Visma AS
Score · fiscal year 2025
53of 100
How to read this: the company is ahead of 55 % of companies in the Morning class Large in the same sector in 2025. What does this mean?
Rank in the Morning class Large: 62 of 138 · What are Morning company classes?
Place in the whole sector: 1,322 of 3,133 · Informasjon og kommunikasjon
Profile
Elephant · Steward
Lower profitability, high solidity
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 49 and solidity 85 out of 100 among companies in the Morning class Large in the same sector in 2025. Methodology
Against the sector
Visma AS is 1 points above the median for companies in the Morning class Large in the same sector in 2025.
Median score 52 among 138 companies.
Against companies in the Morning class Large in the same sector in 2025: operating margin 0.0% (median 6.6%) and equity ratio 52.1% (median 28.0%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 1,129 MNOK | 961 MNOK |
| Operating margin | 0.0% | 6.6% |
| Profit margin | 742.9% | 7.5% |
| Return on assets | 21.9% | 10.5% |
| Equity ratio | 52.1% | 28.0% |
| Debt-to-equity | 0.92 | 2.55 |
| Current ratio | 0.44 | 1.05 |
| Revenue growth | 8.4% | 6.9% |
| Revenue per employee | 125.39 MNOK | 6.03 MNOK |
The median and “ahead of” refer to companies in the Morning class Large in the same sector in 2025. The bar shows the share of companies the figure is ahead of.
With an index of 53, Visma AS does better than 55% of companies in the Morning class Large in the same sector (138 companies) in 2025.
Score 2023–2025
- Visma AS
- Median: companies in the Morning class Large in the same sector
Visma AS has a score of 53 for 2025, rank 1,322 of 3,133 in the sector.
Strongest: Solidity: percentile 85 against peers, equity ratio 52.1% against a median of 28.0%.
Weakest: Liquidity: percentile 11 against peers, current ratio 0.44 against a median of 1.05.
Worth a closer look
- Consider strengthening liquidity: current liabilities are 2.3 times current assets. Based on: current ratio 0.44 (median 1.05).
- The operating margin is lower than at three in four companies in the sector. Where do costs differ from competitors? Based on: operating margin 0.0% (median 6.6%).
- The change in operating margin in 2025 was 5.1 percentage points weaker than for comparable companies: the company −4.0, the industry +1.1 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 Visma AS fell by 4.0 percentage points. Comparable companies rose by a median 1.1 points. So the company did 5.1 points weaker than the industry, for reasons of its own.
Over 2 year-to-year changes Visma AS moved the same way as comparable companies 1 times. About 11% 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 | 4.0% | 5.4% | −7.3 percentage points | −0.3 percentage points | −7.0 percentage points |
| 2025 | 0.0% | 6.6% | −4.0 percentage points | +1.1 percentage points | −5.1 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 Visma AS. The figures stand side by side; we claim no cause.
Service prices: information and communication (indeks (2021 = 100))
Service prices: information and communication rose 4.0% in 2025; the operating margin of Visma AS fell 4.0 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Service prices: information and communication, annual average | 100.0 | 103.3 | 108.7 | 112.2 | 116.7 | 120.0 (so far) |
| Change from the year before | – | +3.2% | +5.3% | +3.2% | +4.0% | +2.8% |
| The company's operating margin | – | – | 11.3% | 4.0% | 0.0% | – |
Source: SSB (14335, CC BY 4.0). Source
Turnover index: information and communication (indeks (2021 = 100))
Turnover index: information and communication rose 4.6% in 2025; the operating margin of Visma AS fell 4.0 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Turnover index: information and communication, annual average | 99.6 | 111.4 | 126.4 | 128.3 | 134.2 | 141.3 (so far) |
| Change from the year before | +14.7% | +11.8% | +13.5% | +1.5% | +4.6% | +5.3% |
| The company's operating margin | – | – | 11.3% | 4.0% | 0.0% | – |
Source: SSB (13863, CC BY 4.0). Source
USD/NOK (kr)
USD/NOK fell 3.3% in 2025; the operating margin of Visma AS fell 4.0 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 | – | – | 11.3% | 4.0% | 0.0% | – |
Source: Norges Bank (EXR, NLOD 2.0). Source
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of Visma AS fell 4.0 percentage points.
