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olivLaw · European equity research

Nordic Semiconductor ASA NOD.OL

Norway · Euronext Oslo Børs · ISIN NO0003055501 · Vertical: Listed companies from Norway

169.60NOK−0.82% · 1 dayClose 06 Nov 2026

Nordic Semiconductor designs low-power wireless connectivity chips and software, mainly for the IoT market. For fiscal 2025 the company reported a recovery after the second half of 2024, with revenue of 667.6 million USD and a gross margin of 51.8%, which makes it relevant for investors and analysts following the semiconductor cycle.

At the close of 06 Nov 2026, Nordic Semiconductor ASA (NOD.OL) stock was 169.60 NOK (−0.82% on the day), with beta 1.13, 52-week range 125.00–207.60 NOK.

Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.

Market cap
unavailable
shares as of 31 Dec 2025
P/E (TTM)
unavailable
Diluted EPS TTM 0.08 · TTM to 31 Dec 2025
E/P (TTM)
unavailable
TTM to 31 Dec 2025
Dividend yield
unavailable
Beta (2y)
1.13
Volatility (1y) 40%
52-week range
125.00207.60

Price history

Loading chart…

Technical reading

RSI (14)
42.9
weak (30–45)
Bollinger (20, 2)
164.49 – 183.60
in the lower half of the band · %B 0.27 · band width 11.0%
SMA 50 / 200
175.93 / 169.48
mixed trend
MACD (12, 26, 9)
-0.35 / -0.04
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

CompanyEURO STOXX 50vs EURO STOXX 50Vertical median
1 month−9.0%−0.6%−8.3 pp—
3 months+3.0%−4.2%+7.1 pp—
6 months−14.9%+4.3%−19.2 pp—
Year to date+27.2%+7.5%+19.7 pp—
1 year+24.2%+9.9%+14.2 pp−4.7%
3 years+82.5%+49.8%+32.7 pp+12.7%
5 years−38.7%+42.8%−81.5 pp—
Max drawdown (1y)
−26.8%
22 May 2026 → 29 Jul 2026
Max drawdown (5y)
−75.1%
22 Nov 2021 → 05 Apr 2024
Compound annual growth (5y)
−9.3%
EURO STOXX 50 +7.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

the price (USD) and the reports are in different currencies

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 year202320242025
Revenue542.9 m511.4 m667.6 m
Revenue YoYunavailable−5.8%+30.5%
Net income7.7 m-38.5 m16.4 m
Net income YoYunavailable−603.3%unavailable
Diluted EPS0.04-0.200.08
Diluted EPS YoYunavailable−600.0%unavailable
net %1.4%-7.5%2.5%
Free cash flow-144.5 m50.5 m74.8 m

Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
307.4 m USD
Financial debt
98.4 m USD
Net debt
-209.0 m USD
Equity
679.6 m USD
Total assets
983.4 m USD
Debt / equity
0.14x
Current ratio
4.01x
ROE
2.6%
ROA
1.8%
FCF margin
11.2%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
542.9 m
2024
511.4 m
2025
667.6 m

