MODULSYSTEM AS
Score · fiscal year 2024
36of 100
How to read this: the company is ahead of 24 % of companies in the Morning class Small in the same sector in 2024. What does this mean?
Rank in the Morning class Small: 4,076 of 5,354 · What are Morning company classes?
Place in the whole sector: 14,455 of 19,473 · Bygg og anlegg
Profile
Beaver · Builder
Lower profitability, lower solidity
Position against comparable companies in 2024, not a verdict on the company. Based on profitability 32 and solidity 15 out of 100 among companies in the Morning class Small in the same sector in 2024. Methodology
Against the sector
MODULSYSTEM AS is 15 points below the median for companies in the Morning class Small in the same sector in 2024.
Median score 51 among 5,354 companies.
Against companies in the Morning class Small in the same sector in 2024: operating margin 1.6% (median 4.7%) and equity ratio 12.6% (median 34.8%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 13 MNOK | 19 MNOK |
| Operating margin | 1.6% | 4.7% |
| Profit margin | 1.0% | 4.4% |
| Return on assets | 6.2% | 11.0% |
| Equity ratio | 12.6% | 34.8% |
| Debt-to-equity | 6.96 | 1.72 |
| Current ratio | 1.13 | 1.49 |
| Revenue growth | 32.0% | 4.1% |
| Revenue per employee | 0.49 MNOK | 1.67 MNOK |
The median and “ahead of” refer to companies in the Morning class Small in the same sector in 2024. The bar shows the share of companies the figure is ahead of.
With an index of 36, MODULSYSTEM AS does better than 24% of companies in the Morning class Small in the same sector (5,354 companies) in 2024.
Score 2023–2025
- MODULSYSTEM AS
- Median: companies in the Morning class Small in the same sector
What the numbers say
MODULSYSTEM AS had an operating margin of 1.6% and an equity ratio of 12.6% in 2024, and ranks 14,455 of 19,473 in Bygg og anlegg.
From 2023 to 2024: revenue grew by 32% and the operating margin fell from 4.3% to 1.6%.
This text is generated automatically from the 2024 accounts.
Three simple methods
The methods give between 0 MNOK and 2 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 10.0 | 1 MNOK |
| EV/EBIT | 8.0 | 2 MNOK |
| P/B | 1.0 | 0 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
- watch
Strong growth with weak liquidity. Is the growth financed, or does it tie up capital the company does not have?
Based on: Revenue growth 32.0% (median 4.1%); Current ratio 1.13 (median 1.49).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 2.8% of the debt in 2024. The policy rate averaged 4.50 % 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 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 | 32 | weight 30% |
|---|---|---|
| Solidity | 15 | weight 25% |
| Liquidity | 24 | weight 15% |
| Growth | 82 | weight 15% |
| Consistency | 45 | weight 15% |
Durability: 37 (average over 2 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 1.6% in 2024, against a median of 4.7% among companies in the Morning class Small in the same sector. Return on assets was 6.2%.
How solid is MODULSYSTEM AS?
The equity ratio was 12.6% in 2024 (median 34.8%). Debt-to-equity was 6.96 (median 1.72).
What is the liquidity of MODULSYSTEM AS like?
The current ratio was 1.13 in 2024 (median 1.49).
How does MODULSYSTEM AS compare in Bygg og anlegg?
MODULSYSTEM AS ranks 14,455 of 19,473 in Bygg og anlegg for 2024. Among companies in the Morning class Small it is number 4,076 of 5,354. Revenue changed by 32.0% 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 63–220 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 | 12,475 | 14,455 | 14,410 | |
| 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 5952371.
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