Rankings Pharma & medtech Nightingale Health
Nightingale Health
52
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- Margin−9
- Quality of growth−7
- Guidance credibility−6
Strengths
- Insider buying+4
- Net cash+2
How the score is built
From 100 to 52, 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
- 1.53 EUR
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- −31%
- 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−23 of −30
- −9MarginRevenue was EUR 5.5m vs an operating result of −EUR 18.8m (FY2026). Gross margin fell from 75% to 52% because material costs doubled to EUR 2.7m. There has been a loss of EUR 16–18m every year since the 2021 IPO.
- −7Quality of growthRevenue has only gone from EUR 4.2m (FY2023) to 5.5m (FY2026), +17% in the latest year vs a target of over 50%. Growth comes from a few large research projects, not from a scalable healthcare business.
- −4Capital allocationCash has fallen from EUR 95m (June 2022) to EUR 37m (June 2026), i.e. approx. EUR 58m used in four years, while revenue has grown by approx. EUR 3m. Investments in sales are being increased again with no target for break-even.
- −3MoatThe NMR platform and the UK Biobank dataset (full metabolic data for about 500,000 people, released November 2025) are unique, but Thermo Fisher/Olink, Metabolon and SomaLogic/Standard BioTools compete for the same biomarker and proteomics budgets.
Price
Today's multiples against the company's own history and its peers. · 2 findings−7 of −35
- −4Multiples vs own historyEV/Sales is 8.2 (EV EUR 45m) and P/S 14. That is far below the level from the listing, but the company is still no closer to profit than back then. P/B is 1.6.
- −3Peers and price targetStandard BioTools trades at a negative EV (−USD 156m) and P/S 3.5. Inderes lowered the price target to EUR 1.10 in September 2026, below the current price of 1.27–1.29, with a fair value range of 0.4–4.2 EUR.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 5 findings−18 of −35
- −6Guidance credibilityProfit warning in June 2026: the target of over 50% growth was abandoned because about EUR 2m from a delayed project (Aalborg) was pushed out. The new guidance of at least EUR 10m in FY2027 (+82%) depends on the same project.
- −4Customer concentrationAalborg University's cohort study (approx. EUR 2.4m) equals 44% of FY2026 revenue. Large research projects make revenue lumpy and vulnerable to postponements.
- −3Slow commercial adoption in healthcareThe healthcare business is still in the pilot phase: Terveystalo in Finland (250,000+ people), pilot projects in the UK, CLEP approval for the laboratory in New York (February 2026) and the first orders in Singapore. There is no large paying customer in the USA or Japan after several years of trying.
- −3Funding needNet cash of EUR 32.7m gives approx. 2.5 years of runway, but Inderes assesses further financing as 'fairly likely', and there is a new option programme at EUR 2.50.
- −2Governance / share classesOnly 40.5 of 60.4m shares are in the listed B class; the rest sit in an unlisted share class (voting rights not verified), and insiders own about 30%. Minority shareholders in the B share therefore have limited influence.
Plus
Only documented strengths. · 2 findings+6 of +15
- +4Insider buyingBoard member Olli Karhi bought 5,404,154 shares at EUR 0.9252 on Nasdaq Helsinki 18/5-2026, about EUR 5.0m or about 9% of all shares.
- +2Net cashNet cash is EUR 32.7m (approx. 42% of the market cap), and the equity ratio is 86%. There is no interest-bearing debt beyond leasing of EUR 4.1m.
Caveats
What the score does not capture, or where the data is weak.
Fiscal year ends 30/6; FY2026 = July 2025–June 2026. There are 60.36m shares in total, but only 40.54m are in the listed B class (stockanalysis). Nordnet's market cap of DKK 425m appears to count only part; with all shares at EUR 1.27 it is about EUR 76.7m (about DKK 572m). The rights of the unlisted class (votes) have not been verified. Operating cash flow in FY2026 is not stated in the announcement; the burn is calculated from the fall in net cash (47.6 → 32.7m EUR). The shareholder list (simplywall.st) may predate Olli Karhi's purchase in May 2026. No analysts at stockanalysis (forecast 404); Inderes covers the stock. Short interest has not been checked.
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