# Mowi ASA (MOWI.OL)

Canonical: https://gigainvestors.com/s/MOWI.OL

Analysis as of: 2026-10-16T07:35:40.489Z. Financial observations: FY2001–FY2025.

Listing currency: NOK. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: NOK 206.00 per share; close as of 2026-10-15.

Estimated value: low NOK 186.05 per share, central NOK 238.82 per share, high NOK 278.68 per share. Buy at or below the central value NOK 238.82 per share. Valuation as of 2026-10-16T07:35:40.489Z; scenarios are not confidence intervals.

Expected annual return: 11.1% at the stated quote. About 11.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; NO 10-year bond 4.5% + 4 points).

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.41×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.28×

- FY2017: 0.13×

- FY2018: 0.25×

- FY2019: 0.15×

- FY2020: 0.05×

- FY2021: 0.18×

- FY2022: 0.23×

- FY2023: 0.35×

- FY2024: 0.15×

- FY2025: 0.17×

### moat: fail

- ROIC median below threshold

- ROIC, median of available years: 14.0%

- ROIC, second-lowest year: 10.7%

- Typical minus recent gross margin: 0.0 pp

- Typical gross margin (annual median): 50.1%

- Recent gross margin (lower of latest and 3-year median): 50.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.9%

- ROIC including acquisitions, ten-year median: 9.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 26.0%

- FY2017: 14.8%

- FY2018: 19.7%

- FY2019: 11.2%

- FY2020: 4.5%

- FY2021: 13.2%

- FY2022: 16.5%

- FY2023: 22.5%

- FY2024: 10.7%

- FY2025: 10.7%

### economics: pass

- Owner earnings / net income, 5-yr: 0.94×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 2.7B

- Net income, five-year total: EUR 2.9B

- Return on incremental invested capital: 35.8%

- Working capital / revenue, annual change: 0.1 pp

- Working capital / revenue, change between three-year averages: 0.6 pp

- Working capital / revenue, final three-year average: 54.0%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.05×

- FY2022: 0.95×

- FY2023: 0.80×

- FY2024: 0.94×

- FY2025: 0.96×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 19.7% vs 10.7%

- Per-share earnings: 0.95 to 0.91 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.0%

- Ordinary dilution, 5-year annual growth: -1.2%

- Market cap gain: EUR 4.7B

- Cumulative retained earnings: EUR 1.2B

- Diluted shares, 10-year annual growth: 1.0%

- Diluted shares, 5-year annual growth: -1.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -0.5%

- Per-share value change: EUR -0.04

- Per-share value, starting three-year median: EUR 0.95

- Per-share value, ending three-year median: EUR 0.91

- Buybacks concentrated in cheaper years (correlation): 0.50

- Average buyback yield: 7.6%

- Buyback history: 3 years

- Debt-funded buybacks: Yes

- Acquisition spending: EUR 1.9B

- Cumulative net income, 10 years: EUR 5.1B

- ROIC, first three-year median: 19.7%

- ROIC, last three-year median: 10.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 1.20

- FY2017: EUR 0.95

- FY2018: EUR 1.16

- FY2019: EUR 0.94

- FY2020: EUR 0.22

- FY2021: EUR 1.01

- FY2022: EUR 1.51

- FY2023: EUR 0.86

- FY2024: EUR 0.91

- FY2025: EUR 1.45

### accounting: pass

- Sloan accruals: -1.5%

- Receivables to sales index (DSRI): 0.91×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.21×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.63×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.2%

- FY2017: -3.9%

- FY2018: -1.1%

- FY2019: -4.8%

- FY2020: -6.6%

- FY2021: -5.5%

- FY2022: 1.8%

- FY2023: -6.6%

- FY2024: -5.2%

- FY2025: -1.5%

## Holders

## Price story

Down 23% since Apr 2022 · "Norway’s Mowi slips as seafood firm flags underwhelming operating earnings" (finance.yahoo.com, Jan 2026) · sales +2.1%

Story as of 2026-10-16T10:00:05.796Z; price observation 2026-10-15.