esef· 21 Oct 2026verified

Gross profit
2023
283.7 m
2024
242.0 m
2025
346.0 m

esef· 21 Oct 2026verified

Operating income
2023
4.7 m
2024
-45.8 m
2025
23.2 m

esef· 21 Oct 2026verified

Depreciation & amortisation
2023
44.3 m
2024
40.6 m
2025
43.1 m

esef· 21 Oct 2026verified

EBITDA
2023
49.0 m ≈
2024
-5.2 m ≈
2025
66.3 m ≈

esef· 21 Oct 2026derived

Interest expense
2023
3.7 m
2024
12.1 m
2025
14.0 m

esef· 21 Oct 2026verified

Pre-tax income
2023
12.1 m
2024
-43.2 m
2025
12.6 m

esef· 21 Oct 2026verified

Income tax
2023
4.4 m
2024
-4.7 m
2025
-3.7 m

esef· 21 Oct 2026verified

Net income
2023
7.7 m
2024
-38.5 m
2025
16.4 m

esef· 21 Oct 2026verified

Diluted EPS
2023
0.04
2024
-0.20
2025
0.08

esef· 21 Oct 2026verified

Balance sheet · USD

Cash
2023
291.0 m
2024
287.9 m
2025
307.4 m

esef· 21 Oct 2026verified

Inventories
2023
163.1 m
2024
171.9 m
2025
155.0 m

esef· 21 Oct 2026verified

Current assets
2023
609.2 m
2024
553.3 m
2025
582.8 m

esef· 21 Oct 2026verified

Property, plant & equipment, net
2023
29.1 m
2024
22.0 m
2025
28.8 m

esef· 21 Oct 2026verified

Goodwill
2023
10.9 m
2024
10.9 m
2025
101.3 m

esef· 21 Oct 2026verified

Intangibles (excl. goodwill)
2023
38.9 m
2024
50.1 m
2025
52.9 m

esef· 21 Oct 2026verified

Total assets
2023
862.2 m
2024
806.7 m
2025
983.4 m

esef· 21 Oct 2026verified

Long-term debt
2023
97.5 m
2024
87.3 m
2025
98.4 m

esef· 21 Oct 2026verified

Current liabilities
2023
114.2 m
2024
103.1 m
2025
145.4 m

esef· 21 Oct 2026verified

Total liabilities
2023
260.2 m
2024
236.9 m
2025
303.8 m

esef· 21 Oct 2026verified

Equity
2023
602.1 m
2024
569.8 m
2025
679.6 m

esef· 21 Oct 2026verified

Shares outstanding at year end
2023
191.3 m
2024
192.5 m
2025
204.8 m

esef· 21 Oct 2026derived

Cash flow · USD

Operating cash flow
2023
-119.0 m
2024
60.4 m
2025
115.7 m

esef· 21 Oct 2026verified

Capex
2023
25.5 m
2024
9.8 m
2025
40.8 m

esef· 21 Oct 2026verified

Free cash flow
2023
-144.5 m ≈
2024
50.5 m ≈
2025
74.8 m ≈

esef· 21 Oct 2026derived

Investing cash flow
2023
-53.5 m
2024
-29.6 m
2025
-162.3 m

esef· 21 Oct 2026verified

Financing cash flow
2023
83.7 m
2024
-23.2 m
2025
51.1 m

esef· 21 Oct 2026verified

Share repurchases
2023
0
2024
3.8 m
2025
30.2 m

esef· 21 Oct 2026verified

Computed indicators

Growth

Revenue growth (YoY)
30.5%
computed by olivLawFY 2025
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
48.1%
computed by olivLawFY 2025

Profitability

Gross margin
51.8%
computed by olivLawFY 2025
EBITDA margin
9.9%
computed by olivLawFY 2025
EBIT margin
3.5%
computed by olivLawFY 2025
Net margin
2.5%
computed by olivLawFY 2025
FCF margin
11.2%
computed by olivLawFY 2025

Returns

ROE
2.6%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
1.8%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
4.6%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROCE
2.8%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
-209.0 m USD
computed by olivLawbalance sheet at 31 Dec 2025
Net debt / EBITDA
-3.2x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Debt / equity
0.1x
computed by olivLawbalance sheet at 31 Dec 2025
Interest coverage
1.7x
computed by olivLawFY 2025

Liquidity

Current ratio
4.0x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
2.9x
computed by olivLawbalance sheet at 31 Dec 2025
Cash ratio
2.1x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
115.7 m USD
computed by olivLawFY 2025
Capital expenditure
40.8 m USD
computed by olivLawFY 2025
Free cash flow
74.8 m USD
computed by olivLawFY 2025
FCF conversion
456.8%
computed by olivLawFY 2025
Cash conversion
174.6%
computed by olivLawFY 2025

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
unavailable
input data missing
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
input data missing
P/E (TTM)
unavailable
input data missing
Earnings yield
unavailable
input data missing
P/B
unavailable
input data missing
P/S
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
unavailable
input data missing
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 43.8% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

169.60 NOK

06 Nov 2026Source: olivLaw, closing series

Market cap: unavailable

Price and reporting are in different currencies; market indicators are unavailable.

