Havstad AS
Score · fiscal year 2025
Not enough data: Not enough data (below minimum revenue)
Based on the annual accounts for 2025
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 0 MNOK | 3 MNOK |
| Operating margin | 3.0% | 46.9% |
| Profit margin | −69.7% | 22.6% |
| Return on assets | 0.2% | 7.8% |
| Equity ratio | −40.8% | 26.7% |
| Debt-to-equity | – | 2.20 |
| Current ratio | 0.27 | 1.40 |
| Revenue growth | 6.2% | 3.0% |
The median and “ahead of” refer to companies in the same sector in 2025. The bar shows the share of companies the figure is ahead of.
Score over time
Score over time needs at least two fiscal years with a score. It will appear when next year's figures are fetched or history is imported.
The industry or the company: what drove the result?
In 2025 the operating margin of Havstad AS fell by 7.8 percentage points. Comparable companies rose by a median 1.2 points. So the company did 9.1 points weaker than the industry, for reasons of its own.
Over 2 year-to-year changes Havstad AS moved the same way as comparable companies 0 times. About 8% 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 | 10.8% | 45.7% | −6.5 percentage points | +0.1 percentage points | −6.6 percentage points |
| 2025 | 3.0% | 46.9% | −7.8 percentage points | +1.2 percentage points | −9.1 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 Havstad 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 Havstad AS fell 7.8 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 | – | – | 17.3% | 10.8% | 3.0% | – |
Source: Norges Bank (IR, NLOD 2.0). Source
Construction cost index for dwellings (indeks (2015 = 100))
Construction cost index for dwellings rose 4.3% in 2025; the operating margin of Havstad AS fell 7.8 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Construction cost index for dwellings, annual average | 124.2 | 135.1 | 141.1 | 146.4 | 152.7 | 158.4 (so far) |
| Change from the year before | +8.7% | +8.8% | +4.4% | +3.7% | +4.3% | +3.7% |
| The company's operating margin | – | – | 17.3% | 10.8% | 3.0% | – |
Source: SSB (08651, CC BY 4.0). Source
Consumer price index (indeks (2025 = 100))
Consumer price index rose 3.0% in 2025; the operating margin of Havstad AS fell 7.8 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 | – | – | 17.3% | 10.8% | 3.0% | – |
Source: SSB (14710, 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
Havstad AS had an equity ratio of −40.8% in 2025. The company is not ranked: not enough data (below minimum revenue).
From 2024 to 2025: the operating margin fell from 10.8% to 3.0% and the equity ratio fell from −35.6% to −40.8%.
This text is generated automatically from the 2025 accounts.
Three simple methods
One method gives a figure: 0 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 10.6 | not meaningful |
| EV/EBIT | 22.6 | 0 MNOK |
| P/B | 0.9 | not meaningful |
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
Equity is negative. How will it be rebuilt, and what do lenders and the auditor say about going concern?
Based on: Equity ratio −40.8% (median 26.7%).
- critical
Consider strengthening liquidity: current liabilities are 3.7 times current assets.
Based on: Current ratio 0.27 (median 1.40).
- watch
The company made a loss before tax. Are these one-off items or a pattern?
Based on: Profit margin −69.7% (median 22.6%).
- watch
The operating margin is lower than at three in four companies in the sector. Where do costs differ from competitors?
Based on: Operating margin 3.0% (median 46.9%).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 3.2% 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
- critical Negative equity
Scenario analysis: the sector's weakest year
We have no accounts for 2022, the sector's weakest year, for this company.
The sector's weakest year was 2022, with a median operating margin of 23.4%. Based on the 9 fiscal years we have. The analysis grows as more years are fetched or imported. Methodology
Questions and answers
How profitable is Havstad AS?
The operating margin was 3.0% in 2025, against a median of 46.9% among companies in the same sector. Return on assets was 0.2%. The company made a loss before tax.
How solid is Havstad AS?
The equity ratio was −40.8% in 2025 (median 26.7%). Equity is negative, so liabilities exceed assets.
What is the liquidity of Havstad AS like?
The current ratio was 0.27 in 2025 (median 1.40). Current assets did not cover current liabilities.
From the Central Coordinating Register
- Org. no.
- 918051368
- Legal form
- AS
- Sector
- Eiendom (68.200)
- Morning company class
- Micro
- Employees
- 0–4 (not registered)
- Founded
- 14 October 2016 10 years in operation
- Share capital
- 0.03 MNOK
- Business address
- Alnaparkveien 11, 1081 OSLO
- Municipality
- Oslo rank 63–220 of 357 in Norway
- Audit
- Audit opted out from 15 November 2016
- 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 3 November 2026. Only names are shown.
Shareholders (2025)
- Number of shareholders
- 1 (one owner)
- Largest owner
- 100.0%
- Split
- companies 100% · private persons 0% · foreign 0%
- Owned from the same municipality
- 100%
- Group chain
-
Owned by: Frode Gran Service AS (100%)
Ultimate owner: private person
The owner: the majority owner Frode Gran Service AS (holds 100%) made a loss in 2025. A weak parent can affect the subsidiary through group contributions, loans and guarantees. It is an indication to watch, not an assessment of the company.
- Frode Gran Service AS · 100.0%
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 | – | – | – | |
| Rank | – | – | – | |
| Operating margin | 17.3% | 10.8% | 3.0% | |
| Return on assets | 1.0% | 0.6% | 0.2% | |
| Equity ratio | −30.8% | −35.6% | −40.8% | |
| Current ratio | 0.37 | 0.35 | 0.27 | |
| Revenue growth | – | −2.6% | 6.2% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 0.1 MNOK | 0.1 MNOK | 0.1 MNOK |
| Operating profit | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Profit before tax | −0.1 MNOK | −0.1 MNOK | −0.1 MNOK |
| Tax expense | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Net profit | −0.1 MNOK | −0.1 MNOK | −0.1 MNOK |
| Financial expenses | 0.1 MNOK | 0.1 MNOK | 0.1 MNOK |
| Total assets | 2.3 MNOK | 2.2 MNOK | 2.2 MNOK |
| Current assets | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Equity | −0.7 MNOK | −0.8 MNOK | −0.9 MNOK |
| Retained earnings | −0.7 MNOK | −0.8 MNOK | −0.9 MNOK |
| Total liabilities | 3.0 MNOK | 3.0 MNOK | 3.1 MNOK |
| Current liabilities | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 31 October 2026, accounts id 6893280.