Appodizer AS
Score · fiscal year 2025
74of 100
How to read this: the company is ahead of 90 % of companies in the Morning class Micro in the same sector in 2025. What does this mean?
Rank in the Morning class Micro: 210 of 2,127 · What are Morning company classes?
Place in the whole sector: 357 of 4,183 · Teknisk tjenesteyting og forskning
Profile
Lion · Leader
High profitability, high solidity
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 78 and solidity 87 out of 100 among companies in the Morning class Micro in the same sector in 2025. Methodology
Against the sector
Appodizer AS is 24 points above the median for companies in the Morning class Micro in the same sector in 2025.
Median score 50 among 2,126 companies.
Against companies in the Morning class Micro in the same sector in 2025: operating margin 30.1% (median 4.9%) and equity ratio 81.3% (median 40.9%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 1 MNOK | 3 MNOK |
| Operating margin | 30.1% | 4.9% |
| Profit margin | 28.1% | 4.8% |
| Return on assets | 21.7% | 10.2% |
| Equity ratio | 81.3% | 40.9% |
| Debt-to-equity | 0.23 | 1.12 |
| Current ratio | 5.35 | 1.66 |
| Revenue growth | −0.4% | 5.2% |
The median and “ahead of” refer to companies in the Morning class Micro in the same sector in 2025. The bar shows the share of companies the figure is ahead of.
With an index of 74, Appodizer AS does better than 90% of companies in the Morning class Micro in the same sector (2,127 companies) in 2025.
Score 2023–2025
- Appodizer AS
- Median: companies in the Morning class Micro in the same sector
Appodizer AS has a score of 74 for 2025, rank 357 of 4,183 in the sector.
Strongest: Liquidity: percentile 89 against peers, current ratio 5.35 against a median of 1.66. Solidity: percentile 87 against peers, equity ratio 81.3% against a median of 40.9%.
No area is clearly below its peers.
Worth a closer look
- The change in operating margin in 2025 was 21.2 percentage points better than for comparable companies: the company +20.3, the industry −0.9 points. That is the company's own, not something that hit the whole industry.
Written by fixed rules from the figures. Describes the figures, does not explain causes. Not investment or financial advice. How the summary is made
The industry or the company: what drove the result?
In 2025 the operating margin of Appodizer AS rose by 20.3 percentage points. Comparable companies fell by a median 0.9 points. So the company did 21.2 points better than the industry, for reasons of its own.
Over 2 year-to-year changes Appodizer AS moved the same way as comparable companies 0 times. About 4% of the changes in operating margin were common to the industry; the rest was the company's own.
| Year | The company | Comparable (median) | Change, company | Change, industry | The company's own |
|---|---|---|---|---|---|
| 2024 | 9.8% | 5.8% | −4.2 percentage points | +0.1 percentage points | −4.4 percentage points |
| 2025 | 30.1% | 4.9% | +20.3 percentage points | −0.9 percentage points | +21.2 percentage points |
Comparable companies are those in the same industry and Morning company class. Their change shows what hit the whole industry, the sector drivers below included. The rest is the company's own: contracts, costs, one-off items or operations. The share is approximate, and we claim no cause.
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 Appodizer AS. The figures stand side by side; we claim no cause.
