Carpenter 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 2025
31of 100
How to read this: the company is ahead of 16 % of companies in the Morning class Medium in the same sector in 2025. What does this mean?
Rank in the Morning class Medium: 1,149 of 1,373 · What are Morning company classes?
Place in the whole sector: 5,812 of 7,073 · Industri
Profile
Beaver · Builder
Lower profitability, lower resilience
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 20 and resilience 33 out of 100 among companies in the Morning class Medium in the same sector in 2025. Methodology
Against the sector
Carpenter AS is 20 points below the median for companies in the Morning class Medium in the same sector in 2025.
Median score 51 among 1,373 companies.
Against companies in the Morning class Medium in the same sector in 2025: operating margin −0.4% (median 5.0%) and equity ratio 27.0% (median 39.3%).
How it has gone · 2023–2025
Revenue fell by 4 % from 2023 to 2025, to 97.1 MNOK. The operating margin rose from −3.4% in 2023 to −0.4% in 2025. The equity ratio fell from 78.0% in 2023 to 27.0% in 2025.
Amounts in the reporting currency. The full year-by-year table is further down under «Details». See every figure year by year
Carpenter AS has a score of 31 for 2025, rank 5,812 of 7,073 in the sector.
Strongest: Liquidity: percentile 60 against peers, current ratio 1.76 against a median of 1.54.
Weakest: Profitability: percentile 20 against peers, operating margin −0.4% against a median of 5.0%. Consistency: percentile 28 against peers.
Worth a closer look
- 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) −0.2 (median 5.5); financial costs as a share of debt 3.0% (median 2.9%).
- The company made a loss before tax. Are these one-off items or a pattern? Based on: profit margin −0.9% (median 4.8%).
- The operating margin is lower than at three in four companies in the sector. Where do costs differ from competitors? Based on: operating margin −0.4% (median 5.0%).
- What lies behind weak profitability, 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
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) −0.2 (median 5.5); Financial costs as a share of debt 3.0% (median 2.9%).
- watch
The company made a loss before tax. Are these one-off items or a pattern?
Based on: Profit margin −0.9% (median 4.8%).
- 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 −0.4% (median 5.0%).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 3.0% of the debt in 2025. The policy rate averaged 4.30 % 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 2022, the sector's weakest year, for this company.
The sector's weakest year was 2022, with a median operating margin of −0.4%. 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 | 20 | weight 40% |
|---|---|---|
| Solidity | 29 | weight 20% |
| Liquidity | 60 | weight 5% |
| Growth | 46 | weight 25% |
| Consistency | 28 | weight 10% |
Three goals: profitability 40%, growth 25%, resilience 35%. Why these weights?
Durability: 42 (average over 3 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 | 97 MNOK | 114 MNOK |
| Operating margin | −0.4% | 5.0% |
| Profit margin | −0.9% | 4.8% |
| Return on assets | 1.2% | 10.5% |
| Equity ratio | 27.0% | 39.3% |
| Debt-to-equity | 2.71 | 1.50 |
| Current ratio | 1.76 | 1.54 |
| Revenue growth | −3.0% | 7.1% |
| Revenue per employee | 2.62 MNOK | 2.95 MNOK |
The median and “ahead of” refer to companies in the Morning class Medium in the same sector in 2025. The bar shows the share of companies the figure is ahead of.
With an index of 31, Carpenter AS does better than 16% of companies in the Morning class Medium in the same sector (1,373 companies) in 2025.
Score 2023–2025
- Carpenter AS
- Median: companies in the Morning class Medium 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. |
50 days | 68 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. |
57 days | 36 days | |
| Net working capital to revenue Current assets less bank deposits less current liabilities, divided by revenue. Negative: short-term debt funds the operations. |
12.1% | 6.4% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
3.0% | 10.6% | |
| 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. |
−0.2 | 5.5 | |
| 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. |
3.0% | 2.9% | |
| Long-term share of debt Long-term debt as a share of all debt. A low share means more falls due within a year. |
75.9% | 15.7% | |
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): 11.8 MNOK.
Of the financial costs of 2.0 MNOK, 0.7 MNOK is reported as interest costs in the accounts.
The median and the bar refer to companies in the Morning class Medium in the same sector in 2025. 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.
The industry or the company: what drove the result?
In 2025 the operating margin of Carpenter AS rose by 1.6 percentage points. Comparable companies fell by a median 0.4 points. So the company did 2.1 points better than the industry, for reasons of its own.
