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Norwegian (OSEAX) Healthcare Sector Analysis

UpdatedDec 24, 2025
DataAggregated Company Financials
Companies21
  • 7D5.0%
  • 3M7.9%
  • 1Y19.9%
  • YTD13.6%

Thor Medical is up 15%, leading the way for the Healthcare industry, which has gained 4.4%. In the same time, Nykode Therapeutics was down 5.3%. This means that the industry has gained 20% over the past year. Looking forward, earnings are forecast to grow by 50% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 24 Dec 2025NOK 18.3bNOK 3.7b-NOK 610,000,669.2533.4x-30x4.9x
Fri, 21 Nov 2025NOK 16.0bNOK 3.4b-NOK 811,213,386.3949.1x-19.7x4.8x
Sun, 19 Oct 2025NOK 16.9bNOK 3.6b-NOK 716,497,904.5425.6x-23.5x4.6x
Tue, 16 Sep 2025NOK 17.6bNOK 3.6b-NOK 695,653,391.4626.8x-25.3x4.9x
Thu, 14 Aug 2025NOK 17.6bNOK 3.9b-NOK 1,052,262,451.0023.6x-16.7x4.5x
Sat, 12 Jul 2025NOK 17.2bNOK 3.9b-NOK 1,033,667,883.7225.8x-16.6x4.4x
Mon, 09 Jun 2025NOK 16.8bNOK 3.9b-NOK 1,055,972,942.7127.5x-16x4.3x
Wed, 07 May 2025NOK 16.0bNOK 3.5b-NOK 1,201,642,036.8817.3x-13.4x4.6x
Fri, 04 Apr 2025NOK 15.3bNOK 3.4b-NOK 1,108,255,839.1417.5x-13.8x4.5x
Sun, 02 Mar 2025NOK 16.2bNOK 3.4b-NOK 1,216,965,488.6918.5x-13.3x4.7x
Tue, 28 Jan 2025NOK 16.4bNOK 3.8b-NOK 1,103,356,548.3024.2x-14.9x4.4x
Thu, 26 Dec 2024NOK 16.0bNOK 3.8b-NOK 1,106,206,600.9724.9x-14.4x4.3x
Sat, 23 Nov 2024NOK 16.6bNOK 4.0b-NOK 981,147,857.0123.3x-16.9x4.1x
Mon, 21 Oct 2024NOK 17.2bNOK 4.0b-NOK 927,099,859.3119.9x-18.6x4.3x
Wed, 18 Sep 2024NOK 18.5bNOK 4.0b-NOK 957,216,821.5319.2x-19.3x4.6x
Fri, 16 Aug 2024NOK 21.4bNOK 4.0b-NOK 963,491,232.2117.3x-22.2x5.3x
Sun, 14 Jul 2024NOK 21.9bNOK 4.0b-NOK 969,507,281.8616.9x-22.6x5.5x
Tue, 11 Jun 2024NOK 23.0bNOK 4.2b-NOK 1,131,476,841.3717.4x-20.4x5.4x
Thu, 09 May 2024NOK 21.7bNOK 4.2b-NOK 1,143,744,233.8217.9x-18.9x5.1x
Sat, 06 Apr 2024NOK 22.0bNOK 4.2b-NOK 1,114,344,892.3328.8x-19.7x5.3x
Mon, 04 Mar 2024NOK 26.9bNOK 4.2b-NOK 1,145,057,530.4327.8x-23.5x6.5x
Wed, 31 Jan 2024NOK 30.0bNOK 4.1b-NOK 1,586,622,872.0024.2x-18.9x7.3x
Fri, 29 Dec 2023NOK 30.3bNOK 4.1b-NOK 1,575,141,016.0022.9x-19.2x7.4x
Sun, 26 Nov 2023NOK 28.2bNOK 4.1b-NOK 1,587,922,222.0021.7x-17.8x6.9x
Tue, 24 Oct 2023NOK 26.2bNOK 3.4b-NOK 1,898,197,254.0033.3x-13.8x7.6x
Thu, 21 Sep 2023NOK 28.9bNOK 3.6b-NOK 1,809,196,289.0033.4x-16x8.1x
Sat, 19 Aug 2023NOK 28.3bNOK 3.5b-NOK 1,849,262,497.0032.7x-15.3x8.2x
Mon, 17 Jul 2023NOK 29.1bNOK 3.4b-NOK 1,814,812,783.0030.6x-16x8.6x
Wed, 14 Jun 2023NOK 29.5bNOK 3.4b-NOK 1,844,332,969.0041.6x-16x8.8x
Fri, 12 May 2023NOK 30.0bNOK 3.3b-NOK 1,776,005,620.0044.6x-16.9x9.1x
Sun, 09 Apr 2023NOK 29.8bNOK 3.1b-NOK 1,865,655,128.0031.7x-16x9.6x
Tue, 07 Mar 2023NOK 30.7bNOK 3.1b-NOK 1,988,222,950.0030.3x-15.4x9.9x
Thu, 02 Feb 2023NOK 33.3bNOK 3.6b-NOK 1,839,612,132.0034.2x-18.1x9.3x
Sat, 31 Dec 2022NOK 33.9bNOK 3.6b-NOK 1,831,061,110.0035.9x-18.5x9.5x
Price to Earnings Ratio