Turnover index: architectural and engineering activities (indeks (2021 = 100))
Turnover index: architectural and engineering activities rose 8.1% in 2025; the operating margin of Appodizer AS rose 20.3 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Turnover index: architectural and engineering activities, annual average | 99.0 | 108.8 | 127.9 | 146.4 | 158.3 | 155.2 (so far) |
| Change from the year before | +9.8% | +9.9% | +17.5% | +14.5% | +8.1% | −1.9% |
| The company's operating margin | – | – | 14.0% | 9.8% | 30.1% | – |
Source: SSB (13863, CC BY 4.0). Source
Turnover index: advertising and market research (indeks (2021 = 100))
Turnover index: advertising and market research rose 3.6% in 2025; the operating margin of Appodizer AS rose 20.3 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Turnover index: advertising and market research, annual average | 99.4 | 113.5 | 108.3 | 106.9 | 110.7 | 126.1 (so far) |
| Change from the year before | +35.1% | +14.2% | −4.6% | −1.3% | +3.6% | +13.9% |
| The company's operating margin | – | – | 14.0% | 9.8% | 30.1% | – |
Source: SSB (13863, CC BY 4.0). Source
Turnover index: other professional and technical activities (indeks (2021 = 100))
Turnover index: other professional and technical activities rose 6.2% in 2025; the operating margin of Appodizer AS rose 20.3 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Turnover index: other professional and technical activities, annual average | 98.3 | 121.6 | 139.4 | 131.0 | 139.1 | 158.0 (so far) |
| Change from the year before | +29.9% | +23.7% | +14.6% | −6.0% | +6.2% | +13.6% |
| The company's operating margin | – | – | 14.0% | 9.8% | 30.1% | – |
Source: SSB (13863, CC BY 4.0). Source
Service prices: architects and engineering (indeks (2021 = 100))
Service prices: architects and engineering rose 3.2% in 2025; the operating margin of Appodizer AS rose 20.3 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Service prices: architects and engineering, annual average | 100.0 | 103.6 | 107.5 | 111.2 | 114.7 | 119.4 (so far) |
| Change from the year before | +1.2% | +3.5% | +3.8% | +3.4% | +3.2% | +4.2% |
| The company's operating margin | – | – | 14.0% | 9.8% | 30.1% | – |
Source: SSB (14335, CC BY 4.0). Source
Oil price (export price of crude oil) (kr per fat)
Oil price (export price of crude oil) fell 17.6% in 2025; the operating margin of Appodizer AS rose 20.3 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Oil price (export price of crude oil), annual average | 609 | 979 | 877 | 859 | 708 | 881 (so far) |
| Change from the year before | +61.1% | +60.8% | −10.5% | −2.0% | −17.6% | +24.5% |
| The company's operating margin | – | – | 14.0% | 9.8% | 30.1% | – |
Source: SSB (08799, CC BY 4.0). Source
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of Appodizer AS rose 20.3 percentage points.
| 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 | – | – | 14.0% | 9.8% | 30.1% | – |
Source: Norges Bank (IR, NLOD 2.0). Source
EUR/NOK (kr)
EUR/NOK rose 0.8% in 2025; the operating margin of Appodizer AS rose 20.3 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| EUR/NOK, annual average | 10.16 | 10.10 | 11.42 | 11.62 | 11.72 | 11.04 (so far) |
| Change from the year before | −5.2% | −0.6% | +13.1% | +1.8% | +0.8% | −5.8% |
| The company's operating margin | – | – | 14.0% | 9.8% | 30.1% | – |
Source: Norges Bank (EXR, NLOD 2.0). Source
Wage index: architects and engineering (indeks)
Wage index: architects and engineering rose 4.7% in 2025; the operating margin of Appodizer AS rose 20.3 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Wage index: architects and engineering, annual average | 90.5 | 90.9 | 96.0 | 100.9 | 105.6 | 109.2 (so far) |
| Change from the year before | +7.4% | +0.5% | +5.6% | +5.2% | +4.7% | +3.4% |
| The company's operating margin | – | – | 14.0% | 9.8% | 30.1% | – |
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
Appodizer AS had an operating margin of 30.1% and an equity ratio of 81.3% in 2025, and ranks 357 of 4,183 in Teknisk tjenesteyting og forskning.
From 2024 to 2025: the operating margin rose from 9.8% to 30.1% and the equity ratio rose from 74.3% to 81.3%.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 1 MNOK and 2 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 18.6 | 1 MNOK |
| EV/EBIT | 15.9 | 2 MNOK |
| P/B | 3.2 | 2 MNOK |
The listed basis is the value at listed multiples. The estimate is lowered by 51% for an unlisted company: 20% for lack of marketability and 38% for size (a small-company premium of 4% on the cost of equity).
