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Norwegian (OSEAX) Healthcare Sector Analysis

UpdatedJul 15, 2026
DataAggregated Company Financials
Companies21
  • 7D-1.6%
  • 3M-6.8%
  • 1Y-11.5%
  • YTD-13.2%

Over the last 7 days, the Healthcare industry has dropped 1.6%, driven by Nordhealth declining 11%. Meanwhile, Zelluna actually outperformed within the industry, gaining 23% in the last week. Overall the industry is down 11% in 12 months. As for the next few years, earnings are expected to grow by 26% per annum.

Sector Valuation and Performance

Has the Norwegian Healthcare Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 16 Jul 2026NOK 16.7bNOK 3.5b-NOK 768,813,977.7626.7x-21.7x4.7x
Sat, 13 Jun 2026NOK 16.7bNOK 3.9b-NOK 625,037,167.1622.7x-26.7x4.3x
Mon, 11 May 2026NOK 16.9bNOK 3.9b-NOK 429,994,494.2923.4x-39.4x4.4x
Wed, 08 Apr 2026NOK 16.9bNOK 3.7b-NOK 572,098,828.8534.5x-29.5x4.5x
Fri, 06 Mar 2026NOK 16.7bNOK 3.7b-NOK 517,638,294.7235.7x-32.4x4.5x
Sun, 01 Feb 2026NOK 17.9bNOK 3.7b-NOK 600,723,836.5528.6x-29.9x4.8x
Tue, 30 Dec 2025NOK 18.4bNOK 3.7b-NOK 609,549,726.9532.6x-30.2x4.9x
Thu, 27 Nov 2025NOK 16.2bNOK 3.3b-NOK 749,619,826.3249.5x-21.7x4.9x
Sat, 25 Oct 2025NOK 17.5bNOK 3.6b-NOK 714,562,644.3926.6x-24.5x4.8x
Mon, 22 Sep 2025NOK 17.4bNOK 3.6b-NOK 694,562,503.0326.9x-25x4.8x
Wed, 20 Aug 2025NOK 18.0bNOK 3.9b-NOK 1,092,029,827.4823x-16.5x4.6x
Fri, 18 Jul 2025NOK 17.4bNOK 3.9b-NOK 1,047,762,658.5325.7x-16.6x4.4x
Sun, 15 Jun 2025NOK 16.4bNOK 3.9b-NOK 1,050,006,081.1227.4x-15.6x4.2x
Tue, 13 May 2025NOK 16.7bNOK 3.9b-NOK 1,078,245,632.1122.1x-15.5x4.3x
Thu, 10 Apr 2025NOK 15.1bNOK 3.5b-NOK 1,232,184,022.3116.3x-12.2x4.4x
Sat, 08 Mar 2025NOK 16.0bNOK 3.5b-NOK 1,333,140,588.5317.8x-12x4.6x
Mon, 03 Feb 2025NOK 17.2bNOK 3.8b-NOK 1,157,169,971.8325.4x-14.9x4.6x
Wed, 01 Jan 2025NOK 16.3bNOK 3.8b-NOK 1,108,167,875.5525x-14.7x4.3x
Fri, 29 Nov 2024NOK 16.7bNOK 4.0b-NOK 986,619,795.6222.1x-16.9x4.2x
Sun, 27 Oct 2024NOK 17.7bNOK 4.0b-NOK 978,787,943.3619.8x-18.1x4.4x
Tue, 24 Sep 2024NOK 18.7bNOK 4.0b-NOK 952,381,210.4120x-19.6x4.7x
Thu, 22 Aug 2024NOK 18.9bNOK 4.1b-NOK 904,153,621.6119.3x-20.9x4.6x
Sat, 20 Jul 2024NOK 21.6bNOK 4.0b-NOK 979,258,560.4817x-22x5.4x
Mon, 17 Jun 2024NOK 22.6bNOK 4.1b-NOK 949,643,369.7815.6x-23.8x5.5x
Wed, 15 May 2024NOK 21.7bNOK 4.2b-NOK 1,130,391,987.6117.5x-19.2x5.1x
Fri, 12 Apr 2024NOK 22.1bNOK 4.2b-NOK 1,117,478,860.1028.1x-19.8x5.3x
Sun, 10 Mar 2024NOK 21.6bNOK 4.2b-NOK 1,083,766,523.7027.7x-20x5.2x
Tue, 06 Feb 2024NOK 28.8bNOK 4.1b-NOK 1,286,622,134.2123.2x-22.4x7x
Thu, 04 Jan 2024NOK 30.3bNOK 4.1b-NOK 1,584,333,432.0022.2x-19.1x7.4x
Sat, 02 Dec 2023NOK 27.4bNOK 4.1b-NOK 1,584,909,450.0022.1x-17.3x6.7x
Mon, 30 Oct 2023NOK 25.3bNOK 3.5b-NOK 1,864,377,320.0029.9x-13.6x7.3x
Wed, 27 Sep 2023NOK 27.7bNOK 3.6b-NOK 1,819,181,444.0034x-15.3x7.8x
Fri, 25 Aug 2023NOK 27.3bNOK 3.5b-NOK 1,823,308,910.0031.4x-15x7.7x
Sun, 23 Jul 2023NOK 29.8bNOK 3.4b-NOK 1,814,603,064.0030.1x-16.4x8.8x
Price to Earnings Ratio

-16.4x


Total Market Cap: NOK 29.8bTotal Earnings: -NOK 1,814,603,064.00Total Revenue: NOK 3.4bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Healthcare Sector Price to Earnings3Y Average -20.4x202420252026
Current Industry PE
  • Investors are pessimistic on the Norwegian Healthcare industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The 3-year average PS ratio of 5.3x is higher than the industry's current PS ratio of 4.7x.
Past Earnings Growth
  • The earnings for companies in the Healthcare industry have improved over the last three years.
  • Meanwhile revenues have remained mostly flat.
  • This means that companies overall are more efficiently conducting business since losses are shrinking while sales have been flat.

