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Norwegian (OSEAX) Healthcare Sector Analysis

UpdatedJan 15, 2026
DataAggregated Company Financials
Companies21
  • 7D-3.3%
  • 3M5.6%
  • 1Y22.2%
  • YTD-1.9%

Over the last 7 days, the Healthcare industry has dropped 3.3%, driven by Medistim declining 8.4%. Meanwhile, Photocure actually outperformed within the industry, gaining 5.9% in the last week. Over the past 12 months, the industry was up 22%. Looking forward, earnings are forecast to grow by 52% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 15 Jan 2026NOK 18.2bNOK 3.7b-NOK 608,369,102.6330.9x-29.9x4.9x
Sat, 13 Dec 2025NOK 17.6bNOK 3.7b-NOK 611,645,368.8432.5x-28.7x4.7x
Mon, 10 Nov 2025NOK 17.0bNOK 3.7b-NOK 618,349,987.5231x-27.5x4.6x
Wed, 08 Oct 2025NOK 16.9bNOK 3.6b-NOK 714,391,362.7226.8x-23.6x4.7x
Fri, 05 Sep 2025NOK 17.6bNOK 3.6b-NOK 735,291,874.3127.2x-24x4.9x
Sun, 03 Aug 2025NOK 17.6bNOK 3.9b-NOK 1,045,946,505.6326.4x-16.8x4.5x
Tue, 01 Jul 2025NOK 17.1bNOK 3.9b-NOK 1,034,451,054.6426.5x-16.6x4.4x
Thu, 29 May 2025NOK 16.7bNOK 3.9b-NOK 1,270,715,625.6727.1x-13.2x4.3x
Sat, 26 Apr 2025NOK 15.7bNOK 3.4b-NOK 1,216,118,395.7917.8x-12.9x4.5x
Mon, 24 Mar 2025NOK 16.4bNOK 3.4b-NOK 1,317,162,251.7117.8x-12.4x4.8x
Wed, 19 Feb 2025NOK 17.0bNOK 3.8b-NOK 1,123,920,160.9824.9x-15.1x4.5x
Fri, 17 Jan 2025NOK 16.0bNOK 3.7b-NOK 1,106,437,758.2224.4x-14.4x4.3x
Sun, 15 Dec 2024NOK 16.0bNOK 3.7b-NOK 1,098,816,648.2026.8x-14.6x4.3x
Tue, 12 Nov 2024NOK 15.4bNOK 4.0b-NOK 932,258,278.6822x-16.5x3.9x
Thu, 10 Oct 2024NOK 17.6bNOK 4.0b-NOK 920,899,127.7320.1x-19.2x4.4x
Sat, 07 Sep 2024NOK 18.3bNOK 4.1b-NOK 909,073,657.8217.6x-20.1x4.5x
Mon, 05 Aug 2024NOK 21.6bNOK 4.0b-NOK 980,355,090.2116.8x-22.1x5.4x
Wed, 03 Jul 2024NOK 22.1bNOK 4.0b-NOK 1,011,068,453.9517.3x-21.9x5.5x
Fri, 31 May 2024NOK 21.8bNOK 4.2b-NOK 973,666,170.1818x-22.4x5.2x
Sun, 28 Apr 2024NOK 21.4bNOK 4.2b-NOK 1,136,683,215.4724.9x-18.8x5.1x
Tue, 26 Mar 2024NOK 21.4bNOK 4.2b-NOK 1,087,957,256.6426.7x-19.7x5.1x
Thu, 22 Feb 2024NOK 28.0bNOK 4.1b-NOK 1,242,347,138.4422.2x-22.5x6.8x
Sat, 20 Jan 2024NOK 30.1bNOK 4.1b-NOK 1,590,228,683.0024.1x-18.9x7.3x
Mon, 18 Dec 2023NOK 29.4bNOK 4.1b-NOK 1,588,770,242.0022.8x-18.5x7.2x
Wed, 15 Nov 2023NOK 27.0bNOK 4.1b-NOK 1,686,139,777.0022.6x-16x6.6x
Fri, 13 Oct 2023NOK 28.2bNOK 3.6b-NOK 1,808,115,463.0032.1x-15.6x7.9x
Sun, 10 Sep 2023NOK 27.7bNOK 3.6b-NOK 1,807,792,459.0031.3x-15.3x7.8x
Tue, 08 Aug 2023NOK 29.2bNOK 3.4b-NOK 1,818,860,268.0029.1x-16x8.6x
Thu, 06 Jul 2023NOK 28.1bNOK 3.4b-NOK 1,794,742,869.0044.9x-15.6x8.3x
Sat, 03 Jun 2023NOK 30.4bNOK 3.4b-NOK 1,830,523,051.0041.3x-16.6x9x
Mon, 01 May 2023NOK 30.5bNOK 3.2b-NOK 1,781,375,441.0031x-17.1x9.6x
Wed, 29 Mar 2023NOK 28.6bNOK 3.1b-NOK 1,863,906,269.0032.3x-15.4x9.2x
Fri, 24 Feb 2023NOK 31.9bNOK 3.7b-NOK 1,893,818,868.0031.4x-16.9x8.6x
Sun, 22 Jan 2023NOK 32.5bNOK 3.6b-NOK 1,834,557,453.0034.2x-17.7x9.1x
Price to Earnings Ratio

