Thuma AS
Not financial advice. The index, rank, signals and advice are rule-based indications from the latest filed annual accounts. They are not a credit rating, an assessment of management or a recommendation to buy, sell or do business with the company. Read more
Key facts
Is the company run well?
Five key figures against companies in the Morning class Small in the same sector. Green is better than most, amber about like the industry and red weaker than most.
- Profitability · operating margin 4.7% Weaker than the industry Industry: 40.6%
- Returns · return on assets 24.9% Better than the industry Industry: 7.8%
- Solidity · equity ratio 5.9% Weaker than the industry Industry: 27.3%
- Liquidity · current ratio 0.91 Weaker than the industry Industry: 1.27
- Growth · revenue growth 59.2% Better than the industry Industry: 4.1%
The mark comes from the company's place among comparable companies (percentile): green from 60, amber from 40, red below 40. Negative equity, an operating loss and a current ratio under 1 pull it down regardless. Methodology
Score · fiscal year 2025
46of 100
How to read this: the company is ahead of 38 % of companies in the Morning class Small in the same sector in 2025. What does this mean?
Rank in the Morning class Small: 3,190 of 5,128 · What are Morning company classes?
Place in the whole sector: 18,352 of 30,137 · Eiendom
Profile
Cheetah · Sprinter
High profitability, lower resilience
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 53 and resilience 26 out of 100 among companies in the Morning class Small in the same sector in 2025. Methodology
Against the sector
Thuma AS is 4 points below the median for companies in the Morning class Small in the same sector in 2025.
Median score 50 among 5,127 companies.
Against companies in the Morning class Small in the same sector in 2025: operating margin 4.7% (median 40.6%) and equity ratio 5.9% (median 27.3%).
How it has gone · 2023–2025
Revenue fell by 55 % from 2023 to 2025, to 33.1 MNOK. The operating margin rose from 2.0% in 2023 to 4.7% in 2025. The equity ratio rose from 1.2% in 2023 to 5.9% in 2025.
Amounts in the reporting currency. The full year-by-year table is further down under «Details». See every figure year by year
Accounts in short
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 73.8 MNOK | 20.8 MNOK | 33.1 MNOK |
| Operating profit | 1.4 MNOK | 1.2 MNOK | 1.5 MNOK |
| Net profit | −0.1 MNOK | −0.2 MNOK | 0.2 MNOK |
| Total assets | 25.1 MNOK | 20.5 MNOK | 6.4 MNOK |
| Equity | 0.3 MNOK | 0.1 MNOK | 0.4 MNOK |
| Total liabilities | 24.8 MNOK | 20.3 MNOK | 6.0 MNOK |
From the Brønnøysund Register Centre, in the company's reporting currency (NOK). See every figure year by year
From the Central Coordinating Register
- Org. no.
- 919001283
- Legal form
- AS
- Sector
- Eiendom (68.120)
- Purpose
- Kjøp, salg og utvikling av fast eiendom, meglertjenester og bolig styling.
- Morning company class
- Small
- Employees
- 0–4 (not registered) Payroll costs in the accounts: 0.5 MNOK (2025).
- Founded
- 24 March 2017 9 years in operation
- Share capital
- 3.53 MNOK
- Business address
- Lille Frogner allé 5A, 0263 OSLO
- Municipality
- Oslo rank 63–220 of 357 in Norway
- Latest accounts filed
- 2025
- VAT registered
- Yes
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
Thuma AS has a score of 46 for 2025, rank 18,352 of 30,137 in the sector.
Strongest: Growth: percentile 61 against peers, revenue growth 59.2% against a median of 4.1%.
Weakest: Solidity: percentile 15 against peers, equity ratio 5.9% against a median of 27.3%. Liquidity: percentile 36 against peers, current ratio 0.91 against a median of 1.27.
Worth a closer look
- The equity ratio is very low. Could the company absorb a bad year, and does it need more equity? Based on: equity ratio 5.9% (median 27.3%).