| 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 | – | – | 11.3% | 4.0% | 0.0% | – |
Source: Norges Bank (IR, NLOD 2.0). Source
Consumer price index (indeks (2025 = 100))
Consumer price index rose 3.0% in 2025; the operating margin of Visma AS fell 4.0 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Consumer price index, annual average | 84.3 | 89.2 | 94.1 | 97.0 | 100.0 | 102.9 (so far) |
| Change from the year before | +3.5% | +5.8% | +5.5% | +3.2% | +3.0% | +2.9% |
| The company's operating margin | – | – | 11.3% | 4.0% | 0.0% | – |
Source: SSB (14710, CC BY 4.0). Source
Wage index: IT services (indeks)
Wage index: IT services rose 4.4% in 2025; the operating margin of Visma AS fell 4.0 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Wage index: IT services, annual average | 84.9 | 87.8 | 92.3 | 97.3 | 101.5 | 105.4 (so far) |
| Change from the year before | +4.9% | +3.5% | +5.1% | +5.4% | +4.4% | +3.8% |
| The company's operating margin | – | – | 11.3% | 4.0% | 0.0% | – |
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
Visma AS had an operating margin of 0.0% and an equity ratio of 52.1% in 2025, and ranks 1,322 of 3,133 in Informasjon og kommunikasjon.
From 2024 to 2025: the equity ratio fell from 63.8% to 52.1% and the operating margin fell from 4.0% to 0.0%.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 46,906 MNOK and 74,589 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 17.7 | 74,589 MNOK |
| EV/EBIT | 14.3 | debt above value |
| P/B | 2.6 | 46,906 MNOK |
The listed basis is the value at listed multiples. The estimate is lowered by 20% for an unlisted company: 20% for lack of marketability and 0% for size (a small-company premium of 0% 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
- critical
Consider strengthening liquidity: current liabilities are 2.3 times current assets.
Based on: Current ratio 0.44 (median 1.05).
- 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 0.0% (median 6.6%).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 5.3% 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 2026, the sector's weakest year, for this company.
The sector's weakest year was 2026, with a median operating margin of 4.1%. 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 | 49 | weight 30% |
|---|---|---|
| Solidity | 85 | weight 25% |
| Liquidity | 11 | weight 15% |
| Growth | 54 | weight 15% |
| Consistency | 52 | weight 15% |
Durability: 65 (average over 3 years)
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is Visma AS?
The operating margin was 0.0% in 2025, against a median of 6.6% among companies in the Morning class Large in the same sector. Return on assets was 21.9%.
How solid is Visma AS?
The equity ratio was 52.1% in 2025 (median 28.0%). Debt-to-equity was 0.92 (median 2.55).
What is the liquidity of Visma AS like?
The current ratio was 0.44 in 2025 (median 1.05). Current assets did not cover current liabilities.
How does Visma AS compare in Informasjon og kommunikasjon?
Visma AS ranks 1,322 of 3,133 in Informasjon og kommunikasjon for 2025. Among companies in the Morning class Large it is number 62 of 138. Revenue changed by 8.4% from the year before.
Group accounts · 2025
71 of 100
Rank 4 of 40 groups in the Morning class Large in Informasjon og kommunikasjon. Groups are ranked only against other groups in the same sector and class, never against single companies.
