olivLaw · European equity research
Salmon Evolution ASA SALME.OL
Norway · Euronext Oslo Børs · ISIN NO0010892094 · Vertical: Listed companies from Norway
Salmon Evolution ASA is, according to its annual report, the world's largest land-based salmon farmer, using its own HFS technology with water reuse. The company is now on the verge of moving into phase 2 at Indre Harøy, which could change the scale of operations, while the estimated output of 7,900 tonnes reflects full run rate of phase 1.
At the close of 06 Nov 2026, Salmon Evolution ASA (SALME.OL) stock was 2.20 NOK (+5.26% on the day), with market capitalisation 1.0 bn NOK, beta 0.56, 52-week range 2.09–5.41 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)
- 22.1
- oversold (≤ 30)
- Bollinger (20, 2)
- 2.04 – 3.63
- in the lower half of the band · %B 0.10 · band width 55.9%
- SMA 50 / 200
- 3.15 / 4.11
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.29 / -0.21
- 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 | −29.8% | −0.6% | −29.2 pp | — |
| 3 months | −45.1% | −4.2% | −40.9 pp | — |
| 6 months | −52.3% | +4.3% | −56.7 pp | — |
| Year to date | −57.6% | +7.5% | −65.1 pp | — |
| 1 year | −56.9% | +9.9% | −66.9 pp | −5.7% |
| 3 years | −62.5% | +49.8% | −112.4 pp | +15.0% |
| 5 years | −72.2% | +42.8% | −115.0 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 | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | -145.8 m | -47.4 m | -171.6 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.37 | -0.11 | -0.37 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | -500.2 m | -315.3 m | -1.3 bn |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 163.4 m NOK
- Financial debt
- 1.9 bn NOK
- Net debt
- 1.7 bn NOK
- Equity
- 2.1 bn NOK
- Total assets
- 4.2 bn NOK
- Debt / equity
- 0.91x
- Current ratio
- 0.84x
- ROE
- -8.0%
- ROA
- -4.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (NOK)
Income statement · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating income | -110.5 m | -15.2 m | -143.3 m | esef· 21 Oct 2026verified |
| Interest expense | 49.6 m | 52.6 m | 32.6 m | esef· 21 Oct 2026verified |
| Pre-tax income | -145.8 m | -47.4 m | -171.6 m | esef· 21 Oct 2026verified |
| Income tax | 0 | 0 | 0 | esef· 21 Oct 2026verified |
| Net income | -145.8 m | -47.4 m | -171.6 m | esef· 21 Oct 2026verified |
| Diluted EPS | -0.37 | -0.11 | -0.37 | esef· 21 Oct 2026verified |
Balance sheet · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 386.4 m | 429.5 m | 163.4 m | esef· 21 Oct 2026verified |
| Inventories | 8.4 m | 12.9 m | 11.4 m | esef· 21 Oct 2026verified |
| Current assets | 633.1 m | 768.6 m | 479.3 m | esef· 21 Oct 2026verified |
| Total assets | 2.7 bn | 3.2 bn | 4.2 bn | esef· 21 Oct 2026verified |
| Short-term debt | 103.3 m | 158.5 m | 334.6 m | esef· 21 Oct 2026verified |
| Long-term debt | 570.0 m | 569.1 m | 1.5 bn | esef· 21 Oct 2026verified |
| Current liabilities | 202.0 m | 378.7 m | 574.0 m | esef· 21 Oct 2026verified |
| Total liabilities | 788.9 m | 961.1 m | 2.2 bn | esef· 21 Oct 2026verified |
| Equity | 1.9 bn | 2.2 bn | 2.1 bn | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 394.0 m | 431.0 m | 463.8 m | esef· 21 Oct 2026derived |
Cash flow · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -124.4 m | 43.3 m | -59.1 m | esef· 21 Oct 2026verified |
| Capex | 375.7 m | 358.6 m | 1.3 bn | esef· 21 Oct 2026verified |
| Free cash flow | -500.2 m ≈ | -315.3 m ≈ | -1.3 bn ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | -338.4 m | -342.6 m | -1.3 bn | esef· 21 Oct 2026verified |
| Financing cash flow | 570.5 m | 342.3 m | 1.0 bn | 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: 29.2% 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: 1.0 bn NOK
Key indicators
Coverage and freshness
Score by group
29% · 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: 29.2% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -3.8% | 9 (vs peers) | 36% |
| Net margin · Quality | unavailable | unavailable | — |
| 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 | -4.4x | 0 (on a fixed band) | 21% |
