Stepwise 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 Small in the same sector. Green is better than most, amber about like the industry and red weaker than most.
- Profitability · operating margin −67.4% Weaker than the industry Industry: 5.0%
- Returns · return on assets −14.1% Weaker than the industry Industry: 9.7%
- Solidity · equity ratio 33.0% About like the industry Industry: 34.2%
- Liquidity · current ratio 0.58 Weaker than the industry Industry: 1.34
- Growth · revenue growth 81.8% Better than the industry Industry: 7.8%
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 2024
36of 100
How to read this: the company is ahead of 22 % of companies in the Morning class Small in the same sector in 2024. What does this mean?
Rank in the Morning class Small: 1,145 of 1,472 · What are Morning company classes?
Place in the whole sector: 5,328 of 6,993 · Informasjon og kommunikasjon
Profile
Beaver · Builder
Lower profitability, lower resilience
Position against comparable companies in 2024, not a verdict on the company. Based on profitability 9 and resilience 30 out of 100 among companies in the Morning class Small in the same sector in 2024. Methodology
Against the sector
Stepwise AS is 15 points below the median for companies in the Morning class Small in the same sector in 2024.
Median score 51 among 1,472 companies.
Against companies in the Morning class Small in the same sector in 2024: operating margin −67.4% (median 5.0%) and equity ratio 33.0% (median 34.2%).
How it has gone · 2023–2025
Revenue rose by 32 % from 2023 to 2025, to 8.8 MNOK. The operating margin fell from −82.2% in 2023 to −248.3% in 2025. The equity ratio fell from 78.4% in 2023 to 52.4% 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 | 6.7 MNOK | 12.2 MNOK | 8.8 MNOK |
| Operating profit | −5.5 MNOK | −8.2 MNOK | −21.9 MNOK |
| Net profit | −5.7 MNOK | −9.4 MNOK | −24.5 MNOK |
| Total assets | 26.7 MNOK | 56.3 MNOK | 65.2 MNOK |
| Equity | 20.9 MNOK | 18.6 MNOK | 34.1 MNOK |
| Total liabilities | 5.8 MNOK | 37.8 MNOK | 31.0 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.
- 928118029
- Legal form
- AS
- Sector
- Informasjon og kommunikasjon (62.100)
- Purpose
- Programvaredrevet tjeneste, utviklet av eksperter for å implementere utslippsreduksjon av den globale verdikjeden innenfor den maritime industri. Stepwise kombinerer industriell innsikt, teknologi og analyse for å levere resultater som er transformative når det gjelder miljøpåvirkning og verifisert i henhold til globalt anerkjente standarder.
- Morning company class
- Small
- Employees
- 0–4 (not registered) Payroll costs in the accounts: 0.0 MNOK (2024).
- Founded
- 14 October 2021 5 years in operation
- Share capital
- 0.18 MNOK
- Business address
- Godesetdalen 10, 4034 STAVANGER
- Municipality
- Stavanger rank 5 of 11 in KOSTRA group 12
- 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
- critical
The operating result does not cover the financial costs. How will the debt be serviced, and what do the lenders say?
Based on: Interest coverage (times) −5.8 (median 7.9); Financial costs as a share of debt 3.8% (median 1.0%).
- watch
Consider strengthening liquidity: current liabilities are 1.7 times current assets.
Based on: Current ratio 0.58 (median 1.34).
- watch
The company made a loss before tax. Are these one-off items or a pattern?
Based on: Profit margin −76.8% (median 5.1%).
- watch
The operating margin is lower than at three in four companies in the sector. Where do costs differ from competitors?
Based on: Operating margin −67.4% (median 5.0%).
- 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 81.8% (median 7.8%); Current ratio 0.58 (median 1.34).
- watch
Receivables equal far more days of revenue than at comparable companies. Do customers pay late, or are these loans to companies in the same group?
Based on: Receivable days 288 days (median 72 days).
- 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 −60.6% (median −8.8%); Current ratio 0.58 (median 1.34).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 3.8% of the debt in 2024. The policy rate averaged 4.50 % 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 4.1%. Based on the 8 fiscal years we have. The analysis grows as more years are fetched or imported. Methodology
What the score is made of
| Profitability | 9 | weight 40% |
|---|---|---|
| Solidity | 46 | weight 20% |
| Liquidity | 10 | weight 5% |
| Growth | 88 | weight 25% |
| Consistency | 7 | weight 10% |
Three goals: profitability 40%, growth 25%, resilience 35%. Why these weights?
Durability: 36 (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 | 12 MNOK | 20 MNOK |
| Operating margin | −67.4% | 5.0% |
| Profit margin | −76.8% | 5.1% |
| Return on assets | −14.1% | 9.7% |
| Equity ratio | 33.0% | 34.2% |
| Debt-to-equity | 2.03 | 1.64 |
| Current ratio | 0.58 | 1.34 |
| Revenue growth | 81.8% | 7.8% |
The median and “ahead of” refer to companies in the Morning class Small in the same sector in 2024. The bar shows the share of companies the figure is ahead of.
