Welmax 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
Score · fiscal year 2025
80of 100
How to read this: the company is ahead of 97 % of companies in the Morning class Micro in the same sector in 2025. What does this mean?
Rank in the Morning class Micro: 53 of 1,739 · What are Morning company classes?
Place in the whole sector: 138 of 5,265 · Industri
Profile
Lion · Leader
High profitability, high resilience
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 75 and resilience 78 out of 100 among companies in the Morning class Micro in the same sector in 2025. Methodology
Against the sector
Welmax AS is 29 points above the median for companies in the Morning class Micro in the same sector in 2025.
Median score 51 among 1,739 companies.
Against companies in the Morning class Micro in the same sector in 2025: operating margin 49.6% (median 3.3%) and equity ratio 86.8% (median 38.3%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 3 MNOK | 4 MNOK |
| Operating margin | 49.6% | 3.3% |
| Profit margin | 48.0% | 2.4% |
| Return on assets | 7.5% | 6.4% |
| Equity ratio | 86.8% | 38.3% |
| Debt-to-equity | 0.15 | 1.22 |
| Current ratio | 6.43 | 1.62 |
| Revenue growth | 45.9% | 4.4% |
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 80, Welmax AS does better than 97% of companies in the Morning class Micro in the same sector (1,739 companies) in 2025.
Score 2023–2025
- Welmax AS
- Median: companies in the Morning class Micro in the same sector
Welmax AS has a score of 80 for 2025, rank 138 of 5,265 in the sector.
Strongest: Solidity: percentile 95 against peers, equity ratio 86.8% against a median of 38.3%. Liquidity: percentile 94 against peers, current ratio 6.43 against a median of 1.62.
Weakest: Consistency: percentile 37 against peers.
Worth a closer look
- What lies behind weak consistency, and will it last?
- The change in operating margin in 2025 was 63.7 percentage points better than for comparable companies: the company +63.4, the industry −0.3 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 Welmax AS rose by 63.4 percentage points. Comparable companies fell by a median 0.3 points. So the company did 63.7 points better than the industry, for reasons of its own.
Over 2 year-to-year changes Welmax AS moved the same way as comparable companies 0 times. About 0% 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 | −13.8% | 3.6% | −623.8 percentage points | +0.3 percentage points | −624.1 percentage points |
| 2025 | 49.6% | 3.3% | +63.4 percentage points | −0.3 percentage points | +63.7 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 Welmax AS. The figures stand side by side; we claim no cause.
Producer prices in manufacturing (indeks (2021 = 100))
Producer prices in manufacturing rose 2.9% in 2025; the operating margin of Welmax AS rose 63.4 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Producer prices in manufacturing, annual average | 100.0 | 124.7 | 129.5 | 134.4 | 138.3 | 146.0 (so far) |
| Change from the year before | +10.7% | +24.7% | +3.9% | +3.7% | +2.9% | +5.6% |
| The company's operating margin | – | – | 610.0% | −13.8% | 49.6% | – |
Source: SSB (12462, CC BY 4.0). Source
EUR/NOK (kr)
EUR/NOK rose 0.8% in 2025; the operating margin of Welmax AS rose 63.4 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| EUR/NOK, annual average | 10.16 | 10.10 | 11.42 | 11.62 | 11.72 | 11.04 (so far) |
| Change from the year before | −5.2% | −0.6% | +13.1% | +1.8% | +0.8% | −5.8% |
| The company's operating margin | – | – | 610.0% | −13.8% | 49.6% | – |
Source: Norges Bank (EXR, NLOD 2.0). Source
Wholesale power price (øre per kWh)
Wholesale power price rose 9.4% in 2025; the operating margin of Welmax AS rose 63.4 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Wholesale power price, annual average | 64.2 | 141.7 | 72.0 | 49.4 | 54.0 | 96.5 (so far) |
| Change from the year before | +466.7% | +120.8% | −49.2% | −31.4% | +9.4% | +78.4% |
| The company's operating margin | – | – | 610.0% | −13.8% | 49.6% | – |
Source: SSB (09363, CC BY 4.0). Source
USD/NOK (kr)
USD/NOK fell 3.3% in 2025; the operating margin of Welmax AS rose 63.4 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| USD/NOK, annual average | 8.59 | 9.61 | 10.56 | 10.75 | 10.39 | 9.54 (so far) |
| Change from the year before | −8.8% | +11.9% | +9.9% | +1.7% | −3.3% | −8.2% |
| The company's operating margin | – | – | 610.0% | −13.8% | 49.6% | – |
Source: Norges Bank (EXR, NLOD 2.0). Source
Wage index: fabricated metal products (indeks)
Wage index: fabricated metal products rose 5.8% in 2025; the operating margin of Welmax AS rose 63.4 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Wage index: fabricated metal products, annual average | 88.0 | 91.5 | 96.9 | 102.1 | 108.0 | 112.8 (so far) |
| Change from the year before | +3.1% | +3.9% | +6.0% | +5.4% | +5.8% | +4.5% |
| The company's operating margin | – | – | 610.0% | −13.8% | 49.6% | – |
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
Welmax AS had an operating margin of 49.6% and an equity ratio of 86.8% in 2025, and ranks 138 of 5,265 in Industri.
