Immutable 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 2023
84of 100
How to read this: the company is ahead of 94 % of companies in the Morning class Micro in the same sector in 2023. What does this mean?
Rank in the Morning class Micro: 240 of 3,752 · What are Morning company classes?
Place in the whole sector: 327 of 5,888 · Informasjon og kommunikasjon
Profile
Lion · Leader
High profitability, high resilience
Position against comparable companies in 2023, not a verdict on the company. Based on profitability 96 and resilience 69 out of 100 among companies in the Morning class Micro in the same sector in 2023. Methodology
Against the sector
Immutable AS is 34 points above the median for companies in the Morning class Micro in the same sector in 2023.
Median score 50 among 3,750 companies.
Against companies in the Morning class Micro in the same sector in 2023: operating margin 72.8% (median 5.9%) and equity ratio 62.6% (median 39.6%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 1 MNOK | 2 MNOK |
| Operating margin | 72.8% | 5.9% |
| Profit margin | 72.8% | 6.1% |
| Return on assets | 77.4% | 11.1% |
| Equity ratio | 62.6% | 39.6% |
| Debt-to-equity | 0.60 | 1.13 |
| Current ratio | 1.55 | 1.56 |
| Revenue growth | – | 0.0% |
The median and “ahead of” refer to companies in the Morning class Micro in the same sector in 2023. The bar shows the share of companies the figure is ahead of.
With an index of 84, Immutable AS does better than 94% of companies in the Morning class Micro in the same sector (3,752 companies) in 2023.
Score 2023–2025
- Immutable AS
- Median: companies in the Morning class Micro 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. |
coming | – | |
| 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. |
coming | – | |
| Net working capital to revenue Current assets less bank deposits less current liabilities, divided by revenue. Negative: short-term debt funds the operations. |
−19.0% | −8.9% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
70.2% | 56.2% | |
| 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. |
– | 7.9 | |
| 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. |
– | 0.5% | |
| Long-term share of debt Long-term debt as a share of all debt. A low share means more falls due within a year. |
0.0% | 0.0% | |
Net working capital (current assets less bank deposits less current liabilities): −0.2 MNOK.
The median and the bar refer to companies in the Morning class Micro in the same sector in 2023. 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.
Receivable days and inventory are shown once older accounts have been read again from the raw data. This happens by itself, without new calls to the Brønnøysund Register Centre.
What the numbers say
Immutable AS had an operating margin of 72.8% and an equity ratio of 62.6% in 2023, and ranks 327 of 5,888 in Informasjon og kommunikasjon.
This text is generated automatically from the 2023 accounts.
Three simple methods
The methods give between 2 MNOK and 9 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 18.0 | 8 MNOK |
| EV/EBIT | 14.9 | 9 MNOK |
| P/B | 3.6 | 2 MNOK |
| EV/EBIT: from enterprise value to equity | NOK |
|---|---|
| Enterprise value (EV) at the listed multiple | 14 MNOK |
| Enterprise value after the size adjustment | 8 MNOK |
| Less net debt (rough figure) | 0 MNOK |
| Equity value | 9 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.
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 multiples are from the listed industry that matches the NACE code (62): Computer Services.
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.
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 4.6%. 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 | 96 | weight 40% |
|---|---|---|
| Solidity | 69 | weight 20% |
| Liquidity | 50 | weight 5% |
| Growth | – | no data, left out |
| Consistency | 79 | weight 10% |
Three goals: profitability 40%, growth 25%, resilience 35%. Why these weights?
Index version 3. Data completeness 75%: the share of the weights that had data.
Questions and answers
How profitable is Immutable AS?
The operating margin was 72.8% in 2023, against a median of 5.9% among companies in the Morning class Micro in the same sector. Return on assets was 77.4%.
How solid is Immutable AS?
The equity ratio was 62.6% in 2023 (median 39.6%). Debt-to-equity was 0.60 (median 1.13).
What is the liquidity of Immutable AS like?
The current ratio was 1.55 in 2023 (median 1.56).
How does Immutable AS compare in Informasjon og kommunikasjon?
Immutable AS ranks 327 of 5,888 in Informasjon og kommunikasjon for 2023. Among companies in the Morning class Micro it is number 240 of 3,752.
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.
Private persons own 100% of the shares in Dnf Holding AS. Persons are not shown by name.
Dnf 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
- Informasjon og kommunikasjon (2 companies) 2 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.
-
Dnf Holding AS
- Immutable 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.
- 931468421
- Legal form
- AS
- Sector
- Informasjon og kommunikasjon (62.200)
- Morning company class
- Micro
- Employees
- 0–4 (not registered)
- Founded
- 1 June 2023 3 years in operation
- Share capital
- 0.03 MNOK
- Business address
- Dusavikveien 79C, 4007 STAVANGER
- Municipality
- Stavanger rank 5 of 11 in KOSTRA group 12
- Audit
- Audit opted out from 21 June 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 5 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: Dnf Holding AS (100%)
Ultimate owner: private person
- Dnf 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 9 November 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 84 | 72 | 71 | |
| Rank | 327 | 626 | 678 | |
| Operating margin | 72.8% | 52.0% | 51.7% | |
| Return on assets | 77.4% | 54.3% | 40.9% | |
| Equity ratio | 62.6% | 63.9% | 66.6% | |
| Current ratio | 1.55 | 2.22 | 1.64 | |
| Revenue growth | – | 106.8% | 13.5% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 1.3 MNOK | 2.6 MNOK | 3.0 MNOK |
| Operating profit | 0.9 MNOK | 1.4 MNOK | 1.5 MNOK |
| Profit before tax | 0.9 MNOK | 1.4 MNOK | 1.5 MNOK |
| Tax expense | 0.2 MNOK | 0.0 MNOK | 0.6 MNOK |
| Net profit | 0.7 MNOK | 1.4 MNOK | 0.9 MNOK |
| Financial expenses | – | 0.0 MNOK | 0.0 MNOK |
| Total assets | 1.2 MNOK | 2.5 MNOK | 3.8 MNOK |
| Current assets | 0.7 MNOK | 2.0 MNOK | 2.1 MNOK |
| Equity | 0.7 MNOK | 1.6 MNOK | 2.5 MNOK |
| Retained earnings | 0.7 MNOK | 1.6 MNOK | 2.5 MNOK |
| Total liabilities | 0.4 MNOK | 0.9 MNOK | 1.3 MNOK |
| Current liabilities | 0.4 MNOK | 0.9 MNOK | 1.3 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 9 November 2026, accounts id 4755773.
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