Key indicators

Market capitalisation
unavailable
input data missing
P/E (TTM)
unavailable
input data missing
P/B
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
ROE
2.6%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
2.5%
computed by olivLawFY 2025
Revenue growth (YoY)
30.5%
computed by olivLawFY 2025
Dividend yield
unavailable
input data missing

Coverage and freshness

28/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: esefpublished 21 Oct 2026
verified 80derived 3

Score by group

44% · Insufficient data

Estimated value range

Low
2.19
USD per share
Mid
2.75
USD per share
High
3.40
USD per share
Price: unavailable
Potential to the central value: unavailable (value / price − 1)
Margin of safety: unavailable (1 − price / value)
Agreement between methods: low · 2 methods used · 1 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.73 – 4.27 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/EBITDA3.64 – 4.27 (Mid 3.92)
    5 companies used · median multiple 9.0x · quartiles 8.1x – 10.1x
    AKVA.OL, ATEA.OL, B2I.OL, BONHR.OL, ELMRA.OL
  • Peers: P/E0.73 – 2.53 (Mid 1.58)
    19 companies used · median multiple 19.8x · quartiles 9.2x – 31.6x
    ABG.OL, ABTEC.OL, AFG.OL, AKER.OL, AKSO.OL, AKVA.OL, APR.OL, ARR.OL, ATEA.OL, AUSS.OL, B2I.OL, BONHR.OL, BOR.OL, BOUV.OL, BRG.OL, CLOUD.OL, DELIA.OL, ELK.OL, ELMRA.OL
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: score weight coverage: 43.8% of at least 60%

FactorValueScoreWeight used
ROIC · Quality4.6%36 (vs peers)24%
Net margin · Quality2.5%47 (vs peers)14%
FCF conversion · Quality456.8%100 (on a fixed band)14%
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheet-3.2x100 (vs peers)24%
Interest coverage · Balance sheet1.7x2 (on a fixed band)14%
Current ratio · Balance sheet4.0x100 (on a fixed band)10%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet71/100 · 3/3 factors with a value
  • Growth· partialunavailable · 0/2 factors with a value
  • Quality57/100 · 3/3 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

NORDIC SEMICONDUCTOR ASA (NOD.OL). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: revenue 667.6 m USD in 2025; YoY growth 30.5%; net margin 2.5%; ROE 2.6%; net debt/EBITDA -3.2x.

The estimated value range is 2.19–3.40 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. 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: 43.8% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • FCF conversion: 456.8%
  • Net debt / EBITDA: -3.2x
  • Current ratio: 4.0x

What contradicts it

  • Interest coverage: 1.7x
  • The valuation methods diverge

Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, 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

P/E
—
vertical median 20.0x
EV/EBITDA
—
vertical median 9.0x
P/S
—
vertical median 1.3x
P/B
—
vertical median 1.8x
ROE
2.6%
vertical median 2.9%
below median (−10.8%)
Net margin
2.5%
vertical median 3.1%
below median (−20.3%)
EBIT margin
3.5%
vertical median 5.5%
below median (−37.1%)
Revenue YoY
30.5%
vertical median 6.0%
above median (+409.6%)
Net debt/EBITDA
-3.2x
vertical median 1.5x
below median (−314.5%)
Dividend yield
—
vertical median 5.0%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
AKER.OLAker Asa79.8 bn20.37.9%21.4%+42.5%+36% / +59%
AFG.OLAf Gruppen Asa21.5 bn19.839.7%3.4%+4.4%+8% / +69%
ELK.OLElkem Asa19.2 bn39.31.9%2.7%−15.7%+10% / +73%
ATEA.OLAtea Asa18.5 bn21.419.7%2.3%+8.1%+11% / +36%
AKSO.OLAker Solutions Asa17.4 bn6.822.5%4.1%+19.2%+18% / −12%
AUSS.OLAustevoll Seafood Asa16.6 bn37.11.6%1.1%+11.1%−7% / +10%
BRG.OLBorregaard Asa15.6 bn25.111.4%8.0%+1.3%−18% / −9%
BONHR.OLBonheur ASA11.2 bn7.817.1%11.4%−10.8%+17% / +44%
AFK.OLArendals Fossekompani Asa10.3 bn—-2.3%-3.1%−14.9%+39% / +31%
B2I.OLB2 Impact Asa8.8 bn14.311.0%16.4%+2.6%+40% / +238%
AKVA.OLAkva Group Asa5.7 bn31.213.7%4.2%+24.4%+74% / +152%
ELMRA.OLElmera Group Asa5.1 bn32.010.5%1.3%−0.9%+32% / +98%
BOUV.OLBouvet Asa5.0 bn14.280.7%9.2%−0.2%−19% / −16%
CLOUD.OLCloudberry Clean Energy Asa4.0 bn61.91.3%13.1%+34.0%−5% / +29%
ABG.OLAbg Sundal Collier Holding Asa3.6 bn10.734.9%16.8%+12.4%−13% / +20%
ANDF.OLAndfjord Salmon Group As2.2 bn—-5.7%-12,770.4%+328.9%−18% / −11%
BMA.OLByggma Asa1.6 bn—-25.3%-11.9%−2.5%+61% / +15%
APR.OLAppear Asa1.4 bn10.530.1%16.1%+32.3%−53% / unavailable
AZT.OLArcticzymes Technologies Asa1.1 bn108.92.9%8.6%+7.9%−8% / −48%
CAPSL.OLCapsol Technologies Asa884.6 m—-89.4%-114.8%−25.0%−33% / −66%
BOR.OLBorgestad Asa553.2 m36.12.1%1.4%−3.0%−7% / +41%
ARR.OLArribatec Group Asa234.6 m4.822.1%9.3%+15.7%−33% / −55%
DELIA.OLDellia Group Asa73.5 m1.522.6%7.7%+140.0%−62% / unavailable
ABTEC.OLAqua Bio Technology Asa11.1 m0.1—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 NOD.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

