olivLaw · European equity research
Vistin Pharma ASA VISTN.OL
Norway · Euronext Oslo Børs · ISIN NO0010734122 · Vertical: Listed companies from Norway
Vistin Pharma produces the active pharmaceutical ingredient metformin (API), the baseline medicine for type 2 diabetes, at a plant in Norway. The company matters now because demand for metformin is expected to grow 4 to 6 percent annually, and its 2025 balance sheet shows a net cash position of MNOK 16.4.
At the close of 06 Nov 2026, Vistin Pharma ASA (VISTN.OL) stock was 18.85 NOK (+1.89% on the day), with market capitalisation 833.8 m NOK, P/E 11.2 on diluted EPS of 1.69 NOK over the last 12 months, dividend yield 6.65%, beta 0.23, 52-week range 18.00–23.20 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)
- 56.8
- strong (55–70)
- Bollinger (20, 2)
- 17.80 – 18.84
- above the upper band · %B 1.01 · band width 5.7%
- SMA 50 / 200
- 18.54 / 20.47
- mixed trend
- MACD (12, 26, 9)
- 0.04 / -0.05
- 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 | +3.3% | −0.6% | +3.9 pp | — |
| 3 months | −5.7% | −4.2% | −1.6 pp | — |
| 6 months | −15.5% | +4.3% | −19.8 pp | — |
| Year to date | −9.4% | +7.5% | −16.9 pp | — |
| 1 year | −4.6% | +9.9% | −14.5 pp | −4.7% |
| 3 years | −17.0% | +49.8% | −66.8 pp | +12.7% |
| 5 years | +1.3% | +42.8% | −41.5 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.
Today's P/E sits at the 0 percentile of its own 3-quarter history (min 12.3, median 16.7, max 22.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 435.4 m | 429.1 m | 452.3 m |
| Revenue YoY | unavailable | −1.4% | +5.4% |
| Net income | 45.6 m | 62.7 m | 74.8 m |
| Net income YoY | unavailable | +37.6% | +19.1% |
| Diluted EPS | 1.03 | 1.42 | 1.69 |
| Diluted EPS YoY | unavailable | +37.9% | +19.0% |
| net % | 10.5% | 14.6% | 16.5% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 16.4 m NOK
- Financial debt
- unavailable NOK
- Net debt
- unavailable NOK
- Equity
- 328.8 m NOK
- Total assets
- 439.4 m NOK
- Debt / equity
- unavailable
- Current ratio
- 2.35x
- ROE
- 23.4%
- ROA
- 18.1%
- 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 | 435.4 m | 429.1 m | 452.3 m | esef· 21 Oct 2026verified |
| Operating income | 68.6 m | 85.3 m | 92.4 m | esef· 21 Oct 2026verified |
| Interest expense | 30.9 m | 14.6 m | 11.0 m | esef· 21 Oct 2026verified |
| Pre-tax income | 58.5 m | 80.5 m | 95.8 m | esef· 21 Oct 2026verified |
| Income tax | 12.9 m | 17.7 m | 21.1 m | esef· 21 Oct 2026verified |
| Net income | 45.6 m | 62.7 m | 74.8 m | esef· 21 Oct 2026verified |
| Diluted EPS | 1.03 | 1.42 | 1.69 | esef· 21 Oct 2026verified |
| Dividend per share | 0.00 | 1.76 | 1.25 | esef· 21 Oct 2026derived |
Balance sheet · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 26.2 m | 12.8 m | 16.4 m | esef· 21 Oct 2026verified |
| Inventories | 80.2 m | 76.7 m | 82.1 m | esef· 21 Oct 2026verified |
| Current assets | 168.8 m | 143.2 m | 203.5 m | esef· 21 Oct 2026verified |
| Total assets | 403.4 m | 384.9 m | 439.4 m | esef· 21 Oct 2026verified |
| Current liabilities | 69.5 m | 64.0 m | 86.7 m | esef· 21 Oct 2026verified |
| Total liabilities | 80.6 m | 75.4 m | 110.6 m | esef· 21 Oct 2026verified |
| Equity | 322.8 m | 309.5 m | 328.8 m | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 44.3 m | 44.2 m | 44.2 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: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 833.8 m NOK
Key indicators
Coverage and freshness
Score by group
33% · 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: 5 of at least 6; score weight coverage: 33.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 16.5% | 84 (vs peers) | 19% |
| 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 | 8.4x | 100 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 2.3x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | 11.2x | 65 (vs peers) | 31% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 6.6% | 95 (on a fixed band) | 19% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial84/100 · 1/3 factors with a value
- Returns· partial95/100 · 1/2 factors with a value
- Valuation· partial65/100 · 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
VISTIN PHARMA ASA (VISTN.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 452.3 m NOK in 2025; YoY growth 5.4%; net margin 16.5%; ROE 23.4%.
