UNDERSTORY AS
Score · fiscal year 2025
15of 100
How to read this: the company is ahead of 8 % of small companies in the same sector in 2025. What does this mean?
Rank: 3,898 of 4,158 · Sjømat
Profile
Beaver · Builder
Lower profitability, lower solidity
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 2 and solidity 19 out of 100 among small companies in the same sector in 2025. Methodology
Against the sector
UNDERSTORY AS is 35 points below the median for small companies in the same sector in 2025.
Median score 50 among 3,607 companies.
Against small companies in the same sector in 2025: operating margin −30,200.0% (median 9.9%) and equity ratio 8.8% (median 36.4%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 1 MNOK | 2 MNOK |
| Operating margin | −30,200.0% | 9.9% |
| Profit margin | −35,181.8% | 6.6% |
| Return on assets | −111.1% | 3.1% |
| Equity ratio | 8.8% | 36.4% |
| Debt-to-equity | 10.37 | 1.03 |
| Current ratio | 0.50 | 1.66 |
| Revenue growth | – | 13.5% |
The median and “ahead of” refer to small companies in the same sector in 2025. The bar shows the share of companies the figure is ahead of.
With an index of 15, UNDERSTORY AS does better than 8% of small companies in the same sector (3,639 companies) in 2025.
Score 2023–2025
- UNDERSTORY AS
- Median: small companies in the same sector
UNDERSTORY AS has a score of 15 for 2025, rank 3,898 of 4,158 in the sector.
Strongest: Consistency: percentile 26 against peers.
Weakest: Profitability: percentile 2 against peers, operating margin −30,200.0% against a median of 9.9%. Solidity: percentile 19 against peers, equity ratio 8.8% against a median of 36.4%.
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 8.8% (median 36.4%).
- Consider strengthening liquidity: current liabilities are 2.0 times current assets. Based on: current ratio 0.50 (median 1.66).
- The company made a loss before tax. Are these one-off items or a pattern? Based on: profit margin −35,181.8% (median 6.6%).
- 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
What the numbers say
UNDERSTORY AS had an operating margin of −30,200.0% and an equity ratio of 8.8% in 2025, and ranks 3,898 of 4,158 in Sjømat.
From 2024 to 2025: the operating margin rose from −99,394.0% to −30,200.0% and the equity ratio rose from −20.5% to 8.8%.
This text is generated automatically from the 2025 accounts.
Three simple methods
One method gives a figure: 1 MUSD.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 10.0 | not meaningful |
| EV/EBIT | 8.0 | not meaningful |
| P/B | 1.0 | 1 MUSD |
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 equity ratio is very low. Could the company absorb a bad year, and does it need more equity?
Based on: Equity ratio 8.8% (median 36.4%).
- watch
Consider strengthening liquidity: current liabilities are 2.0 times current assets.
Based on: Current ratio 0.50 (median 1.66).
- watch
The company made a loss before tax. Are these one-off items or a pattern?
Based on: Profit margin −35,181.8% (median 6.6%).
- 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 −30,200.0% (median 9.9%).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 20.1% 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.
Data quality
- watch Extreme margin: check the figures
- watch Reports in a currency other than NOK
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 −5.0%. 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 | 2 | weight 30% |
|---|---|---|
| Solidity | 19 | weight 25% |
| Liquidity | 22 | weight 15% |
| Growth | – | no data, left out |
| Consistency | 26 | weight 15% |
Durability: 11 (average over 3 years)
Index version 2. Data completeness 85%: the share of the weights that had data.
Questions and answers
How profitable is UNDERSTORY AS?
The operating margin was −30,200.0% in 2025, against a median of 9.9% among small companies in the same sector. Return on assets was −111.1%. The company made a loss before tax.
How solid is UNDERSTORY AS?
The equity ratio was 8.8% in 2025 (median 36.4%). Debt-to-equity was 10.37 (median 1.03).
What is the liquidity of UNDERSTORY AS like?
The current ratio was 0.50 in 2025 (median 1.66). Current assets did not cover current liabilities.
How does UNDERSTORY AS compare in Sjømat?
UNDERSTORY AS ranks 3,898 of 4,158 in Sjømat for 2025. Among companies of the same size (small companies) it ranks 3,360 of 3,639.
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.
We do not show the group structure, because open data does not say who owns whom.
From the Central Coordinating Register
- Org. no.
- 932567733
- Legal form
- AS · part of a group
- Sector
- Sjømat (10.202)
- Size tier
- small
- Employees
- 0–4 (not registered)
- Founded
- 28 July 2023 3 years in operation
- Share capital
- 0.40 MNOK
- Business address
- Oksenøyveien 10, 1366 LYSAKER (BÆRUM)
- Municipality
- Bærum rank 1 of 11 in KOSTRA group 12
- 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
- Chief executive
- Matts Eirik Johansen
- Chair of the board
- Matts Eirik Johansen
- Board member
- Katrine Mourud Klaveness
- Auditor
- PRICEWATERHOUSECOOPERS AS
- Accountant
- AMESTO ACCOUNTHOUSE AS
Source: Central Coordinating Register, fetched 29 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 | 6 | 11 | 15 | |
| Rank | 3,621 | 3,797 | 3,898 | |
| Operating margin | – | −99,394.0% | −30,200.0% | |
| Return on assets | −1.7% | −18.4% | −111.1% | |
| Equity ratio | 7.4% | −20.5% | 8.8% | |
| Current ratio | 0.22 | 0.88 | 0.50 | |
| Revenue growth | – | – | – |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (USD). Revenue in NOK is converted from USD at the mean rate for the accounting period 1 January 2025–31 December 2025: 10.3912 (norges_bank). Balance-sheet amounts use the rate on the balance-sheet date. Ratios and growth are computed in USD. Exchange rates at Norges Bank
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | – | 0.0 MNOK | 0.1 MUSD |
| Operating profit | −0.5 MUSD | −5.4 MNOK | −17.7 MUSD |
| Profit before tax | −0.7 MUSD | −8.1 MNOK | −20.6 MUSD |
| Net profit | −0.7 MUSD | −8.1 MNOK | −20.6 MUSD |
| Financial expenses | 0.2 MUSD | 2.8 MNOK | 2.9 MUSD |
| Total assets | 28.9 MUSD | 29.1 MNOK | 15.9 MUSD |
| Current assets | 0.4 MUSD | 1.1 MNOK | 0.6 MUSD |
| Equity | 2.1 MUSD | −6.0 MNOK | 1.4 MUSD |
| Retained earnings | −0.7 MUSD | −8.8 MNOK | −29.4 MUSD |
| Total liabilities | 26.8 MUSD | 35.1 MNOK | 14.5 MUSD |
| Current liabilities | 1.7 MUSD | 1.3 MNOK | 1.2 MUSD |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 27 October 2026, accounts id 6899462.
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