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Richard Sloan from the University of Michigan was first to document what is referred to as the "accrual anomaly". His 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones.
Norcod AS's Sloan Ratio for the quarter that ended in Jun. 2026 was 16.23%.
As of Jun. 2026, Norcod AS has a Sloan Ratio of 16.23%, indicating there is a warning stage of accrual build up.
A former University of Michigan researcher, Richard Sloan's 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones. In fact, for the 40-year period between 1962 and 2001, buying the lowest accrual companies and shorting the highest accrual companies resulted in an average annual compounded return of 18%, more than double the S&P 500's 7.4% annual return over the same period.
If the Sloan Ratio is between -10% and 10%, the company is in the safe zone and there is no funny business with accruals.
If the Sloan Ratio is less than between -25% and -10% on the negative side, and between 10% and 25% on the positive side, this is a warning stage of accrual build up.
If the Sloan Ratio is less than -25% or greater than 25%, and this ratio is consistent over several quarters or even years, be careful. Earnings are highly likely to be made up of accruals.
As of Jun. 2026, Norcod AS has a Sloan Ratio of 16.23%, indicating there is a warning stage of accrual build up.
Norcod AS Sloan Ratio % Related Terms
Norcod AS Sloan Ratio % Historical Data
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The historical data trend for Norcod AS's Sloan Ratio % 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.
For the Farm Products subindustry, Norcod AS's Sloan Ratio %, along with its competitors' market caps and Sloan Ratio % 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 Sloan Ratio % vs Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Norcod AS's Sloan Ratio % distribution charts can be found below:
* The bar in red indicates where Norcod AS's Sloan Ratio % falls into.
Earnings contain a lot of non cash earnings which is called accruals. The Sloan ratio is a way to identify firms with low non-cash or accrual-derived earnings relative to their cash flow.
Norcod AS's Sloan Ratio for the fiscal year that ended in Dec. 2025 is calculated as
Norcod AS's Net Income for the trailing twelve months (TTM) ended in Jun. 2026 was -6.126 (Sep. 2025 ) + -4.576 (Dec. 2025 ) + -1.66 (Mar. 2026 ) + -2.856 (Jun. 2026 ) = €-15.22 Mil.
Norcod AS's Cash Flow from Operations for the trailing twelve months (TTM) ended in Jun. 2026 was -6.329 (Sep. 2025 ) + -4.088 (Dec. 2025 ) + -5.588 (Mar. 2026 ) + -8.223 (Jun. 2026 ) = €-24.23 Mil.
Norcod AS's Cash Flow from Investing for the trailing twelve months (TTM) ended in Jun. 2026 was 1.436 (Sep. 2025 ) + -1.52 (Dec. 2025 ) + -0.991 (Mar. 2026 ) + -2.564 (Jun. 2026 ) = €-3.64 Mil.
* 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 Sloan Ratio % of 16.23% as of Jun. 2026. Sloan ratio measures earnings quality based on the amount of accruals. View historical data on Norcod AS and its competitors.
Is Norcod AS's Sloan Ratio % too high?
Norcod AS's current Sloan Ratio % is 16.23%. 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 Sloan Ratio % compare to ADM and BG?
Norcod AS's Sloan Ratio % of 16.23% can be compared against companies in the Consumer Packaged Goods industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Sloan Ratio % for a Consumer Packaged Goods company?
A good Sloan Ratio % depends on the Consumer Packaged Goods industry context. However, Sloan Ratio % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Sloan Ratio % mean?
A high Sloan Ratio % can signal that a stock is expensive relative to its fundamentals. Sloan ratio measures earnings quality based on the amount of accruals. View historical data on Norcod AS and its competitors. Norcod AS's current Sloan Ratio % is 16.23%. 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 Sloan Ratio % of 16.23%. The stock's GF Value™ is €0.46, compared to a current price of €1.20 — trading 159.8% above its estimated fair value. The current Sloan Ratio % is 16.23%. 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 Sloan Ratio % calculated?
Sloan Ratio % is calculated from a company's financial statements. For Norcod AS (FRA:NO9), the current Sloan Ratio % is 16.23% 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 €1.20 is trading 159.8% above its estimated GF Value™ of €0.46.
Key valuation signals for FRA:NO9:
Sloan Ratio %: 16.23%
GF Value™: €0.46 vs. price of €1.20 (159.8% above fair value)
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
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