HV Capital Nsof 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 same sector. Green is better than most, amber about like the industry and red weaker than most.
- Profitability · operating margin 99.9% Better than the industry Industry: 35.1%
- Returns · return on assets 219.4% Better than the industry Industry: 21.2%
- Solidity · equity ratio 34.4% Weaker than the industry Industry: 51.8%
- Liquidity · current ratio 0.24 Weaker than the industry Industry: 1.89
- Growth · revenue growth 719.2% Better than the industry Industry: 16.9%
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
Not enough data: Holding company (ranked in the list «Holding and investment companies»)
Based on the annual accounts for 2025
How it has gone · 2023–2025
Revenue rose by 31 % from 2023 to 2025, to 99.3 MNOK. The operating margin is about the same: 99.9% in 2025 against 99.8% in 2023. The equity ratio fell from 57.7% in 2023 to 34.4% 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 | 75.8 MNOK | 12.1 MNOK | 99.3 MNOK |
| Operating profit | 75.6 MNOK | 12.0 MNOK | 99.2 MNOK |
| Net profit | 68.4 MNOK | 4.0 MNOK | 100.8 MNOK |
| Total assets | 101.8 MNOK | 103.2 MNOK | 46.9 MNOK |
| Equity | 58.8 MNOK | 62.8 MNOK | 16.1 MNOK |
| Total liabilities | 43.0 MNOK | 40.5 MNOK | 30.8 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.
- 923565329
- Legal form
- AS
- Sector
- Finans og forsikring (64.220)
- Purpose
- Å etablere samt investere, direkte og indirekte i HitecVision North Sea Opportunity Fund L.P., eie akjser i general partner i HitecVision North Sea Opportunity Fund L.P., samt eie aksjer i selskapet selv, og yte slike tjenester relatert til HitecVision North Sea Opportunity Fund L.P. som til enhver tid finnes hensiktsmessig.
- Morning company class
- Medium
- Employees
- 0–4 (not registered)
- Founded
- 16 September 2019 7 years in operation
- Share capital
- 3.05 MNOK
- Business address
- Jåttåvågveien 7, 4020 STAVANGER
- Municipality
- Stavanger rank 5 of 11 in KOSTRA group 12
- Latest accounts filed
- 2025
- VAT registered
- No
- Former names
- HV Capital Viii Nsof AS until 2020, Startfase 1022 AS until 2019
- LEI
- 6367000YI86BQPSFPI08 renews 15 December 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
Worth a closer look
- critical
Consider strengthening liquidity: current liabilities are 4.1 times current assets.
Based on: Current ratio 0.24 (median 1.89).
- 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 719.2% (median 16.9%); Current ratio 0.24 (median 1.89).
- 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 −13.8% (median 2.5%); Current ratio 0.24 (median 1.89).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 7.1% 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 2026, the sector's weakest year, for this company.
The sector's weakest year was 2026, with a median operating margin of −13.5%. Based on the 7 fiscal years we have. The analysis grows as more years are fetched or imported. Methodology
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 99 MNOK | 107 MNOK |
| Operating margin | 99.9% | 35.1% |
| Profit margin | 101.4% | 35.6% |
| Return on assets | 219.4% | 21.2% |
| Equity ratio | 34.4% | 51.8% |
| Debt-to-equity | 1.91 | 0.91 |
| Current ratio | 0.24 | 1.89 |
| Revenue growth | 719.2% | 16.9% |
The median and “ahead of” refer to companies in the same sector in 2025. The bar shows the share of companies the figure is ahead of.
Score over time
Score over time needs at least two fiscal years with a score. It will appear when next year's figures are fetched or history is imported.
Working capital and debt
| Measure | Company | Median | |
|---|---|---|---|
| Working capital | |||
| Receivable days All current receivables, including those on group companies, in days of revenue. |
– | 88 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 | |
| Net working capital to revenue Current assets less bank deposits less current liabilities, divided by revenue. Negative: short-term debt funds the operations. |
−13.8% | 2.5% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
100.0% | 25.2% | |
| 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. |
45.2 | 69.0 | |
| 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. |
7.1% | 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. |
55.6% | 5.7% | |
Net working capital (current assets less bank deposits less current liabilities): −13.7 MNOK.
Of the financial costs of 2.2 MNOK, 2.0 MNOK is reported as interest costs in the accounts.
The median and the bar refer to companies 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
The accounts for 2025 lack the figures needed.
The industry or the company: what drove the result?
In 2025 the operating margin of HV Capital Nsof AS rose by 1.2 percentage points. Comparable companies rose by a median 0.8 points. So the company did 0.4 points better than the industry, for reasons of its own.
Over 2 year-to-year changes HV Capital Nsof AS moved the same way as comparable companies 1 times. About 47% 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 | 98.6% | 34.3% | −1.1 percentage points | +5.8 percentage points | −6.9 percentage points |
| 2025 | 99.9% | 35.1% | +1.2 percentage points | +0.8 percentage points | +0.4 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 HV Capital Nsof AS. The figures stand side by side; we claim no cause.
