Ref Consult 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
51of 100
How to read this: the company is ahead of 50 % of companies in the Morning class Micro in the same sector in 2025. What does this mean?
Rank in the Morning class Micro: 3,704 of 7,474 · What are Morning company classes?
Place in the whole sector: 5,005 of 10,060 · Teknisk tjenesteyting og forskning
Profile
Cheetah · Sprinter
High profitability, lower resilience
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 85 and resilience 22 out of 100 among companies in the Morning class Micro in the same sector in 2025. Methodology
Against the sector
Ref Consult AS is at the median for companies in the Morning class Micro in the same sector in 2025.
Median score 51 among 7,470 companies.
Against companies in the Morning class Micro in the same sector in 2025: operating margin 35.7% (median 7.8%) and equity ratio 5.5% (median 43.1%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 2 MNOK | 2 MNOK |
| Operating margin | 35.7% | 7.8% |
| Profit margin | 36.6% | 7.8% |
| Return on assets | 47.8% | 14.1% |
| Equity ratio | 5.5% | 43.1% |
| Debt-to-equity | 17.16 | 1.04 |
| Current ratio | 1.01 | 1.71 |
| Revenue growth | 2.2% | 6.9% |
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 51, Ref Consult AS does better than 50% of companies in the Morning class Micro in the same sector (7,474 companies) in 2025.
Score 2023–2025
- Ref Consult AS
- Median: companies in the Morning class Micro 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. |
113 days | 44 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. |
87 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. |
−17.2% | −7.1% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
24.6% | 57.8% | |
| 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. |
11,163.5 | 14.9 | |
| 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. |
0.0% | 0.6% | |
| Long-term share of debt Long-term debt as a share of all debt. A low share means more falls due within a year. |
– | 2.3% | |
Net working capital (current assets less bank deposits less current liabilities): −0.4 MNOK.
Of the financial costs of 0.0 MNOK, 0.0 MNOK is reported as interest costs in the accounts.
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.
Ref Consult AS has a score of 51 for 2025, rank 5,005 of 10,060 in the sector.
Strongest: Profitability: percentile 85 against peers, operating margin 35.7% against a median of 7.8%.
Weakest: Solidity: percentile 11 against peers, equity ratio 5.5% against a median of 43.1%. Liquidity: percentile 20 against peers, current ratio 1.01 against a median of 1.71.
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 5.5% (median 43.1%).
- 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 113 days (median 44 days).
- Current liabilities exceed current assets other than bank deposits, and the current ratio is weak. Is it customer prepayments and supplier credit that fund the operations, or short-term loans that must be renewed? Based on: net working capital to revenue −17.2% (median −7.1%); current ratio 1.01 (median 1.71).
- What lies behind weak solidity, 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
The industry or the company: what drove the result?
In 2025 the operating margin of Ref Consult AS fell by 6.6 percentage points. Comparable companies fell by a median 0.2 points. So the company did 6.4 points weaker than the industry, for reasons of its own.
Over 2 year-to-year changes Ref Consult AS moved the same way as comparable companies 2 times. About 3% 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 | 42.3% | 8.0% | −16.3 percentage points | −0.5 percentage points | −15.8 percentage points |
| 2025 | 35.7% | 7.8% | −6.6 percentage points | −0.2 percentage points | −6.4 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 Ref Consult AS. The figures stand side by side; we claim no cause.
