2,066 companies ranked against comparable companies in four Morning company classes. Fiscal year 2023. Source: Brønnøysund Register Centre. Methodology
Ranking · 2023 · Morning class Large
The rank is the rank in the class. A class with fewer than ten companies is compared with the whole sector. Full ranking · Press mode
Biggest moves · Morning class Large
Climbers and fallers need at least two fiscal years with a score. Coming when next year's figures are fetched.
Top lists in the sector · 2023 · Morning class Large
The five largest companies account for 45% of the sector's revenue. Combined profit before tax for the 94 ranked companies: 34,120 MNOK.
Highest revenue
- MOWI MARKETS NORWAY AS 27,833 MNOK
- SALMAR ASsubsidiary of SALMAR ASA 25,403 MNOK
- MOWI ASA 21,848 MNOK
- SALMAR OPPDRETT AS 20,370 MNOK
- MOWI SEAWATER NORWAY AS 19,974 MNOK
Operating revenue.
Highest operating margin
- KVERVA FINANS ASsubsidiary of KVERVA AS 95.1%
- KVERVA INDUSTRIER AS 92.6%
- EMILSEN FISK AS 48.4%
- SALMAR SETTEFISK AS 47.7%
- HOLMØY HAVBRUK AS 44.3%
Operating result divided by operating revenue.
Largest profit
- SALMAR ASA 4,946 MNOK
- SALMAR FARMING AS 3,394 MNOK
- MOWI ASA 2,935 MNOK
- MOWI MARKETS NORWAY AS 1,730 MNOK
- MOWI SEAWATER NORWAY AS 1,720 MNOK
Profit before tax.
Largest loss
- LERØY NORWAY SEAFOODS AS −208 MNOK
- GRØNTVEDT PELAGIC AS −107 MNOK
- LERØY VEST SJØ AS −77 MNOK
- SEAFOOD FARMERS OF NORWAY ASsubsidiary of HOFSETH INTERNATIONAL AS −40 MNOK
- THE QRILL COMPANY AS −39 MNOK
Profit before tax, the largest negative.
Most solid
- LOFOTEN VIKING ASsubsidiary of NERGÅRD AS 82.6%
- AQUAGEN AS 80.6%
- GRATANGLAKS AS 77.9%
- EGIL KRISTOFFERSEN & SØNNER AS 76.6%
- AS MØRE CODFISH COMPsubsidiary of GUSTAV STOKKE HOLDING AS 75.9%
Equity ratio: equity divided by total assets.
Fastest growth
- BABORD SEAFOOD AS +41.9%
Revenue growth from the year before, only from at least NOK 10 million in revenue.
Largest revenue decline
No company meets the requirement this year.
Revenue decline from the year before, only from at least NOK 10 million in revenue.
Biggest climbers
Requires an index for two financial years.
Change in index points from the year before.
Biggest fallers
Requires an index for two financial years.
Change in index points from the year before.
Most employees
- MOWI ASA 2,913
- SALMAR ASsubsidiary of SALMAR ASA 1,379
- SALMAR FARMING AS 1,278
- PELAGIA ASsubsidiary of PELAGIA HOLDING AS 881
- LERØY NORWAY SEAFOODS AS 542
Employees according to the Central Coordinating Register.
Highest revenue per employee
- MOWI SEAWATER NORWAY AS 464.5 MNOK
- MÅSØVAL AS 360.9 MNOK
- NORDLAKS HAVBRUK AS 310.3 MNOK
- MOWI MARKETS NORWAY AS 122.1 MNOK
- THE QRILL COMPANY AS 48.2 MNOK
Only companies with at least 5 employees.
The lists cover ranked companies in the class: operating companies with at least NOK 1m in revenue, without holding companies and excluded ones. Size lists (revenue, profit, employees) count each group once. Source: Brønnøysund Register Centre. Amounts in other currencies are converted at Norges Bank's rates.
Positions in the sector · 2023 · Morning class Large
Each company is placed by profitability and solidity, measured as a place from 0 to 100 against the others in the same sector and Morning company class. The bubble shows revenue. Hover over or tap a bubble for the figures, filter by profile or search for a company.
Bubble size shows relative revenue, not exact figures.
Lion · LeaderHigh profitability, high solidity
Cheetah · SprinterHigh profitability, lower solidity
Elephant · StewardLower profitability, high solidity
Beaver · BuilderLower profitability, lower solidity
Show the positions as a list
Summary · fiscal year 2023 · Morning class Large
The sector's median operating margin is 10.9%. 1 of 98 companies have negative equity. The median equity ratio is 36.0%.
