Cermaq Group AS
Score · fiscal year 2025
57of 100
How to read this: the company is ahead of 67 % of companies in the Morning class Medium in the same sector in 2025. What does this mean?
Rank in the Morning class Medium: 161 of 491 · What are Morning company classes?
Place in the whole sector: 758 of 2,232 · Sjømat
Profile
Elephant · Steward
Lower profitability, high solidity
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 10 and solidity 99 out of 100 among companies in the Morning class Medium in the same sector in 2025. Methodology
Against the sector
Cermaq Group AS is 8 points above the median for companies in the Morning class Medium in the same sector in 2025.
Median score 49 among 491 companies.
Against companies in the Morning class Medium in the same sector in 2025: operating margin −27.6% (median 13.4%) and equity ratio 91.6% (median 33.1%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 147 MNOK | 119 MNOK |
| Operating margin | −27.6% | 13.4% |
| Profit margin | 17.8% | 8.2% |
| Return on assets | 1.3% | 9.2% |
| Equity ratio | 91.6% | 33.1% |
| Debt-to-equity | 0.09 | 1.99 |
| Current ratio | 10.12 | 1.68 |
| Revenue growth | 0.9% | 10.6% |
| Revenue per employee | 3.42 MNOK | 5.21 MNOK |
The median and “ahead of” refer to companies in the Morning class Medium in the same sector in 2025. The bar shows the share of companies the figure is ahead of.
With an index of 57, Cermaq Group AS does better than 67% of companies in the Morning class Medium in the same sector (491 companies) in 2025.
Score 2023–2026
- Cermaq Group AS
- Median: companies in the Morning class Medium in the same sector
Cermaq Group AS has a score of 57 for 2025, rank 758 of 2,232 in the sector.
Strongest: Solidity: percentile 99 against peers, equity ratio 91.6% against a median of 33.1%. Liquidity: percentile 99 against peers, current ratio 10.12 against a median of 1.68.
Weakest: Profitability: percentile 10 against peers, operating margin −27.6% against a median of 13.4%. Growth: percentile 30 against peers, revenue growth 0.9% against a median of 10.6%.
Worth a closer look
- The operating margin is lower than at three in four companies in the sector. Where do costs differ from competitors? Based on: operating margin −27.6% (median 13.4%).
- What lies behind weak profitability, and will it last?
- What lies behind weak growth, and will it last?
Written by fixed rules from the figures. Describes the figures, does not explain causes. Not investment or financial advice. How the summary is made
What the numbers say
Cermaq Group AS had an operating margin of −27.6% and an equity ratio of 91.6% in 2025, and ranks 758 of 2,232 in Sjømat.
From 2024 to 2025: the operating margin rose from −34.3% to −27.6%.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 204 MNOK and 2,211 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 10.0 | 204 MNOK |
| EV/EBIT | 8.0 | not meaningful |
| P/B | 1.0 | 2,211 MNOK |
A mechanical estimate from public accounts, not advice. Mechanical estimate from public accounts with fixed multiples. Not a valuation and not advice to buy or sell. The multiples are provisional default values and must be adjusted per sector before the figures are used for anything. See the calculation
Worth a closer look
- watch
The operating margin is lower than at three in four companies in the sector. Where do costs differ from competitors?
Based on: Operating margin −27.6% (median 13.4%).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 2.9% of the debt in 2025. The policy rate averaged 4.30 % the same year. This is a plain description of what the debt cost, not a model of interest sensitivity.
See interest rates, prices and exchange rates for the sector
Data quality
No anomalies found in the figures.
Scenario analysis: the sector's weakest year
We have no accounts for 2022, the sector's weakest year, for this company.
The sector's weakest year was 2022, with a median operating margin of −0.5%. Based on the 10 fiscal years we have. The analysis grows as more years are fetched or imported. Methodology
What the score is made of
| Profitability | 10 | weight 30% |
|---|---|---|
| Solidity | 99 | weight 25% |
| Liquidity | 99 | weight 15% |
| Growth | 30 | weight 15% |
| Consistency | 64 | weight 15% |
Durability: 62 (average over 3 years)
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is Cermaq Group AS?
The operating margin was −27.6% in 2025, against a median of 13.4% among companies in the Morning class Medium in the same sector. Return on assets was 1.3%.
How solid is Cermaq Group AS?
The equity ratio was 91.6% in 2025 (median 33.1%). Debt-to-equity was 0.09 (median 1.99).
What is the liquidity of Cermaq Group AS like?
