# SalMar ASA (SALM.OL)

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

Analysis as of: 2026-10-16T07:36:23.205Z. Financial observations: FY2003–FY2025.

Listing currency: NOK. Reporting currency: NOK.

## 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 551.00 per share; close as of 2026-10-15.

Estimated value: low NOK 247.39 per share, central NOK 281.15 per share, high NOK 326.11 per share. Buy at or below the central value NOK 281.15 per share. Valuation as of 2026-10-16T07:36:23.205Z; scenarios are not confidence intervals.

Expected annual return: 6.5% at the stated quote. About 6.5% 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: pass

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

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.30×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.34×

- FY2017: 0.26×

- FY2018: 0.38×

- FY2019: 0.25×

- FY2020: 0.22×

- FY2021: 0.23×

- FY2022: 0.18×

- FY2023: 0.30×

- FY2024: 0.20×

- FY2025: 0.11×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 16.2%

- ROIC, second-lowest year: 7.1%

- Typical minus recent gross margin: 2.8 pp

- Typical gross margin (annual median): 51.7%

- Recent gross margin (lower of latest and 3-year median): 48.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 9.9%

- ROIC including acquisitions, ten-year median: 9.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 28.5%

- FY2017: 26.7%

- FY2018: 33.9%

- FY2019: 20.1%

- FY2020: 14.4%

- FY2021: 15.0%

- FY2022: 7.1%

- FY2023: 17.4%

- FY2024: 11.7%

- FY2025: 6.6%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.86×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: NOK 11B

- Net income, five-year total: NOK 13B

- Return on incremental invested capital: 7.1%

- Working capital / revenue, annual change: 0.2 pp

- Working capital / revenue, change between three-year averages: 0.3 pp

- Working capital / revenue, final three-year average: 46.7%

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

- FY2021: 0.78×

- FY2022: 0.91×

- FY2023: 0.88×

- FY2024: 0.88×

- FY2025: 0.70×

### management: fail

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

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 28.5% vs 11.7%

- Per-share earnings: 20.25 to 22.47 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.4%

- Ordinary dilution, 5-year annual growth: 3.0%

- Market cap gain: NOK 52B

- Cumulative retained earnings: NOK -57M

- Diluted shares, 10-year annual growth: 1.4%

- Diluted shares, 5-year annual growth: 3.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 1.3%

- Per-share value change: NOK 2.22

- Per-share value, starting three-year median: NOK 20.25

- Per-share value, ending three-year median: NOK 22.47

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 0.0%

- Buyback history: 2 years

- Debt-funded buybacks: No

- Acquisition spending: NOK 23B

- Cumulative net income, 10 years: NOK 26B

- ROIC, first three-year median: 28.5%

- ROIC, last three-year median: 11.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: NOK 23.50

- FY2017: NOK 20.25

- FY2018: NOK 31.69

- FY2019: NOK 22.08

- FY2020: NOK 17.54

- FY2021: NOK 64.44

- FY2022: NOK 26.25

- FY2023: NOK 24.31

- FY2024: NOK 22.47

- FY2025: NOK 8.45

### accounting: pass

- Sloan accruals: -3.7%

- Receivables to sales index (DSRI): 0.75×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 2.1%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.95×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.48×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -0.7%

- FY2017: -8.5%

- FY2018: 5.2%

- FY2019: -3.0%

- FY2020: -5.5%

- FY2021: -1.0%

- FY2022: -1.5%

- FY2023: -11.4%

- FY2024: -4.4%

- FY2025: -3.7%

## Holders

## Price story

Down 29% since Apr 2022 · sales +3.7%

Story as of 2026-10-16T10:00:07.331Z; price observation 2026-10-15.

Price needs cash profits to grow 9.4% a year for ten years

- 2025-11-06: SalMar - Record high harvest volume and positive cost development ([finance.yahoo.com](https://finance.yahoo.com/news/salmar-record-high-harvest-volume-053000378.html))

- 2026-05-20: SalMar – Strong biological performance and increased volume guidance ([finance.yahoo.com](https://finance.yahoo.com/sectors/energy/articles/salmar-strong-biological-performance-increased-043000165.html))

### Sales · FY2024–2025

sales +3.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: NOK 9.0B 

- FY2017: NOK 11B 

- FY2018: NOK 11B 

- FY2019: NOK 12B 

- FY2020: NOK 13B 

- FY2021: NOK 15B 

- FY2022: NOK 20B 

- FY2023: NOK 28B 

- FY2024: NOK 26B 

- FY2025: NOK 27B 

### Gross margin · FY2025

gross margin 48.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 63.7% 

- FY2017: 44.5% 

- FY2018: 65.6% 

- FY2019: 49.3% 

- FY2020: 51.1% 

- FY2021: 56.8% 

- FY2022: 52.4% 

- FY2023: 59.1% 

- FY2024: 48.0% 

- FY2025: 48.9% 

## Owner memo

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

### How it makes money

Operates in farm products; annual sales are NOK 27.4 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:23.205Z); FY2025: revenue 27394000000; grossProfit 13397000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SALM.OL: SalMar ASA, an aquaculture company, produces and sells farmed salmon in Norway, Asia, Europe, North America, and internationally. The company operates through Fish Farming Central Norway, Fish Farming Northern Norway, Icelandic Salmon, Sales & Industry, and SalMar Aker Ocean segments. It also engages in the broodstock, marine-phase farming, harvesting, processing, and smolt production activities. In addition, the company offers fish fillets and related products. SalMar ASA was incorporated in 1991 and is headquartered in Kverva, Norway.

