Tsp AS
Score · fiscal year 2025
52of 100
How to read this: the company is ahead of 53 % of companies in the Morning class Micro in the same sector in 2025. What does this mean?
Rank in the Morning class Micro: 98 of 207 · What are Morning company classes?
Place in the whole sector: 173 of 392 · Finans og forsikring
Profile
Cheetah · Sprinter
High profitability, lower solidity
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 64 and solidity 26 out of 100 among companies in the Morning class Micro in the same sector in 2025. Methodology
Against the sector
Tsp AS is 1 points above the median for companies in the Morning class Micro in the same sector in 2025.
Median score 51 among 207 companies.
Against companies in the Morning class Micro in the same sector in 2025: operating margin 92.0% (median 82.0%) and equity ratio 75.7% (median 91.8%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 5 MNOK | 2 MNOK |
| Operating margin | 92.0% | 82.0% |
| Profit margin | 86.8% | 82.6% |
| Return on assets | 18.4% | 13.8% |
| Equity ratio | 75.7% | 91.8% |
| Debt-to-equity | 0.32 | 0.08 |
| Current ratio | 4.12 | 9.52 |
| Revenue growth | 297.4% | 7.6% |
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 52, Tsp AS does better than 53% of companies in the Morning class Micro in the same sector (207 companies) in 2025.
Score 2023–2025
- Tsp AS
- Median: companies in the Morning class Micro in the same sector
Tsp AS has a score of 52 for 2025, rank 173 of 392 in the sector.
Strongest: Growth: percentile 87 against peers, revenue growth 297.4% against a median of 7.6%. Profitability: percentile 64 against peers, operating margin 92.0% against a median of 82.0%.
Weakest: Solidity: percentile 26 against peers, equity ratio 75.7% against a median of 91.8%. Liquidity: percentile 32 against peers, current ratio 4.12 against a median of 9.52.
Worth a closer look
- What lies behind weak solidity, and will it last?
- What lies behind weak liquidity, and will it last?
- The change in operating margin in 2025 was 22.1 percentage points better than for comparable companies: the company +23.7, the industry +1.5 points. That is the company's own, not something that hit the whole industry.
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 Tsp AS rose by 23.7 percentage points. Comparable companies rose by a median 1.5 points. So the company did 22.1 points better than the industry, for reasons of its own.
Over 2 year-to-year changes Tsp AS moved the same way as comparable companies 1 times. About 19% 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 | 68.4% | 80.5% | −9.6 percentage points | +7.8 percentage points | −17.5 percentage points |
| 2025 | 92.0% | 82.0% | +23.7 percentage points | +1.5 percentage points | +22.1 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 Tsp AS. The figures stand side by side; we claim no cause.
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of Tsp AS rose 23.7 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 | – | – | 78.0% | 68.4% | 92.0% | – |
Source: Norges Bank (IR, NLOD 2.0). Source
Consumer price index (indeks (2025 = 100))
Consumer price index rose 3.0% in 2025; the operating margin of Tsp AS rose 23.7 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 | – | – | 78.0% | 68.4% | 92.0% | – |
Source: SSB (14710, CC BY 4.0). Source
Wage index: financial services (indeks)
Wage index: financial services rose 4.6% in 2025; the operating margin of Tsp AS rose 23.7 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Wage index: financial services, annual average | 87.1 | 90.4 | 94.2 | 98.9 | 103.5 | 107.3 (so far) |
| Change from the year before | +2.9% | +3.8% | +4.1% | +5.0% | +4.6% | +3.7% |
| The company's operating margin | – | – | 78.0% | 68.4% | 92.0% | – |
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
Tsp AS had an operating margin of 92.0% and an equity ratio of 75.7% in 2025, and ranks 173 of 392 in Finans og forsikring.
From 2024 to 2025: revenue grew by 297% and the operating margin rose from 68.4% to 92.0%.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 11 MNOK and 12 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 12.3 | 12 MNOK |
| EV/EBIT | – | not used in the sector |
| P/B | 1.2 | 11 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
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 4.5% 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 −13.5%. Based on the 6 fiscal years we have. The analysis grows as more years are fetched or imported. Methodology
What the score is made of
| Profitability | 64 | weight 30% |
|---|---|---|
| Solidity | 26 | weight 25% |
| Liquidity | 32 | weight 15% |
| Growth | 87 | weight 15% |
| Consistency | 57 | weight 15% |
Durability: 41 (average over 3 years)
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is Tsp AS?
The operating margin was 92.0% in 2025, against a median of 82.0% among companies in the Morning class Micro in the same sector. Return on assets was 18.4%.
How solid is Tsp AS?
The equity ratio was 75.7% in 2025 (median 91.8%). Debt-to-equity was 0.32 (median 0.08).
What is the liquidity of Tsp AS like?
The current ratio was 4.12 in 2025 (median 9.52).
How does Tsp AS compare in Finans og forsikring?
Tsp AS ranks 173 of 392 in Finans og forsikring for 2025. Among companies in the Morning class Micro it is number 98 of 207. Revenue changed by 297.4% from the year before.
From the Central Coordinating Register
- Org. no.
- 914947553
- Legal form
- AS
- Sector
- Finans og forsikring (64.323)
- Morning company class
- Micro
- Employees
- 0–4 (not registered)
- Founded
- 24 October 2014 12 years in operation
- Share capital
- 0.03 MNOK
- Business address
- Nygårdsgaten 15, 5015 BERGEN
- Municipality
- Bergen rank 8 of 11 in KOSTRA group 12
- Audit
- Audit opted out from 11 January 2024
- 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 0% · private persons 100% · foreign 0%
- Owned from the same municipality
- 100%
- Group chain
- Ultimate owner: private person
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.
Figures last fetched 31 October 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 40 | 32 | 52 | |
| Rank | 239 | 299 | 173 | |
| Operating margin | 78.0% | 68.4% | 92.0% | |
| Return on assets | 8.3% | 4.3% | 18.4% | |
| Equity ratio | 66.8% | 71.6% | 75.7% | |
| Current ratio | 3.02 | 3.52 | 4.12 | |
| Revenue growth | – | −43.2% | 297.4% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 2.1 MNOK | 1.2 MNOK | 4.8 MNOK |
| Operating profit | 1.7 MNOK | 0.8 MNOK | 4.4 MNOK |
| Profit before tax | 1.4 MNOK | 0.5 MNOK | 4.2 MNOK |
| Tax expense | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Net profit | 1.4 MNOK | 0.5 MNOK | 4.2 MNOK |
| Financial expenses | 0.2 MNOK | 0.3 MNOK | 0.3 MNOK |
| Total assets | 20.1 MNOK | 19.5 MNOK | 23.9 MNOK |
| Current assets | 20.1 MNOK | 19.5 MNOK | 23.9 MNOK |
| Equity | 13.4 MNOK | 14.0 MNOK | 18.1 MNOK |
| Retained earnings | 13.4 MNOK | 14.0 MNOK | 18.1 MNOK |
| Total liabilities | 6.7 MNOK | 5.6 MNOK | 5.8 MNOK |
| Current liabilities | 6.7 MNOK | 5.6 MNOK | 5.8 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 31 October 2026, accounts id 6688896.
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