NORCOD EQUIPMENT AS
Score · fiscal year 2024
53of 100
How to read this: the company is ahead of 56 % of companies in the Morning class Small in the same sector in 2024. What does this mean?
Rank in the Morning class Small: 184 of 421 · What are Morning company classes?
Place in the whole sector: 889 of 2,010 · Sjømat
Profile
Cheetah · Sprinter
High profitability, lower solidity
Position against comparable companies in 2024, not a verdict on the company. Based on profitability 74 and solidity 43 out of 100 among companies in the Morning class Small in the same sector in 2024. Methodology
Against the sector
NORCOD EQUIPMENT AS is 2 points above the median for companies in the Morning class Small in the same sector in 2024.
Median score 51 among 421 companies.
Against companies in the Morning class Small in the same sector in 2024: operating margin 32.7% (median 8.8%) and equity ratio 25.8% (median 29.2%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 38 MNOK | 21 MNOK |
| Operating margin | 32.7% | 8.8% |
| Profit margin | 4.0% | 2.9% |
| Return on assets | 6.2% | 5.0% |
| Equity ratio | 25.8% | 29.2% |
| Debt-to-equity | 2.88 | 2.07 |
| Current ratio | 0.04 | 1.64 |
| Revenue growth | 28.3% | 0.6% |
The median and “ahead of” refer to companies in the Morning class Small in the same sector in 2024. The bar shows the share of companies the figure is ahead of.
With an index of 53, NORCOD EQUIPMENT AS does better than 56% of companies in the Morning class Small in the same sector (421 companies) in 2024.
Score 2023–2025
- NORCOD EQUIPMENT AS
- Median: companies in the Morning class Small in the same sector
What the numbers say
NORCOD EQUIPMENT AS had an operating margin of 32.7% and an equity ratio of 25.8% in 2024, and ranks 889 of 2,010 in Sjømat.
From 2023 to 2024: revenue grew by 28% and the operating margin rose from 29.4% to 32.7%.
This text is generated automatically from the 2024 accounts.
Three simple methods
The methods give between 12 MNOK and 52 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 10.0 | 12 MNOK |
| EV/EBIT | 8.0 | debt above value |
| P/B | 1.0 | 52 MNOK |
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
- critical
Consider strengthening liquidity: current liabilities are 25.7 times current assets.
Based on: Current ratio 0.04 (median 1.64).
- watch
Strong growth with weak liquidity. Is the growth financed, or does it tie up capital the company does not have?
Based on: Revenue growth 28.3% (median 0.6%); Current ratio 0.04 (median 1.64).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 7.3% 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
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 −0.5%. 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 | 74 | weight 30% |
|---|---|---|
| Solidity | 43 | weight 25% |
| Liquidity | 1 | weight 15% |
| Growth | 80 | weight 15% |
| Consistency | 54 | weight 15% |
Durability: 45 (average over 2 years)
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is NORCOD EQUIPMENT AS?
The operating margin was 32.7% in 2024, against a median of 8.8% among companies in the Morning class Small in the same sector. Return on assets was 6.2%.
How solid is NORCOD EQUIPMENT AS?
The equity ratio was 25.8% in 2024 (median 29.2%). Debt-to-equity was 2.88 (median 2.07).
What is the liquidity of NORCOD EQUIPMENT AS like?
The current ratio was 0.04 in 2024 (median 1.64). Current assets did not cover current liabilities.
How does NORCOD EQUIPMENT AS compare in Sjømat?
NORCOD EQUIPMENT AS ranks 889 of 2,010 in Sjømat for 2024. Among companies in the Morning class Small it is number 184 of 421. Revenue changed by 28.3% from the year before.
From the Central Coordinating Register
- Org. no.
- 923176853
- Legal form
- AS
- Sector
- Sjømat (03.211)
- Morning company class
- Small
- Employees
- 0–4 (not registered)
- Founded
- 12 July 2019 7 years in operation
- Share capital
- 0.06 MNOK
- Business address
- Thomas Angells gate 22, 7011 TRONDHEIM
- Municipality
- Trondheim rank 3 of 11 in KOSTRA group 12
- Latest accounts filed
- 2025
- Website
- www.norcod.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
Ownership and roles
- Chief executive
- Christian Riber
- Chair of the board
- Christian Riber
- Board member
- Stian Belsvik Hansen
- Auditor
- KPMG AS
- Accountant
- KL ØKONOMI OG HR AS
Source: Central Coordinating Register, fetched 29 October 2026. Only names are shown.
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 | 38 | 53 | 39 | |
| Rank | 1,445 | 889 | 1,649 | |
| Operating margin | 29.4% | 32.7% | 22.2% | |
| Return on assets | 4.1% | 6.2% | 3.8% | |
| Equity ratio | 23.9% | 25.8% | 26.0% | |
| Current ratio | 0.05 | 0.04 | 0.46 | |
| Revenue growth | – | 28.3% | −8.8% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 29.3 MNOK | 37.6 MNOK | 34.3 MNOK |
| Operating profit | 8.6 MNOK | 12.3 MNOK | 7.6 MNOK |
| Profit before tax | 1.2 MNOK | 1.5 MNOK | 1.4 MNOK |
| Net profit | 0.9 MNOK | 1.2 MNOK | 1.1 MNOK |
| Financial expenses | 7.6 MNOK | 11.0 MNOK | 6.4 MNOK |
| Total assets | 215.0 MNOK | 203.6 MNOK | 205.6 MNOK |
| Current assets | 1.2 MNOK | 0.8 MNOK | 12.3 MNOK |
| Equity | 51.3 MNOK | 52.5 MNOK | 53.6 MNOK |
| Retained earnings | 1.4 MNOK | 2.5 MNOK | 3.6 MNOK |
| Total liabilities | 163.7 MNOK | 151.1 MNOK | 152.1 MNOK |
| Current liabilities | 25.7 MNOK | 21.4 MNOK | 26.5 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 26 October 2026, accounts id 6010341.
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