner earnings 135007062. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/NDCVF.US.json#2023-12-31 (filed 2026-10-16T07:38:43.025Z); FY2023: growth capex 0; upkeep 47502000; owner earnings 4477000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/NDCVF.US.json#2025-12-31 (filed 2026-10-16T07:38:43.025Z); FY2025: growth capex 0; upkeep 42048809; owner earnings 19141169. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:43.025Z); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/NDCVF.US.json#2025-12-31 (filed 2026-10-16T07:38:43.025Z); FY2025: cash repurchases 31092175 USD.

### Are managers owners

Insiders own 9.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); NOD.OL SharesStats.PercentInsiders = 9.844999999999999 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 33.3% yearly over ten years; actual growth was 1.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:43.025Z); Ten-year compound average after fade. Initial solved rate 0.4784587252823126. Price 167.4; FX 9.475080538184574; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.08486853378058687 → FY2025 0.09737732681477562. Closing-price date 2026-10-15.

## Monthly share-price history (NOK per share)

- 2016-10: NOK 33.00 per share

- 2016-11: NOK 34.30 per share

- 2016-12: NOK 35.10 per share

- 2017-01: NOK 34.80 per share

- 2017-02: NOK 31.90 per share

- 2017-03: NOK 31.30 per share

- 2017-04: NOK 34.40 per share

- 2017-05: NOK 36.20 per share

- 2017-06: NOK 33.20 per share

- 2017-07: NOK 38.90 per share

- 2017-08: NOK 40.00 per share

- 2017-09: NOK 44.00 per share

- 2017-10: NOK 40.90 per share

- 2017-11: NOK 39.40 per share

- 2017-12: NOK 42.00 per share

- 2018-01: NOK 45.80 per share

- 2018-02: NOK 46.00 per share

- 2018-03: NOK 46.65 per share

- 2018-04: NOK 50.70 per share

- 2018-05: NOK 54.50 per share

- 2018-06: NOK 52.20 per share

- 2018-07: NOK 49.10 per share

- 2018-08: NOK 51.30 per share

- 2018-09: NOK 47.00 per share

- 2018-10: NOK 36.00 per share

- 2018-11: NOK 38.20 per share

- 2018-12: NOK 28.90 per share

- 2019-01: NOK 29.25 per share

- 2019-02: NOK 36.40 per share

- 2019-03: NOK 36.10 per share

- 2019-04: NOK 41.00 per share

- 2019-05: NOK 35.76 per share

- 2019-06: NOK 35.80 per share

- 2019-07: NOK 44.24 per share

- 2019-08: NOK 41.28 per share

- 2019-09: NOK 51.00 per share

- 2019-10: NOK 52.35 per share

- 2019-11: NOK 53.30 per share

- 2019-12: NOK 55.70 per share

- 2020-01: NOK 58.70 per share

- 2020-02: NOK 49.34 per share

- 2020-03: NOK 46.18 per share

- 2020-04: NOK 60.40 per share

- 2020-05: NOK 63.70 per share

- 2020-06: NOK 73.40 per share

- 2020-07: NOK 89.20 per share

- 2020-08: NOK 89.75 per share

- 2020-09: NOK 96.00 per share

- 2020-10: NOK 100.40 per share

- 2020-11: NOK 127.60 per share

- 2020-12: NOK 138.00 per share

- 2021-01: NOK 132.50 per share

- 2021-02: NOK 163.30 per share

- 2021-03: NOK 153.30 per share

- 2021-04: NOK 206.00 per share

- 2021-05: NOK 231.80 per share

- 2021-06: NOK 218.20 per share

- 2021-07: NOK 289.60 per share

- 2021-08: NOK 283.00 per share

- 2021-09: NOK 262.60 per share

- 2021-10: NOK 250.00 per share

- 2021-11: NOK 305.20 per share

- 2021-12: NOK 297.60 per share

- 2022-01: NOK 260.00 per share

- 2022-02: NOK 234.00 per share

- 2022-03: NOK 227.20 per share

- 2022-04: NOK 191.45 per share

- 2022-05: NOK 184.05 per share

- 2022-06: NOK 152.80 per share

- 2022-07: NOK 168.00 per share

- 2022-08: NOK 153.00 per share

- 2022-09: NOK 145.50 per share

- 2022-10: NOK 146.90 per share

- 2022-11: NOK 177.20 per share

- 2022-12: NOK 163.90 per share

- 2023-01: NOK 157.40 per share

- 2023-02: NOK 149.35 per share

- 2023-03: NOK 159.50 per share

- 2023-04: NOK 115.15 per share

- 2023-05: NOK 116.30 per share

- 2023-06: NOK 130.45 per share

- 2023-07: NOK 149.20 per share

- 2023-08: NOK 130.10 per share

- 2023-09: NOK 111.05 per share

- 2023-10: NOK 90.16 per share

- 2023-11: NOK 98.60 per share

- 2023-12: NOK 126.00 per share

- 2024-01: NOK 107.00 per share

- 2024-02: NOK 90.60 per share

- 2024-03: NOK 85.80 per share

- 2024-04: NOK 123.50 per share

- 2024-05: NOK 134.50 per share

- 2024-06: NOK 142.60 per share

- 2024-07: NOK 135.00 per share

- 2024-08: NOK 143.40 per share

- 2024-09: NOK 106.65 per share

- 2024-10: NOK 108.70 per share

- 2024-11: NOK 98.94 per share

- 2024-12: NOK 100.45 per share

- 2025-01: NOK 114.00 per share

- 2025-02: NOK 137.45 per share

- 2025-03: NOK 126.40 per share

- 2025-04: NOK 102.50 per share

- 2025-05: NOK 125.10 per share

- 2025-06: NOK 135.70 per share

- 2025-07: NOK 142.20 per share

- 2025-08: NOK 165.90 per share

- 2025-09: NOK 152.80 per share

- 2025-10: NOK 147.00 per share

- 2025-11: NOK 134.20 per share

- 2025-12: NOK 133.30 per share

- 2026-01: NOK 129.60 per share

- 2026-02: NOK 143.30 per share

- 2026-03: NOK 153.00 per share

- 2026-04: NOK 189.00 per share

- 2026-05: NOK 200.40 per share

- 2026-06: NOK 182.20 per share

- 2026-07: NOK 158.70 per share

- 2026-08: NOK 166.10 per share

- 2026-09: NOK 182.80 per share

- 2026-10: NOK 173.40 per share

## Annual estimated value (NOK per share)

- FY2016: low NOK 9.89 per share, central NOK 11.27 per share, high NOK 12.94 per share

- FY2017: low NOK 3.89 per share, central NOK 4.18 per share, high NOK 4.56 per share

- FY2018: low NOK 7.74 per share, central NOK 8.51 per share, high NOK 9.07 per share

- FY2019: low NOK 6.36 per share, central NOK 6.62 per share, high NOK 6.97 per share

- FY2020: low NOK 13.71 per share, central NOK 14.12 per share, high NOK 14.59 per share

- FY2021: low NOK 17.68 per share, central NOK 19.68 per share, high NOK 20.84 per share

- FY2022: low NOK 67.81 per share, central NOK 89.25 per share, high NOK 101.74 per share

- FY2023: low NOK 41.76 per share, central NOK 45.62 per share, high NOK 50.77 per share

- FY2024: low NOK 39.62 per share, central NOK 43.24 per share, high NOK 48.05 per share

- FY2025: low NOK 24.26 per share, central NOK 25.65 per share, high NOK 27.50 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.