Pipeotech 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
Key facts
Is the company run well?
Five key figures against companies in the Morning class Micro in the same sector. Green is better than most, amber about like the industry and red weaker than most.
- Profitability · operating margin −138.0% Weaker than the industry Industry: 8.0%
- Returns · return on assets −37.9% Weaker than the industry Industry: 14.7%
- Solidity · equity ratio 36.5% About like the industry Industry: 44.0%
- Liquidity · current ratio 0.23 Weaker than the industry Industry: 1.69
- Growth · revenue growth 9.3% About like the industry Industry: 6.8%
The mark comes from the company's place among comparable companies (percentile): green from 60, amber from 40, red below 40. Negative equity, an operating loss and a current ratio under 1 pull it down regardless. Methodology
Score · fiscal year 2024
18of 100
How to read this: the company is ahead of 7 % of companies in the Morning class Micro in the same sector in 2024. What does this mean?
Rank in the Morning class Micro: 6,640 of 7,106 · What are Morning company classes?
Place in the whole sector: 8,943 of 9,531 · Teknisk tjenesteyting og forskning
Profile
Beaver · Builder
Lower profitability, lower resilience
Position against comparable companies in 2024, not a verdict on the company. Based on profitability 4 and resilience 25 out of 100 among companies in the Morning class Micro in the same sector in 2024. Methodology
Against the sector
Pipeotech AS is 33 points below the median for companies in the Morning class Micro in the same sector in 2024.
Median score 51 among 7,102 companies.
Against companies in the Morning class Micro in the same sector in 2024: operating margin −138.0% (median 8.0%) and equity ratio 36.5% (median 44.0%).
How it has gone · 2023–2025
Revenue rose by 543 % from 2023 to 2025, to 21.8 MNOK. The operating margin rose from −109.4% in 2023 to 45.8% in 2025. The equity ratio fell from 80.8% in 2023 to 70.9% in 2025.
Amounts in the reporting currency. The full year-by-year table is further down under «Details». See every figure year by year
Accounts in short
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 3.4 MNOK | 3.7 MNOK | 21.8 MNOK |
| Operating profit | −3.7 MNOK | −5.1 MNOK | 10.0 MNOK |
| Net profit | −3.8 MNOK | −5.2 MNOK | 9.9 MNOK |
| Total assets | 12.5 MNOK | 13.4 MNOK | 20.8 MNOK |
| Equity | 10.1 MNOK | 4.9 MNOK | 14.8 MNOK |
| Total liabilities | 2.4 MNOK | 8.5 MNOK | 6.1 MNOK |
From the Brønnøysund Register Centre, in the company's reporting currency (NOK). See every figure year by year
From the Central Coordinating Register
- Org. no.
- 814548422
- Legal form
- AS
- Sector
- Teknisk tjenesteyting og forskning (71.129)
- Purpose
- Produktutvikling, forvalte industrielle rettigheter, patenter samt drive forretningsmessig virksomhet som faller naturlig inn under dette, og kjøp og salg av aksjer eller på andre måter gjøre seg interessert i andre foretagender.
- Morning company class
- Micro
- Employees
- 0–4 (not registered) Payroll costs in the accounts: 4.2 MNOK (2024).
- Founded
- 27 November 2014 11 years in operation
- Share capital
- 6.00 MNOK
- Business address
- Molandsveien 10, 4994 AKLAND (RISØR)
- Municipality
- Risør rank 21–36 of 40 in KOSTRA group 1
- Latest accounts filed
- 2025
- VAT registered
- Yes
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
Worth a closer look
- critical
Consider strengthening liquidity: current liabilities are 4.4 times current assets.
Based on: Current ratio 0.23 (median 1.69).
- critical
The operating result does not cover the financial costs. How will the debt be serviced, and what do the lenders say?
Based on: Interest coverage (times) −35.1 (median 13.8); Financial costs as a share of debt 1.7% (median 0.7%).
- watch
The company made a loss before tax. Are these one-off items or a pattern?
Based on: Profit margin −140.8% (median 7.9%).
