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Norwegian (OSEAX) Food Industry Analysis

UpdatedMar 25, 2026
DataAggregated Company Financials
Companies25
  • 7D-4.9%
  • 3M-5.8%
  • 1Y-0.9%
  • YTD-7.2%

Over the last 7 days, the Food industry has dropped 4.9%, driven by a pullback from SalMar of 9.6%. In contrast, Arctic Fish Holding has gained 41%. As for the longer term, the industry's performance has been flat for the past year. Earnings are forecast to grow by 26% annually.

Industry Valuation and Performance

Has the Norwegian Food Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 26 Mar 2026NOK 412.6bNOK 261.7bNOK 12.9b42.5x31.9x1.6x
Sat, 21 Feb 2026NOK 447.6bNOK 264.3bNOK 12.5b20.1x35.9x1.7x
Mon, 19 Jan 2026NOK 422.1bNOK 266.7bNOK 8.8b25.4x48.1x1.6x
Wed, 17 Dec 2025NOK 432.3bNOK 268.5bNOK 8.9b26.3x48.7x1.6x
Fri, 14 Nov 2025NOK 409.0bNOK 264.4bNOK 8.0b23.3x51.1x1.5x
Sun, 12 Oct 2025NOK 410.9bNOK 263.3bNOK 6.8b26x60x1.6x
Tue, 09 Sep 2025NOK 400.7bNOK 263.1bNOK 7.0b24.7x57.4x1.5x
Thu, 07 Aug 2025NOK 377.0bNOK 260.7bNOK 10.0b22.1x37.8x1.4x
Sat, 05 Jul 2025NOK 379.5bNOK 259.7bNOK 10.3b21.4x36.8x1.5x
Mon, 02 Jun 2025NOK 383.5bNOK 257.9bNOK 10.2b22.2x37.6x1.5x
Wed, 30 Apr 2025NOK 391.2bNOK 258.0bNOK 15.0b20.8x26x1.5x
Fri, 28 Mar 2025NOK 404.8bNOK 255.3bNOK 15.3b21.2x26.5x1.6x
Sun, 23 Feb 2025NOK 417.1bNOK 257.0bNOK 14.7b20.4x28.4x1.6x
Tue, 21 Jan 2025NOK 408.6bNOK 257.2bNOK 16.3b22.1x25x1.6x
Thu, 19 Dec 2024NOK 397.9bNOK 257.2bNOK 16.3b21.2x24.4x1.5x
Sat, 16 Nov 2024NOK 398.3bNOK 258.2bNOK 16.1b20.3x24.7x1.5x
Mon, 14 Oct 2024NOK 403.4bNOK 256.8bNOK 17.4b18.3x23.1x1.6x
Wed, 11 Sep 2024NOK 385.5bNOK 258.1bNOK 17.8b17.2x21.7x1.5x
Fri, 09 Aug 2024NOK 389.4bNOK 256.5bNOK 10.6b36.3x36.6x1.5x
Sun, 07 Jul 2024NOK 364.6bNOK 253.6bNOK 9.9b36x36.7x1.4x
Tue, 04 Jun 2024NOK 386.8bNOK 253.6bNOK 10.2b40.1x38x1.5x
Thu, 02 May 2024NOK 386.9bNOK 254.8bNOK 13.2b32.6x29.3x1.5x
Sat, 30 Mar 2024NOK 398.6bNOK 254.0bNOK 13.4b32.3x29.7x1.6x
Mon, 26 Feb 2024NOK 378.0bNOK 247.4bNOK 12.4b26.9x30.6x1.5x
Wed, 24 Jan 2024NOK 373.7bNOK 251.5bNOK 9.6b46.4x39x1.5x
Fri, 22 Dec 2023NOK 347.0bNOK 250.8bNOK 9.6b47.4x36.3x1.4x
Sun, 19 Nov 2023NOK 361.7bNOK 253.9bNOK 9.7b47.4x37.4x1.4x
Tue, 17 Oct 2023NOK 364.9bNOK 246.7bNOK 10.9b36.7x33.4x1.5x
Thu, 14 Sep 2023NOK 374.1bNOK 246.2bNOK 10.9b37.3x34.2x1.5x
Sat, 12 Aug 2023NOK 357.8bNOK 240.9bNOK 27.0b13.4x13.3x1.5x
Mon, 10 Jul 2023NOK 340.9bNOK 239.5bNOK 27.3b14.7x12.5x1.4x
Wed, 07 Jun 2023NOK 374.0bNOK 241.0bNOK 27.6b15.1x13.6x1.6x
Fri, 05 May 2023NOK 381.3bNOK 228.7bNOK 26.1b15.1x14.6x1.7x
Sun, 02 Apr 2023NOK 372.8bNOK 225.3bNOK 25.2b18.7x14.8x1.7x
Price to Earnings Ratio

14.8x


Total Market Cap: NOK 372.8bTotal Earnings: NOK 25.2bTotal Revenue: NOK 225.3bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Food Industry Price to Earnings3Y Average 32.4x202420252026
Current Industry PE
  • Investors are relatively neutral on the Norwegian Food industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PE ratio of 32.4x.
  • The industry is trading close to its 3-year average PS ratio of 1.5x.
Past Earnings Growth
  • The earnings for companies in the Food industry have declined 20% per year over the last three years.
  • Meanwhile revenues for these companies have grown 5.1% per year.
  • This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Industry Trends

Which industries have driven the changes within the Norwegian Consumer Staples industry?