Price needs cash profits to grow 2.1% a year for ten years

- 2025-08-20: Mowi Q2 EBIT falls 18% on weaker salmon prices despite record revenue ([investing.com](https://www.investing.com/news/earnings/mowi-q2-ebit-falls-18-on-weaker-salmon-prices-despite-record-revenue-4201148))

- 2026-01-21: Norway’s Mowi slips as seafood firm flags underwhelming operating earnings ([finance.yahoo.com](https://finance.yahoo.com/news/norway-mowi-slips-seafood-firm-104602799.html))

### Sales · FY2024–2025

sales +2.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 3.5B 

- FY2017: EUR 3.6B 

- FY2018: EUR 3.7B 

- FY2019: EUR 4.1B 

- FY2020: EUR 3.7B 

- FY2021: EUR 4.2B 

- FY2022: EUR 4.9B 

- FY2023: EUR 5.5B 

- FY2024: EUR 5.6B 

- FY2025: EUR 5.7B 

### Gross margin · FY2025

gross margin 50.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 85.0% 

- FY2017: 44.1% 

- FY2018: 55.6% 

- FY2019: 48.2% 

- FY2020: 43.3% 

- FY2021: 50.3% 

- FY2022: 54.5% 

- FY2023: 45.9% 

- FY2024: 50.0% 

- FY2025: 50.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in farm products; annual sales are EUR 5.7 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:40.489Z); FY2025: revenue 5720200000; grossProfit 2863600000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MOWI.OL: Mowi ASA, a seafood company, produces and sells Atlantic salmon products worldwide. It operates through Feed, Farming, Markets, Consumer Products, and other segments. The company is involved in salmon feed production, salmon farming and primary processing, and seafood secondary processing activities. It offers whole fish, plain and marinated fillets and steaks, hot- and cold-smoked salmon, and burgers and patties, as well as breaded, gravad, and sushi products. The company was formerly known as Marine Harvest ASA and changed its name to Mowi ASA in December 2018. Mowi ASA was founded in 1964 and is based in Bergen, Norway.

### Why customers stay

Margins ranged from 45.9% to 50.1% during 2023–25; it earns 14% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:40.489Z); FY2023: grossProfit / revenue = 45.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:40.489Z); FY2024: grossProfit / revenue = 50%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:40.489Z); FY2025: grossProfit / revenue = 50.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:40.489Z); 10-year return on capital observations [[2016,0.26020987351099584],[2017,0.14789388000916565],[2018,0.19712443356573794],[2019,0.11227517749324269],[2020,0.04522996292057441],[2021,0.13231888920020227],[2022,0.16466929553494217],[2023,0.22520727272727273],[2024,0.1067232370555471],[2025,0.10679281662983969]]; median 0.14010638460468394. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

"Consequently, feed sales prices were reduced during 2024 in line with industry cost-plus pricing." (MOWI filing, May 2025)