The estimated value range is 13.88–34.29 NOK per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 23.49 NOK, the price of 18.85 NOK leaves a potential of 24.6% (value / price − 1) and a margin of safety of 19.8% (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 (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 16.5%
- Interest coverage: 8.4x
- Current ratio: 2.3x
- Shareholder yield (distributions): 6.6%
What contradicts it
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, 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% |
| VISTN.OLVistin Pharma Asa | 833.8 m | 11.2 | 23.4% | 16.5% | +5.4% | −6% / −16% |
| 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 VISTN.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 | 11.24 Total return -35% · Per year -35% | 19.87 Total return 12% · Per year 12% | 29.92 Total return 67% · Per year 67% |
| 3 years | 11.11 Total return -25% · Per year -9% | 22.08 Total return 39% · Per year 12% | 36.47 Total return 122% · Per year 30% |
| 5 years | 10.98 Total return -16% · Per year -3% | 24.53 Total return 69% · Per year 11% | 44.45 Total return 188% · Per year 24% |
- Exit P/E± 5.52
- Net margin± 3.86
- Annual revenue growth± 3.14
- Annual dilution± 0.32
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
Vistin Pharma produces the active pharmaceutical ingredient metformin (API), the baseline medicine for type 2 diabetes, at a plant in Norway. The company matters now because demand for metformin is expected to grow 4 to 6 percent annually, and its 2025 balance sheet shows a net cash position of MNOK 16.4 1.
SWOT
Strengths
- The company has a favorable environmental profile based on renewable energy and low emissions, and a good track record of government audits.
- The financial structure is solid, with net cash and a high equity ratio and no net interest-bearing debt.
- The company has built safety stocks of critical raw materials, which reduces the risk of supply interruptions.
Weaknesses
- Dependence on one main product, metformin API, exposes the company to demand or regulatory changes for that product.
- Sales are mostly in EUR while raw material purchases are in USD, creating currency exposure.
- The company relies on raw materials and transport from Europe, India and China, making costs sensitive to freight and external markets.
Opportunities
- Stronger demand for local supplies from Europe could bring new contracts for production close to the market.
- Higher global metformin prices, if they materialize, could support the company's revenues.
- A low environmental footprint could attract customers who require supply chains with low emissions.
Threats
- New type 2 diabetes medicines could, over time, reduce metformin's role as first-line treatment.
- Regulatory changes or problems with the plant's emission permits could affect operations.
- Geopolitical and cyber risks have increased, and supply chain disruptions could affect production.
Risks
- Single product concentrationhigh
The company depends heavily on metformin API, so any change in demand for this product would have a major impact on results.
- Currency riskmedium
Sales in EUR and purchases in USD create exposure to exchange rate movements, although the company uses hedging contracts to reduce the risk.
- Raw material prices and availabilitymedium
Fluctuations in raw material prices and availability could affect margins, especially if transport costs rise.
- Regulation and environmental permitsmedium
Regulatory changes or issues with the plant's emission permits could bring additional costs or restrictions.
