Borg Security 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
51of 100
How to read this: the company is ahead of 51 % of companies in the Morning class Micro in the same sector in 2025. What does this mean?
Rank in the Morning class Micro: 1,025 of 2,081 · What are Morning company classes?
Place in the whole sector: 2,158 of 4,282 · Informasjon og kommunikasjon
Profile
Cheetah · Sprinter
High profitability, lower resilience
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 65 and resilience 34 out of 100 among companies in the Morning class Micro in the same sector in 2025. Methodology
Against the sector
Borg Security AS is 1 points above the median for companies in the Morning class Micro in the same sector in 2025.
Median score 50 among 2,079 companies.
Against companies in the Morning class Micro in the same sector in 2025: operating margin 12.0% (median 4.4%) and equity ratio 19.5% (median 38.6%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 2 MNOK | 3 MNOK |
| Operating margin | 12.0% | 4.4% |
| Profit margin | 11.9% | 4.3% |
| Return on assets | 19.0% | 9.1% |
| Equity ratio | 19.5% | 38.6% |
| Debt-to-equity | 4.13 | 1.07 |
| Current ratio | 1.21 | 1.50 |
| Revenue growth | – | 6.1% |
| Revenue per employee | 0.30 MNOK | 0.78 MNOK |
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 51, Borg Security AS does better than 51% of companies in the Morning class Micro in the same sector (2,081 companies) in 2025.
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.
Borg Security AS has a score of 51 for 2025, rank 2,158 of 4,282 in the sector.
Strongest: Profitability: percentile 65 against peers, operating margin 12.0% against a median of 4.4%.
Weakest: Solidity: percentile 27 against peers, equity ratio 19.5% against a median of 38.6%. Liquidity: percentile 38 against peers, current ratio 1.21 against a median of 1.50.
Worth a closer look
- What lies behind weak solidity, and will it last?
- What lies behind weak liquidity, 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
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 Borg Security AS. The figures stand side by side; we claim no cause.
Service prices: information and communication (indeks (2021 = 100))
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Service prices: information and communication, annual average | 100.0 | 103.3 | 108.7 | 112.2 | 116.7 | 120.0 (so far) |
| Change from the year before | – | +3.2% | +5.3% | +3.2% | +4.0% | +2.8% |
| The company's operating margin | – | – | – | – | 12.0% | – |
Source: SSB (14335, CC BY 4.0). Source
Turnover index: information and communication (indeks (2021 = 100))
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Turnover index: information and communication, annual average | 99.6 | 111.4 | 126.4 | 128.3 | 134.2 | 141.3 (so far) |
| Change from the year before | +14.7% | +11.8% | +13.5% | +1.5% | +4.6% | +5.3% |
| The company's operating margin | – | – | – | – | 12.0% | – |
Source: SSB (13863, CC BY 4.0). Source
USD/NOK (kr)
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| USD/NOK, annual average | 8.59 | 9.61 | 10.56 | 10.75 | 10.39 | 9.54 (so far) |
| Change from the year before | −8.8% | +11.9% | +9.9% | +1.7% | −3.3% | −8.2% |
| The company's operating margin | – | – | – | – | 12.0% | – |
Source: Norges Bank (EXR, NLOD 2.0). 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 | – | – | – | – | 12.0% | – |
Source: Norges Bank (IR, NLOD 2.0). 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 | – | – | – | – | 12.0% | – |
Source: SSB (14710, CC BY 4.0). Source
Wage index: IT services (indeks)
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Wage index: IT services, annual average | 84.9 | 87.8 | 92.3 | 97.3 | 101.5 | 105.4 (so far) |
| Change from the year before | +4.9% | +3.5% | +5.1% | +5.4% | +4.4% | +3.8% |
| The company's operating margin | – | – | – | – | 12.0% | – |
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
Borg Security AS had an operating margin of 12.0% and an equity ratio of 19.5% in 2025, and ranks 2,158 of 4,282 in Informasjon og kommunikasjon.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 1 MNOK and 3 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 18.0 | 2 MNOK |
| EV/EBIT | 14.9 | 3 MNOK |
| P/B | 3.6 | 1 MNOK |
| EV/EBIT: from enterprise value to equity | NOK |
|---|---|
| Enterprise value (EV) at the listed multiple | 4 MNOK |
| Enterprise value after the size adjustment | 3 MNOK |
| Less net debt (rough figure) | 0 MNOK |
| Equity value | 3 MNOK |
Net debt is a rough figure: long-term liabilities minus cash. The accounts do not split interest-bearing debt from other liabilities, and short-term borrowings are not included. The size adjustment applies to the enterprise value, not to the debt.
