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.
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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.
Norcod AS is a leading aquaculture company specializing in the farming of cod, with operations centered in Norway. The primary focus of Norcod is to sustainably produce high-quality, farmed cod to meet the growing global demand for seafood. The company plays a pivotal role in the seafood industry by applying innovative solutions to enhance fish welfare, improving production efficiency, and ensuring minimum environmental impact. Norcod's operations support biodiversity by reducing pressure on wild fish stocks and aim to provide a reliable source of protein. The company impacts sectors such as food production, agriculture, and environmental sustainability while contributing to local and regional economies by creating jobs and supporting related industries. As part of the seafood production market, Norcod AS holds significant importance due to its approach towards sustainable aquaculture practices, positioning itself as a crucial player in the transition to more resilient food systems. Its emphasis on responsible farming is aligned with broader market trends favoring sustainable and ethical production methods.
NOK 0.90
+NOK 0.03 (+3.69%)
EOD Jul 1, 2026
The business is unprofitable at the operating level (-43.69% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue up 11.9% YoY with margins expanding 7.9pp.
Negative free cash flow of -NOK 226M. The business is consuming cash, not generating it.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
NOK 282M
▲ +11.9% YoY
Net Income (TTM)
-NOK 196M
▼ -0.1% YoY
Op. Margin
-60.50%
▲ +7.9pp YoY
ROIC
-29.12%
▲ +1.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-NOK 293M
▼ -12.2% YoY
Op. Cash Flow (TTM)
-NOK 228M
▲ +8.0% YoY
Net Debt
NOK 287M
Cash & Equiv.
NOK 9M
3Y CAGR: +37.6%
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Norcod AS (NCOD.XOSL)'s valuation is best read against its own history, its peers, and the growth its price implies. A high multiple is not the same as overvalued: fast-growing, high-quality businesses can deserve a premium. See the general approach in how to tell if a stock is overvalued.
On quality, Norcod AS scores 30/100 on Intrinsiqq's quality scorecard (a lower-quality business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. All figures are computed from SEC filings; read the full . This is analysis, not investment advice.
Norcod AS scores 30 out of 100 on Intrinsiqq's quality score, a weighted blend of 6 metrics each scored 0 to 100, which makes it a lower-quality business on these measures. Recent fundamentals include a -60.5% operating margin and a -29.1% return on invested capital. The score weighs revenue and free-cash-flow growth, operating margins, return on invested capital, share-count change, and balance-sheet strength, all computed from SEC filings, not opinion. Because valuation only means something relative to quality, the full metric-by-metric breakdown is on the quality scorecard.
That depends on valuation and quality together, not either alone. you should weigh NCOD.XOSL's valuation and scores 30/100 on quality (lower-quality). A cheap price is only a bargain if the business is durable, and a premium can be justified by genuine quality, so the two questions, "is it cheap?" and "is it good?", only make sense side by side. Read the valuation against the quality scorecard, run the DCF on your own assumptions, and decide for yourself. This is analysis from SEC filings, not investment advice.