PHOTOCURE ASA (PHO.OL) Fundamental Analysis & Valuation

OSL:PHO • NO0010000045

70.9 NOK
-1.8 (-2.48%)
Last: Mar 4, 2026, 07:00 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Forecast Earnings Financials Ownership

This PHO.OL fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

Fundamental Rating

4

We assign a fundamental rating of 4 out of 10 to PHO. PHO was compared to 49 industry peers in the Pharmaceuticals industry. While PHO has a great health rating, there are worries on its profitability. PHO is quite expensive at the moment. It does show a decent growth rate.


Dividend Valuation Growth Profitability Health

2

1. PHO.OL Profitability Analysis

1.1 Basic Checks

  • PHO had negative earnings in the past year.
  • PHO had a positive operating cash flow in the past year.
  • PHO had negative earnings in 4 of the past 5 years.
  • Of the past 5 years PHO 4 years had a positive operating cash flow.
PHO.OL Yearly Net Income VS EBIT VS OCF VS FCFPHO.OL Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 50M -50M -100M -150M

1.2 Ratios

  • With a Return On Assets value of -0.21%, PHO is not doing good in the industry: 63.27% of the companies in the same industry are doing better.
  • Looking at the Return On Equity, with a value of -0.31%, PHO is in line with its industry, outperforming 40.82% of the companies in the same industry.
Industry RankSector Rank
ROA -0.21%
ROE -0.31%
ROIC N/A
ROA(3y)-0.18%
ROA(5y)-2.89%
ROE(3y)-0.26%
ROE(5y)-4.49%
ROIC(3y)N/A
ROIC(5y)N/A
PHO.OL Yearly ROA, ROE, ROICPHO.OL Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 10 -10 -20

1.3 Margins

  • PHO's Gross Margin of 92.11% is amongst the best of the industry. PHO outperforms 95.92% of its industry peers.
  • In the last couple of years the Gross Margin of PHO has remained more or less at the same level.
  • PHO does not have Profit Margin and Operating Margin available, so we won't be analyzing them here.
Industry RankSector Rank
OM N/A
PM (TTM) N/A
GM 92.12%
OM growth 3YN/A
OM growth 5YN/A
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-0.75%
GM growth 5Y-0.14%
PHO.OL Yearly Profit, Operating, Gross MarginsPHO.OL Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 20 -20 40 60 80

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7

2. PHO.OL Health Analysis

2.1 Basic Checks

  • PHO does not have a ROIC to compare to the WACC, probably because it is not profitable.
  • PHO has less shares outstanding than it did 1 year ago.
  • The number of shares outstanding for PHO has been reduced compared to 5 years ago.
  • Compared to 1 year ago, PHO has a worse debt to assets ratio.
PHO.OL Yearly Shares OutstandingPHO.OL Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5M 10M 15M 20M 25M
PHO.OL Yearly Total Debt VS Total AssetsPHO.OL Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 200M 400M 600M

2.2 Solvency

  • PHO has an Altman-Z score of 6.48. This indicates that PHO is financially healthy and has little risk of bankruptcy at the moment.
  • PHO's Altman-Z score of 6.48 is amongst the best of the industry. PHO outperforms 87.76% of its industry peers.
  • PHO has a debt to FCF ratio of 19.05. This is a negative value and a sign of low solvency as PHO would need 19.05 years to pay back of all of its debts.
  • With a Debt to FCF ratio value of 19.05, PHO is not doing good in the industry: 63.27% of the companies in the same industry are doing better.
  • A Debt/Equity ratio of 0.21 indicates that PHO is not too dependend on debt financing.
  • With a decent Debt to Equity ratio value of 0.21, PHO is doing good in the industry, outperforming 73.47% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.21
Debt/FCF 19.05
Altman-Z 6.48
ROIC/WACCN/A
WACC8.42%
PHO.OL Yearly LT Debt VS Equity VS FCFPHO.OL Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 200M 400M

