NAICS 114111 Quarterly Industry Report
Finfish Fishing
Comprehensive industry research for valuation professionals, business owners, buyers, and lenders
NAICS Code: 114111Sector: Agriculture, Forestry, Fishing and Hunting (11)Updated: Q1 2026
About This Report
This Fair Market Value industry report for NAICS 114111 provides valuation-focused intelligence for professionals assessing commercial finfish fishing businesses. Data is sourced from NOAA Fisheries[6] commercial landings statistics, U.S. Additional data is drawn from [Bureau of Labor Statistics[7].. Census Bureau](https://www.census.gov/) fishing industry surveys, and SBA size standards[8] to support business appraisals, acquisition due diligence, lending decisions, and investment analysis for commercial fishing enterprises.
Industry Definition & Overview
Finfish Fishing (NAICS 114111) encompasses establishments primarily engaged in the commercial catching or taking of finfish such as salmon, tuna, cod, halibut, herring, and other species from their natural ocean, coastal, and freshwater habitats. This classification covers vessel-based fishing operations ranging from large offshore trawlers and longliners to smaller inshore gillnet and seine boats operating in both federal and state-managed waters. The U.S. Census Bureau[4] distinguishes commercial finfish fishing from shellfish fishing (NAICS 114112) and finfish aquaculture (NAICS 112511), which involve different harvesting methods and regulatory frameworks.
The U.S. commercial finfish industry operates under federal fishery management plans administered by the National Oceanic and Atmospheric Administration[5] (NOAA) through regional fishery management councils. Alaska pollock, Gulf of Mexico red snapper, Atlantic groundfish, and Pacific salmon represent major commercial fisheries, with annual landings data tracked by NOAA Fisheries. Individual fishing quota (IFQ) and catch share programs have reshaped industry economics by creating transferable harvest rights that carry market value independent of vessel and gear assets.
Business valuations for finfish fishing operations must account for fishing permits, quota allocations, and license values that often represent the most valuable assets in the enterprise. Appraisers evaluate vessel condition and replacement cost, fishing gear inventory, quota portfolio composition and transferability, historical catch performance, and crew share arrangements. The NOAA Fisheries[6] annual landings database and quota transfer price records provide market data that informs both asset-based and income-based valuation approaches for commercial fishing enterprises.
What's Included in This Industry
- Sector-specific valuation multiples and financial benchmarks for commercial finfish fishing operations
- Revenue and profitability analysis across major fisheries including salmon, tuna, groundfish, and pelagic species
- SBA size standard classification and lending threshold data for NAICS 114111
- Comparable transaction data from recent fishing vessel sales, permit transfers, and quota allocation transactions
- Regional market analysis covering Alaska, Pacific Coast, Gulf of Mexico, and Atlantic fishery landings and pricing
- Workforce and crew share cost benchmarking for captains, deckhands, engineers, and shore support personnel
- Industry risk assessment including quota allocation changes, stock assessment uncertainty, fuel cost volatility, and weather exposure
- Regulatory compliance overview covering federal fishery management plans, permit requirements, and observer program mandates
- Capital expenditure profiles for fishing vessels, electronic monitoring equipment, refrigeration systems, and gear replacement
- Production metrics including landings per trip, revenue per vessel day, quota use rates, and ex-vessel price trends by species
NAICS Classification Hierarchy
| Level | Description | Code |
|---|---|---|
| Sector | Agriculture, Forestry, Fishing and Hunting | 11 |
| Subsector | Fishing, Hunting and Trapping | 114 |
| Industry Group | Fishing | 1141 |
| NAICS Industry | Fishing | 11411 |
| National Industry | Finfish Fishing | 114111 |
Related NAICS Codes
| Code | Description | Relationship |
|---|---|---|
| 114112 | Shellfish Fishing | Shellfish fishing operations that share vessel infrastructure, port facilities, and seasonal fishing patterns with finfish fishing enterprises in coastal communities |
| 311710 | Seafood Product Preparation and Packaging | Seafood product preparation and packaging establishments that purchase landed finfish from commercial fishing vessels for processing into fresh and frozen products |
| 336612 | Boat Building | Boat building and manufacturing operations that construct and outfit commercial fishing vessels used by finfish fishing enterprises across all major fisheries |
| 424460 | Fish and Seafood Merchant Wholesalers | Fish and seafood merchant wholesalers that purchase finfish landings at dockside auctions and distribute product to retail and foodservice distribution channels |
| 114119 | Other Marine Fishing | Other marine fishing operations harvesting non-finfish and non-shellfish marine species that share vessel types, port infrastructure, and regulatory oversight |
| 423910 | Sporting and Recreational Goods and Supplies Merchant Wholesalers | Sporting and recreational goods merchant wholesalers distributing commercial fishing gear, nets, lines, and vessel equipment to finfish fishing operations |
Geographic Concentration
Top states by share of national establishments.
