Systemtech AS
Score · fiscal year 2024
54of 100
How to read this: the company is ahead of 58 % of companies in the Morning class Micro in the same sector in 2024. What does this mean?
Rank in the Morning class Micro: 904 of 2,165 · What are Morning company classes?
Place in the whole sector: 1,718 of 4,104 · Teknisk tjenesteyting og forskning
Profile
Cheetah · Sprinter
High profitability, lower solidity
Position against comparable companies in 2024, not a verdict on the company. Based on profitability 68 and solidity 44 out of 100 among companies in the Morning class Micro in the same sector in 2024. Methodology
Against the sector
Systemtech AS is 4 points above the median for companies in the Morning class Micro in the same sector in 2024.
Median score 50 among 2,165 companies.
Against companies in the Morning class Micro in the same sector in 2024: operating margin 16.3% (median 5.8%) and equity ratio 39.2% (median 41.5%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 2 MNOK | 3 MNOK |
| Operating margin | 16.3% | 5.8% |
| Profit margin | 15.3% | 5.6% |
| Return on assets | 21.1% | 11.5% |
| Equity ratio | 39.2% | 41.5% |
| Debt-to-equity | 1.55 | 1.10 |
| Current ratio | 0.23 | 1.61 |
| Revenue growth | 63.7% | 5.6% |
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 54, Systemtech AS does better than 58% of companies in the Morning class Micro in the same sector (2,165 companies) in 2024.
Score 2023–2025
- Systemtech AS
- Median: companies in the Morning class Micro in the same sector
What the numbers say
Systemtech AS had an operating margin of 16.3% and an equity ratio of 39.2% in 2024, and ranks 1,718 of 4,104 in Teknisk tjenesteyting og forskning.
From 2023 to 2024: the operating margin fell from 34.9% to 16.3% and revenue grew by 64%.
This text is generated automatically from the 2024 accounts.
Three simple methods
The methods give between 1 MNOK and 3 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 18.6 | 3 MNOK |
| EV/EBIT | 15.9 | 3 MNOK |
| P/B | 3.2 | 1 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
- critical
Consider strengthening liquidity: current liabilities are 4.3 times current assets.
Based on: Current ratio 0.23 (median 1.61).
- watch
Strong growth with weak liquidity. Is the growth financed, or does it tie up capital the company does not have?
Based on: Revenue growth 63.7% (median 5.6%); Current ratio 0.23 (median 1.61).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 2.2% 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
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 | 68 | weight 30% |
|---|---|---|
| Solidity | 44 | weight 25% |
| Liquidity | 3 | weight 15% |
| Growth | 86 | weight 15% |
| Consistency | 62 | weight 15% |
Durability: 58 (average over 2 years)
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is Systemtech AS?
The operating margin was 16.3% in 2024, against a median of 5.8% among companies in the Morning class Micro in the same sector. Return on assets was 21.1%.
How solid is Systemtech AS?
The equity ratio was 39.2% in 2024 (median 41.5%). Debt-to-equity was 1.55 (median 1.10).
What is the liquidity of Systemtech AS like?
The current ratio was 0.23 in 2024 (median 1.61). Current assets did not cover current liabilities.
How does Systemtech AS compare in Teknisk tjenesteyting og forskning?
Systemtech AS ranks 1,718 of 4,104 in Teknisk tjenesteyting og forskning for 2024. Among companies in the Morning class Micro it is number 904 of 2,165. Revenue changed by 63.7% from the year before.
Group structure · 2025
2 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 Mma-Holding AS. Persons are not shown by name.
Mma-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.
-
Mma-Holding AS
- Systemtech AS you are here
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.
- 831251212
- Legal form
- AS
- Sector
- Teknisk tjenesteyting og forskning (71.121)
- Morning company class
- Micro
- Employees
- 0–4 (not registered)
- Founded
- 26 March 2023 3 years in operation
- Share capital
- 0.05 MNOK
- Business address
- c/o Morten Marthinussen, Østre Hopsvegen 3C, 5232 PARADIS (BERGEN)
- Municipality
- Bergen rank 8 of 11 in KOSTRA group 12
- Audit
- Audit opted out from 21 April 2023
- 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: Mma-Holding AS (100%)
Ultimate owner: private person
- Mma-Holding AS · 100.0%
The company is new in the shareholder register in 2025.
Holds shares in: Teknisk Rådgivning Vest AS (50%)
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 | 61 | 54 | 45 | |
| Rank | 1,228 | 1,718 | 2,563 | |
| Operating margin | 34.9% | 16.3% | −14.7% | |
| Return on assets | 40.9% | 21.1% | −1,470.5% | |
| Equity ratio | 36.3% | 39.2% | 746.6% | |
| Current ratio | 1.57 | 0.23 | – | |
| Revenue growth | – | 63.7% | −30.0% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 1.3 MNOK | 2.1 MNOK | 1.5 MNOK |
| Operating profit | 0.4 MNOK | 0.3 MNOK | −0.2 MNOK |
| Profit before tax | 0.4 MNOK | 0.3 MNOK | −0.3 MNOK |
| Tax expense | 0.1 MNOK | 0.1 MNOK | −0.1 MNOK |
| Net profit | 0.3 MNOK | 0.2 MNOK | −0.2 MNOK |
| Financial expenses | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Total assets | 1.1 MNOK | 1.6 MNOK | 0.0 MNOK |
| Current assets | 1.1 MNOK | 0.2 MNOK | 0.0 MNOK |
| Equity | 0.4 MNOK | 0.6 MNOK | 0.1 MNOK |
| Retained earnings | 0.3 MNOK | 0.6 MNOK | 0.1 MNOK |
| Total liabilities | 0.7 MNOK | 1.0 MNOK | −0.1 MNOK |
| Current liabilities | 0.7 MNOK | 1.0 MNOK | −0.1 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 30 October 2026, accounts id 6352691.
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