olivLaw · European equity research
Navamedic ASA NAVA.OL
Norway · Euronext Oslo Børs · ISIN NO0010205966 · Vertical: Listed companies from Norway
Navamedic ASA is a Norway-based pharmaceutical company active in the Nordics and Europe that commercialises pharmaceutical products manufactured by third parties. In 2025 it acquired the addiction treatment portfolio from dne Pharma, a move that could raise the share of proprietary products if the integration proceeds as planned.
At the close of 06 Nov 2026, Navamedic ASA (NAVA.OL) stock was 10.25 NOK (+0.00% on the day), with market capitalisation 195.2 m NOK, beta 0.53, 52-week range 10.25–26.00 NOK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 28.4
- oversold (≤ 30)
- Bollinger (20, 2)
- 9.83 – 14.67
- in the lower half of the band · %B 0.09 · band width 39.6%
- SMA 50 / 200
- 13.04 / 17.50
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.83 / -0.59
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −20.8% | −0.6% | −20.2 pp | — |
| 3 months | −39.2% | −4.2% | −35.0 pp | — |
| 6 months | −45.0% | +4.3% | −49.4 pp | — |
| Year to date | −56.9% | +7.5% | −64.4 pp | — |
| 1 year | −52.1% | +9.9% | −62.0 pp | −4.7% |
| 3 years | −72.6% | +49.8% | −122.4 pp | +12.7% |
| 5 years | −60.0% | +42.8% | −102.8 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 512.0 m | 531.4 m | 565.4 m |
| Revenue YoY | unavailable | +3.8% | +6.4% |
| Net income | -13.7 m | -5.5 m | -23.5 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.79 | -0.31 | -1.24 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -2.7% | -1.0% | -4.2% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 74.2 m NOK
- Financial debt
- 205.7 m NOK
- Net debt
- 131.5 m NOK
- Equity
- 334.1 m NOK
- Total assets
- 741.7 m NOK
- Debt / equity
- 0.62x
- Current ratio
- 1.45x
- ROE
- -8.5%
- ROA
- -3.9%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (NOK)
Margins
Income statement · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 512.0 m | 531.4 m | 565.4 m | esef· 21 Oct 2026verified |
| Operating income | 23.6 m | 31.8 m | 12.4 m | esef· 21 Oct 2026verified |
| Interest expense | 14.3 m | 16.8 m | 21.2 m | esef· 21 Oct 2026verified |
| Pre-tax income | -6.2 m | -1.6 m | -15.7 m | esef· 21 Oct 2026verified |
| Income tax | 7.5 m | 3.9 m | 7.9 m | esef· 21 Oct 2026verified |
| Net income | -13.7 m | -5.5 m | -23.5 m | esef· 21 Oct 2026verified |
| Diluted EPS | -0.79 | -0.31 | -1.24 | esef· 21 Oct 2026verified |
Balance sheet · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 38.0 m | 37.3 m | 74.2 m | esef· 21 Oct 2026verified |
| Receivables | 50.6 m | 55.9 m | 60.5 m | esef· 21 Oct 2026verified |
| Inventories | 105.2 m | 81.9 m | 116.6 m | esef· 21 Oct 2026verified |
| Current assets | 210.1 m | 200.0 m | 271.9 m | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 3.7 m | 4.5 m | 3.9 m | esef· 21 Oct 2026verified |
| Goodwill | 156.7 m | 159.1 m | 207.6 m | esef· 21 Oct 2026verified |
| Total assets | 507.3 m | 467.5 m | 741.7 m | esef· 21 Oct 2026verified |
| Short-term debt | 51.1 m | 35.4 m | 40.7 m | esef· 21 Oct 2026verified |
| Long-term debt | 95.5 m | 78.6 m | 165.0 m | esef· 21 Oct 2026verified |
| Current liabilities | 189.3 m | 140.8 m | 187.7 m | esef· 21 Oct 2026verified |
| Total liabilities | 301.9 m | 250.8 m | 407.7 m | esef· 21 Oct 2026verified |
| Equity | 205.4 m | 216.7 m | 334.1 m | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 17.3 m | 17.5 m | 19.0 m | esef· 21 Oct 2026derived |
Cash flow · NOK
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 195.2 m NOK
Key indicators
Coverage and freshness
