G. COWARD AS
Score · fiscal year 2025
46of 100
How to read this: the company is ahead of 41 % of medium-sized companies in the same sector in 2025. What does this mean?
Rank: 17,848 of 30,442 · Handel
Profile
Elephant · Steward
Lower profitability, high solidity
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 8 and solidity 79 out of 100 among medium-sized companies in the same sector in 2025. Methodology
Against the sector
G. COWARD AS is 4 points below the median for medium-sized companies in the same sector in 2025.
Median score 50 among 1,664 companies.
Against medium-sized companies in the same sector in 2025: operating margin −1.9% (median 3.1%) and equity ratio 57.4% (median 32.6%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 186 MNOK | 176 MNOK |
| Operating margin | −1.9% | 3.1% |
| Profit margin | −2.2% | 3.1% |
| Return on assets | −2.5% | 11.3% |
| Equity ratio | 57.4% | 32.6% |
| Debt-to-equity | 0.74 | 2.02 |
| Current ratio | 2.36 | 1.38 |
| Revenue growth | 2.4% | 6.7% |
| Revenue per employee | 4.54 MNOK | 6.44 MNOK |
The median and “ahead of” refer to medium-sized companies in the same sector in 2025. The bar shows the share of companies the figure is ahead of.
With an index of 46, G. COWARD AS does better than 41% of medium-sized companies in the same sector (1,668 companies) in 2025.
Score 2023–2025
- G. COWARD AS
- Median: medium-sized companies in the same sector
G. COWARD AS has a score of 46 for 2025, rank 17,848 of 30,442 in the sector.
Strongest: Liquidity: percentile 82 against peers, current ratio 2.36 against a median of 1.38. Solidity: percentile 79 against peers, equity ratio 57.4% against a median of 32.6%.
Weakest: Profitability: percentile 8 against peers, operating margin −1.9% against a median of 3.1%. Growth: percentile 34 against peers, revenue growth 2.4% against a median of 6.7%.
Worth a closer look
- The company made a loss before tax. Are these one-off items or a pattern? Based on: profit margin −2.2% (median 3.1%).
- The operating margin is lower than at three in four companies in the sector. Where do costs differ from competitors? Based on: operating margin −1.9% (median 3.1%).
- What lies behind weak profitability, and will it last?
- What lies behind weak growth, 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
G. COWARD AS had an operating margin of −1.9% and an equity ratio of 57.4% in 2025, and ranks 17,848 of 30,442 in Handel.
From 2024 to 2025: went from a profit to a loss before tax and the operating margin fell from 2.9% to −1.9%.
This text is generated automatically from the 2025 accounts.
Three simple methods
One method gives a figure: 68 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 10.0 | not meaningful |
| EV/EBIT | 8.0 | not meaningful |
| P/B | 1.0 | 68 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
- watch
The company made a loss before tax. Are these one-off items or a pattern?
Based on: Profit margin −2.2% (median 3.1%).
- 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 −1.9% (median 3.1%).
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 2017, the sector's weakest year, for this company.
The sector's weakest year was 2017, with a median operating margin of −134.9%. 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 | 8 | weight 30% |
|---|---|---|
| Solidity | 79 | weight 25% |
| Liquidity | 82 | weight 15% |
| Growth | 34 | weight 15% |
| Consistency | 39 | weight 15% |
Durability: 62 (average over 3 years)
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is G. COWARD AS?
The operating margin was −1.9% in 2025, against a median of 3.1% among medium-sized companies in the same sector. Return on assets was −2.5%. The company made a loss before tax.
How solid is G. COWARD AS?
The equity ratio was 57.4% in 2025 (median 32.6%). Debt-to-equity was 0.74 (median 2.02).
What is the liquidity of G. COWARD AS like?
The current ratio was 2.36 in 2025 (median 1.38).
How does G. COWARD AS compare in Handel?
G. COWARD AS ranks 17,848 of 30,442 in Handel for 2025. Among companies of the same size (medium-sized companies) it ranks 992 of 1,668. Revenue changed by 2.4% from the year before.
