SALMAR ASA (SALM.OL) Stock Fundamental Analysis

Europe • Euronext Oslo • OSL:SALM • NO0010310956

590.75 NOK
+10.75 (+1.85%)
Last: Feb 5, 2026, 04:19 PM
Fundamental Rating

4

Overall SALM gets a fundamental rating of 4 out of 10. We evaluated SALM against 67 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 quite expensive at the moment. It does show a decent growth rate.


Dividend Valuation Growth Profitability Health

5

1. Profitability

1.1 Basic Checks

  • SALM had positive earnings in the past year.
  • SALM had a positive operating cash flow in the past year.
  • 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 0 2B 4B 6B 8B

1.2 Ratios

  • With a Return On Assets value of 2.04%, SALM perfoms like the industry average, outperforming 40.30% of the companies in the same industry.
  • The Return On Equity of SALM (7.00%) is comparable to the rest of the industry.
  • Looking at the Return On Invested Capital, with a value of 2.74%, SALM is doing worse than 68.66% of the companies in the same industry.
  • SALM had an Average Return On Invested Capital over the past 3 years of 7.18%. This is in line with the industry average of 7.31%.
  • The last Return On Invested Capital (2.74%) for SALM is well below the 3 year average (7.18%), which needs to be investigated, but indicates that SALM had better years and this may not be a problem.
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 58.21% of its industry peers.
  • SALM's Profit Margin has declined in the last couple of years.
  • SALM's Operating Margin of 8.93% is fine compared to the rest of the industry. SALM outperforms 64.18% of its industry peers.
  • SALM's Operating Margin has declined in the last couple of years.
  • SALM has a Gross Margin of 46.22%. This is in the better half of the industry: SALM outperforms 71.64% 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

2

2. Health

2.1 Basic Checks

  • With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), SALM is destroying value.
  • The number of shares outstanding for SALM remains at a similar level 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 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 2.09 indicates that SALM is not a great score, but indicates only limited risk for bankruptcy at the moment.
  • The Altman-Z score of SALM (2.09) 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.
  • With a Debt to FCF ratio value of 25.07, SALM is not doing good in the industry: 61.19% of the companies in the same industry are doing better.
  • A Debt/Equity ratio of 1.31 is on the high side and indicates that SALM has dependencies on debt financing.
  • SALM has a worse Debt to Equity ratio (1.31) than 80.60% of its industry peers.
Industry RankSector Rank
Debt/Equity 1.31
Debt/FCF 25.07
Altman-Z 2.09
ROIC/WACC0.36
WACC7.69%
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

  • A Current Ratio of 2.18 indicates that SALM has no problem at all paying its short term obligations.
  • The Current ratio of SALM (2.18) is better than 79.10% of its industry peers.
  • A Quick Ratio of 0.37 indicates that SALM may have some problems paying its short term obligations.
  • SALM has a Quick ratio of 0.37. This is amonst the worse of the industry: SALM underperforms 85.07% of its industry peers.
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.
  • SALM shows a small growth in Revenue. In the last year, the Revenue has grown by 1.97%.
  • 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.
  • The Revenue is expected to grow by 9.49% on average over the next years. This is quite good.
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

  • When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
  • 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

  • Based on the Price/Earnings ratio of 45.72, the valuation of SALM can be described as expensive.
  • Compared to the rest of the industry, the Price/Earnings ratio of SALM indicates a slightly more expensive valuation: SALM is more expensive than 65.67% of the companies listed in the same industry.
  • The average S&P500 Price/Earnings ratio is at 28.25. SALM is valued rather expensively when compared to this.
  • With a Price/Forward Earnings ratio of 16.03, SALM is valued correctly.
  • The rest of the industry has a similar Price/Forward Earnings ratio as SALM.
  • The average S&P500 Price/Forward Earnings ratio is at 27.50. SALM is valued slightly cheaper when compared to this.
Industry RankSector Rank
PE 45.72
Fwd PE 16.03
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

  • Based on the Enterprise Value to EBITDA ratio, SALM is valued a bit more expensive than the industry average as 74.63% of the companies are valued more cheaply.
  • 61.19% of the companies in the same industry are cheaper than SALM, based on the Price/Free Cash Flow ratio.
Industry RankSector Rank
P/FCF 83.31
EV/EBITDA 23.48
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 3.84%.
  • SALM's Dividend Yield is a higher than the industry average which is at 2.76.
  • SALM's Dividend Yield is rather good when compared to the S&P500 average which is at 1.82.
Industry RankSector Rank
Dividend Yield 3.84%

5.2 History

  • On average, the dividend of SALM grows each year by 8.89%, which is quite nice.
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 (2/5/2026, 4:19:57 PM)

590.75

+10.75 (+1.85%)

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 Cap79.98B
Revenue(TTM)27.09B
Net Income(TTM)1.18B
Analysts75.29
Price Target620.81 (5.09%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 3.84%
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%
PT rev (3m)4.99%
EPS NQ rev (1m)6.11%
EPS NQ rev (3m)6.47%
EPS NY rev (1m)-1.86%
EPS NY rev (3m)-15.79%
Revenue NQ rev (1m)-0.89%
Revenue NQ rev (3m)-5.74%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-2.33%
Valuation
Industry RankSector Rank
PE 45.72
Fwd PE 16.03
P/S 2.95
P/FCF 83.31
P/OCF 26.43
P/B 4.74
P/tB N/A
EV/EBITDA 23.48
EPS(TTM)12.92
EY2.19%
EPS(NY)36.85
Fwd EY6.24%
FCF(TTM)7.09
FCFY1.2%
OCF(TTM)22.35
OCFY3.78%
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 2.09
F-Score4
WACC7.69%
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%.