Tsi Eiendom AS
Score · fiscal year 2025
36of 100
How to read this: the company is ahead of 19 % of companies in the Morning class Micro in the same sector in 2025. What does this mean?
Rank in the Morning class Micro: 4,700 of 5,821 · What are Morning company classes?
Place in the whole sector: 6,395 of 7,839 · Eiendom
Profile
Cheetah · Sprinter
High profitability, lower solidity
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 53 and solidity 7 out of 100 among companies in the Morning class Micro in the same sector in 2025. Methodology
Against the sector
Tsi Eiendom AS is 13 points below the median for companies in the Morning class Micro in the same sector in 2025.
Median score 49 among 5,820 companies.
Against companies in the Morning class Micro in the same sector in 2025: operating margin 59.7% (median 46.9%) and equity ratio 1.2% (median 26.7%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 1 MNOK | 3 MNOK |
| Operating margin | 59.7% | 46.9% |
| Profit margin | −2.8% | 22.6% |
| Return on assets | 6.5% | 7.8% |
| Equity ratio | 1.2% | 26.7% |
| Debt-to-equity | 81.62 | 2.20 |
| Current ratio | 0.19 | 1.40 |
| Revenue growth | 15.9% | 3.0% |
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 36, Tsi Eiendom AS does better than 19% of companies in the Morning class Micro in the same sector (5,821 companies) in 2025.
Score 2023–2025
- Tsi Eiendom AS
- Median: companies in the Morning class Micro in the same sector
Tsi Eiendom AS has a score of 36 for 2025, rank 6,395 of 7,839 in the sector.
Strongest: Growth: percentile 75 against peers, revenue growth 15.9% against a median of 3.0%.
Weakest: Solidity: percentile 7 against peers, equity ratio 1.2% against a median of 26.7%. Liquidity: percentile 13 against peers, current ratio 0.19 against a median of 1.40.
Worth a closer look
- Consider strengthening liquidity: current liabilities are 5.3 times current assets. Based on: current ratio 0.19 (median 1.40).
- The equity ratio is very low. Could the company absorb a bad year, and does it need more equity? Based on: equity ratio 1.2% (median 26.7%).
- The company made a loss before tax. Are these one-off items or a pattern? Based on: profit margin −2.8% (median 22.6%).
- What lies behind weak solidity, 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?
In 2025 the operating margin of Tsi Eiendom AS rose by 2.9 percentage points. Comparable companies rose by a median 1.2 points. So the company did 1.7 points better than the industry, for reasons of its own.
Over 2 year-to-year changes Tsi Eiendom AS moved the same way as comparable companies 1 times. About 7% of the changes in operating margin were common to the industry; the rest was the company's own.
| Year | The company | Comparable (median) | Change, company | Change, industry | The company's own |
|---|---|---|---|---|---|
| 2024 | 56.8% | 45.7% | −15.5 percentage points | +0.1 percentage points | −15.7 percentage points |
| 2025 | 59.7% | 46.9% | +2.9 percentage points | +1.2 percentage points | +1.7 percentage points |
Comparable companies are those in the same industry and Morning company class. Their change shows what hit the whole industry, the sector drivers below included. The rest is the company's own: contracts, costs, one-off items or operations. The share is approximate, and we claim no cause.
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 Tsi Eiendom AS. The figures stand side by side; we claim no cause.
House prices (existing homes) (indeks (2015 = 100))
House prices (existing homes) rose 5.5% in 2025; the operating margin of Tsi Eiendom AS rose 2.9 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| House prices (existing homes), annual average | 134.5 | 141.6 | 140.8 | 144.6 | 152.5 | 158.7 (so far) |
| Change from the year before | +10.5% | +5.2% | −0.5% | +2.7% | +5.5% | +4.1% |
| The company's operating margin | – | – | 72.3% | 56.8% | 59.7% | – |
Source: SSB (07221, CC BY 4.0). Source
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of Tsi Eiendom AS rose 2.9 percentage points.
| 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 | – | – | 72.3% | 56.8% | 59.7% | – |
Source: Norges Bank (IR, NLOD 2.0). Source
Construction cost index for dwellings (indeks (2015 = 100))
Construction cost index for dwellings rose 4.3% in 2025; the operating margin of Tsi Eiendom AS rose 2.9 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Construction cost index for dwellings, annual average | 124.2 | 135.1 | 141.1 | 146.4 | 152.7 | 158.4 (so far) |
| Change from the year before | +8.7% | +8.8% | +4.4% | +3.7% | +4.3% | +3.7% |
| The company's operating margin | – | – | 72.3% | 56.8% | 59.7% | – |
Source: SSB (08651, CC BY 4.0). Source
Consumer price index (indeks (2025 = 100))
Consumer price index rose 3.0% in 2025; the operating margin of Tsi Eiendom AS rose 2.9 percentage points.
