SALMAR ASA (SALM.OL) Fundamental Analysis & Valuation

OSL:SALM • NO0010310956

553 NOK
-14 (-2.47%)
Last: Mar 9, 2026, 01:11 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Forecast Earnings Financials Ownership

This SALM.OL fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

Fundamental Rating

4

Overall SALM gets a fundamental rating of 4 out of 10. We evaluated SALM against 64 industry peers in the Food Products industry. SALM has a medium profitability rating, but doesn't score so well on its financial health evaluation. SALM is not valued too expensively and it also shows a decent growth rate.


Dividend Valuation Growth Profitability Health

5

1. SALM.OL Profitability Analysis

1.1 Basic Checks

  • SALM had positive earnings in the past year.
  • In the past year SALM had a positive cash flow from operations.
  • In the past 5 years SALM has always been profitable.
  • SALM had a positive operating cash flow in each of the past 5 years.
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 2025 0 2B 4B 6B 8B

1.2 Ratios

  • SALM's Return On Assets of 1.91% is in line compared to the rest of the industry. SALM outperforms 42.19% of its industry peers.
  • The Return On Equity of SALM (6.23%) is comparable to the rest of the industry.
  • Looking at the Return On Invested Capital, with a value of 4.39%, SALM is in line with its industry, outperforming 43.75% of the companies in the same industry.
  • The Average Return On Invested Capital over the past 3 years for SALM is in line with the industry average of 7.07%.
Industry RankSector Rank
ROA 1.91%
ROE 6.23%
ROIC 4.39%
ROA(3y)4.46%
ROA(5y)5.6%
ROE(3y)12.96%
ROE(5y)15.15%
ROIC(3y)8.04%
ROIC(5y)8.36%
SALM.OL Yearly ROA, ROE, ROICSALM.OL Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10 20 30

1.3 Margins

  • The Profit Margin of SALM (4.03%) is comparable to the rest of the industry.
  • SALM's Profit Margin has declined in the last couple of years.
  • Looking at the Operating Margin, with a value of 11.15%, SALM is in the better half of the industry, outperforming 71.88% of the companies in the same industry.
  • In the last couple of years the Operating Margin of SALM has declined.
  • With an excellent Gross Margin value of 48.45%, SALM belongs to the best of the industry, outperforming 81.25% of the companies in the same industry.
  • SALM's Gross Margin has declined in the last couple of years.
Industry RankSector Rank
OM 11.15%
PM (TTM) 4.03%
GM 48.45%
OM growth 3Y-22.21%
OM growth 5Y-12.82%
PM growth 3Y-37.38%
PM growth 5Y-23.43%
GM growth 3Y-2.57%
GM growth 5Y-2.34%
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 2025 10 20 30 40 50

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3

2. SALM.OL Health Analysis

2.1 Basic Checks

  • SALM has a Return on Invested Capital (ROIC), which is just above the Cost of Capital (WACC), which means it is creating some value.
  • The number of shares outstanding for SALM has been increased compared to 1 year ago.
  • Compared to 5 years ago, SALM has more shares outstanding
  • The debt/assets ratio for SALM is higher compared to a year ago.
SALM.OL Yearly Shares OutstandingSALM.OL Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 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 2025 20B 40B 60B

2.2 Solvency

  • SALM has an Altman-Z score of 2.14. This is not the best score and indicates that SALM is in the grey zone with still only limited risk for bankruptcy at the moment.
  • SALM has a Altman-Z score (2.14) which is in line with its industry peers.
  • The Debt to FCF ratio of SALM is 18.56, which is on the high side as it means it would take SALM, 18.56 years of fcf income to pay off all of its debts.
  • SALM has a Debt to FCF ratio of 18.56. This is comparable to the rest of the industry: SALM outperforms 42.19% of its industry peers.
  • SALM has a Debt/Equity ratio of 1.14. This is a high value indicating a heavy dependency on external financing.
  • With a Debt to Equity ratio value of 1.14, SALM is not doing good in the industry: 78.13% of the companies in the same industry are doing better.
Industry RankSector Rank
Debt/Equity 1.14
Debt/FCF 18.56
Altman-Z 2.14
ROIC/WACC0.57
WACC7.73%
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 2025 0 5B 10B 15B 20B

2.3 Liquidity

  • A Current Ratio of 2.05 indicates that SALM has no problem at all paying its short term obligations.
  • With a decent Current ratio value of 2.05, SALM is doing good in the industry, outperforming 79.69% of the companies in the same industry.
  • SALM has a Quick Ratio of 2.05. This is a bad value and indicates that SALM is not financially healthy enough and could expect problems in meeting its short term obligations.
  • SALM's Quick ratio of 0.32 is on the low side compared to the rest of the industry. SALM is outperformed by 90.63% of its industry peers.
Industry RankSector Rank
Current Ratio 2.05
Quick Ratio 0.32
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 2025 5B 10B 15B 20B 25B

