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Norwegian seafood company farming salmon and trout plus wild catch fisheries and seafood processing and distribution.
Norwegian seafood company farming salmon and trout plus wild catch fisheries and seafood processing and distribution.
Earns by raising salmon and trout in Norway and selling them at prices that follow the spot market, so earnings track the salmon price and the size of the harvest. A distribution arm and processing plants sell on to retailers and restaurants. Austevoll Seafood, controlled by the Mogster family, is the majority owner.
In one line: A major Norwegian seafood/salmon farming and processing company.
Moat: narrow (regulatory licence, scale). Limited Norwegian aquaculture licenses and integrated harvest-to-market distribution.
Headquarters: Bergen, Norway · Founded: 1899 · Employees: 5,723
Size Leroy Seafood (LSG.OL) is a Norway Consumer Staples company (Food: Meat/Fish/Dairy) with a market value of $2.74B, the 34th largest of 115 Norway companies the cockpit tracks. Shares closed at NOK 42.76 on 6 Nov 2026.
Performance Over six months the shares fell 2.0%, against -6.3% for the median peer and +2.7% for the Norway market (cap-weighted) — 9th highest of 20 in its peer set.
Growth Revenue grew 1.3% over the last twelve months (peer median +6.2%); the operating margin is 6.0% (peer median 5.7%).
Valuation It trades at 14.6× forward earnings against a peer median of 17.0× (10th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 8% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is -4 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.2 points below its cost of capital (7.5% WACC).
Next results Next results expected around 10 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NOK 33.6B | NOK 34.4B | NOK 31.1B | NOK 30.9B | NOK 26.6B |
| Revenue growth | — | +10% | +1% | +16% | — |
| Gross profit | NOK 2.02B | NOK 2.22B | NOK 2.73B | NOK 3.16B | NOK 3.18B |
| EBITDA | NOK 4.00B | NOK 4.13B | NOK 4.38B | NOK 4.64B | NOK 4.51B |
| Net income | NOK 711M | NOK 366M | NOK 2.67B | NOK 273M | NOK 2.91B |
| Free cash flow | NOK 2.18B | NOK 1.88B | -NOK 203M | NOK 1.62B | NOK 1.09B |
| Capital expenditure | NOK 1.10B | NOK 1.61B | NOK 1.88B | NOK 1.33B | NOK 912M |
| Total debt | NOK 13.0B | NOK 12.9B | NOK 13.4B | NOK 11.0B | NOK 9.19B |
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 |
|---|---|---|---|---|---|---|
| Leroy Seafood LSG.OL | $2.74B | -2% | +1% | 6% | 14.6× | 7.7% |
| Mowi MOWI.OL | $12.4B | +12% | +10% | 13% | 17.8× | 7.5% |
| SalMar SALM.OL | $8.35B | +5% | +14% | 19% | 22.2× | 3.5% |
| Bakkafrost P/F BAKKA.OL | $2.77B | +4% | +7% | 14% | 23.1× | 9.5% |
| Austevoll Seafood AUSS.OL | $1.79B | -8% | -1% | 7% | 11.4× | 2.5% |
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 | LSG.OL | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.4% | +0.9% | 6th highest of 21 |
| 6-month return | -2.0% | -6.3% | 9th highest of 20 |
| Distance from 52-week high | -17.4% | -19.2% | 9th highest of 21 |
| Revenue growth (TTM) | +1.3% | +6.2% | 7th lowest of 21 |
| Operating margin | 6.0% | 5.7% | 11th highest of 21 |
| Forward P/E | 14.6× | 17.0× | 10th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 7.7% | 7.5% | 7th most demanding of 14 |
| Growth delivered (Del g) | +11.5% | +10.1% | 5th highest of 14 |
| Hurdle (Req g minus delivered) | -3.8 pp | -1.0 pp | 6th least demanding of 14 |
| ROIC minus cost of capital | -2.2 pp | -0.9 pp | 4th lowest of 21 |
| EV / EBITDA | 9.3× | 9.0× | 9th cheapest of 17 |
| Net debt / EBITDA | 2.6× | 1.5× | 4th most indebted of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Leroy Seafood LSG.OL | Norway | $2.74B | -2% | +1% | 6% | 14.6× | 7.7% | +11.5% |
| Bakkafrost P/F BAKKA.OL | Norway | $2.77B | +4% | +7% | 14% | 23.1× | 9.5% | +10.1% |
| Hatsun Agro Product HATSUN.NS | India | $2.52B | +8% | +18% | 5% | 49.8× | 25.4% | +12.4% |
| Milky Mist Dairy Food MILKYMIST.NS | India | $2.42B | n/a | +34% | 8% | 79.2× | n/a | n/a |
| China Feihe 6186.HK | Hong Kong | $3.16B | -20% | -4% | 15% | 11.8× | -14.7% | -1.2% |
| New Hope Dairy 002946.SZ | China | $2.22B | -13% | +7% | 9% | 17.6× | 1.9% | +10.7% |
| Nh Foods 2282.T | Japan | $3.40B | -10% | +7% | 3% | 14.0× | n/a | n/a |
| 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 |