Trolltunga 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
65of 100
How to read this: the company is ahead of 80 % of companies in the Morning class Small in the same sector in 2025. What does this mean?
Rank in the Morning class Small: 300 of 1,478 · What are Morning company classes?
Place in the whole sector: 1,347 of 6,320 · Forretningsmessig tjenesteyting
Profile
Elephant · Steward
Lower profitability, high resilience
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 50 and resilience 91 out of 100 among companies in the Morning class Small in the same sector in 2025. Methodology
Against the sector
Trolltunga AS is 14 points above the median for companies in the Morning class Small in the same sector in 2025.
Median score 51 among 1,478 companies.
Against companies in the Morning class Small in the same sector in 2025: operating margin 6.4% (median 5.0%) and equity ratio 85.8% (median 27.3%).
How it has gone · 2023–2025
Revenue is about the same: 10.2 MNOK in 2025 against 9.9 MNOK in 2023. The operating margin fell from 11.2% in 2023 to 6.4% in 2025. The equity ratio rose from 79.5% in 2023 to 85.8% in 2025.
Amounts in the reporting currency. The full year-by-year table is further down under «Details». See every figure year by year
Trolltunga AS has a score of 65 for 2025, rank 1,347 of 6,320 in the sector.
Strongest: Solidity: percentile 98 against peers, equity ratio 85.8% against a median of 27.3%. Liquidity: percentile 96 against peers, current ratio 5.34 against a median of 1.27.
No area is clearly below its peers.
Worth a closer look
- The change in operating margin in 2025 was 1.4 percentage points better than for comparable companies: the company +2.0, the industry +0.5 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
Worth a closer look
No rules were triggered for this year.
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 0.1% 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 2021, the sector's weakest year, for this company.
The sector's weakest year was 2021, with a median operating margin of 0.4%. 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 | 50 | weight 40% |
|---|---|---|
| Solidity | 98 | weight 20% |
| Liquidity | 96 | weight 5% |
| Growth | 54 | weight 25% |
| Consistency | 73 | weight 10% |
Three goals: profitability 40%, growth 25%, resilience 35%. Why these weights?
Durability: 67 (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 | 10 MNOK | 19 MNOK |
| Operating margin | 6.4% | 5.0% |
| Profit margin | 8.8% | 5.0% |
| Return on assets | 9.4% | 11.8% |
| Equity ratio | 85.8% | 27.3% |
| Debt-to-equity | 0.17 | 2.22 |
| Current ratio | 5.34 | 1.27 |
| Revenue growth | 4.1% | 7.1% |
| Revenue per employee | 0.64 MNOK | 1.19 MNOK |
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 65, Trolltunga AS does better than 80% of companies in the Morning class Small in the same sector (1,478 companies) in 2025.
Score 2023–2025
- Trolltunga 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. |
12 days | 54 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. |
0 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. |
−10.2% | −6.1% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
95.5% | 40.8% | |
| 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. |
837.1 | 8.8 | |
| 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. |
0.1% | 1.2% | |
| Long-term share of debt Long-term debt as a share of all debt. A low share means more falls due within a year. |
– | 19.7% | |
Net working capital (current assets less bank deposits less current liabilities): −1.0 MNOK.
Of the financial costs of 0.0 MNOK, 0.0 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 Trolltunga AS rose by 2.0 percentage points. Comparable companies rose by a median 0.5 points. So the company did 1.4 points better than the industry, for reasons of its own.
Over 2 year-to-year changes Trolltunga AS moved the same way as comparable companies 2 times. About 9% 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 | 4.4% | 4.5% | −6.8 percentage points | −0.3 percentage points | −6.5 percentage points |
| 2025 | 6.4% | 5.0% | +2.0 percentage points | +0.5 percentage points | +1.4 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 Trolltunga AS. The figures stand side by side; we claim no cause.
Service prices: business support services (indeks (2021 = 100))
Service prices: business support services rose 3.8% in 2025; the operating margin of Trolltunga AS rose 2.0 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Service prices: business support services, annual average | 100.0 | 104.9 | 111.1 | 116.9 | 121.3 | 122.3 (so far) |
| Change from the year before | – | +4.9% | +5.9% | +5.2% | +3.8% | +0.8% |
| The company's operating margin | – | – | 11.2% | 4.4% | 6.4% | – |
Source: SSB (14335, CC BY 4.0). Source
Turnover index: administrative and support services (indeks (2021 = 100))
Turnover index: administrative and support services rose 5.8% in 2025; the operating margin of Trolltunga AS rose 2.0 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Turnover index: administrative and support services, annual average | 99.5 | 117.4 | 126.0 | 130.8 | 138.4 | 141.3 (so far) |
| Change from the year before | +5.3% | +17.9% | +7.4% | +3.8% | +5.8% | +2.1% |
| The company's operating margin | – | – | 11.2% | 4.4% | 6.4% | – |
Source: SSB (13863, CC BY 4.0). Source
Consumer price index (indeks (2025 = 100))
Consumer price index rose 3.0% in 2025; the operating margin of Trolltunga AS rose 2.0 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 | – | – | 11.2% | 4.4% | 6.4% | – |
Source: SSB (14710, CC BY 4.0). Source
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of Trolltunga AS rose 2.0 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 | – | – | 11.2% | 4.4% | 6.4% | – |
Source: Norges Bank (IR, NLOD 2.0). Source
Wage index: business support services (indeks)
Wage index: business support services rose 5.7% in 2025; the operating margin of Trolltunga AS rose 2.0 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Wage index: business support services, annual average | 81.5 | 85.5 | 89.7 | 94.8 | 100.3 | 106.3 (so far) |
| Change from the year before | +3.5% | +4.9% | +4.9% | +5.7% | +5.7% | +6.0% |
| The company's operating margin | – | – | 11.2% | 4.4% | 6.4% | – |
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
Trolltunga AS had an operating margin of 6.4% and an equity ratio of 85.8% in 2025, and ranks 1,347 of 6,320 in Forretningsmessig tjenesteyting.