Score by group
27% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 2.7% | 27 (vs peers) | 38% |
| Net margin · Quality | -4.2% | 26 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 0.6x | 0 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 1.4x | 54 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet22/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality27/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
NAVAMEDIC ASA (NAVA.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 565.4 m NOK in 2025; YoY growth 6.4%; net margin -4.2%; ROE -8.5%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- ROIC: 2.7%
- Net margin: -4.2%
- Interest coverage: 0.6x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Norway · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AKER.OLAker Asa | 79.8 bn | 20.3 | 7.9% | 21.4% | +42.5% | +36% / +59% |
| AFG.OLAf Gruppen Asa | 21.5 bn | 19.8 | 39.7% | 3.4% | +4.4% | +8% / +69% |
| ELK.OLElkem Asa | 19.2 bn | 39.3 | 1.9% | 2.7% | −15.7% | +10% / +73% |
| ATEA.OLAtea Asa | 18.5 bn | 21.4 | 19.7% | 2.3% | +8.1% | +11% / +36% |
| AKSO.OLAker Solutions Asa | 17.4 bn | 6.8 | 22.5% | 4.1% | +19.2% | +18% / −12% |
| AUSS.OLAustevoll Seafood Asa | 16.6 bn | 37.1 | 1.6% | 1.1% | +11.1% | −7% / +10% |
| BRG.OLBorregaard Asa | 15.6 bn | 25.1 | 11.4% | 8.0% | +1.3% | −18% / −9% |
| BONHR.OLBonheur ASA | 11.2 bn | 7.8 | 17.1% | 11.4% | −10.8% | +17% / +44% |
| AFK.OLArendals Fossekompani Asa | 10.3 bn | — | -2.3% | -3.1% | −14.9% | +39% / +31% |
| B2I.OLB2 Impact Asa | 8.8 bn | 14.3 | 11.0% | 16.4% | +2.6% | +40% / +238% |
| AKVA.OLAkva Group Asa | 5.7 bn | 31.2 | 13.7% | 4.2% | +24.4% | +74% / +152% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| BOUV.OLBouvet Asa | 5.0 bn | 14.2 | 80.7% | 9.2% | −0.2% | −19% / −16% |
| CLOUD.OLCloudberry Clean Energy Asa | 4.0 bn | 61.9 | 1.3% | 13.1% | +34.0% | −5% / +29% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.6 bn | 10.7 | 34.9% | 16.8% | +12.4% | −13% / +20% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −18% / −11% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.4 bn | 10.5 | 30.1% | 16.1% | +32.3% | −53% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 108.9 | 2.9% | 8.6% | +7.9% | −8% / −48% |
| CAPSL.OLCapsol Technologies Asa | 884.6 m | — | -89.4% | -114.8% | −25.0% | −33% / −66% |
| BOR.OLBorgestad Asa | 553.2 m | 36.1 | 2.1% | 1.4% | −3.0% | −7% / +41% |
| ARR.OLArribatec Group Asa | 234.6 m | 4.8 | 22.1% | 9.3% | +15.7% | −33% / −55% |
| NAVA.OLNavamedic Asa | 195.2 m | — | -8.5% | -4.2% | +6.4% | −51% / −73% |
| DELIA.OLDellia Group Asa | 73.5 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.1 m | 0.1 | — | 7,297.7% | −87.2% | −82% / −97% |
1- and 3-year price returns: for NAVA.OL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (NOK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Navamedic ASA is a Norway-based pharmaceutical company active in the Nordics and Europe that commercialises pharmaceutical products manufactured by third parties. In 2025 it acquired the addiction treatment portfolio from dne Pharma, a move that could raise the share of proprietary products if the integration proceeds as planned.
SWOT
Strengths
- A business model that outsources production, reducing exposure to manufacturing risk while keeping control of marketing and distribution.
- A portfolio diversified across several therapeutic areas, with products addressing public-health challenges.
- Solid commercial counterparties, including pharmacy chains, distributors and public institutions, with credit risk considered generally low.
