Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
Mowi ASA is a leading Norwegian seafood company and the world's largest producer of Atlantic salmon, with operations spanning fish farming, processing, and distribution across multiple continents. Its primary focus is on sustainable aquaculture, primarily farming Atlantic salmon alongside trout, halibut, and whitefish, through an integrated value chain that encompasses broodstock production, feed manufacturing, seawater growth, harvesting, and value-added processing into products like fillets, smoked salmon, burgers, and ready meals. Mowi operates in key regions including Norway, Scotland, Canada, the Faroe Islands, Ireland, and Chile, with sales reaching over 70 countries and supported by processing plants and sales offices in Europe, the Americas, and Asia. Employing around 11,500 to 14,500 people globally, the company reported €5.51 billion in revenue for 2023, holding a 20-30% share of the global salmon and trout market. Renowned for its sustainability, Mowi has topped the Coller FAIRR Protein Producer Index for environmental, social, and governance performance for five consecutive years, emphasizing innovation in genetics, feed, and farming practices to meet growing demand for healthy, ocean-sourced protein.
€192.70
€2.50 (-1.28%)
Price from 4 days ago
11.19% operating margin is respectable but not wide. ROIC at 7.49%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue grew 6.6%, steady but not accelerating. Margins contracted 3.8pp, which offsets some of the top-line progress.
Net debt of €3.18B represents 6.4x FCF, leverage limits flexibility. Operating margin contracted 3.8pp YoY, cost discipline may be slipping.
11.0x earnings, 21.0x FCF. The multiple is below average. Either the market is pricing in deterioration you should investigate, or there's genuine value here.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
€5.88B
▲ +6.6% YoY
Net Income (TTM)
€841M
▲ +55.3% YoY
Op. Margin
13.77%
▼ -3.8pp YoY
ROIC
7.49%
▼ -1.9pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
€439M
▼ -4.8% YoY
Op. Cash Flow (TTM)
€888M
▲ +49.8% YoY
Net Debt
€3.18B
Cash & Equiv.
€278M
3Y CAGR: +5.0%
3Y CAGR: +16.9%
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