SALMAR ASA (SALM.OL) Stock Fundamental Analysis

Europe • Euronext Oslo • OSL:SALM • NO0010310956

582.5 NOK
-10.5 (-1.77%)
Last: Feb 10, 2026, 07:00 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Analyst Ratings Earnings Estimates Financials Ownership
Fundamental Rating

4

We assign a fundamental rating of 4 out of 10 to SALM. SALM was compared to 62 industry peers in the Food Products industry. There are concerns on the financial health of SALM while its profitability can be described as average. SALM is valied quite expensively at the moment, while it does show a decent growth rate.


Dividend Valuation Growth Profitability Health

5

1. Profitability

1.1 Basic Checks

  • In the past year SALM was profitable.
  • In the past year SALM had a positive cash flow from operations.
  • SALM had positive earnings in each of the past 5 years.
  • Each year in the past 5 years SALM had a positive operating cash flow.
SALM.OL Yearly Net Income VS EBIT VS OCF VS FCFSALM.OL Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 2B 4B 6B 8B

1.2 Ratios

  • With a Return On Assets value of 2.04%, SALM perfoms like the industry average, outperforming 41.94% of the companies in the same industry.
  • SALM has a Return On Equity (7.00%) which is comparable to the rest of the industry.
  • SALM's Return On Invested Capital of 2.74% is on the low side compared to the rest of the industry. SALM is outperformed by 67.74% of its industry peers.
  • The Average Return On Invested Capital over the past 3 years for SALM is in line with the industry average of 6.69%.
  • The 3 year average ROIC (7.18%) for SALM is well above the current ROIC(2.74%). The reason for the recent decline needs to be investigated.
Industry RankSector Rank
ROA 2.04%
ROE 7%
ROIC 2.74%
ROA(3y)5.59%
ROA(5y)7.01%
ROE(3y)16.59%
ROE(5y)17.93%
ROIC(3y)7.18%
ROIC(5y)7.81%
SALM.OL Yearly ROA, ROE, ROICSALM.OL Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 10 20 30

1.3 Margins

  • SALM's Profit Margin of 4.36% is in line compared to the rest of the industry. SALM outperforms 59.68% of its industry peers.
  • SALM's Profit Margin has declined in the last couple of years.
  • SALM has a better Operating Margin (8.93%) than 64.52% of its industry peers.
  • In the last couple of years the Operating Margin of SALM has declined.
  • SALM's Gross Margin of 46.22% is fine compared to the rest of the industry. SALM outperforms 69.35% of its industry peers.
  • In the last couple of years the Gross Margin of SALM has remained more or less at the same level.
Industry RankSector Rank
OM 8.93%
PM (TTM) 4.36%
GM 46.22%
OM growth 3Y-4%
OM growth 5Y-3.92%
PM growth 3Y-13.56%
PM growth 5Y-11.19%
GM growth 3Y0.57%
GM growth 5Y-0.26%
SALM.OL Yearly Profit, Operating, Gross MarginsSALM.OL Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 10 20 30 40 50

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ROAROEROICOperating and Profit MarginShow most profitable peers

3

2. Health

2.1 Basic Checks

  • The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so SALM is destroying value.
  • SALM has about the same amout of shares outstanding than it did 1 year ago.
  • SALM has more shares outstanding than it did 5 years ago.
  • SALM has a worse debt/assets ratio than last year.
SALM.OL Yearly Shares OutstandingSALM.OL Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 20M 40M 60M 80M 100M
SALM.OL Yearly Total Debt VS Total AssetsSALM.OL Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 20B 40B 60B

2.2 Solvency

  • An Altman-Z score of 2.12 indicates that SALM is not a great score, but indicates only limited risk for bankruptcy at the moment.
  • SALM has a Altman-Z score (2.12) which is comparable to the rest of the industry.
  • SALM has a debt to FCF ratio of 25.07. This is a negative value and a sign of low solvency as SALM would need 25.07 years to pay back of all of its debts.
  • SALM has a Debt to FCF ratio (25.07) which is in line with its industry peers.
  • SALM has a Debt/Equity ratio of 1.31. This is a high value indicating a heavy dependency on external financing.
  • SALM has a worse Debt to Equity ratio (1.31) than 80.65% of its industry peers.
Industry RankSector Rank
Debt/Equity 1.31
Debt/FCF 25.07
Altman-Z 2.12
ROIC/WACC0.36
WACC7.7%
SALM.OL Yearly LT Debt VS Equity VS FCFSALM.OL Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 5B 10B 15B

2.3 Liquidity

  • SALM has a Current Ratio of 2.18. This indicates that SALM is financially healthy and has no problem in meeting its short term obligations.
  • SALM has a Current ratio of 2.18. This is amongst the best in the industry. SALM outperforms 80.65% of its industry peers.
  • A Quick Ratio of 0.37 indicates that SALM may have some problems paying its short term obligations.
  • Looking at the Quick ratio, with a value of 0.37, SALM is doing worse than 85.48% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 2.18
Quick Ratio 0.37
SALM.OL Yearly Current Assets VS Current LiabilitesSALM.OL Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 5B 10B 15B 20B 25B

