Subtech Engineering 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 Micro in the same sector. Green is better than most, amber about like the industry and red weaker than most.
- Profitability · operating margin 59.1% Better than the industry Industry: 8.4%
- Returns · return on assets 83.0% Better than the industry Industry: 14.8%
- Solidity · equity ratio 1.5% Weaker than the industry Industry: 43.5%
- Liquidity · current ratio 1.01 Weaker than the industry Industry: 1.67
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 2023
57of 100
How to read this: the company is ahead of 60 % of companies in the Morning class Micro in the same sector in 2023. What does this mean?
Rank in the Morning class Micro: 2,683 of 6,714 · What are Morning company classes?
Place in the whole sector: 3,604 of 9,004 · Teknisk tjenesteyting og forskning
Profile
Cheetah · Sprinter
High profitability, lower resilience
Position against comparable companies in 2023, not a verdict on the company. Based on profitability 96 and resilience 12 out of 100 among companies in the Morning class Micro in the same sector in 2023. Methodology
Against the sector
Subtech Engineering AS is 7 points above the median for companies in the Morning class Micro in the same sector in 2023.
Median score 50 among 6,712 companies.
Against companies in the Morning class Micro in the same sector in 2023: operating margin 59.1% (median 8.4%) and equity ratio 1.5% (median 43.5%).
How it has gone · 2023–2025
Revenue rose by 59 % from 2023 to 2025, to 4.6 MNOK. The operating margin rose from 59.1% in 2023 to 66.1% in 2025. The equity ratio rose from 1.5% in 2023 to 3.4% 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 | 2.9 MNOK | 2.9 MNOK | 4.6 MNOK |
| Operating profit | 1.7 MNOK | 1.6 MNOK | 3.0 MNOK |
| Net profit | 1.3 MNOK | 1.3 MNOK | 2.4 MNOK |
| Total assets | 2.1 MNOK | 2.0 MNOK | 3.4 MNOK |
| Equity | 0.0 MNOK | 0.0 MNOK | 0.1 MNOK |
| Total liabilities | 2.0 MNOK | 2.0 MNOK | 3.3 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.
- 923552391
- Legal form
- AS
- Sector
- Teknisk tjenesteyting og forskning (71.129)
- Purpose
- Konsulenttjenester og rådgivningstjenester innenfor områdene offshore og mekanisk industri, samt det som naturlig hører inn under dette. Dessuten deltagelse i andre selskaper innenfor de samme driftsområdene og investering i verdipapirer som kan lånefinansieres.
- Morning company class
- Micro
- Employees
- 0–4 (not registered) Payroll costs in the accounts: 1.0 MNOK (2023).
- Founded
- 15 September 2019 7 years in operation
- Share capital
- 0.03 MNOK
- Business address
- Langgata 82, 3187 HORTEN
- Municipality
- Horten rank 20–27 of 27 in KOSTRA group 9
- Audit
- Audit opted out from 7 October 2019
- 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
Worth a closer look
- watch
The equity ratio is very low. Could the company absorb a bad year, and does it need more equity?
Based on: Equity ratio 1.5% (median 43.5%).
- watch
Current liabilities exceed current assets other than bank deposits, and the current ratio is weak. Is it customer prepayments and supplier credit that fund the operations, or short-term loans that must be renewed?
Based on: Net working capital to revenue −50.7% (median −6.6%); Current ratio 1.01 (median 1.67).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were −0.1% of the debt in 2023. The policy rate averaged 3.54 % 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 −0.2%. 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 | 96 | weight 40% |
|---|---|---|
| Solidity | 6 | weight 20% |
| Liquidity | 19 | weight 5% |
| Growth | – | no data, left out |
| Consistency | 20 | weight 10% |
Three goals: profitability 40%, growth 25%, resilience 35%. Why these weights?
Index version 3. Data completeness 75%: the share of the weights that had data.
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 3 MNOK | 2 MNOK |
| Operating margin | 59.1% | 8.4% |
| Profit margin | 59.1% | 8.3% |
| Return on assets | 83.0% | 14.8% |
| Equity ratio | 1.5% | 43.5% |
| Debt-to-equity | 67.47 | 1.06 |
| Current ratio | 1.01 | 1.67 |
| Revenue growth | – | 4.6% |
The median and “ahead of” refer to companies in the Morning class Micro in the same sector in 2023. The bar shows the share of companies the figure is ahead of.