| Current ratio · Balance sheet | 0.8x | 3 (on a fixed band) | 14% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -129.3% | 0 (on a fixed band) | 29% |
| 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 sheet1/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial9/100 · 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
SALMON EVOLUTION ASA (SALME.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE -8.0%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 29.2% 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
- ROIC: -3.8%
- Interest coverage: -4.4x
- Current ratio: 0.8x
- FCF yield: -129.3%
Not assessed (insufficient data or a ratio without meaning): Net margin, 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 40 companies
Multiples and returns vs the median
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 SALME.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
Salmon Evolution ASA is, according to its annual report, the world's largest land-based salmon farmer, using its own HFS technology with water reuse. The company is now on the verge of moving into phase 2 at Indre Harøy, which could change the scale of operations, while the estimated output of 7,900 tonnes reflects full run rate of phase 1 1.
SWOT
Strengths
- The HFS technology reuses a large share of water and provides a controlled biological environment, supporting a favourable environmental and fish health profile 1.
- Vertical integration through in-house smolt production and a feed partnership with a major global producer gives control over critical inputs 1.
- The location in Norway allows use of hydropower and access to a well-developed salmon farming value chain 1.
Weaknesses
- The company reported a net loss for 2025, and reliance on debt and capital markets to fund growth could constrain investment capacity 1.
- The system is technologically complex, and operating or maintenance errors could affect biology and production at the facility 1.
- Price risk is only hedged to a very limited extent through fixed-price contracts, leaving the company exposed to salmon price volatility 1.
Opportunities
- Completing phase 2 could provide the scale needed for greater organic investment capacity in the years ahead 1.
- A shorter growth cycle could improve efficiency and licence utilisation if water conditions remain stable 1.
- Structural demand for Atlantic salmon and favourable Norwegian regulation could open expansion opportunities 1.
Threats
Risks
- Biological riskhigh
Biological risks are inherent in salmon farming, and a problem in one tank or in feeding could affect production, although the system isolates tanks from each other 1.
- Project execution riskhigh
Construction of phase 2 is complex and could face delays or cost overruns, while the contract structure seeks to limit this risk 1.
- Price riskhigh
Revenue is closely tied to salmon prices, which are seasonal and were weak in 2025, and hedging through fixed-price contracts is limited 1.
- Financing riskmedium
Growth plans are capital intensive, and the company may depend on equity issues or debt financing, which could affect funding conditions 1.
- Regulatory riskmedium
Changes in legislation for land-based aquaculture could directly affect existing facilities and growth opportunities 1.
Investment thesis
What would need to be true (bull case)
- If phase 2 enters operation as planned, combining it with phase 1 could provide the scale needed for significant growth in output and investment capacity 1.
- Structural demand for Atlantic salmon, combined with limited growth from traditional methods, could support prices over the longer term 1.
- Control over smolt, the partnership with a global feed supplier and a shorter growth cycle could improve margins if execution holds 1.
What would break the thesis
- The company reported a net loss for 2025, and weak salmon prices could prolong pressure on revenue before the scale of phase 2 materialises 1.
- The phase 2 project is complex, and delays or cost overruns could postpone expected benefits and increase the need for external funding 1.
- Reliance on debt and capital markets could limit the company's flexibility if market conditions deteriorate 1.
