SalMar ASA

SALM.OL

Agricultural Farm Products · Consumer Defensive

Price

kr 526.50

+17.00 (+3.34%)

Market Cap

kr 71.36B

Exchange

Oslo Stock Exchange

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Exceptional

Stability

Mixed

Valuation

Good

Dividends

Good

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Share count rising — dilution

+15.8% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 115.9M (2021) → 134.2M (2025)

Winston Score History

The full picture

SalMar ASA is a Norwegian company that farms and sells Atlantic salmon. It raises fish in sea cages along the Norwegian coast, processes them, and sells fresh and frozen salmon to grocery stores, restaurants, and food distributors mostly across Europe, Asia, and North America. SalMar is one of the largest salmon farming companies in the world.

The company makes money by selling salmon by weight, so profits depend heavily on the market price of salmon, which changes constantly based on global supply and demand. SalMar operates mainly in Norway, with additional farming operations in Iceland and through its stake in NTS and Scottish Sea Farms. Its competitive edge comes from scale, low-cost Norwegian farming licenses, and proprietary technology like its offshore fish farming vessel, "Ocean Farm 1." The main risk the business faces is that salmon prices can drop sharply, squeezing margins even when the company is producing at full capacity.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+25.6% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+255.6% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

kr 0/ year

0.0% of revenue

Below sector average (2%)

Research and development spending

Insider Activity

49.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

kr 2.8B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

SalMar ASA grew revenue 26% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

22.3%

Thin — 22.3% gross margin

Profit after running costs

Operating Margin

24.6%

Excellent — 24.6% operating margin

Return on the money invested

ROCE

11.1%

Below par — 11.1% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+15.1%

Fast-growing sales (+15.1% YoY)

Profit growth

EPS YoY

+10.8%

Earnings growing (+10.8% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

286%

Turns 286% of profit into real cash

Spare cash per sale

FCF Margin

14.1%

Converts sales into free cash efficiently (14.1%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

1.12

Elevated debt (1.12)

Covers its interest

Interest Cover

3.05x

Tight — interest eats into profit (3.1x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

34.9x

Pricey — P/E 34.9

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+16.9

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (34.9 → 18.0)

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Dividends

Dividend

Dividend Yield

1.91%

Small dividend — 1.91% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+14.5%

Dividend growing fast (14.5% YoY)

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