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of HV Capital Nsof AS rose 1.2 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 | – | – | 99.8% | 98.6% | 99.9% | – |
Source: Norges Bank (IR, NLOD 2.0). Source
Consumer price index (indeks (2025 = 100))
Consumer price index rose 3.0% in 2025; the operating margin of HV Capital Nsof AS rose 1.2 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 | – | – | 99.8% | 98.6% | 99.9% | – |
Source: SSB (14710, CC BY 4.0). Source
Wage index: financial services (indeks)
Wage index: financial services rose 4.6% in 2025; the operating margin of HV Capital Nsof AS rose 1.2 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Wage index: financial services, annual average | 87.1 | 90.4 | 94.2 | 98.9 | 103.5 | 107.3 (so far) |
| Change from the year before | +2.9% | +3.8% | +4.1% | +5.0% | +4.6% | +3.7% |
| The company's operating margin | – | – | 99.8% | 98.6% | 99.9% | – |
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
HV Capital Nsof AS had an equity ratio of 34.4% in 2025. The company is not ranked: holding company (ranked in the list «holding and investment companies»).
From 2024 to 2025: revenue grew by 719% and the equity ratio fell from 60.8% to 34.4%.
This text is generated automatically from the 2025 accounts.
Three simple methods
Suggested price: about 260 MNOK
The mean of the 2 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. Fewer than three methods gave a figure, so the mean is weaker than it looks. The methods differ widely (the highest is 26.5 times the lowest), so the estimate is uncertain.
That is about 8.54 NOK per share, on 30,456,008 shares in the shareholder register.
The methods give between 19 MNOK and 495 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 12.6 | 495 MNOK |
| EV/EBIT | – | not used in the sector |
| P/B | 1.7 | 19 MNOK |
The listed basis is the value at listed multiples. The estimate is lowered for size: a small-company premium of 3% on the cost of equity gives a value 32% 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 (64.2): Investments & Asset Management.
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
- Equity paid out or paid in
- 120.0 MNOK left equity beyond the result in 2025.
That equals 119% of the year's result.
More left than the company earned in the year.
Over 2 years it equals 115% 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.
- 1 of 2 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 HV Capital Nsof AS?
The operating margin was 99.9% in 2025, against a median of 35.1% among companies in the same sector. Return on assets was 219.4%.
How solid is HV Capital Nsof AS?
The equity ratio was 34.4% in 2025 (median 51.8%). Debt-to-equity was 1.91 (median 0.91).
What is the liquidity of HV Capital Nsof AS like?
The current ratio was 0.24 in 2025 (median 1.89). Current assets did not cover current liabilities.
Ownership and roles
Loading roles …
Source: Central Coordinating Register, fetched 11 November 2026. Only names are shown.
- Parent company
- No known owner
Source: GLEIF (Global Legal Entity Identifier Foundation), fetched 30 October 2026. The parent is the one the company itself reported to GLEIF.
Shareholders (2025)
- Number of shareholders
- 18
- Largest owner
- 24.3% · top three 55.1%
- Split
- companies 99% · private persons 1% · foreign 1%
- Owned from the same municipality
- 77%
- Hitecvision AS · 24.3%
- Albemarle Invest 2 AS · 23.4%
- Andrevind AS · 7.5%
- EG Trading AS · 3.7%
- Ebell AS · 3.7%
- Eføy Investering AS · 3.7%
- Kyrvatn AS · 3.7%
- Fuglaneset Invest AS · 3.7%
- Pamar AS · 3.7%
- Bixby Holding AS · 3.7%
- 1 private persons · 1.1%
The company is new in the shareholder register in 2025.
Holds shares in: HV Capital Nsof AS (3%)
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 | – | – | – | |
| Rank | – | – | – | |
| Operating margin | 99.8% | 98.6% | 99.9% | |
| Return on assets | 75.1% | 12.0% | 219.4% | |
| Equity ratio | 57.7% | 60.8% | 34.4% | |
| Current ratio | 14.85 | 1.05 | 0.24 | |
| Revenue growth | – | −84.0% | 719.2% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 75.8 MNOK | 12.1 MNOK | 99.3 MNOK |
| Operating profit | 75.6 MNOK | 12.0 MNOK | 99.2 MNOK |
| Profit before tax | 71.0 MNOK | 4.0 MNOK | 100.8 MNOK |
| Tax expense | 2.7 MNOK | 0.0 MNOK | 0.0 MNOK |
| Net profit | 68.4 MNOK | 4.0 MNOK | 100.8 MNOK |
| Financial expenses | 5.4 MNOK | 8.4 MNOK | 2.2 MNOK |
| Total assets | 101.8 MNOK | 103.2 MNOK | 46.9 MNOK |
| Current assets | 4.3 MNOK | 6.8 MNOK | 3.3 MNOK |
| Equity | 58.8 MNOK | 62.8 MNOK | 16.1 MNOK |
| Retained earnings | 28.4 MNOK | 32.4 MNOK | 13.2 MNOK |
| Total liabilities | 43.0 MNOK | 40.5 MNOK | 30.8 MNOK |
| Current liabilities | 0.3 MNOK | 6.4 MNOK | 13.7 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 9 November 2026, accounts id 6673316.
Further
News and announcements
- 10 November 2026 Endring i styret (opens in a new tab) Source: Brønnøysundregistrene
- 30 April 2026 Erverv av egne aksjer-fullmakt (opens in a new tab) Source: Brønnøysundregistrene
- 30 April 2026 Fullmakt kapitalforhøyelse (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