1. Norway Stocks

  2. •

    Consumer non-durables

  3. •

    Food: meat/fish/dairy
Masoval AS

Masoval AS

38.00
NOK
0.00
(0.00%)
-1.11EPS
3.98BMarket Cap
Nov 17Next Earn
Masoval AS
OSL:MAS
(Euronext Oslo)

Recent

price

38.00

P/E

ratio

- -

div

yld

- -

ROIC.AI

2018
2019
2020
2021
2022
2023
2024
2025
TTM
NOK
7.02
7.87
7.92
10.48
15.5
19.59
18.23
19.15
22.55
Revenue per Share
1.25
1.13
1.84
2.66
5.07
-1.11
1.35
-0.6
-1.08
Basic EPS, GAAP
- -
0.43
-4.02
2.02
4.29
2.8
-0.72
4.13
4.2
Free Cash Flow per Basic Share
- -
0.62
0.71
0.34
1
0.5
0.5
- -
- -
Dividend per Share
3.32
3.85
4.51
11.88
15.94
14.33
15.23
14.63
14
Book Value per Share
0.86
1.06
-2.82
-8.59
-4.44
-6.05
-5.15
-5.74
-6.32
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
2,762
Sales/Revenue/Turnover
26.46
22.11
25.81
36.43
49.02
15.05
8.77
-2.32
-4.65
Operating Margin (%)
64
48
51
106
166
195
195
273
300
Depreciation Expense
135
122
199
277
621
-136
166
-73
-132
Net Income, GAAP
21.82
22.31
17.86
15.59
21.98
181.22
- -
- -
- -
Effective Tax Rate (%)
17.81
14.4
23.2
25.33
32.71
-5.66
7.42
-3.11
-4.78
Profit Margin (%)
390
315
58
395
538
-598
720
261
2
Working Capital
439
421
598
1,862
1,479
295
1,747
1,750
1,533
LT Debt
364
421
492
1,486
1,989
1,794
1,895
1,817
1,715
Total Equity
- -
16.94
16.78
9.68
13.68
-9.61
- -
- -
- -
Return on Invested Capital (%)
- -
16.17
19.95
11.66
17.65
-6.74
- -
- -
- -
Return on Capital (%)
- -
31.59
44.17
28.51
36.44
-7.33
9.15
-3.99
-7.47
Return on Common Equity (%)

Capital Structure

NOK

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
552
589
569
LT Borrowings
1,324
1,294
1,117
LT Finance Leases
426
390
416
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
123
123
123
Market Capitalization
3,173
3,749
3,982

Working Capital

NOK

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
1,380
1,372
1,198
Cash, Cash Equivalents & STI
90
29
114
Accounts Receivable, Net
84
169
111
Inventories
1,060
1,040
856
Total Current Liabilities
1,119
1,185
1,196
Payables & Accruals
- -
- -
- -
ST Debt
552
589
569
Deferred Revenue
- -
- -
- -

Growth Rates

NOK

•

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

NOK

•

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
839
- -
- -
- -

Quarterly Earnings Per Share

NOK

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.28
0.83
0.11
0.08
1.35
2025
-1.01
0.91
-0.28
-0.17
-0.6
2026
-0.41
-0.22
- -
- -
- -

Quarterly Dividends Per Share

NOK

•

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.