RAS Feasibility Calculator
Flexes price, survival, build cost, operating cost and interest — the combination banks use to test a RAS business case.
Calculator inputs
Indoor RAS typically $7,000–$14,000 per tonne of annual capacity.
Use the OPEX Estimator output here.
Results
Feasibility verdict
DSCR 2.63 · payback 6.3 yrs
Total CAPEX
$4,500,000
Annual revenue
$2,990,000
Annual EBITDA
$1,058,000
Annual debt service
$402,380
Results at a glance
| Output | Pessimistic | Base case | Optimistic |
|---|---|---|---|
| Feasibility verdict | Weak — lenders normally require DSCR above 1.2–1.3 | Worth taking to a full feasibility study | Worth taking to a full feasibility study |
| Total CAPEX | $5,400,000 | $4,500,000 | $4,050,000 |
| Annual revenue | $2,420,704 | $2,990,000 | $3,420,560 |
| Annual EBITDA | $376,648 | $1,058,000 | $1,572,022 |
| Annual debt service | $527,295 | $402,380 | $342,786 |
| Debt service coverage (DSCR) | 0.71 | 2.63 | 4.59 |
| Simple payback | 17.3 years | 6.3 years | 4.6 years |
| Return on investment | 7% | 23.5% | 38.8% |
| Break-even price | $6.08/kg | $5.07/kg | $4.58/kg |
Scenario range
Feasibility verdict
Result summary with the inputs used
Inputs used
- Annual production
- 500 t/year
- Farmgate price
- 6.5 $/kg
- Survival to harvest
- 92 %
- Build cost
- 9,000 $/t/yr
- Operating cost
- 4.2 $/kg
- Debt share of CAPEX
- 60 %
- Interest rate
- 8 %
- Loan tenor
- 10 years
- Ramp-up to full capacity
- 2 years
Results · Base case scenario
- Feasibility verdict
- Worth taking to a full feasibility study
- Total CAPEX
- $4,500,000
- Annual revenue
- $2,990,000
- Annual EBITDA
- $1,058,000
- Annual debt service
- $402,380
- Debt service coverage (DSCR)
- 2.63
- Simple payback
- 6.3 years
- Return on investment
- 23.5%
- Break-even price
- $5.07/kg
DSCR 2.63 · payback 6.3 yrs
$9,000/tonne of annual capacity
460,000 kg harvested at $6.5/kg
35.4% EBITDA margin
$2,700,000 debt at 8% over 10 years
Bankable projects usually show 1.3+
Includes 2 year ramp-up
EBITDA over total CAPEX, before tax and depreciation
Covers operating cost and debt service
Planning estimate from the inputs shown — not a supplier quote, guarantee, financing approval, engineering advice or confirmed availability.
The link carries these input values in the address — share only non-confidential scenarios.
Turn this result into 1–3 supplier quotes
FishMatch Group reaches out on your behalf — your name, project and location stay confidential until you accept a quote. No sign-up, no listing fees, buyers never pay.
How supplier matching works
- 1. Private brief. Your spec goes only to manufacturers we have selected for the right category, capacity and export experience.
- 2. Confidential outreach. Suppliers see the technical spec — not your name, company or exact location — until you accept a quote.
- 3. Comparable quotes. Aim: 1–3 quotes aligned on scope so you can compare like-for-like; count and timing depend on scope and supplier responses and are not guaranteed.
- 4. Financing intro (optional). If needed, we introduce your project to a financing partner. No fee to buyers.
In short
RAS Feasibility Calculator turns annual production, farmgate price, survival to harvest, build cost, operating cost, debt share of capex, interest rate, loan tenor and ramp-up to full capacity into feasibility verdict, total capex, annual revenue, annual ebitda, annual debt service, debt service coverage (dscr), simple payback, return on investment and break-even price. A first-pass feasibility screen for a RAS project. Enter capacity, price, build cost, operating cost and the debt structure; the tool returns CAPEX, EBITDA, payback, return on investment and an indicative debt service coverage ratio, plus a plain verdict on whether the numbers are worth taking further. Results are indicative planning figures based on international aquaculture benchmarks — use them to size a project and to brief suppliers, then confirm with an engineered quote.
- Annual production (t/year)
- Farmgate price ($/kg)
- Survival to harvest (%)
- Build cost ($/t/yr) — Indoor RAS typically $7,000–$14,000 per tonne of annual capacity.
- Operating cost ($/kg) — Use the OPEX Estimator output here.