NO Market-0.33%
Consumer Staples-4.86%
Food-4.87%
Agricultural Products0%0
Packaged Foods and Meats-4.87%
Industry PE
  • Investors are most optimistic about the Packaged Foods and Meats industry, which is trading close to its 3-year average PE ratio of 32.4x.
    • Analysts are expecting annual earnings growth of 26.4%, which is higher than its past year's earnings decline of 21.2% per year.
  • Investors are most pessimistic about the Packaged Foods and Meats industry, which is trading close to its 3-year average of 32.4x.
Forecasted Growth
  • Analysts are most optimistic on the Packaged Foods and Meats industry, expecting annual earnings growth of 26% over the next 5 years.
  • This is better than its past earnings decline of 21% per year.
  • In contrast, the Packaged Foods and Meats industry is expected to see its earnings grow by 26% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
ORK OrklaNOK 118.600.6%
+NOK 687.2m		5.8%PE18.3x
AFISH Arctic Fish HoldingNOK 35.0024.1%
+NOK 306.0m		-46.2%PS1.6x
ANDF Andfjord Salmon GroupNOK 30.307.4%
+NOK 225.1m		-10.9%PS3674.1x
GIGA Gigante SalmonNOK 8.249.3%
+NOK 153.5m		4.3%PS25.2x
ISLAX Icelandic SalmonNOK 68.407.2%
+NOK 142.4m		-34.2%PS2x

Latest News

ORK
NOK 118.60
Orkla
7D
0.6%
1Y
5.8%

Heavy Reliance On Jotun And Rising Input Costs Will Pressure Margins And Earnings

Catalysts About Orkla Orkla is an industrial investment company focused on brands and consumer-oriented businesses across food, snacks, health, personal care and related categories, with additional exposure through associates such as Jotun. What are the underlying business or industry changes driving this perspective?
KING
NOK 2.96
Kingfish
7D
2.8%
1Y
-47.1%
SALM
NOK 545.50
SalMar
7D
-7.3%
1Y
2.7%

SALM: Stable Outlook Will Weigh Lower Margins Against Higher Future P E Multiple

Analysts are keeping their NOK 500 price target for SalMar unchanged, with updated assumptions reflecting a slightly higher discount rate, a lower projected profit margin and a higher future P/E multiple as they reassess the balance between growth expectations and profitability. What's in the News SalMar maintains its production guidance for 2026 at 296,000 tonnes across Norway, Ocean and Iceland, with Scottish Sea Farms adjusted to 43,000 tonnes on a 100% basis.
GIGA
NOK 8.24
Gigante Salmon
7D
9.3%
1Y
4.3%
AFISH
NOK 35.00
Arctic Fish Holding
7D
24.1%
1Y
-46.2%
LSG
NOK 48.02
Lerøy Seafood Group
7D
-4.9%
1Y
-5.0%

LSG: Future Returns Will Depend On Mixed Broker Views And P/E Assumptions

Analysts have nudged their price target for Lerøy Seafood Group up from NOK52.14 to NOK53.29. This reflects updated assumptions for slightly higher revenue growth, modestly stronger profit margins and a marginally lower future P/E, informed by mixed but constructive recent broker research.
MOWI
NOK 215.00
Mowi
7D
-3.7%
1Y
4.7%

MOWI: Cost Savings And Harvest Volumes Will Shape Returns Despite Softer Sentiment

Analysts have nudged their price target for Mowi slightly higher to around NOK 246, reflecting modest adjustments to fair value assumptions, even as recent Street research has turned more cautious on the shares. Analyst Commentary Bullish Takeaways Bullish analysts still see room for upside to their fair value estimates around NOK 246, suggesting they view the current share price as not fully reflecting Mowi's earnings power.
BAKKA
NOK 434.20
P/F Bakkafrost
7D
-8.0%
1Y
-16.9%

BAKKA: Future Cash Flows Will Reward Solid Execution And Supportive Research

Analysts have lifted their price target on P/F Bakkafrost to NOK 501.93, supported by an unchanged discount rate of 6.514% and only minimal tweaks to revenue growth, profit margin and future P/E assumptions. Analyst Commentary Recent research points to growing confidence around P/F Bakkafrost, with the higher price target built on only modest refinements to growth, margin and P/E assumptions rather than any sweeping change in the underlying model.
AUSS
NOK 100.80
Austevoll Seafood
7D
-2.5%
1Y
-1.7%
ISLAX
NOK 68.40
Icelandic Salmon
7D
7.2%
1Y
-34.2%
ANDF
NOK 30.30
Andfjord Salmon Group
7D
7.4%
1Y
-10.9%
SALME
NOK 4.83
Salmon Evolution
7D
1.2%
1Y
-25.1%
GSF
NOK 69.75
Grieg Seafood
7D
-5.0%
1Y
30.1%
AKBM
NOK 105.20
Aker BioMarine
7D
-3.3%
1Y
72.7%