| 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 | – | – | 72.3% | 56.8% | 59.7% | – |
Source: SSB (14710, CC BY 4.0). Source
Wage index: real estate (indeks)
Wage index: real estate rose 5.2% in 2025; the operating margin of Tsi Eiendom AS rose 2.9 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Wage index: real estate, annual average | 91.7 | 94.3 | 96.8 | 103.2 | 108.5 | 111.3 (so far) |
| Change from the year before | +5.2% | +2.9% | +2.6% | +6.5% | +5.2% | +2.6% |
| The company's operating margin | – | – | 72.3% | 56.8% | 59.7% | – |
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
Tsi Eiendom AS had an operating margin of 59.7% and an equity ratio of 1.2% in 2025, and ranks 6,395 of 7,839 in Eiendom.
From 2024 to 2025: revenue grew by 16% and the operating margin rose from 56.8% to 59.7%.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 0 MNOK and 3 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 10.6 | 0 MNOK |
| EV/EBIT | 22.6 | 3 MNOK |
| P/B | 0.9 | 0 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 5.3 times current assets.
Based on: Current ratio 0.19 (median 1.40).
- watch
The equity ratio is very low. Could the company absorb a bad year, and does it need more equity?
Based on: Equity ratio 1.2% (median 26.7%).
- watch
The company made a loss before tax. Are these one-off items or a pattern?
Based on: Profit margin −2.8% (median 22.6%).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 6.8% 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 23.4%. Based on the 9 fiscal years we have. The analysis grows as more years are fetched or imported. Methodology
What the score is made of
| Profitability | 53 | weight 30% |
|---|---|---|
| Solidity | 7 | weight 25% |
| Liquidity | 13 | weight 15% |
| Growth | 75 | weight 15% |
| Consistency | 30 | 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 Tsi Eiendom AS?
The operating margin was 59.7% in 2025, against a median of 46.9% among companies in the Morning class Micro in the same sector. Return on assets was 6.5%. The company made a loss before tax.
How solid is Tsi Eiendom AS?
The equity ratio was 1.2% in 2025 (median 26.7%). Debt-to-equity was 81.62 (median 2.20).
What is the liquidity of Tsi Eiendom AS like?
The current ratio was 0.19 in 2025 (median 1.40). Current assets did not cover current liabilities.
How does Tsi Eiendom AS compare in Eiendom?
Tsi Eiendom AS ranks 6,395 of 7,839 in Eiendom for 2025. Among companies in the Morning class Micro it is number 4,700 of 5,821. Revenue changed by 15.9% from the year before.
From the Central Coordinating Register
- Org. no.
- 892141002
- Legal form
- AS
- Sector
- Eiendom (68.200)
- Morning company class
- Micro
- Employees
- 0–4 (not registered)
- Founded
- 20 December 2007 18 years in operation
- Share capital
- 0.40 MNOK
- Business address
- Søre Nyhaugåsen 23, 5230 PARADIS (BERGEN)
- Municipality
- Bergen rank 8 of 11 in KOSTRA group 12
- Audit
- Audit opted out from 15 January 2020
- 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 2 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: Tsi AS (100%)
Ultimate owner: private person
- Tsi AS · 100.0%
Change 2007–2025: no material change in the owners.
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 | 34 | 26 | 36 | |
| Rank | 5,800 | 6,983 | 6,395 | |
| Operating margin | 72.3% | 56.8% | 59.7% | |
| Return on assets | 6.8% | 5.3% | 6.5% | |
| Equity ratio | 2.9% | 1.5% | 1.2% | |
| Current ratio | 0.52 | 0.27 | 0.19 | |
| Revenue growth | – | −3.2% | 15.9% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 1.1 MNOK | 1.1 MNOK | 1.2 MNOK |
| Operating profit | 0.8 MNOK | 0.6 MNOK | 0.7 MNOK |
| Profit before tax | 0.3 MNOK | −0.2 MNOK | 0.0 MNOK |
| Tax expense | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Net profit | 0.3 MNOK | −0.2 MNOK | 0.0 MNOK |
| Financial expenses | 0.5 MNOK | 0.8 MNOK | 0.8 MNOK |
| Total assets | 11.7 MNOK | 11.5 MNOK | 11.4 MNOK |
| Current assets | 0.4 MNOK | 0.3 MNOK | 0.3 MNOK |
| Equity | 0.3 MNOK | 0.2 MNOK | 0.1 MNOK |
| Retained earnings | −0.1 MNOK | −0.2 MNOK | −0.3 MNOK |
| Total liabilities | 11.3 MNOK | 11.3 MNOK | 11.3 MNOK |
| Current liabilities | 0.7 MNOK | 1.0 MNOK | 1.3 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 30 October 2026, accounts id 6827656.
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