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

4

3. SALM.OL Growth Analysis

3.1 Past

  • The earnings per share for SALM have decreased strongly by -45.05% in the last year.
  • Measured over the past years, SALM shows a decrease in Earnings Per Share. The EPS has been decreasing by -8.46% on average per year.
  • The Revenue has been growing slightly by 3.66% in the past year.
  • The Revenue has been growing by 16.23% on average over the past years. This is quite good.
EPS 1Y (TTM)-45.05%
EPS 3Y-20.87%
EPS 5Y-8.46%
EPS Q2Q%-9.03%
Revenue 1Y (TTM)3.66%
Revenue growth 3Y10.76%
Revenue growth 5Y16.23%
Sales Q2Q%3.81%

3.2 Future

  • SALM is expected to show a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 57.34% yearly.
  • SALM is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 6.57% yearly.
EPS Next Y177.99%
EPS Next 2Y87.12%
EPS Next 3Y57.34%
EPS Next 5YN/A
Revenue Next Year13.52%
Revenue Next 2Y11.79%
Revenue Next 3Y10.39%
Revenue Next 5Y6.57%

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 2017 2019 2021 2023 2025 2027 2029 2031 2033 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 2028 10 20 30 40

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4

4. SALM.OL Valuation Analysis

4.1 Price/Earnings Ratio

  • SALM is valuated quite expensively with a Price/Earnings ratio of 45.11.
  • Based on the Price/Earnings ratio, SALM is valued a bit more expensive than 71.88% of the companies in the same industry.
  • SALM's Price/Earnings ratio indicates a rather expensive valuation when compared to the S&P500 average which is at 26.29.
  • SALM is valuated correctly with a Price/Forward Earnings ratio of 16.23.
  • The rest of the industry has a similar Price/Forward Earnings ratio as SALM.
  • Compared to an average S&P500 Price/Forward Earnings ratio of 24.60, SALM is valued a bit cheaper.
Industry RankSector Rank
PE 45.11
Fwd PE 16.23
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

  • SALM's Enterprise Value to EBITDA ratio is a bit more expensive when compared to the industry. SALM is more expensive than 70.31% of the companies in the same industry.
  • SALM's Price/Free Cash Flow is on the same level as the industry average.
Industry RankSector Rank
P/FCF 59.7
EV/EBITDA 19.85
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

  • The low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
  • SALM's earnings are expected to grow with 57.34% in the coming years. This may justify a more expensive valuation.
PEG (NY)0.25
PEG (5Y)N/A
EPS Next 2Y87.12%
EPS Next 3Y57.34%

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

4

5. SALM.OL Dividend Analysis

5.1 Amount

  • SALM has a Yearly Dividend Yield of 1.77%.
  • Compared to an average industry Dividend Yield of 2.43, SALM has a dividend in line with its industry peers.
  • Compared to an average S&P500 Dividend Yield of 1.82, SALM has a dividend comparable with the average S&P500 company.
Industry RankSector Rank
Dividend Yield 1.77%

5.2 History

  • The dividend of SALM is nicely growing with an annual growth rate of 11.36%!
Dividend Growth(5Y)11.36%
Div Incr Years0
Div Non Decr Years0

5.3 Sustainability

  • 273.67% of the earnings are spent on dividend by SALM. This is not a sustainable payout ratio.
  • SALM's earnings are growing more than its dividend. This makes the dividend growth sustainable.
DP273.67%
EPS Next 2Y87.12%
EPS Next 3Y57.34%
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 2025 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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SALM.OL Fundamentals: All Metrics, Ratios and Statistics

SALMAR ASA

OSL:SALM (3/9/2026, 1:11:56 PM)

553

-14 (-2.47%)

