olivLaw · European equity research
Thor Medical ASA TRMED.OL
Norway · Euronext Oslo Børs · ISIN NO0010597883 · Vertical: Listed companies from Norway
Thor Medical ASA, listed in Oslo, develops a proprietary process for producing alpha-emitting isotopes from natural thorium for precision cancer therapy. In 2025 the company moved into the preparation phase of its first commercial plant, AlphaOne, with an order backlog of approximately NOK 850 million. The company remains at an early stage, with almost no revenue and significant operating losses.
At the close of 06 Nov 2026, Thor Medical ASA (TRMED.OL) stock was 4.12 NOK (+2.62% on the day), with market capitalisation 1.4 bn NOK, beta 0.40, 52-week range 3.51–6.98 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)
- 42.2
- weak (30–45)
- Bollinger (20, 2)
- 3.93 – 4.55
- in the lower half of the band · %B 0.30 · band width 14.5%
- SMA 50 / 200
- 4.55 / 4.70
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.15 / -0.16
- MACD above 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 | −7.2% | −0.6% | −6.6 pp | — |
| 3 months | −24.2% | −4.2% | −20.0 pp | — |
| 6 months | −6.7% | +4.3% | −11.0 pp | — |
| Year to date | −21.6% | +7.5% | −29.1 pp | — |
| 1 year | +11.1% | +9.9% | +1.1 pp | −5.7% |
| 3 years | +219.0% | +49.8% | +169.1 pp | +15.0% |
| 5 years | −84.8% | +42.8% | −127.6 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 | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | -29.1 m | -42.2 m | -58.0 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.15 | -0.18 | -0.17 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | -64.1 m | -24.1 m | -120.6 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 180.6 m NOK
- Financial debt
- unavailable NOK
- Net debt
- unavailable NOK
- Equity
- 456.0 m NOK
- Total assets
- 708.6 m NOK
- Debt / equity
- unavailable
- Current ratio
- 4.57x
- ROE
- -14.6%
- ROA
- -10.3%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (NOK)
Income statement · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating income | -7.2 m | -43.9 m | -69.7 m | esef· 21 Oct 2026verified |
| Depreciation & amortisation | 331.0 k | 2.4 m | 20.9 m | esef· 21 Oct 2026verified |
| EBITDA | -6.8 m ≈ | -41.6 m ≈ | -48.7 m ≈ | esef· 21 Oct 2026derived |
| Interest expense | — | 407.0 k | 602.0 k | esef· 21 Oct 2026verified |
| Pre-tax income | -26.6 m | -42.6 m | -62.3 m | esef· 21 Oct 2026verified |
| Income tax | 0 | -430.0 k | -4.3 m | esef· 21 Oct 2026verified |
| Net income | -29.1 m | -42.2 m | -58.0 m | esef· 21 Oct 2026verified |
| Diluted EPS | -0.15 | -0.18 | -0.17 | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 41.8 m | 123.4 m | 180.6 m | esef· 21 Oct 2026verified |
| Receivables | 3.6 m | 6.5 m | — | esef· 08 May 2025verified |
| Inventories | — | 0 | 3.0 m | esef· 21 Oct 2026verified |
| Current assets | 45.3 m | 129.9 m | 199.5 m | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 1.0 m | 615.0 k | — | esef· 08 May 2025verified |
| Total assets | 330.8 m | 414.4 m | 708.6 m | esef· 21 Oct 2026verified |
| Current liabilities | 4.4 m | 22.9 m | 43.7 m | esef· 21 Oct 2026verified |
| Total liabilities | 58.9 m | 77.2 m | 252.6 m | esef· 21 Oct 2026verified |
| Equity | 271.9 m | 337.1 m | 456.0 m | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 193.8 m | 234.5 m | 341.2 m | esef· 21 Oct 2026derived |
Cash flow · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -64.1 m | -24.0 m | -47.5 m | esef· 21 Oct 2026verified |
| Capex | 0 | 140.0 k | 73.1 m | esef· 21 Oct 2026verified |
| Free cash flow | -64.1 m ≈ | -24.1 m ≈ | -120.6 m ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | 6.3 m | 1.6 m | -66.5 m | esef· 21 Oct 2026verified |
| Financing cash flow | -332.0 k | 104.0 m | 171.2 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
- indicators available: 3 of at least 6
- score weight coverage: 18.8% 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: 1.4 bn NOK
Key indicators
Coverage and freshness
Score by group
19% · 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: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| 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 | -115.7x | 0 (on a fixed band) | 33% |
| Current ratio · Balance sheet | 4.6x | 100 (on a fixed band) | 22% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -8.6% | 0 (on a fixed band) | 44% |
| 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 sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 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
THOR MEDICAL ASA (TRMED.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE -14.6%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 18.8% 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
- Current ratio: 4.6x
What contradicts it
- Interest coverage: -115.7x
- FCF yield: -8.6%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Norway · same country · compared with 40 companies
Multiples and returns vs the median
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% |
| 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% |
| AGLX.OLAgilyx Asa | — | — | -182.4% | -12,189.3% | +20.3% | −40% / −41% |
1- and 3-year price returns: for TRMED.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
Scenarios are not available. input data missing
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
Thor Medical ASA, listed in Oslo, develops a proprietary process for producing alpha-emitting isotopes from natural thorium for precision cancer therapy. In 2025 the company moved into the preparation phase of its first commercial plant, AlphaOne, with an order backlog of approximately NOK 850 million 1. The company remains at an early stage, with almost no revenue and significant operating losses 1.
