Elseko 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
54of 100
How to read this: the company is ahead of 55 % of companies in the Morning class Small in the same sector in 2025. What does this mean?
Rank in the Morning class Small: 909 of 2,036 · What are Morning company classes?
Place in the whole sector: 3,135 of 7,073 · Industri
Profile
Cheetah · Sprinter
High profitability, lower resilience
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 69 and resilience 32 out of 100 among companies in the Morning class Small in the same sector in 2025. Methodology
Against the sector
Elseko AS is 3 points above the median for companies in the Morning class Small in the same sector in 2025.
Median score 51 among 2,036 companies.
Against companies in the Morning class Small in the same sector in 2025: operating margin 6.9% (median 4.6%) and equity ratio 21.6% (median 42.6%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 46 MNOK | 21 MNOK |
| Operating margin | 6.9% | 4.6% |
| Profit margin | 5.9% | 4.5% |
| Return on assets | 21.0% | 9.6% |
| Equity ratio | 21.6% | 42.6% |
| Debt-to-equity | 3.63 | 1.24 |
| Current ratio | 1.88 | 1.78 |
| Revenue growth | 8.0% | 5.3% |
| Revenue per employee | 2.32 MNOK | 1.78 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 54, Elseko AS does better than 55% of companies in the Morning class Small in the same sector (2,036 companies) in 2025.
Score 2023–2025
- Elseko AS
- Median: companies in the Morning class Small 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. |
80 days | 47 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. |
26 days | 33 days | |
| Net working capital to revenue Current assets less bank deposits less current liabilities, divided by revenue. Negative: short-term debt funds the operations. |
12.4% | 3.6% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
7.0% | 26.7% | |
| 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. |
7.2 | 6.4 | |
| 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. |
3.7% | 2.0% | |
| Long-term share of debt Long-term debt as a share of all debt. A low share means more falls due within a year. |
35.2% | 21.1% | |
Net working capital (current assets less bank deposits less current liabilities): 5.7 MNOK.
Of the financial costs of 0.4 MNOK, 0.4 MNOK is reported as interest costs in the accounts.
The median and the bar refer to companies in the Morning class Small 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.
Elseko AS has a score of 54 for 2025, rank 3,135 of 7,073 in the sector.
Strongest: Profitability: percentile 69 against peers, operating margin 6.9% against a median of 4.6%. Growth: percentile 61 against peers, revenue growth 8.0% against a median of 5.3%.
Weakest: Solidity: percentile 21 against peers, equity ratio 21.6% against a median of 42.6%.
Worth a closer look
- What lies behind weak solidity, and will it last?
- The change in operating margin in 2025 was 2.4 percentage points better than for comparable companies: the company +2.4, the industry +0.0 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 Elseko AS rose by 2.4 percentage points. Comparable companies rose by a median 0.0 points. So the company did 2.4 points better than the industry, for reasons of its own.
Over 2 year-to-year changes Elseko AS moved the same way as comparable companies 0 times. About 0% 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 | 4.4% | 4.6% | +10.1 percentage points | 0.0 percentage points | +10.2 percentage points |
| 2025 | 6.9% | 4.6% | +2.4 percentage points | +0.0 percentage points | +2.4 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 Elseko 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 Elseko AS rose 2.4 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 | – | – | −5.7% | 4.4% | 6.9% | – |
Source: SSB (12462, CC BY 4.0). Source
EUR/NOK (kr)
EUR/NOK rose 0.8% in 2025; the operating margin of Elseko AS rose 2.4 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 | – | – | −5.7% | 4.4% | 6.9% | – |
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 Elseko AS rose 2.4 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 | – | – | −5.7% | 4.4% | 6.9% | – |
Source: SSB (09363, CC BY 4.0). Source
USD/NOK (kr)
USD/NOK fell 3.3% in 2025; the operating margin of Elseko AS rose 2.4 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 | – | – | −5.7% | 4.4% | 6.9% | – |
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 Elseko AS rose 2.4 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 | – | – | −5.7% | 4.4% | 6.9% | – |
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
Elseko AS had an operating margin of 6.9% and an equity ratio of 21.6% in 2025, and ranks 3,135 of 7,073 in Industri.
