LT Tech 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
53of 100
How to read this: the company is ahead of 52 % of companies in the Morning class Medium in the same sector in 2025. What does this mean?
Rank in the Morning class Medium: 655 of 1,372 · What are Morning company classes?
Place in the whole sector: 3,299 of 7,072 · Industri
Profile
Cheetah · Sprinter
High profitability, lower resilience
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 56 and resilience 20 out of 100 among companies in the Morning class Medium in the same sector in 2025. Methodology
Against the sector
LT Tech AS is 2 points above the median for companies in the Morning class Medium in the same sector in 2025.
Median score 51 among 1,372 companies.
Against companies in the Morning class Medium in the same sector in 2025: operating margin 5.9% (median 4.9%) and equity ratio 21.2% (median 39.3%).
How it has gone · 2023–2025
Revenue rose by 179 % from 2023 to 2025, to 120.6 MNOK. The operating margin rose from −0.3% in 2023 to 5.9% in 2025. The equity ratio fell from 54.4% in 2023 to 21.2% in 2025.
Amounts in the reporting currency. The full year-by-year table is further down under «Details». See every figure year by year
LT Tech AS has a score of 53 for 2025, rank 3,299 of 7,072 in the sector.
Strongest: Growth: percentile 93 against peers, revenue growth 86.3% against a median of 7.1%.
Weakest: Consistency: percentile 17 against peers. Solidity: percentile 19 against peers, equity ratio 21.2% against a median of 39.3%.
Worth a closer look
- Receivables equal far more days of revenue than at comparable companies. Do customers pay late, or are these loans to companies in the same group? Based on: receivable days 158 days (median 68 days).
- What lies behind weak consistency, and will it last?
- What lies behind weak solidity, and will it last?
- The change in operating margin in 2025 was 9.5 percentage points better than for comparable companies: the company +9.0, the industry −0.5 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
Worth a closer look
- watch
Receivables equal far more days of revenue than at comparable companies. Do customers pay late, or are these loans to companies in the same group?
Based on: Receivable days 158 days (median 68 days).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 2.3% 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 −0.4%. 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 | 56 | weight 40% |
|---|---|---|
| Solidity | 19 | weight 20% |
| Liquidity | 30 | weight 5% |
| Growth | 93 | weight 25% |
| Consistency | 17 | 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.
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 121 MNOK | 114 MNOK |
| Operating margin | 5.9% | 4.9% |
| Profit margin | 5.3% | 4.8% |
| Return on assets | 12.0% | 10.5% |
| Equity ratio | 21.2% | 39.3% |
| Debt-to-equity | 3.73 | 1.50 |
| Current ratio | 1.24 | 1.54 |
| Revenue growth | 86.3% | 7.1% |
| Revenue per employee | 1.40 MNOK | 2.95 MNOK |
The median and “ahead of” refer to companies in the Morning class Medium in the same sector in 2025. The bar shows the share of companies the figure is ahead of.
With an index of 53, LT Tech AS does better than 52% of companies in the Morning class Medium in the same sector (1,372 companies) in 2025.
Score 2023–2025
- LT Tech AS
- Median: companies in the Morning class Medium 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. |
158 days | 68 days | |
| 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. |
18 days | 36 days | |
| Net working capital to revenue Current assets less bank deposits less current liabilities, divided by revenue. Negative: short-term debt funds the operations. |
7.0% | 6.4% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
6.1% | 10.6% | |
| 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. |
6.1 | 5.5 | |
| 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. |
2.3% | 2.9% | |
| Long-term share of debt Long-term debt as a share of all debt. A low share means more falls due within a year. |
– | 15.7% | |
Net working capital (current assets less bank deposits less current liabilities): 8.4 MNOK.
Of the financial costs of 1.2 MNOK, 0.3 MNOK is reported as interest costs in the accounts.
The median and the bar refer to companies in the Morning class Medium in the same sector in 2025. 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.
The industry or the company: what drove the result?
In 2025 the operating margin of LT Tech AS rose by 9.0 percentage points. Comparable companies fell by a median 0.5 points. So the company did 9.5 points better than the industry, for reasons of its own.