- watch
The operating margin is lower than at three in four companies in the sector. Where do costs differ from competitors?
Based on: Operating margin −138.0% (median 8.0%).
- watch
Current liabilities exceed current assets other than bank deposits, and the current ratio is weak. Is it customer prepayments and supplier credit that fund the operations, or short-term loans that must be renewed?
Based on: Net working capital to revenue −170.1% (median −7.1%); Current ratio 0.23 (median 1.69).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 1.7% of the debt in 2024. The policy rate averaged 4.50 % 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 Extreme margin: check the figures
Scenario analysis: the sector's weakest year
We have no accounts for 2021, the sector's weakest year, for this company.
The sector's weakest year was 2021, with a median operating margin of −0.2%. Based on the 10 fiscal years we have. The analysis grows as more years are fetched or imported. Methodology
What the score is made of
| Profitability | 4 | weight 40% |
|---|---|---|
| Solidity | 40 | weight 20% |
| Liquidity | 2 | weight 5% |
| Growth | 31 | weight 25% |
| Consistency | 6 | weight 10% |
Three goals: profitability 40%, growth 25%, resilience 35%. Why these weights?
Durability: 24 (average over 2 years)
Index version 3. Data completeness 100%: the share of the weights that had data.
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 4 MNOK | 2 MNOK |
| Operating margin | −138.0% | 8.0% |
| Profit margin | −140.8% | 7.9% |
| Return on assets | −37.9% | 14.7% |
| Equity ratio | 36.5% | 44.0% |
| Debt-to-equity | 1.74 | 1.00 |
| Current ratio | 0.23 | 1.69 |
| Revenue growth | 9.3% | 6.8% |
The median and “ahead of” refer to companies in the Morning class Micro in the same sector in 2024. The bar shows the share of companies the figure is ahead of.
With an index of 18, Pipeotech AS does better than 7% of companies in the Morning class Micro in the same sector (7,106 companies) in 2024.
Score 2023–2025
- Pipeotech AS
- Median: companies in the Morning class Micro in the same sector
Working capital and debt
| Measure | Company | Median | |
|---|---|---|---|
| Working capital | |||
| Receivable days All current receivables, including those on group companies, in days of revenue. |
63 days | 47 days | |
| Inventory and other current assets, days Current assets other than receivables and bank deposits, that is inventory and short-term investments, in days of revenue. |
93 days | 0 days | |
| Net working capital to revenue Current assets less bank deposits less current liabilities, divided by revenue. Negative: short-term debt funds the operations. |
−170.1% | −7.1% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
11.1% | 56.7% | |
| Debt and interest burden | |||
| Interest coverage (times) Operating result divided by all financial costs. Below 1: operations do not cover the cost of the debt. |
−35.1 | 13.8 | |
| Financial costs as a share of debt All financial costs (interest, currency losses and other) divided by all debt, interest-free debt included. Not an interest rate. |
1.7% | 0.7% | |
| Long-term share of debt Long-term debt as a share of all debt. A low share means more falls due within a year. |
7.4% | 0.0% | |
The operating result is negative, so the interest coverage is negative: operations cover none of the financial costs.
Net working capital (current assets less bank deposits less current liabilities): −6.3 MNOK.
Of the financial costs of 0.1 MNOK, 0.1 MNOK is reported as interest costs in the accounts.
The median and the bar refer to companies in the Morning class Micro in the same sector in 2024. The bar shows the share of the group with a lower figure: higher is not always better, long receivable days tie up capital, for example. These figures do not count in the score.
What the numbers say
Pipeotech AS had an operating margin of −138.0% and an equity ratio of 36.5% in 2024, and ranks 8,943 of 9,531 in Teknisk tjenesteyting og forskning.
From 2023 to 2024: the operating margin fell from −109.4% to −138.0% and the equity ratio fell from 80.8% to 36.5%.
This text is generated automatically from the 2024 accounts.