All figures are for fiscal year 2023. Ranked: 98 operating companies. Holding companies, excluded companies and companies without enough data are shown but not ranked. How to read the index
The total counts each group once: 4 subsidiaries (7,671 MNOK in revenue) are left out of totals and size lists because their parent in the sector has at least as much revenue, so their sales can run through the parent. They are ranked as usual. Methodology
- 4 companies report in another currency. Their revenue is converted at the mean rate for the accounting period and makes up 28% of the total.
Climbers and fallers · Morning class Large
Climbers need at least two fiscal years. They appear once next year's accounts are fetched or history is imported.
Awards · 2023 · Morning class Large
Needs attention · 2023 · Morning class Large
24 companies show at least one warning sign. Showing the 15 most important.
- criticalSALMAR OPPDRETT ASNegative equity
- watchGRØNTVEDT PELAGIC ASVery low equity ratio (4.1%) · Current ratio below 1 (0.82) · Loss before tax
- watchTHE QRILL COMPANY ASVery low equity ratio (7.8%) · Loss before tax
- watchNORWEGIAN FISHFARMING TECHNOLOGIES ASVery low equity ratio (0.8%) · Loss before tax
- watchSALMAR FARMING ASCurrent ratio below 1 (0.30)
- watchPELAGIA ASCurrent ratio below 1 (0.99)
- watchVIKENCO ASCurrent ratio below 1 (0.93)
- watchLERØY VEST ASCurrent ratio below 1 (0.99)
- watchLERØY VEST SJØ ASLoss before tax
- watchSJØTROLL HAVBRUK SJØ ASLoss before tax
- watchLERØY NORWAY SEAFOODS ASLoss before tax
- watchSEASHORE INDUSTRI ASLoss before tax
- watchJANGAARD EXPORT ASLoss before tax
- watchNORDLAND HAVFISKE ASCurrent ratio below 1 (0.29)
- watchPRIMA PROTEIN ASCurrent ratio below 1 (0.69)
Sector map · 2023 · Morning class Large
Profitability against solidity for the ranked companies. Size shows revenue. Coral triangle: negative equity. Click to open the company. Outliers are placed on the edge.
Show the map's figures as a table
| Company | Operating margin | Equity ratio | Revenue |
|---|---|---|---|
| GILDESKÅL FORSKNINGSSTASJON AS | 34.6% | 61.6% | 626 MNOK |
| AQUAGEN AS | 24.2% | 80.6% | 728 MNOK |
| EGIL KRISTOFFERSEN & SØNNER AS | 24.4% | 76.6% | 571 MNOK |
| LOFOTEN VIKING AS | 11.1% | 82.6% | 1,183 MNOK |
| KOBBEVIK OG FURUHOLMEN OPPDRETT AS | 31.1% | 50.1% | 791 MNOK |
| GRATANGLAKS AS | 17.7% | 77.9% | 521 MNOK |
| ELLINGSEN SEAFOOD AS | 38.1% | 60.1% | 1,121 MNOK |
| EMILSEN FISK AS | 48.4% | 66.9% | 517 MNOK |
| BOLAKS FJORDBRUK AS | 22.5% | 53.6% | 858 MNOK |
| HOFSETH SEA FARMING AS | 15.9% | 52.5% | 764 MNOK |
| KVERVA INDUSTRIER AS | 92.6% | 75.2% | 1,024 MNOK |
| KVERVA FINANS AS | 95.1% | 72.4% | 519 MNOK |
| LOVUNDLAKS SJØ AS | 31.9% | 58.4% | 978 MNOK |
