Atheno AS
Score · fiscal year 2025
52of 100
How to read this: the company is ahead of 57 % of companies in the Morning class Small in the same sector in 2025. What does this mean?
Rank in the Morning class Small: 329 of 760 · What are Morning company classes?
Place in the whole sector: 1,023 of 2,286 · Revisjon, regnskap og rådgivning
Profile
Elephant · Steward
Lower profitability, high solidity
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 10 and solidity 96 out of 100 among companies in the Morning class Small in the same sector in 2025. Methodology
Against the sector
Atheno AS is 3 points above the median for companies in the Morning class Small in the same sector in 2025.
Median score 49 among 760 companies.
Against companies in the Morning class Small in the same sector in 2025: operating margin −1.1% (median 9.7%) and equity ratio 74.2% (median 26.8%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 14 MNOK | 20 MNOK |
| Operating margin | −1.1% | 9.7% |
| Profit margin | −0.2% | 10.2% |
| Return on assets | −0.3% | 23.5% |
| Equity ratio | 74.2% | 26.8% |
| Debt-to-equity | 0.35 | 2.65 |
| Current ratio | 3.03 | 1.29 |
| Revenue growth | 1.9% | 8.5% |
| Revenue per employee | 1.70 MNOK | 1.48 MNOK |
The median and “ahead of” refer to companies in the Morning class Small in the same sector in 2025. The bar shows the share of companies the figure is ahead of.
With an index of 52, Atheno AS does better than 57% of companies in the Morning class Small in the same sector (760 companies) in 2025.
Score 2023–2025
- Atheno AS
- Median: companies in the Morning class Small in the same sector
Atheno AS has a score of 52 for 2025, rank 1,023 of 2,286 in the sector.
Strongest: Solidity: percentile 96 against peers, equity ratio 74.2% against a median of 26.8%. Liquidity: percentile 93 against peers, current ratio 3.03 against a median of 1.29.
Weakest: Profitability: percentile 10 against peers, operating margin −1.1% against a median of 9.7%. Growth: percentile 26 against peers, revenue growth 1.9% against a median of 8.5%.
Worth a closer look
- The company made a loss before tax. Are these one-off items or a pattern? Based on: profit margin −0.2% (median 10.2%).
- The operating margin is lower than at three in four companies in the sector. Where do costs differ from competitors? Based on: operating margin −1.1% (median 9.7%).
- What lies behind weak profitability, and will it last?
- What lies behind weak growth, 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 Atheno AS rose by 1.0 percentage points. Comparable companies rose by a median 0.9 points. So the company did 0.0 points better than the industry, for reasons of its own.
Over 2 year-to-year changes Atheno AS moved the same way as comparable companies 1 times. About 36% 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 | −2.0% | 8.7% | −2.0 percentage points | −0.1 percentage points | −1.9 percentage points |
| 2025 | −1.1% | 9.7% | +1.0 percentage points | +0.9 percentage points | +0.0 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 Atheno AS. The figures stand side by side; we claim no cause.
Turnover index: legal and accounting activities (indeks (2021 = 100))
Turnover index: legal and accounting activities rose 4.8% in 2025; the operating margin of Atheno AS rose 1.0 percentage points.
| 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 | – | – | −0.1% | −2.0% | −1.1% | – |
Source: SSB (13863, CC BY 4.0). Source
Turnover index: management consultancy (indeks (2021 = 100))
Turnover index: management consultancy rose 6.5% in 2025; the operating margin of Atheno AS rose 1.0 percentage points.
| 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 | – | – | −0.1% | −2.0% | −1.1% | – |
Source: SSB (13863, CC BY 4.0). Source
Service prices: legal and accounting (indeks (2021 = 100))
Service prices: legal and accounting rose 4.9% in 2025; the operating margin of Atheno AS rose 1.0 percentage points.
| 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 | – | – | −0.1% | −2.0% | −1.1% | – |
Source: SSB (14335, CC BY 4.0). Source
Consumer price index (indeks (2025 = 100))
Consumer price index rose 3.0% in 2025; the operating margin of Atheno AS rose 1.0 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 | – | – | −0.1% | −2.0% | −1.1% | – |
Source: SSB (14710, CC BY 4.0). Source
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of Atheno AS rose 1.0 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 | – | – | −0.1% | −2.0% | −1.1% | – |
Source: Norges Bank (IR, NLOD 2.0). Source
Wage index: legal and accounting (indeks)
Wage index: legal and accounting rose 5.4% in 2025; the operating margin of Atheno AS rose 1.0 percentage points.
| 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 | – | – | −0.1% | −2.0% | −1.1% | – |
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
Atheno AS had an operating margin of −1.1% and an equity ratio of 74.2% in 2025, and ranks 1,023 of 2,286 in Revisjon, regnskap og rådgivning.
No large changes in the key figures from 2024 to 2025.
This text is generated automatically from the 2025 accounts.