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

5

3. Growth

3.1 Past

  • The earnings per share for SALM have decreased strongly by -37.35% in the last year.
  • SALM shows a decrease in Earnings Per Share. Measured over the last years, the EPS has been decreasing by -0.01% yearly.
  • The Revenue has been growing slightly by 1.97% in the past year.
  • SALM shows quite a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 16.65% yearly.
EPS 1Y (TTM)-37.35%
EPS 3Y7.44%
EPS 5Y-0.01%
EPS Q2Q%-53.41%
Revenue 1Y (TTM)1.97%
Revenue growth 3Y20.66%
Revenue growth 5Y16.65%
Sales Q2Q%27.48%

3.2 Future

  • Based on estimates for the next years, SALM will show a very strong growth in Earnings Per Share. The EPS will grow by 25.69% on average per year.
  • SALM is expected to show quite a strong growth in Revenue. In the coming years, the Revenue will grow by 9.49% yearly.
EPS Next Y-39.19%
EPS Next 2Y28.52%
EPS Next 3Y25.69%
EPS Next 5YN/A
Revenue Next Year6.16%
Revenue Next 2Y11.84%
Revenue Next 3Y11.53%
Revenue Next 5Y9.49%

3.3 Evolution

  • The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
  • When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
SALM.OL Yearly Revenue VS EstimatesSALM.OL Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 10B 20B 30B 40B
SALM.OL Yearly EPS VS EstimatesSALM.OL Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 10 20 30 40

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2

4. Valuation

4.1 Price/Earnings Ratio

  • A Price/Earnings ratio of 45.09 indicates a quite expensive valuation of SALM.
  • Based on the Price/Earnings ratio, SALM is valued a bit more expensive than the industry average as 64.52% of the companies are valued more cheaply.
  • Compared to an average S&P500 Price/Earnings ratio of 28.03, SALM is valued quite expensively.
  • SALM is valuated correctly with a Price/Forward Earnings ratio of 15.81.
  • Compared to the rest of the industry, the Price/Forward Earnings ratio of SALM is on the same level as its industry peers.
  • SALM is valuated rather cheaply when we compare the Price/Forward Earnings ratio to 27.97, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 45.09
Fwd PE 15.81
SALM.OL Price Earnings VS Forward Price EarningsSALM.OL Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30 40

4.2 Price Multiples

  • 74.19% of the companies in the same industry are cheaper than SALM, based on the Enterprise Value to EBITDA ratio.
  • SALM's Price/Free Cash Flow is on the same level as the industry average.
Industry RankSector Rank
P/FCF 82.15
EV/EBITDA 23.88
SALM.OL Per share dataSALM.OL EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 50 100 150 200

4.3 Compensation for Growth

  • A more expensive valuation may be justified as SALM's earnings are expected to grow with 25.69% in the coming years.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y28.52%
EPS Next 3Y25.69%

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

6

5. Dividend

5.1 Amount

  • SALM has a Yearly Dividend Yield of 3.70%. Purely for dividend investing, there may be better candidates out there.
  • SALM's Dividend Yield is a higher than the industry average which is at 3.02.
  • Compared to an average S&P500 Dividend Yield of 1.80, SALM pays a better dividend.
Industry RankSector Rank
Dividend Yield 3.7%

5.2 History

  • The dividend of SALM is nicely growing with an annual growth rate of 8.89%!
Dividend Growth(5Y)8.89%
Div Incr Years0
Div Non Decr Years0

5.3 Sustainability

  • SALM pays out 429.58% of its income as dividend. This is not a sustainable payout ratio.
  • SALM's earnings are growing more than its dividend. This makes the dividend growth sustainable.
DP429.58%
EPS Next 2Y28.52%
EPS Next 3Y25.69%
SALM.OL Yearly Income VS Free CF VS DividendSALM.OL Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 2B 4B 6B
SALM.OL Dividend Payout.SALM.OL Dividend Payout, showing the Payout Ratio.SALM.OL Dividend Payout.PayoutRetained Earnings

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SALMAR ASA

OSL:SALM (2/10/2026, 7:00:00 PM)

582.5

-10.5 (-1.77%)

