Headquartered in Bergen, Norway, and established in 1964, Mowi ASA operates as a prominent global seafood company. Its core business revolves around the end-to-end production and supply of farmed salmon. The company's operations are strategically divided into three key segments: Feed, Farming, and Sales and Marketing, covering everything from salmon feed manufacturing and primary aquaculture to sophisticated secondary seafood processing. Mowi offers a comprehensive array of salmon products, including whole gutted fish—often bearing premium distinctions like Label Rouge and organic certifications—as well as various cuts such as fillets, steaks, portions, and kebabs. Additionally, it provides an extensive selection of value-added items, ranging from breaded and marinated options to ready meals and smoked fish. Beyond its salmon focus, Mowi also supplies white fish and other seafood varieties. These products are distributed internationally under a wide portfolio of brand names, prominently featuring Mowi, Donegal Silver, Kritsen, and Ducktrap River, among others. The company officially rebranded as Mowi ASA in December 2018, having previously been known as Marine Harvest ASA.
When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.
+11.2% YoY
YoY Growth Rate
Steady revenue growth
-433.3% YoY
YoY Growth Rate
Earnings declining
€0/ year
0.0% of revenue
Below sector average (2%)
Research and development spending
Cash flow positive
€366M cash & investments
Quarterly Free Cash Flow
↑ Burn rate improving
Company generates more cash than it spends — no dilution risk from fundraising
Mowi ASA is a rare growth stock that's already generating positive cash flow while growing at 11%. The Winston Score doesn't fully credit this transition from "burner" to "earner."
The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.
The share count has stayed roughly flat over this period — little dilution or buyback activity.
Diluted shares outstanding: 517.1M (2021) → 520.2M (2025)
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ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.
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Earnings growing 25%+ a year. The compounder zone.
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FCF margin between 0% and 10%. Some cash from sales, but not a lot.
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Interest coverage between 3 and 8. Profits cover interest several times over.
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P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.
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Generous yield. Worth checking whether the payout is sustainable.
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