olivLaw · European equity research
Mowi ASA MOWI.OL
Norway · Euronext Oslo Børs · ISIN NO0003054108 · Vertical: Listed companies from Norway
Mowi is the world's largest producer of farm-raised salmon, integrated along the whole chain from fish feed to consumer products. In fiscal 2025 it reported record operational revenues of EUR 5 729.1 million and harvest volumes of 558 870 tonnes, in a context of unusually high global supply that reduced realised prices.
At the close of 06 Nov 2026, Mowi ASA (MOWI.OL) stock was 218.00 NOK (−0.64% on the day), with beta 0.38, 52-week range 180.80–244.20 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)
- 62.8
- strong (55–70)
- Bollinger (20, 2)
- 203.84 – 224.16
- in the upper half of the band · %B 0.70 · band width 9.5%
- SMA 50 / 200
- 207.24 / 206.91
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 3.69 / 3.61
- MACD above 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 | +8.7% | −0.6% | +9.3 pp | — |
| 3 months | +9.3% | −4.2% | +13.4 pp | — |
| 6 months | +12.2% | +4.3% | +7.9 pp | — |
| Year to date | −10.4% | +7.5% | −17.9 pp | — |
| 1 year | −3.0% | +9.9% | −12.9 pp | −4.7% |
| 3 years | +24.2% | +49.8% | −25.6 pp | +12.7% |
| 5 years | −10.0% | +42.8% | −52.8 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
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 | 5.5 bn | 5.6 bn | 5.7 bn |
| Revenue YoY | unavailable | +1.6% | +2.2% |
| Net income | 444.4 m | 468.5 m | 717.9 m |
| Net income YoY | unavailable | +5.4% | +53.2% |
| Diluted EPS | 0.86 | 0.91 | 1.38 |
| Diluted EPS YoY | unavailable | +5.8% | +51.6% |
| net % | 8.1% | 8.4% | 12.6% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 278.0 m EUR
- Financial debt
- 2.9 bn EUR
- Net debt
- 2.7 bn EUR
- Equity
- 4.6 bn EUR
- Total assets
- 10.2 bn EUR
- Debt / equity
- 0.64x
- Current ratio
- 2.93x
- ROE
- 16.8%
- ROA
- 7.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 5.5 bn | 5.6 bn | 5.7 bn | esef· 21 Oct 2026verified |
| Depreciation & amortisation | 403.8 m | 447.8 m | 454.0 m | esef· 21 Oct 2026verified |
| Pre-tax income | 898.7 m | 631.7 m | 832.4 m | esef· 21 Oct 2026verified |
| Income tax | 459.2 m | 156.9 m | 125.8 m | esef· 21 Oct 2026verified |
| Net income | 444.4 m | 468.5 m | 717.9 m | esef· 21 Oct 2026verified |
| Diluted EPS | 0.86 | 0.91 | 1.38 | esef· 21 Oct 2026verified |
| Dividend per share | 0.63 | 0.57 | 0.57 | esef· 21 Oct 2026derived |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 288.4 m | 276.7 m | 278.0 m | esef· 21 Oct 2026verified |
| Inventories | 605.1 m | 587.3 m | 600.4 m | esef· 21 Oct 2026verified |
| Current assets | 4.0 bn | 4.1 bn | 4.3 bn | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 1.9 bn | 2.0 bn | 2.5 bn | esef· 21 Oct 2026verified |
| Goodwill | 368.1 m | 369.6 m | 632.9 m | esef· 21 Oct 2026verified |
| Total assets | 8.2 bn | 8.6 bn | 10.2 bn | esef· 21 Oct 2026verified |
| Short-term debt | 100.0 k | 200.0 m | 149.9 m | esef· 21 Oct 2026verified |
| Long-term debt | 2.1 bn | 2.0 bn | 2.8 bn | esef· 21 Oct 2026verified |
| Current liabilities | 1.3 bn | 1.4 bn | 1.5 bn | esef· 21 Oct 2026verified |
| Equity | 3.8 bn | 4.0 bn | 4.6 bn | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 516.7 m | 514.8 m | 520.2 m | esef· 21 Oct 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 992.2 m | 916.6 m | 870.9 m | esef· 21 Oct 2026verified |
| Investing cash flow | -413.6 m | -332.1 m | -804.6 m | esef· 21 Oct 2026verified |
| Financing cash flow | -458.2 m | -598.3 m | -62.0 m | esef· 21 Oct 2026verified |
| Dividends paid | 326.1 m | 293.5 m | 297.2 m | esef· 21 Oct 2026verified |
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: 2 of at least 6
- score weight coverage: 10.4% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
10% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 7.77 – 43.60 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E12.64 – 43.60 (Mid 27.27)19 companies used · median multiple 19.8x · quartiles 9.2x – 31.6xABG.OL, ABTEC.OL, AFG.OL, AKER.OL, AKSO.OL, AKVA.OL, APR.OL, ARR.OL, ATEA.OL, AUSS.OL, B2I.OL, BONHR.OL, BOR.OL, BOUV.OL, BRG.OL, CLOUD.OL, DELIA.OL, ELK.OL, ELMRA.OL