Weaknesses
- Dependence on third-party suppliers for production and distribution, with contracts that must be renewed periodically.
- Significant currency exposure, as purchases are in foreign currencies while revenues are in Norwegian and Swedish krona.
- The loan extended to Observe Medical ASA carries significant credit risk, according to the annual report.
Opportunities
- Growth in the share of proprietary products following the addiction-treatment portfolio acquisition.
- Geographic expansion and entry into new markets, which the company evaluates on an ongoing basis.
- Out-licensing products in some markets could generate revenue without the direct costs of selling.
Threats
- Competition from generics and newly launched products in the same therapeutic areas.
- Geopolitical disruptions to the supply chain or higher transport costs.
- A weakening Norwegian krone, which could continue to weigh on gross margin.
Risks
- Supplier riskhigh
Dependence on third parties for production and distribution can create supply interruptions if a contract is not renewed.
- Currency riskhigh
The mismatch between purchase currencies and revenue currencies can affect gross margin, and the company has not established dedicated hedging positions.
- Credit risk on Observe Medicalmedium
The loan to Observe Medical ASA carries significant credit risk exposure.
- Competitive riskmedium
Generics and new products can pressure prices and volumes in certain therapeutic areas.
- Climate and geopolitical risklow
The company considers climate risks limited, but geopolitical exposure can affect suppliers and costs.
Investment thesis
What would need to be true (bull case)
- If sales of the dne Pharma portfolio products grow, the company could reduce its reliance on in-licensed products and on contract renewal cycles.
- An outsourced production model could keep cost flexibility if demand in the Nordics and Europe remains stable.
- Price adjustments applied in 2025 partly offset supplier cost increases, suggesting some commercial bargaining power.
What would break the thesis
- If the Norwegian krone stays weak, gross margin could continue to be affected, especially on purchases in EUR and USD.
- New loans have raised financing costs, which could limit investment capacity if revenue growth is not sufficient.
- Exposure to credit extended to a third-party company could generate losses if that company faces financial difficulties.
What to watch
- Sales development of the dne Pharma portfolio products and their integration2026
- Impact of the Norwegian krone exchange rate on gross marginQ1 2026
- Status of the loan extended to Observe Medical ASAnext 10-K
- Publication of the supply chain transparency report2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Navamedic ASA is a pharmaceutical company listed on the Oslo Stock Exchange under the ticker NAVA, developing and commercialising pharmaceutical products in the Nordics and other European markets. The company does not manufacture the medicines itself and relies on third-party suppliers for production and distribution, which limits its exposure to manufacturing risk. In fiscal 2025 the parent company's operating revenue was NOK 67.3 million. The group had 40 employees at the end of 2025.
Segments
Proprietary products and the acquired portfolio
In 2025 Navamedic acquired the addiction treatment portfolio from dne Pharma, including Ventizolve®, a nasal spray for opioid overdose. The acquisition increased the share of proprietary products but also raised interest costs on the new loans.
Out-licensed products and sales
In 2025 the company moved in some markets from direct sales of Flexilev in OraFID to out-licensing that product to third parties, which changes its operational risk profile. The portfolio is diversified across several therapeutic areas, including obesity, Parkinson's disease and viral infections.
Market context
The company operates in Norway, Sweden, Denmark and Finland, with offices in Oslo, Gothenburg and Stockholm, in a pharmaceutical market where competition, pricing and substitution by generics directly affect sales. Its key suppliers are concentrated in the Nordics and Western Europe, regions with strong standards on labour, human rights and governance.
Competitive position
The company faces competition from branded pharmaceutical producers and generic manufacturers, which can launch new products in the same therapeutic areas. According to the annual report, Navamedic limits its exposure by diversifying its portfolio and expanding its geographic footprint.
- Generic drug manufacturers
Competitors named in the report that launch products in the same therapeutic areas and pressure prices.
- Branded pharmaceutical companies
Competitors with new products that could replace Navamedic products in certain segments.
- Distributors and pharmacy chains
Commercial partners that influence sales terms and pricing while also being customers.
- Other opioid-treatment portfolio holders
Companies active in opioid addiction treatments, where Navamedic recently expanded its portfolio.