Industry Trends

Which industries have driven the changes within the Norwegian Healthcare sector?

NO Market1.38%
Healthcare-1.58%
Healthcare Services1.91%
Pharma1.13%
Biotech-0.54%
Medical Equipment-1.48%
Healthtech-9.60%
Industry PE
    Forecasted Growth
    • Analysts are most optimistic on the Healthtech industry, expecting annual earnings growth of 74% over the next 5 years.
    • This is better than its past earnings decline of 64% per year.
    • In contrast, the Pharma industry is expected to see its earnings grow by 8.3% per year over the next few years.

    Top Stock Gainers and Losers

    Which companies have driven the market over the last 7 days?

    CompanyLast Price7D1YValuation
    		ZLNA ZellunaNOK 22.8022.9%
    +NOK 125.0m    		66.7%PS83829.2x
    		ONCIN OncoinventNOK 81.0051.7%
    +NOK 123.6m    		n/aPS12.9x
    		MEDI MedistimNOK 234.002.6%
    +NOK 109.8m    		4.9%PE27.4x
    		CRNA Circio HoldingNOK 7.543.1%
    +NOK 54.8m    		1,078.1%PE-39.1x
    		HBC Hofseth BioCareNOK 1.463.9%
    +NOK 28.7m    		-27.6%PS3.1x

    Latest News

    ZLNA
    NOK 22.80
    Zelluna
    7D
    22.9%
    1Y
    66.7%
    NORDH
    NOK 22.20
    Nordhealth
    7D
    -11.2%
    1Y
    -43.4%
    Analysis Article • Jul 11

    Companies Like Nordhealth (OB:NORDH) Are In A Position To Invest In Growth

    There's no doubt that money can be made by owning shares of unprofitable businesses. For example, although Amazon.com...
    ONCIN
    NOK 81.00
    Oncoinvent
    7D
    51.7%
    1Y
    n/a
    GENT
    NOK 38.60
    Gentian Diagnostics
    7D
    1.6%
    1Y
    -32.5%
    NYKD
    NOK 2.79
    Nykode Therapeutics
    7D
    -6.9%
    1Y
    49.7%
    AZT
    NOK 18.70
    ArcticZymes Technologies
    7D
    -1.6%
    1Y
    11.6%
    PHO
    NOK 58.00
    Photocure
    7D
    -2.4%
    1Y
    -2.0%
    HBC
    NOK 1.46
    Hofseth BioCare
    7D
    3.9%
    1Y
    -27.6%
    NAVA
    NOK 16.05
    Navamedic
    7D
    -5.0%
    1Y
    -27.7%
    SOFTX
    NOK 0.095
    SoftOx Solutions
    7D
    -5.0%
    1Y
    -4.6%
    MEDI
    NOK 234.00
    Medistim
    7D
    2.6%
    1Y
    4.9%
    Narrative Update • Jun 25

    MEDI: Higher Future P/E Will Support Attractive Long Term Undervaluation

    Analysts have kept their Medistim price target steady at NOK 310. Slightly higher assumed discount rates and lower projected revenue growth and profit margins are offset by a higher future P/E assumption in their valuation work.
    TRMED
    NOK 4.33
    Thor Medical
    7D
    0.7%
    1Y
    75.3%
    OMDA
    NOK 36.20
    Omda
    7D
    -4.7%
    1Y
    -31.2%
    Narrative Update • Jun 02

    OMDA: Q4 Execution And 2026 Guidance Conservatism Will Shape Future Upside Potential

    Narrative Update on Omda The updated analyst price target for Omda shifts from a fair value of NOK57.00 to NOK50.00 as analysts factor in a higher discount rate, more cautious revenue growth assumptions, improved profit margin expectations, and a lower future P/E multiple. Analyst Commentary Recent Street research on Omda highlights a mix of optimism about growth and execution, paired with more cautious valuation assumptions and price target resets.
    LYTIX
    NOK 9.48
    Lytix Biopharma
    7D
    -5.2%
    1Y
    10.2%
    Analysis Article • Jun 02

    We're Hopeful That Lytix Biopharma (OB:LYTIX) Will Use Its Cash Wisely

    There's no doubt that money can be made by owning shares of unprofitable businesses. For example, biotech and mining...
    CRNA
    NOK 7.54
    Circio Holding
    7D
    3.1%
    1Y
    1,078.1%
    INIFY
    NOK 8.00
    INIFY Laboratories
    7D
    1.9%
    1Y
    40.4%