| Kleiva Fiskefarm AS | 33.9% | 45.3% | 658 MNOK |
| GLOBAL FLORØ AS | 4.9% | 62.0% | 992 MNOK |
| AS MØRE CODFISH COMP | 3.1% | 75.9% | 883 MNOK |
| SELØY SJØFARM AS | 29.9% | 40.4% | 509 MNOK |
| SALAKS PRODUKSJON AS | 36.1% | 46.5% | 737 MNOK |
| NORDLAKS PRODUKTER AS | 12.1% | 74.1% | 688 MNOK |
| LOFOTEN SJØPRODUKTER AS | 30.9% | 43.1% | 684 MNOK |
| TROLAND LAKSEOPPDRETT AS | 6.4% | 65.4% | 507 MNOK |
| NOVA SEA HAVBRUK AS | 26.6% | 47.8% | 3,265 MNOK |
| SINKABERG DRIFT AS | 12.8% | 60.5% | 3,724 MNOK |
| GUSTAV STOKKE HOLDING AS | 5.8% | 72.0% | 523 MNOK |
| GRIEG SEAFOOD ROGALAND AS | 26.6% | 47.6% | 2,316 MNOK |
| HOLMØY HAVBRUK AS | 44.3% | 41.8% | 1,846 MNOK |
| TRIPLENINE VEDDE AS | 14.6% | 47.4% | 950 MNOK |
| LINGALAKS AS | 20.9% | 44.5% | 959 MNOK |
| STEINVIK FISKEFARM AS | 7.7% | 55.2% | 504 MNOK |
| ERKO SEAFOOD AS | 24.1% | 35.9% | 1,464 MNOK |
| FIRDA SJØFARMER AS | 21.0% | 30.8% | 1,551 MNOK |
| NILS SPERRE AS | 3.1% | 46.1% | 1,424 MNOK |
| HOFSETH AS | 5.4% | 57.1% | 1,826 MNOK |
| KARMSUND PROTEIN AS | 10.7% | 51.2% | 528 MNOK |
| NORDLAKS OPPDRETT AS | 7.0% | 48.4% | 2,437 MNOK |
| FLAKSTADVÅG LAKS AS | 34.9% | 27.0% | 728 MNOK |
| NORDLAKS HAVBRUK AS | 9.9% | 70.0% | 3,724 MNOK |
| FINNMARK HAVFISKE AS | 20.6% | 36.3% | 732 MNOK |
| BJØRØYA AS | 35.3% | 19.9% | 1,312 MNOK |
| PRESTFJORD AS | 10.0% | 40.7% | 876 MNOK |
| PRIMA PROTEIN AS | 19.7% | 38.8% | 970 MNOK |
| EIDE FJORDBRUK AS | 18.5% | 31.0% | 1,149 MNOK |
| NORDSJØ FJORDBRUK AS | 27.4% | 29.4% | 1,611 MNOK |
| LOFOTPRODUKT AS | 2.2% | 41.2% | 687 MNOK |
| OSLAND SEAFOOD AS | 4.0% | 37.5% | 522 MNOK |
| BRØDRENE SPERRE AS | 3.2% | 37.0% | 2,871 MNOK |
| SALMAR SETTEFISK AS | 47.7% | 17.4% | 1,524 MNOK |
| SINKABERG HAVBRUK AS | 25.6% | 19.0% | 899 MNOK |
| PELAGIA AS | 7.9% | 41.5% | 10,261 MNOK |
| SUFI AS | 7.0% | 34.6% | 560 MNOK |
| JANGAARD EXPORT AS | −1.0% | 48.9% | 1,096 MNOK |
| NORSK SJØMAT STRANDA AS | 7.2% | 29.6% | 1,637 MNOK |
| LERØY MIDT SJØ AS | 19.8% | 24.1% | 4,394 MNOK |
| MYRE FISKEMOTTAK AS | 1.4% | 35.1% | 1,233 MNOK |
| SEASHORE INDUSTRI AS | −2.8% | 55.3% | 1,354 MNOK |
| MÅSØVAL AS | 15.3% | 35.7% | 1,804 MNOK |
| NORDLAND HAVFISKE AS | 21.1% | 34.2% | 1,056 MNOK |
| BABORD SEAFOOD AS | −0.3% | 39.5% | 559 MNOK |
| SJØTROLL HAVBRUK AS | 10.6% | 39.1% | 2,360 MNOK |
| SOTRA FISKEINDUSTRI AS | 2.2% | 38.0% | 656 MNOK |
| NERGÅRD HAVFISKE AS | 21.2% | 30.9% | 864 MNOK |
| LERØY AURORA AS | 14.3% | 31.9% | 3,127 MNOK |
| SALMAR ASA | 18.8% | 33.7% | 837 MNOK |
| VIKOMAR AS | 1.1% | 39.2% | 976 MNOK |
| LERØY VEST AS | 10.7% | 36.0% | 2,541 MNOK |
| LERØY AURORA SJØ AS | 21.7% | 25.2% | 3,004 MNOK |
| MOWI ASA | 14.5% | 36.5% | 21,848 MNOK |
| VIKENCO AS | 3.9% | 29.1% | 4,890 MNOK |
| TOMBRE FISKEANLEGG AS | 11.7% | 8.6% | 668 MNOK |
