FORRA ULTRAMAX AS
Score · fiscal year 2025
55of 100
How to read this: the company is ahead of 62 % of small companies in the same sector in 2025. What does this mean?
Rank: 595 of 1,589 · Sjøfart
Profile
Cheetah · Sprinter
High profitability, lower solidity
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 74 and solidity 35 out of 100 among small companies in the same sector in 2025. Methodology
Against the sector
FORRA ULTRAMAX AS is 5 points above the median for small companies in the same sector in 2025.
Median score 50 among 1,146 companies.
Against small companies in the same sector in 2025: operating margin 29.9% (median 8.5%) and equity ratio 36.2% (median 50.7%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 48 MNOK | 5 MNOK |
| Operating margin | 29.9% | 8.5% |
| Profit margin | 49.1% | 9.2% |
| Return on assets | 13.6% | 3.1% |
| Equity ratio | 36.2% | 50.7% |
| Debt-to-equity | 1.76 | 0.68 |
| Current ratio | 31.68 | 1.74 |
| Revenue growth | −18.8% | 0.4% |
The median and “ahead of” refer to small companies in the same sector in 2025. The bar shows the share of companies the figure is ahead of.
With an index of 55, FORRA ULTRAMAX AS does better than 62% of small companies in the same sector (1,152 companies) in 2025.
Score 2023–2025
- FORRA ULTRAMAX AS
- Median: small companies in the same sector
FORRA ULTRAMAX AS has a score of 55 for 2025, rank 595 of 1,589 in the sector.
Strongest: Liquidity: percentile 89 against peers, current ratio 31.68 against a median of 1.74. Profitability: percentile 74 against peers, operating margin 29.9% against a median of 8.5%.
Weakest: Growth: percentile 24 against peers, revenue growth −18.8% against a median of 0.4%. Solidity: percentile 35 against peers, equity ratio 36.2% against a median of 50.7%.
Worth a closer look
- What lies behind weak growth, and will it last?
- 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
What the numbers say
FORRA ULTRAMAX AS had an operating margin of 29.9% and an equity ratio of 36.2% in 2025, and ranks 595 of 1,589 in Sjøfart.
From 2024 to 2025: went from a loss to a profit before tax and the operating margin fell from 43.3% to 29.9%.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 106 MNOK and 237 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 10.0 | 237 MNOK |
| EV/EBIT | 8.0 | debt above value |
| P/B | 1.0 | 106 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
No rules were triggered for this year.
Indications based on the latest annual accounts from open data. Not investment or financial advice.
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 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 | 74 | weight 30% |
|---|---|---|
| Solidity | 35 | weight 25% |
| Liquidity | 89 | weight 15% |
| Growth | 24 | weight 15% |
| Consistency | 48 | weight 15% |
Durability: 59 (average over 3 years)
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is FORRA ULTRAMAX AS?
The operating margin was 29.9% in 2025, against a median of 8.5% among small companies in the same sector. Return on assets was 13.6%.
How solid is FORRA ULTRAMAX AS?
The equity ratio was 36.2% in 2025 (median 50.7%). Debt-to-equity was 1.76 (median 0.68).
What is the liquidity of FORRA ULTRAMAX AS like?
The current ratio was 31.68 in 2025 (median 1.74).
How does FORRA ULTRAMAX AS compare in Sjøfart?
FORRA ULTRAMAX AS ranks 595 of 1,589 in Sjøfart for 2025. Among companies of the same size (small companies) it ranks 435 of 1,152. Revenue changed by −18.8% from the year before.
From the Central Coordinating Register
- Org. no.
- 927688867
- Legal form
- AS
- Sector
- Sjøfart (50.201)
- Size tier
- small
- Employees
- 0–4 (not registered)
- Founded
- 6 August 2021 5 years in operation
- Share capital
- 1.00 MNOK
- Business address
- c/o Uthalden Maritime Management AS, Flyt kontor, Dronning Eufemias gate 8, 0191 OSLO
- Municipality
- Oslo rank 106–282 of 357 in Norway
- Latest accounts filed
- 2025
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
- Chair of the board
- Jonas Alexander Advocaat Kraft
- Board member
- Boris Tollning
- Auditor
- DELOITTE AS
Source: Central Coordinating Register, fetched 25 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 27 October 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 59 | 62 | 55 | |
| Rank | 411 | 333 | 595 | |
| Operating margin | 27.1% | 43.3% | 29.9% | |
| Return on assets | 5.8% | 10.0% | 13.6% | |
| Equity ratio | 51.3% | 29.0% | 36.2% | |
| Current ratio | 19.78 | 112.58 | 31.68 | |
| Revenue growth | – | 95.0% | −18.8% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 30.5 MNOK | 59.4 MNOK | 48.2 MNOK |
| Operating profit | 8.2 MNOK | 25.7 MNOK | 14.4 MNOK |
| Profit before tax | 4.9 MNOK | −8.9 MNOK | 23.7 MNOK |
| Net profit | 4.9 MNOK | −8.9 MNOK | 23.7 MNOK |
| Financial expenses | 14.7 MNOK | 39.8 MNOK | 15.9 MNOK |
| Total assets | 338.2 MNOK | 310.7 MNOK | 291.6 MNOK |
| Current assets | 36.9 MNOK | 19.0 MNOK | 10.7 MNOK |
| Equity | 173.6 MNOK | 90.0 MNOK | 105.6 MNOK |
| Retained earnings | 2.7 MNOK | −6.2 MNOK | 17.5 MNOK |
| Total liabilities | 164.6 MNOK | 220.6 MNOK | 186.0 MNOK |
| Current liabilities | 1.9 MNOK | 0.2 MNOK | 0.3 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 27 October 2026, accounts id 7100789.
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