2.3 Liquidity

  • A Current Ratio of 3.64 indicates that PHO has no problem at all paying its short term obligations.
  • The Current ratio of PHO (3.64) is better than 93.88% of its industry peers.
  • A Quick Ratio of 3.22 indicates that PHO has no problem at all paying its short term obligations.
  • The Quick ratio of PHO (3.22) is better than 93.88% of its industry peers.
Industry RankSector Rank
Current Ratio 3.64
Quick Ratio 3.22
PHO.OL Yearly Current Assets VS Current LiabilitesPHO.OL Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 100M 200M 300M 400M

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

5

3. PHO.OL Growth Analysis

3.1 Past

  • The Earnings Per Share has grown by an impressive 54.03% over the past year.
  • Looking at the last year, PHO shows a small growth in Revenue. The Revenue has grown by 1.37% in the last year.
  • The Revenue has been growing by 15.74% on average over the past years. This is quite good.
EPS 1Y (TTM)54.03%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-88.32%
Revenue 1Y (TTM)1.37%
Revenue growth 3Y10.65%
Revenue growth 5Y15.74%
Sales Q2Q%5.45%

3.2 Future

  • Based on estimates for the next years, PHO will show a very strong growth in Earnings Per Share. The EPS will grow by 47.22% on average per year.
  • Based on estimates for the next years, PHO will show a quite strong growth in Revenue. The Revenue will grow by 14.74% on average per year.
EPS Next Y-32.87%
EPS Next 2Y47.22%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year5.21%
Revenue Next 2Y10.82%
Revenue Next 3Y16.59%
Revenue Next 5Y14.74%

3.3 Evolution

  • The Revenue growth rate is stable: in the next years the growth will be about the same than in the last years.
PHO.OL Yearly Revenue VS EstimatesPHO.OL Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 200M 400M 600M 800M 1B
PHO.OL Yearly EPS VS EstimatesPHO.OL Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 0 1 -1 2 -2 3

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1

4. PHO.OL Valuation Analysis

4.1 Price/Earnings Ratio

  • PHO reported negative earnings for the last year, which makes the Price/Earnings Ratio negative.
  • The Price/Forward Earnings ratio is 71.87, which means the current valuation is very expensive for PHO.
  • Based on the Price/Forward Earnings ratio, PHO is valued a bit more expensive than 71.43% of the companies in the same industry.
  • Compared to an average S&P500 Price/Forward Earnings ratio of 25.11, PHO is valued quite expensively.
Industry RankSector Rank
PE N/A
Fwd PE 71.87
PHO.OL Price Earnings VS Forward Price EarningsPHO.OL Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 0 -200 -400 -600 -800 -1K

4.2 Price Multiples

  • PHO's Enterprise Value to EBITDA ratio is a bit more expensive when compared to the industry. PHO is more expensive than 69.39% of the companies in the same industry.
  • Based on the Price/Free Cash Flow ratio, PHO is valued a bit more expensive than 65.31% of the companies in the same industry.
Industry RankSector Rank
P/FCF 366.04
EV/EBITDA 63.8
PHO.OL Per share dataPHO.OL EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 5 10 15

4.3 Compensation for Growth

  • PHO's earnings are expected to grow with 47.22% in the coming years. This may justify a more expensive valuation.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y47.22%
EPS Next 3YN/A

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

0

5. PHO.OL Dividend Analysis

5.1 Amount

  • No dividends for PHO!.
Industry RankSector Rank
Dividend Yield 0%

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PHO.OL Fundamentals: All Metrics, Ratios and Statistics

PHOTOCURE ASA

OSL:PHO (3/4/2026, 7:00:00 PM)

70.9

-1.8 (-2.48%)

Chartmill FA Rating
GICS SectorHealth Care
GICS IndustryGroupPharmaceuticals, Biotechnology & Life Sciences
GICS IndustryPharmaceuticals
Earnings (Last)02-18
Earnings (Next)05-07
Inst Owners41.7%
Inst Owner ChangeN/A
Ins Owners1.95%
Ins Owner ChangeN/A
Market Cap1.92B
Revenue(TTM)532.58M
Net Income(TTM)-1.52M
Analysts82.86
Price Target81.6 (15.09%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 0%
Yearly DividendN/A
Dividend Growth(5Y)N/A
DP0%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)N/A
Avg EPS beat(2)N/A
Min EPS beat(2)N/A
Max EPS beat(2)N/A
EPS beat(4)N/A
Avg EPS beat(4)N/A
Min EPS beat(4)N/A
Max EPS beat(4)N/A
EPS beat(8)N/A
Avg EPS beat(8)N/A
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)1
Avg Revenue beat(2)-1.02%
Min Revenue beat(2)-2.51%
Max Revenue beat(2)0.47%
Revenue beat(4)2
Avg Revenue beat(4)-1.3%
Min Revenue beat(4)-5.24%
Max Revenue beat(4)2.07%
Revenue beat(8)4
Avg Revenue beat(8)-1.81%
Revenue beat(12)6
Avg Revenue beat(12)-2.3%
Revenue beat(16)8
Avg Revenue beat(16)-2.79%
PT rev (1m)0%
PT rev (3m)0%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)0%
EPS NY rev (3m)5.78%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)-1.1%
Revenue NY rev (3m)-1.21%
Valuation
Industry RankSector Rank
PE N/A
Fwd PE 71.87
P/S 3.61
P/FCF 366.04
P/OCF 74.07
P/B 3.97
P/tB 7.37
EV/EBITDA 63.8
EPS(TTM)-0.06
EYN/A
EPS(NY)0.99
Fwd EY1.39%
FCF(TTM)0.19
FCFY0.27%
OCF(TTM)0.96
OCFY1.35%
SpS19.64
BVpS17.86
TBVpS9.63
PEG (NY)N/A
PEG (5Y)N/A
Graham NumberN/A
Profitability
Industry RankSector Rank
ROA -0.21%
ROE -0.31%
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) N/A
GM 92.12%
FCFM 0.99%
ROA(3y)-0.18%
ROA(5y)-2.89%
ROE(3y)-0.26%
ROE(5y)-4.49%
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexgc growth 3YN/A
ROICexgc growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-0.75%
GM growth 5Y-0.14%
F-Score4
Asset Turnover0.75
Health
Industry RankSector Rank
Debt/Equity 0.21
Debt/FCF 19.05
Debt/EBITDA 3.48
Cap/Depr 70.25%
Cap/Sales 3.89%
Interest Coverage N/A
Cash Conversion 90.36%
Profit Quality N/A
Current Ratio 3.64
Quick Ratio 3.22
Altman-Z 6.48
F-Score4
WACC8.42%
ROIC/WACCN/A
Cap/Depr(3y)51.48%
Cap/Depr(5y)36.92%
Cap/Sales(3y)2.84%
Cap/Sales(5y)2.09%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)54.03%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-88.32%
EPS Next Y-32.87%
EPS Next 2Y47.22%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)1.37%
Revenue growth 3Y10.65%
Revenue growth 5Y15.74%
Sales Q2Q%5.45%
Revenue Next Year5.21%
Revenue Next 2Y10.82%
Revenue Next 3Y16.59%
Revenue Next 5Y14.74%
EBIT growth 1Y-103.65%
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next Year48.59%
EBIT Next 3Y24.55%
EBIT Next 5YN/A
FCF growth 1Y-91.96%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y-66.18%
OCF growth 3YN/A
OCF growth 5Y10.74%

PHOTOCURE ASA / PHO.OL FAQ

What is the fundamental rating for PHO stock?

ChartMill assigns a fundamental rating of 4 / 10 to PHO.OL.


What is the valuation status of PHOTOCURE ASA (PHO.OL) stock?

ChartMill assigns a valuation rating of 1 / 10 to PHOTOCURE ASA (PHO.OL). This can be considered as Overvalued.


Can you provide the profitability details for PHOTOCURE ASA?

PHOTOCURE ASA (PHO.OL) has a profitability rating of 2 / 10.


What is the financial health of PHOTOCURE ASA (PHO.OL) stock?

The financial health rating of PHOTOCURE ASA (PHO.OL) is 7 / 10.


Can you provide the expected EPS growth for PHO stock?

The Earnings per Share (EPS) of PHOTOCURE ASA (PHO.OL) is expected to decline by -32.87% in the next year.