Nordic Semiconductor
NOD.OL Large CapTechnology · Semiconductors
Updated: Aug 20, 2026, 22:20 UTC
Price Chart
Key Metrics
Valuation Analysis
About the Company
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 wirele
Nordic Semiconductor Stock at a Glance
Nordic Semiconductor (NOD.OL) is currently trading at $162.90 with a market capitalization of $32.2B. The trailing P/E ratio stands at 110.82x, with a forward P/E of 33.58x. The 52-week range spans from $123.70 to $211.00; the current price is 22.8% below the yearly high. Year-over-year revenue growth stands at +33.2%. The net profit margin stands at 4.23%.
💰 Dividend
Nordic Semiconductor currently does not pay a dividend. The company typically reinvests its earnings into growth initiatives and product development.
📊 Analyst Rating
16 analysts rate Nordic Semiconductor (NOD.OL) on consensus: Buy. The average price target is $193.72, implying +18.92% from the current price. Analyst price targets range from $136.48 to $250.00.
Nordic Semiconductor: The Investment Case in Detail
Nordic Semiconductor (NOD.OL) operates in the Technology — specifically Semiconductors — and is headquartered in Norway. Below is a structured read of the investment case built directly from the latest fundamentals, valuation multiples, analyst positioning and smart-money flows. Each section translates raw numbers into the investment logic they imply, so you can decide whether the risk/reward fits your portfolio.
The Bull Case
Top-line momentum is unusually strong with revenue expanding 33.2% year-over-year, a pace that puts the company well above the market average and signals genuine demand traction rather than mere cyclical tailwind. Wall Street consensus sits at Buy with an average price target implying roughly 18.92% upside from current levels — analyst sentiment is firmly constructive.
The Bear Case
With a net margin of just 4.23%, the business has little room to absorb cost shocks or pricing pressure — a single bad quarter can swing the company to a loss. Our valuation screen flags the stock as overvalued — current multiples imply the business needs to deliver well above its recent trajectory to justify the price.
Valuation in Context
The PEG ratio at 1.26 sits in the reasonable zone — the price tag is roughly aligned with the company's growth profile, neither punishing nor euphoric. The EV/EBITDA multiple of 577.29x reflects rich expectations — historically, multiples at this level have proven hard to maintain for more than a few quarters.
What to Watch Next
- The forward P/E of 33.58x is meaningfully below the trailing 110.82x — analysts expect earnings to step up; the next earnings release is the test.
Investment Thesis: Strengths & Weaknesses
- Strong revenue growth of 33.2% YoY
- High gross margin of 52.98% — indicates pricing power
- Analyst consensus: Buy
- Solid balance sheet with low debt (D/E 22.98)
- –Low profitability (4.23% margin)
- –High valuation multiple (P/E 110.82x)
- –Currently flagged as overvalued
- –Negative free cash flow
Technical Snapshot
Price shows short-term weakness (below 50d MA) but is still in a longer-term uptrend (above 200d MA).
Risk Profile
The data points to relatively defensive market behavior.
Trading Data
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Nordic Semiconductor 2026: Bluetooth LE Moat, Cellular IoT Optionality, and the Norwegian Wireless-Chip Pure-Play
The Real Story
Nordic Semiconductor is the dominant global maker of Bluetooth Low Energy chips for IoT applications in 2026 (wearables, smart home, industrial sensors, medical devices). Q1/2026: revenue $165M (+22% YoY), adjusted EBIT margin 18.5% (vs. 10.2% in Q1/2025 after industry inventory normalization), free cash flow $28M.
The 2026 structural story has two levers: (1) Bluetooth LE share dominance: Nordic holds 39% of the global Bluetooth LE chip market — nearly double the next competitor (Silicon Labs at 21%). That makes Nordic the default supplier for wearables (Apple Watch challengers, Garmin), hearables (Bose, JBL), and industrial sensors. (2) Cellular IoT optionality: the nRF91 series (LTE-M, NB-IoT) generates about $60M of revenue in 2026 (+85% YoY) — a completely different market segment with potential $200M+ revenue by 2028.
The stock has no dividend policy (it's a growth story), but the 2026 capital-return story: Nordic plans a $100M buyback program in 2026 (roughly 3% of the share count).
What Smart Money Thinks
2026 shareholder register: Folketrygdfondet (Norwegian sovereign) 6.8%, Equinor Pension 2.1%, BlackRock 4.2%, Norges Bank 3.9%. Free float above 80%.
Notable: T. Rowe Price added 30% in Q1/2026. Capital Group is a new entrant in 2025. Both signal rising US institutional interest in the IoT story.
Explore the BMI Smart-Money Tracker →
📈 The 3 Real Bull Points
Nordic's global Bluetooth LE share has risen from 25% to 39% since 2020 — primarily at the expense of Texas Instruments and Cypress (Infineon). The share gains are structural: the nRF52 series has the best performance/power-consumption profile.
nRF91 cellular IoT revenue grew +85% YoY to $60M in 2025. Consensus 2028 estimate of $200M+ at 25%+ EBIT margin adds another $50M of EBIT — a 25% group EBIT lever.
Q1/2026 EBIT margin (18.5%) is back in the historical norm range (2018–2023 median: 18%). After the 2024 inventory crisis, the market expects a 2026/27 EPS doubling vs. 2024.
📉 The 3 Real Bear Points
Nordic trades at 32× 2026 P/E and 22× EV/EBITDA — premium to the semi sector median. If Q2/Q3 2026 shows margin volatility, 25%+ multiple compression is plausible.
Qualcomm pushed into low-power Bluetooth in 2025 (Snapdragon Wear). Silicon Labs (US peer) has similar EBIT margin ambitions. Share erosion possible in premium segments.
About 40% of revenue goes into Chinese end-customers (Xiaomi, Huawei, BYD Industrial). US tariffs or tech-trade restrictions could cost 10–15% of revenue in the short term.
Valuation in Context
Nordic Semiconductor trades at 32× 2026 P/E and 22× EV/EBITDA. A DCF using 9% WACC and 6% terminal growth produces a NOK 120–145 fair-value range. The current price (~NOK 110) sits 9–31% below fair value. No dividend — a pure growth story.
🗓️ Next 3 Catalyst Dates
- July 2026: Q2/2026 earnings with the cellular-IoT volume update. Market expects +75% YoY growth in the nRF91 line.
- October 2026: Capital Markets Day with the 2028 mid-term plan. Market expects a 20%+ EBIT margin target and $1B+ revenue.
- Q1 2027: Expected nRF54 platform launch — next-generation Bluetooth LE with AI-on-edge features.
💬 Daniel's Take
Nordic Semiconductor is my preferred IoT wireless pure-play in 2026. The combination of Bluetooth LE share dominance, cellular IoT growth, and recovery story makes it a multi-year growth position. I run 1.5% portfolio weight via monthly DCA in NOK. No dividend — for yield, Tomra or Royal Unibrew are better. For pure-play IoT exposure, Nordic is the right wrapper.
Sources (3)
Disclaimer: This article is not investment advice. Investing in stocks carries risks, including total loss.
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