| LERØY MIDT AS | 13.7% | 29.9% | 4,949 MNOK |
| SJØMATHUSET AS | 1.8% | 33.2% | 784 MNOK |
| SALMAR FARMING AS | 16.8% | 27.1% | 14,863 MNOK |
| MOWI MARKETS NORWAY AS | 5.4% | 22.9% | 27,833 MNOK |
| LERØY FOSSEN AS | 4.2% | 31.8% | 515 MNOK |
| SEASHORE SJØ AS | 12.5% | 16.8% | 1,958 MNOK |
| MOWI SEAWATER NORWAY AS | 15.3% | 22.3% | 19,974 MNOK |
| HOFSETH AALESUND AS | 6.1% | 28.9% | 1,743 MNOK |
| LERØY NORWAY SEAFOODS AS | −15.4% | 35.8% | 1,376 MNOK |
| SALMAR OPPDRETT AS | 14.0% | −8.1% | 20,370 MNOK |
| FJORDLAKS AS | 3.0% | 31.6% | 894 MNOK |
| BRØDRENE KARLSEN AS | 0.3% | 35.5% | 708 MNOK |
| DOMSTEIN SJØMAT AS | 1.7% | 26.0% | 892 MNOK |
| SALMAR AS | 4.6% | 16.2% | 25,403 MNOK |
| HOFSETH AQUA AS | 9.6% | 11.6% | 1,095 MNOK |
| ISFJORD NORWAY AS | 3.1% | 18.8% | 1,130 MNOK |
| THE QRILL COMPANY AS | 14.2% | 7.8% | 2,940 MNOK |
| FIRST SEAFOOD AS | 1.4% | 20.8% | 1,157 MNOK |
| KARLSØYBRUKET AS | 3.5% | 23.1% | 1,216 MNOK |
| FOSNAVAAG PELAGIC AS | 1.7% | 22.6% | 639 MNOK |
| TUFJORDBRUKET AS | 3.3% | 26.5% | 540 MNOK |
| POLARFEED AS | 3.8% | 5.5% | 551 MNOK |
| SEAFOOD FARMERS OF NORWAY AS | −2.3% | 31.6% | 871 MNOK |
| PURE NORWEGIAN SEAFOOD AS | 0.4% | 18.5% | 2,347 MNOK |
| LERØY VEST SJØ AS | −3.4% | 22.0% | 2,324 MNOK |
| Kvarøy Fiskeoppdrett A/S | 0.7% | 11.7% | 724 MNOK |
| SJØTROLL HAVBRUK SJØ AS | −1.6% | 21.5% | 1,762 MNOK |
| NORWEGIAN FISHFARMING TECHNOLOGIES AS | −1.6% | 0.8% | 583 MNOK |
| GRØNTVEDT PELAGIC AS | −3.3% | 4.1% | 1,167 MNOK |
Scenario analysis: the sector's weakest year
The sector's weakest year was 2022, with a median operating margin of −0.5%.
Based on the 10 fiscal years we have. The analysis grows as more years are fetched or imported.
| Fiscal year | Median operating margin | Median equity ratio |
|---|---|---|
| 2017 | – | – |
| 2018 | – | – |
| 2019 | – | – |
| 2020 | – | – |
| 2021 | – | – |
| 2022 · weakest year | −0.5% | 21.6% |
| 2023 | 12.3% | 33.8% |
| 2024 | 8.7% | 33.3% |
| 2025 | 12.4% | 34.0% |
| 2026 | 13.8% | 67.6% |
In 2022, 5 ranked companies did better than the sector, 4 about the same and 9 weaker.
Held up best in 2022
- 1ØYTIND ASequity ratio 92.5%53.2%
- 2BR. OLAFSEN KYSTFISKE ASequity ratio 35.9%44.9%
- 3L. FISKHOLMEN ASequity ratio 54.2%20.2%
- 4NORDKYN EIENDOM ASequity ratio 14.7%11.1%
- 5SKJÅNESBRUKET ASequity ratio 8.4%1.1%
Better than the sector: operating margin at or above the sector median and no loss or negative equity. Weaker: operating margin below the median and a loss or negative equity. Otherwise about the same as the sector. Methodology
Drivers in the sector
Interest rates, prices and exchange rates that shape the sector's year, next to the sector's median operating margin. The drivers are context and are not part of the index.