- Dividend discount (DDM)7.77 – 10.60 (Mid 8.97)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 12.6% | 76 (vs peers) | 60% |
| 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 | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.9x | 100 (on a fixed band) | 40% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| 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 sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial76/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 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
MOWI ASA (MOWI.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 5.7 bn EUR in 2025; YoY growth 2.2%; net margin 12.6%; ROE 17.5%.
The estimated value range is 10.20–27.10 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 12.6%
- Current ratio: 2.9x
What contradicts it
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, 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% |
| 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% |
| AGLX.OLAgilyx Asa | — | — | -182.4% | -12,189.3% | +20.3% | −40% / −41% |
1- and 3-year price returns: for MOWI.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
Scenarios are not available. input data missing
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
Mowi is the world's largest producer of farm-raised salmon, integrated along the whole chain from fish feed to consumer products. In fiscal 2025 it reported record operational revenues of EUR 5 729.1 million and harvest volumes of 558 870 tonnes, in a context of unusually high global supply that reduced realised prices.
SWOT
Strengths
- Position as the world's leading farm-raised salmon producer, with vertical integration from feed to consumer products.
- Falling realised farming costs and performance the company describes as the best among its operating regions.
- Return on capital above the long-term target and a solid financial position reported at year end 2025.
Weaknesses
- High dependence on the volatile salmon spot price, which directly affects revenues.
- Operational earnings fell in 2025 from the prior year on lower realised prices.
- Significant indebtedness, mostly at floating interest rates, which exposes the company to rising borrowing costs.
Opportunities
- Volume growth through higher smolt stocking and the postsmolt strategy, with an ambition to harvest above 650k GWT in 2029.
- Further cost savings from the Skretting/Nutreco partnership and from expanded feed production capacity.
- Long-term demand for salmon as a natural and sustainable product could open new sales channels.
Threats
- High global supply could keep pressure on prices if production grows faster than demand.
- Biological risks such as sea lice and disease that can affect harvests and costs.
- Environmental and licensing rules, along with trade tensions, that could restrict expansion.
Risks
- Spot price volatilityhigh
Revenues depend on the salmon spot price, which has historically been volatile; short-term contracts reduce but do not remove this exposure.
- Biological risks in farminghigh
Disease and sea lice can reduce harvested volumes and raise treatment costs, directly affecting results.
- Feed cost exposuremedium
Feed is the most important cost factor, and its prices depend on marine and agricultural commodity markets.
- Indebtedness and access to capitalmedium
The industry is capital-intensive and the company carries significant debt; changes in financing conditions could affect flexibility.
- Currency risklow
Many transactions occur in currencies other than the local one, and exchange rate moves can affect cash flows, although hedging strategies are in place.
Investment thesis
What would need to be true (bull case)
- Scale and vertical integration could let the company capture more value than peers when prices recover, and the planned volume growth for 2026 supports this view.
