(SALM) SalMar ASA - OL
Sector: Consumer Defensive | Industry: Farm Products | Exchange: OL (Norway) | Market Cap: 74.207m NOK | Total Return: 26.7% in 12m
Avg Turnover: 107M
EPS Trend: -77.9%
Qual. Beats: 0
Rev. Trend: 24.4%
Qual. Beats: 0
Warnings
Choppy Below Avwap Earnings
Tailwinds
No distinct edge detected
SalMar ASA is a Norway-based aquaculture firm specializing in the production and distribution of farmed salmon across global markets, including Europe, Asia, and North America. The company maintains a vertically integrated business model, controlling the entire value chain from broodstock and smolt production to marine-phase farming, harvesting, and processing.
Operations are organized into five primary segments: Central Norway, Northern Norway, Icelandic Salmon, Sales & Industry, and SalMar Aker Ocean. The latter focuses on offshore aquaculture technology, a sector development designed to mitigate biological risks and space constraints associated with traditional near-shore coastal farming.
Norway is the worlds largest producer of Atlantic salmon, benefiting from cold-water fjords that provide optimal biological conditions for the species. SalMars integration of processing facilities allows for the production of value-added products, such as fillets, which typically command higher margins than primary processed whole fish.
- Biological performance and sea lice management impact harvest volumes
- Global salmon spot prices drive revenue and operating margins
- Norwegian resource rent tax policy affects net income and investment
- Offshore farming expansion through SalMar Aker Ocean scales production 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 June 20, 2026, the stock is trading at NOK 540.00 with a total of 118,230 shares traded.
Over the past week, the price has changed by +2.96%,
over one month by -6.82%,
over three months by -8.24% and
over the past year by +26.70%.
SalMar ASA has no consensus analysts rating.
P/E Trailing = 36.1625
P/E Forward = 16.9205
P/S = 2.5923
P/B = 3.9937
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 = 75.4b NOK (74.2b + Debt 1.81b - CCE 569.0m)
Interest Coverage Ratio = 538.6 (Ebit TTM 3.77b / Interest Expense TTM 7.00m)
EV/FCF = 60.07x (Enterprise Value 75.4b / FCF TTM 1.26b)
FCF Yield = 1.66% (FCF TTM 1.26b / Enterprise Value 75.4b)
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 = 1.33 (Enterprise Value 75.4b / 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 = 6.94% (E(74.2b)/V(76.0b) * Re(7.10%) + D(1.81b)/V(76.0b) * Rd(0.39%) * (1-Tc(0.29)))
Discount Rate = 7.10% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 53.94 | 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: -77.93 | EPS CAGR: -28.47% | SUE: 0.33 | # QB: 0
Revenue Correlation: 24.37 | Revenue CAGR: 1.48% | SUE: -0.03 | # QB: 0
EPS current Quarter (2026-06-30): EPS=6.62 | Chg30d=-2.10% | Revisions=+0% | Analysts=5
EPS next Quarter (2026-09-30): EPS=8.00 | Chg30d=-11.75% | Revisions=-33% | Analysts=5
EPS current Year (2026-12-31): EPS=29.34 | Chg30d=-7.89% | Revisions=-40% | GrowthEPS=+138.7% | GrowthRev=+13.2%
EPS next Year (2027-12-31): EPS=40.86 | Chg30d=-1.61% | Revisions=-9% | GrowthEPS=+39.3% | GrowthRev=+11.1%
[Analyst] Revisions Ratio: -40%