diff --git a/esphome/__main__.py b/esphome/__main__.py
index 707ad036096..c3502db4bae 100644
--- a/esphome/__main__.py
+++ b/esphome/__main__.py
@@ -16,7 +16,7 @@ from typing import TYPE_CHECKING, Protocol
 # cause them to be loaded before external components are processed, resulting
 # in the built-in version being used instead of the external component one.
 from esphome import const, platform_hooks
-from esphome.build_helpers.native import native_backend
+from esphome.build_helpers.native import analysis_backend, native_backend
 from esphome.const import (
     ALLOWED_NAME_CHARS,
     ARGUMENT_HELP_DEVICE,
@@ -2015,8 +2015,8 @@ def command_analyze_memory(args: ArgsProtocol, config: ConfigType) -> int:
     from esphome.analyze_memory.ram_strings import RamStringsAnalyzer
 
     # Refuse an unsupported toolchain before paying for a full compile
-    native_toolchain = native_backend()
-    if native_toolchain is None and not CORE.using_toolchain_platformio:
+    analysis_toolchain = analysis_backend()
+    if analysis_toolchain is None and not CORE.using_toolchain_platformio:
         _LOGGER.error(
             "analyze-memory is not supported with the '%s' toolchain on %s; "
             "re-run with --toolchain platformio",
@@ -2036,9 +2036,9 @@ def command_analyze_memory(args: ArgsProtocol, config: ConfigType) -> int:
 
     # Get idedata for analysis
     idedata = None
-    if native_toolchain is not None:
-        objdump = native_toolchain.get_objdump_path()
-        readelf = native_toolchain.get_readelf_path()
+    if analysis_toolchain is not None:
+        objdump = analysis_toolchain.get_objdump_path()
+        readelf = analysis_toolchain.get_readelf_path()
         for tool in (objdump, readelf):
             if not tool.is_file():
                 # The analyzer would silently fall back to host
@@ -2052,7 +2052,7 @@ def command_analyze_memory(args: ArgsProtocol, config: ConfigType) -> int:
         objdump_path = str(objdump)
         readelf_path = str(readelf)
 
-        firmware_elf = native_toolchain.get_elf_path()
+        firmware_elf = analysis_toolchain.get_elf_path()
         if not firmware_elf.is_file():
             # The analyzer swallows tool failures, so a missing ELF would
             # produce an exit-0 zeroed report
diff --git a/esphome/build_helpers/native.py b/esphome/build_helpers/native.py
index cde526b8033..24499c3ccde 100644
--- a/esphome/build_helpers/native.py
+++ b/esphome/build_helpers/native.py
@@ -32,3 +32,21 @@ def native_backend() -> ModuleType | None:
             f"module for platform {CORE.target_platform}"
         )
     return importlib.import_module(module_path)
+
+
+# Binutils and the linked image for memory analysis, for toolchains that build
+# without PlatformIO but have no native build backend (which supplies them)
+ANALYSIS_TOOLCHAIN_MODULES = {
+    ("nrf52", Toolchain.SDK_NRF): "esphome.components.nrf52.toolchain",
+}
+
+
+def analysis_backend() -> ModuleType | None:
+    """The module giving objdump, readelf and the ELF of a non-PlatformIO build.
+
+    None means PlatformIO's idedata supplies them (or nothing can).
+    """
+    if (native := native_backend()) is not None:
+        return native
+    module_path = ANALYSIS_TOOLCHAIN_MODULES.get((CORE.target_platform, CORE.toolchain))
+    return importlib.import_module(module_path) if module_path else None
diff --git a/esphome/components/nrf52/framework.py b/esphome/components/nrf52/framework.py
index 5e2cf197fbb..a2fd6dd075e 100644
--- a/esphome/components/nrf52/framework.py
+++ b/esphome/components/nrf52/framework.py
@@ -80,6 +80,11 @@ def _get_toolchain_path(version: str) -> Path:
     return get_sdk_nrf_tools_path() / "toolchains" / version
 