From 2024 to 2025: the equity ratio rose from 13.2% to 21.6% and the operating margin rose from 4.4% to 6.9%.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 8 MNOK and 20 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 25.8 | 20 MNOK |
| EV/EBIT | 19.1 | 8 MNOK |
| P/B | 4.0 | 8 MNOK |
| EV/EBIT: from enterprise value to equity | NOK |
|---|---|
| Enterprise value (EV) at the listed multiple | 18 MNOK |
| Enterprise value after the size adjustment | 11 MNOK |
| Less net debt (rough figure) | 3 MNOK |
| Equity value | 8 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 (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 3.7% 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 | 69 | weight 40% |
|---|---|---|
| Solidity | 21 | weight 20% |
| Liquidity | 55 | weight 5% |
| Growth | 61 | weight 25% |
| Consistency | 44 | weight 10% |
Three goals: profitability 40%, growth 25%, resilience 35%. Why these weights?
Durability: 38 (average over 3 years)
Index version 3. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is Elseko AS?
The operating margin was 6.9% in 2025, against a median of 4.6% among companies in the Morning class Small in the same sector. Return on assets was 21.0%.
How solid is Elseko AS?
The equity ratio was 21.6% in 2025 (median 42.6%). Debt-to-equity was 3.63 (median 1.24).
What is the liquidity of Elseko AS like?
The current ratio was 1.88 in 2025 (median 1.78).
How does Elseko AS compare in Industri?
Elseko AS ranks 3,135 of 7,073 in Industri for 2025. Among companies in the Morning class Small it is number 909 of 2,036. Revenue changed by 8.0% 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 |
|---|---|---|---|---|
| Trotan AS |  Elephant |
56 MNOK | 3.4% | 52 |
| MTS TAVLER & Automasjon AS |  Beaver |
55 MNOK | 4.2% | 43 |
| Ex-Tech System AS | Elephant |
52 MNOK | 4.1% | 57 |
| Elseko AS (this company) |  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 |
| Kongsberg Electronics AS | Cheetah |
41 MNOK | 4.1% | 41 |
| Eltavler AS | Beaver |
41 MNOK | −21.8% | 12 |
| Elmo A/S |  Lion |
39 MNOK | 27.2% | 84 |
The selection is the closest in revenue within the same industry code. When you order, you can swap competitors. Order competitor analysis
From the Central Coordinating Register
- Org. no.
- 967770930
- Legal form
- AS
- Sector
- Industri (27.120)
- Morning company class
- Small
- Employees
- 20 registered 10 October 2026
- Founded
- 30 September 1993 33 years in operation
- Share capital
- 1.40 MNOK
- Business address
- Furumoen 5, 7300 ORKANGER (ORKLAND)
- Municipality
- Orkland rank 20–35 of 38 in KOSTRA group 7
- Latest accounts filed
- 2025
- Website
- www.elseko.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
- 4
- Largest owner
- 25.0% · top three 75.0%
- Split
- companies 100% · private persons 0% · foreign 0%
- K. Ingdal Holding AS · 25.0%
- Ois Holding AS · 25.0%
- M.Salberg Holding AS · 25.0%
- R.Nygård Holding AS · 25.0%
Change 2007–2025:
100% of the shares changed owner (4 new and 4 departed owners).
New owners (companies): K. Ingdal Holding AS, M.Salberg Holding AS, Ois Holding AS, R.Nygård Holding AS
Holds shares in: Midtnorsk Opplæring 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.
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 | 9 | 50 | 54 | |
| Rank | 6,264 | 3,592 | 3,135 | |
| Operating margin | −5.7% | 4.4% | 6.9% | |
| Return on assets | −14.8% | 13.8% | 21.0% | |
| Equity ratio | 5.7% | 13.2% | 21.6% | |
| Current ratio | 1.01 | 1.86 | 1.88 | |
| Revenue growth | – | 11.0% | 8.0% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 38.6 MNOK | 42.9 MNOK | 46.3 MNOK |
| Operating profit | −2.2 MNOK | 1.9 MNOK | 3.2 MNOK |
| Profit before tax | −2.6 MNOK | 1.4 MNOK | 2.7 MNOK |
| Tax expense | 0.0 MNOK | 0.0 MNOK | 0.3 MNOK |
| Net profit | 0.0 MNOK | 1.4 MNOK | 2.4 MNOK |
| Financial expenses | 0.4 MNOK | 0.5 MNOK | 0.4 MNOK |
| Total assets | 14.7 MNOK | 13.9 MNOK | 15.1 MNOK |
| Current assets | 14.0 MNOK | 13.2 MNOK | 14.4 MNOK |
| Equity | 0.8 MNOK | 1.8 MNOK | 3.3 MNOK |
| Retained earnings | −0.6 MNOK | 0.4 MNOK | 1.9 MNOK |
| Total liabilities | 13.9 MNOK | 12.0 MNOK | 11.9 MNOK |
| Current liabilities | 13.9 MNOK | 7.1 MNOK | 7.7 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 5 November 2026, accounts id 6942732.
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