Nordic Semiconductor designs low-power wireless connectivity chips and software, mainly for the IoT market. For fiscal 2025 the company reported a recovery after the second half of 2024, with revenue of 667.6 million USD and a gross margin of 51.8%, which makes it relevant for investors and analysts following the semiconductor cycle.

SWOT

Strengths

  • Renewed portfolio of low-power connectivity products with a high gross margin.
  • Solid balance sheet with liquidity sufficient for periods of reduced demand, supported by a flexible fabless model.
  • Strong customer relationships and an nRF Cloud software platform that can add value for customers.

Weaknesses

  • High dependence on a small number of large customers, whose changes in order volumes could significantly affect revenue.
  • Dependence on third parties for production, with few long-term supply contracts and lengthy qualification of new suppliers.
  • High research and development spending, which pressures margins in periods of falling revenue.

Opportunities

  • Expansion into cellular IoT and satellite connectivity, with the new series, could open new markets.
  • Growth of the power management circuit portfolio and low-power Wi-Fi products planned for 2026.
  • Strategic acquisitions could bring talent and technologies that accelerate the product roadmap.

Threats

  • Cyclicality of the semiconductor industry, with risk of lower demand and lower average selling prices.
  • Tensions between China and Taiwan, export restrictions and tariffs that could disrupt production and sales in the US.
  • Competition from companies with far greater resources that could win projects at major customers.

Risks

  • Customer concentrationhigh

    A large share of revenue comes from a few large customers, and a reduction in their orders could significantly affect results.

  • Dependence on external suppliershigh

    Wafer production, assembly and testing are outsourced, and disruptions or capacity shortages at suppliers could affect deliveries.

  • Industry cyclicalitymedium

    Industry downturns can lead to lower demand, higher inventories and price pressure, with an impact on revenue.

  • Geopolitical and trade tensionsmedium

    Conflicts, sanctions and tariffs could limit sales, particularly to US customers, and could increase costs.

  • Retention of key talentmedium

    Loss of key engineers or executives could delay product development and affect competitiveness.

Investment thesis

What would need to be true (bull case)

  • If the cycle recovery continues, growth in revenue and gross margin could support the company's long-term objectives.
  • Launches of new product series, including cellular and satellite IoT, could significantly widen the addressable market.
  • A solid balance sheet and a flexible fabless model could help the company get through downturns more easily.

What would break the thesis

  • Dependence on a few large customers could make revenue volatile if they reduce orders.
  • Geopolitical tensions could disrupt the supply chain and access to important markets.
  • Competition from companies with far greater resources could limit gains in market share.

