Thaimat 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 4.0% About like the industry Industry: 1.9%
- Returns · return on assets 20.3% Better than the industry Industry: 5.8%
- Solidity · equity ratio −17.2% Weaker than the industry Industry: 15.1%
- Liquidity · current ratio 0.63 Weaker than the industry Industry: 1.02
- Growth · revenue growth 31.8% Better than the industry Industry: 5.8%
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
50of 100
How to read this: the company is ahead of 51 % of companies in the Morning class Micro in the same sector in 2025. What does this mean?
Rank in the Morning class Micro: 2,689 of 5,478 · What are Morning company classes?
Place in the whole sector: 4,023 of 8,044 · Overnatting og servering
Profile
Cheetah · Sprinter
High profitability, lower resilience
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 66 and resilience 18 out of 100 among companies in the Morning class Micro in the same sector in 2025. Methodology
Against the sector
Thaimat AS is at the median for companies in the Morning class Micro in the same sector in 2025.
Median score 50 among 5,466 companies.
Against companies in the Morning class Micro in the same sector in 2025: operating margin 4.0% (median 1.9%) and equity ratio −17.2% (median 15.1%).
How it has gone · 2023–2025
Revenue rose by 32 % from 2024 to 2025, to 5.6 MNOK. The operating margin rose from 2.2% in 2024 to 4.0% in 2025. The equity ratio rose from −18.3% in 2023 to −17.2% 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 | – | 4.3 MNOK | 5.6 MNOK |
| Operating profit | −0.2 MNOK | 0.1 MNOK | 0.2 MNOK |
| Net profit | −0.2 MNOK | 0.1 MNOK | 0.2 MNOK |
| Total assets | 1.0 MNOK | 1.2 MNOK | 1.1 MNOK |
| Equity | −0.2 MNOK | −0.1 MNOK | −0.2 MNOK |
| Total liabilities | 1.2 MNOK | 1.3 MNOK | 1.3 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.
- 926560417
- Legal form
- AS
- Sector
- Overnatting og servering (56.110)
- Purpose
- Drift av restaurant og take away.
- Morning company class
- Micro
- Employees
- 0–4 (not registered) Payroll costs in the accounts: 1.0 MNOK (2025).
- Founded
- 1 December 2020 5 years in operation
- Share capital
- 0.03 MNOK
- Business address
- Storgata 9, 0155 OSLO
- Municipality
- Oslo rank 63–220 of 357 in Norway
- Audit
- Audit opted out from 10 February 2021
- Latest accounts filed
- 2025
- VAT registered
- Yes
- Former names
- Corptech AS until 2023
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
Thaimat AS has a score of 50 for 2025, rank 4,023 of 8,044 in the sector.
Strongest: Growth: percentile 70 against peers, revenue growth 31.8% against a median of 5.8%. Profitability: percentile 66 against peers, operating margin 4.0% against a median of 1.9%.
Weakest: Solidity: percentile 0 against peers, equity ratio −17.2% against a median of 15.1%. Liquidity: percentile 28 against peers, current ratio 0.63 against a median of 1.02.
Worth a closer look
- Equity is negative. How will it be rebuilt, and what do lenders and the auditor say about going concern? Based on: equity ratio −17.2% (median 15.1%).
- Consider strengthening liquidity: current liabilities are 1.6 times current assets. Based on: current ratio 0.63 (median 1.02).
- Strong growth with weak liquidity. Is the growth financed, or does it tie up capital the company does not have? Based on: revenue growth 31.8% (median 5.8%); current ratio 0.63 (median 1.02).
- What lies behind weak solidity, 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
Worth a closer look
- critical
Equity is negative. How will it be rebuilt, and what do lenders and the auditor say about going concern?
Based on: Equity ratio −17.2% (median 15.1%).
- watch
Consider strengthening liquidity: current liabilities are 1.6 times current assets.
Based on: Current ratio 0.63 (median 1.02).