Over 2 year-to-year changes Carpenter AS moved the same way as comparable companies 0 times. About 15% of the changes in operating margin were common to the industry; the rest was the company's own.
| Year | The company | Comparable (median) | Change, company | Change, industry | The company's own |
|---|---|---|---|---|---|
| 2024 | −2.0% | 5.4% | +1.3 percentage points | +0.2 percentage points | +1.2 percentage points |
| 2025 | −0.4% | 5.0% | +1.6 percentage points | −0.4 percentage points | +2.1 percentage points |
Comparable companies are those in the same industry and Morning company class. Their change shows what hit the whole industry, the sector drivers below included. The rest is the company's own: contracts, costs, one-off items or operations. The share is approximate, and we claim no cause.
The company and its sector's drivers
Prices, rate and currency that shape the sector's year, year by year beside the operating margin of Carpenter AS. The figures stand side by side; we claim no cause.
Producer prices in manufacturing (indeks (2021 = 100))
Producer prices in manufacturing rose 2.9% in 2025; the operating margin of Carpenter AS rose 1.6 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Producer prices in manufacturing, annual average | 100.0 | 124.7 | 129.5 | 134.4 | 138.3 | 146.7 (so far) |
| Change from the year before | +10.7% | +24.7% | +3.9% | +3.7% | +2.9% | +6.1% |
| The company's operating margin | – | – | −3.4% | −2.0% | −0.4% | – |
Source: SSB (12462, CC BY 4.0). Source
EUR/NOK (kr)
EUR/NOK rose 0.8% in 2025; the operating margin of Carpenter AS rose 1.6 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| EUR/NOK, annual average | 10.16 | 10.10 | 11.42 | 11.62 | 11.72 | 11.04 (so far) |
| Change from the year before | −5.2% | −0.6% | +13.1% | +1.8% | +0.8% | −5.8% |
| The company's operating margin | – | – | −3.4% | −2.0% | −0.4% | – |
Source: Norges Bank (EXR, NLOD 2.0). Source
Wholesale power price (øre per kWh)
Wholesale power price rose 9.4% in 2025; the operating margin of Carpenter AS rose 1.6 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Wholesale power price, annual average | 64.2 | 141.7 | 72.0 | 49.4 | 54.0 | 96.5 (so far) |
| Change from the year before | +466.7% | +120.8% | −49.2% | −31.4% | +9.4% | +78.4% |
| The company's operating margin | – | – | −3.4% | −2.0% | −0.4% | – |
Source: SSB (09363, CC BY 4.0). Source
USD/NOK (kr)
USD/NOK fell 3.3% in 2025; the operating margin of Carpenter AS rose 1.6 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| USD/NOK, annual average | 8.59 | 9.61 | 10.56 | 10.75 | 10.39 | 9.54 (so far) |
| Change from the year before | −8.8% | +11.9% | +9.9% | +1.7% | −3.3% | −8.2% |
| The company's operating margin | – | – | −3.4% | −2.0% | −0.4% | – |
Source: Norges Bank (EXR, NLOD 2.0). Source
Wage index: fabricated metal products (indeks)
Wage index: fabricated metal products rose 5.8% in 2025; the operating margin of Carpenter AS rose 1.6 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Wage index: fabricated metal products, annual average | 88.0 | 91.5 | 96.9 | 102.1 | 108.0 | 112.8 (so far) |
| Change from the year before | +3.1% | +3.9% | +6.0% | +5.4% | +5.8% | +4.5% |
| The company's operating margin | – | – | −3.4% | −2.0% | −0.4% | – |
Source: SSB (12314, CC BY 4.0). Source
We show the drivers and the margin side by side and claim no cause. Sensitivity per company is not computed until we have at least 10 years of accounts per company: with three years such figures are false precision.
What the numbers say
Carpenter AS had an operating margin of −0.4% and an equity ratio of 27.0% in 2025, and ranks 5,812 of 7,073 in Industri.
From 2024 to 2025: the equity ratio fell from 74.2% to 27.0%.
This text is generated automatically from the 2025 accounts.
Three simple methods
One method gives a figure: 47 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 22.2 | not meaningful |
| EV/EBIT | 18.6 | not meaningful |
| P/B | 3.0 | 47 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 NACE code has no listed industry of its own in the table, so the multiples are the sector median: Machinery, Food Processing, Chemical (Specialty), Building Materials, Packaging & Container.
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
Questions and answers
How profitable is Carpenter AS?
The operating margin was −0.4% in 2025, against a median of 5.0% among companies in the Morning class Medium in the same sector. Return on assets was 1.2%. The company made a loss before tax.
How solid is Carpenter AS?
The equity ratio was 27.0% in 2025 (median 39.3%). Debt-to-equity was 2.71 (median 1.50).
What is the liquidity of Carpenter AS like?
The current ratio was 1.76 in 2025 (median 1.54).
How does Carpenter AS compare in Industri?
