Mowi ASA (MHGVY)
OTHER OTC:MHGVY
Top Page
Mowi ASA
(OTC:MHGVY)
Select Model
Select Model
Rating:67Neutral
Price Target:
$26.00
▲(17.59% Upside)
Action:DowngradedDate:02/18/26
The score is driven by a financially sound but cyclical profile (margin compression, higher leverage and softer cash conversion), balanced by constructive technical momentum and a positive earnings call featuring higher 2026 volume guidance and sizable cost-savings initiatives. Valuation is reasonable with a modest dividend yield.
Positive Factors
Volume Growth & Scale
Reiterated and growing farming guidance (605k t in 2026, organic target ≥650k t by 2029) points to durable volume-driven scale. Higher harvests spread fixed costs, boost raw supply to downstream units, and underpin long-term revenue stability and operational leverage across the value chain.
Negative Factors
Price Cyclicality / Industry Oversupply
The 2025 industry surge (12% supply growth) shows Mowi remains exposed to volatile commodity pricing. Price-driven margin compression can persist across cycles, undermining sustained profitability and cash flow predictability despite operational improvements and cost programs.
Read all positive and negative factors
Positive Factors
Negative Factors
Volume Growth & Scale
Reiterated and growing farming guidance (605k t in 2026, organic target ≥650k t by 2029) points to durable volume-driven scale. Higher harvests spread fixed costs, boost raw supply to downstream units, and underpin long-term revenue stability and operational leverage across the value chain.
Read all positive factors
Mowi ASA (MHGVY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$11.49B
Dividend Yield2.53%
Average Volume (3M)660.00
Price to Earnings (P/E)15.4
Beta (1Y)0.79
Revenue Growth3.89%
EPS Growth-4.73%
CountryUS
Employees11,473
SectorConsumer Defensive
Sector Strength42
IndustryAgricultural Farm Products
Share Statistics
EPS (TTM)0.31
Shares Outstanding527,290,600
10 Day Avg. Volume0
30 Day Avg. Volume660
Financial Highlights & Ratios
PEG Ratio0.33
Price to Book (P/B)2.44
Price to Sales (P/S)1.94
P/FCF Ratio21.54
Enterprise Value/Market Cap1.14
Enterprise Value/Revenue2.29
Enterprise Value/Gross Profit5.04
Enterprise Value/Ebitda9.02
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)1.69
Revenue Forecast (FY)$8.10B
Mowi ASA Business Overview & Revenue Model
Company Description
Mowi ASA, a seafood company, produces and supplies farmed salmon products worldwide. The company operates through three segments: Feed, Farming, and Sales and Marketing. It is involved in the salmon feed production, salmon farming and primary proc...
How the Company Makes Money
Mowi ASA generates revenue primarily through the sale of farmed Atlantic salmon, which is its core product. The company has multiple revenue streams including wholesale sales of whole fish, fillets, and processed products, as well as value-added i...
Mowi ASA Earnings Call Summary
Earnings Call Date:Feb 11, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 20, 2026
Earnings Call Sentiment Positive
Overall the call was constructive: the company reported strong operational metrics (record volumes, notable cost reductions, solid quarterly profit and record downstream and feed-year performance) and presented strategic actions (Skretting partnership, continued cost-savings program) that materially improve margins and cash generation prospects. Key negatives relate to 2025 price weakness caused by last year's industry oversupply, a notable regional loss in Canada, biological issues in some regions, and near-term cash absorption from CapEx, working capital and integration of Nova Sea. On balance, the positives — sustainable volume growth, significant cost reductions, a clear feed partnership yielding expected annual savings (EUR 55M) and strong balance sheet metrics — outweigh the lowlights.Positive Updates
Quarterly Operational Profit and Record Revenues
Q4 operational EBIT of EUR 213 million on record-high operating revenues of EUR 1.59 billion; demonstrates strong quarter-level profitability despite market headwinds.
Negative Updates
Soft Prices and Industry Oversupply in 2025
2025 was characterized by soft salmon prices driven by unprecedented industry supply growth of 12% last year; prices remained low through most of the year and only recovered toward year-end, pressuring margins across the value chain.
Read all updates
Q4-2025 Updates
Positive
Negative
Quarterly Operational Profit and Record Revenues
Q4 operational EBIT of EUR 213 million on record-high operating revenues of EUR 1.59 billion; demonstrates strong quarter-level profitability despite market headwinds.