 
+def get_toolchain_bin_path() -> Path:
+    """The pinned Zephyr SDK's arm-zephyr-eabi binaries (objdump, readelf, ...)."""
+    return _get_toolchain_path(TOOLCHAIN_VERSION) / "arm-zephyr-eabi" / "bin"
+
+
 _SITECUSTOMIZE = """\
 import os, stat, shutil
 _orig = shutil.rmtree
diff --git a/esphome/components/nrf52/toolchain.py b/esphome/components/nrf52/toolchain.py
new file mode 100644
index 00000000000..745a8671800
--- /dev/null
+++ b/esphome/components/nrf52/toolchain.py
@@ -0,0 +1,23 @@
+"""Binutils and the linked image of an nRF52 sdk-nrf build, for memory analysis."""
+
+from pathlib import Path
+
+from esphome.core import CORE
+
+from .framework import get_toolchain_bin_path
+
+
+def get_objdump_path() -> Path:
+    return get_toolchain_bin_path() / "arm-zephyr-eabi-objdump"
+
+
+def get_readelf_path() -> Path:
+    return get_toolchain_bin_path() / "arm-zephyr-eabi-readelf"
+
+
+def get_elf_path() -> Path:
+    """The linked Zephyr image; the SDK nests it one level deeper from 2.9.2."""
+    nested = CORE.relative_pioenvs_path(CORE.name, "zephyr", "zephyr", "zephyr.elf")
+    if nested.is_file():
+        return nested
+    return CORE.relative_pioenvs_path(CORE.name, "zephyr", "zephyr.elf")
diff --git a/tests/unit_tests/test_main.py b/tests/unit_tests/test_main.py
index b5e7181269b..4f11be0cb8d 100644
--- a/tests/unit_tests/test_main.py
+++ b/tests/unit_tests/test_main.py
@@ -7489,6 +7489,8 @@ def test_command_idedata_arduino_no_build_errors(tmp_path: Path) -> None:
     [
         (PLATFORM_ESP8266, Toolchain.ARDUINO, "esphome.arduino8266.toolchain"),
         (PLATFORM_ESP32, Toolchain.ESP_IDF, "esphome.espidf.toolchain"),
+        # No native build backend, but its binutils and ELF are known
+        (PLATFORM_NRF52, Toolchain.SDK_NRF, "esphome.components.nrf52.toolchain"),
     ],
 )
 def test_command_analyze_memory_native_toolchains(
@@ -7708,7 +7710,12 @@ def test_command_analyze_memory_unsupported_toolchain(
     mock_write_cpp.return_value = 0
     mock_compile_program.return_value = 0
 
-    result = command_analyze_memory(MockArgs(), {CONF_ESPHOME: {CONF_NAME: "t"}})
+    # Every toolchain has analysis hooks today; drop sdk-nrf's to stand in for
+    # one that does not
+    with patch.dict(
+        "esphome.build_helpers.native.ANALYSIS_TOOLCHAIN_MODULES", clear=True
+    ):
+        result = command_analyze_memory(MockArgs(), {CONF_ESPHOME: {CONF_NAME: "t"}})
 
     assert result == 1
     assert "analyze-memory is not supported" in caplog.text
diff --git a/tests/unit_tests/test_nrf52_toolchain.py b/tests/unit_tests/test_nrf52_toolchain.py
new file mode 100644
index 00000000000..2b51b2c1f6f
--- /dev/null
+++ b/tests/unit_tests/test_nrf52_toolchain.py
@@ -0,0 +1,42 @@
+"""Tests for the nRF52 sdk-nrf memory analysis hooks."""
+
+from pathlib import Path
+
+import pytest
+
+from esphome.components.nrf52 import toolchain
+from esphome.components.nrf52.framework import TOOLCHAIN_VERSION, get_sdk_nrf_tools_path
+from esphome.core import CORE
+
+
+@pytest.fixture
+def nrf52_build(tmp_path: Path) -> Path:
+    CORE.name = "test_device"
+    CORE.build_path = tmp_path / "build" / "test_device"
+    return CORE.build_path / ".pioenvs" / "test_device" / "zephyr"
+
+
+def test_binutils_come_from_the_pinned_zephyr_sdk() -> None:
+    bin_path = (
+        get_sdk_nrf_tools_path()
+        / "toolchains"
+        / TOOLCHAIN_VERSION
+        / "arm-zephyr-eabi"
+        / "bin"
+    )
+    assert toolchain.get_objdump_path() == bin_path / "arm-zephyr-eabi-objdump"
+    assert toolchain.get_readelf_path() == bin_path / "arm-zephyr-eabi-readelf"
+
+
+def test_elf_prefers_the_nested_sdk_layout(nrf52_build: Path) -> None:
+    nested = nrf52_build / "zephyr" / "zephyr.elf"
+    nested.parent.mkdir(parents=True)
+    nested.write_text("")
+    (nrf52_build / "zephyr.elf").write_text("")
+    assert toolchain.get_elf_path() == nested
+
+
+def test_elf_falls_back_to_the_flat_layout(nrf52_build: Path) -> None:
+    # SDKs before 2.9.2 wrote the image one level up; a missing ELF is
+    # reported by the caller under this path
+    assert toolchain.get_elf_path() == nrf52_build / "zephyr.elf"