Nordic Spas Nord AS
Score · fiscal year 2025
54of 100
How to read this: the company is ahead of 57 % of companies in the Morning class Micro in the same sector in 2025. What does this mean?
Rank in the Morning class Micro: 4,862 of 11,281 · What are Morning company classes?
Place in the whole sector: 9,910 of 22,940 · Handel
Profile
Cheetah · Sprinter
High profitability, lower solidity
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 94 and solidity 13 out of 100 among companies in the Morning class Micro in the same sector in 2025. Methodology
Against the sector
Nordic Spas Nord AS is 4 points above the median for companies in the Morning class Micro in the same sector in 2025.
Median score 50 among 11,278 companies.
Against companies in the Morning class Micro in the same sector in 2025: operating margin 27.5% (median 2.6%) and equity ratio 3.1% (median 33.5%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 7 MNOK | 4 MNOK |
| Operating margin | 27.5% | 2.6% |
| Profit margin | 26.7% | 2.1% |
| Return on assets | 51.6% | 6.2% |
| Equity ratio | 3.1% | 33.5% |
| Debt-to-equity | 31.36 | 1.25 |
| Current ratio | 1.00 | 1.74 |
| Revenue growth | 796.6% | 4.0% |
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 54, Nordic Spas Nord AS does better than 57% of companies in the Morning class Micro in the same sector (11,281 companies) in 2025.
Score 2023–2025
- Nordic Spas Nord AS
- Median: companies in the Morning class Micro in the same sector
Nordic Spas Nord AS has a score of 54 for 2025, rank 9,910 of 22,940 in the sector.
Strongest: Growth: percentile 98 against peers, revenue growth 796.6% against a median of 4.0%. Profitability: percentile 94 against peers, operating margin 27.5% against a median of 2.6%.
Weakest: Solidity: percentile 13 against peers, equity ratio 3.1% against a median of 33.5%. Liquidity: percentile 21 against peers, current ratio 1.00 against a median of 1.74.
Worth a closer look
- The equity ratio is very low. Could the company absorb a bad year, and does it need more equity? Based on: equity ratio 3.1% (median 33.5%).
- Strong growth with weak liquidity. Is the growth financed, or does it tie up capital the company does not have? Based on: revenue growth 796.6% (median 4.0%); current ratio 1.00 (median 1.74).
- What lies behind weak solidity, 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
Nordic Spas Nord AS had an operating margin of 27.5% and an equity ratio of 3.1% in 2025, and ranks 9,910 of 22,940 in Handel.
From 2024 to 2025: revenue grew by 797% and the operating margin rose from −3.4% to 27.5%.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 0 MNOK and 5 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 21.2 | 5 MNOK |
| EV/EBIT | 16.6 | 5 MNOK |
| P/B | 2.2 | 0 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
- watch
The equity ratio is very low. Could the company absorb a bad year, and does it need more equity?
Based on: Equity ratio 3.1% (median 33.5%).
- watch
Strong growth with weak liquidity. Is the growth financed, or does it tie up capital the company does not have?
Based on: Revenue growth 796.6% (median 4.0%); Current ratio 1.00 (median 1.74).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 1.6% 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 1.5%. Based on the 11 fiscal years we have. The analysis grows as more years are fetched or imported. Methodology
What the score is made of
| Profitability | 94 | weight 30% |
|---|---|---|
| Solidity | 13 | weight 25% |
| Liquidity | 21 | weight 15% |
| Growth | 98 | weight 15% |
| Consistency | 30 | weight 15% |
Durability: 45 (average over 2 years)
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is Nordic Spas Nord AS?
The operating margin was 27.5% in 2025, against a median of 2.6% among companies in the Morning class Micro in the same sector. Return on assets was 51.6%.
How solid is Nordic Spas Nord AS?
The equity ratio was 3.1% in 2025 (median 33.5%). Debt-to-equity was 31.36 (median 1.25).
What is the liquidity of Nordic Spas Nord AS like?
The current ratio was 1.00 in 2025 (median 1.74).
How does Nordic Spas Nord AS compare in Handel?
Nordic Spas Nord AS ranks 9,910 of 22,940 in Handel for 2025. Among companies in the Morning class Micro it is number 4,862 of 11,281. Revenue changed by 796.6% from the year before.
From the Central Coordinating Register
- Org. no.
- 930561592
- Legal form
- AS
- Sector
- Handel (46.830)
- Morning company class
- Micro
- Employees
- 0–4 (not registered)
- Founded
- 15 November 2022 3 years in operation
- Share capital
- 0.10 MNOK
- Business address
- Stakkevollvegen 33, 9010 TROMSØ
- Municipality
- Tromsø rank 9 of 11 in KOSTRA group 12
- Audit
- Audit opted out from 3 January 2023
- 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 29 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: Nordicspas Holding AS (100%)
Ultimate owner: private person
The owner: the majority owner Nordicspas Holding AS (holds 100%) had negative equity in 2025. 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.
- Nordicspas 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.
Figures last fetched 27 October 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 36 | – | 54 | |
| Rank | 14,856 | – | 9,910 | |
| Operating margin | 1.6% | −3.4% | 27.5% | |
| Return on assets | 5.9% | −14.5% | 51.6% | |
| Equity ratio | 18.9% | 61.1% | 3.1% | |
| Current ratio | 1.23 | 2.48 | 1.00 | |
| Revenue growth | – | −69.8% | 796.6% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 2.6 MNOK | 0.8 MNOK | 6.9 MNOK |
| Operating profit | 0.0 MNOK | 0.0 MNOK | 1.9 MNOK |
| Profit before tax | 0.0 MNOK | 0.0 MNOK | 1.8 MNOK |
| Tax expense | 0.0 MNOK | 0.0 MNOK | 0.4 MNOK |
| Net profit | 0.0 MNOK | 0.0 MNOK | 1.4 MNOK |
| Financial expenses | 0.0 MNOK | 0.0 MNOK | 0.1 MNOK |
| Total assets | 0.7 MNOK | 0.2 MNOK | 3.7 MNOK |
| Current assets | 0.7 MNOK | 0.2 MNOK | 3.6 MNOK |
| Equity | 0.1 MNOK | 0.1 MNOK | 0.1 MNOK |
| Retained earnings | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Total liabilities | 0.6 MNOK | 0.1 MNOK | 3.6 MNOK |
| Current liabilities | 0.6 MNOK | 0.1 MNOK | 3.6 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 27 October 2026, accounts id 7233618.
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