Carpenter AS ranks 5,812 of 7,073 in Industri for 2025. Among companies in the Morning class Medium it is number 1,149 of 1,373. Revenue changed by −3.0% from the year before.
Competitors
The 8 closest competitors in the same line of business, placed in the same matrix as the sector page: profitability up, resilience to the right. These are the companies the competitor analysis and the strategy report compare with.
Each bubble is a company: this company and its closest competitors in the same line of business and size, the same ones the competitor analysis uses. Placement is 0–100 against the whole sector and Morning company class: further right is more robust, higher up is more profitable. Bubble size is revenue. The light bubble and arrow show where the company stood the year before. Pick a profile to see fewer at a time.
| Company | Profile | Operating revenue | Operating margin | Score |
|---|---|---|---|---|
| Ops Composite Solutions AS |  Beaver |
128 MNOK | 4.2% | 58 |
| Baca Plastindustri AS | Beaver |
113 MNOK | −0.2% | 30 |
| Carpenter AS (this company) | Beaver |
97 MNOK | −0.4% | 31 |
| Astorplast AS |  Cheetah |
87 MNOK | 19.3% | 66 |
| Nopla AS | Cheetah |
81 MNOK | 11.9% | 42 |
| Arges AS |  Lion |
56 MNOK | 16.2% | 73 |
| Norsmaterials AS | Lion |
52 MNOK | 14.9% | 61 |
| Plastinvent AS | Lion |
51 MNOK | 24.8% | 82 |
| Rempro AS | Lion |
50 MNOK | 36.2% | 82 |
The selection is the closest in revenue within the same industry code. When you order, you can swap competitors. Order competitor analysis
Group accounts
The company is registered as part of a group, but we have no group accounts for it. Group accounts are filed by the parent company, and open data does not say which company that is.
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.
The shareholder register shows no Norwegian majority owner and no subsidiaries for this company.
From the Central Coordinating Register
- Org. no.
- 930030872
- Legal form
- AS · part of a group
- Sector
- Industri (22.210)
- Purpose
- Produksjon av skumplast og madrasser, handel, agentur, verksted- og servicearbeide, kjøp/salg og drift av fast eiendom og løsøre samt ved asjetegning eller på annen måte delta i andre virksomheter.
- Morning company class
- Medium
- Employees
- 37 registered 10 October 2026
- Founded
- 29 November 1967 58 years in operation
- Share capital
- 2.68 MNOK
- Business address
- Raumavegen 60, 6300 ÅNDALSNES (RAUMA)
- Municipality
- Rauma rank 5–20 of 40 in KOSTRA group 1
- Latest accounts filed
- 2025
- VAT registered
- Yes
- Website
- www.carpenter.com
- Former names
- Recticel AS until 2023, Westnofa Industrier AS until 2015, Rauma Industribygg AS until 1997
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 0% · private persons 100% · foreign 100%
- Group chain
- Ultimate owner: private person
Change 2007–2025:
100% of the shares changed owner (1 new and 1 departed owners). The majority owner changed. Foreign owners now hold more than half.
Departed (companies): Brekke Industrier AS
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 4 November 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 51 | 45 | 31 | |
| Rank | 3,224 | 4,225 | 5,812 | |
| Operating margin | −3.4% | −2.0% | −0.4% | |
| Return on assets | 2.3% | 0.5% | 1.2% | |
| Equity ratio | 78.0% | 74.2% | 27.0% | |
| Current ratio | 4.12 | 3.45 | 1.76 | |
| Revenue growth | – | −1.3% | −3.0% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 101.4 MNOK | 100.0 MNOK | 97.1 MNOK |
| Operating profit | −3.4 MNOK | −2.0 MNOK | −0.4 MNOK |
| Profit before tax | −3.0 MNOK | −1.8 MNOK | −0.9 MNOK |
| Tax expense | −0.6 MNOK | −0.4 MNOK | −0.2 MNOK |
| Net profit | −2.3 MNOK | −1.4 MNOK | −0.7 MNOK |
| Financial expenses | 4.1 MNOK | 2.1 MNOK | 2.0 MNOK |
| Total assets | 48.2 MNOK | 48.8 MNOK | 94.6 MNOK |
| Current assets | 43.7 MNOK | 43.6 MNOK | 29.4 MNOK |
| Equity | 37.6 MNOK | 36.2 MNOK | 25.5 MNOK |
| Retained earnings | 22.2 MNOK | 20.8 MNOK | 10.1 MNOK |
| Total liabilities | 10.6 MNOK | 12.6 MNOK | 69.1 MNOK |
| Current liabilities | 10.6 MNOK | 12.6 MNOK | 16.7 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 4 November 2026, accounts id 6977552.
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