Ex-Tech System 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
57of 100
How to read this: the company is ahead of 62 % of companies in the Morning class Medium in the same sector in 2025. What does this mean?
Rank in the Morning class Medium: 522 of 1,373 · What are Morning company classes?
Place in the whole sector: 2,626 of 7,073 · Industri
Profile
Elephant · Steward
Lower profitability, high resilience
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 48 and resilience 55 out of 100 among companies in the Morning class Medium in the same sector in 2025. Methodology
Against the sector
Ex-Tech System AS is 6 points above the median for companies in the Morning class Medium in the same sector in 2025.
Median score 51 among 1,373 companies.
Against companies in the Morning class Medium in the same sector in 2025: operating margin 4.1% (median 5.0%) and equity ratio 53.9% (median 39.3%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 52 MNOK | 114 MNOK |
| Operating margin | 4.1% | 5.0% |
| Profit margin | 3.4% | 4.8% |
| Return on assets | 11.1% | 10.5% |
| Equity ratio | 53.9% | 39.3% |
| Debt-to-equity | 0.85 | 1.50 |
| Current ratio | 1.99 | 1.54 |
| Revenue growth | 11.9% | 7.1% |
| Revenue per employee | 2.75 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 57, Ex-Tech System AS does better than 62% of companies in the Morning class Medium in the same sector (1,373 companies) in 2025.
Score 2023–2025
- Ex-Tech System 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. |
123 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. |
18.9% | 6.4% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
2.1% | 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. |
2.9 | 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. |
7.2% | 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): 9.9 MNOK.
Of the financial costs of 0.7 MNOK, 0.2 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.
Ex-Tech System AS has a score of 57 for 2025, rank 2,626 of 7,073 in the sector.
Strongest: Growth: percentile 76 against peers, revenue growth 11.9% against a median of 7.1%. Solidity: percentile 71 against peers, equity ratio 53.9% against a median of 39.3%.
Weakest: Consistency: percentile 14 against peers.
Worth a closer look
- What lies behind weak consistency, and will it last?
- The change in operating margin in 2025 was 8.0 percentage points better than for comparable companies: the company +8.3, the industry +0.3 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 Ex-Tech System AS rose by 8.3 percentage points. Comparable companies rose by a median 0.3 points. So the company did 8.0 points better than the industry, for reasons of its own.
Over 2 year-to-year changes Ex-Tech System AS moved the same way as comparable companies 1 times. About 1% 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 | −4.2% | 4.6% | +32.3 percentage points | 0.0 percentage points | +32.4 percentage points |
| 2025 | 4.1% | 5.0% | +8.3 percentage points | +0.3 percentage points | +8.0 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 Ex-Tech System 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 Ex-Tech System AS rose 8.3 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 | – | – | −36.6% | −4.2% | 4.1% | – |
Source: SSB (12462, CC BY 4.0). Source
EUR/NOK (kr)
EUR/NOK rose 0.8% in 2025; the operating margin of Ex-Tech System AS rose 8.3 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 | – | – | −36.6% | −4.2% | 4.1% | – |
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 Ex-Tech System AS rose 8.3 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 | – | – | −36.6% | −4.2% | 4.1% | – |
Source: SSB (09363, CC BY 4.0). Source
USD/NOK (kr)
USD/NOK fell 3.3% in 2025; the operating margin of Ex-Tech System AS rose 8.3 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 | – | – | −36.6% | −4.2% | 4.1% | – |
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 Ex-Tech System AS rose 8.3 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 | – | – | −36.6% | −4.2% | 4.1% | – |
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
Ex-Tech System AS had an operating margin of 4.1% and an equity ratio of 53.9% in 2025, and ranks 2,626 of 7,073 in Industri.
From 2024 to 2025: went from a loss to a profit before tax and the equity ratio rose from 19.3% to 53.9%.
This text is generated automatically from the 2025 accounts.
Three simple methods
One method gives a figure: 30 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 25.8 | not meaningful |
| EV/EBIT | 19.1 | not meaningful |
| P/B | 4.0 | 30 MNOK |
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 (27): Machinery.
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
No rules were triggered for this year.
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 7.2% 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 | 48 | weight 40% |
|---|---|---|
| Solidity | 71 | weight 20% |
| Liquidity | 70 | weight 5% |
| Growth | 76 | weight 25% |
| Consistency | 14 | 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.
Questions and answers
How profitable is Ex-Tech System AS?
The operating margin was 4.1% in 2025, against a median of 5.0% among companies in the Morning class Medium in the same sector. Return on assets was 11.1%.
How solid is Ex-Tech System AS?
The equity ratio was 53.9% in 2025 (median 39.3%). Debt-to-equity was 0.85 (median 1.50).
What is the liquidity of Ex-Tech System AS like?
The current ratio was 1.99 in 2025 (median 1.54).
How does Ex-Tech System AS compare in Industri?