News & filings
In the press
- Misiune contra cronometru pentru salvarea unui marinar dispărut în Marea Neagră. Nava SAR ARTEMIS, mobilizatăMediafax · 06 Nov 2026 · RO
- Un căpitan rus și un membru al echipajului său, condamnați la închisoare în Finlanda după ce nava lor a distrus două cabluri submarine din marea BalticăG4Media · 05 Nov 2026 · RO
- Nava MENTOR, avariată în apropiere de Odesa și remorcată din Constanța, a fost preluată de un nou remorcher după ce a plutit în derivă în Marea Neagră. Riscuri pentru navigație și mediuFinancial Intelligence (RO) · 05 Nov 2026 · RO
- De ce un submarin spaniol a scufundat vasul Infanta Elena: o singură torpilă a fost suficientă pentru a trimite nava pe fundul AtlanticuluiAdevărul · 05 Nov 2026 · RO
- Un căpitan rus, condamnat la închisoare după ce nava sa a distrus două cabluri submarine. Ce au descoperit anchetatoriiMediafax · 05 Nov 2026 · RO
- Nava de croazieră de lux Villa Vie Odyssey a plecat din Cambodgia, doar cu angajații la bord, după ce a abandonat peste 200 de pasageri pe țărm: „Încă am lucruri de luat”Libertatea.ro · 05 Nov 2026 · RO
- Nava de croazieră ce și-a debarcat cu forța pasagerii ce plătiseră bilete pe viață a ieșit din nou pe mareHotNews.ro · 04 Nov 2026 · RO
- Distrugătorul viitorului: Naval Group prezintă nava de 8.000 de tone cu tun electromagnetic și 100 de racheteDefenseRomania.ro · 04 Nov 2026 · RO
- Au început să plutească în mare containerele din nava scufundată de drone la bulgariLibertatea.ro · 03 Nov 2026 · RO
- Un român a pierdut marfă de 27.000 de dolari după ce nava care o transporta a fost scufundată de drone în Marea Neagră: „Războiul e deja la noi”Libertatea.ro · 03 Nov 2026 · RO
- O „ultimă încercare disperată”. Pasagerii „croazierei fără sfârșit” au încercat să cumpere nava Odyssey pentru a-și continua călătoriaDigi24 · 03 Nov 2026 · RO
- GEELY M9 noul suv de lux supranumit „Nava de croazieră”, disponibil pentru precomandăNewsMaker (MD) · 30 Oct 2026 · RO
- Bulgaria a încercat să scufunde nava atacată lângă Constanța. Epava a plutit zile întregi în derivăMediafax · 30 Oct 2026 · RO
- Nava cargo lovită de drone în largul Bulgariei s-a scufundat. Risc de poluare: ce transporta portcontainerul care trebuia să ajungă la ConstanţaHotNews.ro · 29 Oct 2026 · RO
- Nava lovită de 3 drone în timp ce se îndrepta spre Constanța s-a scufundat în Marea Neagră: transporta baterii litiu-ion, lichide corozive și aciziLibertatea.ro · 29 Oct 2026 · RO
- Zece marinari blocați de peste trei luni în Portul Constanța, după ce proprietarul a abandonat nava. Doi au probleme grave de sănătateDigi24 · 29 Oct 2026 · RO
- Nava care se îndrepta spre Constanța, lovită de trei drone, s-a scufundat în Marea Neagră. Toți cei 18 marinari au fost salvați - Euronews RomâniaSurge — Google News · 29 Oct 2026 · RO
- Nava lovită miercuri de drone în largul Bulgariei s-a scufundat. Avea ca destinație ConstanțaDigi24 · 29 Oct 2026 · RO
- De ce Bulgaria nu a doborât dronele care au atacat ieri nava aflată în Marea Neagră, deși fusese avertizată despre atac. Explicațiile șefului ArmateiAdevărul · 29 Oct 2026 · RO
- "Au venit din Est". Șeful Armatei bulgare explică de ce nu a lovit dronele care au atacat nava Contship Jet, deși știa de acest atacAntena 3 CNN · 29 Oct 2026 · RO
Annual reports (ESEF)
- Annual report 202521 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Navamedic ASA · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.