Tree AS
Score · fiscal year 2025
53of 100
How to read this: the company is ahead of 56 % of companies in the Morning class Micro in the same sector in 2025. What does this mean?
Rank in the Morning class Micro: 92 of 207 · What are Morning company classes?
Place in the whole sector: 162 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 66 and solidity 37 out of 100 among companies in the Morning class Micro in the same sector in 2025. Methodology
Against the sector
Tree AS is 2 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 80.1% (median 82.0%) and equity ratio 85.2% (median 91.8%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 2 MNOK | 2 MNOK |
| Operating margin | 80.1% | 82.0% |
| Profit margin | 49.3% | 82.6% |
| Return on assets | 38.7% | 13.8% |
| Equity ratio | 85.2% | 91.8% |
| Debt-to-equity | 0.17 | 0.08 |
| Current ratio | 6.24 | 9.52 |
| Revenue growth | 9.3% | 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 53, Tree AS does better than 56% of companies in the Morning class Micro in the same sector (207 companies) in 2025.
Score 2023–2025
- Tree AS
- Median: companies in the Morning class Micro in the same sector
Tree AS has a score of 53 for 2025, rank 162 of 392 in the sector.
Strongest: Consistency: percentile 67 against peers. Profitability: percentile 66 against peers, operating margin 80.1% against a median of 82.0%.
Weakest: Solidity: percentile 37 against peers, equity ratio 85.2% against a median of 91.8%.
Worth a closer look
- What lies behind weak solidity, and will it last?
- The change in operating margin in 2025 was 10.8 percentage points weaker than for comparable companies: the company −9.3, 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 Tree AS fell by 9.3 percentage points. Comparable companies rose by a median 1.5 points. So the company did 10.8 points weaker than the industry, for reasons of its own.
Over 2 year-to-year changes Tree AS moved the same way as comparable companies 1 times. About 43% 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 | 89.3% | 80.5% | +6.4 percentage points | +7.8 percentage points | −1.4 percentage points |
| 2025 | 80.1% | 82.0% | −9.3 percentage points | +1.5 percentage points | −10.8 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 Tree 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 Tree AS fell 9.3 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 | – | – | 82.9% | 89.3% | 80.1% | – |
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 Tree AS fell 9.3 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 | – | – | 82.9% | 89.3% | 80.1% | – |
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 Tree AS fell 9.3 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 | – | – | 82.9% | 89.3% | 80.1% | – |
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
Tree AS had an operating margin of 80.1% and an equity ratio of 85.2% in 2025, and ranks 162 of 392 in Finans og forsikring.
From 2024 to 2025: the operating margin fell from 89.3% to 80.1%.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 2 MNOK and 17 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 12.3 | 17 MNOK |
| EV/EBIT | – | not used in the sector |
| P/B | 1.2 | 2 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 127.7% 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 | 66 | weight 30% |
|---|---|---|
| Solidity | 37 | weight 25% |
| Liquidity | 40 | weight 15% |
| Growth | 51 | weight 15% |
| Consistency | 67 | weight 15% |
Durability: 47 (average over 3 years)
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is Tree AS?
The operating margin was 80.1% in 2025, against a median of 82.0% among companies in the Morning class Micro in the same sector. Return on assets was 38.7%.
How solid is Tree AS?
The equity ratio was 85.2% in 2025 (median 91.8%). Debt-to-equity was 0.17 (median 0.08).
What is the liquidity of Tree AS like?
The current ratio was 6.24 in 2025 (median 9.52).
How does Tree AS compare in Finans og forsikring?
Tree AS ranks 162 of 392 in Finans og forsikring for 2025. Among companies in the Morning class Micro it is number 92 of 207. Revenue changed by 9.3% from the year before.
From the Central Coordinating Register
- Org. no.
- 915297358
- Legal form
- AS
- Sector
- Finans og forsikring (64.323)
- Morning company class
- Micro
- Employees
- 0–4 (not registered)
- Founded
- 25 February 2015 11 years in operation
- Share capital
- 0.70 MNOK
- Business address
- Holmenkollveien 110E, 0784 OSLO
- Municipality
- Oslo rank 63–220 of 357 in Norway
- Audit
- Audit opted out from 18 October 2023
- Latest accounts filed
- 2025
- LEI
- 5493008DUJ6T6JXEGP17 renews 28 December 2027
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.
- Parent company
- No parent company: owned by persons
Source: GLEIF (Global Legal Entity Identifier Foundation), fetched 30 October 2026. The parent is the one the company itself reported to GLEIF.
Shareholders (2025)
- Number of shareholders
- 3
- Largest owner
- 24.3%
- Split
- companies 0% · private persons 50% · foreign 0%
- Owned from the same municipality
- 100%
- Owners over 60
- 49% of the shares held by persons (median age 30)
The company is new in the shareholder register in 2025.
Holds shares in: Next Biometrics Group ASA (0%), Thor Medical ASA (0%)
The owners' shares do not add up to the company's total number of shares in the source.
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 | 30 | 58 | 53 | |
| Rank | 287 | 111 | 162 | |
| Operating margin | 82.9% | 89.3% | 80.1% | |
| Return on assets | 44.9% | 163.0% | 38.7% | |
| Equity ratio | 10.9% | 87.1% | 85.2% | |
| Current ratio | 0.47 | 6.07 | 6.24 | |
| Revenue growth | – | −1.7% | 9.3% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 1.5 MNOK | 1.5 MNOK | 1.6 MNOK |
| Operating profit | 1.2 MNOK | 1.3 MNOK | 1.3 MNOK |
| Profit before tax | 3.6 MNOK | 5.1 MNOK | 0.8 MNOK |
| Tax expense | 0.2 MNOK | 0.3 MNOK | 0.3 MNOK |
| Net profit | 3.3 MNOK | 4.8 MNOK | 0.5 MNOK |
| Financial expenses | 0.2 MNOK | 0.3 MNOK | 0.7 MNOK |
| Total assets | 8.3 MNOK | 3.3 MNOK | 4.0 MNOK |
| Current assets | 3.5 MNOK | 2.6 MNOK | 3.7 MNOK |
| Equity | 0.9 MNOK | 2.9 MNOK | 3.4 MNOK |
| Retained earnings | 0.2 MNOK | 2.2 MNOK | 2.7 MNOK |
| Total liabilities | 7.4 MNOK | 0.4 MNOK | 0.6 MNOK |
| Current liabilities | 7.4 MNOK | 0.4 MNOK | 0.6 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 31 October 2026, accounts id 6615335.
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