Willard 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
Key facts
Is the company run well?
Five key figures against companies in the Morning class Micro in the same sector. Green is better than most, amber about like the industry and red weaker than most.
- Profitability · operating margin 35.4% Better than the industry Industry: 11.4%
- Returns · return on assets 77.7% Better than the industry Industry: 18.5%
- Solidity · equity ratio 23.2% Weaker than the industry Industry: 44.0%
- Liquidity · current ratio 1.26 Weaker than the industry Industry: 1.68
The mark comes from the company's place among comparable companies (percentile): green from 60, amber from 40, red below 40. Negative equity, an operating loss and a current ratio under 1 pull it down regardless. Methodology
Score · fiscal year 2025
61of 100
How to read this: the company is ahead of 72 % of companies in the Morning class Micro in the same sector in 2025. What does this mean?
Rank in the Morning class Micro: 1,478 of 5,282 · What are Morning company classes?
Place in the whole sector: 1,797 of 6,603 · Revisjon, regnskap og rådgivning
Profile
Cheetah · Sprinter
High profitability, lower resilience
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 87 and resilience 31 out of 100 among companies in the Morning class Micro in the same sector in 2025. Methodology
Against the sector
Willard AS is 10 points above the median for companies in the Morning class Micro in the same sector in 2025.
Median score 51 among 5,280 companies.
Against companies in the Morning class Micro in the same sector in 2025: operating margin 35.4% (median 11.4%) and equity ratio 23.2% (median 44.0%).
Where it stands · 2025
We only have the accounts for 2025. The development shows once we have at least two years.
Amounts in the reporting currency. The full year-by-year table is further down under «Details». See every figure year by year
Accounts in short
| Key figure | 2025 |
|---|---|
| Operating revenue | 1.4 MNOK |
| Operating profit | 0.5 MNOK |
| Net profit | 0.4 MNOK |
| Total assets | 0.6 MNOK |
| Equity | 0.1 MNOK |
| Total liabilities | 0.5 MNOK |
From the Brønnøysund Register Centre, in the company's reporting currency (NOK). See every figure year by year
From the Central Coordinating Register
- Org. no.
- 935910005
- Legal form
- AS
- Sector
- Revisjon, regnskap og rådgivning (70.200)
- Purpose
- Tilby rådgivningstjenester innen forretning og teknologi, samt å eie, forvalte og investere i selskaper.
- Morning company class
- Micro
- Employees
- 0–4 (not registered) Payroll costs in the accounts: 0.9 MNOK (2025).
- Founded
- 24 July 2025 1 years in operation
- Share capital
- 0.03 MNOK
- Business address
- Eivind Thorsrud Willard, c/o Willard AS, Storenga 24, 2388 BRUMUNDDAL (RINGSAKER)
- Municipality
- Ringsaker rank 7–12 of 13 in KOSTRA group 10
- Audit
- Audit opted out from 1 August 2025
- Latest accounts filed
- 2025
- VAT registered
- No
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
Willard AS has a score of 61 for 2025, rank 1,797 of 6,603 in the sector.
Strongest: Profitability: percentile 87 against peers, operating margin 35.4% against a median of 11.4%.
Weakest: Solidity: percentile 28 against peers, equity ratio 23.2% against a median of 44.0%. Liquidity: percentile 33 against peers, current ratio 1.26 against a median of 1.68.
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 134 days (median 52 days).
- What lies behind weak solidity, and will it last?
- What lies behind weak liquidity, 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
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 134 days (median 52 days).
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 2026, the sector's weakest year, for this company.
The sector's weakest year was 2026, with a median operating margin of 5.7%. Based on the 9 fiscal years we have. The analysis grows as more years are fetched or imported. Methodology
What the score is made of
| Profitability | 87 | weight 40% |
|---|---|---|
| Solidity | 28 | weight 20% |
| Liquidity | 33 | weight 5% |
| Growth | – | no data, left out |
| Consistency | 37 | 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.
