Emercor AS
Not financial advice. The index, rank, signals and advice are rule-based indications from the latest filed annual accounts. They are not a credit rating, an assessment of management or a recommendation to buy, sell or do business with the company. Read more
Score · fiscal year 2025
Not enough data: Revenue not reported
Based on the annual accounts for 2025
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating margin | – | 9.5% |
| Profit margin | – | 10.0% |
| Return on assets | 1.2% | 19.2% |
| Equity ratio | 32.5% | 36.1% |
| Debt-to-equity | 2.08 | 1.59 |
| Current ratio | 0.99 | 1.46 |
| Revenue growth | – | 6.8% |
The median and “ahead of” refer to companies in the same sector in 2025. The bar shows the share of companies the figure is ahead of.
Score over time
Score over time needs at least two fiscal years with a score. It will appear when next year's figures are fetched or history is imported.
The industry or the company: what drove the result?
The company and its sector's drivers
Prices, rate and currency that shape the sector's year, year by year beside the operating margin of Emercor AS. The figures stand side by side; we claim no cause.
Turnover index: legal and accounting activities (indeks (2021 = 100))
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Turnover index: legal and accounting activities, annual average | 100.4 | 107.7 | 127.0 | 135.2 | 141.7 | 149.6 (so far) |
| Change from the year before | +8.7% | +7.3% | +17.9% | +6.4% | +4.8% | +5.5% |
| The company's operating margin | – | – | – | – | – | – |
Source: SSB (13863, CC BY 4.0). Source
Turnover index: management consultancy (indeks (2021 = 100))
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Turnover index: management consultancy, annual average | 99.4 | 104.0 | 114.9 | 116.0 | 123.6 | 128.7 (so far) |
| Change from the year before | +17.3% | +4.6% | +10.5% | +1.0% | +6.5% | +4.1% |
| The company's operating margin | – | – | – | – | – | – |
Source: SSB (13863, CC BY 4.0). Source
Service prices: legal and accounting (indeks (2021 = 100))
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Service prices: legal and accounting, annual average | 100.0 | 104.8 | 111.8 | 117.4 | 123.2 | 127.0 (so far) |
| Change from the year before | +3.4% | +4.8% | +6.7% | +5.0% | +4.9% | +3.1% |
| The company's operating margin | – | – | – | – | – | – |
Source: SSB (14335, CC BY 4.0). Source
Consumer price index (indeks (2025 = 100))
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Consumer price index, annual average | 84.3 | 89.2 | 94.1 | 97.0 | 100.0 | 102.9 (so far) |
| Change from the year before | +3.5% | +5.8% | +5.5% | +3.2% | +3.0% | +2.9% |
| The company's operating margin | – | – | – | – | – | – |
Source: SSB (14710, CC BY 4.0). Source
Policy rate (prosent)
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Policy rate, annual average | 0.08 | 1.32 | 3.54 | 4.50 | 4.30 | 4.17 (so far) |
| Change from the year before | −0.28 percentage points | +1.24 percentage points | +2.22 percentage points | +0.96 percentage points | −0.20 percentage points | −0.12 percentage points |
| The company's operating margin | – | – | – | – | – | – |
Source: Norges Bank (IR, NLOD 2.0). Source
Wage index: legal and accounting (indeks)
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Wage index: legal and accounting, annual average | 86.2 | 89.8 | 93.9 | 99.1 | 104.4 | 108.4 (so far) |
| Change from the year before | +5.1% | +4.3% | +4.5% | +5.6% | +5.4% | +3.8% |
| The company's operating margin | – | – | – | – | – | – |
Source: SSB (12314, CC BY 4.0). Source
We show the drivers and the margin side by side and claim no cause. Sensitivity per company is not computed until we have at least 10 years of accounts per company: with three years such figures are false precision.
What the numbers say
Emercor AS had an equity ratio of 32.5% in 2025. The company is not ranked: revenue not reported.
From 2024 to 2025: the equity ratio fell from 98.7% to 32.5% and went from a profit to a loss before tax.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 7 MNOK and 164 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 22.4 | 7 MNOK |
| EV/EBIT | 17.4 | not meaningful |
| P/B | 4.1 | 164 MNOK |
The listed basis is the value at listed multiples. The estimate is lowered for size: a small-company premium of 3% on the cost of equity gives a value 32% lower. No separate marketability discount is applied, because the premium already allows for the company being small and unlisted.
The NACE code has no listed industry of its own in the table, so the multiples are the sector median: Business & Consumer Services.
Not financial advice. The value range is a rough model estimate from listed-company multiples, not a valuation, a price target or a price offer. The actual value may differ greatly. Read more
A mechanical estimate from public accounts, not advice. A mechanical estimate from public accounts with listed multiples and fixed adjustments. Not a valuation and not advice to buy or sell. See the calculation
Worth a closer look
- watch
Consider strengthening liquidity: current liabilities are 1.0 times current assets.
Based on: Current ratio 0.99 (median 1.46).
- watch
The company made a loss before tax. Are these one-off items or a pattern?
