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Faroese salmon farming company, vertically integrated from fish feed production to processed salmon products.
Faroese salmon farming company, vertically integrated from fish feed production to processed salmon products.
Earns by selling harvested salmon, either whole or processed into fillets and other value-added cuts, with its own feed mill supplying its fish. Farms are in the Faroe Islands and Scotland, the latter added with the 2019 purchase of the Scottish Salmon Company. Nearly all output is exported.
In one line: The Faroe Islands' leading salmon farmer, vertically integrated from feed to fillet.
Moat: narrow (regulatory licence, scale). Limited fjord farming licenses in the Faroe Islands plus own feed production controls costs.
Headquarters: Glyvrar, Faroe Islands · Founded: 1968 · Employees: 1,635
Size Bakkafrost P/F (BAKKA.OL) is a Norway Consumer Staples company (Food: Meat/Fish/Dairy) with a market value of $2.77B, the 33rd largest of 115 Norway companies the cockpit tracks. Shares closed at NOK 433.00 on 6 Nov 2026.
Performance Over six months the shares gained 3.5%, against -6.3% for the median peer and +2.7% for the Norway market (cap-weighted) — 6th highest of 20 in its peer set.
Growth Revenue grew 6.9% over the last twelve months (peer median +4.2%); the operating margin is 13.9% (peer median 5.6%).
Valuation It trades at 23.1× forward earnings against a peer median of 14.6× (7th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 10% a year for seven years (Req g). Recent delivered growth is +10%, so the hurdle is -1 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.1 points below its cost of capital (6.1% WACC).
Next results Next results expected around 15 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NOK 10.9B | NOK 10.7B | NOK 11.1B | NOK 10.7B | NOK 9.40B |
| Revenue growth | — | -3% | +3% | +14% | — |
| Gross profit | NOK 1.46B | NOK 3.85B | NOK 4.49B | NOK 4.29B | NOK 4.37B |
| EBITDA | NOK 2.77B | NOK 2.44B | NOK 3.20B | NOK 3.05B | NOK 2.82B |
| Net income | NOK 1.43B | NOK 832M | NOK 1.02B | NOK 1.47B | NOK 1.83B |
| Free cash flow | NOK 342M | -NOK 337M | NOK 1.78B | -NOK 313M | -NOK 133M |
| Capital expenditure | NOK 1.39B | NOK 1.78B | NOK 1.60B | NOK 1.63B | NOK 1.68B |
| Total debt | NOK 7.91B | NOK 8.00B | NOK 5.96B | NOK 6.53B | NOK 5.43B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Bakkafrost P/F BAKKA.OL | $2.77B | +4% | +7% | 14% | 23.1× | 9.5% |
| Mowi MOWI.OL | $12.4B | +12% | +10% | 13% | 17.8× | 7.5% |
| SalMar SALM.OL | $8.35B | +5% | +14% | 19% | 22.2× | 3.5% |
| Leroy Seafood LSG.OL | $2.74B | -2% | +1% | 6% | 14.6× | 7.7% |
| Grieg Seafood GSF.OL | n/a | -29% | n/a | n/a | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BAKKA.OL | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.2% | +1.1% | 7th lowest of 21 |
| 6-month return | +3.5% | -6.3% | 6th highest of 20 |
| Distance from 52-week high | -17.7% | -19.2% | 10th highest of 21 |
| Revenue growth (TTM) | +6.9% | +4.2% | 7th highest of 21 |
| Operating margin | 13.9% | 5.6% | 3rd highest of 21 |
| Forward P/E | 23.1× | 14.6× | 7th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 9.5% | 7.5% | 6th most demanding of 14 |
| Growth delivered (Del g) | +10.1% | +10.7% | 7th lowest of 14 |
| Hurdle (Req g minus delivered) | -0.6 pp | -3.6 pp | 6th most demanding of 14 |
| ROIC minus cost of capital | -1.1 pp | -0.9 pp | 9th lowest of 21 |
| EV / EBITDA | 11.9× | 9.0× | 4th most expensive of 17 |
| Net debt / EBITDA | 2.6× | 1.5× | 6th most indebted of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Bakkafrost P/F BAKKA.OL | Norway | $2.77B | +4% | +7% | 14% | 23.1× | 9.5% | +10.1% |
| Leroy Seafood LSG.OL | Norway | $2.74B | -2% | +1% | 6% | 14.6× | 7.7% | +11.5% |
| Hatsun Agro Product HATSUN.NS | India | $2.52B | +8% | +18% | 5% | 49.8× | 25.4% | +12.4% |
| China Feihe 6186.HK | Hong Kong | $3.16B | -20% | -4% | 15% | 11.8× | -14.7% | -1.2% |
| Milky Mist Dairy Food MILKYMIST.NS | India | $2.42B | n/a | +34% | 8% | 79.2× | n/a | n/a |
| Nh Foods 2282.T | Japan | $3.40B | -10% | +7% | 3% | 14.0× | n/a | n/a |
| New Hope Dairy 002946.SZ | China | $2.22B | -13% | +7% | 9% | 17.6× | 1.9% | +10.7% |
| Morinaga Milk Industry 2264.T | Japan | $2.21B | -9% | +2% | 6% | 14.4× | n/a | n/a |
| China Youran Dairy 9858.HK | Hong Kong | $2.15B | -4% | +7% | -2% | 8.0× | 17.8% | +11.1% |
| Ezaki Glico 2206.T | Japan | $2.07B | -11% | +10% | 3% | 35.7× | 7.5% | +1.0% |
| Bell Food BELL.SW | Switzerland | $1.98B | +42% | +2% | 3% | 10.9× | 2.9% | +4.0% |
| Cranswick CWK.L | United Kingdom | $3.94B | +7% | +10% | 8% | 17.2× | 5.7% | +9.5% |
| Austevoll Seafood AUSS.OL | Norway | $1.79B | -8% | -1% | 7% | 11.4× | 2.5% | +11.9% |
| Want Want China 0151.HK | Hong Kong | $4.43B | -32% | +6% | 18% | 9.7× | n/a | n/a |
| Shanghai Milkground Food Tech 600882.SS | China | $1.55B | -1% | +26% | 4% | 32.0× | 11.1% | +14.7% |
| Itoham Yonekyu 2296.T | Japan | $1.53B | -13% | +3% | 3% | 13.2× | n/a | n/a |
| Fraser & Neave F99.SI | Singapore | $1.53B | -8% | -3% | 10% | n/a | 0.1% | +4.8% |
| Yakult Honsha 2267.T | Japan | $5.15B | +3% | -1% | 9% | 17.0× | n/a | n/a |
| Bright Dairy & Food 600597.SS | China | $1.43B | -6% | -3% | 0% | 30.6× | 18.8% | -1.1% |
| Bega Cheese BGA.AX | Australia | $1.36B | +23% | +7% | 3% | 24.9× | 18.4% | +12.7% |
| MEGMILK SNOW BRAND 2270.T | Japan | $1.36B | +12% | 0% | 3% | 7.5× | n/a | n/a |