olivLaw · European equity research
Photocure ASA PHO.OL
Norway · Euronext Oslo Børs · ISIN NO0010000045 · Vertical: Listed companies from Norway
Photocure ASA is a Norwegian pharmaceutical company that researches, produces and markets diagnostic and treatment products, focused on Hexvix and Cysview in Europe and North America. Its 2025 annual report shows equity falling under the impact of a net loss and share buybacks, while currency movements shaped revenues and costs.
At the close of 06 Nov 2026, Photocure ASA (PHO.OL) stock was 44.60 NOK (+0.45% on the day), with market capitalisation 1.1 bn NOK, beta 0.33, 52-week range 44.40–79.00 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)
- 28.1
- oversold (≤ 30)
- Bollinger (20, 2)
- 43.93 – 52.19
- in the lower half of the band · %B 0.08 · band width 17.2%
- SMA 50 / 200
- 50.08 / 58.95
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -1.51 / -1.13
- 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 | −9.9% | −0.6% | −9.3 pp | — |
| 3 months | −13.4% | −4.2% | −9.2 pp | — |
| 6 months | −30.4% | +4.3% | −34.8 pp | — |
| Year to date | −37.5% | +7.5% | −45.0 pp | — |
| 1 year | −22.4% | +9.9% | −32.4 pp | −4.7% |
| 3 years | −18.2% | +49.8% | −68.0 pp | +12.7% |
| 5 years | −62.9% | +42.8% | −105.8 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 | 500.7 m | 525.4 m | 532.6 m |
| Revenue YoY | unavailable | +4.9% | +1.4% |
| Net income | 979.0 k | -3.3 m | -1.5 m |
| Net income YoY | unavailable | −441.2% | unavailable |
| Diluted EPS | 0.04 | -0.19 | -0.06 |
| Diluted EPS YoY | unavailable | −575.0% | unavailable |
| net % | 0.2% | -0.6% | -0.3% |
| Free cash flow | 36.0 m | 65.3 m | 10.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 238.9 m NOK
- Financial debt
- 15.4 m NOK
- Net debt
- -223.5 m NOK
- Equity
- 484.2 m NOK
- Total assets
- 706.6 m NOK
- Debt / equity
- 0.03x
- Current ratio
- 3.47x
- ROE
- -0.3%
- ROA
- -0.2%
- FCF margin
- 1.9%
Financial statements (source on every figure)
Revenue and net income (NOK)
Margins
Income statement · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 500.7 m | 525.4 m | 532.6 m | esef· 21 Oct 2026verified |
| Cost of revenue | 26.1 m | 30.7 m | 42.0 m | esef· 21 Oct 2026verified |
| Gross profit | 474.5 m | 494.7 m | 490.6 m | esef· 21 Oct 2026verified |
| Research & development | 2.1 m | 3.6 m | 402.0 k | esef· 21 Oct 2026verified |
| Operating income | 27.8 m | 20.4 m | -743.0 k | esef· 21 Oct 2026verified |
| Interest expense | 41.2 m | 36.9 m | 33.6 m | esef· 21 Oct 2026verified |
| Pre-tax income | 9.7 m | 8.4 m | -16.7 m | esef· 21 Oct 2026verified |
| Income tax | 8.8 m | 11.7 m | -15.2 m | esef· 21 Oct 2026verified |
| Net income | 979.0 k | -3.3 m | -1.5 m | esef· 21 Oct 2026verified |
| Diluted EPS | 0.04 | -0.19 | -0.06 | esef· 21 Oct 2026verified |
Balance sheet · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 259.5 m | 293.9 m | 238.9 m | esef· 21 Oct 2026verified |
| Inventories | 37.2 m | 39.5 m | 44.4 m | esef· 21 Oct 2026verified |
| Current assets | 372.4 m | 424.0 m | 385.3 m | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 33.5 m | 36.2 m | 42.2 m | esef· 21 Oct 2026verified |
| Goodwill | 144.0 m | 144.0 m | 144.0 m | esef· 21 Oct 2026verified |
| Total assets | 712.0 m | 739.1 m | 706.6 m | esef· 21 Oct 2026verified |
| Short-term debt | 14.0 m | 15.8 m | 15.4 m | esef· 21 Oct 2026verified |
| Current liabilities | 83.1 m | 103.9 m | 110.9 m | esef· 21 Oct 2026verified |
| Total liabilities | 229.1 m | 237.4 m | 222.3 m | esef· 21 Oct 2026verified |
| Equity | 482.8 m | 501.7 m | 484.2 m | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 24.5 m | 17.6 m | 25.3 m | esef· 21 Oct 2026derived |
Cash flow · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 48.3 m | 76.8 m | 31.7 m | esef· 21 Oct 2026verified |
| Capex | 12.3 m | 11.4 m | 21.7 m | esef· 21 Oct 2026verified |
| Free cash flow | 36.0 m ≈ | 65.3 m ≈ | 10.0 m ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | -594.0 k | 1.4 m | -9.5 m | esef· 21 Oct 2026verified |
| Financing cash flow | -56.3 m | -43.8 m | -77.2 m | esef· 21 Oct 2026verified |
| Share repurchases | — | 0 | 29.7 m | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
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
- score weight coverage: 41.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 1.1 bn NOK
Key indicators
Coverage and freshness
Score by group
42% · 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: score weight coverage: 41.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -0.3% | 18 (vs peers) | 25% |
| Net margin · Quality | -0.3% | 34 (vs peers) | 15% |
| 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 | -0.0x | 0 (on a fixed band) | 15% |
| Current ratio · Balance sheet | 3.5x | 100 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 0.9% | 11 (on a fixed band) | 20% |
| Shareholder yield (distributions) · Returns | 2.6% | 38 (on a fixed band) | 15% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality24/100 · 2/3 factors with a value
- Returns· partial38/100 · 1/2 factors with a value
- Valuation· partial11/100 · 1/3 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
PHOTOCURE ASA (PHO.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 532.6 m NOK in 2025; YoY growth 1.4%; net margin -0.3%; ROE -0.3%.