With an index of 36, Stepwise AS does better than 22% of companies in the Morning class Small in the same sector (1,472 companies) in 2024.
Score 2023–2025
- Stepwise AS
- Median: companies in the Morning class Small 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. |
288 days | 72 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. |
−60.6% | −8.8% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
2.6% | 41.9% | |
| 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. |
−5.8 | 7.9 | |
| 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. |
3.8% | 1.0% | |
| Long-term share of debt Long-term debt as a share of all debt. A low share means more falls due within a year. |
55.0% | 0.0% | |
The operating result is negative, so the interest coverage is negative: operations cover none of the financial costs.
Net working capital (current assets less bank deposits less current liabilities): −7.4 MNOK.
Of the financial costs of 1.4 MNOK, 1.0 MNOK is reported as interest costs in the accounts.
The median and the bar refer to companies in the Morning class Small in the same sector in 2024. 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
| Measure | Company | Median | |
|---|---|---|---|
| Returns | |||
| Return on equity (ROE) Net result over the average of equity at the start and end of the year (the end alone when last year is missing). Not calculated with negative equity. |
−47.4% | 19.1% | |
| Return on capital employed (ROCE) Operating result over capital employed, that is total assets less current liabilities. The return regardless of how the company is financed. |
−20.9% | 17.0% | |
| Net margin Net result over revenue. The first part of the DuPont split of return on equity. |
−76.8% | 4.2% | |
| Asset turnover (revenue over assets) Revenue over total assets: how many kroner of revenue each krone of assets gives. The second part of the DuPont split. |
0.22 | 1.60 | |
| Equity multiplier Total assets over equity: 4 means three quarters is financed with debt. The third part of the DuPont split. |
3.03 | 2.64 | |
| Debt and financing | |||
| Net debt in times operating result Long-term liabilities less cash, over the operating result: roughly how many years the business must earn to repay the debt. A negative figure means more cash than long-term debt. Rough, because the accounts do not split out interest-bearing debt. Only calculated when the operating result is positive. |
– | −1.5 | |
| Fixed-asset cover Equity plus long-term liabilities over fixed assets (total assets less current assets). Below 1: fixed assets are partly financed with short-term debt. |
0.85 | 2.24 | |
| Quick ratio (without inventory) Cash plus receivables over current liabilities. Like the current ratio but without inventory and short-term investments. |
0.58 | 1.25 | |
| Quality and resilience | |||
| Effective tax rate Tax expense over profit before tax, only when the profit is positive. Far from 22% points to one-off items, tax losses carried forward or group contributions. |
– | 22.0% | |
| Operating leverage Percentage change in operating result over percentage change in revenue from last year. 3 means a 1% fall in revenue gives a 3% fall in operating result. Only calculated when revenue moved at least 2% and last year's operating result was positive. |
– | 1.5 | |
| Payroll costs over revenue Payroll costs (with employer's contribution and pension) over revenue. Shows how much of revenue is a fixed cost in a service business. |
0.0% | 43.9% | |
| Revenue safety margin How far revenue can fall before the operating result is zero, assuming payroll is fixed and all other costs follow revenue. A calculation, not a measurement: depreciation and rent are also fixed, so reality is lower. |
– | 18.8% | |
| Cash runway (months) Cash over the operating loss per month, only for years with a loss. Assumes the loss continues unchanged and no new financing arrives. Capped at 120 months. |
0 mo. | 11 mo. | |
DuPont on the closing balance: net margin −76.8% × asset turnover 0.22 × multiplier 3.03 = −50.4% of equity at the end of the year. The return on equity above uses average equity and can differ slightly.
The operating result is not positive, so net debt over operating result and the safety margin are not calculated.
The median and the bar are for companies in the Morning class Small in the same sector in 2024. The bar shows the share of the group with a lower figure: high is not always good. The figures are our own calculations from the annual accounts and do not count in the score. Open data has no depreciation, so no EBITDA, and the accounts do not split out interest-bearing debt. How we calculate
What the numbers say
Stepwise AS had an operating margin of −67.4% and an equity ratio of 33.0% in 2024, and ranks 5,328 of 6,993 in Informasjon og kommunikasjon.
From 2023 to 2024: the equity ratio fell from 78.4% to 33.0% and revenue grew by 82%.
This text is generated automatically from the 2024 accounts.
Three simple methods
Suggested price: about 41 MNOK
The mean of the 1 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.
That is about 2.69 NOK per share, on 15,244,205 shares in the shareholder register.
One method gives a figure: 41 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 18.0 | not meaningful |
| EV/EBIT | 14.9 | not meaningful |
| P/B | 3.6 | 41 MNOK |
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 (62): Computer Services.
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
- Implied dividend (net payout)
- 40.0 MNOK came into equity beyond the result in 2025.
