Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
Norcod ASFRA:NO9 -0.42%47 Debt-to-Equity is 1.85 as of Jun. 2026, which is 76% above its 10-year median of 1.05. GuruFocus rates FRA:NO9 with a GF Score™ of 47/100 and a GF Value™ of €0.49. The stock has 8 warning signs investors should review. Among 1,756 Consumer Packaged Goods companies, Norcod AS ranks worse than 91.63% on this metric.
A high debt to equity ratio generally means that a company has been aggressive in financing its growth with debt. This can result in volatile earnings as a result of the additional interest expense.
The historical rank and industry rank for Norcod AS's Debt-to-Equity or its related term are showing as below:
FRA:NO9'
s Debt-to-Equity Range Over the Past 10 Years
Min: 0.18 Med: 1.05 Max: 2.55
Current: 1.85
During the past 8 years, the highest Debt-to-Equity Ratio of Norcod AS was 2.55. The lowest was 0.18. And the median was 1.05.
FRA:NO9's Debt-to-Equity is ranked worse than 91.63% of 1756
companies
in the Consumer Packaged Goods industry
Industry Median: 0.42
vs FRA:NO9: 1.85
Because a company can increase its ROE % by having more financial leverage, it is important to watch the leverage ratio when investing in high ROE % companies.
Norcod AS Debt-to-Equity Related Terms
Norcod AS Debt-to-Equity Historical Data
* Premium members only.
The historical data trend for Norcod AS's Debt-to-Equity can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
FRA:NO9 vs ADM, BG, TSN: Debt-to-Equity Comparison
For the Farm Products subindustry, Norcod AS's Debt-to-Equity, along with its competitors' market caps and Debt-to-Equity data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Norcod AS Debt-to-Equity vs Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Norcod AS's Debt-to-Equity distribution charts can be found below:
* The bar in red indicates where Norcod AS's Debt-to-Equity falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Norcod AS (FRA:NO9) has a Debt-to-Equity of 1.85 as of Jun. 2026. Debt-to-Equity ratio represents the ratio of total debt to total company equity. View historical data on Norcod AS and its competitors. This is 76% above median its historical median of 1.05. Over the past decade, Norcod AS's Debt-to-Equity has ranged from 0.18 to 2.55. According to the industry distribution chart, Norcod AS ranks #1609 out of 1756 companies in the Consumer Packaged Goods industry, placing it in the top 91.6%.
Is Norcod AS's Debt-to-Equity too high?
Norcod AS's current Debt-to-Equity of 1.85 is 76% above median its 10-year median of 1.05. Over the past 10 years, this metric has ranged from a low of 0.18 to a high of 2.55. The Consumer Packaged Goods industry median Debt-to-Equity is 0.42. Norcod AS's value of 1.85 is 340.5% above this industry median. Based on the distribution chart, Norcod AS ranks #1609 out of 1756 companies in the Consumer Packaged Goods industry, which is in the bottom quartile relative to peers. Overall, Norcod AS has a GF Score™ of 47/100, reflecting its overall financial health beyond just this single metric.
How does Norcod AS's Debt-to-Equity compare to ADM and BG?
According to the Consumer Packaged Goods industry distribution chart, Norcod AS ranks #1609 out of 1756 companies for Debt-to-Equity. This places Norcod AS in the lower half of its industry. The industry median Debt-to-Equity is 0.42. Norcod AS's value of 1.85 is 340.5% above this benchmark. Historically, Norcod AS's own Debt-to-Equity has ranged from 0.18 to 2.55 over the past decade. While the company's 10-year median is 1.05 vs. the industry median of 0.42, Norcod AS has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Debt-to-Equity for a Consumer Packaged Goods company?
The median Debt-to-Equity among Consumer Packaged Goods companies is 0.42, based on 1,756 companies in the industry. Companies in the top quartile (top 25%) have a Debt-to-Equity significantly above this median, while those in the bottom quartile fall well below. However, Debt-to-Equity should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Norcod AS's current Debt-to-Equity of 1.85 is 340.5% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Debt-to-Equity mean?
A high Debt-to-Equity can signal that a stock is expensive relative to its fundamentals. Debt-to-Equity ratio represents the ratio of total debt to total company equity. View historical data on Norcod AS and its competitors. For the Consumer Packaged Goods industry, the median Debt-to-Equity is 0.42 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Norcod AS's current Debt-to-Equity is 1.85, which is 76% above median its own 10-year median of 1.05. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Norcod AS stock overvalued right now?
Norcod AS (FRA:NO9) has a current Debt-to-Equity of 1.85. The stock's GF Value™ is €0.49, compared to a current price of €1.18 — trading 139.8% above its estimated fair value. The current Debt-to-Equity is 1.85, which is 76% above median its 10-year median of 1.05 and 340.5% above the Consumer Packaged Goods industry median of 0.42. Norcod AS's overall GF Score™ is 47/100 with 8 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Debt-to-Equity calculated?
Debt-to-Equity is calculated from a company's financial statements. For Norcod AS (FRA:NO9), the current Debt-to-Equity is 1.85 as of Jun. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Norcod AS (FRA:NO9) Overvalued in 2026?
Based on GuruFocus' analysis, Norcod AS stock appears to be overvalued.
The current stock price of €1.18 is trading 139.8% above its estimated GF Value™ of €0.49.
Key valuation signals for FRA:NO9:
Debt-to-Equity: 1.85 (76% above median its 10-year median of 1.05)
GF Value™: €0.49 vs. price of €1.18 (139.8% above fair value)
Industry Position: 340.5% above the Consumer Packaged Goods median (#1609 of 1756)
No single metric tells the full story. See the FRA:NO9 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
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.
47GF Score
Get the complete analysis for FRA:NO9
Debt-to-Equity is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
FRA:NO9 has been successfully added to your 