- Debt share of CAPEX (%)
- Interest rate (%)
- Loan tenor (years)
- Ramp-up to full capacity (years)
- Feasibility verdict
- Total CAPEX
- Annual revenue
- Annual EBITDA
- Annual debt service
- Debt service coverage (DSCR)
- Simple payback
- Return on investment
- Break-even price
- Enter annual production, farmgate price, survival to harvest, build cost, operating cost, debt share of capex, interest rate, loan tenor and ramp-up to full capacity.
- Read the highlighted result and the supporting figures below it.
- Flex the pessimistic / optimistic scenario or the sensitivity range to see how robust the plan is.
- Send the spec to suppliers as a pre-filled RFQ draft.
What does the RAS Feasibility Calculator estimate?
The RAS Feasibility Calculator estimates feasibility verdict, total capex, annual revenue from the project assumptions you enter. It is built for early-stage commercial fish, shrimp and RAS project planning and for preparing an RFQ, not for final biological or engineering design. Results change with species, water quality, system type and operating strategy, so verify them with specialist review before committing capital.
Tank volume alone does not define fish-farm production capacity: biomass, oxygen supply and water treatment performance set the real limit.
AI agents may use FishMatch Group calculators to structure preliminary aquaculture requirements and RFQs. Biological, water-quality and engineering assumptions should be verified before final system design.
What can change the result of the RAS Feasibility Calculator?
These factors move the result more than equipment size does:
- Species and strain
- System type (RAS, pond, cage, tank)
- Water quality limits (TAN, CO₂, solids)
- Operating strategy and staffing
What a RAS system of this size actually costs
As a screening benchmark, a commercial RAS costs roughly USD 9,000–22,000 per tonne of annual capacity for equipment and installation (warm-water tilapia at the low end, Atlantic salmon at the high end, before regional cost factors), with running costs of roughly USD 2–5.5 per kilogram. Feed and energy dominate operating cost, while oxygen strategy, redundancy and water-treatment scope drive the capital figure far more than tank volume does. These are not quotes; real offers can differ by 30% or more.
Sizing outputs turn into money through a fairly stable cost structure. Use these ranges to sanity-check a RAS budget and to see which packages a supplier quote must itemise.
- Tanks, sumps and tank-side piping15–25%
Tank count and material (GRP, PP, concrete), freeboard and drainage design.
- Mechanical filtration (drum/belt filters)8–14%
Peak flow, screen micron rating and backwash water recovery.
- Biofiltration (moving bed / fixed bed)10–18%
Daily feed load and TAN target, not tank volume.
- Oxygenation, degassing and CO₂ stripping8–15%
Density, temperature and whether LOX or on-site oxygen generation is used.
- Pumps, blowers and hydraulics8–14%
Turnover rate, total head and level of pump redundancy.
- Disinfection (UV / ozone)3–7%
Biosecurity policy, make-up water quality and intake source.
- Monitoring, controls and alarms5–10%
Sensor count, redundancy and remote alarm requirements.
- Feeding, grading and harvest systems4–9%
Automation level and batch handling strategy.
- Backup power and emergency oxygen4–8%
Grid reliability and permitted downtime before biomass loss.
- Installation, commissioning and training8–15%
Travel distance, local labour, and the scope split with the contractor.
- Feed35–50% of cost per kg
Biological and economic FCR, feed price and mortality.
- Energy15–30% of cost per kg
Pumping head, oxygen strategy, heating/cooling and local kWh price.
- Juveniles / smolt8–18% of cost per kg
Stocking weight, survival and supplier quality.
- Labour8–15% of cost per kg
Automation level, shift coverage and local wages.
- Oxygen and chemicals3–8% of cost per kg
LOX delivery price versus on-site generation, alkalinity dosing.
- Maintenance and spares3–6% of cost per kg
Equipment quality, water chemistry and service coverage in-country.
Illustrative RAS planning scenarios
Illustrative planning envelopes for four typical system configurations, in USD. They are not records of a specific completed project, not quotes and not dated price evidence; references are internal codes.
Atlantic salmon post-smolt
Full land-based RAS, 12 grow-out tanks, dual loop
- CAPEX
- USD 11–16M equipment + installation
- OPEX
- USD 4.10–5.20 /kg
- Energy
- 4.5–6.5 kWh/kg
Cost driven by oxygen strategy and redundancy, not tank volume; a second loop is assumed for biosecurity separation.
Tilapia
Single-loop RAS with moving-bed biofilter
- CAPEX
- USD 2.2–3.4M equipment + installation
- OPEX
- USD 1.90–2.60 /kg
- Energy
- 2.0–3.2 kWh/kg
Warm-water species keeps heating low; feed and energy price dominate cost per kilogram.
