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Norwegian salmon farming company, one of the world's largest producers of farmed Atlantic salmon.
Norwegian salmon farming company, one of the world's largest producers of farmed Atlantic salmon.
Sells salmon mostly at prices that follow the spot market, so earnings swing with the global salmon price and harvest volumes, and the main thing it controls is cost per kilogram raised. Norway caps farm capacity by licence and has added a resource-rent tax on salmon farming. Bought NTS, formerly Norway Royal Salmon, in 2022.
In one line: A Norwegian Tyson Foods for salmon.
Moat: narrow (regulatory licence, scale, installed base). Limited, government-allocated farming licenses cap industry supply and protect incumbent volumes.
Headquarters: Froya, Norway · Founded: 1991 · Employees: 3,297
Size SalMar (SALM.OL) is a Norway Consumer Staples company (Agricultural Commodities/Milling) with a market value of $8.35B, the 16th largest of 115 Norway companies the cockpit tracks. Shares closed at NOK 572.50 on 6 Nov 2026.
Performance Over six months the shares gained 5.0%, against -17.5% for the median peer and +2.7% for the Norway market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue grew 14.2% over the last twelve months (peer median +7.5%); the operating margin is 18.9% (peer median 4.8%).
Valuation It trades at 22.2× forward earnings against a peer median of 14.3× (5th most expensive of 15).
Price implies For today's price to make sense, revenue must grow about 3% a year for seven years (Req g). Recent delivered growth is +16%, so the hurdle is -13 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.9 points above its cost of capital (7.1% WACC).
Next results Next results expected around 16 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NOK 30.9B | NOK 27.3B | NOK 26.3B | NOK 28.1B | NOK 20.1B |
| Revenue growth | — | +4% | -6% | +40% | — |
| Gross profit | NOK 6.04B | NOK 5.58B | NOK 6.87B | NOK 9.25B | NOK 5.89B |
| EBITDA | NOK 8.01B | NOK 5.03B | NOK 6.95B | NOK 8.25B | NOK 5.17B |
| Net income | NOK 3.28B | NOK 1.10B | NOK 2.97B | NOK 2.84B | NOK 3.31B |
| Free cash flow | NOK 5.99B | NOK 358M | NOK 2.58B | NOK 5.61B | NOK 1.75B |
| Capital expenditure | NOK 1.16B | NOK 1.95B | NOK 2.58B | NOK 2.35B | NOK 2.45B |
| Total debt | NOK 20.9B | NOK 23.3B | NOK 19.0B | NOK 15.7B | NOK 23.2B |
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 |
|---|---|---|---|---|---|---|
| SalMar SALM.OL | $8.35B | +5% | +14% | 19% | 22.2× | 3.5% |
| Mowi MOWI.OL | $12.4B | +12% | +10% | 13% | 17.8× | 7.5% |
| 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 | SALM.OL | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.0% | +0.8% | 10th highest of 21 |
| 6-month return | +5.0% | -17.5% | 3rd highest of 21 |
| Distance from 52-week high | -8.7% | -26.6% | 3rd highest of 21 |
| Revenue growth (TTM) | +14.2% | +7.5% | 8th highest of 21 |
| Operating margin | 18.9% | 4.8% | 3rd highest of 21 |
| Forward P/E | 22.2× | 14.3× | 5th most expensive of 15 |
| Growth the price implies (Req g, 7 yrs) | 3.5% | -4.8% | most demanding of 10 |
| Growth delivered (Del g) | +16.3% | +8.9% | 4th highest of 10 |
| Hurdle (Req g minus delivered) | -12.8 pp | -13.7 pp | 5th most demanding of 10 |
| ROIC minus cost of capital | +3.9 pp | +0.6 pp | 7th highest of 21 |
| EV / EBITDA | 12.5× | 7.5× | 2nd most expensive of 10 |
| Net debt / EBITDA | 2.5× | 1.0× | 4th most indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| SalMar SALM.OL | Norway | $8.35B | +5% | +14% | 19% | 22.2× | 3.5% | +16.3% |
| Tongwei 600438.SS | China | $8.27B | -29% | -12% | -15% | n/a | n/a | n/a |
| Pilgrim's Pride PPC | United States | $6.79B | -2% | 0% | 5% | 13.0× | -4.8% | +8.9% |
| Guangdong Haid 002311.SZ | China | $12.1B | -1% | +8% | 3% | 21.1× | -1.1% | +16.3% |
| Wilmar International F34.SI | Singapore | $14.5B | -19% | +6% | 3% | 10.2× | n/a | n/a |
| Patanjali Foods PATANJALI.NS | India | $4.75B | -11% | +19% | 4% | 27.1× | n/a | n/a |
| New Hope Liuhe 000876.SZ | China | $4.71B | -19% | +7% | -3% | n/a | n/a | n/a |
| Ldc LOUP.PA | France | $4.35B | -6% | +15% | 6% | 11.7× | -7.7% | +10.5% |
| Wen's Foodstuff 300498.SZ | China | $16.7B | +2% | -5% | -4% | n/a | n/a | n/a |
| Jiangxi Zhengbang Technology 002157.SZ | China | $3.97B | -17% | +15% | -10% | n/a | n/a | n/a |
| Nisshin Seifun 2002.T | Japan | $3.94B | +14% | +3% | 5% | 15.4× | -1.1% | +4.9% |
| Cofco Sugar 600737.SS | China | $3.94B | -18% | -29% | 6% | 22.9× | n/a | n/a |
| Fujian Wanchen Food 300972.SZ | China | $3.86B | -43% | +46% | 7% | 9.9× | -18.7% | +157.9% |
| Bunge Global BG | United States | $19.0B | -20% | +55% | 4% | 9.2× | n/a | n/a |
| Heilongjiang Agriculture 600598.SS | China | $3.66B | -18% | -12% | 24% | 59.7× | n/a | n/a |
| Nichirei 2871.T | Japan | $3.42B | +13% | +10% | 5% | 24.2× | 2.4% | +4.6% |
| Godrej Industries GODREJIND.NS | India | $3.41B | -22% | +17% | 8% | n/a | n/a | n/a |
| Seaboard SEB | United States | $3.38B | -22% | +7% | 3% | n/a | n/a | n/a |
| Fujian Sunner Development 002299.SZ | China | $3.28B | -7% | +13% | 5% | 19.1× | -1.0% | +7.9% |
| First Resources Ltd. (Singapore) EB5.SI | Singapore | $3.27B | -26% | +51% | 30% | 7.6× | -7.1% | +19.0% |
| Ebro Foods EBRO.MC | Spain | $3.12B | +1% | -4% | 10% | 13.2× | -7.7% | +4.4% |