Thefactory 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
18of 100
How to read this: the company is ahead of 5 % of companies in the Morning class Micro in the same sector in 2025. What does this mean?
Rank in the Morning class Micro: 2,120 of 2,242 · What are Morning company classes?
Place in the whole sector: 3,241 of 3,401 · Revisjon, regnskap og rådgivning
Profile
Beaver · Builder
Lower profitability, lower resilience
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 3 and resilience 40 out of 100 among companies in the Morning class Micro in the same sector in 2025. Methodology
Against the sector
Thefactory AS is 33 points below the median for companies in the Morning class Micro in the same sector in 2025.
Median score 51 among 2,242 companies.
Against companies in the Morning class Micro in the same sector in 2025: operating margin −186.5% (median 9.0%) and equity ratio 33.9% (median 41.9%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 4 MNOK | 3 MNOK |
| Operating margin | −186.5% | 9.0% |
| Profit margin | −105.7% | 9.6% |
| Return on assets | −31.7% | 16.9% |
| Equity ratio | 33.9% | 41.9% |
| Debt-to-equity | 1.95 | 1.22 |
| Current ratio | 3.08 | 1.62 |
| Revenue growth | −5.6% | 5.7% |
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 18, Thefactory AS does better than 5% of companies in the Morning class Micro in the same sector (2,242 companies) in 2025.
Score 2023–2025
- Thefactory AS
- Median: companies in the Morning class Micro in the same sector
Thefactory AS has a score of 18 for 2025, rank 3,241 of 3,401 in the sector.
Strongest: Liquidity: percentile 78 against peers, current ratio 3.08 against a median of 1.62.
Weakest: Profitability: percentile 3 against peers, operating margin −186.5% against a median of 9.0%. Growth: percentile 13 against peers, revenue growth −5.6% against a median of 5.7%.
Worth a closer look
- The company made a loss before tax. Are these one-off items or a pattern? Based on: profit margin −105.7% (median 9.6%).
- The operating margin is lower than at three in four companies in the sector. Where do costs differ from competitors? Based on: operating margin −186.5% (median 9.0%).
- What lies behind weak profitability, and will it last?
- What lies behind weak growth, 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
The industry or the company: what drove the result?
In 2025 the operating margin of Thefactory AS fell by 93.1 percentage points. Comparable companies fell by a median 0.4 points. So the company did 92.7 points weaker than the industry, for reasons of its own.
Over 2 year-to-year changes Thefactory AS moved the same way as comparable companies 2 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 | −93.4% | 9.5% | −87.5 percentage points | −0.3 percentage points | −87.2 percentage points |
| 2025 | −186.5% | 9.0% | −93.1 percentage points | −0.4 percentage points | −92.7 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 Thefactory AS. The figures stand side by side; we claim no cause.
Turnover index: legal and accounting activities (indeks (2021 = 100))
Turnover index: legal and accounting activities rose 4.8% in 2025; the operating margin of Thefactory AS fell 93.1 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Turnover index: legal and accounting activities, annual average | 100.4 | 107.7 | 127.0 | 135.2 | 141.7 | 149.6 (so far) |
| Change from the year before | +8.7% | +7.3% | +17.9% | +6.4% | +4.8% | +5.5% |
| The company's operating margin | – | – | −5.9% | −93.4% | −186.5% | – |
Source: SSB (13863, CC BY 4.0). Source
Turnover index: management consultancy (indeks (2021 = 100))
Turnover index: management consultancy rose 6.5% in 2025; the operating margin of Thefactory AS fell 93.1 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Turnover index: management consultancy, annual average | 99.4 | 104.0 | 114.9 | 116.0 | 123.6 | 128.7 (so far) |
| Change from the year before | +17.3% | +4.6% | +10.5% | +1.0% | +6.5% | +4.1% |
| The company's operating margin | – | – | −5.9% | −93.4% | −186.5% | – |
Source: SSB (13863, CC BY 4.0). Source
Service prices: legal and accounting (indeks (2021 = 100))
Service prices: legal and accounting rose 4.9% in 2025; the operating margin of Thefactory AS fell 93.1 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Service prices: legal and accounting, annual average | 100.0 | 104.8 | 111.8 | 117.4 | 123.2 | 127.0 (so far) |
| Change from the year before | +3.4% | +4.8% | +6.7% | +5.0% | +4.9% | +3.1% |
| The company's operating margin | – | – | −5.9% | −93.4% | −186.5% | – |
Source: SSB (14335, CC BY 4.0). Source
Consumer price index (indeks (2025 = 100))
Consumer price index rose 3.0% in 2025; the operating margin of Thefactory AS fell 93.1 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 | – | – | −5.9% | −93.4% | −186.5% | – |
Source: SSB (14710, CC BY 4.0). Source
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of Thefactory AS fell 93.1 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 | – | – | −5.9% | −93.4% | −186.5% | – |
Source: Norges Bank (IR, NLOD 2.0). Source
Wage index: legal and accounting (indeks)
Wage index: legal and accounting rose 5.4% in 2025; the operating margin of Thefactory AS fell 93.1 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Wage index: legal and accounting, annual average | 86.2 | 89.8 | 93.9 | 99.1 | 104.4 | 108.4 (so far) |
| Change from the year before | +5.1% | +4.3% | +4.5% | +5.6% | +5.4% | +3.8% |
| The company's operating margin | – | – | −5.9% | −93.4% | −186.5% | – |
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
Thefactory AS had an operating margin of −186.5% and an equity ratio of 33.9% in 2025, and ranks 3,241 of 3,401 in Revisjon, regnskap og rådgivning.
From 2024 to 2025: the operating margin fell from −93.4% to −186.5% and the equity ratio rose from −16.9% to 33.9%.