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 1 MNOK | 3 MNOK |
| Operating margin | 35.4% | 11.4% |
| Profit margin | 35.4% | 12.3% |
| Return on assets | 77.7% | 18.5% |
| Equity ratio | 23.2% | 44.0% |
| Debt-to-equity | 3.30 | 1.09 |
| Current ratio | 1.26 | 1.68 |
| Revenue growth | – | 6.5% |
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 61, Willard AS does better than 72% of companies in the Morning class Micro in the same sector (5,282 companies) in 2025.
Score over time
Score over time needs at least two fiscal years with a score. It will appear when next year's figures are fetched or history is imported.
Working capital and debt
| Measure | Company | Median | |
|---|---|---|---|
| Working capital | |||
| Receivable days All current receivables, including those on group companies, in days of revenue. |
134 days | 52 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. |
0 days | 0 days | |
| Net working capital to revenue Current assets less bank deposits less current liabilities, divided by revenue. Negative: short-term debt funds the operations. |
1.6% | −7.1% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
17.1% | 54.7% | |
| 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. |
– | 28.2 | |
| 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. |
– | 0.4% | |
| Long-term share of debt Long-term debt as a share of all debt. A low share means more falls due within a year. |
– | 1.6% | |
Net working capital (current assets less bank deposits less current liabilities): 0.0 MNOK.
The median and the bar refer to companies in the Morning class Micro 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.
Returns, debt against earnings and quality
| Measure | Company | Median | |
|---|---|---|---|
| Returns | |||
| Return on equity (ROE) Net result over the average of equity at the start and end of the year (the end alone when last year is missing). Not calculated with negative equity. |
261.8% | 31.0% | |
| Return on capital employed (ROCE) Operating result over capital employed, that is total assets less current liabilities. The return regardless of how the company is financed. |
334.1% | 29.6% | |
| Net margin Net result over revenue. The first part of the DuPont split of return on equity. |
27.7% | 9.8% | |
| Asset turnover (revenue over assets) Revenue over total assets: how many kroner of revenue each krone of assets gives. The second part of the DuPont split. |
2.19 | 1.63 | |
| Equity multiplier Total assets over equity: 4 means three quarters is financed with debt. The third part of the DuPont split. |
4.30 | 2.08 | |
| Debt and financing | |||
| Net debt in times operating result Long-term liabilities less cash, over the operating result: roughly how many years the business must earn to repay the debt. A negative figure means more cash than long-term debt. Rough, because the accounts do not split out interest-bearing debt. Only calculated when the operating result is positive. |
– | −1.0 | |
| Fixed-asset cover Equity plus long-term liabilities over fixed assets (total assets less current assets). Below 1: fixed assets are partly financed with short-term debt. |
– | 2.07 | |
| Quick ratio (without inventory) Cash plus receivables over current liabilities. Like the current ratio but without inventory and short-term investments. |
1.26 | 1.54 | |
| Quality and resilience | |||
| Effective tax rate Tax expense over profit before tax, only when the profit is positive. Far from 22% points to one-off items, tax losses carried forward or group contributions. |
21.6% | 22.0% | |
| Operating leverage Percentage change in operating result over percentage change in revenue from last year. 3 means a 1% fall in revenue gives a 3% fall in operating result. Only calculated when revenue moved at least 2% and last year's operating result was positive. |
– | 1.5 | |
| Payroll costs over revenue Payroll costs (with employer's contribution and pension) over revenue. Shows how much of revenue is a fixed cost in a service business. |
62.6% | 58.5% | |
| Revenue safety margin How far revenue can fall before the operating result is zero, assuming payroll is fixed and all other costs follow revenue. A calculation, not a measurement: depreciation and rent are also fixed, so reality is lower. |
36.1% | 23.2% | |
| Cash runway (months) Cash over the operating loss per month, only for years with a loss. Assumes the loss continues unchanged and no new financing arrives. Capped at 120 months. |
– | 23 mo. | |
DuPont on the closing balance: net margin 27.7% × asset turnover 2.19 × multiplier 4.30 = 261.8% of equity at the end of the year. The return on equity above uses average equity and can differ slightly.
