SalMar ASA (SALM) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of SalMar ASA NOK 260, price NOK 560, upside -53.5%, quality 45 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range kr 261.85 – kr 634.53 · fair‑value band kr 161.37 – kr 362.94 · the kr 559.50 price screens above the kr 260.08 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 24, 2026.
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SalMar ASA, an aquaculture company, produces and sells farmed salmon in Norway, Asia, Europe, North America, and internationally. The company operates through Fish Farming Central Norway, Fish Farming Northern Norway, Icelandic Salmon, Sales & Industry, and SalMar Aker Ocean segments.
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SalMar ASA, an aquaculture company, produces and sells farmed salmon in Norway, Asia, Europe, North America, and internationally. The company operates through Fish Farming Central Norway, Fish Farming Northern Norway, Icelandic Salmon, Sales & Industry, and SalMar Aker Ocean segments. It also engages in the broodstock, marine-phase farming, harvesting, processing, and smolt production activities. In addition, the company offers fish fillets and related products. SalMar ASA was incorporated in 1991 and is headquartered in Kverva, Norway.
Stock analysis
SalMar ASA (SALM) currently trades at kr 559.50, while our model-based Fair Value estimate is kr 260.08, implying the stock looks roughly 115.1% overvalued today.
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Valuation
Bull case: the Dividend Discount group reads highest at a median of kr 337.43 per share, and 0 of the 26 models we run sit above the kr 559.50 price.
Bear case: the Growth DCF group reads lowest at kr 81.25, and 26 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: kr 161.37 (bear) to kr 362.94 (bull), the price of kr 559.50 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 45/100 (below-average quality), in the Consumer Defensive sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
SalMar ASA reported revenue of 27.4B NOK in FY2025 versus 15.0B NOK in FY2021, a compound +16.2%/yr. Reported net income was 1.1B NOK in FY2025, compounding −19.4%/yr from FY2021.
Key figures
Market cap 75.7B NOK (≈ $7.9B) · P/E ratio 36.9 · P/S ratio 1.49 · EPS (TTM) kr 15.16 · Dividend yield 1.8% · Net margin 4.0% · Return on equity 9.8% · Return on assets (EBIT) 9.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).
What moves the price
The share trades about 8% below its 52-week high and 24% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Consumer Defensive peers we cover trades at 43% fair-value upside, at −54%, SALM screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely (kr 24.15 to kr 422.46). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear kr 161.37Fair Value kr 260.08Bull kr 362.94
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (kr 3.79 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.85/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+3.7%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.8%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+16.2%
Start year 2020 (pandemic). Over 10 years: +14.1% a year
Revenue growth 22 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+19.3%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−16.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year−18.0%
Dividend (yield on the price)1.8%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−18% vs −3%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.22% → 12%
Start year 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+31.9%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+10.5%
Yearly sales growth analysts expect, extended to five years.
After inflation (Norway: IMF forecast 2.4% a year to 2030, 3.3% from 2016 to 2025) that is about +28.8% a year for the price and +7.9% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (79 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Neutral
Recent news coverage is roughly neutral, about typical for how stocks are covered.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Farm Products · 296 stocks
Beats the industry median on 5/14 measures
Overall it trails its industry peers.
Valuation
Quality Score45 · Below median
Fair Value upside−54% · Bottom 25%
Profitability
Return on equity (TTM)10% · Above median
Return on assets5% · Above median
Net margin (TTM)7% · Above median
Operating margin (TTM)9% · Above median
Growth and dividend
Revenue growth25% · Top 25%
Dividend yield (TTM)1.8% · Below median
Balance sheet
Debt / equity1.08× · Highest 25%
Valuation Multiplesvs Farm Products median · lower = cheaper
P/E (TTM)36.9× · Priciest 25%
P/B4.27× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
P/S (TTM)2.65× · Priciest 25%
P/FCF6.3× · Priciest 25%
EV/EBITDA16.1× · Priciest 25%
PEG1.30× · Pricier than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 26
FUTURE (revenue growth)100· sector 21
PAST (return on equity)39· sector 19
HEALTH (low debt)46· sector 94
DIVIDEND (yield)36· sector 47
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "SalMar ASA Fair Value". https://www.fairvalue-calculator.com/stock/SALM
Frequently asked questions
Is SalMar ASA (SALM) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of kr 260.08 versus a price of kr 559.50, about −54% upside (overvalued).
What is the fair value of SALM?
Our model-based fair value for SalMar ASA is kr 260.08 (as of Sep 24, 2026), built from audited fundamentals. The current price: kr 559.50.
What is the quality score of SALM?
SalMar ASA has a Quality Score of 45/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for SalMar ASA (SALM)?
Our model-based price target is the fair value of kr 260.08 (as of Sep 24, 2026) from 26 valuation models. Cautious scenario kr 161.37, optimistic scenario kr 362.94. It is a calculation from audited fundamentals, not an analyst target.
What is the SalMar ASA stock forecast for 2026?
Our models put fair value at kr 260.08, about −54% upside versus a price of kr 559.50 (overvalued). Cautious scenario kr 161.37, optimistic scenario kr 362.94. The calculation is refreshed regularly with new filings.
What is the revenue of SalMar ASA (SALM)?
SalMar ASA reported trailing-twelve-month revenue of about 28.6B NOK (latest available figure, as of Sep 24, 2026).
Does SalMar ASA pay a dividend?
