WELLCEM AS
Score · fiscal year 2025
78of 100
How to read this: the company is ahead of 95 % of companies in the Morning class Medium in the same sector in 2025. What does this mean?
Rank in the Morning class Medium: 188 of 3,712 · What are Morning company classes?
Place in the whole sector: 1,175 of 23,059 · Handel
Profile
Lion · Leader
High profitability, high solidity
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 98 and solidity 78 out of 100 among companies in the Morning class Medium in the same sector in 2025. Methodology
Against the sector
WELLCEM AS is 28 points above the median for companies in the Morning class Medium in the same sector in 2025.
Median score 50 among 3,712 companies.
Against companies in the Morning class Medium in the same sector in 2025: operating margin 25.1% (median 3.0%) and equity ratio 51.8% (median 30.0%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 138 MNOK | 93 MNOK |
| Operating margin | 25.1% | 3.0% |
| Profit margin | 24.3% | 2.8% |
| Return on assets | 52.0% | 11.6% |
| Equity ratio | 51.8% | 30.0% |
| Debt-to-equity | 0.93 | 2.24 |
| Current ratio | 1.96 | 1.39 |
| Revenue growth | 20.3% | 6.1% |
| Revenue per employee | 8.63 MNOK | 5.07 MNOK |
The median and “ahead of” refer to companies in the Morning class Medium in the same sector in 2025. The bar shows the share of companies the figure is ahead of.
With an index of 78, WELLCEM AS does better than 95% of companies in the Morning class Medium in the same sector (3,712 companies) in 2025.
Score 2023–2025
- WELLCEM AS
- Median: companies in the Morning class Medium in the same sector
WELLCEM AS has a score of 78 for 2025, rank 1,175 of 23,059 in the sector.
Strongest: Profitability: percentile 98 against peers, operating margin 25.1% against a median of 3.0%. Growth: percentile 79 against peers, revenue growth 20.3% against a median of 6.1%.
Weakest: Consistency: percentile 38 against peers.
Worth a closer look
- 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
WELLCEM AS had an operating margin of 25.1% and an equity ratio of 51.8% in 2025, and ranks 1,175 of 23,059 in Handel.
From 2024 to 2025: revenue grew by 20% and the equity ratio rose from 42.6% to 51.8%.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 37 MNOK and 289 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 10.0 | 262 MNOK |
| EV/EBIT | 8.0 | 289 MNOK |
| P/B | 1.0 | 37 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 10.3% 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 2022, the sector's weakest year, for this company.
The sector's weakest year was 2022, with a median operating margin of 1.5%. Based on the 11 fiscal years we have. The analysis grows as more years are fetched or imported. Methodology
What the score is made of
| Profitability | 98 | weight 30% |
|---|---|---|
| Solidity | 78 | weight 25% |
| Liquidity | 74 | weight 15% |
| Growth | 79 | weight 15% |
| Consistency | 38 | weight 15% |
Durability: 81 (average over 3 years)
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is WELLCEM AS?
The operating margin was 25.1% in 2025, against a median of 3.0% among companies in the Morning class Medium in the same sector. Return on assets was 52.0%.
How solid is WELLCEM AS?
The equity ratio was 51.8% in 2025 (median 30.0%). Debt-to-equity was 0.93 (median 2.24).
What is the liquidity of WELLCEM AS like?
The current ratio was 1.96 in 2025 (median 1.39).
How does WELLCEM AS compare in Handel?
WELLCEM AS ranks 1,175 of 23,059 in Handel for 2025. Among companies in the Morning class Medium it is number 188 of 3,712. Revenue changed by 20.3% from the year before.
From the Central Coordinating Register
- Org. no.
- 884636582
- Legal form
- AS
- Sector
- Handel (46.630)
- Morning company class
- Medium
- Employees
- 16 registered 10 May 2026
- Founded
- 15 June 2002 24 years in operation
- Share capital
- 3.80 MNOK
- Business address
- Dr. Sands veg 11, 7052 TRONDHEIM
- Municipality
- Trondheim rank 3 of 11 in KOSTRA group 12
- Latest accounts filed
- 2025
- Website
- www.wellcem.com
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 Larsen Risnes
- Chair of the board
- Tor Albert Thommesen
- Board member
- Kjartan Thommesen
- Auditor
- BDO AS
- Accountant
- FLYT REGNSKAP AS
Source: Central Coordinating Register, fetched 29 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 | 91 | 76 | 78 | |
| Rank | 324 | 1,755 | 1,175 | |
| Operating margin | 19.2% | 25.3% | 25.1% | |
| Return on assets | 35.5% | 44.2% | 52.0% | |
| Equity ratio | 74.1% | 42.6% | 51.8% | |
| Current ratio | 3.19 | 1.73 | 1.96 | |
| Revenue growth | – | 51.7% | 20.3% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 75.7 MNOK | 114.8 MNOK | 138.1 MNOK |
| Operating profit | 14.6 MNOK | 29.1 MNOK | 34.7 MNOK |
| Profit before tax | 12.8 MNOK | 28.4 MNOK | 33.6 MNOK |
| Net profit | 10.0 MNOK | 22.1 MNOK | 26.2 MNOK |
| Financial expenses | 3.8 MNOK | 1.8 MNOK | 3.6 MNOK |
| Total assets | 46.9 MNOK | 68.3 MNOK | 71.4 MNOK |
| Current assets | 38.7 MNOK | 67.7 MNOK | 67.6 MNOK |
| Equity | 34.7 MNOK | 29.1 MNOK | 37.0 MNOK |
| Retained earnings | 18.6 MNOK | 13.0 MNOK | 20.9 MNOK |
| Total liabilities | 12.1 MNOK | 39.2 MNOK | 34.4 MNOK |
| Current liabilities | 12.1 MNOK | 39.2 MNOK | 34.4 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 26 October 2026, accounts id 7149741.
Further
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