SALM Stock Analysis: SalMar ASA | OL
Farm Products | OL, Norway | Market Cap: 76.172m NOK | 12M Return: 9.2% | NO0010310956 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 99.8M
EPS Trend: -77.0%
Qual. Beats: -1
Rev. Trend: 24.4%
Qual. Beats: 0
Warnings
Tailwinds
No distinct edge detected
Seasonality 11.6 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
SalMar ASA is a Norwegian aquaculture company founded in 1991 and headquartered in Kverva, Norway, that produces and sells farmed Atlantic salmon across Norway, Europe, Asia, and North America. The company is vertically integrated, operating across the value chain through broodstock, smolt production, marine-phase farming, harvesting, and processing, and offering products such as fish fillets. Its operations are organized into five segments: Fish Farming Central Norway, Fish Farming Northern Norway, Icelandic Salmon, Sales & Industry, and SalMar Aker Ocean.
The company is listed on the Oslo Stock Exchange under the ticker SALM and sits within the Consumer Staples sector (GICS sub-industry: Packaged Foods & Meats). Norway is the worlds largest producer of farmed Atlantic salmon, and integrated salmon farming covering both freshwater smolt and marine grow-out phases, as seen in SalMars segment structure, is a common operating model among major Norwegian producers.
- Atlantic salmon spot prices drive Fish Farming segment margins
- Norway resource rent tax pressures farmed salmon profitability
- Offshore salmon farming with Aker Ocean expands capacity
| Net Income: 2.03b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.02 > 0.02 and ΔFCF/TA 4.33 > 1.0 |
| NWC/Revenue: 21.25% < 20% (prev 41.07%; Δ -19.82% < -1%) |
| CFO/TA 0.13 > 3% & CFO 7.23b > Net Income 2.03b |
| Net Debt (1.24b) to EBITDA (5.72b): 0.22 < 3 |
| Current Ratio: 1.52 > 1.5 & < 3 |
| Outstanding Shares: last quarter (135.5m) vs 12m ago 2.14% < -2% |
| Gross Margin: 46.63% > 18% (prev 48.61%; Δ -1.97% > 0.5%) |
| Asset Turnover: 51.38% > 50% (prev 45.54%; Δ 5.83% > 0%) |
| Interest Coverage Ratio: 538.6 > 6 (EBIT TTM 3.77b / Interest Expense TTM 7.00m) |
| A: 0.11 (Total Current Assets 17.8b - Total Current Liabilities 11.7b) / Total Assets 56.9b |
| B: 0.12 (Retained Earnings 6.72b / Total Assets 56.9b) |
| C: 0.07 (EBIT TTM 3.77b / Avg Total Assets 55.8b) |
| D: 0.52 (Book Value of Equity 18.6b / Total Liabilities 36.1b) |
| Altman-Z'' = 2.08 = BBB |
| DSRI: 0.45 (Receivables 991.0m/1.90b, Revenue 28.7b/24.9b) |
| GMI: 1.04 (GM 48.61% / 46.63%) |
| AQI: 1.01 (AQ_t 0.43 / AQ_t-1 0.43) |
| SGI: 1.15 (Revenue 28.7b / 24.9b) |
| TATA: -0.09 (NI 2.03b - CFO 7.23b) / TA 56.9b) |
| Beneish M = -3.34 (Cap -4..+1) = AA |
As of September 05, 2026, the stock is trading at NOK 550.00 with a total of 102,857 shares traded. Over the past week, the price has changed by -4.93%, over one month by +7.53%, over three months by +1.17% and over the past year by +9.15%.
Current recommended Stop Loss: 529.10 (which is 3.8% or 1.5 ATR below the current price).
SalMar ASA has no consensus analysts rating.