What to watch

  • Delivery of the revenue guidance and gross margin outlookQ1 2026
  • Contribution of the nRF54 Series and the launch of the nRF92 SoC2026
  • Trend in customer concentration and the share of revenue from the ten largest customersnext 10-K
  • Progress toward the long-term revenue growth and EBITDA margin targets2027

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

Nordic Semiconductor is a fabless company, meaning it outsources the production of silicon wafers, packaging and testing to third-party suppliers, mainly in Asia. Its portfolio covers Bluetooth Low Energy connectivity, cellular IoT, satellite-enabled connectivity, Wi-Fi and power management circuits, supported by nRF Cloud, a device-to-cloud platform for deploying and monitoring devices. The strategy relies on sustained investment in research and development, and some development costs are capitalized on the balance sheet. The annual report sets long-term ambitions of annual average revenue growth above 20% from 2024 through 2030 and an operating model of around 25% EBITDA margin. The Board will propose that no dividend is distributed for 2025.

The company maintains a solid balance sheet with a high equity ratio and a cash reserve that it considers necessary to continue its technology and product roadmap. It also completed several acquisitions in recent years, including during 2025, to strengthen its technical capabilities and talent base.

The parent company posted a positive net profit in 2025, after a loss in 2024, which reflects the recovery of sales after the period of weaker industry demand.

Segments

Short-Range connectivity

Includes the nRF52 and nRF53 families, for which management expects continued strong performance, and the nRF54 Series, whose contribution could gradually increase as it rolls out.

Long-Range connectivity

Focuses on cellular IoT around the nRF9151 and satellite-enabled connectivity, and the company is approaching the launch of an nRF92 SoC to expand addressable markets.

Power Management and Wi-Fi

Two new PMICs were added in 2025, with further portfolio expansion expected in 2026, and the nRF71 Series for low-power Wi-Fi is planned for 2026.

Market context

The semiconductor market is cyclical, with periods of rising and falling demand, prices and inventories. Nordic reports a market recovery that began in the second half of 2024 and continued through 2025, with customers in IoT, consumer, healthcare and industrial sectors. Customer concentration is high, and the ten largest customers accounted for around 57% of revenue.

Demand for IoT products depends on customers' end products, so downturns in their industries can directly affect the company's sales. A slow macroeconomic pace could reduce consumer confidence and demand for semiconductor components.

Trends

  • Semiconductor cycle recoverytailwind

    After a period of decline, demand for components returned in 2025, supporting the company's revenue and gross margin.

  • Transition to new product familiesmixed

    The launches of nRF54, nRF92 and nRF71 could widen addressable markets, but the transition between generations may slow sales of older products.

  • Geopolitical and trade tensionsheadwind

    Tensions between China and Taiwan, export restrictions and tariffs could disrupt the supply chain and access to certain markets, particularly the US.

  • Demand for cellular and satellite IoT connectivitytailwind

    Expansion of cellular IoT and satellite connectivity opens new customer segments, if adoption of these technologies continues.

Competitive position

The market is extremely competitive, and Nordic competes with both large international semiconductor companies with broad portfolios and smaller specialists focused on specific technologies or end markets. Some competitors may have greater financial, technological or personnel resources.

The company differentiates itself through ultra-low-power consumption, multiprotocol solutions, its development ecosystem and the nRF Cloud platform. Industrial policies supporting domestic semiconductor ecosystems could change competitive dynamics over the long term.

  • Texas InstrumentsTXN

    US company with a broad portfolio of analog and integrated circuits that competes in IoT and connectivity applications, with large financial resources.

  • QualcommQCOM

    US semiconductor company active in wireless and cellular connectivity for IoT and mobile devices, with an extensive portfolio.

  • Silicon LabsSLAB

    US specialist in wireless chips for IoT that competes directly in the low-power connectivity segment.

  • Microchip TechnologyMCHP

    US company with a wide range of microcontrollers and circuits for industrial and IoT applications, which can compete in connectivity applications.

News & filings

In the press

Annual reports (ESEF)

Sources

  1. [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Nordic Semiconductor 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.

Nordic Semiconductor ASA (NOD.OL): stock, results, valuation and forecast · olivLaw