Subsurface AS
Score · fiscal year 2024
32of 100
How to read this: the company is ahead of 20 % of companies in the Morning class Micro in the same sector in 2024. What does this mean?
Rank in the Morning class Micro: 1,730 of 2,165 · What are Morning company classes?
Place in the whole sector: 3,350 of 4,104 · Teknisk tjenesteyting og forskning
Profile
Beaver · Builder
Lower profitability, lower solidity
Position against comparable companies in 2024, not a verdict on the company. Based on profitability 30 and solidity 7 out of 100 among companies in the Morning class Micro in the same sector in 2024. Methodology
Against the sector
Subsurface AS is 18 points below the median for companies in the Morning class Micro in the same sector in 2024.
Median score 50 among 2,165 companies.
Against companies in the Morning class Micro in the same sector in 2024: operating margin 0.1% (median 5.8%) and equity ratio 0.5% (median 41.5%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 3 MNOK | 3 MNOK |
| Operating margin | 0.1% | 5.8% |
| Profit margin | 0.1% | 5.6% |
| Return on assets | 0.1% | 11.5% |
| Equity ratio | 0.5% | 41.5% |
| Debt-to-equity | 201.65 | 1.10 |
| Current ratio | 0.06 | 1.61 |
| Revenue growth | 132.1% | 5.6% |
The median and “ahead of” refer to companies in the Morning class Micro in the same sector in 2024. The bar shows the share of companies the figure is ahead of.
With an index of 32, Subsurface AS does better than 20% of companies in the Morning class Micro in the same sector (2,165 companies) in 2024.
Score 2023–2025
- Subsurface AS
- Median: companies in the Morning class Micro in the same sector
What the numbers say
Subsurface AS had an operating margin of 0.1% and an equity ratio of 0.5% in 2024, and ranks 3,350 of 4,104 in Teknisk tjenesteyting og forskning.
From 2023 to 2024: revenue grew by 132%.
This text is generated automatically from the 2024 accounts.
Three simple methods
The methods give between 0 MNOK and 0 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 18.6 | 0 MNOK |
| EV/EBIT | 15.9 | 0 MNOK |
| P/B | 3.2 | 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 16.5 times current assets.
Based on: Current ratio 0.06 (median 1.61).
- watch
The equity ratio is very low. Could the company absorb a bad year, and does it need more equity?
Based on: Equity ratio 0.5% (median 41.5%).
- 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 132.1% (median 5.6%); Current ratio 0.06 (median 1.61).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 0.0% 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 −0.2%. Based on the 8 fiscal years we have. The analysis grows as more years are fetched or imported. Methodology
What the score is made of
| Profitability | 30 | weight 30% |
|---|---|---|
| Solidity | 7 | weight 25% |
| Liquidity | 1 | weight 15% |
| Growth | 93 | weight 15% |
| Consistency | 47 | weight 15% |
Durability: 24 (average over 2 years)
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is Subsurface AS?
The operating margin was 0.1% in 2024, against a median of 5.8% among companies in the Morning class Micro in the same sector. Return on assets was 0.1%.
How solid is Subsurface AS?
The equity ratio was 0.5% in 2024 (median 41.5%). Debt-to-equity was 201.65 (median 1.10).
What is the liquidity of Subsurface AS like?
The current ratio was 0.06 in 2024 (median 1.61). Current assets did not cover current liabilities.
How does Subsurface AS compare in Teknisk tjenesteyting og forskning?
Subsurface AS ranks 3,350 of 4,104 in Teknisk tjenesteyting og forskning for 2024. Among companies in the Morning class Micro it is number 1,730 of 2,165. Revenue changed by 132.1% from the year before.
Group structure · 2025
3 companies in the group according to the shareholder register for 2025. A company counts as a subsidiary when a Norwegian company owns more than half of its shares.
No owner holds more than half of the shares in Subsurface AS.
Subsurface AS has not filed group accounts in open data, so the group has no index of its own. Each company has its own accounts.
The group in figures
- Sectors
- Teknisk tjenesteyting og forskning (1 company), Handel (1 company) 2 of 3 companies in the tree have accounts with us. Sectors are sorted by the companies' own revenue, which includes sales between the group's companies.
-
Subsurface AS you are here
Read the figures with care: a company in a group can look strong because of group contributions, or weak because dividends go up to the parent. The figures are indications, not the full picture.
Source: the Norwegian Tax Administration's shareholder register 2025 (majority owner with more than 50 % of the shares). Voting agreements and ownership through other countries are not included.
From the Central Coordinating Register
- Org. no.
- 915432808
- Legal form
- AS
- Sector
- Teknisk tjenesteyting og forskning (71.129)
- Morning company class
- Micro
- Employees
- 0–4 (not registered)
- Founded
- 8 May 2015 11 years in operation
- Share capital
- 0.03 MNOK
- Business address
- c/o People Performance AS, Energivegen 20, 4056 TANANGER (SOLA)
- Municipality
- Sola rank 2 of 27 in KOSTRA group 9
- Audit
- Audit opted out from 26 May 2015
- Latest accounts filed
- 2025
- Website
- www.subsurfaceas.com
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
- 3
- Largest owner
- 20.0%
- Split
- companies 20% · private persons 30% · foreign 15%
- Kasisto AS · 40.0%
- 2 private persons · 30.0%
The company is new in the shareholder register in 2025.
Majority owner of: Bluelux AS (100%), Subcem AS (60%)
Holds shares in: Bluelux AS (100%), Subcem AS (60%)
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 | 16 | 32 | 22 | |
| Rank | 3,660 | 3,350 | 3,826 | |
| Operating margin | 0.4% | 0.1% | 0.1% | |
| Return on assets | 0.1% | 0.1% | 0.0% | |
| Equity ratio | 0.6% | 0.5% | 0.4% | |
| Current ratio | 0.04 | 0.06 | 0.14 | |
| Revenue growth | – | 132.1% | −35.3% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 1.5 MNOK | 3.5 MNOK | 2.3 MNOK |
| Operating profit | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Profit before tax | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Tax expense | – | – | – |
| Net profit | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Financial expenses | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Total assets | 5.7 MNOK | 7.5 MNOK | 9.3 MNOK |
| Current assets | 0.2 MNOK | 0.5 MNOK | 0.6 MNOK |
| Equity | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Retained earnings | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Total liabilities | 5.6 MNOK | 7.4 MNOK | 9.2 MNOK |
| Current liabilities | 5.6 MNOK | 7.4 MNOK | 4.0 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 31 October 2026, accounts id 6241001.
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