### Why customers stay

Margins ranged from 48% to 59.1% during 2023–25; it earns 16.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:23.205Z); FY2023: grossProfit / revenue = 59.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:23.205Z); FY2024: grossProfit / revenue = 48%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:23.205Z); FY2025: grossProfit / revenue = 48.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:23.205Z); 10-year return on capital observations [[2016,0.2851450143890454],[2017,0.26658750688211796],[2018,0.33885253240325836],[2019,0.2007086305849178],[2020,0.14359558119849564],[2021,0.1498394763693671],[2022,0.07110331076499174],[2023,0.1736968153704778],[2024,0.11710334186799559],[2025,0.06606593523364238]]; median 0.16176814586992244. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back NOK 50 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:23.205Z); FY2016: growth capex 510584248.48873854; upkeep 586239751.5112615; owner earnings 2408859248.4887385. Growth capex / owner earnings = 0.21196101383219756.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:23.205Z); FY2017: growth capex 522398000; upkeep 414686000; owner earnings 2273983000. Growth capex / owner earnings = 0.22972819058014066.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:23.205Z); FY2018: growth capex 189261917.05579746; upkeep 756735082.9442025; owner earnings 3299455917.0557976. Growth capex / owner earnings = 0.057361553484454944.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:23.205Z); FY2019: growth capex 374446108.17088604; upkeep 972951891.829114; owner earnings 2105968308.170886. Growth capex / owner earnings = 0.1778023471284365.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:23.205Z); FY2021: growth capex 1040580507.1877956; upkeep 1183637492.8122044; owner earnings 2042780307.1877956. Growth capex / owner earnings = 0.5093942327162515.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:23.205Z); FY2022: growth capex 1453839000; upkeep 1001053000; owner earnings 3026895600. Growth capex / owner earnings = 0.4803069521129173.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:23.205Z); FY2023: growth capex 895770000; upkeep 1452230000; owner earnings 2833657200. Growth capex / owner earnings = 0.31611798350202697.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:23.205Z); FY2024: growth capex 0; upkeep 1790000000; owner earnings 2615397359.0982285. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:23.205Z); FY2025: growth capex 0; upkeep 1950000000; owner earnings 772701516.5031222. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:23.205Z); Dividend observations: [[2016,1125903000],[2017,1365967000],[2018,2147176000],[2019,2592997000],[2020,1469874000],[2021,2261359000],[2022,2353953000],[2023,2747573000],[2024,4682000000],[2025,3024000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:23.205Z); FY2025: cash repurchases 50000000 NOK.

### Are managers owners

Insiders own 4.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SALM.OL SharesStats.PercentInsiders = 4.216 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 9.4% yearly over ten years; actual decline was 1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:23.205Z); Ten-year compound average after fade. Initial solved rate 0.12229139198017924. Price 551; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 6.540972074780755 → FY2025 5.913530505500807. Closing-price date 2026-10-15.