From 2024 to 2025: the operating margin rose from −13.8% to 49.6% and went from a loss to a profit before tax.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 8 MNOK and 167 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 22.2 | 8 MNOK |
| EV/EBIT | 18.6 | 167 MNOK |
| P/B | 3.0 | 32 MNOK |
| EV/EBIT: from enterprise value to equity | NOK |
|---|---|
| Enterprise value (EV) at the listed multiple | 272 MNOK |
| Enterprise value after the size adjustment | 167 MNOK |
| Less net debt (rough figure) | 0 MNOK |
| Equity value | 167 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 NACE code has no listed industry of its own in the table, so the multiples are the sector median: Machinery, Food Processing, Chemical (Specialty), Building Materials, Packaging & Container.
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
Worth a closer look
- positive
Upper quartile on profitability, solidity and liquidity. What sets this company apart from the rest of the sector?
Based on: Operating margin 49.6% (median 3.3%); Equity ratio 86.8% (median 38.3%); Current ratio 6.43 (median 1.62).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 1.9% 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 −0.2%. 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 | 75 | weight 40% |
|---|---|---|
| Solidity | 95 | weight 20% |
| Liquidity | 94 | weight 5% |
| Growth | 93 | weight 25% |
| Consistency | 37 | weight 10% |
Three goals: profitability 40%, growth 25%, resilience 35%. Why these weights?
Durability: 69 (average over 3 years)
Index version 3. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is Welmax AS?
The operating margin was 49.6% in 2025, against a median of 3.3% among companies in the Morning class Micro in the same sector. Return on assets was 7.5%.
How solid is Welmax AS?
The equity ratio was 86.8% in 2025 (median 38.3%). Debt-to-equity was 0.15 (median 1.22).
What is the liquidity of Welmax AS like?
The current ratio was 6.43 in 2025 (median 1.62).
How does Welmax AS compare in Industri?
Welmax AS ranks 138 of 5,265 in Industri for 2025. Among companies in the Morning class Micro it is number 53 of 1,739. Revenue changed by 45.9% 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.
Private persons own 100% of the shares in Tandberg Invest AS. Persons are not shown by name.
Tandberg Invest 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
- Industri (3 companies) 3 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.
- Employees in Norway
- 8 in all. Larvik 8 Registered employees in the Central Coordinating Register, by the municipality of the business address. Employees may work elsewhere.
-
Tandberg Invest AS
-
Welmax 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.
- 919501804
- Legal form
- AS
- Sector
- Industri (25.530)
- Morning company class
- Micro
- Employees
- 0–4 (not registered)
- Founded
- 10 August 2017 9 years in operation
- Share capital
- 0.10 MNOK
- Business address
- Sophus Bugges vei 1, 3257 LARVIK
- Municipality
- Larvik rank 4 of 10 in KOSTRA group 11
- Audit
- Audit opted out from 26 October 2023
- 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: Tandberg Invest AS (100%)
Ultimate owner: private person
- Tandberg Invest AS · 100.0%
The company is new in the shareholder register in 2025.
Majority owner of: Welmax Pipe Welding AS (70%)
Holds shares in: Welmax Pipe Welding AS (70%)
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 | 88 | 38 | 80 | |
| Rank | 124 | 3,776 | 138 | |
| Operating margin | 610.0% | −13.8% | 49.6% | |
| Return on assets | 205.4% | −1.3% | 7.5% | |
| Equity ratio | 80.4% | 92.9% | 86.8% | |
| Current ratio | 7.75 | 15.85 | 6.43 | |
| Revenue growth | – | −70.7% | 45.9% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 7.0 MNOK | 2.0 MNOK | 3.0 MNOK |
| Operating profit | 42.6 MNOK | −0.3 MNOK | 1.5 MNOK |
| Profit before tax | 1.1 MNOK | −0.4 MNOK | 1.4 MNOK |
| Tax expense | – | – | 0.5 MNOK |
| Net profit | 1.1 MNOK | −0.4 MNOK | 1.0 MNOK |
| Financial expenses | 41.6 MNOK | 0.2 MNOK | 0.0 MNOK |
| Total assets | 20.8 MNOK | 17.5 MNOK | 19.9 MNOK |
| Current assets | 14.9 MNOK | 11.9 MNOK | 14.4 MNOK |
| Equity | 16.7 MNOK | 16.3 MNOK | 17.3 MNOK |
| Retained earnings | 1.1 MNOK | 0.7 MNOK | 1.7 MNOK |
| Total liabilities | 4.1 MNOK | 1.2 MNOK | 2.6 MNOK |
| Current liabilities | 1.9 MNOK | 0.7 MNOK | 2.2 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 8 November 2026, accounts id 6384107.
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