Frame 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
47of 100
How to read this: the company is ahead of 44 % of companies in the Morning class Micro in the same sector in 2025. What does this mean?
Rank in the Morning class Micro: 715 of 1,279 · What are Morning company classes?
Place in the whole sector: 1,061 of 1,846 · Kultur og fritid
Profile
Cheetah · Sprinter
High profitability, lower resilience
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 60 and resilience 41 out of 100 among companies in the Morning class Micro in the same sector in 2025. Methodology
Against the sector
Frame AS is 3 points below the median for companies in the Morning class Micro in the same sector in 2025.
Median score 50 among 1,276 companies.
Against companies in the Morning class Micro in the same sector in 2025: operating margin 8.5% (median 4.1%) and equity ratio 13.7% (median 34.4%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 4 MNOK | 3 MNOK |
| Operating margin | 8.5% | 4.1% |
| Profit margin | 7.9% | 3.5% |
| Return on assets | 12.7% | 8.2% |
| Equity ratio | 13.7% | 34.4% |
| Debt-to-equity | 6.29 | 1.19 |
| Current ratio | 4.55 | 1.45 |
| Revenue growth | −6.0% | 4.8% |
| Revenue per employee | 0.86 MNOK | 0.35 MNOK |
The median and “ahead of” refer to companies in the Morning class Micro in the same sector in 2025. The bar shows the share of companies the figure is ahead of.
With an index of 47, Frame AS does better than 44% of companies in the Morning class Micro in the same sector (1,279 companies) in 2025.
Score 2023–2025
- Frame AS
- Median: companies in the Morning class Micro in the same sector
Frame AS has a score of 47 for 2025, rank 1,061 of 1,846 in the sector.
Strongest: Liquidity: percentile 86 against peers, current ratio 4.55 against a median of 1.45.
Weakest: Solidity: percentile 24 against peers, equity ratio 13.7% against a median of 34.4%. Growth: percentile 32 against peers, revenue growth −6.0% against a median of 4.8%.
Worth a closer look
- What lies behind weak solidity, and will it last?
- What lies behind weak growth, and will it last?
- The change in operating margin in 2025 was 2.9 percentage points weaker than for comparable companies: the company −2.4, the industry +0.4 points. That is the company's own, not something that hit the whole industry.
Written by fixed rules from the figures. Describes the figures, does not explain causes. Not investment or financial advice. How the summary is made
The industry or the company: what drove the result?
In 2025 the operating margin of Frame AS fell by 2.4 percentage points. Comparable companies rose by a median 0.4 points. So the company did 2.9 points weaker than the industry, for reasons of its own.
Over 2 year-to-year changes Frame AS moved the same way as comparable companies 0 times. About 2% 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 | 10.9% | 3.6% | +21.1 percentage points | −0.1 percentage points | +21.2 percentage points |
| 2025 | 8.5% | 4.1% | −2.4 percentage points | +0.4 percentage points | −2.9 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 Frame AS. The figures stand side by side; we claim no cause.
Consumer price index (indeks (2025 = 100))
Consumer price index rose 3.0% in 2025; the operating margin of Frame AS fell 2.4 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Consumer price index, annual average | 84.3 | 89.2 | 94.1 | 97.0 | 100.0 | 102.9 (so far) |
| Change from the year before | +3.5% | +5.8% | +5.5% | +3.2% | +3.0% | +2.9% |
| The company's operating margin | – | – | −10.1% | 10.9% | 8.5% | – |
Source: SSB (14710, CC BY 4.0). Source
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of Frame AS fell 2.4 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Policy rate, annual average | 0.08 | 1.32 | 3.54 | 4.50 | 4.30 | 4.17 (so far) |
| Change from the year before | −0.28 percentage points | +1.24 percentage points | +2.22 percentage points | +0.96 percentage points | −0.20 percentage points | −0.12 percentage points |
| The company's operating margin | – | – | −10.1% | 10.9% | 8.5% | – |
Source: Norges Bank (IR, NLOD 2.0). Source
Wage index: sports and recreation (indeks)
Wage index: sports and recreation rose 6.7% in 2025; the operating margin of Frame AS fell 2.4 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Wage index: sports and recreation, annual average | 84.2 | 89.2 | 94.0 | 98.8 | 105.5 | 112.7 (so far) |
| Change from the year before | +2.0% | +6.0% | +5.4% | +5.2% | +6.7% | +6.8% |
| The company's operating margin | – | – | −10.1% | 10.9% | 8.5% | – |
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
Frame AS had an operating margin of 8.5% and an equity ratio of 13.7% in 2025, and ranks 1,061 of 1,846 in Kultur og fritid.
From 2024 to 2025: the equity ratio rose from 5.3% to 13.7% and the operating margin fell from 10.9% to 8.5%.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 1 MNOK and 4 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 21.1 | 2 MNOK |
| EV/EBIT | 19.9 | 4 MNOK |
| P/B | 3.3 | 1 MNOK |
| EV/EBIT: from enterprise value to equity | NOK |
|---|---|
| Enterprise value (EV) at the listed multiple | 3 MNOK |
| Enterprise value after the size adjustment | 2 MNOK |
| Less net debt (rough figure) | −2 MNOK |
| Equity value | 4 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 −102% 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 NACE code has no listed industry of its own in the table, so the multiples are the sector median: Recreation.
