VARD ELECTRO AS
Score · fiscal year 2025
29of 100
How to read this: the company is ahead of 9 % of companies in the Morning class Large in the same sector in 2025. What does this mean?
Rank in the Morning class Large: 251 of 275 · What are Morning company classes?
Place in the whole sector: 1,670 of 1,953 · Industri
Profile
Beaver · Builder
Lower profitability, lower solidity
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 33 and solidity 13 out of 100 among companies in the Morning class Large in the same sector in 2025. Methodology
Against the sector
VARD ELECTRO AS is 20 points below the median for companies in the Morning class Large in the same sector in 2025.
Median score 49 among 275 companies.
Against companies in the Morning class Large in the same sector in 2025: operating margin 3.7% (median 6.4%) and equity ratio 15.8% (median 32.9%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 2,489 MNOK | 1,271 MNOK |
| Operating margin | 3.7% | 6.4% |
| Profit margin | 3.0% | 6.7% |
| Return on assets | 6.2% | 11.7% |
| Equity ratio | 15.8% | 32.9% |
| Debt-to-equity | 5.31 | 2.02 |
| Current ratio | 1.12 | 1.28 |
| Revenue growth | −4.9% | 6.8% |
| Revenue per employee | 6.01 MNOK | 5.49 MNOK |
The median and “ahead of” refer to companies in the Morning class Large in the same sector in 2025. The bar shows the share of companies the figure is ahead of.
With an index of 29, VARD ELECTRO AS does better than 9% of companies in the Morning class Large in the same sector (275 companies) in 2025.
Score 2023–2025
- VARD ELECTRO AS
- Median: companies in the Morning class Large in the same sector
VARD ELECTRO AS has a score of 29 for 2025, rank 1,670 of 1,953 in the sector.
Strongest: Consistency: percentile 53 against peers.
Weakest: Solidity: percentile 13 against peers, equity ratio 15.8% against a median of 32.9%. Growth: percentile 17 against peers, revenue growth −4.9% against a median of 6.8%.
Worth a closer look
- What lies behind weak solidity, and will it last?
- What lies behind weak growth, 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
VARD ELECTRO AS had an operating margin of 3.7% and an equity ratio of 15.8% in 2025, and ranks 1,670 of 1,953 in Industri.
No large changes in the key figures from 2024 to 2025.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 358 MNOK and 731 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 10.0 | 585 MNOK |
| EV/EBIT | 8.0 | 731 MNOK |
| P/B | 1.0 | 358 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
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 3.4% 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 2022, the sector's weakest year, for this company.
The sector's weakest year was 2022, with a median operating margin of −3.3%. 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 | 33 | weight 30% |
|---|---|---|
| Solidity | 13 | weight 25% |
| Liquidity | 37 | weight 15% |
| Growth | 17 | weight 15% |
| Consistency | 53 | weight 15% |
Durability: 32 (average over 3 years)
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is VARD ELECTRO AS?
The operating margin was 3.7% in 2025, against a median of 6.4% among companies in the Morning class Large in the same sector. Return on assets was 6.2%.
How solid is VARD ELECTRO AS?
The equity ratio was 15.8% in 2025 (median 32.9%). Debt-to-equity was 5.31 (median 2.02).
What is the liquidity of VARD ELECTRO AS like?
The current ratio was 1.12 in 2025 (median 1.28).
How does VARD ELECTRO AS compare in Industri?
VARD ELECTRO AS ranks 1,670 of 1,953 in Industri for 2025. Among companies in the Morning class Large it is number 251 of 275. Revenue changed by −4.9% from the year before.
Group accounts
The company is registered as part of a group, but we have no group accounts for it. Group accounts are filed by the parent company, and open data does not say which company that is.
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.
We do not show the group structure, because open data does not say who owns whom.
From the Central Coordinating Register
- Org. no.
- 878634772
- Legal form
- AS · part of a group
- Sector
- Industri (30.110)
- Morning company class
- Large
- Employees
- 414 registered 10 October 2026
- Founded
- 20 May 1997 29 years in operation
- Share capital
- 1.00 MNOK
- Business address
- Tennfjordvegen 113, 6264 TENNFJORD (HARAM)
- Municipality
- Haram rank 11–25 of 40 in KOSTRA group 1
- Latest accounts filed
- 2025
- Website
- vard.com
- LEI
- 529900P6L1SEV97WE881 renews 30 October 2027
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
- Hans Tore Jenssen
- Chair of the board
- Andrea Qualizza
- Board member
- Giovanni Peditto
- Board member
- Geir Ove Grønli
- Board member
- Cathrine Kristiseter Marti
- Board member
- Birgit Renate Bjørge Aarseth
- Board member
- Hans Tore Jenssen
- Board member
- Odd Egil Holta
- Board member
- Virginia Felix Da Silva
- Board member
- Carlotta Dainese
- Deputy member
- Jens André Øster Brandal
- Deputy member
- Tor Atle Kjerstad Grønli
- Deputy member
- Tore Fossum
- Deputy member
- Bernt Ove Sunde
- Deputy member
- Annette Sjursen Simonsen
- Deputy member
- Camilla Johansen
- Deputy member
- Tommy Sønderland
- Deputy member
- Anne-Beate Våge Reite
- Deputy member
- Mandy Sabine Spranger
- Auditor
- DELOITTE AS
Source: Central Coordinating Register, fetched 31 October 2026. Only names are shown.
- Parent company
- FINCANTIERI S.P.A. (Italy)
- Ultimate parent
- "CASSA DEPOSITI E PRESTITI SOCIETA' PER AZIONI" (DENOMINATA ANCHE : "CDP S.P.A.) (Italy)
Foreign-owned according to GLEIF.
Source: GLEIF (Global Legal Entity Identifier Foundation), fetched 30 October 2026. The parent is the one the company itself reported to GLEIF.
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 30 October 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 30 | 36 | 29 | |
| Rank | 1,516 | 1,464 | 1,670 | |
| Operating margin | 4.1% | 4.0% | 3.7% | |
| Return on assets | 10.8% | 6.9% | 6.2% | |
| Equity ratio | 18.5% | 13.0% | 15.8% | |
| Current ratio | 1.14 | 1.10 | 1.12 | |
| Revenue growth | – | 44.8% | −4.9% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 1,806.9 MNOK | 2,617.3 MNOK | 2,489.2 MNOK |
| Operating profit | 74.6 MNOK | 104.2 MNOK | 91.5 MNOK |
| Profit before tax | 178.5 MNOK | 134.8 MNOK | 75.3 MNOK |
| Net profit | 162.2 MNOK | 105.1 MNOK | 58.5 MNOK |
| Financial expenses | 27.2 MNOK | 58.2 MNOK | 64.6 MNOK |
| Total assets | 1,909.3 MNOK | 2,809.5 MNOK | 2,257.9 MNOK |
| Current assets | 1,759.6 MNOK | 2,657.2 MNOK | 2,086.4 MNOK |
| Equity | 352.5 MNOK | 365.1 MNOK | 357.6 MNOK |
| Retained earnings | 0.0 MNOK | 12.7 MNOK | 5.1 MNOK |
| Total liabilities | 1,556.9 MNOK | 2,444.4 MNOK | 1,900.3 MNOK |
| Current liabilities | 1,539.9 MNOK | 2,419.6 MNOK | 1,861.7 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 30 October 2026, accounts id 7169481.
Further
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