Three simple methods
One method gives a figure: 13 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 22.4 | not meaningful |
| EV/EBIT | 17.4 | not meaningful |
| P/B | 4.1 | 13 MNOK |
The listed basis is the value at listed multiples. The estimate is lowered by 51% for an unlisted company: 20% for lack of marketability and 38% for size (a small-company premium of 4% 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
- watch
The company made a loss before tax. Are these one-off items or a pattern?
Based on: Profit margin −0.2% (median 10.2%).
- 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 −1.1% (median 9.7%).
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 2026, the sector's weakest year, for this company.
The sector's weakest year was 2026, with a median operating margin of 5.4%. Based on the 7 fiscal years we have. The analysis grows as more years are fetched or imported. Methodology
What the score is made of
| Profitability | 10 | weight 30% |
|---|---|---|
| Solidity | 96 | weight 25% |
| Liquidity | 93 | weight 15% |
| Growth | 26 | weight 15% |
| Consistency | 48 | weight 15% |
Durability: 53 (average over 3 years)
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is Atheno AS?
The operating margin was −1.1% in 2025, against a median of 9.7% among companies in the Morning class Small in the same sector. Return on assets was −0.3%. The company made a loss before tax.
How solid is Atheno AS?
The equity ratio was 74.2% in 2025 (median 26.8%). Debt-to-equity was 0.35 (median 2.65).
What is the liquidity of Atheno AS like?
The current ratio was 3.03 in 2025 (median 1.29).
How does Atheno AS compare in Revisjon, regnskap og rådgivning?
Atheno AS ranks 1,023 of 2,286 in Revisjon, regnskap og rådgivning for 2025. Among companies in the Morning class Small it is number 329 of 760. Revenue changed by 1.9% from the year before.
From the Central Coordinating Register
- Org. no.
- 965075909
- Legal form
- AS
- Sector
- Revisjon, regnskap og rådgivning (70.200)
- Morning company class
- Small
- Employees
- 8 registered 10 July 2026
- Founded
- 29 June 1992 34 years in operation
- Share capital
- 3.22 MNOK
- Business address
- Vabakkjen 6, 5411 STORD
- Municipality
- Stord rank 6–23 of 38 in KOSTRA group 7
- Latest accounts filed
- 2025
- Website
- www.atheno.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
Ownership and roles
Loading roles …
Source: Central Coordinating Register, fetched 1 November 2026. Only names are shown.
Shareholders (2025)
- Number of shareholders
- 34
- Largest owner
- 15.5% · top three 34.4%
- Split
- companies 99% · private persons 1% · foreign 0%
- Owned from the same municipality
- 16%
- Aker Solutions AS · 15.5%
- SIVA - SELSKAPET FOR INDUSTRIVEKST SF · 11.1%
- Wärtsilä Norway AS · 7.8%
- Haugaland Kraft AS · 6.2%
- Eidesvik Invest AS · 6.2%
- Leirvik AS · 6.2%
- Palfinger Marine Safety AS · 6.2%
- Westcon Group AS · 5.7%
- STORD KOMMUNE · 3.9%
- FITJAR KOMMUNE · 3.9%
- 2 private persons · 0.8%
Change 2007–2025:
88% of the shares changed owner (23 new and 15 departed owners).
New owners (companies): ABB AS, Aker Solutions AS, Atheno AS, BØMLO KOMMUNE, Bømlo Skipsservice AS
Departed (companies): ABB Industri AS, Aker Elektro AS, Datapartner Stord AS, Ensy AS, HORDALAND FYLKESKOMMUNE UNDER SLETTING FRA 01.01.2020
Holds shares in: Atheno Prosjektutvikling AS (34%), Atheno AS (0%)
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 | 60 | 48 | 52 | |
| Rank | 723 | 1,222 | 1,023 | |
| Operating margin | −0.1% | −2.0% | −1.1% | |
| Return on assets | 0.9% | −1.9% | −0.3% | |
| Equity ratio | 75.0% | 77.6% | 74.2% | |
| Current ratio | 3.16 | 3.49 | 3.03 | |
| Revenue growth | – | −13.8% | 1.9% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 15.5 MNOK | 13.4 MNOK | 13.6 MNOK |
| Operating profit | 0.0 MNOK | −0.3 MNOK | −0.1 MNOK |
| Profit before tax | 0.1 MNOK | −0.2 MNOK | 0.0 MNOK |
| Tax expense | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Net profit | 0.1 MNOK | −0.2 MNOK | 0.0 MNOK |
| Financial expenses | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Total assets | 8.6 MNOK | 8.1 MNOK | 8.4 MNOK |
| Current assets | 6.7 MNOK | 6.3 MNOK | 6.6 MNOK |
| Equity | 6.4 MNOK | 6.3 MNOK | 6.2 MNOK |
| Retained earnings | 1.9 MNOK | 1.7 MNOK | 1.7 MNOK |
| Total liabilities | 2.1 MNOK | 1.8 MNOK | 2.2 MNOK |
| Current liabilities | 2.1 MNOK | 1.8 MNOK | 2.2 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 6 November 2026, accounts id 6697848.
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