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 2.0% 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 2026, the sector's weakest year, for this company.
The sector's weakest year was 2026, with a median operating margin of −5.4%. Based on the 7 fiscal years we have. The analysis grows as more years are fetched or imported. Methodology
What the score is made of
| Profitability | 60 | weight 40% |
|---|---|---|
| Solidity | 24 | weight 20% |
| Liquidity | 86 | weight 5% |
| Growth | 32 | weight 25% |
| Consistency | 53 | weight 10% |
Three goals: profitability 40%, growth 25%, resilience 35%. Why these weights?
Durability: 40 (average over 3 years)
Index version 3. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is Frame AS?
The operating margin was 8.5% in 2025, against a median of 4.1% among companies in the Morning class Micro in the same sector. Return on assets was 12.7%.
How solid is Frame AS?
The equity ratio was 13.7% in 2025 (median 34.4%). Debt-to-equity was 6.29 (median 1.19).
What is the liquidity of Frame AS like?
The current ratio was 4.55 in 2025 (median 1.45).
How does Frame AS compare in Kultur og fritid?
Frame AS ranks 1,061 of 1,846 in Kultur og fritid for 2025. Among companies in the Morning class Micro it is number 715 of 1,279. Revenue changed by −6.0% 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.
| Company | Profile | Operating revenue | Operating margin | Score |
|---|---|---|---|---|
| Lille Flatland AS |  Lion |
6 MNOK | 73.6% | 89 |
| Schanjem AS | Lion |
5 MNOK | 16.0% | 57 |
| Moheri AS | Lion |
5 MNOK | 35.1% | 71 |
| LINDMO & Sønner AS | Lion |
4 MNOK | 47.2% | 61 |
| Frame AS (this company) |  Cheetah |
4 MNOK | 8.5% | 47 |
| Furuholmen AS |  Beaver |
4 MNOK | 5.8% | 48 |
| Fjaselisa AS | Cheetah |
4 MNOK | 56.3% | 58 |
| Eirik Norman AS | Cheetah |
4 MNOK | 4.0% | 47 |
| Kuve AS | Lion |
3 MNOK | 26.8% | 62 |
The selection is the closest in revenue within the same industry code. When you order, you can swap competitors. Order competitor analysis
Group structure · 2025
2 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 Frame Holding AS.
Frame 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.
The group in figures
- Sectors
- Kultur og fritid (1 company) 1 of 2 companies in the tree have accounts with us. Sectors are sorted by the companies' own revenue, which includes sales between the group's companies.
- Employees in Norway
- 5 in all. Moss 5 Registered employees in the Central Coordinating Register, by the municipality of the business address. Employees may work elsewhere.
-
Frame Holding AS
- Frame AS you are here
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.
- 930311030
- Legal form
- AS
- Sector
- Kultur og fritid (90.209)
- Morning company class
- Micro
- Employees
- 5 registered 10 October 2026
- Founded
- 25 October 2022 4 years in operation
- Share capital
- 0.03 MNOK
- Business address
- Bernt Ankers gate 19, 1534 MOSS
- Municipality
- Moss rank 4–9 of 10 in KOSTRA group 11
- Audit
- Audit opted out from 25 November 2022
- 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
- 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: Frame Holding AS (100%)
Ultimate owner: Frame Holding AS
The owner: the majority owner Frame Holding AS (holds 100%) made a loss in 2025. A weak parent can affect the subsidiary through group contributions, loans and guarantees. It is an indication to watch, not an assessment of the company.
- Frame Holding AS · 100.0%
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 8 November 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 15 | 60 | 47 | |
| Rank | 1,556 | 573 | 1,061 | |
| Operating margin | −10.1% | 10.9% | 8.5% | |
| Return on assets | −22.8% | 17.4% | 12.7% | |
| Equity ratio | −16.9% | 5.3% | 13.7% | |
| Current ratio | 2.69 | 3.56 | 4.55 | |
| Revenue growth | – | 15.6% | −6.0% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 4.0 MNOK | 4.6 MNOK | 4.3 MNOK |
| Operating profit | −0.4 MNOK | 0.5 MNOK | 0.4 MNOK |
| Profit before tax | −0.4 MNOK | 0.5 MNOK | 0.3 MNOK |
| Tax expense | −0.1 MNOK | 0.1 MNOK | 0.1 MNOK |
| Net profit | −0.3 MNOK | 0.4 MNOK | 0.3 MNOK |
| Financial expenses | 0.0 MNOK | 0.0 MNOK | 0.1 MNOK |
| Total assets | 1.7 MNOK | 2.9 MNOK | 3.1 MNOK |
| Current assets | 1.3 MNOK | 2.0 MNOK | 2.4 MNOK |
| Equity | −0.3 MNOK | 0.2 MNOK | 0.4 MNOK |
| Retained earnings | −0.3 MNOK | 0.1 MNOK | 0.4 MNOK |
| Total liabilities | 2.0 MNOK | 2.8 MNOK | 2.7 MNOK |
| Current liabilities | 0.5 MNOK | 0.6 MNOK | 0.5 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 8 November 2026, accounts id 6524397.
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