olivLaw · European equity research
Hofseth BioCare ASA HBC.OL
Norway · Euronext Oslo Børs · ISIN NO0010598683 · Vertical: Listed companies from Norway
Hofseth BioCare turns fresh salmon by-products into science-backed marine bioactive ingredients for human nutrition, pet health and pharmaceutical development. It is shifting toward higher-margin ingredients and expanding production capacity, while negative group equity makes financing a central issue.
At the close of 06 Nov 2026, Hofseth BioCare ASA (HBC.OL) stock was 1.10 NOK (+0.92% on the day), with market capitalisation 449.6 m NOK, beta 0.69, 52-week range 1.09–1.90 NOK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 29.0
- oversold (≤ 30)
- Bollinger (20, 2)
- 1.06 – 1.48
- in the lower half of the band · %B 0.09 · band width 33.0%
- SMA 50 / 200
- 1.32 / 1.34
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.06 / -0.04
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −18.5% | −0.6% | −17.9 pp | — |
| 3 months | −18.5% | −4.2% | −14.4 pp | — |
| 6 months | −16.0% | +4.3% | −20.4 pp | — |
| Year to date | −16.7% | +7.5% | −24.2 pp | — |
| 1 year | −42.0% | +9.9% | −51.9 pp | −4.7% |
| 3 years | −61.4% | +49.8% | −111.2 pp | +12.7% |
| 5 years | −85.1% | +42.8% | −128.0 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 190.8 m | 256.8 m | 254.4 m |
| Revenue YoY | unavailable | +34.6% | −0.9% |
| Net income | -106.7 m | -125.3 m | -134.9 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.27 | -0.30 | -0.33 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -55.9% | -48.8% | -53.0% |
| Free cash flow | -5.4 m | -13.8 m | -47.5 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 67.1 m NOK
- Financial debt
- 195.5 m NOK
- Net debt
- 128.5 m NOK
- Equity
- -75.5 m NOK
- Total assets
- 394.3 m NOK
- Debt / equity
- unavailable
- Current ratio
- 0.67x
- ROE
- unavailable
- ROA
- -36.8%
- FCF margin
- -18.7%
Financial statements (source on every figure)
Revenue and net income (NOK)
Margins
Income statement · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 190.8 m | 256.8 m | 254.4 m | esef· 21 Oct 2026verified |
| Cost of revenue | 150.7 m | 169.6 m | 161.0 m | esef· 21 Oct 2026verified |
| Gross profit | 40.1 m ≈ | 87.3 m ≈ | 93.5 m ≈ | esef· 21 Oct 2026derived |
| Operating income | -102.5 m | -105.1 m | -112.3 m | esef· 21 Oct 2026verified |
| Interest expense | 13.3 m | 21.7 m | 38.1 m | esef· 21 Oct 2026verified |
| Pre-tax income | -106.7 m | -125.3 m | -134.7 m | esef· 21 Oct 2026verified |
| Income tax | 0 | 0 | 176.0 k | esef· 21 Oct 2026verified |
| Net income | -106.7 m | -125.3 m | -134.9 m | esef· 21 Oct 2026verified |
| Diluted EPS | -0.27 | -0.30 | -0.33 | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 23.9 m | 25.6 m | 67.1 m | esef· 21 Oct 2026verified |
| Inventories | 82.5 m | 55.9 m | 59.8 m | esef· 21 Oct 2026verified |
| Current assets | 131.0 m | 112.1 m | 161.8 m | esef· 21 Oct 2026verified |
| Intangibles (excl. goodwill) | 55.3 m | 42.4 m | 36.5 m | esef· 21 Oct 2026verified |
| Total assets | 390.1 m | 339.4 m | 394.3 m | esef· 21 Oct 2026verified |
| Short-term debt | 28.9 m | 48.0 m | 56.5 m | esef· 21 Oct 2026verified |
| Long-term debt | 271.0 k | 25.1 m | 139.0 m | esef· 21 Oct 2026verified |
| Current liabilities | 251.9 m | 168.4 m | 241.2 m | esef· 21 Oct 2026verified |
| Total liabilities | 349.0 m | 280.1 m | 469.8 m | esef· 21 Oct 2026verified |
| Equity | 41.1 m | 59.4 m | -75.5 m | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 395.1 m | 417.7 m | 408.7 m | esef· 21 Oct 2026derived |
Cash flow · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 2.8 m | -11.4 m | -27.8 m | esef· 21 Oct 2026verified |
| Capex | 8.2 m | 2.4 m | 19.7 m | esef· 21 Oct 2026verified |
| Free cash flow | -5.4 m ≈ | -13.8 m ≈ | -47.5 m ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | -15.0 m | -4.1 m | -20.5 m | esef· 21 Oct 2026verified |
| Financing cash flow | 3.7 m | 17.2 m | 91.5 m | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 25.0% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 449.6 m NOK
Key indicators
Coverage and freshness
Score by group
25% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -53.0% | 18 (vs peers) | 25% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -2.9x | 0 (on a fixed band) | 25% |
| Current ratio · Balance sheet | 0.7x | 0 (on a fixed band) | 17% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -10.6% | 0 (on a fixed band) | 33% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet0/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial18/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
HOFSETH BIOCARE ASA (HBC.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 254.4 m NOK in 2025; YoY growth -0.9%; net margin -53.0%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Net margin: -53.0%
- Interest coverage: -2.9x
- Current ratio: 0.7x
- FCF yield: -10.6%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Norway · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AKER.OLAker Asa | 79.8 bn | 20.3 | 7.9% | 21.4% | +42.5% | +36% / +59% |
| AFG.OLAf Gruppen Asa | 21.5 bn | 19.8 | 39.7% | 3.4% | +4.4% | +8% / +69% |
| ELK.OLElkem Asa | 19.2 bn | 39.3 | 1.9% | 2.7% | −15.7% | +10% / +73% |
| ATEA.OLAtea Asa | 18.5 bn | 21.4 | 19.7% | 2.3% | +8.1% | +11% / +36% |
| AKSO.OLAker Solutions Asa | 17.4 bn | 6.8 | 22.5% | 4.1% | +19.2% | +18% / −12% |
| AUSS.OLAustevoll Seafood Asa | 16.6 bn | 37.1 | 1.6% | 1.1% | +11.1% | −7% / +10% |
| BRG.OLBorregaard Asa | 15.6 bn | 25.1 | 11.4% | 8.0% | +1.3% | −18% / −9% |
| BONHR.OLBonheur ASA | 11.2 bn | 7.8 | 17.1% | 11.4% | −10.8% | +17% / +44% |
| AFK.OLArendals Fossekompani Asa | 10.3 bn | — | -2.3% | -3.1% | −14.9% | +39% / +31% |
| B2I.OLB2 Impact Asa | 8.8 bn | 14.3 | 11.0% | 16.4% | +2.6% | +40% / +238% |
| AKVA.OLAkva Group Asa | 5.7 bn | 31.2 | 13.7% | 4.2% | +24.4% | +74% / +152% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| BOUV.OLBouvet Asa | 5.0 bn | 14.2 | 80.7% | 9.2% | −0.2% | −19% / −16% |
| CLOUD.OLCloudberry Clean Energy Asa | 4.0 bn | 61.9 | 1.3% | 13.1% | +34.0% | −5% / +29% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.6 bn | 10.7 | 34.9% | 16.8% | +12.4% | −13% / +20% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −18% / −11% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.4 bn | 10.5 | 30.1% | 16.1% | +32.3% | −53% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 108.9 | 2.9% | 8.6% | +7.9% | −8% / −48% |
| CAPSL.OLCapsol Technologies Asa | 884.6 m | — | -89.4% | -114.8% | −25.0% | −33% / −66% |
| BOR.OLBorgestad Asa | 553.2 m | 36.1 | 2.1% | 1.4% | −3.0% | −7% / +41% |
| HBC.OLHofseth Biocare Asa | 449.6 m | — | — | -53.0% | −0.9% | −31% / −60% |
| ARR.OLArribatec Group Asa | 234.6 m | 4.8 | 22.1% | 9.3% | +15.7% | −33% / −55% |
| DELIA.OLDellia Group Asa | 73.5 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.1 m | 0.1 | — | 7,297.7% | −87.2% | −82% / −97% |
1- and 3-year price returns: for HBC.OL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (NOK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Hofseth BioCare turns fresh salmon by-products into science-backed marine bioactive ingredients for human nutrition, pet health and pharmaceutical development. It is shifting toward higher-margin ingredients and expanding production capacity, while negative group equity makes financing a central issue.
SWOT
Strengths
- Validated production capacity and plant-level experience in processing salmon raw material.
- An ingredient portfolio backed by clinical studies and peer-reviewed publications supports its scientific positioning.
- Long-standing customer partnerships, including an industrial partner backing the expansion project.
Weaknesses
- Group equity is negative, which limits financial flexibility and creates dependence on additional financing.
- A significant part of revenue still depends on commodity markets with volatile margins.
- The transition to positive EBITDA has not yet been achieved, and profitability remains a challenge.
Opportunities
- Demand for peptides and bioactive ingredients could grow in Asia and the USA if trends persist.
- The Berkåk expansion could raise capacity and reduce dependence on a single site.
- Regulatory approvals could open new markets such as Australia and South Korea.
Threats
- Volatile salmon prices could again limit the raw material volumes available.