Calculated as equity at the start of the year + net result − equity at the end of the year. What remains is dividends and group contributions, less new capital, plus other entries made directly to equity. It is not a dividend figure. - Self-financed growth
- Equity grew −132% from its own earnings in 2025. Revenue grew 82%.
Revenue is growing much faster than equity. The growth must then be paid for with debt or new capital.
Calculated as net result less what left equity, over equity at the start of the year. It is not growth as reported in the accounts. - Owners and leadership aged 60 or older
- No sign of a near generation change in the ages.
- 16% of the shares held by persons are held by people aged 60 or older.
- The chair is under 60.
- 0 of 4 on the board are 60 or older.
- What the largest owner can do alone
- The largest owner holds 19.7% of the shares. No single owner holds more than a third, so none can alone stop a decision that needs two thirds.
The owner is a foreign company.
Applies to the largest single owner in the shareholder register (2025). The articles can limit voting rights and owners can vote together, and we cannot see either. Ownership through other companies is not counted.
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 Stepwise AS?
The operating margin was −67.4% in 2024, against a median of 5.0% among companies in the Morning class Small in the same sector. Return on assets was −14.1%. The company made a loss before tax.
How solid is Stepwise AS?
The equity ratio was 33.0% in 2024 (median 34.2%). Debt-to-equity was 2.03 (median 1.64).
What is the liquidity of Stepwise AS like?
The current ratio was 0.58 in 2024 (median 1.34). Current assets did not cover current liabilities.
How does Stepwise AS compare in Informasjon og kommunikasjon?
Stepwise AS ranks 5,328 of 6,993 in Informasjon og kommunikasjon for 2024. Among companies in the Morning class Small it is number 1,145 of 1,472. Revenue changed by 81.8% from the year before.
Ownership and roles
Loading roles …
Source: Central Coordinating Register, fetched 4 November 2026. Only names are shown.
Shareholders (2025)
- Number of shareholders
- 36
- Largest owner
- 19.7% · top three 47.8%
- Split
- companies 97% · private persons 3% · foreign 60%
- Owners over 60
- 16% of the shares held by persons (median age 58)
- ELEKTRA HOLDINGS PTE. LTD (Singapore) · 19.7%
- Maxwell Professionals LLC (USA) · 14.4%
- Eikill Holding AS · 13.8%
- Mjn Holdings Group LLC (USA) · 12.9%
- Aventure LTD (United Kingdom) · 8.6%
- Bimo Kapital AS · 6.6%
- Triko AS · 5.7%
- Valhalla Energies AS · 5.5%
- Paragon Pte LTD (Singapore) · 1.7%
- Raka Fant AS · 1.4%
- 10 private persons · 3.2%
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 | 36 | 36 | 17 | |
| Rank | 4,688 | 5,328 | 7,001 | |
| Operating margin | −82.2% | −67.4% | −248.3% | |
| Return on assets | −19.6% | −14.1% | −32.9% | |
| Equity ratio | 78.4% | 33.0% | 52.4% | |
| Current ratio | 1.26 | 0.58 | 0.32 | |
| Revenue growth | – | 81.8% | −27.6% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 6.7 MNOK | 12.2 MNOK | 8.8 MNOK |
| Operating profit | −5.5 MNOK | −8.2 MNOK | −21.9 MNOK |
| Profit before tax | −5.7 MNOK | −9.4 MNOK | −24.5 MNOK |
| Tax expense | – | – | – |
| Net profit | −5.7 MNOK | −9.4 MNOK | −24.5 MNOK |
| Financial expenses | 0.4 MNOK | 1.4 MNOK | 3.0 MNOK |
| Total assets | 26.7 MNOK | 56.3 MNOK | 65.2 MNOK |
| Current assets | 7.3 MNOK | 9.9 MNOK | 7.6 MNOK |
| Equity | 20.9 MNOK | 18.6 MNOK | 34.1 MNOK |
| Retained earnings | – | – | – |
| Total liabilities | 5.8 MNOK | 37.8 MNOK | 31.0 MNOK |
| Current liabilities | 5.8 MNOK | 17.0 MNOK | 23.7 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 9 November 2026, accounts id 6246285.
Further
Similar companies
- SONGBIRD AGENCY / Teaterforlaget Songbird AS index 36, rank 5,319 · compare
- Aktiv-IT AS index 36, rank 5,322 · compare
- Coupler Oslo AS index 36, rank 5,329 · compare
- Sens Consulting AS index 36, rank 5,334 · compare
- Cerum AS index 36, rank 5,337 · compare
News and announcements
- 12 October 2026 Endring i styret (opens in a new tab) Source: Brønnøysundregistrene
- 18 March 2026 Endring av signatur (opens in a new tab) Source: Brønnøysundregistrene
- 30 January 2026 Kapital (opens in a new tab) Source: Brønnøysundregistrene
- 20 January 2026 Endring av signatur (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