Turnover index: architectural and engineering activities (indeks (2021 = 100))
Turnover index: architectural and engineering activities rose 8.1% in 2025; the operating margin of Ref Consult AS fell 6.6 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Turnover index: architectural and engineering activities, annual average | 99.0 | 108.8 | 127.9 | 146.4 | 158.3 | 155.2 (so far) |
| Change from the year before | +9.8% | +9.9% | +17.5% | +14.5% | +8.1% | −1.9% |
| The company's operating margin | – | – | 58.6% | 42.3% | 35.7% | – |
Source: SSB (13863, CC BY 4.0). Source
Turnover index: advertising and market research (indeks (2021 = 100))
Turnover index: advertising and market research rose 3.6% in 2025; the operating margin of Ref Consult AS fell 6.6 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Turnover index: advertising and market research, annual average | 99.4 | 113.5 | 108.3 | 106.9 | 110.7 | 126.1 (so far) |
| Change from the year before | +35.1% | +14.2% | −4.6% | −1.3% | +3.6% | +13.9% |
| The company's operating margin | – | – | 58.6% | 42.3% | 35.7% | – |
Source: SSB (13863, CC BY 4.0). Source
Turnover index: other professional and technical activities (indeks (2021 = 100))
Turnover index: other professional and technical activities rose 6.2% in 2025; the operating margin of Ref Consult AS fell 6.6 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Turnover index: other professional and technical activities, annual average | 98.3 | 121.6 | 139.4 | 131.0 | 139.1 | 158.0 (so far) |
| Change from the year before | +29.9% | +23.7% | +14.6% | −6.0% | +6.2% | +13.6% |
| The company's operating margin | – | – | 58.6% | 42.3% | 35.7% | – |
Source: SSB (13863, CC BY 4.0). Source
Service prices: architects and engineering (indeks (2021 = 100))
Service prices: architects and engineering rose 3.2% in 2025; the operating margin of Ref Consult AS fell 6.6 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Service prices: architects and engineering, annual average | 100.0 | 103.6 | 107.5 | 111.2 | 114.7 | 119.4 (so far) |
| Change from the year before | +1.2% | +3.5% | +3.8% | +3.4% | +3.2% | +4.2% |
| The company's operating margin | – | – | 58.6% | 42.3% | 35.7% | – |
Source: SSB (14335, CC BY 4.0). Source
Oil price (export price of crude oil) (kr per fat)
Oil price (export price of crude oil) fell 17.6% in 2025; the operating margin of Ref Consult AS fell 6.6 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Oil price (export price of crude oil), annual average | 609 | 979 | 877 | 859 | 708 | 881 (so far) |
| Change from the year before | +61.1% | +60.8% | −10.5% | −2.0% | −17.6% | +24.5% |
| The company's operating margin | – | – | 58.6% | 42.3% | 35.7% | – |
Source: SSB (08799, CC BY 4.0). Source
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of Ref Consult AS fell 6.6 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 | – | – | 58.6% | 42.3% | 35.7% | – |
Source: Norges Bank (IR, NLOD 2.0). Source
EUR/NOK (kr)
EUR/NOK rose 0.8% in 2025; the operating margin of Ref Consult AS fell 6.6 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 | – | – | 58.6% | 42.3% | 35.7% | – |
Source: Norges Bank (EXR, NLOD 2.0). Source
Wage index: architects and engineering (indeks)
Wage index: architects and engineering rose 4.7% in 2025; the operating margin of Ref Consult AS fell 6.6 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Wage index: architects and engineering, annual average | 90.5 | 90.9 | 96.0 | 100.9 | 105.6 | 109.2 (so far) |
| Change from the year before | +7.4% | +0.5% | +5.6% | +5.2% | +4.7% | +3.4% |
| The company's operating margin | – | – | 58.6% | 42.3% | 35.7% | – |
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
Ref Consult AS had an operating margin of 35.7% and an equity ratio of 5.5% in 2025, and ranks 5,005 of 10,060 in Teknisk tjenesteyting og forskning.
From 2024 to 2025: the operating margin fell from 42.3% to 35.7%.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 0 MNOK and 10 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 14.9 | 9 MNOK |
| EV/EBIT | 14.3 | 10 MNOK |
| P/B | 2.3 | 0 MNOK |
| EV/EBIT: from enterprise value to equity | NOK |
|---|---|
| Enterprise value (EV) at the listed multiple | 16 MNOK |
| Enterprise value after the size adjustment | 10 MNOK |
| Less net debt (rough figure) | 0 MNOK |
| Equity value | 10 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 multiples are from the listed industry that matches the NACE code (71.1): Engineering/Construction.
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
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 5.5% (median 43.1%).
- 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 113 days (median 44 days).
- watch
Current liabilities exceed current assets other than bank deposits, and the current ratio is weak. Is it customer prepayments and supplier credit that fund the operations, or short-term loans that must be renewed?
Based on: Net working capital to revenue −17.2% (median −7.1%); Current ratio 1.01 (median 1.71).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 0.0% 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 2021, the sector's weakest year, for this company.
The sector's weakest year was 2021, 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 | 85 | weight 40% |
|---|---|---|
| Solidity | 11 | weight 20% |
| Liquidity | 20 | weight 5% |
| Growth | 37 | weight 25% |
| Consistency | 46 | weight 10% |
Three goals: profitability 40%, growth 25%, resilience 35%. Why these weights?
Durability: 52 (average over 3 years)
Index version 3. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is Ref Consult AS?
The operating margin was 35.7% in 2025, against a median of 7.8% among companies in the Morning class Micro in the same sector. Return on assets was 47.8%.
How solid is Ref Consult AS?
The equity ratio was 5.5% in 2025 (median 43.1%). Debt-to-equity was 17.16 (median 1.04).