The estimated value range is 22.80–27.47 NOK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 24.77 NOK, the price of 44.60 NOK leaves a potential of -44.5% (value / price − 1) and a margin of safety of -80.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 41.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 3.5x
What contradicts it
- ROIC: -0.3%
- Interest coverage: -0.0x
- FCF yield: 0.9%
- The price is above the estimated value range
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, 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 |
| PHO.OLPhotocure Asa | 1.1 bn | — | -0.3% | -0.3% | +1.4% | −29% / −10% |
| 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% |
| 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 PHO.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
Photocure ASA is a Norwegian pharmaceutical company that researches, produces and markets diagnostic and treatment products, focused on Hexvix and Cysview in Europe and North America. Its 2025 annual report shows equity falling under the impact of a net loss and share buybacks, while currency movements shaped revenues and costs.
SWOT
Strengths
- Clear group structure with wholly owned subsidiaries in the main distribution markets.
- Licence and royalty income that could provide a predictable long-term flow.
- Prudent accounting policies for development costs and revenue recognition.
Weaknesses
- Net loss in 2025 that affects the capacity for self-financing.
- Exposure to currency fluctuations, with revenues and costs in currencies other than the reporting currency.
- Reduction of equity through significant share buybacks.
Opportunities
- Expansion into new markets based on existing clinical data, recognised as marketing activity.
- New license agreements that could bring milestone-based payments.
- Growth of Cysview sales in North America if clinical demand strengthens.
Threats
- Changes in exchange rates that could reduce reported revenues in krone.
- Risk of reducing deferred tax assets if future profits are insufficient.
- Regulatory or reimbursement changes that could affect market access.
Risks
- Net lossmedium
The negative net result in 2025 could limit investment if the trend continues.
- Currency riskmedium
Revenues in dollars and euros, reported in krone, are sensitive to exchange rate moves.
- Deferred tax assetsmedium
Recovery of deferred tax assets depends on future profits, and a shortfall could lead to write-downs.
- Dependence on key productshigh
Activity relies largely on a few products, and any problems could affect revenues.
- Regulation and reimbursementlow
Approval and reimbursement decisions in each country could delay sales growth.
Investment thesis
What would need to be true (bull case)
- The licence and royalty structure could support recurring revenue if partner sales grow.
- Direct presence in Europe and North America gives control over product distribution.
- If the loss narrows, solid equity could provide financial flexibility.
What would break the thesis
- The 2025 net loss could strain the balance sheet if revenues do not grow enough.
- Currency exposure could reduce margins if the dollar keeps weakening against the krone.
- Large share buybacks could reduce resources available for development.
What to watch
- Development of the net loss and exchange rates in the quarterly reportQ1 2027
- New license agreements and milestone-based payments2027
- Application of IFRS 18 in the financial statements2027
- Goodwill impairment tests and recovery of deferred tax assetsnext 10-K
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
The Photocure Group comprises Photocure ASA and five wholly owned subsidiaries in the United States, Germany, France, Italy and Canada 1. Its activity covers research, development, production, distribution, marketing and sales of pharmaceutical products 1. European sales are handled directly by the company, while in North America they are run by Photocure Inc. and Photocure Canada Inc. under the trade name Cysview 1.
Main revenue comes from selling pharmaceutical products, recognised on delivery when control and risk pass to the customer 1. License agreements can bring signing fees, milestone payments and royalties on the licensee's sales 1. Research costs are expensed as incurred, while development costs are capitalised only if future benefits can be reliably measured 1.
Segments
Europe
Hexvix sales and distribution in European markets are carried out directly by the company, supported by marketing subsidiaries in Germany, Italy and France that use the euro as functional currency 1.
North America
Cysview sales in the United States and Canada are managed by Photocure Inc. and Photocure Canada Inc., with the US dollar and Canadian dollar as functional currencies 1.
Market context
Photocure's revenues and costs are predominantly in euro and US dollars, while its reporting currency is the Norwegian krone 1. In 2025 the average NOK/USD rate moved -3 percent versus 2024, and NOK/EUR moved 1 percent 1.
The market for diagnostic and surgical guidance products in oncology depends on regulatory approvals and reimbursement decisions in each country, factors only partly described in the report 1.
Trends
- Currencymixed
The weakening of the US dollar against the Norwegian krone affected reported revenues and costs, since a significant part of activity is in USD 1.
- IFRS 18 adoptionmixed
IFRS 18 could change the subtotals in the profit and loss statement, with no material effect on financial position expected 1.
- Share buybacksmixed
Buybacks of own shares reduced equity, and if they continue they could affect the company's capital structure 1.
- Deferred tax assetsheadwind
Recognition of deferred tax assets depends on sufficient future taxable profits, and if these do not arise the asset value could be reduced 1.
Competitive position
The annual report does not name competitors, so the competitive analysis relies on the activity described in the sources without adding external data 1.
The competitive position described by the company rests on its proprietary products and license partnerships, which support long-term revenue recognition 1.
- Unnamed direct competitors
The report does not name direct competitors, so no tickers can be associated with certainty.
- License partners
License agreements with partners influence company revenues, but the partners are not identified in the source.
- Alternative diagnostic methods
Alternative diagnostic methods used by clinics are not detailed in the report.
- Generic or biosimilar producers
The risk of similar products entering the market is not quantified in the analysed source.
News & filings
In the press
No news in our archive over the last 180 days.
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 / Photocure 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.