- 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 31.8% (median 5.8%); Current ratio 0.63 (median 1.02).
- 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 −13.6% (median −10.3%); Current ratio 0.63 (median 1.02).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 0.0% 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.
See interest rates, prices and exchange rates for the sector
Data quality
- critical Negative equity
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 −12.1%. 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 | 66 | weight 40% |
|---|---|---|
| Solidity | 0 | weight 20% |
| Liquidity | 28 | weight 5% |
| Growth | 70 | weight 25% |
| Consistency | 47 | weight 10% |
Three goals: profitability 40%, growth 25%, resilience 35%. Why these weights?
Durability: 43 (average over 2 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 | 6 MNOK | 4 MNOK |
| Operating margin | 4.0% | 1.9% |
| Profit margin | 4.0% | 1.3% |
| Return on assets | 20.3% | 5.8% |
| Equity ratio | −17.2% | 15.1% |
| Debt-to-equity | – | 1.90 |
| Current ratio | 0.63 | 1.02 |
| Revenue growth | 31.8% | 5.8% |
| Revenue per employee | 0.71 MNOK | 0.47 MNOK |
The median and “ahead of” refer to companies in the Morning class Micro in the same sector in 2025. The bar shows the share of companies the figure is ahead of.
With an index of 50, Thaimat AS does better than 51% of companies in the Morning class Micro in the same sector (5,478 companies) in 2025.
Score 2023–2025
- Thaimat 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. |
31 days | 11 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. |
3 days | 5 days | |
| Net working capital to revenue Current assets less bank deposits less current liabilities, divided by revenue. Negative: short-term debt funds the operations. |
−13.6% | −10.3% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
34.9% | 63.1% | |
| 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. |
– | 2.2 | |
| 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. |
0.0% | 0.7% | |
| Long-term share of debt Long-term debt as a share of all debt. A low share means more falls due within a year. |
– | 21.8% | |
Net working capital (current assets less bank deposits less current liabilities): −0.8 MNOK.
The median and the bar refer to companies in the Morning class Micro 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.
The industry or the company: what drove the result?
In 2025 the operating margin of Thaimat AS rose by 1.7 percentage points. Comparable companies fell by a median 0.5 points. So the company did 2.2 points better than the industry, for reasons of its own.
| Year | The company | Comparable (median) | Change, company | Change, industry | The company's own |
|---|---|---|---|---|---|
| 2025 | 4.0% | 1.9% | +1.7 percentage points | −0.5 percentage points | +2.2 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 Thaimat AS. The figures stand side by side; we claim no cause.
Service prices: accommodation and food (indeks (2021 = 100))
Service prices: accommodation and food rose 3.6% in 2025; the operating margin of Thaimat AS rose 1.7 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Service prices: accommodation and food, annual average | 100.0 | 107.9 | 114.0 | 118.8 | 123.1 | 126.9 (so far) |
| Change from the year before | – | +7.9% | +5.7% | +4.1% | +3.6% | +3.1% |
| The company's operating margin | – | – | – | 2.2% | 4.0% | – |
Source: SSB (14335, CC BY 4.0). Source
Turnover index: accommodation and food service (indeks (2021 = 100))
Turnover index: accommodation and food service rose 2.3% in 2025; the operating margin of Thaimat AS rose 1.7 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Turnover index: accommodation and food service, annual average | 97.0 | 139.7 | 153.5 | 157.8 | 161.5 | 170.4 (so far) |
| Change from the year before | +23.4% | +44.1% | +9.9% | +2.8% | +2.3% | +5.5% |
| The company's operating margin | – | – | – | 2.2% | 4.0% | – |
Source: SSB (13863, CC BY 4.0). Source
