1. Norway Stocks

  2. •

    Consumer Defensive

  3. •

    Agricultural Farm Products
Måsøval AS

Måsøval AS

MAS.OL
Måsøval ASNO flagOslo Stock Exchange
32.30
NOK
-1.40
- -
3.96BMarket Cap
Måsøval AS
MAS.OL
(Oslo Stock Exchange)

Recent

price

32.30

P/E

ratio

- -

div

yld

- -

ROIC.AI

2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
7.02
7.87
7.92
10.48
15.5
19.59
18.23
19.15
22.82
Revenue per Share
1.25
1.13
1.84
2.66
5.07
-1.11
1.35
-0.6
- -
Basic EPS, GAAP
- -
0.43
-4.02
2.02
4.29
2.8
-0.72
4.13
2.75
Free Cash Flow per Basic Share
- -
0.62
0.71
0.34
1
0.5
0.5
- -
- -
Dividend per Share
3.31
3.85
4.49
5.59
8.82
7.21
8.11
7.51
0.25
Book Value per Share
0.91
1.11
-2.75
-9.81
-4.15
-5.74
-4.91
-5.54
-5.96
Tangible Book Value per Share
108
108
108
104
123
123
123
123
122
Basic Weighted Avg Shares
761
849
858
1,092
1,899
2,400
2,234
2,346
2,792
Sales/Revenue/Turnover
26.46
22.11
25.81
36.43
49.02
15.05
8.77
-2.32
3.28
Operating Margin (%)
64
48
51
106
166
195
195
273
290
Depreciation Expense
135
122
199
277
621
-136
166
-73
- -
Net Income, GAAP
21.82
22.31
17.86
15.59
21.98
181.22
- -
- -
29.93
Effective Tax Rate (%)
17.81
14.4
23.2
25.33
32.71
-5.66
7.42
-3.11
-0.01
Profit Margin (%)
390
315
58
395
538
-598
720
261
186
Working Capital
439
421
598
1,862
1,479
295
1,747
1,750
1,684
LT Debt
364
421
492
1,486
1,989
1,794
1,895
1,817
1,767
Total Equity
- -
16.94
16.78
13.17
18.36
-7.37
- -
- -
- -
Return on Invested Capital (%)
- -
16.17
19.95
14.1
22.75
-8.7
- -
- -
14.72
Return on Capital (%)
- -
31.59
44.17
51.77
74.68
-13.84
17.67
-7.64
-1.33
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
639
552
589
LT Borrowings
1,354
1,324
1,294
LT Finance Leases
402
426
390
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
123
123
123
Market Capitalization
3,204
3,167
3,743

Working Capital

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
1,478
1,380
1,372
Cash, Cash Equivalents & STI
17
90
29
Accounts Receivable, Net
235
84
169
Inventories
1,195
1,060
1,040
Total Current Liabilities
1,067
1,119
1,185
Payables & Accruals
- -
- -
- -
ST Debt
639
552
589
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
- -
45.51%
-4.11%
Free Cash Flow
- -
-165.83%
-670.32%
Net Income, GAAP
- -
-64.91%
-144.07%
Sales/Revenue/Turnover
- -
25.12%
5.01%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
432
1,028
613
626
2,234
2025
681
869
580
833
2,346
2026
510
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.28
0.83
0.11
0.08
1.35
2025
-1.01
0.86
-0.28
-0.17
-0.6
2026
-0.41
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
0.5
- -
- -
0.5
2025
- -
- -
- -
- -
- -
2026
- -
- -
- -
- -
- -
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Business
Måsøval AS (MAS.OL) is a fully integrated Norwegian aquaculture company that produces and sells Atlantic salmon. The company operates farming sites in central Norway, including Frøya, Smøla, Hustavika, Averøy, Kristiansund, Aukra, Ulstein, Ørsta and Volda; maintains harvesting and processing facilities such as the new TL52 plant; and handles sales and logistics through its subsidiary Måsøval Sales AS. Its main products and services encompass salmon production from egg to harvest, post-smolt facilities with 1,200 tonnes annual capacity, co-location farming services on partner licences, harvesting, filleting, freezing, and global sales of fresh and processed salmon to markets in Norway, Europe, Asia and other regions. Founded in 1973 and headquartered in Frøya, Norway, Måsøval AS operates as a subsidiary of Måsøval Eiendom AS and remains family-owned with the third generation leading as Chair of the Board. The company pursues sustainable growth through licence expansions, production optimization and biological performance enhancements, achieving 17% average annual harvested volume growth from 2016 to 2023. It focuses on fish health, welfare and operational efficiency in Production Areas Mid and West to maximize maximum allowable biomass utilization. Recent developments include the establishment of Måsøval Sales AS in Q4 2024 through acquisition of Pure Norwegian Seafood AS's sales operations for full value chain control; operational startup of the TL52 harvesting facility in September 2024; approval of a demerger and triangular merger in October 2024 to restructure into holding (Måsøval AS), licences/biomass (Måsøval Lisens AS) and operations (Måsøval Drift AS) entities; extension of NOK 1.9 billion senior bank financing to February 2028 with covenant amendments in March 2025; and christening of the Njord Kya wellboat to enhance transport capacity. In Q3 2024, the company harvested 7,095 tonnes of salmon amid challenges like high sea lice pressure and ISA outbreaks, guiding 2024 full-year volumes at 24,700-25,700 GWT and 2025 at 29,000-31,000 GWT.