Flo-Code AS
Score · fiscal year 2023
59of 100
How to read this: the company is ahead of 65 % of companies in the Morning class Small in the same sector in 2023. What does this mean?
Rank in the Morning class Small: 423 of 1,214 · What are Morning company classes?
Place in the whole sector: 1,304 of 3,757 · Teknisk tjenesteyting og forskning
Profile
Lion · Leader
High profitability, high solidity
Position against comparable companies in 2023, not a verdict on the company. Based on profitability 73 and solidity 54 out of 100 among companies in the Morning class Small in the same sector in 2023. Methodology
Against the sector
Flo-Code AS is 9 points above the median for companies in the Morning class Small in the same sector in 2023.
Median score 50 among 1,214 companies.
Against companies in the Morning class Small in the same sector in 2023: operating margin 12.2% (median 5.0%) and equity ratio 37.7% (median 34.4%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 19 MNOK | 20 MNOK |
| Operating margin | 12.2% | 5.0% |
| Profit margin | 12.4% | 4.9% |
| Return on assets | 24.4% | 12.5% |
| Equity ratio | 37.7% | 34.4% |
| Debt-to-equity | 1.66 | 1.77 |
| Current ratio | 1.42 | 1.42 |
| Revenue growth | – | 15.8% |
| Revenue per employee | 0.78 MNOK | 1.44 MNOK |
The median and “ahead of” refer to companies in the Morning class Small in the same sector in 2023. The bar shows the share of companies the figure is ahead of.
With an index of 59, Flo-Code AS does better than 65% of companies in the Morning class Small in the same sector (1,214 companies) in 2023.
Score 2023–2025
- Flo-Code AS
- Median: companies in the Morning class Small in the same sector
What the numbers say
Flo-Code AS had an operating margin of 12.2% and an equity ratio of 37.7% in 2023, and ranks 1,304 of 3,757 in Teknisk tjenesteyting og forskning.
This text is generated automatically from the 2023 accounts.
Three simple methods
The methods give between 6 MNOK and 20 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 18.6 | 17 MNOK |
| EV/EBIT | 15.9 | 20 MNOK |
| P/B | 3.2 | 6 MNOK |
The listed basis is the value at listed multiples. The estimate is lowered by 51% for an unlisted company: 20% for lack of marketability and 38% for size (a small-company premium of 4% on the cost of equity).
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 0.4% of the debt in 2023. The policy rate averaged 3.54 % 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 | 73 | weight 30% |
|---|---|---|
| Solidity | 54 | weight 25% |
| Liquidity | 50 | weight 15% |
| Growth | – | no data, left out |
| Consistency | 48 | weight 15% |
Index version 2. Data completeness 85%: the share of the weights that had data.
Questions and answers
How profitable is Flo-Code AS?
The operating margin was 12.2% in 2023, against a median of 5.0% among companies in the Morning class Small in the same sector. Return on assets was 24.4%.
How solid is Flo-Code AS?
The equity ratio was 37.7% in 2023 (median 34.4%). Debt-to-equity was 1.66 (median 1.77).
What is the liquidity of Flo-Code AS like?
The current ratio was 1.42 in 2023 (median 1.42).
How does Flo-Code AS compare in Teknisk tjenesteyting og forskning?
Flo-Code AS ranks 1,304 of 3,757 in Teknisk tjenesteyting og forskning for 2023. Among companies in the Morning class Small it is number 423 of 1,214.
Group structure · 2025
3 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.
No owner holds more than half of the shares in Flo-Code Holding AS.
Flo-Code Holding AS has not filed group accounts in open data, so the group has no index of its own. Each company has its own accounts.
-
Flo-Code Holding AS
- Flo-Code AS you are here
- Patentprodukter AS
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.
From the Central Coordinating Register
- Org. no.
- 929022831
- Legal form
- AS
- Sector
- Teknisk tjenesteyting og forskning (71.200)
- Morning company class
- Small
- Employees
- 25 registered 10 July 2026
- Founded
- 1 May 1980 46 years in operation
- Share capital
- 1.06 MNOK
- Business address
- Dalslia 36, 1394 NESBRU (ASKER)
- Municipality
- Asker rank 2 of 11 in KOSTRA group 12
- Latest accounts filed
- 2025
- Website
- www.flo-code.com
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 31 October 2026. Only names are shown.
Shareholders (2025)
- Number of shareholders
- 1 (one owner)
- Largest owner
- 100.0%
- Split
- companies 100% · private persons 0% · foreign 0%
- Owned from the same municipality
- 100%
- Group chain
-
Owned by: Flo-Code Holding AS (100%)
Ultimate owner: Flo-Code Holding AS
- Flo-Code Holding AS · 100.0%
Change 2007–2025:
100% of the shares changed owner (1 new and 3 departed owners). The majority owner changed.
New owners (companies): Flo-Code Holding AS
Holds shares in: DNB Bank ASA (0%)
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.
Figures last fetched 4 November 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 59 | 66 | 46 | |
| Rank | 1,304 | 761 | 2,295 | |
| Operating margin | 12.2% | 16.1% | 6.2% | |
| Return on assets | 24.4% | 52.7% | 19.3% | |
| Equity ratio | 37.7% | 31.0% | 37.4% | |
| Current ratio | 1.42 | 1.37 | 1.42 | |
| Revenue growth | – | 87.3% | −31.7% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 19.4 MNOK | 36.4 MNOK | 24.8 MNOK |
| Operating profit | 2.4 MNOK | 5.8 MNOK | 1.5 MNOK |
| Profit before tax | 2.4 MNOK | 5.9 MNOK | 1.6 MNOK |
| Tax expense | 0.5 MNOK | 1.1 MNOK | 0.3 MNOK |
| Net profit | 1.9 MNOK | 4.8 MNOK | 1.2 MNOK |
| Financial expenses | 0.0 MNOK | 0.0 MNOK | 0.1 MNOK |
| Total assets | 10.0 MNOK | 11.2 MNOK | 8.5 MNOK |
| Current assets | 8.5 MNOK | 10.3 MNOK | 7.3 MNOK |
| Equity | 3.8 MNOK | 3.5 MNOK | 3.2 MNOK |
| Retained earnings | 2.3 MNOK | 2.4 MNOK | 2.1 MNOK |
| Total liabilities | 6.2 MNOK | 7.8 MNOK | 5.3 MNOK |
| Current liabilities | 6.0 MNOK | 7.5 MNOK | 5.1 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 4 November 2026, accounts id 4605237.
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