Based on: Profit margin – (median 10.0%).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 6.2% 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
- watch Revenue not reported
- watch No revenue but large assets
Scenario analysis: the sector's weakest year
We have no accounts for 2026, the sector's weakest year, for this company.
The sector's weakest year was 2026, with a median operating margin of 5.4%. Based on the 7 fiscal years we have. The analysis grows as more years are fetched or imported. Methodology
Questions and answers
How profitable is Emercor AS?
The operating margin was – in 2025, against a median of 9.5% among companies in the same sector. Return on assets was 1.2%. The company made a loss before tax.
How solid is Emercor AS?
The equity ratio was 32.5% in 2025 (median 36.1%). Debt-to-equity was 2.08 (median 1.59).
What is the liquidity of Emercor AS like?
The current ratio was 0.99 in 2025 (median 1.46). Current assets did not cover current liabilities.
Group structure · 2025
10 companies in the group according to the shareholder register for 2025. A company counts as a subsidiary when a Norwegian company owns more than half of its shares.
Private persons own 100% of the shares in Middelborg AS. Persons are not shown by name.
Group accounts. Middelborg AS for 2024: index 44 of 100, number 13 of 22 groups. See the group accounts
The group in figures
- Sectors
- Eiendom (4 companies), Undervisning (1 company), Revisjon, regnskap og rådgivning (1 company) 6 of 10 companies in the tree have accounts with us. Sectors are sorted by the companies' own revenue, which includes sales between the group's companies.
- Employees in Norway
- 9 in all. Tønsberg 9 Registered employees in the Central Coordinating Register, by the municipality of the business address. Employees may work elsewhere.
- Negative equity
- 2 companies: She Community AS, Zono Invest AS
- Loss
- 5 companies: She Community AS, Emercor AS, Zono Invest AS, Zono Holding AS, Seg Group AS
- Changed 2024–2025
- 2 companies joined the group: She Community AS, Seg Group AS. 1 company left.
A subsidiary with negative equity or a loss may be backed by the group, for example with group contributions or guarantees. It is an indication of what is worth asking about, not an assessment.
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.
Source: the Norwegian Tax Administration's shareholder register 2025 (majority owner with more than 50 % of the shares). Voting agreements and ownership through other countries are not included.
From the Central Coordinating Register
- Org. no.
- 813699672
- Legal form
- AS
- Sector
- Revisjon, regnskap og rådgivning (70.200)
- Employees
- 0–4 (not registered)
- Founded
- 6 March 2014 12 years in operation
- Share capital
- 0.06 MNOK
- Business address
- Storgaten 32, 3126 TØNSBERG
- Municipality
- Tønsberg rank 2 of 10 in KOSTRA group 11
- Latest accounts filed
- 2025
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
Loading roles …
Source: Central Coordinating Register, fetched 1 November 2026. Only names are shown.
Shareholders (2025)
- Number of shareholders
- 1 (one owner)
- Largest owner
- 100.0%
- Split
- companies 100% · private persons 0% · foreign 0%
- Owned from the same municipality
- 100%
- Group chain
-
Owned by: Middelborg AS (100%)
Ultimate owner: private person
- Middelborg AS · 100.0%
The company is new in the shareholder register in 2025.
Majority owner of: Middelborg Utvikling AS (90%)
Holds shares in: Folksom AS (41%), Sea Core AS (25%), Middelborg Utvikling AS (90%), Middelborg Eiendom AS (50%), Nebo Topco AS (2%)
Source: the Norwegian Tax Administration's shareholder register as of 2025. Figures may be older than today's ownership. Private persons are not shown by name.
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.
Is this your company? Suggest changes or add information
Figures last fetched 29 October 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | – | – | – | |
| Rank | – | – | – | |
| Operating margin | – | – | – | |
| Return on assets | 13.6% | 2.9% | 1.2% | |
| Equity ratio | 99.0% | 98.7% | 32.5% | |
| Current ratio | 0.36 | 0.01 | 0.99 | |
| Revenue growth | – | – | – |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | – | – | – |
| Operating profit | −0.2 MNOK | −0.1 MNOK | −0.4 MNOK |
| Profit before tax | 5.8 MNOK | 1.2 MNOK | −5.4 MNOK |
| Tax expense | – | 0.1 MNOK | 0.0 MNOK |
| Net profit | 5.8 MNOK | 1.1 MNOK | −5.4 MNOK |
| Financial expenses | 0.0 MNOK | 0.1 MNOK | 7.5 MNOK |
| Total assets | 42.6 MNOK | 43.8 MNOK | 180.9 MNOK |
| Current assets | 0.0 MNOK | 0.0 MNOK | 3.4 MNOK |
| Equity | 42.2 MNOK | 43.2 MNOK | 58.7 MNOK |
| Retained earnings | 17.3 MNOK | 18.4 MNOK | 33.9 MNOK |
| Total liabilities | 0.4 MNOK | 0.5 MNOK | 122.2 MNOK |
| Current liabilities | 0.0 MNOK | 0.4 MNOK | 3.4 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 29 October 2026, accounts id 6995180.