Over 2 year-to-year changes LT Tech AS moved the same way as comparable companies 0 times. About 8% 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 | −3.1% | 5.4% | −2.9 percentage points | +0.7 percentage points | −3.6 percentage points |
| 2025 | 5.9% | 4.9% | +9.0 percentage points | −0.5 percentage points | +9.5 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 LT Tech 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 LT Tech AS rose 9.0 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 | 146.7 (so far) |
| Change from the year before | +10.7% | +24.7% | +3.9% | +3.7% | +2.9% | +6.1% |
| The company's operating margin | – | – | −0.3% | −3.1% | 5.9% | – |
Source: SSB (12462, CC BY 4.0). Source
EUR/NOK (kr)
EUR/NOK rose 0.8% in 2025; the operating margin of LT Tech AS rose 9.0 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 | – | – | −0.3% | −3.1% | 5.9% | – |
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 LT Tech AS rose 9.0 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 | – | – | −0.3% | −3.1% | 5.9% | – |
Source: SSB (09363, CC BY 4.0). Source
USD/NOK (kr)
USD/NOK fell 3.3% in 2025; the operating margin of LT Tech AS rose 9.0 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 | – | – | −0.3% | −3.1% | 5.9% | – |
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 LT Tech AS rose 9.0 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 | – | – | −0.3% | −3.1% | 5.9% | – |
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
LT Tech AS had an operating margin of 5.9% and an equity ratio of 21.2% in 2025, and ranks 3,299 of 7,072 in Industri.
From 2024 to 2025: went from a loss to a profit before tax and revenue grew by 86%.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 12 MNOK and 25 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 22.2 | 12 MNOK |
| EV/EBIT | 18.6 | 23 MNOK |
| P/B | 3.0 | 25 MNOK |
| EV/EBIT: from enterprise value to equity | NOK |
|---|---|
| Enterprise value (EV) at the listed multiple | 31 MNOK |
| Enterprise value after the size adjustment | 19 MNOK |
| Less net debt (rough figure) | −4 MNOK |
| Equity value | 23 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 NACE code has no listed industry of its own in the table, so the multiples are the sector median: Machinery, Food Processing, Chemical (Specialty), Building Materials, Packaging & Container.
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
Questions and answers
How profitable is LT Tech AS?
The operating margin was 5.9% in 2025, against a median of 4.9% among companies in the Morning class Medium in the same sector. Return on assets was 12.0%.
How solid is LT Tech AS?
The equity ratio was 21.2% in 2025 (median 39.3%). Debt-to-equity was 3.73 (median 1.50).
What is the liquidity of LT Tech AS like?
The current ratio was 1.24 in 2025 (median 1.54).
How does LT Tech AS compare in Industri?
LT Tech AS ranks 3,299 of 7,072 in Industri for 2025. Among companies in the Morning class Medium it is number 655 of 1,372. Revenue changed by 86.3% 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.
Each bubble is a company: this company and its closest competitors in the same line of business and size, the same ones the competitor analysis uses. Placement is 0–100 against the whole sector and Morning company class: further right is more robust, higher up is more profitable. Bubble size is revenue. The light bubble and arrow show where the company stood the year before. Pick a profile to see fewer at a time.
| Company | Profile | Operating revenue | Operating margin | Score |
|---|---|---|---|---|
| LT Tech AS (this company) |  Cheetah |
121 MNOK | 5.9% | 53 |
| NORRØNAFLY PROPELLER & Ndt AS |  Beaver |
44 MNOK | 1.5% | 42 |
| Norrønafly Rakkestad AS | Beaver |
32 MNOK | 0.7% | 42 |
| Skytec AS | Cheetah |
31 MNOK | 10.6% | 58 |
| Sam Aero AS | Cheetah |
28 MNOK | 8.2% | 46 |
| OSM Aviation Airtech AS |  Lion |
26 MNOK | 14.6% | 79 |
| Flyteknisk Notodden AS | Beaver |
24 MNOK | −8.6% | 19 |
| Aerotech AS | Lion |
20 MNOK | 68.8% | 87 |
| Norwegian Aero Solutions AS |  Elephant |
9 MNOK | −77.4% | 34 |
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
5 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 Observatoriet Invest AS.
Observatoriet Invest 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
- Transport og lagring (3 companies), Industri (1 company), Eiendom (1 company) 5 of 5 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
- 222 in all. Tromsø 222 Registered employees in the Central Coordinating Register, by the municipality of the business address. Employees may work elsewhere.
- Loss
- 1 company: Lufttransport FW AS
- Changed 2024–2025
- 1 company left.
A subsidiary with negative equity or a loss may be backed by the group, for example with group contributions or guarantees. It is an indication of what is worth asking about, not an assessment.
-
Observatoriet Invest AS
-
Lufttransport AS
- LT Tech AS you are here
- Lufttransport RW AS
- Lufttransport FW AS
-
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.
