Skiold 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 9.5% Weaker than the industry Industry: 40.6%
- Returns · return on assets 11.8% Better than the industry Industry: 7.8%
- Solidity · equity ratio 16.1% Weaker than the industry Industry: 27.3%
- Liquidity · current ratio 5.09 Better than the industry Industry: 1.27
- Growth · revenue growth 173.1% 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
48of 100
How to read this: the company is ahead of 44 % of companies in the Morning class Small in the same sector in 2025. What does this mean?
Rank in the Morning class Small: 2,881 of 5,128 · What are Morning company classes?
Place in the whole sector: 16,671 of 30,124 · Eiendom
Profile
Beaver · Builder
Lower profitability, lower resilience
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 46 and resilience 45 out of 100 among companies in the Morning class Small in the same sector in 2025. Methodology
Against the sector
Skiold AS is 2 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 9.5% (median 40.6%) and equity ratio 16.1% (median 27.3%).
How it has gone · 2023–2025
Revenue rose by 148 % from 2023 to 2025, to 22.3 MNOK. The operating margin fell from 17.2% in 2023 to 9.5% in 2025. The equity ratio fell from 20.0% in 2023 to 16.1% 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 | 9.0 MNOK | 8.2 MNOK | 22.3 MNOK |
| Operating profit | 1.5 MNOK | 1.4 MNOK | 2.1 MNOK |
| Net profit | 0.9 MNOK | 0.7 MNOK | 0.5 MNOK |
| Total assets | 21.5 MNOK | 16.7 MNOK | 18.0 MNOK |
| Equity | 4.3 MNOK | 2.4 MNOK | 2.9 MNOK |
| Total liabilities | 17.2 MNOK | 14.3 MNOK | 15.1 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.
- 921649495
- Legal form
- AS
- Sector
- Eiendom (68.120)
- Purpose
- Utvikling og salg av fast eiendom og annet som naturlig faller sammen med dette, herunder å delta i andre selskaper med lignende virksomhet, kjøp og salg av aksjer, eller på annen måte gjøre seg interessert i andre foretagender.
- Morning company class
- Small
- Employees
- 0–4 (not registered)
- Founded
- 15 October 2018 8 years in operation
- Share capital
- 1.67 MNOK
- Business address
- Hovlandveien 13, 3140 NØTTERØY (FÆRDER)
- Municipality
- Færder rank 8–17 of 27 in KOSTRA group 9
- Latest accounts filed
- 2025
- VAT registered
- No
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
Skiold AS has a score of 48 for 2025, rank 16,671 of 30,124 in the sector.
Strongest: Liquidity: percentile 83 against peers, current ratio 5.09 against a median of 1.27.
Weakest: Solidity: percentile 32 against peers, equity ratio 16.1% against a median of 27.3%.
Worth a closer look
- What lies behind weak solidity, and will it last?
- The change in operating margin in 2025 was 0.8 percentage points weaker than for comparable companies: the company −7.1, the industry −6.3 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
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 8.9% 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 15.0%. 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 | 46 | weight 40% |
|---|---|---|
| Solidity | 32 | weight 20% |
| Liquidity | 83 | weight 5% |
| Growth | 55 | weight 25% |
| Consistency | 51 | weight 10% |
Three goals: profitability 40%, growth 25%, resilience 35%. Why these weights?
Durability: 40 (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 | 22 MNOK | 17 MNOK |
| Operating margin | 9.5% | 40.6% |
| Profit margin | 3.5% | 19.3% |
| Return on assets | 11.8% | 7.8% |
| Equity ratio | 16.1% | 27.3% |
| Debt-to-equity | 5.20 | 2.34 |
| Current ratio | 5.09 | 1.27 |
| Revenue growth | 173.1% | 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 48, Skiold AS does better than 44% of companies in the Morning class Small in the same sector (5,128 companies) in 2025.
Score 2023–2025
- Skiold 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. |
6 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. |
283 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. |
63.3% | −6.0% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
1.9% | 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. |
1.6 | 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. |
8.9% | 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): 14.1 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.