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
- positive
Upper quartile on profitability, solidity and liquidity. What sets this company apart from the rest of the sector?
Based on: Operating margin 30.1% (median 4.9%); Equity ratio 81.3% (median 40.9%); Current ratio 5.35 (median 1.66).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 8.3% 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
No anomalies found in 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 8 fiscal years we have. The analysis grows as more years are fetched or imported. Methodology
What the score is made of
| Profitability | 78 | weight 30% |
|---|---|---|
| Solidity | 87 | weight 25% |
| Liquidity | 89 | weight 15% |
| Growth | 40 | weight 15% |
| Consistency | 64 | weight 15% |
Durability: 71 (average over 2 years)
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is Appodizer AS?
The operating margin was 30.1% in 2025, against a median of 4.9% among companies in the Morning class Micro in the same sector. Return on assets was 21.7%.
How solid is Appodizer AS?
The equity ratio was 81.3% in 2025 (median 40.9%). Debt-to-equity was 0.23 (median 1.12).
What is the liquidity of Appodizer AS like?
The current ratio was 5.35 in 2025 (median 1.66).
How does Appodizer AS compare in Teknisk tjenesteyting og forskning?
Appodizer AS ranks 357 of 4,183 in Teknisk tjenesteyting og forskning for 2025. Among companies in the Morning class Micro it is number 210 of 2,127. Revenue changed by −0.4% from the year before.
From the Central Coordinating Register
- Org. no.
- 818190182
- Legal form
- AS
- Sector
- Teknisk tjenesteyting og forskning (74.120)
- Morning company class
- Micro
- Employees
- 0–4 (not registered)
- Founded
- 20 September 2016 10 years in operation
- Share capital
- 0.03 MNOK
- Business address
- Titlestadvegen 63C, 5243 FANA (BERGEN)
- Municipality
- Bergen rank 8 of 11 in KOSTRA group 12
- Audit
- Audit opted out from 14 December 2016
- 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 0% · private persons 100% · foreign 0%
- Group chain
- Ultimate owner: private person
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.
Figures last fetched 30 October 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | – | 68 | 74 | |
| Rank | – | 692 | 357 | |
| Operating margin | 14.0% | 9.8% | 30.1% | |
| Return on assets | 10.4% | 7.6% | 21.7% | |
| Equity ratio | 80.0% | 74.3% | 81.3% | |
| Current ratio | 5.00 | 3.89 | 5.35 | |
| Revenue growth | – | 19.7% | −0.4% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 0.9 MNOK | 1.1 MNOK | 1.0 MNOK |
| Operating profit | 0.1 MNOK | 0.1 MNOK | 0.3 MNOK |
| Profit before tax | 0.1 MNOK | 0.1 MNOK | 0.3 MNOK |
| Tax expense | 0.0 MNOK | 0.0 MNOK | 0.1 MNOK |
| Net profit | 0.1 MNOK | 0.1 MNOK | 0.2 MNOK |
| Financial expenses | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Total assets | 1.2 MNOK | 1.4 MNOK | 1.5 MNOK |
| Current assets | 1.2 MNOK | 1.4 MNOK | 1.5 MNOK |
| Equity | 1.0 MNOK | 1.0 MNOK | 1.2 MNOK |
| Retained earnings | 0.9 MNOK | 1.0 MNOK | 1.2 MNOK |
| Total liabilities | 0.2 MNOK | 0.4 MNOK | 0.3 MNOK |
| Current liabilities | 0.2 MNOK | 0.4 MNOK | 0.3 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 30 October 2026, accounts id 6516707.
Further
Similar companies
- Studio Morioka AS index 74, rank 352 · compare
- Eikeli Consult AS index 74, rank 353 · compare
- Cancan AS index 74, rank 355 · compare
- Bte Consult AS index 74, rank 362 · compare
- Baardsen Sport AS index 74, rank 363 · compare