- Source: https://filings.xbrl.org/549300W1OGQF5LZIH349/2024-12-31/ESEF/NO/0/mowi-2024-12-31-en/reports/mowi-2024-12-31-en.xhtml (filed 2025-05-08); Consequently, feed sales prices were reduced during 2024 in line with industry cost-plus pricing.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:40.489Z); FY2016: growth capex 69100000; upkeep 142500000; owner earnings 539600000. Growth capex / owner earnings = 0.12805782060785767.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:40.489Z); FY2017: growth capex 39320753.36392513; upkeep 215579246.63607487; owner earnings 397320753.3639251. Growth capex / owner earnings = 0.09896476091675324.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:40.489Z); FY2018: growth capex 38859431.431628525; upkeep 307340568.5683715; owner earnings 412659431.4316285. Growth capex / owner earnings = 0.09416828617442359.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:40.489Z); FY2019: growth capex 5600000; upkeep 287100000; owner earnings 400400000. Growth capex / owner earnings = 0.013986013986013986.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:40.489Z); FY2020: growth capex 0; upkeep 315800000; owner earnings 33180000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:40.489Z); FY2021: growth capex 0; upkeep 244700000; owner earnings 512420000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:40.489Z); FY2022: growth capex 0; upkeep 335200000; owner earnings 741220000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:40.489Z); FY2023: growth capex 0; upkeep 396300000; owner earnings 357140000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:40.489Z); FY2024: growth capex 0; upkeep 374200000; owner earnings 438540000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:40.489Z); FY2025: growth capex 0; upkeep 376200000; owner earnings 691260000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:40.489Z); Dividend observations: [[2016,418100000],[2017,640300000],[2018,532400000],[2019,544900000],[2020,132900000],[2021,226800000],[2022,380600000],[2023,326100000],[2024,293500000],[2025,297200000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 19.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MOWI.OL SharesStats.PercentInsiders = 19.854 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 2.1% yearly over ten years; actual growth was 19.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:40.489Z); Ten-year compound average after fade. Initial solved rate 0.01646800486585709. Price 206; FX 10.624218305855601; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.2276333897993649 → FY2025 1.3936693548387096. Closing-price date 2026-10-15.

