Salmon Evolution Valuation Multiples

Salmon Evolution Overview

About Salmon Evolution

Salmon Evolution ASA is a land-based salmon farming company in Norway that uses hybrid flow-through system technology. Its production facility is in Indre Haroy, Norway, providing access to an experienced workforce, established infrastructure, renewable energy, and unlimited fresh seawater. The company has two reportable segments which is Farming Norway and Other. Farming Norway includes Salmon Evolution Norway AS, Salmon Evolution Dale AS, and Salmon Evolution Sales AS, while the Other segment covers revenue and costs not attributable to the farming segment.

Founded

2020

HQ

Employees

81

Website

salmonevolution.no

Sectors

Agriculture

Financials (LTM)

Revenue: $42M

EBITDA: ($4M)

EV

$430M

Valuation Multiples

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Salmon Evolution Financials

Salmon Evolution reported last 12-month revenue of $42M and negative EBITDA of ($4M).

In the same LTM period, Salmon Evolution generated $11M in gross profit, ($4M) in EBITDA losses, and had net loss of ($17M).

Salmon Evolution P&L

In the most recent fiscal year, Salmon Evolution reported revenue of $35M and EBITDA of ($6M).

Salmon Evolution expects next 12-month revenue of XXX and NTM EBITDA of XXX

Salmon Evolution Stock Performance

Salmon Evolution has current market cap of $243M, and enterprise value of $430M.

Salmon Evolution's stock price is $0.52.

Salmon Evolution Valuation Multiples

Salmon Evolution trades at 10.2x EV/Revenue multiple, and (108.1x) EV/EBITDA.

Salmon Evolution Financial Valuation Multiples

As of April 18, 2026, Salmon Evolution has market cap of $243M and EV of $430M.

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

Salmon Evolution has a P/E ratio of (14.3x).

Salmon Evolution Margins & Growth Rates

Salmon Evolution's revenue in the last 12 month grew by 89%.

Salmon Evolution's revenue per employee in the last FY averaged $0.4M, while opex per employee averaged $0.4M for the same period.

Salmon Evolution's rule of 40 is 91% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Salmon Evolution's rule of X is 208% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

Salmon Evolution Public Comps

See public comps and valuation multiples for other Agriculture comps.

Salmon Evolution M&A Activity

Salmon Evolution acquired XXX companies to date.

Last acquisition by Salmon Evolution was on XXXXXXXX, XXXXX. Salmon Evolution acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).

Salmon Evolution Investment Activity

Salmon Evolution invested in XXX companies to date.

Salmon Evolution made its latest investment on XXXXXXXX, XXXXX. Salmon Evolution invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).