Consumer price index (indeks (2025 = 100))
Consumer price index rose 3.0% in 2025; the operating margin of Thaimat AS rose 1.7 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 | – | – | – | 2.2% | 4.0% | – |
Source: SSB (14710, CC BY 4.0). Source
EUR/NOK (kr)
EUR/NOK rose 0.8% in 2025; the operating margin of Thaimat AS rose 1.7 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| EUR/NOK, annual average | 10.16 | 10.10 | 11.42 | 11.62 | 11.72 | 11.04 (so far) |
| Change from the year before | −5.2% | −0.6% | +13.1% | +1.8% | +0.8% | −5.8% |
| The company's operating margin | – | – | – | 2.2% | 4.0% | – |
Source: Norges Bank (EXR, NLOD 2.0). Source
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of Thaimat AS rose 1.7 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 | – | – | – | 2.2% | 4.0% | – |
Source: Norges Bank (IR, NLOD 2.0). Source
Wage index: food and beverage service (indeks)
Wage index: food and beverage service rose 6.5% in 2025; the operating margin of Thaimat AS rose 1.7 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Wage index: food and beverage service, annual average | 88.0 | 91.3 | 96.4 | 101.5 | 108.1 | 110.6 (so far) |
| Change from the year before | +3.5% | +3.8% | +5.6% | +5.4% | +6.5% | +2.3% |
| The company's operating margin | – | – | – | 2.2% | 4.0% | – |
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
Thaimat AS had an operating margin of 4.0% and an equity ratio of −17.2% in 2025, and ranks 4,023 of 8,044 in Overnatting og servering.
From 2024 to 2025: revenue grew by 32% and the equity ratio fell from −7.5% to −17.2%.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 0 MNOK and 1 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 19.8 | 0 MNOK |
| EV/EBIT | 16.2 | 1 MNOK |
| P/B | 3.3 | not meaningful |
| EV/EBIT: from enterprise value to equity | NOK |
|---|---|
| Enterprise value (EV) at the listed multiple | 1 MNOK |
| Enterprise value after the size adjustment | 0 MNOK |
| Less net debt (rough figure) | 0 MNOK |
| Equity value | 1 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. Net debt is −74% of the enterprise value after the size adjustment, so the equity value from EV/EBIT is sensitive to errors in the debt figure.
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 (56): Restaurant/Dining.
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 Thaimat AS?
The operating margin was 4.0% in 2025, against a median of 1.9% among companies in the Morning class Micro in the same sector. Return on assets was 20.3%.
How solid is Thaimat AS?
The equity ratio was −17.2% in 2025 (median 15.1%). Equity is negative, so liabilities exceed assets.
What is the liquidity of Thaimat AS like?
The current ratio was 0.63 in 2025 (median 1.02). Current assets did not cover current liabilities.
How does Thaimat AS compare in Overnatting og servering?
Thaimat AS ranks 4,023 of 8,044 in Overnatting og servering for 2025. Among companies in the Morning class Micro it is number 2,689 of 5,478. Revenue changed by 31.8% 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 |
|---|---|---|---|---|
| Ansjosen Drift AS · same municipality |  Cheetah |
6 MNOK | 8.7% | 58 |
| Thaimat AS (this company) | Cheetah |
6 MNOK | 4.0% | 50 |
| Cous Restaurant AS |  Beaver |
6 MNOK | −1.6% | 31 |
| Høvikodden Vin AS | Beaver |
6 MNOK | −22.8% | 17 |
| Allegro Pyramiden AS |  Lion |
6 MNOK | 12.0% | 79 |
| Bevran Kebab og Pizza AS | Beaver |
6 MNOK | −3.5% | 24 |
| SEILDUKSGATA BAR & Pizza AS · same municipality | Cheetah |
6 MNOK | 16.6% | 58 |
| Sviland Bistro AS | Cheetah |
6 MNOK | 1.7% | 59 |
| Dougs Aker Brygge AS · same municipality | Beaver |
6 MNOK | −2.4% | 42 |
The selection is the closest in revenue within the same industry code. When you order, you can swap competitors. Order competitor analysis
Group structure · 2025
5 companies in the group according to the shareholder register for 2025. A company counts as a subsidiary when a Norwegian company owns more than half of its shares.