-17.7x


Total Market Cap: NOK 32.5bTotal Earnings: -NOK 1,834,557,453.00Total Revenue: NOK 3.6bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Healthcare Sector Price to Earnings3Y Average -18.4x202420252026
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 6.0x 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 Market2.73%
Healthcare-3.27%
Pharma2.66%
Healthcare Services0.57%
Biotech-1.98%
Healthtech-6.30%
Medical Equipment-7.02%
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 14.6%, 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 15% 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
PHO PhotocureNOK 79.005.9%
+NOK 117.1m		41.6%PE992.4x
NYKD Nykode TherapeuticsNOK 2.5311.3%
+NOK 83.6m		-4.9%PS11.2x
LYTIX Lytix BiopharmaNOK 9.26-2.5%
NOK 77.7m		61.9%PS1926.2x
EXTX EXACT TherapeuticsNOK 2.3858.7%
+NOK 55.7m		-27.0%PB2.2x
OMDA OmdaNOK 47.001.7%
+NOK 16.4m		40.7%PS2x

Latest News

PHO
NOK 79.00
Photocure
7D
5.9%
1Y
41.6%
LYTIX
NOK 9.26
Lytix Biopharma
7D
-2.5%
1Y
61.9%
CONTX
NOK 3.74
ContextVision
7D
-5.1%
1Y
-30.5%

CONTX: Share Buybacks And Stable Assumptions Will Support Steady Long Term Outlook

Analysts have slightly adjusted their price target on ContextVision, reflecting modest tweaks to fair value, discount rate, revenue growth, profit margin and future P/E assumptions. They describe the move as a fine tuning of their outlook rather than a major shift in thesis.
OMDA
NOK 47.00
Omda
7D
1.7%
1Y
40.7%

OMDA: Cardiometabolic Platform Expansion And AI Execution Will Support Future Upside Potential

Analysts have slightly adjusted their outlook on Omda, with a modest change in the implied fair value and Street price targets. This reflects updated views on discount rates, long term growth drivers, and mixed recent research that includes lower targets from Goldman Sachs and Wells Fargo, alongside more constructive targets from BMO Capital and Morgan Stanley.
MEDI
NOK 241.00
Medistim
7D
-8.4%
1Y
63.4%

MEDI: Higher Profitability Assumptions Will Support A Stronger Forward P/E

Narrative Update: Medistim Analysts now set a higher price target of NOK 310, up from NOK 200, citing updated assumptions around slightly higher discount rates, revenue growth of 9.81%, profit margins of 23.45%, and a future P/E of 33.24x. Valuation Changes Consensus analyst price target and fair value estimate adjusted from NOK 200 to NOK 310.
AZT
NOK 24.00
ArcticZymes Technologies
7D
0.8%
1Y
75.4%

AZT: European Distribution Agreement And Share Buyback Will Support Future Upside

Analysts have maintained their fair value estimate for ArcticZymes Technologies at $32.0. They cite unchanged assumptions on discount rate, revenue growth, profit margin and future P/E as the basis for leaving their price target intact. What's in the News ArcticZymes Technologies ASA started a share repurchase program on November 25, 2025, under an authorization from the May 27, 2025 Annual General Meeting.
NAVA
NOK 22.20
Navamedic
7D
1.4%
1Y
-11.6%
NYKD
NOK 2.53
Nykode Therapeutics
7D
11.3%
1Y
-4.9%
SOFTX
NOK 0.072
SoftOx Solutions
7D
-8.9%
1Y
377.3%
NORDH
NOK 34.40
Nordhealth
7D
-6.5%
1Y
-9.9%
VISTN
NOK 21.10
Vistin Pharma
7D
0.5%
1Y
-8.3%
CRNA
NOK 1.08
Circio Holding
7D
-11.6%
1Y
54.0%
HBC
NOK 1.34
Hofseth BioCare
7D
-2.9%
1Y
-34.3%
TRMED
NOK 4.85
Thor Medical
7D
-6.6%
1Y
95.6%
EXTX
NOK 2.38
EXACT Therapeutics
7D
58.7%
1Y
-27.0%
NORD
NOK 81.00
Norda
7D
-19.0%
1Y
-15.6%