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World's largest producer of farmed Atlantic salmon, with operations across Norway, Scotland, Canada and Chile.
World's largest producer of farmed Atlantic salmon, with operations across Norway, Scotland, Canada and Chile.
Sells salmon largely at prices that follow the market, with some contract volume, so earnings follow salmon price swings. It runs its own feed production and breeding as well as farms and processing. Companies linked to John Fredriksen are the largest shareholder, and it was called Marine Harvest until 2019.
In one line: A Norwegian Tyson Foods for salmon.
Moat: narrow (regulatory licence, scale, installed base). Government-allocated farming licenses across multiple countries cap supply and protect incumbent volumes.
Headquarters: Bergen, Norway · Founded: 1964 · Employees: 15,059
Size Mowi (MOWI.OL) is a Norway Consumer Staples company (Food: Meat/Fish/Dairy) with a market value of $12.4B, the 9th largest of 115 Norway companies the cockpit tracks. Shares closed at NOK 218.00 on 6 Nov 2026.
Performance Over six months the shares gained 12.1%, against -3.5% for the median peer and +2.7% for the Norway market (cap-weighted) — 4th highest of 17 in its peer set.
Growth Revenue grew 9.9% over the last twelve months (peer median +1.8%); the operating margin is 12.5% (peer median 7.5%).
Valuation It trades at 17.8× forward earnings against a peer median of 15.8× (4th most expensive of 17).
Price implies For today's price to make sense, revenue must grow about 7% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is -3 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.8 points above its cost of capital (7.1% WACC).
Next results Next results expected around 10 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NOK 72.7B | NOK 66.7B | NOK 64.8B | NOK 62.6B | NOK 49.6B |
| Revenue growth | — | +3% | +3% | +26% | — |
| Gross profit | NOK 20.9B | NOK 19.0B | NOK 18.8B | NOK 19.3B | NOK 15.8B |
| EBITDA | NOK 14.6B | NOK 12.6B | NOK 13.7B | NOK 15.5B | NOK 13.3B |
| Net income | NOK 8.34B | NOK 8.41B | NOK 5.45B | NOK 5.08B | NOK 7.91B |
| Free cash flow | NOK 2.34B | NOK 4.31B | NOK 4.72B | NOK 5.63B | NOK 2.63B |
| Capital expenditure | NOK 5.35B | NOK 4.41B | NOK 4.35B | NOK 4.53B | NOK 3.39B |
| Total debt | NOK 40.7B | NOK 41.0B | NOK 31.5B | NOK 28.8B | NOK 25.2B |
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 |
|---|---|---|---|---|---|---|
| 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% |
| Bakkafrost P/F BAKKA.OL | $2.77B | +4% | +7% | 14% | 23.1× | 9.5% |
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 | MOWI.OL | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +8.2% | +9.4% | 8th lowest of 17 |
| 6-month return | +12.1% | -3.5% | 4th highest of 17 |
| Distance from 52-week high | -11.3% | -16.7% | 7th highest of 17 |
| Revenue growth (TTM) | +9.9% | +1.8% | 2nd highest of 17 |
| Operating margin | 12.5% | 7.5% | 4th highest of 17 |
| Forward P/E | 17.8× | 15.8× | 4th most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | 7.5% | -0.8% | 2nd most demanding of 14 |
| Growth delivered (Del g) | +10.7% | +2.4% | highest of 13 |
| Hurdle (Req g minus delivered) | -3.3 pp | -3.8 pp | 5th most demanding of 13 |
| ROIC minus cost of capital | +0.8 pp | +3.8 pp | 5th lowest of 17 |
| EV / EBITDA | 10.7× | 9.7× | 6th most expensive of 15 |
| Net debt / EBITDA | 2.7× | 1.4× | 3rd most indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Mowi MOWI.OL | Norway | $12.4B | +12% | +10% | 13% | 17.8× | 7.5% | +10.7% |
| Saputo SAP.TO | Canada | $12.4B | +7% | -5% | 6% | 21.2× | -1.9% | +4.2% |
| Magnum Ice Cream MICC.AS | Netherlands | $12.1B | +35% | +1% | 8% | 17.9× | 10.9% | +1.8% |
| Hormel Foods HRL | United States | $12.1B | +7% | +1% | 7% | 14.4× | 0.9% | +4.7% |
| Henan Shuanghui Investment & Development 000895.SZ | China | $12.7B | -12% | -4% | 11% | 17.3× | -4.6% | -4.3% |
| JBS JBS | United States | $13.4B | -23% | +334% | 4% | 11.8× | -6.5% | n/a |
| Wh Group 0288.HK | Hong Kong | $10.8B | -31% | +6% | 9% | 8.4× | -16.4% | +1.9% |
| Mengniu Dairy 2319.HK | Hong Kong | $10.5B | +28% | +3% | 5% | 14.7× | 6.7% | +0.9% |
| Smithfield Foods SFD | United States | $7.60B | -26% | -2% | 7% | 13.0× | -11.5% | +1.9% |
| Tyson Foods TSN | United States | $20.6B | -13% | +3% | 3% | 17.4× | 6.7% | +4.7% |
| Emmi EMMN.SW | Switzerland | $6.32B | +16% | +4% | 7% | 21.8× | 0.3% | +5.1% |
| Yakult Honsha 2267.T | Japan | $5.15B | +3% | -1% | 9% | 17.0× | n/a | n/a |
| Want Want China 0151.HK | Hong Kong | $4.43B | -32% | +6% | 18% | 9.7× | n/a | n/a |
| Cranswick CWK.L | United Kingdom | $3.94B | +7% | +10% | 8% | 17.2× | 5.7% | +9.5% |
| Nh Foods 2282.T | Japan | $3.40B | -10% | +7% | 3% | 14.0× | n/a | n/a |
| Danone BN.PA | France | $48.3B | +8% | 0% | 15% | 17.0× | -0.8% | +2.9% |
| China Feihe 6186.HK | Hong Kong | $3.16B | -20% | -4% | 15% | 11.8× | -14.7% | -1.2% |