Group accounts · 2025
52 of 100
Rank 416 of 899 groups with group accounts. Groups are ranked only against each other, not against single companies.
| Key figure | The group | The company alone (2025) |
|---|---|---|
| Operating margin | 0.4% | −1.9% |
| Return on assets | 1.9% | −2.5% |
| Equity ratio | 51.3% | 57.4% |
| Current ratio | 2.32 | 2.36 |
| Revenue growth | 6.5% | 2.4% |
Group index in earlier years: 2023: 68 (229 of 1079), 2024: 67 (185 of 916).
Same formulas and weights as the company index. Group and company are never added together, and the group accounts are not part of sector averages or company rankings.
Source: Brønnøysund Register Centre, group accounts 2025 (open data, NLOD 2.0).
We do not show the group structure, because open data does not say who owns whom.
Public contracts
- Contracts awarded since 2024
- 0
- Total awarded value since 2024
- value not stated
| Date | Buyer | Notice | Value |
|---|---|---|---|
| 9 November 2021 | GKI Grenlandskommunenes Innkjøpsenhet | Verktøy, materiell og kjemikalier til Grenlandskommunene (GKI) | value not stated |
Based on notices in Doffin. Does not show call-offs under framework agreements or purchases below the publication threshold. Values are as stated by the buyer.
Source: Doffin (DFØ), fetched 27 October 2026. Winners are matched on organisation number.
Contains data under the Norwegian licence for public data (NLOD 2.0) made available by Doffin/the Norwegian Agency for Public and Financial Management (DFØ). NLOD 2.0
From the Central Coordinating Register
- Org. no.
- 929683943
- Legal form
- AS
- Sector
- Handel (46.840)
- Size tier
- medium
- Employees
- 41 registered 10 October 2026
- Founded
- 12 December 1980 45 years in operation
- Share capital
- 2.50 MNOK
- Business address
- Hagebyvegen 33, 3734 SKIEN
- Municipality
- Skien rank 8 of 10 in KOSTRA group 11
- Latest accounts filed
- 2025
- Website
- www.coward.no
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
- Chief executive
- Roger Kolstad
- Chair of the board
- Per Herbert Westli
- Board member
- Berthe Ellen Cecilie Westli Coward Schøyen
- Board member
- Atle Bringsås
- Board member
- Robert Tom Flemming Coward
- Deputy member
- Caroline Vestgarden
- Auditor
- BDO AS
- Accountant
- SAGA REGNSKAP OG RÅDGIVNING 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 | 74 | 66 | 46 | |
| Rank | 3,412 | 5,791 | 17,848 | |
| Operating margin | 3.8% | 2.9% | −1.9% | |
| Return on assets | 7.3% | 6.1% | −2.5% | |
| Equity ratio | 65.4% | 65.2% | 57.4% | |
| Current ratio | 3.62 | 3.39 | 2.36 | |
| Revenue growth | – | 9.1% | 2.4% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 166.5 MNOK | 181.6 MNOK | 186.0 MNOK |
| Operating profit | 6.4 MNOK | 5.2 MNOK | −3.6 MNOK |
| Profit before tax | 6.3 MNOK | 5.5 MNOK | −4.1 MNOK |
| Net profit | 4.9 MNOK | 4.3 MNOK | −3.1 MNOK |
| Financial expenses | 1.2 MNOK | 1.1 MNOK | 1.1 MNOK |
| Total assets | 102.3 MNOK | 109.1 MNOK | 118.4 MNOK |
| Current assets | 77.5 MNOK | 81.2 MNOK | 86.0 MNOK |
| Equity | 66.9 MNOK | 71.2 MNOK | 68.0 MNOK |
| Retained earnings | 64.4 MNOK | 68.7 MNOK | 65.5 MNOK |
| Total liabilities | 35.4 MNOK | 37.9 MNOK | 50.4 MNOK |
| Current liabilities | 21.4 MNOK | 23.9 MNOK | 36.4 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 27 October 2026, accounts id 7103903.
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