This text is generated automatically from the 2025 accounts.
Three simple methods
One method gives a figure: 9 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 22.4 | not meaningful |
| EV/EBIT | 17.4 | not meaningful |
| P/B | 4.1 | 9 MNOK |
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: Business & Consumer Services.
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
- watch
The company made a loss before tax. Are these one-off items or a pattern?
Based on: Profit margin −105.7% (median 9.6%).
- 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 −186.5% (median 9.0%).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 13.2% 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
- watch Extreme margin: check 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 5.4%. Based on the 7 fiscal years we have. The analysis grows as more years are fetched or imported. Methodology
What the score is made of
| Profitability | 3 | weight 40% |
|---|---|---|
| Solidity | 39 | weight 20% |
| Liquidity | 78 | weight 5% |
| Growth | 13 | weight 25% |
| Consistency | 23 | weight 10% |
Three goals: profitability 40%, growth 25%, resilience 35%. Why these weights?
Durability: 15 (average over 3 years)
Index version 3. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is Thefactory AS?
The operating margin was −186.5% in 2025, against a median of 9.0% among companies in the Morning class Micro in the same sector. Return on assets was −31.7%. The company made a loss before tax.
How solid is Thefactory AS?
The equity ratio was 33.9% in 2025 (median 41.9%). Debt-to-equity was 1.95 (median 1.22).
What is the liquidity of Thefactory AS like?
The current ratio was 3.08 in 2025 (median 1.62).
How does Thefactory AS compare in Revisjon, regnskap og rådgivning?
Thefactory AS ranks 3,241 of 3,401 in Revisjon, regnskap og rådgivning for 2025. Among companies in the Morning class Micro it is number 2,120 of 2,242. Revenue changed by −5.6% from the year before.
Group accounts
The company is registered as part of a group, but we have no group accounts for it. Group accounts are filed by the parent company, and open data does not say which company that is.
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.
Group structure · 2025
7 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 Thefactory AS.
Thefactory 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
- Revisjon, regnskap og rådgivning (2 companies) 2 of 7 companies in the tree have accounts with us. Sectors are sorted by the companies' own revenue, which includes sales between the group's companies.
- Negative equity
- 1 company: Thefactory Ventures AS
- Loss
- 2 companies: Thefactory AS, Thefactory Ventures AS
A subsidiary with negative equity or a loss may be backed by the group, for example with group contributions or guarantees. It is an indication of what is worth asking about, not an assessment.
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.
- 919910887
- Legal form
- AS · part of a group
- Sector
- Revisjon, regnskap og rådgivning (70.200)
- Morning company class
- Micro
- Employees
- 0–4 (not registered)
- Founded
- 27 October 2017 9 years in operation
- Share capital
- 0.09 MNOK
- Business address
- Grensen 18, 0159 OSLO
- Municipality
- Oslo rank 63–220 of 357 in Norway
- 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
- 30
- Largest owner
- 48.3% · top three 76.5%
- Split
- companies 96% · private persons 4% · foreign 0%
- Owned from the same municipality
- 77%
- Owners over 60
- 0% of the shares held by persons (median age 34)
- Thefactory Holding AS · 48.3%
- Auris AS · 21.5%
- Nomah AS · 6.6%
- Nettuno Capital AS · 5.8%
- AS BEMACS · 4.4%
- Daytona Invest AS · 2.3%
- Tomorrow Today AS · 1.4%
- Grundr AS · 0.7%
- Mnn AS · 0.7%
- Bear Invest AS · 0.6%
- 9 private persons · 4.1%
The company is new in the shareholder register in 2025.
Majority owner of: Thefactory Ventures AS (100%), Thefactory Academy AS (100%), Thefactory Accounting AS (100%), Thefactory Growth AS (94%), Thefactory Asset Management AS (92%)
The portfolio: 11 of the companies it owns shares in have accounts with us, 1 of them as majority owner. The average index is 40. 2 have negative equity and 8 made a loss in the latest year.
Holds shares in: Firi AS (0%), Gobi Stories AS (0%), Thefactory Asset Management AS (92%), Thefactory Angels Iii AS (22%), Thefactory Ventures AS (100%), Thefactory Academy AS (100%), Thefactory Accounting AS (100%), Thefactory Growth AS (94%)
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 | 19 | 7 | 18 | |
| Rank | 2,977 | 3,302 | 3,241 | |
| Operating margin | −5.9% | −93.4% | −186.5% | |
| Return on assets | −3.2% | −22.6% | −31.7% | |
| Equity ratio | 14.9% | −16.9% | 33.9% | |
| Current ratio | 5.92 | 3.50 | 3.08 | |
| Revenue growth | – | −51.9% | −5.6% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 8.5 MNOK | 4.1 MNOK | 3.8 MNOK |
| Operating profit | −0.5 MNOK | −3.8 MNOK | −7.2 MNOK |
| Profit before tax | −1.1 MNOK | −4.9 MNOK | −4.1 MNOK |
| Tax expense | – | – | – |
| Net profit | −1.1 MNOK | −4.9 MNOK | −4.1 MNOK |
| Financial expenses | 0.6 MNOK | 1.4 MNOK | 0.9 MNOK |
| Total assets | 15.5 MNOK | 15.3 MNOK | 10.0 MNOK |
| Current assets | 12.3 MNOK | 9.8 MNOK | 8.7 MNOK |
| Equity | 2.3 MNOK | −2.6 MNOK | 3.4 MNOK |
| Retained earnings | −2.4 MNOK | −7.3 MNOK | −11.6 MNOK |
| Total liabilities | 13.2 MNOK | 17.9 MNOK | 6.6 MNOK |
| Current liabilities | 2.1 MNOK | 2.8 MNOK | 2.8 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 8 November 2026, accounts id 7212238.
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