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Norcod Valuation Multiples
Discover revenue and EBITDA valuation multiples for Norcod and similar public comparables like Amoeba, Livestock Improvement, Kaldvik, Casa Grande and more.
Norcod Overview
About Norcod
Norcod AS is engaged in the business of commercial farming and selling Atlantic cod in marine facilities. The company serves customers world-wide. Its production is based in its natural cold-water habitat along the coast of Central and Northern Norway. The company’s operating revenue is derived mainly from the sale of cod. The company has two operating segments: Farming, Includes activities related to fish farming operations from juvenile to harvest-ready biomass and sale of cod and liver in Norway and for export through the sales agent Sirena Group; and Harvesting, Includes harvesting activities, where farming generates maximum revenue.
Founded
2018
HQ
Employees
90
Website
Sectors
Financials (FY)
EV
$114M
Norcod Financials
Norcod reported last fiscal year revenue of $46M and negative EBITDA of ($17M).
In the same fiscal year, Norcod generated $7M in gross profit, ($17M) in EBITDA losses, and had net loss of ($23M).
Norcod P&L
In the most recent fiscal year, Norcod reported revenue of $46M and EBITDA of ($17M).
Norcod expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | — | XXX | $46M | XXX | XXX | XXX |
| Gross Profit | — | XXX | $7M | XXX | XXX | XXX |
| Gross Margin | — | XXX | 15% | XXX | XXX | XXX |
| EBITDA | — | XXX | ($17M) | XXX | XXX | XXX |
| EBITDA Margin | — | XXX | (36%) | XXX | XXX | XXX |
| EBIT Margin | — | XXX | (45%) | XXX | XXX | XXX |
| Net Profit | — | XXX | ($23M) | XXX | XXX | XXX |
| Net Margin | — | XXX | (51%) | XXX | XXX | XXX |
| Net Debt | — | — | $15M | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
Norcod Stock Performance
Norcod has current market cap of $80M, and enterprise value of $114M.
Market Cap Evolution
Norcod's stock price is $1.13.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $114M | $80M | 13.4% | XXX | XXX | XXX | $-0.33 |
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Start Free TrialNorcod Valuation Multiples
Norcod trades at 2.5x EV/Revenue multiple, and (6.9x) EV/EBITDA.
Norcod Financial Valuation Multiples
As of April 4, 2026, Norcod has market cap of $80M and EV of $114M.
Equity research analysts estimate Norcod's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
Norcod has a P/E ratio of (3.4x).
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $80M | XXX | $80M | XXX | XXX | XXX |
| EV (current) | $114M | XXX | $114M | XXX | XXX | XXX |
| EV/Revenue | — | XXX | 2.5x | XXX | XXX | XXX |
| EV/EBITDA | — | XXX | (6.9x) | XXX | XXX | XXX |
| EV/EBIT | — | XXX | (5.5x) | XXX | XXX | XXX |
| EV/Gross Profit | — | XXX | 16.2x | XXX | XXX | XXX |
| P/E | — | XXX | (3.4x) | XXX | XXX | XXX |
| EV/FCF | — | XXX | (4.9x) | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified Norcod Valuation Multiples
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Norcod Margins & Growth Rates
Norcod's revenue in the last fiscal year grew by 12%.
Norcod's revenue per employee in the last FY averaged $0.5M, while opex per employee averaged $0.3M for the same period.
Norcod Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | — | XXX | 12% | XXX | XXX | XXX |
| EBITDA Margin | — | XXX | (36%) | XXX | XXX | XXX |
| EBITDA Growth | — | XXX | (8%) | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $0.5M | XXX | XXX | XXX |
| Opex per Employee | — | XXX | $0.3M | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 61% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Norcod Public Comps
See public comps and valuation multiples for other Agriculture comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| Amoeba | XXX | XXX | XXX | XXX | XXX | XXX |
| Livestock Improvement | XXX | XXX | XXX | XXX | XXX | XXX |
| Kaldvik | XXX | XXX | XXX | XXX | XXX | XXX |
| Casa Grande | XXX | XXX | XXX | XXX | XXX | XXX |
| Serban Group | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
Norcod M&A Activity
Norcod acquired XXX companies to date.
Last acquisition by Norcod was on XXXXXXXX, XXXXX. Norcod acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by Norcod
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialNorcod Investment Activity
Norcod invested in XXX companies to date.
Norcod made its latest investment on XXXXXXXX, XXXXX. Norcod invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by Norcod
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAbout Norcod
| When was Norcod founded? | Norcod was founded in 2018. |
| Where is Norcod headquartered? | Norcod is headquartered in Norway. |
| How many employees does Norcod have? | As of today, Norcod has over 90 employees. |
| Is Norcod publicly listed? | Yes, Norcod is a public company listed on Oslo Børs. |
| What is the stock symbol of Norcod? | Norcod trades under NCOD ticker. |
| When did Norcod go public? | Norcod went public in 2020. |
| Who are competitors of Norcod? | Norcod main competitors are Amoeba, Livestock Improvement, Kaldvik, Casa Grande. |
| What is the current market cap of Norcod? | Norcod's current market cap is $80M. |
| What is the current revenue of Norcod? | Norcod's last fiscal year revenue is $46M. |
| What is the current EV/Revenue multiple of Norcod? | Current revenue multiple of Norcod is 2.5x. |
| Is Norcod profitable? | No, Norcod is not profitable. |
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