MASTERBULK AS
Score · fiscal year 2025
46of 100
How to read this: the company is ahead of 42 % of medium-sized companies in the same sector in 2025. What does this mean?
Rank: 601 of 1,017 · Sjøfart
Profile
Elephant · Steward
Lower profitability, high solidity
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 20 and solidity 92 out of 100 among medium-sized companies in the same sector in 2025. Methodology
Against the sector
MASTERBULK AS is 3 points below the median for medium-sized companies in the same sector in 2025.
Median score 49 among 273 companies.
Against medium-sized companies in the same sector in 2025: operating margin 5.9% (median 23.0%) and equity ratio 84.4% (median 36.2%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 830 MNOK | 204 MNOK |
| Operating margin | 5.9% | 23.0% |
| Profit margin | 1.5% | 13.6% |
| Return on assets | 2.1% | 10.1% |
| Equity ratio | 84.4% | 36.2% |
| Debt-to-equity | 0.18 | 1.69 |
| Current ratio | 1.22 | 1.34 |
| Revenue growth | −6.6% | 2.4% |
The median and “ahead of” refer to medium-sized companies in the same sector in 2025. The bar shows the share of companies the figure is ahead of.
With an index of 46, MASTERBULK AS does better than 42% of medium-sized companies in the same sector (273 companies) in 2025.
Score 2023–2025
- MASTERBULK AS
- Median: medium-sized companies in the same sector
MASTERBULK AS has a score of 46 for 2025, rank 601 of 1,017 in the sector.
Strongest: Solidity: percentile 92 against peers, equity ratio 84.4% against a median of 36.2%.
Weakest: Profitability: percentile 20 against peers, operating margin 5.9% against a median of 23.0%. Growth: percentile 26 against peers, revenue growth −6.6% against a median of 2.4%.
Worth a closer look
- What lies behind weak profitability, and will it last?
- What lies behind weak growth, and will it last?
Written by fixed rules from the figures. Describes the figures, does not explain causes. Not investment or financial advice. How the summary is made
What the numbers say
MASTERBULK AS had an operating margin of 5.9% and an equity ratio of 84.4% in 2025, and ranks 601 of 1,017 in Sjøfart.
From 2024 to 2025: the operating margin fell from 14.8% to 5.9% and the equity ratio rose from 77.5% to 84.4%.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 12 MUSD and 242 MUSD.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 10.0 | 12 MUSD |
| EV/EBIT | 8.0 | 35 MUSD |
| P/B | 1.0 | 242 MUSD |
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
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 11.0% 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.
Data quality
- watch Reports in a currency other than NOK
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 6.1%. Based on the 7 fiscal years we have. The analysis grows as more years are fetched or imported. Methodology
What the score is made of
| Profitability | 20 | weight 30% |
|---|---|---|
| Solidity | 92 | weight 25% |
| Liquidity | 43 | weight 15% |
| Growth | 26 | weight 15% |
| Consistency | 44 | weight 15% |
Durability: 50 (average over 3 years)
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is MASTERBULK AS?
The operating margin was 5.9% in 2025, against a median of 23.0% among medium-sized companies in the same sector. Return on assets was 2.1%.
How solid is MASTERBULK AS?
The equity ratio was 84.4% in 2025 (median 36.2%). Debt-to-equity was 0.18 (median 1.69).
What is the liquidity of MASTERBULK AS like?
The current ratio was 1.22 in 2025 (median 1.34).
How does MASTERBULK AS compare in Sjøfart?
MASTERBULK AS ranks 601 of 1,017 in Sjøfart for 2025. Among companies of the same size (medium-sized companies) it ranks 159 of 273. Revenue changed by −6.6% from the year before.
Group accounts
The company is registered as part of a group, but we have no group accounts for it. Group accounts are filed by the parent company, and open data does not say which company that is.
Read the figures with care: a company in a group can look strong because of group contributions, or weak because dividends go up to the parent. The figures are indications, not the full picture.
We do not show the group structure, because open data does not say who owns whom.
From the Central Coordinating Register
- Org. no.
- 923842675
- Legal form
- AS · part of a group
- Sector
- Sjøfart (50.201)
- Size tier
- medium
- Employees
- 0–4 (not registered)
- Founded
- 23 October 2019 7 years in operation
- Share capital
- 9.74 MNOK
- Business address
- Sandviksbodene 1E, 5035 BERGEN
- Municipality
- Bergen rank 8 of 11 in KOSTRA group 12
- Latest accounts filed
- 2025
- LEI
- 213800G3HGXSWRPWIW75 renews 16 December 2026
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
- Bernt Ulrich August Muller
- Chair of the board
- Bernt Jacob Schwings Pettersen
- Board member
- Tom Henning Rasmussen
- Board member
- Helene Westfal-Larsen
- Board member
- Rolf Westfal-Larsen
- Board member
- Marit Westfal-Larsen
- Auditor
- PRICEWATERHOUSECOOPERS AS
Source: Central Coordinating Register, fetched 29 October 2026. Only names are shown.
- Parent company
- Parent does not consolidate the company
Source: GLEIF (Global Legal Entity Identifier Foundation), fetched 29 October 2026. The parent is the one the company itself reported to GLEIF.
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 | 51 | 53 | 46 | |
| Rank | 423 | 413 | 601 | |
| Operating margin | 0.9% | 14.8% | 5.9% | |
| Return on assets | 1.5% | 4.4% | 2.1% | |
| Equity ratio | 75.5% | 77.5% | 84.4% | |
| Current ratio | 2.77 | 1.72 | 1.22 | |
| Revenue growth | – | 8.9% | −6.6% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (USD). Revenue in NOK is converted from USD at the mean rate for the accounting period 1 January 2025–31 December 2025: 10.3912 (norges_bank). Balance-sheet amounts use the rate on the balance-sheet date. Ratios and growth are computed in USD. Exchange rates at Norges Bank
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 78.5 MUSD | 85.5 MUSD | 79.8 MUSD |
| Operating profit | 0.7 MUSD | 12.7 MUSD | 4.7 MUSD |
| Profit before tax | −3.4 MUSD | 8.0 MUSD | 1.2 MUSD |
| Net profit | −3.4 MUSD | 8.0 MUSD | 1.2 MUSD |
| Financial expenses | 8.4 MUSD | 6.9 MUSD | 4.9 MUSD |
| Total assets | 337.4 MUSD | 336.2 MUSD | 286.5 MUSD |
| Current assets | 50.8 MUSD | 66.9 MUSD | 40.0 MUSD |
| Equity | 254.7 MUSD | 260.7 MUSD | 241.9 MUSD |
| Retained earnings | 26.4 MUSD | 32.3 MUSD | 13.6 MUSD |
| Total liabilities | 82.7 MUSD | 75.5 MUSD | 44.6 MUSD |
| Current liabilities | 18.4 MUSD | 39.0 MUSD | 32.7 MUSD |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 26 October 2026, accounts id 7110447.
Further
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