-18.5x


Total Market Cap: NOK 33.9bTotal Earnings: -NOK 1,831,061,110.00Total Revenue: NOK 3.6bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Healthcare Sector Price to Earnings3Y Average -18.2x202320242025
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 6.1x is higher than the industry's current PS ratio of 4.9x.
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 Market1.89%
Healthcare5.02%
Biotech11.34%
Medical Equipment3.89%
Healthtech3.40%
Pharma0.60%
Healthcare Services-5.91%
Industry PE
  • Investors are most optimistic about the Medical Equipment industry which is trading above its 3-year average PE ratio.
    • Analysts are expecting annual earnings growth of 14.4%, which is lower than the prior year's growth of 933.5% per year.
Forecasted Growth
  • Analysts are most optimistic on the Pharma industry, expecting annual earnings growth of 131% over the next 5 years.
  • This is better than its past earnings decline of 29% per year.
  • In contrast, the Medical Equipment industry is expected to see its earnings grow by 14% 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
TRMED Thor MedicalNOK 5.1522.0%
+NOK 329.3m		93.6%PS18235x
MEDI MedistimNOK 260.005.7%
+NOK 256.0m		73.3%PE33.4x
NORDH NordhealthNOK 37.203.3%
+NOK 94.9m		-6.5%PS4.9x
NORD NordaNOK 100.0021.7%
+NOK 91.3m		25.0%PE4.1x
PHO PhotocureNOK 68.604.7%
+NOK 82.5m		7.4%PE861.8x

Latest News

AZT
NOK 21.80
ArcticZymes Technologies
7D
5.8%
1Y
62.7%

AZT: European Distribution Deal And Buyback Program Will Drive Future Upside

Analysts have modestly raised their price target on ArcticZymes Technologies to NOK 32.00, reflecting slightly lower perceived risk and continued confidence in the company’s robust growth and margin profile. What's in the News ArcticZymes Technologies has commenced a share repurchase program starting November 25, 2025, allowing buybacks of up to 2,500,000 shares, or 4.90 percent of outstanding share capital.
INIFY
NOK 3.50
INIFY Laboratories
7D
-5.9%
1Y
-32.7%
NORDH
NOK 37.20
Nordhealth
7D
3.3%
1Y
-6.5%
NAVA
NOK 23.10
Navamedic
7D
-9.4%
1Y
-9.1%
ABS
NOK 3.24
Arctic Bioscience
7D
-11.5%
1Y
69.6%
ZLNA
NOK 14.70
Zelluna
7D
31.3%
1Y
n/a
OBSRV
NOK 0.74
Observe Medical
7D
-2.6%
1Y
-85.1%
ONCIN
NOK 0.47
Oncoinvent
7D
-5.3%
1Y
n/a
CONTX
NOK 4.19
ContextVision
7D
4.2%
1Y
-26.7%

CONTX: Share Buybacks Will Support Capital Efficiency With Balanced Long Term Outlook

Analysts have raised their price target for ContextVision slightly, now valuing the shares at roughly SEK 4.00. This reflects modestly higher confidence in the companys long term earnings power, even as underlying model assumptions have changed only marginally.
MEDI
NOK 260.00
Medistim
7D
5.7%
1Y
73.3%

MEDI: Stable Margins And Long Term Outlook Will Support Strong Future Performance

Analysts have modestly reaffirmed their outlook on Medistim, leaving the price target effectively unchanged at NOK 315, as they continue to point to stable long term growth assumptions and resilient profitability expectations. Valuation Changes Consensus Analyst Price Target remains unchanged at NOK 315, indicating no revision to the central valuation view.
CRNA
NOK 1.18
Circio Holding
7D
-1.2%
1Y
62.4%
TRMED
NOK 5.15
Thor Medical
7D
22.0%
1Y
93.6%
GENT
NOK 55.60
Gentian Diagnostics
7D
-4.8%
1Y
38.3%
PHO
NOK 68.60
Photocure
7D
4.7%
1Y
7.4%
EXTX
NOK 1.47
EXACT Therapeutics
7D
-5.2%
1Y
-61.1%
NORD
NOK 100.00
Norda
7D
21.7%
1Y
25.0%