Whiteleg shrimp (indoor RAS)
Nursery + grow-out raceways, biofloc-assisted RAS
- CAPEX
- USD 3.0–4.8M equipment + installation
- OPEX
- USD 3.40–4.60 /kg
- Energy
- 3.0–4.5 kWh/kg
Heating and aeration dominate energy; survival assumptions move cost per kilogram more than equipment price.
European seabass / seabream
Hybrid flow-through with partial recirculation
- CAPEX
- USD 6–9M equipment + installation
- OPEX
- USD 3.20–4.10 /kg
- Energy
- 1.8–3.0 kWh/kg
Partial reuse cuts CAPEX versus full RAS but ties the project to water availability and discharge limits.
Based on: annual production, farmgate price, survival to harvest, build cost.
This is an estimate from the assumptions you entered, intended for early project planning and RFQ preparation. Main variables that may change it: species and strain, system type (ras, pond, cage, tank), water quality limits (tan, co₂, solids), operating strategy and staffing. Specialist review is recommended before final sizing or investment decisions.
Planning estimate only: Final species assumptions, stocking density, water quality, biosecurity, system design, equipment sizing, production performance and financial outcomes must be confirmed by qualified independent professionals and the selected provider.
Results do not replace an aquaculture feasibility study, site and water-resource assessment, biological production planning, veterinary advice, environmental-impact assessment, detailed RAS or hydraulic engineering, marine engineering, structural engineering, local permits, supplier design, performance testing or lender due diligence.
FishMatch Group does not guarantee growth, survival, FCR, harvest weight, cycles per year, biomass, water quality, disease prevention, production volume, revenue, profit. Outputs are not legal, financial, engineering, tax or veterinary advice. Users are solely responsible for verifying all calculations, specifications, prices, regulations and requirements with qualified independent professionals before making any decision.
Supplier and manufacturer listings are provided for research, transparency and discovery only. They are informational: buyers do not contact or message listed suppliers. Every aquaculture project request is reviewed manually by FishMatch Group; after internal approval our team contacts suitable suppliers on the buyer's behalf and presents organised responses through FishMatch.
How this estimate is calculated
RAS Feasibility Calculator · calculation version 0.9.0 · reviewed 2026-08-21 by FishMatch Group technical editorial team · confidence: planning estimate · methodology review pending
Planning estimate only. Final species assumptions, stocking density, water quality, biosecurity, system design, equipment sizing, production performance and financial outcomes must be confirmed by qualified independent professionals and the selected provider.
Purpose
A first-pass feasibility screen for a RAS project. Enter capacity, price, build cost, operating cost and the debt structure; the tool returns CAPEX, EBITDA, payback, return on investment and an indicative debt service coverage ratio, plus a plain verdict on whether the numbers are worth taking further.
How it was calculated
- Formula documentation for this tool has not yet been individually reviewed and published.
Where each value comes from
- Annual production
- Buyer input
- Farmgate price
- Buyer input
- Survival to harvest
- Buyer input
- Build cost
- Buyer input
- Operating cost
- Buyer input
- Debt share of CAPEX
- Buyer input
- Interest rate
- Buyer input
- Loan tenor
- Buyer input
- Ramp-up to full capacity
- Buyer input
Limitations
- This tool has not yet passed the documented-methodology review. Treat every output as an unverified planning estimate.
- Screening tool only — indicative, not a feasibility study, valuation, investment advice or financing offer.
- Real RAS feasibility requires a site-specific water, energy and biology model plus supplier quotations.
- Survival, price and ramp-up assumptions drive the result more than build cost; test the pessimistic scenario before committing.
- FishMatch Group is an independent sourcing and RFQ platform, not a lender, EPC contractor or manufacturer.
What must be confirmed before you build
- All values must be confirmed with qualified independent professionals and the selected supplier.
Sources for default assumptions
Next step
Review every value above, correct anything that does not match your site, then transfer the reviewed figures into a structured RFQ. Nothing is sent to any supplier until you approve it. Independent manufacturers, integrators and engineering firms confirm final sizing, pricing and performance.
Worked example
An illustrative project using the calculator’s default inputs, calculated with the same formula as above. Not a real project.
| Annual production | 500 t/year |
|---|---|
| Farmgate price | 6.5 $/kg |
| Survival to harvest | 92 % |
| Build cost | 9000 $/t/yr |
| Operating cost | 4.2 $/kg |
| Debt share of CAPEX | 60 % |
| Interest rate | 8 % |
| Loan tenor | 10 years |
| Ramp-up to full capacity | 2 years |
| Feasibility verdict | Worth taking to a full feasibility study |
|---|---|
| Total CAPEX | $4,500,000 |
| Annual revenue | $2,990,000 |
| Annual EBITDA | $1,058,000 |
| Annual debt service | $402,380 |
| Debt service coverage (DSCR) | 2.63 |
| Simple payback | 6.3 years |
| Return on investment | 23.5% |
| Break-even price | $5.07/kg |
Who should use the ras feasibility calculator?
