NORCOD AS
Score · fiscal year 2025
35of 100
How to read this: the company is ahead of 18 % of medium-sized companies in the same sector in 2025. What does this mean?
Rank: 2,558 of 3,375 · Sjømat
Profile
Elephant · Steward
Lower profitability, high solidity
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 1 and solidity 61 out of 100 among medium-sized companies in the same sector in 2025. Methodology
Against the sector
NORCOD AS is 14 points below the median for medium-sized companies in the same sector in 2025.
Median score 49 among 338 companies.
Against medium-sized companies in the same sector in 2025: operating margin −46.5% (median 10.6%) and equity ratio 51.6% (median 41.4%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 432 MNOK | 201 MNOK |
| Operating margin | −46.5% | 10.6% |
| Profit margin | −51.2% | 7.2% |
| Return on assets | −41.2% | 7.4% |
| Equity ratio | 51.6% | 41.4% |
| Debt-to-equity | 0.94 | 1.37 |
| Current ratio | 1.71 | 1.72 |
| Revenue growth | 13.0% | 8.9% |
| Revenue per employee | 6.26 MNOK | 7.71 MNOK |
The median and “ahead of” refer to medium-sized companies in the same sector in 2025. The bar shows the share of companies the figure is ahead of.
With an index of 35, NORCOD AS does better than 18% of medium-sized companies in the same sector (338 companies) in 2025.
Score 2023–2025
- NORCOD AS
- Median: medium-sized companies in the same sector
NORCOD AS has a score of 35 for 2025, rank 2,558 of 3,375 in the sector.
Strongest: Solidity: percentile 61 against peers, equity ratio 51.6% against a median of 41.4%.
Weakest: Profitability: percentile 1 against peers, operating margin −46.5% against a median of 10.6%. Consistency: percentile 23 against peers.
Worth a closer look
- The company made a loss before tax. Are these one-off items or a pattern? Based on: profit margin −51.2% (median 7.2%).
- The operating margin is lower than at three in four companies in the sector. Where do costs differ from competitors? Based on: operating margin −46.5% (median 10.6%).
- What lies behind weak profitability, and will it last?
- What lies behind weak consistency, and will it last?
Written by fixed rules from the figures. Describes the figures, does not explain causes. Not investment or financial advice. How the summary is made
What the numbers say
NORCOD AS had an operating margin of −46.5% and an equity ratio of 51.6% in 2025, and ranks 2,558 of 3,375 in Sjømat.
From 2024 to 2025: the equity ratio rose from 30.8% to 51.6% and the operating margin rose from −54.0% to −46.5%.
This text is generated automatically from the 2025 accounts.
Three simple methods
One method gives a figure: 250 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 10.0 | not meaningful |
| EV/EBIT | 8.0 | not meaningful |
| P/B | 1.0 | 250 MNOK |
A mechanical estimate from public accounts, not advice. Mechanical estimate from public accounts with fixed multiples. Not a valuation and not advice to buy or sell. The multiples are provisional default values and must be adjusted per sector before the figures are used for anything. See the calculation
Worth a closer look
- watch
The company made a loss before tax. Are these one-off items or a pattern?
Based on: Profit margin −51.2% (median 7.2%).
- 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 −46.5% (median 10.6%).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Data quality
No anomalies found in the figures.
Scenario analysis: the sector's weakest year
We have no accounts for 2022, the sector's weakest year, for this company.
The sector's weakest year was 2022, with a median operating margin of −1.7%. Based on the 7 fiscal years we have. The analysis grows as more years are fetched or imported. Methodology
What the score is made of
| Profitability | 1 | weight 30% |
|---|---|---|
| Solidity | 61 | weight 25% |
| Liquidity | 49 | weight 15% |
| Growth | 58 | weight 15% |
| Consistency | 23 | weight 15% |
Durability: 28 (average over 3 years)
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is NORCOD AS?
The operating margin was −46.5% in 2025, against a median of 10.6% among medium-sized companies in the same sector. Return on assets was −41.2%. The company made a loss before tax.
