Cortex 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 2024
76of 100
How to read this: the company is ahead of 95 % of companies in the Morning class Micro in the same sector in 2024. What does this mean?
Rank in the Morning class Micro: 1,160 of 22,755 · What are Morning company classes?
Place in the whole sector: 1,418 of 28,614 · Eiendom
Profile
Elephant · Steward
Lower profitability, high resilience
Position against comparable companies in 2024, not a verdict on the company. Based on profitability 46 and resilience 94 out of 100 among companies in the Morning class Micro in the same sector in 2024. Methodology
Against the sector
Cortex AS is 26 points above the median for companies in the Morning class Micro in the same sector in 2024.
Median score 50 among 22,752 companies.
Against companies in the Morning class Micro in the same sector in 2024: operating margin −460.8% (median 46.9%) and equity ratio 98.4% (median 27.4%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 1 MNOK | 2 MNOK |
| Operating margin | −460.8% | 46.9% |
| Profit margin | 16,302.7% | 21.7% |
| Return on assets | 31.0% | 7.5% |
| Equity ratio | 98.4% | 27.4% |
| Debt-to-equity | 0.02 | 2.14 |
| Current ratio | 51.65 | 1.37 |
| Revenue growth | 205.8% | 4.9% |
The median and “ahead of” refer to companies in the Morning class Micro in the same sector in 2024. The bar shows the share of companies the figure is ahead of.
With an index of 76, Cortex AS does better than 95% of companies in the Morning class Micro in the same sector (22,755 companies) in 2024.
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. |
192 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. |
159,674 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. |
42,812.8% | −12.9% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
2.4% | 53.5% | |
| 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. |
−0.1 | 1.6 | |
| 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. |
323.2% | 5.2% | |
| Long-term share of debt Long-term debt as a share of all debt. A low share means more falls due within a year. |
12.7% | 83.2% | |
The operating result is negative, so the interest coverage is negative: operations cover none of the financial costs.
Net working capital (current assets less bank deposits less current liabilities): 446.5 MNOK.
Of the financial costs of 33.5 MNOK, 1.3 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 2024. 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.
What the numbers say
Cortex AS had an operating margin of −460.8% and an equity ratio of 98.4% in 2024, and ranks 1,418 of 28,614 in Eiendom.
From 2023 to 2024: the operating margin rose from −979.8% to −460.8% and revenue grew by 206%.
This text is generated automatically from the 2024 accounts.
Three simple methods
The methods give between 344 MNOK and 1,178 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 10.5 | 1,178 MNOK |
| EV/EBIT | 19.2 | not meaningful |
| P/B | 0.7 | 344 MNOK |
The listed basis is the value at listed multiples. The estimate is lowered for size: a small-company premium of 2% on the cost of equity gives a value 24% 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 (68.2): R.E.I.T..
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
- critical
The operating result does not cover the financial costs. How will the debt be serviced, and what do the lenders say?
Based on: Interest coverage (times) −0.1 (median 1.6); Financial costs as a share of debt 323.2% (median 5.2%).
- 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 −460.8% (median 46.9%).
- 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 192 days (median 44 days).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 323.2% of the debt in 2024. The policy rate averaged 4.50 % 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
- watch Extreme margin: check 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 15.2%. 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 | 46 | weight 40% |
|---|---|---|
| Solidity | 99 | weight 20% |
| Liquidity | 97 | weight 5% |
| Growth | 97 | weight 25% |
| Consistency | 85 | weight 10% |
Three goals: profitability 40%, growth 25%, resilience 35%. Why these weights?
Index version 3. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is Cortex AS?
The operating margin was −460.8% in 2024, against a median of 46.9% among companies in the Morning class Micro in the same sector. Return on assets was 31.0%.
How solid is Cortex AS?
The equity ratio was 98.4% in 2024 (median 27.4%). Debt-to-equity was 0.02 (median 2.14).
What is the liquidity of Cortex AS like?