- Consider strengthening liquidity: current liabilities are 1.1 times current assets. Based on: current ratio 0.91 (median 1.27).
- The operating margin is lower than at three in four companies in the sector. Where do costs differ from competitors? Based on: operating margin 4.7% (median 40.6%).
- 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
Worth a closer look
- watch
The equity ratio is very low. Could the company absorb a bad year, and does it need more equity?
Based on: Equity ratio 5.9% (median 27.3%).
- watch
Consider strengthening liquidity: current liabilities are 1.1 times current assets.
Based on: Current ratio 0.91 (median 1.27).
- 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 4.7% (median 40.6%).
- 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 59.2% (median 4.1%); Current ratio 0.91 (median 1.27).
- watch
The operating result covers the financial costs less than one and a half times. How much higher interest or a weaker year can the company take?
Based on: Interest coverage (times) 1.2 (median 2.0); Financial costs as a share of debt 21.1% (median 4.7%).
- watch
Current liabilities exceed current assets other than bank deposits, and the current ratio is weak. Is it customer prepayments and supplier credit that fund the operations, or short-term loans that must be renewed?
Based on: Net working capital to revenue −7.0% (median −6.0%); Current ratio 0.91 (median 1.27).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 21.1% 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 2022, the sector's weakest year, for this company.
The sector's weakest year was 2022, with a median operating margin of 15.2%. 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 | 53 | weight 40% |
|---|---|---|
| Solidity | 15 | weight 20% |
| Liquidity | 36 | weight 5% |
| Growth | 61 | weight 25% |
| Consistency | 44 | weight 10% |
Three goals: profitability 40%, growth 25%, resilience 35%. Why these weights?
Durability: 30 (average over 3 years)
Index version 3. Data completeness 100%: the share of the weights that had data.
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 33 MNOK | 17 MNOK |
| Operating margin | 4.7% | 40.6% |
| Profit margin | 1.0% | 19.3% |
| Return on assets | 24.9% | 7.8% |
| Equity ratio | 5.9% | 27.3% |
| Debt-to-equity | 15.94 | 2.34 |
| Current ratio | 0.91 | 1.27 |
| Revenue growth | 59.2% | 4.1% |
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 46, Thuma AS does better than 38% of companies in the Morning class Small in the same sector (5,128 companies) in 2025.
Score 2023–2025
- Thuma AS
- Median: companies in the Morning class Small in the same sector
Working capital and debt
| Measure | Company | Median | |
|---|---|---|---|
| Working capital | |||
| Receivable days All current receivables, including those on group companies, in days of revenue. |
8 days | 50 days | |
| Inventory and other current assets, days Current assets other than receivables and bank deposits, that is inventory and short-term investments, in days of revenue. |
33 days | 0 days | |
| Net working capital to revenue Current assets less bank deposits less current liabilities, divided by revenue. Negative: short-term debt funds the operations. |
−7.0% | −6.0% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
32.2% | 30.5% | |
| Debt and interest burden | |||
| Interest coverage (times) Operating result divided by all financial costs. Below 1: operations do not cover the cost of the debt. |
1.2 | 2.0 | |
| Financial costs as a share of debt All financial costs (interest, currency losses and other) divided by all debt, interest-free debt included. Not an interest rate. |
21.1% | 4.7% | |
| Long-term share of debt Long-term debt as a share of all debt. A low share means more falls due within a year. |
– | 83.5% | |
Net working capital (current assets less bank deposits less current liabilities): −2.3 MNOK.
Of the financial costs of 1.3 MNOK, 1.3 MNOK is reported as interest costs in the accounts.
The median and the bar refer to companies in the Morning class Small in the same sector in 2025. The bar shows the share of the group with a lower figure: higher is not always better, long receivable days tie up capital, for example. These figures do not count in the score.
The industry or the company: what drove the result?
In 2025 the operating margin of Thuma AS fell by 1.0 percentage points. Comparable companies rose by a median 0.2 points. So the company did 1.2 points weaker than the industry, for reasons of its own.
