MODULSYSTEM AS
Score · fiscal year 2025
39of 100
How to read this: the company is ahead of 27 % of companies in the Morning class Small in the same sector in 2025. What does this mean?
Rank in the Morning class Small: 4,038 of 5,567 · What are Morning company classes?
Place in the whole sector: 14,420 of 20,439 · Bygg og anlegg
Profile
Cheetah · Sprinter
High profitability, lower solidity
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 52 and solidity 24 out of 100 among companies in the Morning class Small in the same sector in 2025. Methodology
Against the sector
MODULSYSTEM AS is 12 points below the median for companies in the Morning class Small in the same sector in 2025.
Median score 51 among 5,567 companies.
Against companies in the Morning class Small in the same sector in 2025: operating margin 4.1% (median 4.5%) and equity ratio 19.3% (median 34.2%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 11 MNOK | 19 MNOK |
| Operating margin | 4.1% | 4.5% |
| Profit margin | 2.9% | 4.3% |
| Return on assets | 13.3% | 11.0% |
| Equity ratio | 19.3% | 34.2% |
| Debt-to-equity | 4.19 | 1.72 |
| Current ratio | 1.21 | 1.48 |
| Revenue growth | −13.3% | 6.0% |
| Revenue per employee | 0.43 MNOK | 1.70 MNOK |
The median and “ahead of” refer to companies in the Morning class Small in the same sector in 2025. The bar shows the share of companies the figure is ahead of.
With an index of 39, MODULSYSTEM AS does better than 27% of companies in the Morning class Small in the same sector (5,567 companies) in 2025.
Score 2023–2025
- MODULSYSTEM AS
- Median: companies in the Morning class Small in the same sector
MODULSYSTEM AS has a score of 39 for 2025, rank 14,420 of 20,439 in the sector.
Strongest: Consistency: percentile 65 against peers.
Weakest: Growth: percentile 19 against peers, revenue growth −13.3% against a median of 6.0%. Solidity: percentile 24 against peers, equity ratio 19.3% against a median of 34.2%.
Worth a closer look
- What lies behind weak growth, and will it last?
- 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
What the numbers say
MODULSYSTEM AS had an operating margin of 4.1% and an equity ratio of 19.3% in 2025, and ranks 14,420 of 20,439 in Bygg og anlegg.
From 2024 to 2025: the equity ratio rose from 12.6% to 19.3% and revenue fell by 13%.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 1 MNOK and 4 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 10.0 | 2 MNOK |
| EV/EBIT | 8.0 | 4 MNOK |
| P/B | 1.0 | 1 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 5.0% 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.
Data quality
No anomalies found in the figures.
Scenario analysis: the sector's weakest year
We have no accounts for 2021, the sector's weakest year, for this company.
The sector's weakest year was 2021, with a median operating margin of 1.8%. 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 | 52 | weight 30% |
|---|---|---|
| Solidity | 24 | weight 25% |
| Liquidity | 31 | weight 15% |
| Growth | 19 | weight 15% |
| Consistency | 65 | weight 15% |
Durability: 38 (average over 3 years)
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is MODULSYSTEM AS?
The operating margin was 4.1% in 2025, against a median of 4.5% among companies in the Morning class Small in the same sector. Return on assets was 13.3%.
How solid is MODULSYSTEM AS?
The equity ratio was 19.3% in 2025 (median 34.2%). Debt-to-equity was 4.19 (median 1.72).
What is the liquidity of MODULSYSTEM AS like?
The current ratio was 1.21 in 2025 (median 1.48).
How does MODULSYSTEM AS compare in Bygg og anlegg?
MODULSYSTEM AS ranks 14,420 of 20,439 in Bygg og anlegg for 2025. Among companies in the Morning class Small it is number 4,038 of 5,567. Revenue changed by −13.3% from the year before.
From the Central Coordinating Register
- Org. no.
- 914964024
- Legal form
- AS
- Sector
- Bygg og anlegg (41.000)
- Morning company class
- Small
- Employees
- 26 registered 10 August 2026
- Founded
- 27 January 2015 11 years in operation
- Share capital
- 0.03 MNOK
- Business address
- Østre Aker vei 206A, 0975 OSLO
- Municipality
- Oslo rank 63–221 of 357 in Norway
- 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
- Chief executive
- Ernests Vasks
- Chair of the board
- Ernests Vasks
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 | 38 | 36 | 39 | |
| Rank | 12,493 | 14,468 | 14,420 | |
| Operating margin | 4.3% | 1.6% | 4.1% | |
| Return on assets | 15.7% | 6.2% | 13.3% | |
| Equity ratio | 12.2% | 12.6% | 19.3% | |
| Current ratio | 1.10 | 1.13 | 1.21 | |
| Revenue growth | – | 32.0% | −13.3% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 9.7 MNOK | 12.8 MNOK | 11.1 MNOK |
| Operating profit | 0.4 MNOK | 0.2 MNOK | 0.5 MNOK |
| Profit before tax | 0.4 MNOK | 0.1 MNOK | 0.3 MNOK |
| Net profit | 0.2 MNOK | 0.1 MNOK | 0.2 MNOK |
| Financial expenses | 0.1 MNOK | 0.1 MNOK | 0.1 MNOK |
| Total assets | 2.7 MNOK | 3.3 MNOK | 3.4 MNOK |
| Current assets | 2.6 MNOK | 3.3 MNOK | 3.3 MNOK |
| Equity | 0.3 MNOK | 0.4 MNOK | 0.7 MNOK |
| Retained earnings | 0.3 MNOK | 0.4 MNOK | 0.6 MNOK |
| Total liabilities | 2.4 MNOK | 2.9 MNOK | 2.8 MNOK |
| Current liabilities | 2.4 MNOK | 2.9 MNOK | 2.8 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 26 October 2026, accounts id 7162631.
Further
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