Chartmill FA Rating
GICS SectorConsumer Staples
GICS IndustryGroupFood, Beverage & Tobacco
GICS IndustryFood Products
Earnings (Last)02-10
Earnings (Next)05-20
Inst Owners76.01%
Inst Owner ChangeN/A
Ins Owners0.06%
Ins Owner ChangeN/A
Market Cap74.99B
Revenue(TTM)27.39B
Net Income(TTM)1.10B
Analysts75.79
Price Target627.86 (13.54%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 1.77%
Yearly Dividend22.63
Dividend Growth(5Y)11.36%
DP273.67%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-34.15%
Min EPS beat(2)-47.87%
Max EPS beat(2)-20.42%
EPS beat(4)0
Avg EPS beat(4)-34.64%
Min EPS beat(4)-47.87%
Max EPS beat(4)-20.42%
EPS beat(8)1
Avg EPS beat(8)-23.01%
EPS beat(12)2
Avg EPS beat(12)-30.53%
EPS beat(16)2
Avg EPS beat(16)-28.72%
Revenue beat(2)0
Avg Revenue beat(2)-11.27%
Min Revenue beat(2)-11.42%
Max Revenue beat(2)-11.12%
Revenue beat(4)1
Avg Revenue beat(4)-12.94%
Min Revenue beat(4)-30.08%
Max Revenue beat(4)0.87%
Revenue beat(8)2
Avg Revenue beat(8)-7.13%
Revenue beat(12)4
Avg Revenue beat(12)-4.54%
Revenue beat(16)7
Avg Revenue beat(16)-2.74%
PT rev (1m)1.9%
PT rev (3m)2.2%
EPS NQ rev (1m)-39.84%
EPS NQ rev (3m)-35.79%
EPS NY rev (1m)-7.51%
EPS NY rev (3m)-4.62%
Revenue NQ rev (1m)-11%
Revenue NQ rev (3m)-10.33%
Revenue NY rev (1m)-2.59%
Revenue NY rev (3m)-2.98%
Valuation
Industry RankSector Rank
PE 45.11
Fwd PE 16.23
P/S 2.74
P/FCF 59.7
P/OCF 23.5
P/B 4.23
P/tB N/A
EV/EBITDA 19.85
EPS(TTM)12.26
EY2.22%
EPS(NY)34.08
Fwd EY6.16%
FCF(TTM)9.26
FCFY1.67%
OCF(TTM)23.53
OCFY4.26%
SpS202.02
BVpS130.86
TBVpS-34.4
PEG (NY)0.25
PEG (5Y)N/A
Graham Number190
Profitability
Industry RankSector Rank
ROA 1.91%
ROE 6.23%
ROCE 6.26%
ROIC 4.39%
ROICexc 4.46%
ROICexgc 8.36%
OM 11.15%
PM (TTM) 4.03%
GM 48.45%
FCFM 4.58%
ROA(3y)4.46%
ROA(5y)5.6%
ROE(3y)12.96%
ROE(5y)15.15%
ROIC(3y)8.04%
ROIC(5y)8.36%
ROICexc(3y)8.16%
ROICexc(5y)8.61%
ROICexgc(3y)14.74%
ROICexgc(5y)15.03%
ROCE(3y)11.47%
ROCE(5y)11.93%
ROICexgc growth 3Y-14.99%
ROICexgc growth 5Y-15.69%
ROICexc growth 3Y-17.02%
ROICexc growth 5Y-17.63%
OM growth 3Y-22.21%
OM growth 5Y-12.82%
PM growth 3Y-37.38%
PM growth 5Y-23.43%
GM growth 3Y-2.57%
GM growth 5Y-2.34%
F-Score5
Asset Turnover0.47
Health
Industry RankSector Rank
Debt/Equity 1.14
Debt/FCF 18.56
Debt/EBITDA 4.05
Cap/Depr 99.03%
Cap/Sales 7.06%
Interest Coverage 2.15
Cash Conversion 63.71%
Profit Quality 113.67%
Current Ratio 2.05
Quick Ratio 0.32
Altman-Z 2.14
F-Score5
WACC7.73%
ROIC/WACC0.57
Cap/Depr(3y)135.93%
Cap/Depr(5y)184.02%
Cap/Sales(3y)8.39%
Cap/Sales(5y)10.43%
Profit Quality(3y)141.56%
Profit Quality(5y)103.07%
High Growth Momentum
Growth
EPS 1Y (TTM)-45.05%
EPS 3Y-20.87%
EPS 5Y-8.46%
EPS Q2Q%-9.03%
EPS Next Y177.99%
EPS Next 2Y87.12%
EPS Next 3Y57.34%
EPS Next 5YN/A
Revenue 1Y (TTM)3.66%
Revenue growth 3Y10.76%
Revenue growth 5Y16.23%
Sales Q2Q%3.81%
Revenue Next Year13.52%
Revenue Next 2Y11.79%
Revenue Next 3Y10.39%
Revenue Next 5Y6.57%
EBIT growth 1Y-41.7%
EBIT growth 3Y-13.83%
EBIT growth 5Y1.33%
EBIT Next Year164.34%
EBIT Next 3Y50.15%
EBIT Next 5YN/A
FCF growth 1Y-55.13%
FCF growth 3Y-16.23%
FCF growth 5YN/A
OCF growth 1Y-40.7%
OCF growth 3Y-11.42%
OCF growth 5Y0.08%

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 4 / 10 to SALMAR ASA (SALM.OL). This can be considered as Fairly Valued.


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 grow by 177.99% in the next year.


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

The dividend rating of SALMAR ASA (SALM.OL) is 4 / 10 and the dividend payout ratio is 273.67%.