Ex-Tech System AS ranks 2,626 of 7,073 in Industri for 2025. Among companies in the Morning class Medium it is number 522 of 1,373. Revenue changed by 11.9% 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 |
|---|---|---|---|---|
| Powercontrol AS |  Cheetah |
64 MNOK | 17.0% | 61 |
| Rogaland Industri Automasjon AS |  Lion |
63 MNOK | 18.3% | 73 |
| Wethal Tavleteknikk AS | Cheetah |
58 MNOK | 6.7% | 67 |
| Trotan AS |  Elephant |
56 MNOK | 3.4% | 52 |
| MTS TAVLER & Automasjon AS |  Beaver |
55 MNOK | 4.2% | 43 |
| Ex-Tech System AS (this company) | Elephant |
52 MNOK | 4.1% | 57 |
| Elseko AS | Cheetah |
46 MNOK | 6.9% | 54 |
| Clean Electric Integration AS | Cheetah |
46 MNOK | 3.7% | 47 |
| Elaris Elektrotavler AS | Beaver |
41 MNOK | 3.1% | 42 |
The selection is the closest in revenue within the same industry code. When you order, you can swap competitors. Order competitor analysis
Group accounts
The company is registered as part of a group, but we have no group accounts for it. Group accounts are filed by the parent company, and open data does not say which company that is.
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
55 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 Ikm Holding AS.
Group accounts. Ikm Holding AS for 2025: index 49 of 100, number 18 of 31 groups. See the group accounts
The group in figures
- Sectors
- Olje og gass (9 companies), Teknisk tjenesteyting og forskning (19 companies), Industri (17 companies), Handel (4 companies), Forretningsmessig tjenesteyting (4 companies), Kraft og energi (1 company) and 1 more 55 of 55 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
- 3,088 in all. Sola 1,713, Sandnes 364, Time 210, Askøy 134, Hå 130, Stavanger 86 and 11 more municipalities Registered employees in the Central Coordinating Register, by the municipality of the business address. Employees may work elsewhere.
- Negative equity
- 3 companies: Ikm Well Services AS, Ikm Rada AS, Ikm Welldrone Technologies AS
- Loss
- 20 companies: Ikm Karsten Moholt AS, Ikm Løfteteknikk AS, Stavanger Mekaniske AS, Ikm Solidtech AS, Ikm Well Services AS, Ikm Rada AS …
- Changed 2024–2025
- 8 companies joined the group, among them: Ikm Ptu AS, Ikm Shipping AS, Ikm Prs Services AS, Grimstad Konserves Holding AS, Ikm Løfteteknikk AS, Global Skipsholding Norden 2 AS. 2 companies left, among them: Fusst 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.
-
Ikm Holding AS
-
Ikm Gruppen AS
-
Ex-Tech Group AS
- Ex-Tech System AS you are here
- Ikm Flux AS
- Ikm Inspection AS
- Haaland Industri AS
- Ikm Operations AS
- Ikm Løfteteknikk AS
- Ikm Hvac AS
- Ikm Dsc Engineering AS
- Stavanger Mekaniske AS
- Ikm Aquamarine AS
- Ikm Solidtech AS
- Ikm Subsea Motor Solutions AS
- and 13 more companies
-
- Ikm Inwind AS
-
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.
- 960988825
- Legal form
- AS · part of a group
- Sector
- Industri (27.120)
- Morning company class
- Medium
- Employees
- 19 registered 10 October 2026
- Founded
- 27 May 1991 35 years in operation
- Share capital
- 0.03 MNOK
- Business address
- Moseidveien 3, 4033 STAVANGER (SOLA)
- Municipality
- Sola rank 2 of 27 in KOSTRA group 9
- Latest accounts filed
- 2025
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.
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: Ex-Tech Group AS (100%)
Ultimate owner: Ikm Holding AS
The owner: the majority owner Ex-Tech Group AS (holds 100%) made a loss in 2025. A weak parent can affect the subsidiary through group contributions, loans and guarantees. It is an indication to watch, not an assessment of the company.
- Ex-Tech Group 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): Ex-Tech Group 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 5 November 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 27 | 36 | 57 | |
| Rank | 5,350 | 5,193 | 2,626 | |
| Operating margin | −36.6% | −4.2% | 4.1% | |
| Return on assets | −22.0% | −2.5% | 11.1% | |
| Equity ratio | 56.1% | 19.3% | 53.9% | |
| Current ratio | 4.70 | 1.23 | 1.99 | |
| Revenue growth | – | 48.6% | 11.9% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 31.5 MNOK | 46.8 MNOK | 52.3 MNOK |
| Operating profit | −11.5 MNOK | −2.0 MNOK | 2.1 MNOK |
| Profit before tax | −11.5 MNOK | −2.2 MNOK | 1.8 MNOK |
| Tax expense | −7.4 MNOK | −0.9 MNOK | 0.5 MNOK |
| Net profit | −4.0 MNOK | −1.3 MNOK | 1.3 MNOK |
| Financial expenses | 0.5 MNOK | 0.8 MNOK | 0.7 MNOK |
| Total assets | 49.7 MNOK | 56.4 MNOK | 22.5 MNOK |
| Current assets | 49.6 MNOK | 54.4 MNOK | 20.7 MNOK |
| Equity | 27.9 MNOK | 10.9 MNOK | 12.1 MNOK |
| Retained earnings | −24.1 MNOK | −25.4 MNOK | −3.8 MNOK |
| Total liabilities | 21.8 MNOK | 45.5 MNOK | 10.4 MNOK |
| Current liabilities | 10.6 MNOK | 44.2 MNOK | 10.4 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 5 November 2026, accounts id 7021484.
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