1. Norway Stocks

  2. •

    Consumer Defensive

  3. •

    Agricultural Farm Products
SalMar ASA

SalMar ASA

SALM.OL
SalMar ASANO flagOslo Stock Exchange
461.40
NOK
-5.80
- -
62.54BMarket Cap
SalMar ASA
SALM.OL
(Oslo Stock Exchange)

Recent

price

461.40

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
33.01
36.9
37.46
54.97
63.93
65.2
79.92
95.74
100.39
108.2
113.83
129.39
167.53
213.76
199.71
204.13
193.85
Revenue per Share
9.3
1.41
4.19
15.8
10.65
9.85
23.51
20.24
31.7
22.06
17.52
22.61
27.65
24.37
22.53
8.25
8.63
Basic EPS, GAAP
2.08
-1.09
1.67
7.12
14.71
14.48
24.29
30.04
24.71
14.92
-5.1
5.91
14.75
50.38
21.24
9.26
12.04
Free Cash Flow per Basic Share
- -
3.98
0.03
- -
8.02
10.04
10.04
12.16
19.07
23.21
13.22
19.63
20.08
20.9
35.53
22.58
0.66
Dividend per Share
21.49
18.85
21.21
37.73
0.25
0.25
0.25
0.25
0.25
74.41
81.34
84.98
57.04
75.19
61.79
45.09
38.28
Book Value per Share
7.59
2.89
7.46
22.92
19.99
20.65
33.62
42.22
50.95
44.32
36.84
60.08
48.95
33.43
5.67
-17.49
-18.19
Tangible Book Value per Share
103
103
112
113
112
112
112
112
113
113
113
116
120
131
132
134
131
Basic Weighted Avg Shares
3,400
3,800
4,180
6,228
7,160
7,304
8,963
10,755
11,301
12,202
12,857
14,972
20,070
28,099
26,318
27,343
25,385
Sales/Revenue/Turnover
28.66
7.24
16.04
31.37
25.31
19.86
34.6
24.6
39.16
23.9
22.19
24.28
23.16
31.31
19.99
12.01
10.53
Operating Margin (%)
94
133
170
226
278
321
358
419
488
718
812
807
1,001
1,452
1,759
1,954
1,861
Depreciation Expense
958
145
467
1,790
1,192
1,103
2,637
2,274
3,568
2,488
1,979
2,617
3,312
3,203
2,969
1,105
1,130
Net Income, GAAP
24.01
8.17
20.88
18.03
25.38
18.42
20.68
19.55
19.61
19.44
21.91
21.22
20.91
62.29
26.09
33.77
16.95
Effective Tax Rate (%)
28.18
3.81
11.18
28.74
16.66
15.11
29.42
21.14
31.58
20.39
15.39
17.48
16.5
11.4
11.28
4.04
4.45
Profit Margin (%)
1,658
1,186
1,689
3,974
3,136
3,258
3,607
2,576
3,424
4,191
3,107
5,558
12,048
8,004
7,581
9,590
7,666
Working Capital
1,869
2,202
2,223
2,446
2,192
2,753
2,440
1,156
1,019
3,240
4,447
5,657
19,502
13,713
16,738
20,289
19,960
LT Debt
2,469
2,215
2,968
5,061
5,137
5,227
6,681
7,668
9,140
9,740
10,987
15,483
24,155
23,079
20,239
20,148
18,280
Total Equity
20.24
5.31
9.85
23.39
17.09
14.51
27.13
21.87
33.37
18.31
14.03
14.18
10.07
7.25
9.38
5.07
5.56
Return on Invested Capital (%)
30.17
5.17
11.64
28.4
25.21
41.68
94.17
109.55
214.55
34.77
14.13
15.53
11.98
10.89
12.92
6.71
9.12
Return on Capital (%)
50.71
6.97
21.7
53.9
55.42
3,895.11
9,310.08
8,028.18
12,598.1
59.1
22.52
27.51
39.74
38.32
32.94
15.58
44.79
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Dec'24
Mar'25
Jun'25
ST Debt
2,274
2,569
2,267
LT Borrowings
15,464
18,545
18,707
LT Finance Leases
1,274
1,201
1,253
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
132
134
134
Market Capitalization
71,085
66,167
57,199

Working Capital

FRC

•

in mil. unless spec.
Dec'24
Mar'25
Jun'25
Total Current Assets
17,925
17,104
17,949
Cash, Cash Equivalents & STI
331
338
512
Accounts Receivable, Net
1,517
1,171
1,258
Inventories
15,247
14,863
15,143
Total Current Liabilities
10,344
6,865
10,283
Payables & Accruals
- -
- -
- -
ST Debt
2,274
2,569
2,267
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
16.09%
15.94%
-0.45%
Free Cash Flow
0.14%
20.19%
-55.66%
Net Income, GAAP
11.68%
-2.92%
-62.78%
Sales/Revenue/Turnover
14.92%
17.61%
3.89%
Total Cash Common Dividend
16.48%
21.45%
-35.41%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
6,504
5,838
6,158
7,876
26,318
2025
5,176
6,175
8,176
- -
27,343
2026
6,478
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
6.2
6.5
2.2
7.6
22.53
2025
-2.7
1.5
7.1
- -
8.25
2026
4.2
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
35.19
0.29
- -
35.53
2025
0.37
- -
0.06
- -
22.58
2026
- -
- -
- -
- -
- -
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Business
SalMar ASA, the world's second-largest producer of Atlantic salmon, engages in salmon farming, processing and trading of fish and shellfish. The company operates through segments including Fish Farming Central Norway with 68 marine-phase production licenses, Fish Farming Northern Norway with 32 licenses, Sales and Industry handling harvesting, processing and sales activities in Norway, and Icelandic Salmon for production and processing. It offers whole fresh salmon, frozen fish, high-quality ready-to-eat salmon products and provides salmon to over 50 countries worldwide including markets in Asia, Europe, North America and internationally; SalMar also pursues sustainable practices such as offshore farming to reduce environmental impact. Founded in 1991 and headquartered in Kverva on Frøya, Norway, the company maintains operations in central and northern Norway, offshore sites, Iceland and Scotland through Scottish Sea Farms. Recent developments include the completion of a controlling 45% stake acquisition in AS Knutshaugfisk in February 2025 adding 3,466 tonnes maximum allowable biomass across four Mid-Norway sites, a proposed merger with Wilsgård AS approved in April 2025 to add further production capacity in PO10 and PO11 areas expected by summer 2025, full ownership of Salmøy Ocean as a subsidiary, record-high 2025 harvest volume guidance of 299,000 tons up 19% from 2024 with 2026 projections at 319,000 tons, and a NOK 200 million commercial paper expansion.