The median and the bar are for companies in the Morning class Micro in the same sector in 2025. The bar shows the share of the group with a lower figure: high is not always good. The figures are our own calculations from the annual accounts and do not count in the score. Open data has no depreciation, so no EBITDA, and the accounts do not split out interest-bearing debt. How we calculate
The industry or the company: what drove the result?
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 Willard AS. The figures stand side by side; we claim no cause.
Turnover index: legal and accounting activities (indeks (2021 = 100))
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Turnover index: legal and accounting activities, annual average | 100.4 | 107.7 | 127.0 | 135.2 | 141.7 | 149.6 (so far) |
| Change from the year before | +8.7% | +7.3% | +17.9% | +6.4% | +4.8% | +5.5% |
| The company's operating margin | – | – | – | – | 35.4% | – |
Source: SSB (13863, CC BY 4.0). Source
Turnover index: management consultancy (indeks (2021 = 100))
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Turnover index: management consultancy, annual average | 99.4 | 104.0 | 114.9 | 116.0 | 123.6 | 128.7 (so far) |
| Change from the year before | +17.3% | +4.6% | +10.5% | +1.0% | +6.5% | +4.1% |
| The company's operating margin | – | – | – | – | 35.4% | – |
Source: SSB (13863, CC BY 4.0). Source
Service prices: legal and accounting (indeks (2021 = 100))
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Service prices: legal and accounting, annual average | 100.0 | 104.8 | 111.8 | 117.4 | 123.2 | 127.0 (so far) |
| Change from the year before | +3.4% | +4.8% | +6.7% | +5.0% | +4.9% | +3.1% |
| The company's operating margin | – | – | – | – | 35.4% | – |
Source: SSB (14335, CC BY 4.0). Source
Consumer price index (indeks (2025 = 100))
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Consumer price index, annual average | 84.3 | 89.2 | 94.1 | 97.0 | 100.0 | 103.0 (so far) |
| Change from the year before | +3.5% | +5.8% | +5.5% | +3.2% | +3.0% | +3.0% |
| The company's operating margin | – | – | – | – | 35.4% | – |
Source: SSB (14710, CC BY 4.0). Source
Policy rate (prosent)
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Policy rate, annual average | 0.08 | 1.32 | 3.54 | 4.50 | 4.30 | 4.17 (so far) |
| Change from the year before | −0.28 percentage points | +1.24 percentage points | +2.22 percentage points | +0.96 percentage points | −0.20 percentage points | −0.12 percentage points |
| The company's operating margin | – | – | – | – | 35.4% | – |
Source: Norges Bank (IR, NLOD 2.0). Source
Wage index: legal and accounting (indeks)
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Wage index: legal and accounting, annual average | 86.2 | 89.8 | 93.9 | 99.1 | 104.4 | 108.4 (so far) |
| Change from the year before | +5.1% | +4.3% | +4.5% | +5.6% | +5.4% | +3.8% |
| The company's operating margin | – | – | – | – | 35.4% | – |
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
Willard AS had an operating margin of 35.4% and an equity ratio of 23.2% in 2025, and ranks 1,797 of 6,603 in Revisjon, regnskap og rådgivning.
This text is generated automatically from the 2025 accounts.
Three simple methods
Suggested price: about 4 MNOK
The mean of the 3 methods below (P/E, EV/EBIT and P/B with listed multiples and a size adjustment), rounded to two significant figures. It is a calculation, not a bid or a valuation. The median of the methods is 5 MNOK. The mean is the suggested price, but the median is less sensitive to one method that deviates. The methods differ widely (the highest is 14.5 times the lowest), so the estimate is uncertain.
