Nordic Semiconductor
NOD.OL Large CapTechnology · Semiconductors
Updated: Jul 6, 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 $182.30 with a market capitalization of $36B. The trailing P/E ratio stands at 142.42x, with a forward P/E of 39.35x. The 52-week range spans from $123.70 to $211.00; the current price is 13.6% 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 $192.25, implying +5.46% from the current price. Analyst price targets range from $134.01 to $235.00.
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
Revenue is growing at a healthy 24.1% pace year-over-year, suggesting the business model continues to find new customers and pricing power. Earnings growth of 784.8% is outpacing revenue, a sign of operational leverage — fixed costs are being absorbed across a larger base.
The Bear Case
With a net margin of just 3.67%, 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 1.34 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 823.93x 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 39.35x is meaningfully below the trailing 142.42x — analysts expect earnings to step up; the next earnings release is the test.
Investment Thesis: Strengths & Weaknesses
- 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)
- –Low profitability (3.67% margin)
- –High valuation multiple (P/E 142.42x)
- –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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