How solid is NORCOD AS?
The equity ratio was 51.6% in 2025 (median 41.4%). Debt-to-equity was 0.94 (median 1.37).
What is the liquidity of NORCOD AS like?
The current ratio was 1.71 in 2025 (median 1.72).
How does NORCOD AS compare in Sjømat?
NORCOD AS ranks 2,558 of 3,375 in Sjømat for 2025. Among companies of the same size (medium-sized companies) it ranks 276 of 338. Revenue changed by 13.0% from the year before.
Group accounts · 2025
30 of 100
Rank 776 of 899 groups with group accounts. Groups are ranked only against each other, not against single companies.
| Key figure | The group | The company alone (2025) |
|---|---|---|
| Operating margin | −46.9% | −46.5% |
| Return on assets | −34.7% | −41.2% |
| Equity ratio | 38.7% | 51.6% |
| Current ratio | 1.19 | 1.71 |
| Revenue growth | 11.9% | 13.0% |
Group index in earlier years: 2023: 15 (1016 of 1079), 2024: 23 (830 of 916).
Same formulas and weights as the company index. Group and company are never added together, and the group accounts are not part of sector averages or company rankings.
Source: Brønnøysund Register Centre, group accounts 2025 (open data, NLOD 2.0).
We do not show the group structure, because open data does not say who owns whom.
From the Central Coordinating Register
- Org. no.
- 821489962
- Legal form
- AS
- Sector
- Sjømat (03.211)
- Size tier
- medium
- Employees
- 69 registered 10 October 2026
- Founded
- 7 August 2018 8 years in operation
- Share capital
- 39.63 MNOK
- Business address
- Thomas Angells gate 22, 7011 TRONDHEIM
- Municipality
- Trondheim rank 3–7 of 11 in KOSTRA group 12
- 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
- Chief executive
- Christian Riber
- Chair of the board
- Renate Larsen
- Board member
- Trine Lotherington Danielsen
- Board member
- Boe Romorus Spurre
- Board member
- Jan Severin Sølbæk
- Board member
- Paul Allan Jewer
- Board member
- Antonio Manuel Soares Serrano
- Board member
- Hege Dahl
- Auditor
- KPMG AS
- Accountant
- KL ØKONOMI OG HR AS
Source: Central Coordinating Register, fetched 25 October 2026. Only names are shown.
Owners and shareholdings will appear here once the shareholder data extract is in place.
Coming · not built yet
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 26 October 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 21 | 27 | 35 | |
| Rank | 2,552 | 2,658 | 2,558 | |
| Operating margin | −85.3% | −54.0% | −46.5% | |
| Return on assets | −40.3% | −39.9% | −41.2% | |
| Equity ratio | 41.6% | 30.8% | 51.6% | |
| Current ratio | 1.36 | 1.10 | 1.71 | |
| Revenue growth | – | 53.3% | 13.0% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 249.2 MNOK | 382.0 MNOK | 431.8 MNOK |
| Operating profit | −212.4 MNOK | −206.2 MNOK | −200.8 MNOK |
| Profit before tax | −254.3 MNOK | −226.0 MNOK | −221.1 MNOK |
| Net profit | −254.0 MNOK | −225.8 MNOK | −221.0 MNOK |
| Financial expenses | 42.7 MNOK | 21.0 MNOK | 21.5 MNOK |
| Total assets | 524.4 MNOK | 514.3 MNOK | 483.9 MNOK |
| Current assets | 370.6 MNOK | 358.1 MNOK | 307.8 MNOK |
| Equity | 218.0 MNOK | 158.5 MNOK | 249.5 MNOK |
| Retained earnings | −642.7 MNOK | −868.5 MNOK | −1,089.5 MNOK |
| Total liabilities | 306.3 MNOK | 355.8 MNOK | 234.4 MNOK |
| Current liabilities | 273.0 MNOK | 326.0 MNOK | 179.7 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 26 October 2026, accounts id 7074590.
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