THØRING & Sønner AS
Score · fiscal year 2025
75of 100
How to read this: the company is ahead of 92 % of companies in the Morning class Small in the same sector in 2025. What does this mean?
Rank in the Morning class Small: 131 of 1,679 · What are Morning company classes?
Place in the whole sector: 344 of 4,464 · Industri
Profile
Lion · Leader
High profitability, high solidity
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 75 and solidity 80 out of 100 among companies in the Morning class Small in the same sector in 2025. Methodology
Against the sector
THØRING & Sønner AS is 24 points above the median for companies in the Morning class Small in the same sector in 2025.
Median score 51 among 1,679 companies.
Against companies in the Morning class Small in the same sector in 2025: operating margin 9.9% (median 4.6%) and equity ratio 65.6% (median 41.8%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 24 MNOK | 22 MNOK |
| Operating margin | 9.9% | 4.6% |
| Profit margin | 10.3% | 4.2% |
| Return on assets | 18.5% | 9.5% |
| Equity ratio | 65.6% | 41.8% |
| Debt-to-equity | 0.52 | 1.30 |
| Current ratio | 2.51 | 1.73 |
| Revenue growth | 60.5% | 5.3% |
| Revenue per employee | 2.00 MNOK | 1.69 MNOK |
The median and “ahead of” refer to companies in the Morning class Small in the same sector in 2025. The bar shows the share of companies the figure is ahead of.
With an index of 75, THØRING & Sønner AS does better than 92% of companies in the Morning class Small in the same sector (1,679 companies) in 2025.
Score 2023–2025
- THØRING & Sønner AS
- Median: companies in the Morning class Small in the same sector
THØRING & Sønner AS has a score of 75 for 2025, rank 344 of 4,464 in the sector.
Strongest: Growth: percentile 95 against peers, revenue growth 60.5% against a median of 5.3%. Solidity: percentile 80 against peers, equity ratio 65.6% against a median of 41.8%.
No area is clearly below its peers.
Worth a closer look
- The change in operating margin in 2025 was 17.5 percentage points better than for comparable companies: the company +17.8, the industry +0.2 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 THØRING & Sønner AS rose by 17.8 percentage points. Comparable companies rose by a median 0.2 points. So the company did 17.5 points better than the industry, for reasons of its own.
Over 2 year-to-year changes THØRING & Sønner AS moved the same way as comparable companies 2 times. About 1% 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 | −7.8% | 4.3% | −17.8 percentage points | −0.3 percentage points | −17.5 percentage points |
| 2025 | 9.9% | 4.6% | +17.8 percentage points | +0.2 percentage points | +17.5 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 THØRING & Sønner 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 THØRING & Sønner AS rose 17.8 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 | 146.0 (so far) |
| Change from the year before | +10.7% | +24.7% | +3.9% | +3.7% | +2.9% | +5.6% |
| The company's operating margin | – | – | 10.0% | −7.8% | 9.9% | – |
Source: SSB (12462, CC BY 4.0). Source
EUR/NOK (kr)
EUR/NOK rose 0.8% in 2025; the operating margin of THØRING & Sønner AS rose 17.8 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 | – | – | 10.0% | −7.8% | 9.9% | – |
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 THØRING & Sønner AS rose 17.8 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 | – | – | 10.0% | −7.8% | 9.9% | – |
Source: SSB (09363, CC BY 4.0). Source
USD/NOK (kr)
USD/NOK fell 3.3% in 2025; the operating margin of THØRING & Sønner AS rose 17.8 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 | – | – | 10.0% | −7.8% | 9.9% | – |
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 THØRING & Sønner AS rose 17.8 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 | – | – | 10.0% | −7.8% | 9.9% | – |
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
THØRING & Sønner AS had an operating margin of 9.9% and an equity ratio of 65.6% in 2025, and ranks 344 of 4,464 in Industri.
From 2024 to 2025: went from a loss to a profit before tax and the operating margin rose from −7.8% to 9.9%.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 10 MNOK and 13 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 22.2 | 10 MNOK |
| EV/EBIT | 18.6 | 13 MNOK |
| P/B | 3.0 | 13 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
- positive
Upper quartile on profitability, solidity and liquidity. What sets this company apart from the rest of the sector?