SWOT
Strengths
- The company holds a proprietary, verified process that requires no nuclear reactors and a base of long-term contracts with several alpha-therapy developers 1.
- AlphaOne financing is described as fully covered, including equity and the loan commitment from Innovation Norway 1.
- The pilot facility is already running and provides operational experience that reduces the technology risk of scaling 1.
Weaknesses
- Revenue is almost nonexistent in 2025 and operating losses are significant, making the company dependent on additional funding 1.
- The company does not yet have a fully operational commercial plant, and delays in commissioning could affect delivery timing 1.
- Concentration on a single product and a small number of customers increases vulnerability to changes in their development programmes 1.
Opportunities
Threats
- The regulatory authorisation for the high-activity laboratory has not yet been issued, and further delays could postpone operations 1.
- The thorium supply chain is emerging, and disruptions could affect deliveries to customers 1.
- Currency exposure could increase after commissioning, because some sales agreements are denominated in foreign currency 1.
Risks
- Health, safety and security riskhigh
Construction and operation of the AlphaOne plant involve handling radioactive materials, exposing employees, suppliers and partners to specific risks 1.
- Technology scale-up riskhigh
Scaling and commercialising a complex, early-stage technology is a significant challenge, and the pilot facility is meant to validate the process before expansion 1.
- Regulatory riskhigh
The missing authorisation for the new laboratory could delay entry into commercial operations, making the launch timeline sensitive to decisions by the competent authority 1.
- Financing and liquidity riskmedium
The company could need additional funding for later AlphaOne expansions, and operating cash flow remains negative 1.
- Currency and personnel riskmedium
Procurement costs in foreign currency and the difficulty of attracting and retaining specialists could affect development 1.
Investment thesis
What would need to be true (bull case)
What would break the thesis
- Revenue is still minimal and operating losses could continue during the launch, forcing the company to raise further equity 1.
- The authorisation for the high-activity laboratory has not yet been issued, and delays could push the commercial timeline back 1.
- Dependence on a small number of customers and on the clinical success of their products could create volatility in order volume 1.
What to watch
- Regulatory authorisation for the high-activity laboratory at AlphaOne2026
- First commercial deliveries to customers and start of AlphaOne operations2026
- Completion of the AlphaOne capacity expansion to full operational statusQ3 2026
- Development of the order backlog and conversion of agreements into longer-term contractsnext 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
Thor Medical is an emerging supplier of radionuclides to the radiopharmaceutical industry, derived from naturally occurring thorium through a proprietary process that requires no irradiation or nuclear reactors 1. The company is headquartered in Oslo and listed on the Oslo Stock Exchange under the ticker TRMED 1. Its articles define the objective as supplying alpha emitters to developers of innovative drugs for indications of high unmet medical need 1.
Activity in 2025 centred on building AlphaOne at Herøya, where the company took over the new laboratory in December and began installing equipment 1. Management stated that AlphaOne could be fully operational by the end of the third quarter of 2026 if the current execution pace holds 1.
Segments
Market context
Trends
- Growing interest in radiopharmaceutical therapiestailwind
Management states that leading pharmaceutical companies have validated targeted radiotherapy as a commercially successful category, which could support demand for alpha emitters 1.
- Regulatory requirements for radioactive materialsheadwind
Operations involve handling and moving regulated materials, and the authorisation for operating the new high-activity laboratory is still awaited 1. A delay in this authorisation could postpone the start of commercial operations 1.
- Emerging thorium supply chainmixed
The thorium supply chain and the associated industry are still forming, creating both diversification opportunities and risks to long-term stability 1.
Competitive position
The source texts do not name competitors. The company mentions only that it operates in an emerging field, with no other industrial-scale thorium-228 suppliers described in the documents 1. The advantage claimed is its proprietary process, which requires no nuclear reactors 1.
Competitive position depends on the ability to deliver on time from AlphaOne and to consolidate existing contracts with ARTBIO, AdvanCell, Oncoinvent, Telix, NucliThera and RadioMedix 1. The source documents do not describe direct competitors, so a comparison with other companies cannot be made from them 1.
- ARTBIO
Contract partner for thorium-228 supply under a five-year agreement; appears in the documents as a customer rather than an explicit competitor 1.
- Telix Pharmaceuticals
Radiopharmaceutical company headquartered in Australia, a customer with a five-year thorium-228 supply agreement 1.
- AdvanCell
Customer with a master supply agreement expanded in 2025 to support its clinical development programmes 1.
- Oncoinvent
Customer that signed a supply agreement for the Phase 3 clinical programme of its lead product 1.
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 / Thor Medical 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.