No large changes in the key figures from 2024 to 2025.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 10 MNOK and 14 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 17.3 | 10 MNOK |
| EV/EBIT | 14.1 | 13 MNOK |
| P/B | 2.7 | 14 MNOK |
| EV/EBIT: from enterprise value to equity | NOK |
|---|---|
| Enterprise value (EV) at the listed multiple | 10 MNOK |
| Enterprise value after the size adjustment | 6 MNOK |
| Less net debt (rough figure) | −7 MNOK |
| Equity value | 13 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. Net debt is −109% of the enterprise value after the size adjustment, so the equity value from EV/EBIT is sensitive to errors in the debt figure.
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, Office Equipment & 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
Questions and answers
How profitable is Trolltunga AS?
The operating margin was 6.4% in 2025, against a median of 5.0% among companies in the Morning class Small in the same sector. Return on assets was 9.4%.
How solid is Trolltunga AS?
The equity ratio was 85.8% in 2025 (median 27.3%). Debt-to-equity was 0.17 (median 2.22).
What is the liquidity of Trolltunga AS like?
The current ratio was 5.34 in 2025 (median 1.27).
How does Trolltunga AS compare in Forretningsmessig tjenesteyting?
Trolltunga AS ranks 1,347 of 6,320 in Forretningsmessig tjenesteyting for 2025. Among companies in the Morning class Small it is number 300 of 1,478. Revenue changed by 4.1% 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 |
|---|---|---|---|---|
| Rauland Turist AS |  Beaver |
11 MNOK | 0.1% | 40 |
| Visit Hardangerfjord AS | Beaver |
11 MNOK | −0.7% | 27 |
| Trolltunga AS (this company) |  Elephant |
10 MNOK | 6.4% | 65 |
| Visitrjukan AS | Elephant |
10 MNOK | −1.0% | 45 |
| Lysefjorden Utvikling AS | Beaver |
10 MNOK | 4.9% | 47 |
| Trysil Fjellbooking AS |  Cheetah |
10 MNOK | 6.1% | 53 |
| Visit Geilo AS | Beaver |
9 MNOK | 0.5% | 40 |
| Visit Fredrikstad og Hvaler AS | Elephant |
9 MNOK | 1.3% | 48 |
| The Golden Train AS | Beaver |
9 MNOK | −121.1% | 22 |
The selection is the closest in revenue within the same industry code. When you order, you can swap competitors. Order competitor analysis
From the Central Coordinating Register
- Org. no.
- 920901638
- Legal form
- AS
- Sector
- Forretningsmessig tjenesteyting (79.901)
- Purpose
- Drifte og utvikle ikonet og reisemålet Trolltunga. Trolltunga AS skal sørge for at Trolltunga blir en motor for utvikling reiselivet i Odda som helhet. Målsettingen er reiseliv som næring på heilårsbasis.
- Morning company class
- Small
- Employees
- 16 registered 10 August 2026
- Founded
- 19 April 2018 8 years in operation
- Share capital
- 0.03 MNOK
- Business address
- Eitrheimsvegen 5, 5750 ODDA (ULLENSVANG)
- Municipality
- Ullensvang rank 3–12 of 13 in KOSTRA group 8
- 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
Ownership and roles
Loading roles …
Source: Central Coordinating Register, fetched 1 November 2026. Only names are shown.
Shareholders (2019)
- Number of shareholders
- 1 (one owner)
- Largest owner
- 100.0%
- Split
- companies 100% · private persons 0% · foreign 0%
- Group chain
- Ultimate owner: ODDA KOMMUNE UNDER SLETTING FRA 01.01.2020
- ODDA KOMMUNE UNDER SLETTING FRA 01.01.2020 · 100.0%
Change 2018–2019: no material change in the owners.
Holds shares in: Visit Hardangerfjord AS (0%)
Source: the Norwegian Tax Administration's shareholder register as of 2019. Figures may be older than today's ownership. Private persons are not shown by name. The company is not in the register for 2025, so the figures are from 2019. A company that is bankrupt, wound up or merged files no shareholder return.
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 5 November 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 77 | 58 | 65 | |
| Rank | 639 | 2,047 | 1,347 | |
| Operating margin | 11.2% | 4.4% | 6.4% | |
| Return on assets | 14.7% | 7.5% | 9.4% | |
| Equity ratio | 79.5% | 84.8% | 85.8% | |
| Current ratio | 3.19 | 4.52 | 5.34 | |
| Revenue growth | – | −1.6% | 4.1% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 9.9 MNOK | 9.8 MNOK | 10.2 MNOK |
| Operating profit | 1.1 MNOK | 0.4 MNOK | 0.7 MNOK |
| Profit before tax | 1.2 MNOK | 0.6 MNOK | 0.9 MNOK |
| Tax expense | – | – | – |
| Net profit | 1.2 MNOK | 0.6 MNOK | 0.9 MNOK |
| Financial expenses | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Total assets | 8.4 MNOK | 8.7 MNOK | 9.6 MNOK |
| Current assets | 5.5 MNOK | 5.9 MNOK | 7.3 MNOK |
| Equity | 6.7 MNOK | 7.4 MNOK | 8.3 MNOK |
| Retained earnings | 6.7 MNOK | 7.3 MNOK | 8.2 MNOK |
| Total liabilities | 1.7 MNOK | 1.3 MNOK | 1.4 MNOK |
| Current liabilities | 1.7 MNOK | 1.3 MNOK | 1.4 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 5 November 2026, accounts id 7093696.
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