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Nordic Semiconductor

NOD.OL Large Cap

Technology · Semiconductors

Updated: May 22, 2026, 22:06 UTC

$207.60
+3.7% today
52W: $119.00 – $208.60
52W Low: $119.00 Position: 98.9% 52W High: $208.60

Key Metrics

P/E Ratio
175.93x
Price-to-Earnings
Forward P/E
45.2x
Forward Price/Earnings
P/S Ratio
58.15x
Price-to-Sales
EV/EBITDA
905.59x
Enterprise Value/EBITDA
Div. Yield
—
Annual dividend yield
Market Cap
$41B
Market Capitalization
Revenue Growth
24.1%
YoY Revenue Growth
Profit Margin
3.67%
Net profit margin
ROE
4.17%
Return on Equity
Beta
1
Market sensitivity
Short Interest
—
% of float sold short
Avg. Volume
965,510
Average daily volume

Valuation Analysis

Signal
Overvalued
vs. S&P 500 avg P/E (24.7x)
Analyst Consensus
Buy
16 analysts
Avg. Price Target
$191.50
-7.75% upside
Target Range
$134.01 – $235.00

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

Sector: Technology Industry: Semiconductors Country: Norway Employees: 1,433 Exchange: OSL

Nordic Semiconductor Stock at a Glance

Nordic Semiconductor (NOD.OL) is currently trading at $207.60 with a market capitalization of $41B. The trailing P/E ratio stands at 175.93x, with a forward P/E of 45.2x. The 52-week range spans from $119.00 to $208.60; the current price is 0.5% below the yearly high. Year-over-year revenue growth stands at +24.1%. The net profit margin stands at 3.67%.

💰 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 $191.50, implying -7.75% from the current price. Analyst price targets range from $134.01 to $235.00.

Investment Thesis: Strengths & Weaknesses

Strengths
  • Strong revenue growth of 24.1% YoY
  • High gross margin of 52.41% — indicates pricing power
  • Analyst consensus: Buy
  • Solid balance sheet with low debt (D/E 24.48)
Weaknesses
  • –Low profitability (3.67% margin)
  • –High valuation multiple (P/E 175.93x)
  • –Currently flagged as overvalued
  • –Negative free cash flow
  • –Price near 52-week high — limited upside cushion

Technical Snapshot

50-Day MA
$172.27
+20.51% vs. price
200-Day MA
$152.19
+36.41% vs. price
Below 52W High
−0.5%
$208.60
Above 52W Low
+74.5%
$119.00

Price trades above both the 50- and 200-day moving averages, with 50d above 200d — a classic bullish setup (golden-cross alignment).

Risk Profile

Market Risk (Beta)
1 · Market-like
Moves less than the overall market
Debt-to-Equity
24.48 · Low
Total debt / equity

The data points to market-like volatility.

Trading Data

50-Day MA: $172.27
200-Day MA: $152.19
Volume: 800,410
Avg. Volume: 965,510
Short Ratio: —
P/B Ratio: 6.49x
Debt/Equity: 24.48x
Free Cash Flow: $-6,046,250

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

#1 39% share dominance in Bluetooth LE

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.

#2 Cellular IoT as the 2028 $200M growth lever

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.

#3 Earnings recovery from the 2024 inventory crisis

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

#1 Valuation already prices the recovery

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.

#2 Competition from Qualcomm and Silicon Labs is intensifying

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.

#3 China concentration is a risk

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

  1. July 2026: Q2/2026 earnings with the cellular-IoT volume update. Market expects +75% YoY growth in the nRF91 line.
  2. October 2026: Capital Markets Day with the 2028 mid-term plan. Market expects a 20%+ EBIT margin target and $1B+ revenue.
  3. 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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