Rankings Defence, aerospace & space Norsk Titanium
Norsk Titanium
21
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
- Multiples vs history and peers−30
- Margin−10
- Funding and dilution−10
Strengths
- Validation from major partners+3
How the score is built
From 100 to 21, 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 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 1.08 NOK
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- −4%
- 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−24 of −30
- −10MarginNegative gross margin (-76% TTM) and an EBITDA loss of USD 12.1m in H1 2026 on revenue of only USD 2.9m; operating costs are about five times revenue. Breakeven requires about 25% capacity utilisation, which is not expected until 2028.
- −6Quality of growthRevenue was USD 4.3m TTM and fell 23% in 2025; 60% of H1 revenue is development contracts (Boeing, Safran), and only USD 1.1m is series production. After five years on the exchange, sales are still close to zero.
- −6Capital allocationRepeated issuances: 260m NOK at 1.00 NOK in 2026 and a subsequent offering the year before; the share count rose approx. 27% in 12 months, and the operating loss has been 21–31m USD a year since 2021.
- −2MoatThe RPD technology and qualifications at Airbus and Boeing are a real barrier to entry, but they have not been turned into volume, and competing additive technologies (powder- and wire-based) are fighting for the same parts.
Price
Today's multiples against the company's own history and its peers. · 1 finding−30 of −35
- −30Multiples vs history and peersEV about NOK 1,140m (about USD 119m) after the pro forma cash ≈ 28x TTM revenue and P/B 6.1. P/S has been 33–110 since 2021, but that is extreme against 3D Systems (EV/sales 1.5) and other industrial 3D printers. The price rests entirely on the 2030 target of USD 150m in revenue.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−22 of −35
- −10Funding and dilutionPro forma cash of about USD 35m and burn of USD 2.1m/month give about 17 months of runway from 30/6-2026, but breakeven is not expected until 2028. Another offering before the end of 2027 is likely.
- −5Customer concentration and order uncertaintyFew customers (Airbus, Boeing, Hittech, Safran). A third Airbus production order and two defence-funded qualification programmes (US Navy and Air Force) have been expected for months without being announced.
- −5ExecutionLong history of postponed targets; breakeven is now set for 2028 and medium-term targets (50% utilisation, USD 150m revenue, 30% EBITDA margin) for the end of 2030. New CEO (Fabrizio Ponte) and new chief commercial officer.
- −2Management ownershipInsiders own only 0.07% according to stockanalysis; management incentives are not tied to purchases of own shares.
Plus
Only documented strengths. · 1 finding+3 of +15
- +3Validation from major partnersFirst series-production contract with Northrop Grumman after multi-year qualification, a 4.2m USD contract from the US Department of Defense (submarines), and the first RPD machine is being installed at Airbus in Varel, Germany.
Caveats
What the score does not capture, or where the data is weak.
Penny deep dive (price DKK 0.75). Norwegian-American 3D printer of structural titanium parts (RPD) for aerospace and defense, listed on Euronext Growth Oslo. The company reports in USD; stockanalysis converts to NOK. The share count is 1,301.5m after registration of the subsequent offering on 4/8-2026 (1,027.4m after the 2025 subsequent offering), so market cap is about NOK 1,416m (DKK 973m; Nordnet 999). Cash at 30/6-2026 was USD 19.6m; including tranche 2 and the subsequent offering, pro forma cash is about USD 35m (about NOK 335m, USD/NOK 9.58). Burn USD 2.1m/month in H1 2026. Runway is calculated from pro forma cash at 30/6; about 3 months have already been used. Debt about USD 6.2m (mainly leasing; not reviewed). No analyst coverage on stockanalysis (forecast 404). Short data not found.
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