Over 2 year-to-year changes Thuma AS moved the same way as comparable companies 1 times. About 53% 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 | 5.7% | 40.5% | +3.7 percentage points | +24.6 percentage points | −20.9 percentage points |
| 2025 | 4.7% | 40.6% | −1.0 percentage points | +0.2 percentage points | −1.2 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 Thuma AS. The figures stand side by side; we claim no cause.
House prices (existing homes) (indeks (2015 = 100))
House prices (existing homes) rose 5.5% in 2025; the operating margin of Thuma AS fell 1.0 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| House prices (existing homes), annual average | 134.5 | 141.6 | 140.8 | 144.6 | 152.5 | 158.7 (so far) |
| Change from the year before | +10.5% | +5.2% | −0.5% | +2.7% | +5.5% | +4.1% |
| The company's operating margin | – | – | 2.0% | 5.7% | 4.7% | – |
Source: SSB (07221, CC BY 4.0). Source
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of Thuma AS fell 1.0 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 | – | – | 2.0% | 5.7% | 4.7% | – |
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 Thuma AS fell 1.0 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 | – | – | 2.0% | 5.7% | 4.7% | – |
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 Thuma AS fell 1.0 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Consumer price index, annual average | 84.3 | 89.2 | 94.1 | 97.0 | 100.0 | 103.0 (so far) |
| Change from the year before | +3.5% | +5.8% | +5.5% | +3.2% | +3.0% | +3.0% |
| The company's operating margin | – | – | 2.0% | 5.7% | 4.7% | – |
Source: SSB (14710, CC BY 4.0). Source
Wage index: real estate (indeks)
Wage index: real estate rose 5.2% in 2025; the operating margin of Thuma AS fell 1.0 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Wage index: real estate, annual average | 91.7 | 94.3 | 96.8 | 103.2 | 108.5 | 111.3 (so far) |
| Change from the year before | +5.2% | +2.9% | +2.6% | +6.5% | +5.2% | +2.6% |
| The company's operating margin | – | – | 2.0% | 5.7% | 4.7% | – |
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
Thuma AS had an operating margin of 4.7% and an equity ratio of 5.9% in 2025, and ranks 18,352 of 30,137 in Eiendom.
From 2024 to 2025: went from a loss to a profit before tax and revenue grew by 59%.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 0 MNOK and 16 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 11.3 | 0 MNOK |
| EV/EBIT | 16.6 | 16 MNOK |
| P/B | 0.9 | 0 MNOK |
| EV/EBIT: from enterprise value to equity | NOK |
|---|---|
| Enterprise value (EV) at the listed multiple | 23 MNOK |
| Enterprise value after the size adjustment | 14 MNOK |
| Less net debt (rough figure) | −2 MNOK |
| Equity value | 16 MNOK |
Net debt is a rough figure: long-term liabilities minus cash. The accounts do not split interest-bearing debt from other liabilities, and short-term borrowings are not included. The size adjustment applies to the enterprise value, not to the debt.
The listed basis is the value at listed multiples. The estimate is lowered for size: a small-company premium of 4% on the cost of equity gives a value 38% lower. No separate marketability discount is applied, because the premium already allows for the company being small and unlisted.
The multiples are from the listed industry that matches the NACE code (68.1): Real Estate (Development).
Not financial advice. The value range is a rough model estimate from listed-company multiples, not a valuation, a price target or a price offer. The actual value may differ greatly. Read more
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
Questions and answers
How profitable is Thuma AS?
The operating margin was 4.7% in 2025, against a median of 40.6% among companies in the Morning class Small in the same sector. Return on assets was 24.9%.
How solid is Thuma AS?
The equity ratio was 5.9% in 2025 (median 27.3%). Debt-to-equity was 15.94 (median 2.34).
What is the liquidity of Thuma AS like?
The current ratio was 0.91 in 2025 (median 1.27). Current assets did not cover current liabilities.
