Kaldvik - Public Comps and Valuation Multiples

Kaldvik Overview

About Kaldvik

Kaldvik AS, formerly Ice Fish Farm AS provides salmon fishes. The company is engaged in the breeding activity of salmon fishes in Iceland and selling them to its customers across different locations. Geographically, the company generates a majority of its revenue from the European Union followed by the United States, and Iceland.

Founded

2020

HQ

Employees

207

Website

kaldvik.is

Sectors

Agriculture

Financials

LTM Revenue $143M

LTM EBITDA $22.3M

EV

$364M

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Kaldvik Financials

As of December 2025, Kaldvik reported last 12-month revenue of $143M and EBITDA of $22.3M.

In the same period, Kaldvik generated $120M in LTM gross profit and -$41.0M in net income.

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Kaldvik P&L

In the most recent fiscal year, Kaldvik reported revenue of $10.1M and EBITDA of -$0.9M.

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

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	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Revenue	$143M	XXX	$10.1M	XXX	XXX	XXX
Gross Profit	$120M	XXX	$2.9M	XXX	XXX	XXX
Gross Margin	84%	XXX	28%	XXX	XXX	XXX
EBITDA	$22.3M	XXX	-$0.9M	XXX	XXX	XXX
EBITDA Margin	16%	XXX	-9%	XXX	XXX	XXX
EBIT	$5.9M	XXX	-$1.9M	XXX	XXX	XXX
EBIT Margin	4%	XXX	-19%	XXX	XXX	XXX
Net Profit	-$41.0M	XXX	-$3.0M	XXX	XXX	XXX
Net Margin	-29%	XXX	-30%	XXX	XXX	XXX
Net Debt	XXX	XXX	$16.3M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Kaldvik including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $143M. EBITDA for the last twelve months was $22.3M. In the most recent fiscal year, Kaldvik achieved $10.1M in revenue and -$0.9M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2026)	Next Fiscal Year (2027)	Two Years Forward (2028)
Total Revenue	$143M	Analyst estimates available to subscribers	$10.1M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$120M	Analyst estimates available to subscribers	$2.9M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	83.6% gross margin	Analyst estimates available to subscribers	28.2% 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)	$22.3M	Analyst estimates available to subscribers	-$0.9M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	15.6% EBITDA margin	Analyst estimates available to subscribers	-8.7% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$5.9M	Analyst estimates available to subscribers	-$1.9M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	4.1% EBIT margin	Analyst estimates available to subscribers	-19.2% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$41.0M	Analyst estimates available to subscribers	-$3.0M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-28.7% net profit margin	Analyst estimates available to subscribers	-30.0% 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	$16.3M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Kaldvik

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

Recent Performance Highlights

Kaldvik generated $143M in revenue over the last twelve months.
The company achieved $22.3M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $120M.
Net income over the last twelve months reached -$41.0M.

Fiscal Year Performance

In the most recent fiscal year, Kaldvik reported $10.1M in total revenue.
Fiscal year EBITDA was -$0.9M.
The company maintained a gross profit margin of 28.2% in the most recent fiscal year.
EBITDA margin for the fiscal year was -8.7%.
Net profit margin reached -30.0% in the most recent fiscal year.

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

Kaldvik Stock Performance

Kaldvik has current market cap of NOK 1.6B (or $155M), and EV of NOK 3.7B (or $364M).

Market Cap Evolution

Kaldvik Stock Data

As of January 16, 2026, Kaldvik's stock price is NOK 9 (or $1).

See Kaldvik trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$364M	$155M	XXX	XXX	XXX	XXX	$-0.16

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Kaldvik Valuation Multiples

Kaldvik's trades at 2.5x EV/Revenue multiple, and 16.3x EV/EBITDA.

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Kaldvik Financial Valuation Multiples

As of January 16, 2026, Kaldvik has market cap of $155M and EV of $364M.

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

Kaldvik has a P/E ratio of -3.8x.

	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Market cap (current)	$155M	XXX	$155M	XXX	XXX	XXX
EV (current)	$364M	XXX	$364M	XXX	XXX	XXX
EV/Revenue	2.5x	XXX	2.5x	XXX	XXX	XXX
EV/EBITDA	16.3x	XXX	16.3x	XXX	XXX	XXX
EV/EBIT	62.0x	XXX	62.0x	XXX	XXX	XXX
EV/Gross Profit	3.0x	XXX	n/a	XXX	XXX	XXX
P/E	-3.8x	XXX	-3.8x	XXX	XXX	XXX
EV/FCF	-9.1x	XXX	-9.1x	XXX	XXX	XXX

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

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Kaldvik Margins & Growth Rates

Kaldvik's last 12 month revenue growth is 9%

Kaldvik's revenue per employee in the last FY averaged $49K, while opex per employee averaged $23K for the same period.

Kaldvik's rule of 40 is 102% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Kaldvik's rule of X is 38% (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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Kaldvik Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Revenue Growth	9%	XXX	26%	XXX	XXX	XXX
EBITDA Margin	16%	XXX	16%	XXX	XXX	XXX
EBITDA Growth	142%	XXX	178%	XXX	XXX	XXX
Rule of 40	102%	XXX	25%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	38%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$49K	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$23K	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	1%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	0%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	47%	XXX	XXX	XXX

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

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