| # | State | % Est. | Total Est. |
|---|---|---|---|
| 1 | Alaska | 24.9% | 381 |
| 2 | Washington | 21.8% | 334 |
| 3 | Oregon | 8.2% | 125 |
| 4 | Massachusetts | 7.5% | 114 |
| 5 | Florida | 6.8% | 104 |
| 6 | California | 6.7% | 103 |
| 7 | Maine | 4.8% | 74 |
| 8 | New York | 2.4% | 36 |
| 9 | New Jersey | 2.4% | 36 |
| 10 | Texas | 2.0% | 30 |
% Of Establishments
0%
25%
Source: County Business Patterns, U.S. Census Bureau[2]
SBA Lending Summary
56
Total SBA Loans
$6.3M
Total Loan Volume
$113K
Average Loan Size
9 yrs
Average Loan Term
10.10%
Average Interest Rate
192
Jobs Supported
Source: SBA 7(a) Program Data, U.S. Small Business Administration — FY 2025[3]
Key Insight: The SBA[9] classifies Finfish Fishing (NAICS 114111) with a size standard of $25.0 million in average annual receipts. Most commercial finfish fishing operations are owner-operated vessel businesses that qualify for SBA-backed lending[10], government contracting preferences, and NOAA Fisheries[6] disaster assistance programs for qualifying small fishing enterprises. Eligible businesses can access SBA 7(a) loans[11] for working capital, equipment, and acquisition financing, while 504 loans[12] support major fixed-asset purchases including real estate and heavy machinery.
Top SBA Lenders
| # | Lender | Loans | Volume | Avg Loan |
|---|---|---|---|---|
| 1 | California FarmLink | 16 | $3.1M | $193K |
| 2 | Lewis & Clark Bank | 8 | $2.0M | $250K |
| 3 | U.S. Bank, National Association | 16 | $704K | $44K |
| 4 | Columbia Bank | 8 | $400K | $50K |
| 5 | Wells Fargo Bank National Association | 8 | $120K | $15K |
Frequently Asked Questions
Common questions about this industry.
What is the NAICS code for commercial finfish fishing?
Commercial Finfish Fishing is classified under NAICS code 114111, covering establishments engaged in the commercial catching or taking of finfish from natural habitats per the U.S. Census Bureau[4] industry classification system.
What is the SBA size standard for finfish fishing?
The SBA[9] sets the size standard for NAICS 114111 at $25.0 million in average annual receipts, qualifying eligible commercial fishing operations for small business lending programs and government contracting preferences.
What are the most valuable assets in a fishing operation?
Fishing permits, quota allocations, and individual fishing quota (IFQ) shares often represent the most valuable assets, sometimes exceeding vessel value, with transfer prices tracked by NOAA Fisheries[6] regional quota trading programs.
How are commercial fishing businesses valued?
Valuations account for permit and quota portfolio value, vessel condition and replacement cost, fishing gear inventory, historical catch performance, crew arrangements, and market position per NOAA Fisheries[6] landings and quota transaction data.
What regions dominate U.S. commercial finfish fishing?
Alaska leads in volume with pollock and salmon fisheries, followed by the Gulf of Mexico, Pacific Coast, and New England regions per NOAA Fisheries[6] annual commercial landings statistics and regional fishery performance data.
What regulations govern commercial finfish fishing?
Federal fishery management plans administered by NOAA Fisheries[6] through regional councils set catch limits, season dates, gear restrictions, and observer requirements, with additional state regulations for inshore and territorial waters.
What risks affect finfish fishing business valuations?
Major risks include quota allocation reductions from stock assessment changes, fuel cost volatility, vessel maintenance and insurance costs, weather exposure, crew retention challenges, and shifting species abundance patterns across fishing grounds.
How do catch share programs affect fishing business values?
Individual fishing quota programs create transferable harvest rights with market values tracked through quota lease and sale transactions, adding an intangible asset class that must be independently valued in fishing business appraisals.
Sources & References
Government datasets and editorial sources used in this report.
- [1]U.S. Bureau of Labor Statistics, Quarterly Census of Employment and Wages bls.gov
- [2]U.S. Census Bureau, County Business Patterns census.gov
- [3]U.S. Small Business Administration, SBA 7(a) Loan Program Data data.sba.gov
- [4]U.S. Census Bureau census.gov
- [5]National Oceanic and Atmospheric Administration noaa.gov
- [6]NOAA Fisheries fisheries.noaa.gov
- [7]U.S. Additional data is drawn from [Bureau of Labor Statistics bls.gov
- [8]SBA size standards sba.gov
- [9]SBA sba.gov
- [10]SBA-backed lending sba.gov
- [11]SBA 7(a) loans sba.gov
- [12]504 loans sba.gov
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