How does Thuma AS compare in Eiendom?
Thuma AS ranks 18,352 of 30,137 in Eiendom for 2025. Among companies in the Morning class Small it is number 3,190 of 5,128. Revenue changed by 59.2% from the year before.
Competitors
The 8 closest competitors in the same line of business, placed in the same matrix as the sector page: profitability up, resilience to the right. These are the companies the competitor analysis and the strategy report compare with.
Each bubble is a company: this company and its closest competitors in the same line of business and size, the same ones the competitor analysis uses. Placement is 0–100 against the whole sector and Morning company class: further right is more robust, higher up is more profitable. Bubble size is revenue. The light bubble and arrow show where the company stood the year before. Pick a profile to see fewer at a time.
| Company | Profile | Operating revenue | Operating margin | Score |
|---|---|---|---|---|
| AS KONGSBERG TOMTESELSKAP |  Beaver |
33 MNOK | 10.4% | 43 |
| A Utvik Tomteselskap AS | Beaver |
33 MNOK | 6.0% | 42 |
| Eikelunden Eiendom AS |  Elephant |
33 MNOK | 13.4% | 51 |
| Tiger Bygg AS · same municipality |  Cheetah |
33 MNOK | 5.6% | 55 |
| Constructer Bygg AS |  Lion |
33 MNOK | 6.5% | 60 |
| Kleivane Utviklingsselskap AS | Lion |
33 MNOK | 61.1% | 77 |
| Thuma AS (this company) | Cheetah |
33 MNOK | 4.7% | 46 |
| Bandadalen 2 Utbygging AS | Beaver |
33 MNOK | 5.2% | 47 |
| Trysilhus Areal AS | Beaver |
33 MNOK | −10.4% | 19 |
The selection is the closest in revenue within the same industry code. When you order, you can swap competitors. Order competitor analysis
Ownership and roles
Loading roles …
Source: Central Coordinating Register, fetched 3 November 2026. Only names are shown.
Shareholders (2025)
- Number of shareholders
- 3
- Largest owner
- 45.0%
- Split
- companies 100% · private persons 0% · foreign 0%
- Owned from the same municipality
- 50%
- Røer Holding AS · 45.0%
- Huynh Holding AS · 45.0%
- Elmberg Holding AS · 10.0%
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.
Is this your company? Suggest changes or add information
Figures last fetched 8 November 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 21 | 25 | 46 | |
| Rank | 24,722 | 26,248 | 18,352 | |
| Operating margin | 2.0% | 5.7% | 4.7% | |
| Return on assets | 5.9% | 6.0% | 24.9% | |
| Equity ratio | 1.2% | 0.6% | 5.9% | |
| Current ratio | 0.97 | 0.97 | 0.91 | |
| Revenue growth | – | −71.8% | 59.2% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 73.8 MNOK | 20.8 MNOK | 33.1 MNOK |
| Operating profit | 1.4 MNOK | 1.2 MNOK | 1.5 MNOK |
| Profit before tax | −0.1 MNOK | −0.2 MNOK | 0.3 MNOK |
| Tax expense | 0.0 MNOK | 0.0 MNOK | 0.1 MNOK |
| Net profit | −0.1 MNOK | −0.2 MNOK | 0.2 MNOK |
| Financial expenses | 1.6 MNOK | 1.4 MNOK | 1.3 MNOK |
| Total assets | 25.1 MNOK | 20.5 MNOK | 6.4 MNOK |
| Current assets | 24.0 MNOK | 19.4 MNOK | 5.5 MNOK |
| Equity | 0.3 MNOK | 0.1 MNOK | 0.4 MNOK |
| Retained earnings | −3.2 MNOK | −3.4 MNOK | −3.2 MNOK |
| Total liabilities | 24.8 MNOK | 20.3 MNOK | 6.0 MNOK |
| Current liabilities | 24.7 MNOK | 19.9 MNOK | 6.0 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 8 November 2026, accounts id 6965062.
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