Three simple methods
One method gives a figure: 7 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 14.9 | not meaningful |
| EV/EBIT | 14.3 | not meaningful |
| P/B | 2.3 | 7 MNOK |
The listed basis is the value at listed multiples. The estimate is lowered for size: a small-company premium of 4% on the cost of equity gives a value 38% lower. No separate marketability discount is applied, because the premium already allows for the company being small and unlisted.
The multiples are from the listed industry that matches the NACE code (71.1): Engineering/Construction.
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
Questions and answers
How profitable is Pipeotech AS?
The operating margin was −138.0% in 2024, against a median of 8.0% among companies in the Morning class Micro in the same sector. Return on assets was −37.9%. The company made a loss before tax.
How solid is Pipeotech AS?
The equity ratio was 36.5% in 2024 (median 44.0%). Debt-to-equity was 1.74 (median 1.00).
What is the liquidity of Pipeotech AS like?
The current ratio was 0.23 in 2024 (median 1.69). Current assets did not cover current liabilities.
How does Pipeotech AS compare in Teknisk tjenesteyting og forskning?
Pipeotech AS ranks 8,943 of 9,531 in Teknisk tjenesteyting og forskning for 2024. Among companies in the Morning class Micro it is number 6,640 of 7,106. Revenue changed by 9.3% from the year before.
Group structure · 2025
5 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.
No owner holds more than half of the shares in Green Transition Holding AS.
Green Transition Holding AS has not filed group accounts in open data, so the group has no index of its own. Each company has its own accounts.
The group in figures
- Sectors
- Teknisk tjenesteyting og forskning (4 companies), Informasjon og kommunikasjon (1 company) 5 of 5 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
- 17 in all. Bærum 17 Registered employees in the Central Coordinating Register, by the municipality of the business address. Employees may work elsewhere.
- Loss
- 4 companies: Carbon Circle Holding AS, Green Transition Holding AS, Varme Energy AS, Aitos Gasification Technology AS
- Changed 2024–2025
- 1 company left: Ecvio AS.
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.
-
Green Transition Holding AS
- Pipeotech AS you are here
- Carbon Circle Holding AS
- Varme Energy AS
- Aitos Gasification Technology AS
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.
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
- 0%
- Group chain
-
Owned by: Green Transition Holding AS (100%)
Ultimate owner: Green Transition Holding AS
The owner: the majority owner Green Transition Holding AS (holds 100%) made a loss in 2025. A weak parent can affect the subsidiary through group contributions, loans and guarantees. It is an indication to watch, not an assessment of the company.
- Green Transition Holding AS · 100.0%
The company is new in the shareholder register in 2025.
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 | 31 | 18 | 86 | |
| Rank | 6,996 | 8,943 | 82 | |
| Operating margin | −109.4% | −138.0% | 45.8% | |
| Return on assets | −29.1% | −37.9% | 47.9% | |
| Equity ratio | 80.8% | 36.5% | 70.9% | |
| Current ratio | 2.04 | 0.23 | 3.44 | |
| Revenue growth | – | 9.3% | 487.9% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 3.4 MNOK | 3.7 MNOK | 21.8 MNOK |
| Operating profit | −3.7 MNOK | −5.1 MNOK | 10.0 MNOK |
| Profit before tax | −3.8 MNOK | −5.2 MNOK | 9.9 MNOK |
| Tax expense | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Net profit | −3.8 MNOK | −5.2 MNOK | 9.9 MNOK |
| Financial expenses | 0.1 MNOK | 0.1 MNOK | 0.1 MNOK |
| Total assets | 12.5 MNOK | 13.4 MNOK | 20.8 MNOK |
| Current assets | 2.6 MNOK | 1.8 MNOK | 20.8 MNOK |
| Equity | 10.1 MNOK | 4.9 MNOK | 14.8 MNOK |
| Retained earnings | −14.9 MNOK | −20.1 MNOK | −10.2 MNOK |
| Total liabilities | 2.4 MNOK | 8.5 MNOK | 6.1 MNOK |
| Current liabilities | 1.3 MNOK | 7.9 MNOK | 6.1 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 29 October 2026, accounts id 5831625.
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