Returns, debt against earnings and quality
| Measure | Company | Median | |
|---|---|---|---|
| Returns | |||
| Return on equity (ROE) Net result over the average of equity at the start and end of the year (the end alone when last year is missing). Not calculated with negative equity. |
18.6% | 12.9% | |
| Return on capital employed (ROCE) Operating result over capital employed, that is total assets less current liabilities. The return regardless of how the company is financed. |
14.6% | 8.3% | |
| Net margin Net result over revenue. The first part of the DuPont split of return on equity. |
2.2% | 15.0% | |
| Asset turnover (revenue over assets) Revenue over total assets: how many kroner of revenue each krone of assets gives. The second part of the DuPont split. |
1.24 | 0.18 | |
| Equity multiplier Total assets over equity: 4 means three quarters is financed with debt. The third part of the DuPont split. |
6.20 | 3.34 | |
| Debt and financing | |||
| Net debt in times operating result Long-term liabilities less cash, over the operating result: roughly how many years the business must earn to repay the debt. A negative figure means more cash than long-term debt. Rough, because the accounts do not split out interest-bearing debt. Only calculated when the operating result is positive. |
– | 6.5 | |
| Fixed-asset cover Equity plus long-term liabilities over fixed assets (total assets less current assets). Below 1: fixed assets are partly financed with short-term debt. |
– | 1.01 | |
| Quick ratio (without inventory) Cash plus receivables over current liabilities. Like the current ratio but without inventory and short-term investments. |
0.19 | 1.08 | |
| Quality and resilience | |||
| Effective tax rate Tax expense over profit before tax, only when the profit is positive. Far from 22% points to one-off items, tax losses carried forward or group contributions. |
35.8% | 22.0% | |
| Operating leverage Percentage change in operating result over percentage change in revenue from last year. 3 means a 1% fall in revenue gives a 3% fall in operating result. Only calculated when revenue moved at least 2% and last year's operating result was positive. |
0.3 | 1.3 | |
| Payroll costs over revenue Payroll costs (with employer's contribution and pension) over revenue. Shows how much of revenue is a fixed cost in a service business. |
– | 13.3% | |
| Revenue safety margin How far revenue can fall before the operating result is zero, assuming payroll is fixed and all other costs follow revenue. A calculation, not a measurement: depreciation and rent are also fixed, so reality is lower. |
– | 68.8% | |
| Cash runway (months) Cash over the operating loss per month, only for years with a loss. Assumes the loss continues unchanged and no new financing arrives. Capped at 120 months. |
– | 8 mo. | |
DuPont on the closing balance: net margin 2.2% × asset turnover 1.24 × multiplier 6.20 = 17.0% of equity at the end of the year. The return on equity above uses average equity and can differ slightly.
The median and the bar are for companies in the Morning class Small in the same sector in 2025. The bar shows the share of the group with a lower figure: high is not always good. The figures are our own calculations from the annual accounts and do not count in the score. Open data has no depreciation, so no EBITDA, and the accounts do not split out interest-bearing debt. How we calculate
The industry or the company: what drove the result?
In 2025 the operating margin of Skiold AS fell by 7.1 percentage points. Comparable companies fell by a median 6.3 points. So the company did 0.8 points weaker than the industry, for reasons of its own.
Over 2 year-to-year changes Skiold AS moved the same way as comparable companies 1 times. About 75% 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 | 16.6% | 46.9% | −0.7 percentage points | +0.9 percentage points | −1.6 percentage points |
| 2025 | 9.5% | 40.6% | −7.1 percentage points | −6.3 percentage points | −0.8 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 Skiold 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 Skiold AS fell 7.1 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 | – | – | 17.2% | 16.6% | 9.5% | – |
Source: SSB (07221, CC BY 4.0). Source
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of Skiold AS fell 7.1 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 | – | – | 17.2% | 16.6% | 9.5% | – |
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 Skiold AS fell 7.1 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 | 158.7 (so far) |
| Change from the year before | +8.7% | +8.8% | +4.4% | +3.7% | +4.3% | +3.9% |
| The company's operating margin | – | – | 17.2% | 16.6% | 9.5% | – |
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 Skiold AS fell 7.1 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Consumer price index, annual average | 84.3 | 89.2 | 94.1 | 97.0 | 100.0 | 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 | – | – | 17.2% | 16.6% | 9.5% | – |
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 Skiold AS fell 7.1 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 | – | – | 17.2% | 16.6% | 9.5% | – |
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
Skiold AS had an operating margin of 9.5% and an equity ratio of 16.1% in 2025, and ranks 16,671 of 30,124 in Eiendom.
From 2024 to 2025: revenue grew by 173% and the operating margin fell from 16.6% to 9.5%.
This text is generated automatically from the 2025 accounts.
Three simple methods
Suggested price: about 8 MNOK
The mean of the 3 methods below (P/E, EV/EBIT and P/B with listed multiples and a size adjustment), rounded to two significant figures. It is a calculation, not a bid or a valuation. The median of the methods is 5 MNOK. The mean is the suggested price, but the median is less sensitive to one method that deviates. The methods differ widely (the highest is 10.8 times the lowest), so the estimate is uncertain.
That is about 4,790 NOK per share, on 1,670 shares in the shareholder register.
The methods give between 2 MNOK and 17 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 11.3 | 5 MNOK |
| EV/EBIT | 16.6 | 17 MNOK |
| P/B | 0.9 | 2 MNOK |
| EV/EBIT: from enterprise value to equity | NOK |
|---|---|
| Enterprise value (EV) at the listed multiple | 28 MNOK |
| Enterprise value after the size adjustment | 17 MNOK |
| Less net debt (rough figure) | 0 MNOK |
| Equity value | 17 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
Figures you will not find in any register
We calculated these figures ourselves from the accounts and registers we have read. The company has not reported them and the Brønnøysund Register Centre does not publish them. They are indications and are not part of the index. How we calculate
- Implied dividend (net payout)
- Equity moved as the result implied in 2025.