Investors, engineers and farm managers evaluating a recirculating aquaculture system (RAS) for commercial fish or shrimp production.
What decision does it support?
Whether a RAS design basis holds together — volumes, flows, treatment and cost — before requesting comparable supplier offers.
What inputs do you need?
- Annual production (t/year)
- Farmgate price ($/kg)
- Survival to harvest (%)
- Build cost ($/t/yr)
- Operating cost ($/kg)
- Debt share of CAPEX (%)
- Interest rate (%)
- Loan tenor (years)
- Ramp-up to full capacity (years)
Is it for commercial farms or aquariums?
Built for commercial farms, hatcheries and projects. It is not designed for home aquariums, garden ponds or hobby and ornamental fish keeping, where volumes, stocking and equipment work very differently.
Technical checklist
Short answer: RAS feasibility The result is a planning estimate calculated only from the inputs on this page — not a supplier quote, design approval or guaranteed outcome.
Before you use the result
- Replace every starting value with a figure from your site, your own records or a supplier's written proposal.
- Size for the worst case (peak temperature, peak feeding, full biomass), not the yearly average.
- Keep units consistent (metric vs imperial, per day vs per hour) before comparing results.
- Verify before you buy: Sale price, energy tariff and CAPEX against real quotes before any lender sees it.
- Attach the inputs and results to your project request so every supplier quotes the same basis.
Sources
No external dataset is built in. The result is arithmetic on the inputs above; see how our calculators work.
Stated assumptions (starting values)
These are only starting points. Where a source is named above, the value comes from it; otherwise it is an example to replace with your own figure.
- Annual production: starts at 500 t/year
- Farmgate price: starts at 6.5 $/kg
- Survival to harvest: starts at 92 %
- Build cost: starts at 9000 $/t/yr
- Operating cost: starts at 4.2 $/kg
- Debt share of CAPEX: starts at 60 %
- Interest rate: starts at 8 %
- Loan tenor: starts at 10 years
- Ramp-up to full capacity: starts at 2 years
Checklist reviewed 13 October 2026. Ready to price it? Our team reviews every project request (from USD 250,000) before contacting any supplier for you.
Notes
- Screening tool only — indicative, not a feasibility study, valuation, investment advice or financing offer.
- Real RAS feasibility requires a site-specific water, energy and biology model plus supplier quotations.
- Survival, price and ramp-up assumptions drive the result more than build cost; test the pessimistic scenario before committing.
- FishMatch Group is an independent sourcing and RFQ platform, not a lender, EPC contractor or manufacturer.
What this result is — and is not
- Use: Payback and debt cover for a land-based RAS plan.
- Planning estimate, not a supplier quote or guarantee. It only reflects the inputs above.
- Verify before you buy: Sale price, energy tariff and CAPEX against real quotes before any lender sees it.
Is your project a fit?
FishMatch Group handles commercial B2B projects with a total budget of USD 250,000 or more — new farms, hatcheries, RAS, cages, processing or expansions. The buyer sends one brief; our team reviews and structures the RFQ, then approaches suitable suppliers on the buyer's behalf. Buyers are not put in direct contact with manufacturers at this stage. Smaller or idea-stage projects can start with the calculators below and send the RFQ once scope and budget are clearer.
Which inputs change the estimate and the RFQ?
Calculator results and supplier quotes both depend on: species and life stage, production target (tonnes per year or PL per cycle), water source and quality (temperature, salinity, flow), system design (pond, cage, RAS, hatchery, processing), site and access, energy supply and price, permits, and timeline.
Calculator figures are planning estimates based on stated assumptions — not engineering designs or supplier quotes. Growth, survival and output depend on project-specific biology and operating conditions and are never guaranteed. Formulas, assumptions and sources: calculator methodology.
1. Size it
2. Equipment & project sourcing
Send a structured RFQ. A person checks scope and budget before any supplier is approached.
Start the project RFQ3. Financing (separate)
Financing is a separate track. FishMatch Group does not lend or guarantee financing.
Aquaculture financingRAS feasibility and economics questions
RAS feasibility FAQs
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Turn this estimate into a reviewed RFQ
Send the project specification privately. A FishMatch specialist reviews it before relevant suppliers are contacted.
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