Private persons own 100% of the shares in Sportstad Auto AS. Persons are not shown by name.
Sportstad Auto AS has not filed group accounts in open data, so the group has no index of its own. Each company has its own accounts.
The group in figures
- Sectors
- Overnatting og servering (1 company), Bygg og anlegg (2 companies), Forretningsmessig tjenesteyting (1 company), Revisjon, regnskap og rådgivning (1 company) 5 of 5 companies in the tree have accounts with us. Sectors are sorted by the companies' own revenue, which includes sales between the group's companies.
- Negative equity
- 2 companies: Thaimat AS, Sportstad Auto AS
- Loss
- 3 companies: Multi Oppussing AS, Sportstad Auto AS, Astra Bygg & Montering AS
- Changed 2024–2025
- 3 companies joined the group: Thaimat AS, Martin Medical Group AS, Astra Bygg & Montering AS.
A subsidiary with negative equity or a loss may be backed by the group, for example with group contributions or guarantees. It is an indication of what is worth asking about, not an assessment.
-
Sportstad Auto AS
-
Multi Oppussing AS
-
Martin Medical Group AS
-
Astra Bygg & Montering AS
- Thaimat AS you are here
-
-
-
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.
Source: the Norwegian Tax Administration's shareholder register 2025 (majority owner with more than 50 % of the shares). Voting agreements and ownership through other countries are not included.
Ownership and roles
Loading roles …
Source: Central Coordinating Register, fetched 1 November 2026. Only names are shown.
Shareholders (2025)
- Number of shareholders
- 2 (one owner holds more than half)
- Largest owner
- 74.0%
- Split
- companies 74% · private persons 26% · foreign 0%
- Owned from the same municipality
- 0%
- Group chain
-
Owned by: ASTRA BYGG & Montering AS (74%)
Ultimate owner: private person
The owner: the majority owner ASTRA BYGG & Montering AS (holds 74%) is registered as in voluntary liquidation. made a loss in 2025. A weak parent can affect the subsidiary through group contributions, loans and guarantees. It is an indication to watch, not an assessment of the company.
- ASTRA BYGG & Montering AS · 74.0%
- 1 private persons · 26.0%
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 6 November 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | – | 36 | 50 | |
| Rank | – | 5,321 | 4,023 | |
| Operating margin | – | 2.2% | 4.0% | |
| Return on assets | −20.5% | 7.9% | 20.3% | |
| Equity ratio | −18.3% | −7.5% | −17.2% | |
| Current ratio | 0.50 | 0.68 | 0.63 | |
| Revenue growth | – | – | 31.8% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | – | 4.3 MNOK | 5.6 MNOK |
| Operating profit | −0.2 MNOK | 0.1 MNOK | 0.2 MNOK |
| Profit before tax | −0.2 MNOK | 0.1 MNOK | 0.2 MNOK |
| Tax expense | – | – | 0.0 MNOK |
| Net profit | −0.2 MNOK | 0.1 MNOK | 0.2 MNOK |
| Financial expenses | – | 0.0 MNOK | 0.0 MNOK |
| Total assets | 1.0 MNOK | 1.2 MNOK | 1.1 MNOK |
| Current assets | 0.6 MNOK | 0.9 MNOK | 0.8 MNOK |
| Equity | −0.2 MNOK | −0.1 MNOK | −0.2 MNOK |
| Retained earnings | −0.2 MNOK | −0.1 MNOK | −0.2 MNOK |
| Total liabilities | 1.2 MNOK | 1.3 MNOK | 1.3 MNOK |
| Current liabilities | 1.2 MNOK | 1.3 MNOK | 1.3 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 6 November 2026, accounts id 6882008.
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News and announcements
- 30 October 2026 Ny forretningsadresse (opens in a new tab) Source: Brønnøysundregistrene
- 13 October 2026 Endring av daglig leder (opens in a new tab) Source: Brønnøysundregistrene
- 13 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