The current ratio was 10.12 in 2025 (median 1.68).
How does Cermaq Group AS compare in Sjømat?
Cermaq Group AS ranks 758 of 2,232 in Sjømat for 2025. Among companies in the Morning class Medium it is number 161 of 491. Revenue changed by 0.9% from the year before.
Group accounts
The company is registered as part of a group, but we have no group accounts for it. Group accounts are filed by the parent company, and open data does not say which company that is.
Read the figures with care: a company in a group can look strong because of group contributions, or weak because dividends go up to the parent. The figures are indications, not the full picture.
We do not show the group structure, because open data does not say who owns whom.
From the Central Coordinating Register
- Org. no.
- 971647949
- Legal form
- AS · part of a group
- Sector
- Sjømat (03.211)
- Morning company class
- Medium
- Employees
- 43 registered 10 October 2026
- Founded
- 12 December 1994 31 years in operation
- Share capital
- 924.98 MNOK
- Business address
- Dronning Eufemias gate 16, 0191 OSLO
- Municipality
- Oslo rank 63–220 of 357 in Norway
- Latest accounts filed
- 2026
- Website
- www.cermaq.no/
- LEI
- 5493006DQWZ7M1K68B08 renews 22 February 2027
Source: Central Coordinating Register, Brønnøysund Register Centre. The employee count is reported by the company and may be older than the accounts. See the company at the Brønnøysund Register Centre
Ownership and roles
- Chief executive
- Steven Rafferty
- Chair of the board
- Hirofumi Yamazaki
- Board member
- Helge Midttun
- Board member
- Tone Wille
- Board member
- Nina Udnes Tronstad
- Board member
- Kenichi Ito
- Board member
- Julie Rogers
- Board member
- Goro Seo
- Auditor
- Deloitte AS
Source: Central Coordinating Register, fetched 29 October 2026. Only names are shown.
- Parent company
- 三菱商事株式会社 (Japan)
Foreign-owned according to GLEIF.
Source: GLEIF (Global Legal Entity Identifier Foundation), fetched 29 October 2026. The parent is the one the company itself reported to GLEIF.
Owners and shareholdings will appear here once the shareholder data extract is in place.
Coming · not built yet
Error in the data?
Do you see an error in the figures or in how the company is mapped (sector, holding, group)? Let us know. Corrections require documentation.
Figures last fetched 29 October 2026.
Year by year · 2023–2026
| Key figure | 2023 | 2024 | 2025 | 2026 | Trend |
|---|---|---|---|---|---|
| Index | 61 | 67 | 57 | 35 | |
| Rank | 650 | 361 | 758 | 6 | |
| Operating margin | −18.6% | −34.3% | −27.6% | −51.6% | |
| Return on assets | 66.0% | 72.4% | 1.3% | 13.4% | |
| Equity ratio | 88.6% | 91.3% | 91.6% | 68.6% | |
| Current ratio | 0.50 | 7.15 | 10.12 | 0.10 | |
| Revenue growth | – | −19.3% | 0.9% | −7.3% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|
| Operating revenue | 180.7 MNOK | 145.8 MNOK | 147.1 MNOK | 136.4 MNOK |
| Operating profit | −33.6 MNOK | −50.0 MNOK | −40.6 MNOK | −70.4 MNOK |
| Profit before tax | 1,063.7 MNOK | 1,728.1 MNOK | 26.3 MNOK | 1,344.9 MNOK |
| Net profit | 1,051.3 MNOK | 1,726.6 MNOK | 20.4 MNOK | 1,357.0 MNOK |
| Financial expenses | 5.1 MNOK | 6.2 MNOK | 5.9 MNOK | 53.1 MNOK |
| Total assets | 1,618.7 MNOK | 2,396.8 MNOK | 2,414.3 MNOK | 10,452.4 MNOK |
| Current assets | 46.8 MNOK | 848.5 MNOK | 829.3 MNOK | 326.1 MNOK |
| Equity | 1,433.5 MNOK | 2,188.9 MNOK | 2,210.9 MNOK | 7,168.3 MNOK |
| Retained earnings | 508.5 MNOK | 1,264.0 MNOK | 1,285.9 MNOK | 2,643.3 MNOK |
| Total liabilities | 185.2 MNOK | 207.9 MNOK | 203.4 MNOK | 3,284.2 MNOK |
| Current liabilities | 93.9 MNOK | 118.8 MNOK | 81.9 MNOK | 3,145.0 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 29 October 2026, accounts id 6330653.
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