Bakkafrost - Public Comps and Valuation Multiples

Bakkafrost Overview

About Bakkafrost

Bakkafrost P/F is a salmon producer based in the Faroe Islands. The company's activities include farming, harvesting, packaging, processing, and sales. The salmon products consist of whole salmon, frozen salmon portions, salmon heads, backbones, belly flaps, and salmon skin. Bakkafrost divides its operations into segments namely, Fishmeal, oil and feed segment, Freshwater FO segment, Farming FO segment, Freshwater SCT segment, Farming SCT segment, services, sales, and others. Geographically, the company derives maximum revenue from Western Europe.

Founded

1968

HQ

Employees

1.6K+

Website

bakkafrost.com

Sectors

Agriculture

Financials

LTM Revenue $1.8B

LTM EBITDA $459M

EV

$3.6B

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Bakkafrost Financials

As of September 2025, Bakkafrost reported last 12-month revenue of $1.8B and EBITDA of $459M.

In the same period, Bakkafrost generated $869M in LTM gross profit and $141M in net income.

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Bakkafrost P&L

In the most recent fiscal year, Bakkafrost reported revenue of $727M and EBITDA of $174M.

Bakkafrost expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$1.8B	XXX	$727M	XXX	XXX	XXX
Gross Profit	$869M	XXX	$450M	XXX	XXX	XXX
Gross Margin	48%	XXX	62%	XXX	XXX	XXX
EBITDA	$459M	XXX	$174M	XXX	XXX	XXX
EBITDA Margin	26%	XXX	24%	XXX	XXX	XXX
EBIT	$269M	XXX	$93.5M	XXX	XXX	XXX
EBIT Margin	15%	XXX	13%	XXX	XXX	XXX
Net Profit	$141M	XXX	$65.1M	XXX	XXX	XXX
Net Margin	8%	XXX	9%	XXX	XXX	XXX
Net Debt	XXX	XXX	$297M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Bakkafrost including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $1.8B. EBITDA for the last twelve months was $459M. In the most recent fiscal year, Bakkafrost achieved $727M in revenue and $174M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$1.8B	Analyst estimates available to subscribers	$727M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$869M	Analyst estimates available to subscribers	$450M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	48.3% gross margin	Analyst estimates available to subscribers	61.9% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$459M	Analyst estimates available to subscribers	$174M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	25.6% EBITDA margin	Analyst estimates available to subscribers	23.9% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$269M	Analyst estimates available to subscribers	$93.5M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	15.0% EBIT margin	Analyst estimates available to subscribers	12.9% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$141M	Analyst estimates available to subscribers	$65.1M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	7.9% net profit margin	Analyst estimates available to subscribers	9.0% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$297M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Bakkafrost

This financial data table provides comprehensive performance metrics for Bakkafrost, a company based in Norway. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Bakkafrost generated $1.8B in revenue over the last twelve months.
The company achieved $459M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $869M.
Net income over the last twelve months reached $141M.

Fiscal Year Performance

In the most recent fiscal year, Bakkafrost reported $727M in total revenue.
Fiscal year EBITDA was $174M.
The company maintained a gross profit margin of 61.9% in the most recent fiscal year.
EBITDA margin for the fiscal year was 23.9%.
Net profit margin reached 9.0% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Bakkafrost. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Bakkafrost Stock Performance

Bakkafrost has current market cap of NOK 28.6B (or $2.8B), and EV of NOK 36.1B (or $3.6B).

Market Cap Evolution

Bakkafrost Stock Data

As of October 16, 2025, Bakkafrost's stock price is NOK 483 (or $48).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$3.6B	$2.8B	XXX	XXX	XXX	XXX	$1.67

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Bakkafrost Valuation Multiples

Bakkafrost's trades at 4.9x EV/Revenue multiple, and 20.6x EV/EBITDA.

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Bakkafrost Financial Valuation Multiples

As of October 16, 2025, Bakkafrost has market cap of $2.8B and EV of $3.6B.

Equity research analysts estimate Bakkafrost's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Bakkafrost has a P/E ratio of 31.4x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$2.8B	XXX	$2.8B	XXX	XXX	XXX
EV (current)	$3.6B	XXX	$3.6B	XXX	XXX	XXX
EV/Revenue	3.1x	XXX	4.9x	XXX	XXX	XXX
EV/EBITDA	12.2x	XXX	20.6x	XXX	XXX	XXX
EV/EBIT	20.8x	XXX	38.3x	XXX	XXX	XXX
EV/Gross Profit	6.4x	XXX	n/a	XXX	XXX	XXX
P/E	31.4x	XXX	43.6x	XXX	XXX	XXX
EV/FCF	-348.3x	XXX	27.2x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Bakkafrost Margins & Growth Rates

Bakkafrost's last 12 month revenue growth is 15%

Bakkafrost's revenue per employee in the last FY averaged $0.5M, while opex per employee averaged $0.2M for the same period.

Bakkafrost's rule of 40 is 43% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Bakkafrost's rule of X is 63% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Bakkafrost Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	15%	XXX	37%	XXX	XXX	XXX
EBITDA Margin	26%	XXX	24%	XXX	XXX	XXX
EBITDA Growth	38%	XXX	20%	XXX	XXX	XXX
Rule of 40	43%	XXX	39%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	63%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.5M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.2M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	7%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	49%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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