What to watch
- Commissioning of phase 2 at Indre Harøy and final project costs2026
- Development of salmon prices and hedging coverage for energy and feedQ1 2027
- Actual reduction of the harvest cycle from 16 to 11 months2027
- Development of the net loss and capacity to finance investmentsnext annual report
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
Salmon Evolution ASA's objective is investments and land-based salmon farming, both nationally and internationally, and investments in companies connected to the aquaculture industry 1. The main operation is the Indre Harøy facility in Hustadvika municipality, where the hybrid flow-through (HFS) technology reuses about 65% of the water, with the rest being filtered fresh seawater 1. The company also produces smolt at its own unit at Dale in Volda, giving operational control over a critical part of the value chain 1.
The company describes a strategy built on three priorities: operational excellence, execution of the phase 2 project, and maintaining a controlled biological environment for the fish. The system treats each tank as an isolated biological zone, which limits contamination between tanks and reduces escape risk 1.
The supply chain includes a strategic feed partnership with Cargill, under which Salmon Evolution is Cargill's global flagship customer for land-based full grow-out production, and Cargill also holds a stake in the company 1. Oxygen is supplied by Nippon Gases, and most electricity is hydropower, supporting the declared environmental profile 1.
Segments
Land-based salmon grow-out (phase 1, Indre Harøy)
Phase 1 at Indre Harøy is in full operation and targets an estimated harvest of approximately 7,900 tonnes HOG at full run rate 1. The harvest cycle could be shortened from about 16 to 11 months if stable temperature and water quality conditions are maintained, which could improve efficiency and utilisation of the licensed volume 1.
Phase 2 and smolt production
Phase 2 at Indre Harøy, with a total investment of approximately NOK 2.5 billion, is under construction and is expected to be taken into operation through 2026 1. The Dale smolt unit, producing since 1995 with a consistent freshwater supply, uses a similar HFS technology and reduces reliance on external suppliers 1.
Market context
The company notes that salmon prices were weak through 2025, but that structural demand for Atlantic salmon remains strong and growth from traditional sea-based farming is expected to remain muted in the years ahead 1. Norway put new regulation of land-based aquaculture into law in 2025, further underlining its attractiveness for investment in this segment 1.
Salmon prices are volatile with a clear seasonal pattern, and revenue and cash flow are closely tied to price movements, so market conditions could materially affect the company's results 1.
Trends
- Structural demand for Atlantic salmontailwind
Long-term demand for Atlantic salmon has grown steadily while growth from traditional methods remains limited, which could support prices in the years ahead 1.
- Land-based aquaculture regulation in Norwaymixed
The new 2025 regulation for land-based aquaculture makes Norway more attractive for investment, but also means adapting to legislative requirements that may evolve 1.
- Volatility of salmon pricesheadwind
Prices were weak in 2025 and are sensitive to sea temperature and biological challenges at net-pen farms, which could weigh on margins if weakness persists 1.
- Cost pressure from feed and energyheadwind
Feed and electricity prices are important cost drivers; the company has hedged part of its expected electricity needs for 2025-2027, but costs could rise if markets move unfavourably 1.
Competitive position
Salmon Evolution competes with Norwegian and other sea-based salmon farmers, which dominate global supply, as well as with other land-based operators seeking to replicate the HFS model 1. The company's stated advantages are scale, biological control and vertical integration through smolt production and the Cargill partnership 1.
Sea-based competitors could benefit from higher prices if their supply remains constrained, while land-based competitors depend on similar technology and on energy and water resources 1.
- Sea-based salmon farmers (Norway)
Traditional producers supplying most global salmon, with prices influenced by water temperature and biological challenges at farms, according to the company's report 1.
- Other land-based aquaculture operators
Companies developing recirculating or flow-through systems; they are not named in the source and their relative position cannot be assessed from this document.
- Cargill (partner, not a direct competitor)
Feed supplier and minority shareholder, acting as a strategic partner in developing feed tailored to the HFS system 1.
- Regional smolt and oxygen suppliers
External suppliers that could compete in the input segment; the company secured its own smolt at Dale but still depends on oxygen suppliers such as Nippon Gases 1.
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 / Salmon Evolution 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.