SalMar ASA currently shows a dividend yield of about 1.79% relative to its recent price (as of Sep 24, 2026).
What growth is priced into SalMar ASA (SALM)?
For today's price to be fair in a discounted-cash-flow model, SalMar ASA would have to grow free cash flow by +31.9 % per year for five years (discount rate 8.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +16.2 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of SALM use?
Our models discount SalMar ASA at 8.6 %: a base by market capitalisation (mid), damped by beta 0.64, country premium for Norway. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For SalMar ASA that is +31.9 % per year a year over ten years, using the same discount rate (8.6 %) and the same formula as our fair value.
How much growth has SalMar ASA (SALM) delivered so far?
Over the past 5 years revenue at SalMar ASA grew +16.2 % a year. The price currently implies +31.9 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of SalMar ASA (SALM) growing?
The median revenue growth in the sector is +2.9 % a year. That is the yardstick for the growth priced into SalMar ASA (+31.9 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of SalMar ASA (SALM)?
The free-cash-flow yield on the price is 1.66 %: that much free cash flow SalMar ASA produces per unit of market value. When it exceeds the discount rate of our models (8.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of SalMar ASA (SALM)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For SalMar ASA it is kr 260.08 per share (as of Sep 24, 2026), against a price of kr 559.50. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is SalMar ASA stock overvalued or undervalued in 2026?
As of Sep 24, 2026, SALM trades above its calculated fair value: price kr 559.50, fair value kr 260.08, a gap of about −54% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of SALM?
No. The price is what the market pays today (kr 559.50); the fair value is what the company's own numbers justify (kr 260.08). For SalMar ASA the two are kr 299.42 per share apart. That gap is exactly why we show both numbers side by side.
How much is SalMar ASA worth?
The market values SalMar ASA at about 75.7B NOK (market capitalisation, as of Sep 24, 2026). Per share that is kr 559.50; our models calculate a fair value of kr 260.08 per share.
What do the bullish and bearish scenarios say about SALM?
Our models span a range for SalMar ASA: cautious scenario kr 161.37, base kr 260.08, optimistic kr 362.94 per share (as of Sep 24, 2026, price kr 559.50). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of SALM?
SalMar ASA trades at a price-to-earnings ratio of 36.9 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 260.08 is built from several models across several years. Other multiples: PEG 1.3, P/B 4.3, P/S 2.6, EV/EBITDA 16.1.
What is the PEG ratio of SALM?
The PEG ratio of SalMar ASA is 1.30 (P/E divided by earnings growth, as of Sep 24, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of SalMar ASA (SALM)?
Balance-sheet figures for SalMar ASA (as of Sep 24, 2026): return on equity 9.8%, debt of 1.08 per unit of equity. They feed the Quality Score of 45/100, which measures business quality independently of the share price.
How far is SALM from its 52-week high?
SalMar ASA trades at kr 559.50, about 8% below its 52-week high of kr 610.38 and 24% above the low of kr 452.40 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of kr 260.08 is for.
Which stocks are comparable to SalMar ASA?
From the same area (Consumer Defensive) we also value Archer-Daniels-Midland Company, Muyuan Foods Group, Bunge Global SA, Tyson Foods, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is SalMar ASA stock attractive at the current price?
The data as of Sep 24, 2026: price kr 559.50, calculated fair value kr 260.08 (−54%), Quality Score 45/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of SALM calculated?
We run SalMar ASA through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of kr 260.08, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.0 % above its aggregate fair value. SalMar ASA itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of SalMar ASA (SALM)?
The closing price on Sep 24, 2026 was kr 559.50. Our model-based fair value is kr 260.08, about −54% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with SalMar ASA right now?
The price sits above even our optimistic bull case (kr 362.94). The favourable scenario is already priced in. Solid but not exceptional quality (45/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (kr 161.37 to kr 362.94) leaves room in how you read the outcome.
Where does the earnings growth of SalMar ASA (SALM) come from?
Earnings per share at SalMar ASA grew +8.3 % a year from 2013 to 2024. Broken into its drivers: revenue per share +13.7 %, EBIT margin −0.5 %, tax rate −3.2 %, residual (interest, one-offs) −1.1 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of SalMar ASA
How large is the market capitalisation of SalMar ASA (SALM)?
The market capitalisation of SalMar ASA is 75.7B NOK (≈ $7.9B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of SalMar ASA (SALM)?
The price-to-sales ratio of SalMar ASA is 1.49 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of SalMar ASA (SALM)?
Earnings per share at SalMar ASA are kr 15.16 (price ÷ EPS = P/E 36.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of SalMar ASA (SALM)?
The dividend yield of SalMar ASA is 1.8% (payout 66.0%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of SalMar ASA (SALM)?
The net margin of SalMar ASA is 4.0% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of SalMar ASA (SALM)?
The return on equity (ROE) of SalMar ASA is 9.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of SalMar ASA (SALM)?
On an EBIT basis the return on assets of SalMar ASA is 9.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of SalMar ASA (SALM)?
The operating margin of SalMar ASA is 9.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at SalMar ASA (SALM)?
Revenue at SalMar ASA is growing +24.9% versus a year earlier (3y avg +10.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at SalMar ASA (SALM)?
Earnings per share at SalMar ASA are growing −6.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does SalMar ASA (SALM) carry?
The net debt of SalMar ASA is 20.8B NOK (fiscal year 2025, ≈ 16.6 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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