P/E Trailing = 34.3941
P/E Forward = 18.6567
P/S = 2.5353
P/B = 4.4395
P/EG = 1.2951
Revenue TTM = 28.7b NOK
EBIT TTM = 3.77b NOK
EBITDA TTM = 5.72b NOK
Long Term Debt = 14.8b NOK (from longTermDebt, last quarter)
Short Term Debt = 6.08b NOK (from shortLongTermDebt, last quarter)
Debt = 1.81b NOK (Leases only: 1.81b)
Net Debt = 1.24b NOK (calculated: Debt 1.81b - CCE 569.0m)
Enterprise Value = 77.4b NOK (76.2b + Debt 1.81b - CCE 569.0m)
Interest Coverage Ratio = 538.6 (Ebit TTM 3.77b / Interest Expense TTM 7.00m)
EV/FCF = 61.63x (Enterprise Value 77.4b / FCF TTM 1.26b)
FCF Yield = 1.62% (FCF TTM 1.26b / Enterprise Value 77.4b)
FCF Margin = 4.38% (FCF TTM 1.26b / Revenue TTM 28.7b)
Net Margin = 7.07% (Net Income TTM 2.03b / Revenue TTM 28.7b)
Gross Margin = 46.63% ((Revenue TTM 28.7b - Cost of Revenue TTM 15.3b) / Revenue TTM)
Gross Margin QoQ = 44.87% (prev 55.42%)
Tobins Q-Ratio = 1.36 (Enterprise Value 77.4b / Total Assets 56.9b)
Interest Expense / Debt = 0.39% (Interest Expense 7.00m / Debt 1.81b)
Taxrate = 28.94% (831.0m / 2.87b)
NOPAT = 2.68b (EBIT 3.77b * (1 - 28.94%))
Current Ratio = 1.52 (Total Current Assets 17.8b / Total Current Liabilities 11.7b)
Debt / Equity = 0.10 (Debt 1.81b / totalStockholderEquity, last quarter 18.6b)
Debt / EBITDA = 0.22 (Net Debt 1.24b / EBITDA 5.72b)
Debt / FCF = 0.99 (Net Debt 1.24b / FCF TTM 1.26b)
Total Stockholder Equity = 17.3b (last 4 quarters mean from totalStockholderEquity)
RoA = 3.63% (Net Income 2.03b / Total Assets 56.9b)
RoE = 11.75% (Net Income TTM 2.03b / Total Stockholder Equity 17.3b)
RoCE = 11.77% (EBIT 3.77b / Capital Employed (Equity 17.3b + L.T.Debt 14.8b))
RoIC = 5.69% (NOPAT 2.68b / Invested Capital 47.1b)
WACC = 6.14% (E(76.2b)/V(78.0b) * Re(6.28%) + D(1.81b)/V(78.0b) * Rd(0.39%) * (1-Tc(0.29)))
Discount Rate = 6.28% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 15.88 | Cagr: -0.29%
[DCF] Terminal Value 75.44% ; FCFF base≈1.26b ; Y1≈1.26b ; Y5≈1.34b
[DCF] Fair Price = 144.2 (EV 20.8b - Net Debt 1.24b = Equity 19.5b / Shares 135.5m; r=8.35% [WACC [floored]]; 5y FCF grow 0.0% → 2.50% )
EPS Correlation: -77.00 | EPS CAGR: -28.37% | SUE: -1.23 | # QB: -1
Revenue Correlation: 24.37 | Revenue CAGR: 1.48% | SUE: -0.03 | # QB: 0
EPS current Quarter (2026-09-30): EPS=5.13 | Chg30d=-17.40% | Revisions=-50% | Analysts=4
EPS current Year (2026-12-31): EPS=27.46 | Chg30d=-4.41% | Revisions=+25% | GrowthEPS=+123.5% | GrowthRev=+18.1%
EPS next Year (2027-12-31): EPS=35.88 | Chg30d=-8.17% | Revisions=-25% | GrowthEPS=+30.6% | GrowthRev=+9.8%
[Analyst] Revisions Ratio: -38% (up=1, down=4)