- Cyber risklow
The geopolitical situation has increased cyber security risk, and an incident could disrupt operations or customer data.
Investment thesis
What would need to be true (bull case)
- If metformin demand keeps growing at the rate the company expects and demand for local supplies in Europe expands, revenues could benefit from higher volumes.
- A debt-free balance sheet with net cash could provide flexibility for investment or dividend distributions.
- The environmental profile and safety stocks could become competitive advantages if customers prioritize secure supply chains.
What would break the thesis
- If new treatments displace metformin as first-line therapy, long-term demand could fall, affecting the company's dependence on one product.
- Currency exposure between EUR sales and USD purchases could reduce margins if exchange rates move unfavorably, even with hedging.
- Higher transport and raw material costs could pressure margins if they cannot be fully passed on to customers.
What to watch
- Development of global metformin demand and API prices2026
- Annual General Meeting and proposed dividend of up to NOK 1.50 per share20 May 2026
- Quarterly results and any new contracts for local supply in Europe2026
- Development of transport costs and raw material safety stocksnext annual report
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
Vistin Pharma ASA is a holding company for Vistin Pharma AS, a pharmaceutical company producing active pharmaceutical ingredients (APIs) 1. Its main product is metformin API, which helps improve quality of life for type 2 diabetes patients at an affordable price for patients and health authorities 1. Production takes place at Fikkjebakke in Kragerø, Norway 1.
Products are sold directly to customers (B2B) or through distributors on all continents, under a standardized sales process 1. Most sales are made in EUR, while primary raw material purchases are in USD 1. The plant is audited annually by authorities including Norway's DMP, EU EMA, US FDA and Japan's PMDA 1.
At 31 December 2025 consolidated equity was NOK 328.8 million, and the company had no net interest-bearing debt 1. The company's ambition is to pay out 50 percent of net annual profit as dividend, though the size depends on financial capability and capital needs for growth 1.
Segments
Market context
The company describes diabetes as one of the largest global health crises of the 21st century, and expects metformin demand to grow 4 to 6 percent annually because it remains the standard baseline treatment for type 2 diabetes 1. Demand is considered generally stable even given the current political landscape 1.
The company expects higher freight and raw material prices to increase global metformin prices 1. It considers itself well positioned to benefit from stronger demand for local supplies from Europe 1.
Trends
- Rising demand for metformintailwind
Global metformin demand is expected to keep growing because it remains the standard treatment for type 2 diabetes, which could support the company's volumes 1.
- GLP-1 drugs used alongside metforminmixed
GLP-1 agonists such as semaglutide are increasingly used and often prescribed together with metformin, as the two complement each other; the sources do not explicitly address the risk that newer drugs could replace metformin 1.
- Transport and raw material costsmixed
Rising freight and raw material costs could weigh on margins, although the company expects them to be compensated by higher sales prices 1.
- Geopolitical tensions and safety stocktailwind
The Middle East conflict led the company to build safety stocks of critical raw materials, which mitigates the risk of supply chain interruptions 1.
Competitive position
The analyzed sources do not explicitly identify competitors in the metformin API market. The company does highlight its environmental advantage, based on 100 percent renewable hydropower and very low emission levels compared with peers 1.
The company claims a favorable environmental profile versus peers, but the sources do not name them or describe their market shares 1. Competitive standing therefore depends on audit track record and the ability to meet local demand in Europe 1.
- Asian API producers
Sources mention raw material suppliers in India and China but do not identify named competing producers.
- European API producers
The company aims to meet stronger demand for local supplies from Europe, which suggests regional competition without named players.
- GLP-1 drug makers
Not direct metformin API competitors, but they can affect demand through alternative or combined treatments.
- Other metformin API suppliers
The sources do not name other suppliers; the company only refers to its advantages versus peers in general terms.
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 202521 Oct 2026
- Annual report 202408 May 2025
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Vistin Pharma 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.