That is about 123 NOK per share, on 30,000 shares in the shareholder register.
The methods give between 0 MNOK and 5 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 22.4 | 5 MNOK |
| EV/EBIT | 17.4 | 5 MNOK |
| P/B | 4.1 | 0 MNOK |
| EV/EBIT: from enterprise value to equity | NOK |
|---|---|
| Enterprise value (EV) at the listed multiple | 9 MNOK |
| Enterprise value after the size adjustment | 5 MNOK |
| Less net debt (rough figure) | 0 MNOK |
| Equity value | 5 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: Business & Consumer 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
Figures you will not find in any register
We calculated these figures ourselves from the accounts and registers we have read. The company has not reported them and the Brønnøysund Register Centre does not publish them. They are indications and are not part of the index. How we calculate
- Owners and leadership aged 60 or older
- No sign of a near generation change in the ages.
- The chair is under 60.
- The managing director is under 60.
- 0 of 1 on the board are 60 or older.
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
Questions and answers
How profitable is Willard AS?
The operating margin was 35.4% in 2025, against a median of 11.4% among companies in the Morning class Micro in the same sector. Return on assets was 77.7%.
How solid is Willard AS?
The equity ratio was 23.2% in 2025 (median 44.0%). Debt-to-equity was 3.30 (median 1.09).
What is the liquidity of Willard AS like?
The current ratio was 1.26 in 2025 (median 1.68).
How does Willard AS compare in Revisjon, regnskap og rådgivning?
Willard AS ranks 1,797 of 6,603 in Revisjon, regnskap og rådgivning for 2025. Among companies in the Morning class Micro it is number 1,478 of 5,282.
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 |
|---|---|---|---|---|
| T.Gustavsen AS |  Cheetah |
1 MNOK | 16.1% | 55 |
| Uplanit Travel Technologies AS |  Lion |
1 MNOK | 21.9% | 59 |
| Ratio AS |  Beaver |
1 MNOK | −0.2% | 23 |
| Equa AS |  Elephant |
1 MNOK | 1.9% | 58 |
| Norcap Service AS | Elephant |
1 MNOK | 3.7% | 47 |
| Willard AS (this company) | Cheetah |
1 MNOK | 35.4% | 61 |
| Consulting4you AS | Beaver |
1 MNOK | 5.4% | 46 |
| Viztek AS | Elephant |
1 MNOK | 8.0% | 51 |
| Planinsitu AS | Beaver |
1 MNOK | 0.1% | 33 |
The selection is the closest in revenue within the same industry code. When you order, you can swap competitors. Order competitor analysis
Ownership and roles
Loading roles …
Source: Central Coordinating Register, fetched 6 November 2026. Only names are shown.
Shareholders (2025)
- Number of shareholders
- 1 (one owner)
- Largest owner
- 100.0%
- Split
- companies 0% · private persons 100% · foreign 0%
- Owned from the same municipality
- 100%
- Group chain
- Ultimate owner: private person
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
Trends appear once there is more than one fiscal year.
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2025 |
|---|---|
| Operating revenue | 1.4 MNOK |
| Operating profit | 0.5 MNOK |
| Profit before tax | 0.5 MNOK |
| Tax expense | 0.1 MNOK |
| Net profit | 0.4 MNOK |
| Financial expenses | – |
| Total assets | 0.6 MNOK |
| Current assets | 0.6 MNOK |
| Equity | 0.1 MNOK |
| Retained earnings | 0.1 MNOK |
| Total liabilities | 0.5 MNOK |
| Current liabilities | 0.5 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 9 November 2026, accounts id 7130119.
Further
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News and announcements
- 17 December 2025 Ny forretningsadresse (opens in a new tab) Source: Brønnøysundregistrene
From official sources: the Brønnøysund Register Centre, Oslo Børs NewsWeb and public agencies. We show the title, date and a link to the source. The link to a company, sector or municipality is automatic and may be wrong. Report a wrong link