Read all positive updates
Company Guidance
The company reaffirmed 2026 farming volume guidance of 605,000 tonnes (up 8.3% y/y and vs. 559,000 t in 2025) and an organic 2029 target of at least 650,000 tonnes, with Mowi Norway guided to 380,000 t in 2026 (short‑term ambition 400,000 t) and a low contract book (~15,000 t/quarter); Q4 harvests were 152,000 t and full‑year 2025 turnover was EUR 5.73bn with operational EBITDA EUR 949m and operational profit EUR 727m (Q4 operational EBIT EUR 213m), underlying EPS EUR 0.26 (Q4) / EUR 0.92 (FY) and ROCE 15.5% (Q4) / 13.3% (FY). Cost guidance includes realized production costs of EUR 5.36/kg in Q4 (down 5.8% y/y), EUR 176m P&L cost improvement in 2025, a feed partnership saving at least EUR 55m p.a., an identified EUR 300–400m cost potential to 2029 (EUR 30m annualized target for 2026), and CapEx/working capital/interest/tax guidance of ~EUR 400m / EUR 200m / EUR 210m / EUR 190m; closing NIBD EUR 2.65bn and new long‑term target EUR 2.70bn, equity ratio ~45%, and an announced Q4 dividend of NOK 1.50/share.Mowi ASA Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
58
Neutral
Cash Flow
61
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 5.49B | 5.60B | 5.51B | 4.91B | 4.17B |
| Gross Profit | 2.80B | 2.80B | 2.53B | 2.67B | 2.09B |
| EBITDA | 1.01B | 1.22B | 1.42B | 1.44B | 1.03B |
| Net Income | 689.66M | 468.50M | 444.40M | 782.40M | 487.60M |
Balance Sheet | |||||
| Total Assets | 10.23B | 8.55B | 8.24B | 7.53B | 6.26B |
| Cash, Cash Equivalents and Short-Term Investments | 289.30M | 276.70M | 292.10M | 176.90M | 103.10M |
| Total Debt | 3.46B | 2.68B | 2.57B | 2.40B | 1.88B |
| Total Liabilities | 5.66B | 4.55B | 4.48B | 3.84B | 3.13B |
| Stockholders Equity | 4.37B | 3.84B | 3.59B | 3.51B | 3.13B |
Cash Flow | |||||
| Free Cash Flow | 494.70M | 542.40M | 595.90M | 309.60M | 588.40M |
| Operating Cash Flow | 870.90M | 916.60M | 992.20M | 644.80M | 833.10M |
| Investing Cash Flow | -804.60M | -332.10M | -413.60M | -469.40M | -133.70M |
| Financing Cash Flow | -62.00M | -598.30M | -458.20M | -99.90M | -706.60M |
Mowi ASA Technical Analysis
Negative
22.11
Price Trends
22.94
Negative
22.81
Negative
21.44
Positive
Market Momentum
-0.28
Positive
38.12
Neutral
0.42
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MHGVY, the sentiment is Negative. The current price of 22.11 is below the 20-day moving average (MA) of 22.85, below the 50-day MA of 22.94, and above the 200-day MA of 21.44, indicating a neutral trend. The MACD of -0.28 indicates Positive momentum. The RSI at 38.12 is Neutral, neither overbought nor oversold. The STOCH value of 0.42 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for MHGVY.
Mowi ASA Peers Comparison
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $9.62B | 8.98 | 13.92% | 4.44% | ― | ― | |
70 Outperform | $2.02B | 18.92 | 4.53% | 3.34% | 1.11% | 414.23% | |
67 Neutral | $11.49B | 15.45 | 18.63% | 2.53% | 3.89% | -4.73% | |
64 Neutral | $24.01B | 18.12 | 5.98% | 3.14% | 10.29% | 17.32% | |
63 Neutral | $20.60B | 59.42 | 1.10% | 3.48% | 2.12% | -40.75% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
59 Neutral | $1.37B | 27.79 | 3.76% | 2.23% | 7.09% | -83.75% |
* Consumer Defensive Sector Average
MHGVY
Mowi ASA
21.83
2.46
12.72%
BG
Bunge Global
124.09
52.84
74.16%
FDP
Fresh Del Monte Produce
42.55
14.28
50.52%
TSN
Tyson Foods
60.89
2.99
5.16%
DOLE
Dole
14.34
0.86
6.36%
SFD
Smithfield Foods
24.48
6.19
33.84%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.