- If the feed cost reductions and the Skretting partnership deliver the announced savings, farming margins could remain competitive even at lower prices.
- Long-term demand for salmon as a sustainable protein could support market growth faster than supply, which would support revenues.
What would break the thesis
- If global supply stays high, realised prices could remain below earlier levels and operational EBIT could keep declining.
- Biological problems on farms could reduce harvests and raise costs, offsetting gains from operational efficiency.
- The level of debt and reliance on floating interest rates could limit financial flexibility during periods of low prices.
What to watch
- Delivery of the 605k GWT volume guidance and harvest outturn2026
- Development of realised prices on the spot market and under contractsQ1 2027
- Reported cost savings from the Skretting/Nutreco partnership2027
- Development of global salmon supply compared with the estimated growth of about 1% for 2026next 10-K
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
Mowi presents itself as the world's largest producer of farm-raised salmon, both by volume and revenue, and aims to become a world-leading integrated producer of seafood proteins. It capitalises on its integrated value chain, from feed to the consumer market. In fiscal 2025 operational EBIT was EUR 726.8 million, down from the prior year on lower achieved prices, partly offset by higher volumes and lower costs, according to the annual report.
Segments
Farming
Farming is the core of the business, with record harvests of 559k GWT in 2025 and volume guidance of 605k GWT for 2026. Realised Farming cost per kg was EUR 5.49, down 5% from 2024, and Mowi states it is the top performer in EBIT per kg in every region where it operates.
Feed
Mowi Feed supplies the company's own farms and reached all-time high volumes of 587 818 tonnes in 2025. A strategic partnership with Skretting/Nutreco, entered at year end 2025, has Mowi producing feed on Skretting's formulation, with at least EUR 55 million in annualised net cost savings expected.
Consumer Products
The value-added processing division recorded its highest ever produced volume and operational earnings of EUR 197.3 million in 2025, with ROCE of 24.9%. The Smart Factories concept is modernising plants in Europe, the US and Asia to reduce cost and increase value.
Market context
In 2025 global salmon supply rose 12%, against an average annual supply growth of 3% over the last decade, which reduced market prices. Demand remains solid, and industry supply growth is estimated at about 1% in 2026 and around 1-2% per year from 2027. The company views the supply and demand outlook as favourable over the medium term.
Realised prices depend heavily on the salmon spot price, which has historically been volatile. Mowi reduces its exposure through bilateral fixed-price contracts, which have normally covered between 20% and 50% of sold volume, with durations of three to twelve months.
Trends
- High global supplyheadwind
Unusually high supply growth pressed prices in 2025 and could keep limiting margins if production keeps rising faster than demand.
- Sustained demand for salmontailwind
Megatrends such as salmon being seen as a natural superfood and the most sustainably produced animal protein support long-term demand.
- Lower feed costsmixed
Feed is the largest cost input and its cost trended down through 2025; if that continues it could support farming margins.
- Consolidation and strategic dealsmixed
The Nova Sea acquisition and the Skretting/Nutreco partnership show a strategy of strengthening the value chain, with outcomes that depend on execution.
Competitive position
Farm-raised salmon is concentrated among a few large integrated producers, and Mowi differentiates itself through scale and vertical integration. Competition runs mainly on cost per kg, biological performance and access to production licences and new growing areas.
Differences in cost and yield between producers could shift competitive positions over the longer term. The available sources do not detail competitor positions, so direct comparisons would require further information from their own reports.
- Norwegian salmon groups (e.g. Lerøy, Salmar)
Integrated European producers active in farming, processing and distribution, competing with Mowi on cost and access to licences.
- Chilean salmon producers
Important competitors in the Americas, where Mowi also runs farming and its own feed operations.
- Scottish and Canadian salmon producers
Regional competitors operating in the same growing areas where Mowi is expanding volumes.
- Aquafeed manufacturers (e.g. Skretting/Nutreco)
Suppliers of feed technology that act both as competitors and as a strategic partner for Mowi.
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 / Mowi 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.