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

- 2016-10: NOK 268.20 per share

- 2016-11: NOK 267.00 per share

- 2016-12: NOK 258.10 per share

- 2017-01: NOK 233.30 per share

- 2017-02: NOK 211.90 per share

- 2017-03: NOK 185.20 per share

- 2017-04: NOK 203.70 per share

- 2017-05: NOK 228.70 per share

- 2017-06: NOK 207.10 per share

- 2017-07: NOK 204.50 per share

- 2017-08: NOK 225.00 per share

- 2017-09: NOK 225.00 per share

- 2017-10: NOK 243.70 per share

- 2017-11: NOK 243.70 per share

- 2017-12: NOK 246.80 per share

- 2018-01: NOK 209.60 per share

- 2018-02: NOK 282.00 per share

- 2018-03: NOK 321.20 per share

- 2018-04: NOK 375.00 per share

- 2018-05: NOK 357.00 per share

- 2018-06: NOK 341.80 per share

- 2018-07: NOK 416.20 per share

- 2018-08: NOK 404.20 per share

- 2018-09: NOK 406.20 per share

- 2018-10: NOK 445.00 per share

- 2018-11: NOK 484.60 per share

- 2018-12: NOK 428.00 per share

- 2019-01: NOK 441.00 per share

- 2019-02: NOK 410.20 per share

- 2019-03: NOK 413.80 per share

- 2019-04: NOK 392.00 per share

- 2019-05: NOK 400.00 per share

- 2019-06: NOK 370.90 per share

- 2019-07: NOK 409.50 per share

- 2019-08: NOK 432.60 per share

- 2019-09: NOK 399.00 per share

- 2019-10: NOK 428.50 per share

- 2019-11: NOK 439.00 per share

- 2019-12: NOK 449.30 per share

- 2020-01: NOK 451.70 per share

- 2020-02: NOK 420.60 per share

- 2020-03: NOK 347.40 per share

- 2020-04: NOK 400.00 per share

- 2020-05: NOK 437.20 per share

- 2020-06: NOK 459.10 per share

- 2020-07: NOK 431.60 per share

- 2020-08: NOK 473.50 per share

- 2020-09: NOK 529.00 per share

- 2020-10: NOK 482.50 per share

- 2020-11: NOK 487.50 per share

- 2020-12: NOK 503.60 per share

- 2021-01: NOK 517.00 per share

- 2021-02: NOK 570.40 per share

- 2021-03: NOK 590.00 per share

- 2021-04: NOK 577.80 per share

- 2021-05: NOK 614.20 per share

- 2021-06: NOK 571.20 per share

- 2021-07: NOK 586.20 per share

- 2021-08: NOK 582.80 per share

- 2021-09: NOK 581.60 per share

- 2021-10: NOK 643.00 per share

- 2021-11: NOK 573.80 per share

- 2021-12: NOK 608.00 per share

- 2022-01: NOK 603.80 per share

- 2022-02: NOK 649.20 per share

- 2022-03: NOK 698.40 per share

- 2022-04: NOK 773.00 per share

- 2022-05: NOK 696.00 per share

- 2022-06: NOK 692.50 per share

- 2022-07: NOK 689.50 per share

- 2022-08: NOK 659.50 per share

- 2022-09: NOK 367.20 per share

- 2022-10: NOK 352.20 per share

- 2022-11: NOK 345.20 per share

- 2022-12: NOK 384.80 per share

- 2023-01: NOK 462.40 per share

- 2023-02: NOK 432.00 per share

- 2023-03: NOK 455.80 per share

- 2023-04: NOK 472.50 per share

- 2023-05: NOK 489.00 per share

- 2023-06: NOK 432.90 per share

- 2023-07: NOK 468.30 per share

- 2023-08: NOK 520.00 per share

- 2023-09: NOK 543.40 per share

- 2023-10: NOK 528.80 per share

- 2023-11: NOK 592.80 per share

- 2023-12: NOK 569.20 per share

- 2024-01: NOK 584.80 per share

- 2024-02: NOK 673.40 per share

- 2024-03: NOK 715.40 per share

- 2024-04: NOK 701.50 per share

- 2024-05: NOK 638.50 per share

- 2024-06: NOK 562.00 per share

- 2024-07: NOK 628.00 per share

- 2024-08: NOK 551.00 per share

- 2024-09: NOK 553.50 per share

- 2024-10: NOK 558.00 per share

- 2024-11: NOK 574.00 per share

- 2024-12: NOK 540.50 per share

- 2025-01: NOK 599.50 per share

- 2025-02: NOK 557.00 per share

- 2025-03: NOK 504.00 per share

- 2025-04: NOK 512.50 per share

- 2025-05: NOK 455.00 per share

- 2025-06: NOK 436.80 per share

- 2025-07: NOK 420.00 per share

- 2025-08: NOK 514.50 per share

- 2025-09: NOK 533.00 per share

- 2025-10: NOK 569.50 per share

- 2025-11: NOK 591.00 per share

- 2025-12: NOK 617.50 per share

- 2026-01: NOK 573.00 per share

- 2026-02: NOK 569.00 per share

- 2026-03: NOK 565.00 per share

- 2026-04: NOK 559.00 per share

- 2026-05: NOK 574.50 per share

- 2026-06: NOK 463.20 per share

- 2026-07: NOK 515.50 per share

- 2026-08: NOK 569.00 per share

- 2026-09: NOK 572.00 per share

- 2026-10: NOK 554.00 per share

## Annual estimated value (NOK per share)

- FY2016: low NOK 120.96 per share, central NOK 172.69 per share, high NOK 202.81 per share

- FY2017: low NOK 275.34 per share, central NOK 393.34 per share, high NOK 462.04 per share

- FY2018: low NOK 289.54 per share, central NOK 413.61 per share, high NOK 485.86 per share

- FY2019: low NOK 312.20 per share, central NOK 445.99 per share, high NOK 523.90 per share

- FY2020: low NOK 324.14 per share, central NOK 455.99 per share, high NOK 535.27 per share

- FY2021: low NOK 878.58 per share, central NOK 1,250.00 per share, high NOK 1,466.28 per share

- FY2022: low NOK 326.19 per share, central NOK 465.98 per share, high NOK 547.37 per share

- FY2023: low NOK 346.17 per share, central NOK 430.50 per share, high NOK 502.10 per share

- FY2024: low NOK 274.25 per share, central NOK 391.77 per share, high NOK 460.21 per share

- FY2025: low NOK 232.68 per share, central NOK 264.54 per share, high NOK 306.95 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 2026-10-15T06:42:08.078Z 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.