Rankings Food, drinks & restaurants Mowi
Mowi
69
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- Margin and ROIC−5
- Multiples vs own history−5
- Salmon price and macro−4
Strengths
- Cost control+2
- Harvest above guidance+1
- Dividend from FCF+1
How the score is built
From 100 to 69, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 221.40 NOK
- Median analyst target
- 235.91 NOK
- Upside to median
- +6.6%
- Analysts
- 13
- Target range
- 202.72 – 250.49 NOK
- 52-week change
- −1%
- P/E (trailing)
- 15.9
- Forward P/E
- 15.8
- PEG
- 0.93
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−10 of −30
- −5Margin and ROICOperating margin 12.2% TTM vs 21.2% (2022) and 17.8% (2023); ROIC 7.2% vs 15.2% in 2022 and only just above a WACC of 6.3%. The margin fell three years in a row before a small improvement in 2026.
- −2MoatSalmon is a commodity where the market sets the price. Mowi is the largest and has a feed business and Consumer Products, but is still a price taker: operational EBIT per kg swings with the spot price.
- −2Quality of growthRevenue barely moved from EUR 5.51bn (2023) to 5.72bn (2025); growth in 2026 is driven by harvest volume (Q2 +13% to 150,000 t), not higher earnings per kg. 2026 harvest guidance has been cut to 600,000 t after the sale of Canada East.
- −1Weak regionsOperational EBIT per kg in Q2: Chile only €0.35, Ireland −€0.15 and Iceland −€0.40, while Norway and Scotland earn €1.80–1.85. Several regions do not earn a return on capital.
Price
Today's multiples against the company's own history and its peers. · 1 finding−5 of −35
- −5Multiples vs own historyForward P/E 15.4 vs 10.9–13.0 in 2022–2025 (forward vs forward) and trailing P/E 14.9 vs 10.5–22.1 in 2021–2025. EV/EBITDA 8.1 is at the bottom of the 8.1–16.4 range, but EV includes EUR 3.4bn of net debt incl. leases. FCF yield 5.1% vs 3.8–7.1%. Overall no discount at a cyclical low.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 5 findings−15 of −35
- −4Salmon price and macroThe export price for fresh salmon was NOK 71.4/kg in week 38 of 2026 and fell to NOK 48–50/kg in summer 2025, the lowest in four years. Higher supply and a strong NOK could again squeeze price achievement.
- −4Resource rent tax and regulationSince 2023 Norwegian farming has paid resource rent tax (effectively 25%) on top of 22% corporate tax; with a NOK 70m basic deduction it effectively hits only the five largest, including Mowi. Norway accounted for 85,000 of 150,000 t in Q2, so over half the harvest is taxed harder, and the regime could be tightened politically.
- −3Competition law (EU cartel case)In January 2024 the European Commission sent a statement of objections to Mowi and five other Norwegian farmers over illegal exchange of price and volume data in 2011–2019. A fine of up to 10% of global revenue is possible; Mowi rejects the charges.
- −3DebtNet interest-bearing debt EUR 2.81bn excl. IFRS 16 after Q2. Total debt rose from EUR 2.68bn (2024) to 3.65bn, and net debt/EBITDA is 3.4x vs 1.8–2.3x in 2021–2024; interest cover 5.3x.
- −1BiologyAlgae and jellyfish attacks (Pseudochattonella) killed 43,601 salmon at Langavika near Stavanger in March 2026; the biological risk recurs across the industry.
Plus
Only documented strengths. · 3 findings+4 of +15
- +2Cost controlThe blended farming cost fell to €5.21/kg in Q2 from €5.39/kg a year earlier, and operational EBIT rose 23% to EUR 231m (margin 14.5% vs 13.5%).
- +1Harvest above guidanceA record harvest of 150,000 t in Q2 vs guidance of 140,000 t.
- +1Dividend from FCFDividend payments of EUR 312m (TTM) are covered by FCF of EUR 489m.
Caveats
What the score does not capture, or where the data is weak.
Accounts in EUR, price in NOK. Earnings follow the salmon price (cyclical), and forward estimates for 2026 are low due to low prices. The EU cartel case (statement of objections Jan. 2024) has not been decided according to our research. The full Q2 report and detailed price achievement have not been reviewed; only about 57% of the harvest is Norwegian and thus subject to the resource rent tax.
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