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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 5.4%, driven by SalMar declining 9.6%. In contrast, Arctic Fish Holding has gained 41%. Over the last year, the industry has been flat overall. Earnings are forecast to grow by 27% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 25 Mar 2026NOK 412.6bNOK 261.7bNOK 12.9b42.5x31.9x1.6x
Fri, 20 Feb 2026NOK 439.7bNOK 264.7bNOK 12.5b19.7x35.2x1.7x
Sun, 18 Jan 2026NOK 422.1bNOK 266.7bNOK 8.8b25.4x48.1x1.6x
Tue, 16 Dec 2025NOK 431.4bNOK 268.3bNOK 8.9b26.3x48.6x1.6x
Thu, 13 Nov 2025NOK 412.2bNOK 263.9bNOK 8.0b23.4x51.5x1.6x
Sat, 11 Oct 2025NOK 410.9bNOK 263.3bNOK 6.8b26x60x1.6x
Mon, 08 Sep 2025NOK 398.6bNOK 263.3bNOK 7.0b24.5x56.8x1.5x
Wed, 06 Aug 2025NOK 377.3bNOK 260.6bNOK 9.9b22.2x37.9x1.4x
Fri, 04 Jul 2025NOK 380.9bNOK 259.5bNOK 10.3b21.6x36.9x1.5x
Sun, 01 Jun 2025NOK 383.5bNOK 257.9bNOK 10.2b22.2x37.6x1.5x
Tue, 29 Apr 2025NOK 387.4bNOK 258.0bNOK 15.1b20.5x25.7x1.5x
Thu, 27 Mar 2025NOK 406.8bNOK 255.5bNOK 15.3b21.5x26.6x1.6x
Sat, 22 Feb 2025NOK 417.2bNOK 256.7bNOK 14.7b20.5x28.4x1.6x
Mon, 20 Jan 2025NOK 409.0bNOK 257.2bNOK 16.3b22.2x25.1x1.6x
Wed, 18 Dec 2024NOK 400.0bNOK 256.5bNOK 16.4b21.5x24.4x1.6x
Fri, 15 Nov 2024NOK 393.8bNOK 258.6bNOK 16.1b19.9x24.4x1.5x
Sun, 13 Oct 2024NOK 403.4bNOK 256.8bNOK 17.4b18.3x23.1x1.6x
Tue, 10 Sep 2024NOK 388.4bNOK 258.3bNOK 17.8b17.6x21.9x1.5x
Thu, 08 Aug 2024NOK 387.4bNOK 256.3bNOK 10.6b37x36.4x1.5x
Sat, 06 Jul 2024NOK 364.6bNOK 253.6bNOK 9.9b36x36.7x1.4x
Mon, 03 Jun 2024NOK 384.7bNOK 253.4bNOK 10.2b40.9x37.8x1.5x
Wed, 01 May 2024NOK 386.9bNOK 254.9bNOK 13.2b32.6x29.2x1.5x
Fri, 29 Mar 2024NOK 398.6bNOK 253.8bNOK 13.4b32.3x29.7x1.6x
Sun, 25 Feb 2024NOK 378.0bNOK 247.4bNOK 12.4b26.9x30.6x1.5x
Tue, 23 Jan 2024NOK 375.5bNOK 251.8bNOK 9.6b46.3x39.1x1.5x
Thu, 21 Dec 2023NOK 347.0bNOK 250.7bNOK 9.5b47.4x36.3x1.4x
Sat, 18 Nov 2023NOK 361.6bNOK 254.0bNOK 9.7b47.4x37.3x1.4x
Mon, 16 Oct 2023NOK 365.6bNOK 246.3bNOK 10.9b36.9x33.6x1.5x
Wed, 13 Sep 2023NOK 372.6bNOK 246.0bNOK 10.9b37.1x34.1x1.5x
Fri, 11 Aug 2023NOK 355.9bNOK 239.8bNOK 26.9b13.5x13.3x1.5x
Sun, 09 Jul 2023NOK 340.9bNOK 239.5bNOK 27.3b14.7x12.5x1.4x
Tue, 06 Jun 2023NOK 380.2bNOK 240.8bNOK 27.6b15.2x13.8x1.6x
Thu, 04 May 2023NOK 385.8bNOK 229.2bNOK 26.2b15.2x14.7x1.7x
Sat, 01 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 5.2% 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 26.5%, 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 27% 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 27% 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
AFISH Arctic Fish HoldingNOK 36.6040.8%
+NOK 477.1m		-47.7%PS1.6x
ANDF Andfjord Salmon GroupNOK 29.706.1%
+NOK 182.2m		-12.9%PS3601.3x
GIGA Gigante SalmonNOK 7.945.6%
+NOK 92.1m		-1.0%PS24.3x
NOAP Nordic Aqua PartnersNOK 79.002.6%
+NOK 42.4m		-7.1%PS11.6x
ISLAX Icelandic SalmonNOK 64.201.3%
+NOK 24.8m		-37.1%PS1.8x

Latest News

KING
NOK 2.98
Kingfish
7D
2.1%
1Y
-46.8%
SALM
NOK 538.50
SalMar
7D
-9.6%
1Y
1.8%

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 7.94
Gigante Salmon
7D
5.6%
1Y
-1.0%
ORK
NOK 117.40
Orkla
7D
-1.0%
1Y
4.7%
AFISH
NOK 36.60
Arctic Fish Holding
7D
40.8%
1Y
-47.7%
LSG
NOK 47.66
Lerøy Seafood Group
7D
-6.8%
1Y
-6.5%

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 211.60
Mowi
7D
-5.3%
1Y
1.9%

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
-8.2%
1Y
-17.8%

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 100.00
Austevoll Seafood
7D
-3.3%
1Y
-1.9%
ISLAX
NOK 64.20
Icelandic Salmon
7D
1.3%
1Y
-37.1%
ANDF
NOK 29.70
Andfjord Salmon Group
7D
6.1%
1Y
-12.9%
NOAP
NOK 79.00
Nordic Aqua Partners
7D
2.6%
1Y
-7.1%
MAS
NOK 22.60
Måsøval
7D
0.9%
1Y
-8.9%
GSF
NOK 70.10
Grieg Seafood
7D
-4.8%
1Y
29.7%
AKBM
NOK 102.20
Aker BioMarine
7D
-8.9%
1Y
68.9%