Export price of fresh salmon (kr per kg)
Export price of fresh salmon fell 13.4% in 2025; the sector's median operating margin rose 3.7 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Export price of fresh salmon, annual average | 59.2 | 80.8 | 95.2 | 94.4 | 81.8 | 78.8 (so far) |
| Change from the year before | +3.0% | +36.3% | +17.9% | −0.8% | −13.4% | −3.6% |
| Sector's median operating margin | – | −0.5% | 12.3% | 8.7% | 12.4% | 13.8% |
Source: SSB (03024, CC BY 4.0). Source · fetched 30 October 2026
EUR/NOK (kr)
EUR/NOK rose 0.8% in 2025; the sector's median operating margin rose 3.7 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| EUR/NOK, annual average | 10.16 | 10.10 | 11.42 | 11.62 | 11.72 | 11.09 (so far) |
| Change from the year before | −5.2% | −0.6% | +13.1% | +1.8% | +0.8% | −5.4% |
| Sector's median operating margin | – | −0.5% | 12.3% | 8.7% | 12.4% | 13.8% |
Source: Norges Bank (EXR, NLOD 2.0). Source · fetched 30 October 2026
When export price of fresh salmon fell in 2025, 1,280 of 2,142 ranked companies kept their operating margin at or above the year before. Among the largest: VIKENCO AS (6.3% → 7.0%), BRØDRENE SPERRE AS (4.6% → 5.1%), NORDLAKS OPPDRETT AS (6.7% → 7.2%), LERØY VEST SJØ AS (−6.3% → −4.9%), SINKABERG DRIFT AS (10.0% → 11.3%).
We show the drivers and the margin side by side and claim no cause. Sensitivity per company is not computed until we have at least 10 years of accounts per company: with three years such figures are false precision.
The sector in Norway (SSB)
The whole industry as Statistics Norway counts it: every enterprise, not only the limited companies we rank. Use these figures as background for the ranking above.
Enterprises, employment and turnover · 2024
- Enterprises
- 416
- −1.2% from 2023
- Persons employed · 2023
- 12,035
- Turnover · 2023
- NOK 108.6 bn
- Gross operating margin · 2023
- 5.7%
- Gross operating surplus divided by turnover
All enterprises, sole proprietorships included. SSB withholds some figures for confidentiality. The figure then shows the latest year with every value, and the year is given beside it. The table has no figures for 03.
Bankruptcies in the industry
27 enterprise bankruptcies in the last four quarters (2025K4–2026K3). Change −28.9% against the four quarters before (38).
Foreign-controlled enterprises · 2024
- Share of enterprises
- 2.7%
- Share of persons employed
- 10.6%
- Share of turnover
- 20.6%
SSB publishes this for groups of industries only. The figures are for the group “Nærings-, drikkevare- og tobakksindustri”.
Export price · Fersk oppalen laks
76.0 NOK per kg · 2026U43
−2.8% against 2025U43.
Weekly, 2024U43 to 2026U43.
Source: Statistics Norway (SSB), table 12910, table 10790, table 08085, table 03024. CC BY 4.0. Our industry codes (SN2025) are linked to SSB’s (SN2007) with SSB’s correspondence table in Klass.
Latest bankruptcies and liquidations
- HERMANN EXPORT AS 985025274 Voluntary liquidation · 31 October 2026
- SHELLFISH NORWAY AS 916743912 Voluntary liquidation · 31 October 2026 · 0 MNOK (2025)
- VIKAFISK AS 980824926 Voluntary liquidation · 30 October 2026 · 19 MNOK (2025)
- TEIS AS 824852472 Voluntary liquidation · 29 October 2026 · 1 MNOK (2025)
- KVALSUND FISK AS 999042767 Voluntary liquidation · 28 October 2026 · 0 MNOK (2025)
- NORDVIK FISKEOPPDRETT AS 983459730 Voluntary liquidation · 28 October 2026
- ANTONSEN KYSTFISKE AS 921559283 Voluntary liquidation · 23 October 2026 · 0 MNOK (2025)
- S.J. INVEST AS 989199668 Voluntary liquidation · 21 October 2026
Industry codes (NACE)
| Code | Description |
|---|---|
| 03* | Hele hovedgruppe 03 |
| 03.110 | Fiske og fangst i sjø |
| 03.120 | Fiske og fangst i ferskvann |
| 03.211 | Produksjon av fisk, bløtdyr, krepsdyr og pigghuder i sjø og brakkvann |
| 03.212 | Produksjon av yngel og settefisk i sjø og brakkvann |
| 03.221 | Produksjon av fisk, bløtdyr, krepsdyr og andre dyr som lever i ferskvann |
| 03.222 | Produksjon av yngel og settefisk i ferskvann |
| 03.300 | Tjenester tilknyttet fiske, fangst og akvakultur |
| 10.201 | Produksjon av saltfisk, tørrfisk og klippfisk |
| 10.202 | Slakting av fisk, skalldyr og bløtdyr |
| 10.203 | Frysing og videre bearbeiding av fisk, skalldyr og bløtdyr |