Based on: Operating margin 9.9% (median 4.6%); Equity ratio 65.6% (median 41.8%); Current ratio 2.51 (median 1.73).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 0.6% 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 0.2%. 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 | 75 | weight 30% |
|---|---|---|
| Solidity | 80 | weight 25% |
| Liquidity | 76 | weight 15% |
| Growth | 95 | weight 15% |
| Consistency | 43 | weight 15% |
Durability: 68 (average over 3 years)
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is THØRING & Sønner AS?
The operating margin was 9.9% in 2025, against a median of 4.6% among companies in the Morning class Small in the same sector. Return on assets was 18.5%.
How solid is THØRING & Sønner AS?
The equity ratio was 65.6% in 2025 (median 41.8%). Debt-to-equity was 0.52 (median 1.30).
What is the liquidity of THØRING & Sønner AS like?
The current ratio was 2.51 in 2025 (median 1.73).
How does THØRING & Sønner AS compare in Industri?
THØRING & Sønner AS ranks 344 of 4,464 in Industri for 2025. Among companies in the Morning class Small it is number 131 of 1,679. Revenue changed by 60.5% from the year before.
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 Tømrer Håvard Ingvaldsen AS. Persons are not shown by name.
Tømrer Håvard Ingvaldsen 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
- Industri (1 company), Bygg og anlegg (1 company) 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.
- Employees in Norway
- 19 in all. Lesja 19 Registered employees in the Central Coordinating Register, by the municipality of the business address. Employees may work elsewhere.
-
Tømrer Håvard Ingvaldsen AS
- Thøring & Sønner 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.
- 933396347
- Legal form
- AS
- Sector
- Industri (16.230)
- Morning company class
- Small
- Employees
- 12 registered 10 December 2024
- Founded
- 2 January 1983 43 years in operation
- Share capital
- 0.20 MNOK
- Business address
- Romsdalsvegen 3628, 2667 LESJAVERK
- Municipality
- Lesja rank 2–16 of 25 in KOSTRA group 14
- 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
- 2 (one owner holds more than half)
- Largest owner
- 75.0%
- Split
- companies 75% · private persons 25% · foreign 0%
- Owned from the same municipality
- 75%
- Group chain
-
Owned by: Tømrer Håvard Ingvaldsen AS (75%)
Ultimate owner: private person
- Tømrer Håvard Ingvaldsen AS · 75.0%
- 1 private persons · 25.0%
Change 2007–2025:
100% of the shares changed owner (2 new and 4 departed owners). The majority owner changed.
New owners (companies): Tømrer Håvard Ingvaldsen AS
Holds shares in: THØRING & Aaheim AS (44%), Bjorli Utvikling AS (2%)
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 5 November 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 79 | 51 | 75 | |
| Rank | 395 | 2,213 | 344 | |
| Operating margin | 10.0% | −7.8% | 9.9% | |
| Return on assets | 15.9% | −9.2% | 18.5% | |
| Equity ratio | 67.1% | 77.3% | 65.6% | |
| Current ratio | 2.60 | 3.65 | 2.51 | |
| Revenue growth | – | −32.8% | 60.5% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 22.3 MNOK | 14.9 MNOK | 24.0 MNOK |
| Operating profit | 2.2 MNOK | −1.2 MNOK | 2.4 MNOK |
| Profit before tax | 2.4 MNOK | −1.3 MNOK | 2.5 MNOK |
| Tax expense | 0.5 MNOK | −0.2 MNOK | 0.5 MNOK |
| Net profit | 1.8 MNOK | −1.1 MNOK | 1.9 MNOK |
| Financial expenses | 0.0 MNOK | 0.2 MNOK | 0.0 MNOK |
| Total assets | 14.8 MNOK | 11.5 MNOK | 13.4 MNOK |
| Current assets | 11.5 MNOK | 8.8 MNOK | 11.0 MNOK |
| Equity | 10.0 MNOK | 8.9 MNOK | 8.8 MNOK |
| Retained earnings | 9.8 MNOK | 8.7 MNOK | 8.6 MNOK |
| Total liabilities | 4.9 MNOK | 2.6 MNOK | 4.6 MNOK |
| Current liabilities | 4.4 MNOK | 2.4 MNOK | 4.4 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 5 November 2026, accounts id 6692342.
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