Chartmill FA Rating
GICS SectorConsumer Staples
GICS IndustryGroupFood, Beverage & Tobacco
GICS IndustryFood Products
Earnings (Last)11-06
Earnings (Next)02-10
Inst Owners77.58%
Inst Owner ChangeN/A
Ins Owners0.06%
Ins Owner ChangeN/A
Market Cap78.86B
Revenue(TTM)27.09B
Net Income(TTM)1.18B
Analysts75.29
Price Target616.17 (5.78%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 3.7%
Yearly Dividend35.51
Dividend Growth(5Y)8.89%
DP429.58%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)28.44%
Min EPS beat(2)-47.87%
Max EPS beat(2)104.75%
EPS beat(4)2
Avg EPS beat(4)7.54%
Min EPS beat(4)-47.87%
Max EPS beat(4)104.75%
EPS beat(8)2
Avg EPS beat(8)-8.08%
EPS beat(12)3
Avg EPS beat(12)-18.82%
EPS beat(16)3
Avg EPS beat(16)-20.24%
Revenue beat(2)1
Avg Revenue beat(2)-5.49%
Min Revenue beat(2)-11.12%
Max Revenue beat(2)0.15%
Revenue beat(4)2
Avg Revenue beat(4)-2.55%
Min Revenue beat(4)-11.12%
Max Revenue beat(4)0.87%
Revenue beat(8)3
Avg Revenue beat(8)-2.67%
Revenue beat(12)6
Avg Revenue beat(12)-0.38%
Revenue beat(16)8
Avg Revenue beat(16)-0.21%
PT rev (1m)-0.75%
PT rev (3m)4.21%
EPS NQ rev (1m)6.32%
EPS NQ rev (3m)6.67%
EPS NY rev (1m)-1.86%
EPS NY rev (3m)-4.97%
Revenue NQ rev (1m)-0.01%
Revenue NQ rev (3m)-4%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-3.36%
Valuation
Industry RankSector Rank
PE 45.09
Fwd PE 15.81
P/S 2.91
P/FCF 82.15
P/OCF 26.06
P/B 4.68
P/tB N/A
EV/EBITDA 23.88
EPS(TTM)12.92
EY2.22%
EPS(NY)36.85
Fwd EY6.33%
FCF(TTM)7.09
FCFY1.22%
OCF(TTM)22.35
OCFY3.84%
SpS200.12
BVpS124.5
TBVpS-41
PEG (NY)N/A
PEG (5Y)N/A
Graham Number190.24
Profitability
Industry RankSector Rank
ROA 2.04%
ROE 7%
ROCE 4.91%
ROIC 2.74%
ROICexc 2.79%
ROICexgc 5.19%
OM 8.93%
PM (TTM) 4.36%
GM 46.22%
FCFM 3.54%
ROA(3y)5.59%
ROA(5y)7.01%
ROE(3y)16.59%
ROE(5y)17.93%
ROIC(3y)7.18%
ROIC(5y)7.81%
ROICexc(3y)7.39%
ROICexc(5y)8.02%
ROICexgc(3y)13.13%
ROICexgc(5y)13.77%
ROCE(3y)12.87%
ROCE(5y)13.99%
ROICexgc growth 3Y-3.4%
ROICexgc growth 5Y-6.43%
ROICexc growth 3Y-7.07%
ROICexc growth 5Y-10.05%
OM growth 3Y-4%
OM growth 5Y-3.92%
PM growth 3Y-13.56%
PM growth 5Y-11.19%
GM growth 3Y0.57%
GM growth 5Y-0.26%
F-Score4
Asset Turnover0.47
Health
Industry RankSector Rank
Debt/Equity 1.31
Debt/FCF 25.07
Debt/EBITDA 5.08
Cap/Depr 107.83%
Cap/Sales 7.63%
Interest Coverage 1.67
Cash Conversion 69.79%
Profit Quality 81.36%
Current Ratio 2.18
Quick Ratio 0.37
Altman-Z 2.12
F-Score4
WACC7.7%
ROIC/WACC0.36
Cap/Depr(3y)181.78%
Cap/Depr(5y)256.7%
Cap/Sales(3y)10.1%
Cap/Sales(5y)14.83%
Profit Quality(3y)125.18%
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-37.35%
EPS 3Y7.44%
EPS 5Y-0.01%
EPS Q2Q%-53.41%
EPS Next Y-39.19%
EPS Next 2Y28.52%
EPS Next 3Y25.69%
EPS Next 5YN/A
Revenue 1Y (TTM)1.97%
Revenue growth 3Y20.66%
Revenue growth 5Y16.65%
Sales Q2Q%27.48%
Revenue Next Year6.16%
Revenue Next 2Y11.84%
Revenue Next 3Y11.53%
Revenue Next 5Y9.49%
EBIT growth 1Y-54.79%
EBIT growth 3Y15.83%
EBIT growth 5Y12.08%
EBIT Next Year7.3%
EBIT Next 3Y30.47%
EBIT Next 5YN/A
FCF growth 1Y-83.63%
FCF growth 3Y59.94%
FCF growth 5Y10.72%
OCF growth 1Y-60.06%
OCF growth 3Y22.76%
OCF growth 5Y12.18%

SALMAR ASA / SALM.OL FAQ

Can you provide the ChartMill fundamental rating for SALMAR ASA?

ChartMill assigns a fundamental rating of 4 / 10 to SALM.OL.


Can you provide the valuation status for SALMAR ASA?

ChartMill assigns a valuation rating of 2 / 10 to SALMAR ASA (SALM.OL). This can be considered as Overvalued.


Can you provide the profitability details for SALMAR ASA?

SALMAR ASA (SALM.OL) has a profitability rating of 5 / 10.


What is the earnings growth outlook for SALMAR ASA?

The Earnings per Share (EPS) of SALMAR ASA (SALM.OL) is expected to decline by -39.19% in the next year.


How sustainable is the dividend of SALMAR ASA (SALM.OL) stock?

The dividend rating of SALMAR ASA (SALM.OL) is 6 / 10 and the dividend payout ratio is 429.58%.