Over 2 years it equals 215% of the sum of the results.
Calculated as retained earnings at the start of the year + net result − retained earnings at the end of the year. What remains is dividends and group contributions, plus transfers to other items and corrections of earlier years. It is not a dividend figure. - Owners and leadership aged 60 or older
- No sign of a near generation change in the ages.
- The chair is under 60.
- The managing director is under 60.
- 0 of 1 on the board are 60 or older.
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
Questions and answers
How profitable is Skiold AS?
The operating margin was 9.5% in 2025, against a median of 40.6% among companies in the Morning class Small in the same sector. Return on assets was 11.8%.
How solid is Skiold AS?
The equity ratio was 16.1% in 2025 (median 27.3%). Debt-to-equity was 5.20 (median 2.34).
What is the liquidity of Skiold AS like?
The current ratio was 5.09 in 2025 (median 1.27).
How does Skiold AS compare in Eiendom?
Skiold AS ranks 16,671 of 30,124 in Eiendom for 2025. Among companies in the Morning class Small it is number 2,881 of 5,128. Revenue changed by 173.1% 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 |
|---|---|---|---|---|
| Vedal Utvikling AS |  Beaver |
23 MNOK | −35.7% | 16 |
| Bonum Prosjekt AS | Beaver |
23 MNOK | −12.0% | 28 |
| Villaservice AS |  Lion |
23 MNOK | 42.0% | 70 |
| Horizont Eiendom AS | Lion |
22 MNOK | 23.2% | 63 |
| Favoritthytten AS |  Elephant |
22 MNOK | −13.9% | 24 |
| Skiold AS (this company) | Beaver |
22 MNOK | 9.5% | 48 |
| Asko Bolig AS | Lion |
22 MNOK | 17.2% | 50 |
| Regalis Eiendom AS | Lion |
22 MNOK | 2.0% | 56 |
| Se-Ta Project AS | Beaver |
22 MNOK | −3.4% | 30 |
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 31 October 2026. Only names are shown.
Shareholders (2025)
- Number of shareholders
- 2
- Largest owner
- 50.0%
- Split
- companies 100% · private persons 0% · foreign 0%
- Owned from the same municipality
- 100%
- Hovland Wivestad AS · 50.0%
- Hondorff Holding AS · 50.0%
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 | 36 | 36 | 48 | |
| Rank | 20,268 | 22,721 | 16,671 | |
| Operating margin | 17.2% | 16.6% | 9.5% | |
| Return on assets | 3.4% | 8.2% | 11.8% | |
| Equity ratio | 20.0% | 14.4% | 16.1% | |
| Current ratio | 2.79 | 2.41 | 5.09 | |
| Revenue growth | – | −9.0% | 173.1% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 9.0 MNOK | 8.2 MNOK | 22.3 MNOK |
| Operating profit | 1.5 MNOK | 1.4 MNOK | 2.1 MNOK |
| Profit before tax | 1.1 MNOK | 0.9 MNOK | 0.8 MNOK |
| Tax expense | 0.3 MNOK | 0.2 MNOK | 0.3 MNOK |
| Net profit | 0.9 MNOK | 0.7 MNOK | 0.5 MNOK |
| Financial expenses | −0.4 MNOK | 0.4 MNOK | 1.3 MNOK |
| Total assets | 21.5 MNOK | 16.7 MNOK | 18.0 MNOK |
| Current assets | 21.5 MNOK | 16.7 MNOK | 18.0 MNOK |
| Equity | 4.3 MNOK | 2.4 MNOK | 2.9 MNOK |
| Retained earnings | 2.6 MNOK | 0.7 MNOK | 1.2 MNOK |
| Total liabilities | 17.2 MNOK | 14.3 MNOK | 15.1 MNOK |
| Current liabilities | 7.7 MNOK | 6.9 MNOK | 3.5 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 8 November 2026, accounts id 6896040.
Further
Similar companies
- Anfinsen Eiendom E23 AS index 48, rank 16,663 · compare
- Tinde Beito AS index 48, rank 16,666 · compare
- Maskinveien 19 AS index 48, rank 16,669 · compare
- Stubbengkroken 73 AS index 48, rank 16,670 · compare
- Jacobs Eiendom AS index 48, rank 16,679 · compare
News and announcements
- 31 October 2026 Endring i styret (opens in a new tab) Source: Brønnøysundregistrene
From official sources: the Brønnøysund Register Centre, Oslo Børs NewsWeb and public agencies. We show the title, date and a link to the source. The link to a company, sector or municipality is automatic and may be wrong. Report a wrong link