With an index of 57, Subtech Engineering AS does better than 60% of companies in the Morning class Micro in the same sector (6,714 companies) in 2023.
Score 2023–2025
- Subtech Engineering AS
- Median: companies in the Morning class Micro 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. |
71 days | 52 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. |
−50.7% | −6.6% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
72.7% | 54.9% | |
| 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. |
– | 13.2 | |
| 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% | 0.5% | |
| Long-term share of debt Long-term debt as a share of all debt. A low share means more falls due within a year. |
0.0% | 0.0% | |
Net working capital (current assets less bank deposits less current liabilities): −1.5 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 Micro in the same sector in 2023. 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.
What the numbers say
Subtech Engineering AS had an operating margin of 59.1% and an equity ratio of 1.5% in 2023, and ranks 3,604 of 9,004 in Teknisk tjenesteyting og forskning.
This text is generated automatically from the 2023 accounts.
Three simple methods
The methods give between 0 MNOK and 17 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 14.9 | 12 MNOK |
| EV/EBIT | 14.3 | 17 MNOK |
| P/B | 2.3 | 0 MNOK |
| EV/EBIT: from enterprise value to equity | NOK |
|---|---|
| Enterprise value (EV) at the listed multiple | 24 MNOK |
| Enterprise value after the size adjustment | 15 MNOK |
| Less net debt (rough figure) | −1 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 (71.1): Engineering/Construction.
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 Subtech Engineering AS?
The operating margin was 59.1% in 2023, against a median of 8.4% among companies in the Morning class Micro in the same sector. Return on assets was 83.0%.
How solid is Subtech Engineering AS?
The equity ratio was 1.5% in 2023 (median 43.5%). Debt-to-equity was 67.47 (median 1.06).
What is the liquidity of Subtech Engineering AS like?
The current ratio was 1.01 in 2023 (median 1.67).
How does Subtech Engineering AS compare in Teknisk tjenesteyting og forskning?
Subtech Engineering AS ranks 3,604 of 9,004 in Teknisk tjenesteyting og forskning for 2023. Among companies in the Morning class Micro it is number 2,683 of 6,714.
Ownership and roles
Loading roles …
Source: Central Coordinating Register, fetched 3 November 2026. Only names are shown.
Shareholders (2025)
- Number of shareholders
- 1 (one owner)
- Largest owner
- 100.0%
- Split
- companies 0% · private persons 100% · foreign 0%
- Owned from the same municipality
- 100%
- Group chain
- Ultimate owner: private person
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 9 November 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 57 | 56 | 67 | |
| Rank | 3,604 | 3,883 | 1,835 | |
| Operating margin | 59.1% | 56.5% | 66.1% | |
| Return on assets | 83.0% | 81.3% | 88.5% | |
| Equity ratio | 1.5% | 2.5% | 3.4% | |
| Current ratio | 1.01 | 1.03 | 1.04 | |
| Revenue growth | – | 0.1% | 59.0% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 2.9 MNOK | 2.9 MNOK | 4.6 MNOK |
| Operating profit | 1.7 MNOK | 1.6 MNOK | 3.0 MNOK |
| Profit before tax | 1.7 MNOK | 1.6 MNOK | 3.0 MNOK |
| Tax expense | 0.4 MNOK | 0.4 MNOK | 0.7 MNOK |
| Net profit | 1.3 MNOK | 1.3 MNOK | 2.4 MNOK |
| Financial expenses | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Total assets | 2.1 MNOK | 2.0 MNOK | 3.4 MNOK |
| Current assets | 2.1 MNOK | 2.0 MNOK | 3.4 MNOK |
| Equity | 0.0 MNOK | 0.0 MNOK | 0.1 MNOK |
| Retained earnings | 0.0 MNOK | 0.0 MNOK | 0.1 MNOK |
| Total liabilities | 2.0 MNOK | 2.0 MNOK | 3.3 MNOK |
| Current liabilities | 2.0 MNOK | 2.0 MNOK | 3.3 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 9 November 2026, accounts id 4706363.
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