Mowi (MOWI) vs SalMar (SALM) comparison. Which Norwegian salmon stock when prices are elevated? Signal-driven aquaculture cycle analysis.
Mowi is the world's largest salmon farming company with operations across Norway, Canada, Chile and more. Geographic diversification reduces single-market risk and provides more stable earnings across cycles.
SalMar has lower costs and higher margins than Mowi in Norway, making it the higher-beta salmon play. It outperforms in strong price environments and underperforms in price corrections.
| Factor | Mowi (MOWI) | SalMar (SALM) |
|---|---|---|
| Production | 500,000+ tonnes — world's largest | 250,000+ tonnes |
| Geography | Norway, Canada, Chile, UK, Ireland | Mostly Norway — highest margins |
| Cost/kg | NOK 42-45/kg (global average) | NOK 38-40/kg (Norway best-in-class) |
| 2020–22 return | +187% | +513% |
| Dividend | ~4% yield | ~5% yield |
| Price sensitivity | Moderate (global diversification) | High (Norway-concentrated) |
Salmon at NOK 91 — currently 91/kg is in sell zone (above the NOK 80/kg threshold). Both stocks are in late-cycle territory. SalMar will be hit harder in a price correction given its Norway concentration — but it will also recover faster when prices trough.
For informational purposes only. Not financial advice. See disclaimer.