## Monthly share-price history (NOK per share)

- 2016-10: NOK 149.90 per share

- 2016-11: NOK 153.10 per share

- 2016-12: NOK 155.70 per share

- 2017-01: NOK 145.80 per share

- 2017-02: NOK 146.60 per share

- 2017-03: NOK 130.90 per share

- 2017-04: NOK 142.80 per share

- 2017-05: NOK 148.00 per share

- 2017-06: NOK 142.90 per share

- 2017-07: NOK 146.50 per share

- 2017-08: NOK 154.10 per share

- 2017-09: NOK 157.50 per share

- 2017-10: NOK 159.50 per share

- 2017-11: NOK 146.40 per share

- 2017-12: NOK 139.00 per share

- 2018-01: NOK 133.45 per share

- 2018-02: NOK 153.65 per share

- 2018-03: NOK 157.20 per share

- 2018-04: NOK 174.65 per share

- 2018-05: NOK 163.70 per share

- 2018-06: NOK 162.20 per share

- 2018-07: NOK 178.35 per share

- 2018-08: NOK 181.15 per share

- 2018-09: NOK 188.55 per share

- 2018-10: NOK 204.00 per share

- 2018-11: NOK 201.10 per share

- 2018-12: NOK 182.70 per share

- 2019-01: NOK 185.60 per share

- 2019-02: NOK 197.40 per share

- 2019-03: NOK 192.50 per share

- 2019-04: NOK 186.90 per share

- 2019-05: NOK 203.00 per share

- 2019-06: NOK 199.45 per share

- 2019-07: NOK 213.10 per share

- 2019-08: NOK 218.00 per share

- 2019-09: NOK 209.90 per share

- 2019-10: NOK 224.20 per share

- 2019-11: NOK 228.60 per share

- 2019-12: NOK 228.20 per share

- 2020-01: NOK 220.20 per share

- 2020-02: NOK 197.95 per share

- 2020-03: NOK 158.65 per share

- 2020-04: NOK 175.50 per share

- 2020-05: NOK 183.05 per share

- 2020-06: NOK 182.65 per share

- 2020-07: NOK 163.80 per share

- 2020-08: NOK 170.85 per share

- 2020-09: NOK 165.85 per share

- 2020-10: NOK 150.65 per share

- 2020-11: NOK 180.05 per share

- 2020-12: NOK 191.00 per share

- 2021-01: NOK 190.05 per share

- 2021-02: NOK 209.40 per share

- 2021-03: NOK 212.20 per share

- 2021-04: NOK 205.60 per share

- 2021-05: NOK 217.30 per share

- 2021-06: NOK 219.00 per share

- 2021-07: NOK 225.20 per share

- 2021-08: NOK 232.90 per share

- 2021-09: NOK 222.10 per share

- 2021-10: NOK 244.60 per share

- 2021-11: NOK 206.20 per share

- 2021-12: NOK 208.70 per share

- 2022-01: NOK 217.40 per share

- 2022-02: NOK 226.40 per share

- 2022-03: NOK 238.00 per share

- 2022-04: NOK 266.70 per share

- 2022-05: NOK 244.70 per share

- 2022-06: NOK 224.10 per share

- 2022-07: NOK 222.20 per share

- 2022-08: NOK 204.30 per share

- 2022-09: NOK 138.50 per share

- 2022-10: NOK 155.05 per share

- 2022-11: NOK 153.65 per share

- 2022-12: NOK 167.20 per share

- 2023-01: NOK 184.05 per share

- 2023-02: NOK 179.65 per share

- 2023-03: NOK 193.40 per share

- 2023-04: NOK 203.10 per share

- 2023-05: NOK 190.50 per share

- 2023-06: NOK 170.20 per share

- 2023-07: NOK 178.25 per share

- 2023-08: NOK 193.00 per share

- 2023-09: NOK 189.55 per share

- 2023-10: NOK 181.30 per share

- 2023-11: NOK 192.30 per share

- 2023-12: NOK 182.00 per share

- 2024-01: NOK 189.80 per share

- 2024-02: NOK 204.90 per share

- 2024-03: NOK 198.95 per share

- 2024-04: NOK 195.95 per share

- 2024-05: NOK 187.80 per share

- 2024-06: NOK 177.70 per share

- 2024-07: NOK 184.20 per share

- 2024-08: NOK 184.70 per share

- 2024-09: NOK 189.75 per share

- 2024-10: NOK 189.05 per share

- 2024-11: NOK 200.40 per share

- 2024-12: NOK 194.75 per share

- 2025-01: NOK 227.30 per share

- 2025-02: NOK 209.40 per share

- 2025-03: NOK 194.60 per share

- 2025-04: NOK 190.10 per share

- 2025-05: NOK 190.60 per share

- 2025-06: NOK 194.60 per share

- 2025-07: NOK 193.50 per share

- 2025-08: NOK 206.60 per share

- 2025-09: NOK 210.80 per share

- 2025-10: NOK 222.60 per share

- 2025-11: NOK 229.60 per share

- 2025-12: NOK 243.20 per share

- 2026-01: NOK 221.40 per share

- 2026-02: NOK 224.20 per share

- 2026-03: NOK 219.60 per share

- 2026-04: NOK 205.40 per share

- 2026-05: NOK 204.00 per share

- 2026-06: NOK 182.80 per share

- 2026-07: NOK 202.60 per share

- 2026-08: NOK 205.40 per share

- 2026-09: NOK 203.40 per share

- 2026-10: NOK 206.60 per share

## Annual estimated value (NOK per share)

- FY2016: low NOK 38.60 per share, central NOK 50.49 per share, high NOK 59.00 per share

- FY2017: low NOK 89.99 per share, central NOK 113.37 per share, high NOK 132.38 per share

- FY2018: low NOK 114.65 per share, central NOK 154.06 per share, high NOK 180.39 per share

- FY2019: low NOK 111.03 per share, central NOK 136.99 per share, high NOK 159.66 per share

- FY2020: low NOK 90.50 per share, central NOK 102.90 per share, high NOK 119.42 per share

- FY2021: low NOK 118.88 per share, central NOK 146.50 per share, high NOK 170.80 per share

- FY2022: low NOK 137.58 per share, central NOK 176.03 per share, high NOK 205.45 per share

- FY2023: low NOK 132.05 per share, central NOK 158.35 per share, high NOK 183.85 per share

- FY2024: low NOK 114.10 per share, central NOK 144.70 per share, high NOK 168.49 per share

- FY2025: low NOK 185.89 per share, central NOK 238.36 per share, high NOK 277.99 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:41:23.858Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations