Rankings Tech hardware & optics IDEX Biometrics
IDEX Biometrics
35
15070100
A view of the same findings, not a new score. How it works
The model found several serious problems. That does not mean the stock will fall.
Biggest deductions
- Margin−12
- Financing and runway−12
- Capital allocation−8
Strengths
- Insider buying and insider ownership+2
- Order book and debt freedom+1
How the score is built
From 100 to 35, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 7.24 NOK
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- +141%
- P/E (trailing)
- n/a
- Forward P/E
- n/a
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−29 of −30
- −12MarginRevenue is only NOK 3.1m TTM vs an operating loss of -84m (operating margin -2,700%). Gross margin was 19% in Q2 2026 and negative on an annual basis (-114% TTM). Adjusted EBITDA was -20.2m in Q2 alone, and the company has had losses every year for over 20 years.
- −6Quality of growthRevenue fell from NOK 42m (2023) to 9.6m (2024) and 2.6m (2025). Q2 2026 gave 1.6m. Growth now depends on 23 pilot projects (11 live) converting to orders; order intake in Q2 was only 1.9m. Q3 guidance is over 8.5m, but that is a low starting point.
- −8Capital allocationThe losses have been financed with repeated issues and convertible loans: the share count rose from 8.3m (end 2024, adjusted) to 62.6m (end 2025) and 77.3m now, after reverse splits in January 2024 and July 2025 (1:100). The adjusted share price has fallen from approx. DKK 758 (2021) to 5.6.
- −3MoatBiometric payment cards have been 'just around the corner' for ten years without breaking through in volume. Competitor Fingerprint Cards has EBITDA of −SEK 45m and trades at EV/Sales 1.25. IDEX has FIDO certification and 25 channel partners, but no documented pricing power or major customer.
Price
Today's multiples against the company's own history and its peers. · 2 findings−13 of −35
- −8Multiples vs own historyEV/Sales is 126 TTM vs 9.5 (2024), 18 (2023) and 27 (2022). P/B is 5.2. Even with Q3 guidance annualized (about 34m), EV/Sales is about 12 for a company with negative gross margin on an annual basis.
- −5Peers and absolute levelEV of about NOK 400m for 3m in revenue. The nearest Nordic peer, Fingerprint Cards, has an EV of about SEK 99m for 79m in revenue (EV/Sales 1.25). The price assumes the pilot conversion succeeds.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−20 of −35
- −12Financing and runwayCash was NOK 28.5m at 30/6-2026 vs an adjusted EBITDA loss of 20.2m in Q2, and the company expects rising costs in Q3 (sales and marketing). That gives about 4 months of runway from 30/6. The company raised 80m at NOK 8.25 in April (of which 22m to repay the Heights loan) and 20m in June; the next issue is expected before the turn of the year, and the price is now 32% below the latest issue price.
- −5Management and executionFrequent management changes: Anders Storbråten was CEO/CFO from February 2026 and is now executive chairman, and Kjell-Arne Besseberg became new CEO in August 2026. For many years the company has promised a commercial breakthrough for biometric cards, which has not come (revenue fell 94% from 2023 to 2025).
- −3Customers and customer concentrationThe order book of NOK 23.7m is concentrated in a few unnamed customers (incl. one Indian bank via a card manufacturer). 12 of 23 pilots are not yet live, and the total expected initial order from the pilots is only approx. NOK 20m.
Plus
Only documented strengths. · 2 findings+3 of +15
- +2Insider buying and insider ownershipAnders Storbråten owns 12.3m shares (about 16%) and lent shares to enable the issues in April and May 2026. Morten Opstad bought 183,333 shares (about DKK 550,000) and Storbråten 50,000 shares at DKK 3.00 in December 2025. No insider sales found.
- +1Order book and debt freedomThe order book of NOK 23.7m (approx. 7x TTM revenue) is to be delivered in H2 2026, and the company is debt-free after redeeming the Heights convertible.
Caveats
What the score does not capture, or where the data is weak.
No analysts at stockanalysis (forecast 404). Market cap calculated myself: 77.31m shares × NOK 5.58 = NOK 431m ≈ DKK 296m (Nordnet DKK 302m). Cash of NOK 28.5m is at 30/6-2026; with burn of c. NOK 20–22m per quarter it is probably below 15m today (October), so a new issue is very likely, before or shortly after the Q3 report. The share count is stockanalysis' latest (77.31m); the 12-month dilution is an estimate because the share count in autumn 2025 was not found (stockanalysis measures +417% on weighted average). The industry is 'Tech hardware & optics' (fingerprint sensors and biometric cards); 'Semiconductors' is the alternative, as IDEX is a fabless sensor designer. Short data not found.
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