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 (62): Computer 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
No rules were triggered for this year.
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 0.2% 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
No anomalies found in the figures.
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 4.1%. 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 | 65 | weight 40% |
|---|---|---|
| Solidity | 27 | weight 20% |
| Liquidity | 38 | weight 5% |
| Growth | – | no data, left out |
| Consistency | 45 | weight 10% |
Three goals: profitability 40%, growth 25%, resilience 35%. Why these weights?
Index version 3. Data completeness 75%: the share of the weights that had data.
Questions and answers
How profitable is Borg Security AS?
The operating margin was 12.0% in 2025, against a median of 4.4% among companies in the Morning class Micro in the same sector. Return on assets was 19.0%.
How solid is Borg Security AS?
The equity ratio was 19.5% in 2025 (median 38.6%). Debt-to-equity was 4.13 (median 1.07).
What is the liquidity of Borg Security AS like?
The current ratio was 1.21 in 2025 (median 1.50).
How does Borg Security AS compare in Informasjon og kommunikasjon?
Borg Security AS ranks 2,158 of 4,282 in Informasjon og kommunikasjon for 2025. Among companies in the Morning class Micro it is number 1,025 of 2,081.
Competitors
The 8 closest competitors in the same line of business, placed in the same matrix as the sector page: profitability up, resilience to the right. These are the companies the competitor analysis and the strategy report compare with.
| Company | Profile | Operating revenue | Operating margin | Score |
|---|---|---|---|---|
| Source Control AS |  Lion |
2 MNOK | 53.0% | 70 |
| Concepi AS |  Cheetah |
2 MNOK | 10.4% | 46 |
| Bare Kode AS | Lion |
2 MNOK | 56.5% | 73 |
| The Customer AS | Lion |
2 MNOK | 45.0% | 72 |
| Baveco AS | Lion |
2 MNOK | 42.6% | 69 |
| Borg Security AS (this company) | Cheetah |
2 MNOK | 12.0% | 51 |
| N&N Consulting AS | Lion |
2 MNOK | 25.5% | 68 |
| Glenn Bech AS | Lion |
2 MNOK | 35.7% | 77 |
| Eldesign AS | Cheetah |
2 MNOK | 10.1% | 58 |
The selection is the closest in revenue within the same industry code. When you order, you can swap competitors. Order competitor analysis
Group structure · 2025
4 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 90% of the shares in Wollan Kapital AS. Persons are not shown by name.
Wollan Kapital 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
- Informasjon og kommunikasjon (2 companies) 2 of 4 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
- 8 in all. Trondheim 8 Registered employees in the Central Coordinating Register, by the municipality of the business address. Employees may work elsewhere.
- Changed 2024–2025
- 2 companies joined the group: Watchdog AS, Borg Security AS.
-
Wollan Kapital AS
-
Borg Research AS
- Borg Security AS you are here
- Watchdog 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.
From the Central Coordinating Register
- Org. no.
- 835441822
- Legal form
- AS
- Sector
- Informasjon og kommunikasjon (62.200)
- Morning company class
- Micro
- Employees
- 8 registered 10 July 2026
- Founded
- 11 April 2025 1 years in operation
- Share capital
- 0.10 MNOK
- Business address
- Dokkgata 6B, 7042 TRONDHEIM
- Municipality
- Trondheim rank 3 of 11 in KOSTRA group 12
- Audit
- Audit opted out from 5 May 2025
- 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: Borg Research AS (100%)
Ultimate owner: private person
- Borg Research 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 30 October 2026.
Year by year
Trends appear once there is more than one fiscal year.
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2025 |
|---|---|
| Operating revenue | 2.4 MNOK |
| Operating profit | 0.3 MNOK |
| Profit before tax | 0.3 MNOK |
| Tax expense | 0.1 MNOK |
| Net profit | 0.2 MNOK |
| Financial expenses | 0.0 MNOK |
| Total assets | 1.5 MNOK |
| Current assets | 1.5 MNOK |
| Equity | 0.3 MNOK |
| Retained earnings | 0.2 MNOK |
| Total liabilities | 1.2 MNOK |
| Current liabilities | 1.2 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 30 October 2026, accounts id 7228628.
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