Public contracts
- Contracts awarded since 2024
- 0
- Total awarded value since 2024
- value not stated
| Date | Buyer | Notice | Value |
|---|---|---|---|
| 31 July 2023 | Forsvaret v/Forsvarets logistikkorganisasjon | 2022046503 Maintenance - Saab Safari | 95.0 MNOK |
| 25 January 2023 | UiT Norges arktiske universitet | Flyvedlikehold | 10.0 MNOK |
Based on notices in Doffin. Does not show call-offs under framework agreements or purchases below the publication threshold. Values are as stated by the buyer.
Dependence on public contracts
Awarded value in the year seen against revenue the same year. This is not a share of revenue: the value is the whole contract, often for several years, and it does not necessarily become revenue that year.
| Year | Contracts | Awarded value | Awarded value against revenue |
|---|---|---|---|
| 2023 | 2 | 105.0 MNOK | 243% |
Key contracts
The largest contracts by awarded value, framework agreements excluded.
| Date | Buyer | Contract | Value |
|---|---|---|---|
| 31 July 2023 | Forsvaret v/Forsvarets logistikkorganisasjon | 2022046503 Maintenance - Saab Safari | 95.0 MNOK |
| 25 January 2023 | UiT Norges arktiske universitet | Flyvedlikehold | 10.0 MNOK |
- The value is the whole contract as stated by the buyer, often for several years.
- Framework agreements are left out of the sums, since the value is a ceiling. Many frameworks are not marked in Doffin and may still be included.
- Only awards where Doffin gives the company's organisation number.
- Contracts without a stated value are counted but not summed.
- An indication of dependence, not an accounting figure. End dates are rarely in the Doffin data.
Source: Doffin (DFØ), fetched 27 October 2026. Winners are matched on organisation number.
Contains data under the Norwegian licence for public data (NLOD 2.0) made available by Doffin/the Norwegian Agency for Public and Financial Management (DFØ). NLOD 2.0
From the Central Coordinating Register
- Org. no.
- 935651867
- Legal form
- AS
- Sector
- Industri (33.160)
- Purpose
- Drive forretningsvirksomhet med hovedvekt på vedlikehold og vedlikeholdsstyring av fly og helikopter, herunder relevant produksjonsvirksomhet. Hertil tilhører investering i fast eiendom, aksjer og andre selskaper, nasjonale og utenlandske, i den grad dette inngår i realiseringen av ovennevnte formål.
- Morning company class
- Medium
- Employees
- 86 registered 10 October 2026
- Founded
- 30 July 1984 42 years in operation
- Share capital
- 10.10 MNOK
- Business address
- Stakkevollvegen 39, 9010 TROMSØ
- Municipality
- Tromsø rank 9 of 11 in KOSTRA group 12
- Latest accounts filed
- 2025
- VAT registered
- Yes
- Former names
- Mørefly AS until 2010, Rotortransport AS until 1995
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 31 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: Lufttransport AS (100%)
Ultimate owner: Observatoriet Invest AS
- Lufttransport AS · 100.0%
Change 2007–2025:
100% of the shares changed owner (1 new and 1 departed owners). The majority owner changed.
New owners (companies): Lufttransport AS
Departed (companies): Lufttransport FW AS
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 2 November 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 35 | 33 | 53 | |
| Rank | 4,762 | 5,388 | 3,299 | |
| Operating margin | −0.3% | −3.1% | 5.9% | |
| Return on assets | 0.4% | −9.5% | 12.0% | |
| Equity ratio | 54.4% | 43.4% | 21.2% | |
| Current ratio | 1.95 | 1.54 | 1.24 | |
| Revenue growth | – | 49.9% | 86.3% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 43.2 MNOK | 64.7 MNOK | 120.6 MNOK |
| Operating profit | −0.1 MNOK | −2.0 MNOK | 7.1 MNOK |
| Profit before tax | −0.2 MNOK | −2.1 MNOK | 6.4 MNOK |
| Tax expense | 0.7 MNOK | −0.4 MNOK | 1.2 MNOK |
| Net profit | −0.8 MNOK | −1.6 MNOK | 5.2 MNOK |
| Financial expenses | 0.3 MNOK | 0.3 MNOK | 1.2 MNOK |
| Total assets | 18.0 MNOK | 18.7 MNOK | 63.0 MNOK |
| Current assets | 16.0 MNOK | 16.4 MNOK | 61.8 MNOK |
| Equity | 9.8 MNOK | 8.1 MNOK | 13.3 MNOK |
| Retained earnings | −0.4 MNOK | −2.0 MNOK | 3.2 MNOK |
| Total liabilities | 8.2 MNOK | 10.6 MNOK | 49.6 MNOK |
| Current liabilities | 8.2 MNOK | 10.6 MNOK | 49.6 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 2 November 2026, accounts id 6925642.
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