TRUST ONE AS
Score · fiscal year 2024
46of 100
How to read this: the company is ahead of 41 % of companies in the Morning class Medium in the same sector in 2024. What does this mean?
Rank in the Morning class Medium: 216 of 363 · What are Morning company classes?
Place in the whole sector: 555 of 961 · Sjøfart
Profile
Cheetah · Sprinter
High profitability, lower solidity
Position against comparable companies in 2024, not a verdict on the company. Based on profitability 75 and solidity 34 out of 100 among companies in the Morning class Medium in the same sector in 2024. Methodology
Against the sector
TRUST ONE AS is 3 points below the median for companies in the Morning class Medium in the same sector in 2024.
Median score 49 among 363 companies.
Against companies in the Morning class Medium in the same sector in 2024: operating margin 35.8% (median 27.4%) and equity ratio 25.8% (median 39.1%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 208 MNOK | 142 MNOK |
| Operating margin | 35.8% | 27.4% |
| Profit margin | 35.8% | 15.3% |
| Return on assets | 34.0% | 11.2% |
| Equity ratio | 25.8% | 39.1% |
| Debt-to-equity | 2.88 | 1.38 |
| Current ratio | 0.98 | 1.44 |
| Revenue growth | −2.1% | 6.3% |
The median and “ahead of” refer to companies in the Morning class Medium in the same sector in 2024. The bar shows the share of companies the figure is ahead of.
With an index of 46, TRUST ONE AS does better than 41% of companies in the Morning class Medium in the same sector (363 companies) in 2024.
Score 2023–2025
- TRUST ONE AS
- Median: companies in the Morning class Medium in the same sector
What the numbers say
TRUST ONE AS had an operating margin of 35.8% and an equity ratio of 25.8% in 2024, and ranks 555 of 961 in Sjøfart.
From 2023 to 2024: the operating margin fell from 39.0% to 35.8%.
This text is generated automatically from the 2024 accounts.
Three simple methods
The methods give between 5 MUSD and 69 MUSD.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 10.0 | 69 MUSD |
| EV/EBIT | 8.0 | 55 MUSD |
| P/B | 1.0 | 5 MUSD |
A mechanical estimate from public accounts, not advice. Mechanical estimate from public accounts with fixed multiples. Not a valuation and not advice to buy or sell. The multiples are provisional default values and must be adjusted per sector before the figures are used for anything. See the calculation
Worth a closer look
- watch
Consider strengthening liquidity: current liabilities are 1.0 times current assets.
Based on: Current ratio 0.98 (median 1.44).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 0.6% 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
- watch Reports in a currency other than NOK
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 6.1%. 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 | 75 | weight 30% |
|---|---|---|
| Solidity | 34 | weight 25% |
| Liquidity | 26 | weight 15% |
| Growth | 22 | weight 15% |
| Consistency | 51 | weight 15% |
Durability: 47 (average over 2 years)
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is TRUST ONE AS?
The operating margin was 35.8% in 2024, against a median of 27.4% among companies in the Morning class Medium in the same sector. Return on assets was 34.0%.
How solid is TRUST ONE AS?
The equity ratio was 25.8% in 2024 (median 39.1%). Debt-to-equity was 2.88 (median 1.38).
What is the liquidity of TRUST ONE AS like?
The current ratio was 0.98 in 2024 (median 1.44). Current assets did not cover current liabilities.
How does TRUST ONE AS compare in Sjøfart?
TRUST ONE AS ranks 555 of 961 in Sjøfart for 2024. Among companies in the Morning class Medium it is number 216 of 363. Revenue changed by −2.1% from the year before.
From the Central Coordinating Register
- Org. no.
- 920248632
- Legal form
- AS
- Sector
- Sjøfart (50.201)
- Morning company class
- Medium
- Employees
- 0–4 (not registered)
- Founded
- 5 January 2018 8 years in operation
- Share capital
- 1.00 MNOK
- Business address
- Tveiteråsvegen 12, 5232 PARADIS (BERGEN)
- Municipality
- Bergen rank 8 of 11 in KOSTRA group 12
- Latest accounts filed
- 2025
- LEI
- 636700REKLR4ZZ5CLR18 renews 15 May 2027
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
- Chair of the board
- Karl Lødrup Kvalheim
- Board member
- Henning Brynjulfsen Kvalheim
- Auditor
- DELOITTE AS
Source: Central Coordinating Register, fetched 29 October 2026. Only names are shown.
- Parent company
- Parent not reported
Source: GLEIF (Global Legal Entity Identifier Foundation), fetched 31 October 2026. The parent is the one the company itself reported to GLEIF.
Owners and shareholdings will appear here once the shareholder data extract is in place.
Coming · not built yet
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 26 October 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 48 | 46 | 51 | |
| Rank | 472 | 555 | 484 | |
| Operating margin | 39.0% | 35.8% | 19.6% | |
| Return on assets | 36.6% | 34.0% | 20.1% | |
| Equity ratio | 24.9% | 25.8% | 56.8% | |
| Current ratio | 0.58 | 0.98 | 0.69 | |
| Revenue growth | – | −2.1% | −29.4% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (USD). Revenue in NOK is converted from USD at the mean rate for the accounting period 1 January 2024–31 December 2024: 10.7433 (norges_bank). Balance-sheet amounts use the rate on the balance-sheet date. Ratios and growth are computed in USD. Exchange rates at Norges Bank
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 19.8 MUSD | 19.4 MUSD | 13.7 MUSD |
| Operating profit | 7.7 MUSD | 7.0 MUSD | 2.7 MUSD |
| Profit before tax | 7.9 MUSD | 6.9 MUSD | 2.9 MUSD |
| Net profit | 7.9 MUSD | 6.9 MUSD | 2.9 MUSD |
| Financial expenses | 0.0 MUSD | 0.1 MUSD | 0.0 MUSD |
| Total assets | 21.7 MUSD | 20.7 MUSD | 14.5 MUSD |
| Current assets | 9.5 MUSD | 10.3 MUSD | 4.3 MUSD |
| Equity | 5.4 MUSD | 5.3 MUSD | 8.3 MUSD |
| Retained earnings | 2.2 MUSD | 2.1 MUSD | 5.0 MUSD |
| Total liabilities | 16.3 MUSD | 15.4 MUSD | 6.3 MUSD |
| Current liabilities | 16.3 MUSD | 10.4 MUSD | 6.3 MUSD |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 26 October 2026, accounts id 6217159.
Further
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