The current ratio was 51.65 in 2024 (median 1.37).
How does Cortex AS compare in Eiendom?
Cortex AS ranks 1,418 of 28,614 in Eiendom for 2024. Among companies in the Morning class Micro it is number 1,160 of 22,755. Revenue changed by 205.8% from the year before.
Group structure · 2025
7 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 Cortex AS.
Cortex 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 (4 companies), Vann, avløp og renovasjon (1 company), Eiendom (2 companies) 7 of 7 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
- 99 in all. Asker 72, Grimstad 27 Registered employees in the Central Coordinating Register, by the municipality of the business address. Employees may work elsewhere.
- Negative equity
- 1 company: Godøya Utvikling AS
- Loss
- 2 companies: Grønn Vekst AS, Godøya Utvikling AS
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.
-
Cortex 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.
- 958990200
- Legal form
- AS
- Sector
- Eiendom (68.200)
- Morning company class
- Micro
- Employees
- 0–4 (not registered)
- Founded
- 9 July 1990 36 years in operation
- Share capital
- 3.93 MNOK
- Business address
- Skysstasjon 11A, 1383 ASKER
- Municipality
- Asker rank 2 of 11 in KOSTRA group 12
- Latest accounts filed
- 2025
- LEI
- 549300485ZYZTWBTTR48 renews 27 December 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 6 November 2026. Only names are shown.
- Parent company
- No parent company: owned by persons
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
- 5
- Largest owner
- 10.0% · top three 30.0%
- Split
- companies 0% · private persons 50% · foreign 0%
- Owned from the same municipality
- 60%
- Owners over 60
- 20% of the shares held by persons (median age 41)
Change 2007–2025:
10% of the shares changed owner (0 new and 1 departed owners).
Departed (companies): Peli Invest AS
Majority owner of: Godøya Utvikling AS (100%), Cambi ASA (59%)
The portfolio: 14 of the companies it owns shares in have accounts with us, 2 of them as majority owner. The average index is 45. 3 have negative equity and 5 made a loss in the latest year.
Holds shares in: Cambi ASA (59%), Myklebust Verft Invest AS (15%), Krb Capital AS (1%), Vistin Pharma ASA (1%), Elkem ASA (0%), Norske Skog ASA (0%), Norsk Hydro ASA (0%), Klaveness Combination Carriers ASA (0%)
The owners' shares do not add up to the company's total number of shares in the source.
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 | – | 76 | – | |
| Rank | – | 1,418 | – | |
| Operating margin | −979.8% | −460.8% | −38,516.7% | |
| Return on assets | 25.6% | 31.0% | 33.1% | |
| Equity ratio | 91.3% | 98.4% | 96.4% | |
| Current ratio | 7.86 | 51.65 | 21.91 | |
| Revenue growth | – | 205.8% | −98.6% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 0.3 MNOK | 1.0 MNOK | 0.0 MNOK |
| Operating profit | −3.3 MNOK | −4.8 MNOK | −5.8 MNOK |
| Profit before tax | 132.1 MNOK | 170.0 MNOK | 291.3 MNOK |
| Tax expense | 5.8 MNOK | 1.8 MNOK | 0.4 MNOK |
| Net profit | 126.3 MNOK | 168.2 MNOK | 290.9 MNOK |
| Financial expenses | 2.1 MNOK | 33.5 MNOK | 13.0 MNOK |
| Total assets | 523.3 MNOK | 656.1 MNOK | 920.2 MNOK |
| Current assets | 351.0 MNOK | 466.7 MNOK | 716.9 MNOK |
| Equity | 477.6 MNOK | 645.8 MNOK | 886.7 MNOK |
| Retained earnings | 463.0 MNOK | 631.3 MNOK | 872.2 MNOK |
| Total liabilities | 45.7 MNOK | 10.4 MNOK | 33.5 MNOK |
| Current liabilities | 44.7 MNOK | 9.0 MNOK | 32.7 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 9 November 2026, accounts id 6284379.
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