What is the liquidity of Ref Consult AS like?
The current ratio was 1.01 in 2025 (median 1.71).
How does Ref Consult AS compare in Teknisk tjenesteyting og forskning?
Ref Consult AS ranks 5,005 of 10,060 in Teknisk tjenesteyting og forskning for 2025. Among companies in the Morning class Micro it is number 3,704 of 7,474. Revenue changed by 2.2% 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 |
|---|---|---|---|---|
| Hillevik AS |  Lion |
2 MNOK | 81.1% | 77 |
| Petroserv AS | Lion |
2 MNOK | 11.4% | 51 |
| Onor Bemanning AS | Lion |
2 MNOK | 98.7% | 82 |
| STRUC & Marine AS | Lion |
2 MNOK | 41.6% | 79 |
| Ref Consult AS (this company) |  Cheetah |
2 MNOK | 35.7% | 51 |
| Willmann Engineering AS | Lion |
2 MNOK | 21.8% | 66 |
| Emiso AS | Lion |
2 MNOK | 32.7% | 86 |
| Dyefont AS |  Elephant |
2 MNOK | −8.0% | 29 |
| Seo Engineering AS | Lion |
2 MNOK | 16.4% | 64 |
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
3 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 Ref Holding AS. Persons are not shown by name.
Ref Holding 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
- Teknisk tjenesteyting og forskning (3 companies) 3 of 3 companies in the tree have accounts with us. Sectors are sorted by the companies' own revenue, which includes sales between the group's companies.
-
Ref Holding AS
-
Ref Consult 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.
- 944917950
- Legal form
- AS
- Sector
- Teknisk tjenesteyting og forskning (71.129)
- Morning company class
- Micro
- Employees
- 0–4 (not registered)
- Founded
- 4 May 1987 39 years in operation
- Share capital
- 0.10 MNOK
- Business address
- Svendsemarka 41, 3409 TRANBY (LIER)
- Municipality
- Lier rank 7 of 27 in KOSTRA group 9
- Audit
- Audit opted out from 11 October 2017
- Latest accounts filed
- 2025
- LEI
- 636700FZ3LJ9K5O0GP25 not renewed (lapsed)
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 6 November 2026. Only names are shown.
- Parent company
- Parent not reported
Source: GLEIF (Global Legal Entity Identifier Foundation), fetched 31 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: Ref Holding AS (100%)
Ultimate owner: private person
- Ref Holding AS · 100.0%
Change 2007–2025: 36% of the shares changed owner (0 new and 1 departed owners).
Majority owner of: Thermoconsult AS (60%)
Holds shares in: Gjensidige Forsikring ASA (0%), Kongsberg Gruppen ASA (0%), Thermoconsult AS (60%)
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 · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 56 | 48 | 51 | |
| Rank | 3,729 | 5,268 | 5,005 | |
| Operating margin | 58.6% | 42.3% | 35.7% | |
| Return on assets | 69.0% | 52.2% | 47.8% | |
| Equity ratio | 3.8% | 5.2% | 5.5% | |
| Current ratio | 0.92 | 0.96 | 1.01 | |
| Revenue growth | – | −8.1% | 2.2% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 2.5 MNOK | 2.3 MNOK | 2.4 MNOK |
| Operating profit | 1.5 MNOK | 1.0 MNOK | 0.8 MNOK |
| Profit before tax | 1.8 MNOK | 1.0 MNOK | 0.9 MNOK |
| Tax expense | 0.3 MNOK | 0.2 MNOK | 0.2 MNOK |
| Net profit | 1.5 MNOK | 0.8 MNOK | 0.7 MNOK |
| Financial expenses | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Total assets | 2.6 MNOK | 1.9 MNOK | 1.8 MNOK |
| Current assets | 2.3 MNOK | 1.7 MNOK | 1.7 MNOK |
| Equity | 0.1 MNOK | 0.1 MNOK | 0.1 MNOK |
| Retained earnings | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Total liabilities | 2.5 MNOK | 1.8 MNOK | 1.7 MNOK |
| Current liabilities | 2.5 MNOK | 1.8 MNOK | 1.7 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 9 November 2026, accounts id 6467749.
Further
Similar companies
- Grøsnes AS index 51, rank 5,003 · compare
- Sigve Aspelund AS index 51, rank 5,004 · compare
- Anike AS index 51, rank 5,006 · compare
- Norse Marketing AS index 51, rank 5,007 · compare
- Immuvera Therapeutics AS index 51, rank 5,008 · compare