Ring 2 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
Score · fiscal year 2024
46of 100
How to read this: the company is ahead of 39 % of companies in the Morning class Small in the same sector in 2024. What does this mean?
Rank in the Morning class Small: 943 of 1,553 · What are Morning company classes?
Place in the whole sector: 3,227 of 5,456 · Teknisk tjenesteyting og forskning
Profile
Cheetah · Sprinter
High profitability, lower resilience
Position against comparable companies in 2024, not a verdict on the company. Based on profitability 54 and resilience 44 out of 100 among companies in the Morning class Small in the same sector in 2024. Methodology
Against the sector
Ring 2 AS is 5 points below the median for companies in the Morning class Small in the same sector in 2024.
Median score 51 among 1,553 companies.
Against companies in the Morning class Small in the same sector in 2024: operating margin 4.4% (median 4.9%) and equity ratio 27.2% (median 32.8%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 10 MNOK | 19 MNOK |
| Operating margin | 4.4% | 4.9% |
| Profit margin | 4.4% | 5.3% |
| Return on assets | 18.6% | 12.4% |
| Equity ratio | 27.2% | 32.8% |
| Debt-to-equity | 2.67 | 1.90 |
| Current ratio | 1.35 | 1.40 |
| Revenue growth | −34.9% | 7.2% |
| Revenue per employee | 2.01 MNOK | 1.65 MNOK |
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 46, Ring 2 AS does better than 39% of companies in the Morning class Small in the same sector (1,553 companies) in 2024.
Score 2023–2025
- Ring 2 AS
- Median: companies in the Morning class Small in the same sector
What the numbers say
Ring 2 AS had an operating margin of 4.4% and an equity ratio of 27.2% in 2024, and ranks 3,227 of 5,456 in Teknisk tjenesteyting og forskning.
From 2023 to 2024: revenue fell by 35% and the operating margin rose from 1.1% to 4.4%.
This text is generated automatically from the 2024 accounts.
Three simple methods
The methods give between 2 MNOK and 5 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 22.4 | 3 MNOK |
| EV/EBIT | 17.4 | 5 MNOK |
| P/B | 4.1 | 2 MNOK |
| EV/EBIT: from enterprise value to equity | NOK |
|---|---|
| Enterprise value (EV) at the listed multiple | 5 MNOK |
| Enterprise value after the size adjustment | 3 MNOK |
| Less net debt (rough figure) | −2 MNOK |
| Equity value | 5 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 −51% 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 (73): Business & Consumer 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
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 0.0% 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 2021, the sector's weakest year, for this company.
The sector's weakest year was 2021, with a median operating margin of −0.2%. 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 | 54 | weight 40% |
|---|---|---|
| Solidity | 38 | weight 20% |
| Liquidity | 46 | weight 5% |
| Growth | 36 | weight 25% |
| Consistency | 53 | weight 10% |
Three goals: profitability 40%, growth 25%, resilience 35%. Why these weights?
Durability: 42 (average over 2 years)
Index version 3. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is Ring 2 AS?
The operating margin was 4.4% in 2024, against a median of 4.9% among companies in the Morning class Small in the same sector. Return on assets was 18.6%.
How solid is Ring 2 AS?
The equity ratio was 27.2% in 2024 (median 32.8%). Debt-to-equity was 2.67 (median 1.90).
What is the liquidity of Ring 2 AS like?
The current ratio was 1.35 in 2024 (median 1.40).
How does Ring 2 AS compare in Teknisk tjenesteyting og forskning?
Ring 2 AS ranks 3,227 of 5,456 in Teknisk tjenesteyting og forskning for 2024. Among companies in the Morning class Small it is number 943 of 1,553. Revenue changed by −34.9% from the year before.
From the Central Coordinating Register
- Org. no.
- 928293815
- Legal form
- AS
- Sector
- Teknisk tjenesteyting og forskning (73.110)
- Morning company class
- Small
- Employees
- 5 registered 10 September 2026
- Founded
- 5 November 2021 5 years in operation
- Share capital
- 0.10 MNOK
- Business address
- Ivan Bjørndals gate 9, 0472 OSLO
- Municipality
- Oslo rank 63–220 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
Loading roles …
Source: Central Coordinating Register, fetched 1 November 2026. Only names are shown.
Shareholders (2025)
- Number of shareholders
- 4
- Largest owner
- 30.0% · top three 90.0%
- Split
- companies 100% · private persons 0% · foreign 0%
- Måken AS · 30.0%
- Halvorsens AS · 30.0%
- Sure Folk AS · 30.0%
- Ring 2 AS · 10.0%
The company is new in the shareholder register in 2025.
Holds shares in: Ring 2 AS (10%), Momentum Media 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 8 November 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 39 | 46 | 41 | |
| Rank | 3,580 | 3,227 | 3,759 | |
| Operating margin | 1.1% | 4.4% | 4.2% | |
| Return on assets | 7.4% | 18.6% | 10.7% | |
| Equity ratio | 29.1% | 27.2% | 19.5% | |
| Current ratio | 1.40 | 1.35 | 1.23 | |
| Revenue growth | – | −34.9% | −9.8% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 15.5 MNOK | 10.1 MNOK | 9.1 MNOK |
| Operating profit | 0.2 MNOK | 0.4 MNOK | 0.4 MNOK |
| Profit before tax | 0.2 MNOK | 0.4 MNOK | 0.4 MNOK |
| Tax expense | 0.0 MNOK | 0.1 MNOK | 0.1 MNOK |
| Net profit | 0.1 MNOK | 0.3 MNOK | 0.3 MNOK |
| Financial expenses | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Total assets | 2.2 MNOK | 2.4 MNOK | 3.6 MNOK |
| Current assets | 2.2 MNOK | 2.3 MNOK | 3.5 MNOK |
| Equity | 0.6 MNOK | 0.6 MNOK | 0.7 MNOK |
| Retained earnings | 0.6 MNOK | 0.6 MNOK | 0.6 MNOK |
| Total liabilities | 1.6 MNOK | 1.7 MNOK | 2.9 MNOK |
| Current liabilities | 1.6 MNOK | 1.7 MNOK | 2.9 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 8 November 2026, accounts id 5574063.
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