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Norcod Valuation Multiples

Discover revenue and EBITDA valuation multiples for Norcod and similar public comparables like Livestock Improvement, UBM Holding, PGG Wrightson, Cibus 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

Norway

Employees

90

Website

norcod.com

Financials (FY)

Revenue: $48M
EBITDA: ($17M)

EV

$127M

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Norcod Financials

Norcod reported last fiscal year revenue of $48M 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 ($25M).


Norcod P&L

In the most recent fiscal year, Norcod reported revenue of $48M and EBITDA of ($17M).

Norcod is unprofitable as of last fiscal year, with gross margin of 15%, EBITDA margin of (36%), and net margin of (51%).

See analyst estimates for Norcod
Last FY202320242025202620272028
Revenue$48M$29M$43M$48M
Gross Profit$7M($799K)$5M$7M
Gross Margin15%(3%)11%15%
EBITDA($17M)($21M)($19M)($17M)
EBITDA Margin(36%)(72%)(44%)(36%)
EBIT Margin(45%)(73%)(52%)(45%)
Net Profit($25M)($27M)($25M)($25M)
Net Margin(51%)(91%)(59%)(51%)
Net Debt$16M

Financial data powered by Morningstar, Inc.

Norcod Stock Performance

Norcod has current market cap of $97M, and enterprise value of $127M.

Market Cap Evolution


Norcod's stock price is $1.23.

Norcod share price increased by 11.0% in the last 30 days, and decreased by 21.7% in the last year.

Norcod has an EPS (earnings per share) of $-0.31.

See more trading valuation data for Norcod
EVMarket CapPrice 1DPrice 1MPrice 3MPrice 12MEPS
$127M$97M0.7%11.0%-0.8%-21.7%$-0.31

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Norcod Valuation Multiples

Norcod trades at 2.7x EV/Revenue multiple, and (7.3x) EV/EBITDA.

See NTM and 2027E valuation multiples for Norcod

Norcod Financial Valuation Multiples

As of May 20, 2026, Norcod has market cap of $97M and EV of $127M.

Norcod has a P/E ratio of (3.9x).

Last FY202320242025202620272028
EV/Revenue2.7x4.4x3.0x2.7x
EV/EBITDA(7.3x)(6.0x)(6.8x)(7.3x)
EV/EBIT(5.9x)(6.0x)(5.8x)(5.9x)
EV/Gross Profit17.2x(159.4x)28.1x17.2x
P/E(3.9x)(3.6x)(3.8x)(3.9x)
EV/FCF(5.2x)(4.6x)(5.9x)(5.2x)

Multiples above and below 250x are considered non-meaningful (n/m). Valuation data powered by FactSet, Inc. and Morningstar, Inc.

Verified Norcod Valuation Multiples

Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.

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Norcod Margins & Growth Rates

In the most recent fiscal year, Norcod reported gross margin of 15%, EBITDA margin of (36%), and net margin of (51%).

See estimated margins and future growth rates for Norcod

Norcod Margins

Last FY20242025202720282029
Gross Margin15%11%15%
EBITDA Margin(36%)(44%)(36%)
EBIT Margin(45%)(52%)(45%)
Net Margin(51%)(59%)(51%)
FCF Margin(51%)(51%)(51%)

Norcod Growth Rates

23/2424/2526/2727/2828/29
Revenue Growth47%12%
Gross Profit Growth(666%)63%
EBITDA Growth(11%)(8%)
EBIT Growth4%(2%)
Net Profit Growth(5%)(3%)
FCF Growth(21%)13%

Data powered by FactSet, Inc. and Morningstar, Inc.

Norcod Operational KPIs

Norcod's revenue per employee in the last FY averaged $0.5M, while opex per employee averaged $0.3M for the same period.

Access forward-looking KPIs for Norcod
Last FY202320242025202620272028
Revenue per Employee$0.5M
Opex per Employee$0.3M
S&M Expenses to Revenue15%13%
G&A Expenses to Revenue1%1%
Opex to Revenue61%70%62%61%

Data powered by FactSet, Inc. and Morningstar, Inc.

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Norcod Competitors

Norcod competitors include Livestock Improvement, UBM Holding, PGG Wrightson, Cibus, Groupe Minoteries, ImmuCell, Amoeba, Vittia, New Zealand Rural Land and Delta Giri Wacana.

Most Norcod public comparables operate across Agriculture.

EV/RevenueEV/EBITDA
Last FYLTM2027ELast FYLTM2027E
Livestock Improvement0.5x3.5x
UBM Holding
PGG Wrightson0.5x8.0x
Cibus27.8x19.3x(1.2x)(1.4x)
Groupe Minoteries0.6x7.0x
ImmuCell3.5x45.8x
Amoeba270.4x46.5x(15.3x)(16.4x)
Vittia0.9x5.7x

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About 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 include Livestock Improvement, UBM Holding, PGG Wrightson, Cibus, Groupe Minoteries, ImmuCell, Amoeba, Vittia, New Zealand Rural Land, Delta Giri Wacana.
What is the current market cap of Norcod?Norcod's current market cap is $97M.
What is the current revenue of Norcod?Norcod's last fiscal year revenue is $48M.
What is the current EV/Revenue multiple of Norcod?Current revenue multiple of Norcod is 2.7x.
Is Norcod profitable?No, Norcod is not profitable.
How many companies Norcod has acquired to date?Norcod hasn't acquired any companies yet (or none have been disclosed publicly).
In how many companies Norcod has invested to date?Norcod hasn't invested in any companies yet (or none have been disclosed publicly).

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