- Operating revenue, group
- 3,552 MEUR
- ≈ 41,623 MNOK at Norges Bank's rate for the period
- Operating profit, group
- 954 MEUR
- ≈ 11,173 MNOK at Norges Bank's rate for the period
- Profit before tax, group
- 666 MEUR
- ≈ 7,808 MNOK at Norges Bank's rate for the period
- Total assets, group
- 7,943 MEUR
- ≈ 94,067 MNOK at Norges Bank's rate for the period
- Equity, group
- 2,431 MEUR
- ≈ 28,790 MNOK at Norges Bank's rate for the period
The group accounts are in EUR. Amounts are shown in EUR, with NOK below. Ratios are computed in EUR.
| Key figure | The group | The company alone (2025) |
|---|---|---|
| Operating margin | 26.8% | 0.0% |
| Return on assets | 14.1% | 21.9% |
| Equity ratio | 30.6% | 52.1% |
| Current ratio | 1.26 | 0.44 |
| Revenue growth | 26.7% | 8.4% |
Group index in earlier years: 2023: 59 (10 of 33), 2024: 55 (16 of 38).
Same formulas and weights as the company index. Group and company are never added together, and the group accounts are not part of sector averages or company rankings.
Source: Brønnøysund Register Centre, group accounts 2025 (open data, NLOD 2.0).
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.
Group structure · 2025
35 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 Synaferd AS.
Synaferd AS has not filed group accounts in open data, so the group has no index of its own. Each company has its own accounts.
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Synaferd AS
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Visma AS you are here
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The tree shows up to 4 levels below the top. Large groups have more companies than shown.
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.
- 936796702
- Legal form
- AS · part of a group
- Sector
- Informasjon og kommunikasjon (58.290)
- Morning company class
- Large
- Employees
- 9 registered 10 July 2026
- Founded
- 18 January 1985 41 years in operation
- Share capital
- 200.00 MNOK
- Business address
- Karenslyst allé 56, 0277 OSLO
- Municipality
- Oslo rank 63–220 of 357 in Norway
- Latest accounts filed
- 2025
- LEI
- 5967007LIEEXZXB1YO53 renews 22 August 2027
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.
- Parent company
- Parent does not consolidate the company
Source: GLEIF (Global Legal Entity Identifier Foundation), fetched 30 October 2026. The parent is the one the company itself reported to GLEIF.
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: Synaferd AS (100%)
Ultimate owner: Synaferd AS
- Synaferd 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): Synaferd AS
Departed (companies): Engel Holding AS
Majority owner of: Visma Treasury AS (100%), Visma International Holding AS (100%), Visma Norge Holding AS (100%)
Holds shares in: Visma Norge Holding AS (100%), Visma Treasury AS (100%), Visma International Holding AS (100%)
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 6 November 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 72 | 70 | 53 | |
| Rank | 457 | 355 | 1,322 | |
| Operating margin | 11.3% | 4.0% | 0.0% | |
| Return on assets | 18.6% | 15.6% | 21.9% | |
| Equity ratio | 59.9% | 63.8% | 52.1% | |
| Current ratio | 0.76 | 1.13 | 0.44 | |
| Revenue growth | – | 10.6% | 8.4% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 941.0 MNOK | 1,041.0 MNOK | 1,128.5 MNOK |
| Operating profit | 106.4 MNOK | 41.8 MNOK | 0.1 MNOK |
| Profit before tax | 4,503.8 MNOK | 3,976.9 MNOK | 8,383.4 MNOK |
| Tax expense | 296.2 MNOK | 353.1 MNOK | 412.1 MNOK |
| Net profit | 4,207.6 MNOK | 3,623.8 MNOK | 7,971.3 MNOK |
| Financial expenses | 815.9 MNOK | 1,078.0 MNOK | 1,099.2 MNOK |
| Total assets | 28,533.9 MNOK | 32,484.6 MNOK | 43,306.1 MNOK |
| Current assets | 2,821.7 MNOK | 2,782.2 MNOK | 5,019.6 MNOK |
| Equity | 17,091.4 MNOK | 20,715.1 MNOK | 22,551.0 MNOK |
| Retained earnings | 11,303.9 MNOK | 14,927.7 MNOK | 16,763.6 MNOK |
| Total liabilities | 11,442.6 MNOK | 11,769.4 MNOK | 20,755.2 MNOK |
| Current liabilities | 3,692.5 MNOK | 2,463.0 MNOK | 11,353.4 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 6 November 2026, accounts id 6547185.
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