- Geopolitical uncertainty and global supply chain disruptions could affect sales.
- If additional financing is not secured, expansion projects could be delayed.
Risks
- Negative group equityhigh
Consolidated equity is negative, and financing depends on shareholder agreements and subordinated loans. If these do not hold, liquidity pressure could increase.
- Financial covenant compliancemedium
The parent company's long-term debt carries equity requirements, including subordinated loans. A breach could trigger lender measures.
- Raw material volatilityhigh
Salmon availability and prices can vary sharply, which can affect volumes and margins.
- Berkåk project executionmedium
The expansion requires permits, new processes and additional financing. Delays could postpone the expected benefits.
- Pharmaceutical development risklow
AecorBio's preclinical programs are uncertain and may not reach planned regulatory milestones.
Investment thesis
What would need to be true (bull case)
- If the shift toward higher-margin ingredients is confirmed, profitability could improve meaningfully without depending only on commodity markets.
- The Berkåk capacity expansion could support revenue growth in coming years if the project is completed as planned.
- The scientific base and long-standing customer partnerships could support a competitive position in the bioactive ingredients niche.
What would break the thesis
- Negative equity could force shareholders to provide additional financing, with dilution effects for existing holders.
- Dependence on volatile salmon prices could keep limiting volumes and margins, especially in the commodity segment.
- If development and expansion projects are delayed, the target of positive EBITDA could be postponed.
What to watch
- Evolution of equity and compliance with financial covenantsnext 10-K
- Construction progress and permits for the Berkåk expansion2026
- EBITDA margin and progress toward positive profitability2026
- IND status for AecorBio programs2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The company aims to reduce exposure to commodity markets, notably commodity salmon oil, and to focus on higher-value ingredients for human and pet health. Research and development, including clinical studies for CalGo and ProGo, is described as a central value driver 1.
A key project is the expansion at Berkåk, Norway, where construction of a second enzymatic hydrolysis facility has started. It is supported by a EUR 5 mn loan from Symrise and a NOK 60 mn bank facility 1, and management says it could triple current production capacity 1.
Segments
Consumer and pet health (B2C)
Revenues in this division were largely stable in 2025 while profitability improved meaningfully. The Brilliant brand extended its presence to more than 25 countries 1, and the company expects faster growth in the second half, particularly for softgel products 1.
Human nutrition B2B
Sales to industrial customers grew solidly in 2025, supported by demand in Europe, China and Southeast Asia. The CalGo ingredient gained traction with repeat customers, and a bone health study indicated a trend toward increased bone mass 1.
Pharmaceutical development (AecorBio)
This unit works on FTH1-modulating peptides with target applications in prostate cancer and restless leg syndrome. The company anticipates IND status in 2026 if preclinical data remain encouraging 1.
Market context
The market for bioactive marine ingredients is split between commodity products with volatile raw material prices and value-added health ingredients. Management points to solid demand for scientifically validated peptides and oils, particularly in Asia and the USA 1. Geopolitical adjustments and global supply chains remain sources of uncertainty.
Raw material quality and availability depend on salmon prices and supplier output. In early 2025 high salmon prices limited volumes, after which production ramped up sharply 1. The company therefore operates in a market sensitive to supply cycles.
Trends
- Demand for science-validated ingredientstailwind
Interest in marine peptides and oils with clinical evidence is growing in Asia and the USA. If demand holds, the company could benefit from a more favorable product mix.
- Raw material price pressureheadwind
High salmon prices reduced raw material volumes early in 2025. If such pressure returns, margins could be affected.
- Regulatory approvals for new marketsmixed
Regulatory approvals could open markets such as Australia and South Korea. The effect depends on timing and outcomes of the procedures.
- Expanded production capacitymixed
The Berkåk investment could raise capacity substantially, but it brings costs and additional financing needs while group equity is negative.
Competitive position
Hofseth BioCare competes with marine ingredient and specialty nutrition producers, especially in bioactive peptides. Its stated advantage is vertical integration from salmon raw material to clinically validated product. Competition in commodity segments such as salmon oil is more intense and more price-sensitive.
Differentiation depends on scientific evidence and partnerships with distributors and researchers. The sources do not provide a quantitative comparison with competitors, so the exact market position remains unclear.
- European marine and peptide ingredient producers
Competitors in bioactive marine ingredients and functional peptides, cited as a general reference.
- Fish oil and omega-3 ingredient producers
Active players in the commodity segment, where price pressure is higher.
- Specialty nutrition and supplement companies
Competition for B2B customers integrating functional ingredients into finished products.
- Biotechnology companies developing therapeutic peptides
Direct competition for the AecorBio unit in pharmaceutical development.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202521 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Hofseth BioCare ASA · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.