Nucleus AS
Score · fiscal year 2025
31of 100
How to read this: the company is ahead of 14 % of companies in the Morning class Medium in the same sector in 2025. What does this mean?
Rank in the Morning class Medium: 476 of 553 · What are Morning company classes?
Place in the whole sector: 3,442 of 4,183 · Teknisk tjenesteyting og forskning
Profile
Beaver · Builder
Lower profitability, lower solidity
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 20 and solidity 24 out of 100 among companies in the Morning class Medium in the same sector in 2025. Methodology
Against the sector
Nucleus AS is 19 points below the median for companies in the Morning class Medium in the same sector in 2025.
Median score 50 among 553 companies.
Against companies in the Morning class Medium in the same sector in 2025: operating margin 0.3% (median 5.6%) and equity ratio 18.9% (median 32.7%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 51 MNOK | 95 MNOK |
| Operating margin | 0.3% | 5.6% |
| Profit margin | 0.3% | 5.6% |
| Return on assets | 1.5% | 12.6% |
| Equity ratio | 18.9% | 32.7% |
| Debt-to-equity | 4.28 | 1.97 |
| Current ratio | 1.23 | 1.35 |
| Revenue growth | 2.6% | 9.9% |
| Revenue per employee | 2.12 MNOK | 3.01 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 31, Nucleus AS does better than 14% of companies in the Morning class Medium in the same sector (553 companies) in 2025.
Score 2023–2025
- Nucleus AS
- Median: companies in the Morning class Medium in the same sector
Nucleus AS has a score of 31 for 2025, rank 3,442 of 4,183 in the sector.
Strongest: Consistency: percentile 56 against peers.
Weakest: Profitability: percentile 20 against peers, operating margin 0.3% against a median of 5.6%. Solidity: percentile 24 against peers, equity ratio 18.9% against a median of 32.7%.
Worth a closer look
- The operating margin is lower than at three in four companies in the sector. Where do costs differ from competitors? Based on: operating margin 0.3% (median 5.6%).
- What lies behind weak profitability, and will it last?
- What lies behind weak solidity, and will it last?
- The change in operating margin in 2025 was 3.8 percentage points weaker than for comparable companies: the company −3.1, the industry +0.8 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 Nucleus AS fell by 3.1 percentage points. Comparable companies rose by a median 0.8 points. So the company did 3.8 points weaker than the industry, for reasons of its own.
Over 2 year-to-year changes Nucleus AS moved the same way as comparable companies 0 times. About 18% 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 | 3.3% | 4.8% | +1.3 percentage points | −0.5 percentage points | +1.7 percentage points |
| 2025 | 0.3% | 5.6% | −3.1 percentage points | +0.8 percentage points | −3.8 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 Nucleus 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 Nucleus AS fell 3.1 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 | – | – | 2.1% | 3.3% | 0.3% | – |
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 Nucleus AS fell 3.1 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 | – | – | 2.1% | 3.3% | 0.3% | – |
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 Nucleus AS fell 3.1 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 | – | – | 2.1% | 3.3% | 0.3% | – |
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 Nucleus AS fell 3.1 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 | – | – | 2.1% | 3.3% | 0.3% | – |
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 Nucleus AS fell 3.1 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 | – | – | 2.1% | 3.3% | 0.3% | – |
Source: SSB (08799, CC BY 4.0). Source
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of Nucleus AS fell 3.1 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 | – | – | 2.1% | 3.3% | 0.3% | – |
Source: Norges Bank (IR, NLOD 2.0). Source
EUR/NOK (kr)
EUR/NOK rose 0.8% in 2025; the operating margin of Nucleus AS fell 3.1 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 | – | – | 2.1% | 3.3% | 0.3% | – |
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 Nucleus AS fell 3.1 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 | – | – | 2.1% | 3.3% | 0.3% | – |
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
Nucleus AS had an operating margin of 0.3% and an equity ratio of 18.9% in 2025, and ranks 3,442 of 4,183 in Teknisk tjenesteyting og forskning.
From 2024 to 2025: the operating margin fell from 3.3% to 0.3%.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 5 MNOK and 11 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 18.6 | 7 MNOK |
| EV/EBIT | 15.9 | 11 MNOK |
| P/B | 3.2 | 5 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 operating margin is lower than at three in four companies in the sector. Where do costs differ from competitors?
Based on: Operating margin 0.3% (median 5.6%).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 0.9% 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 8 fiscal years we have. The analysis grows as more years are fetched or imported. Methodology
What the score is made of
| Profitability | 20 | weight 30% |
|---|---|---|
| Solidity | 24 | weight 25% |
| Liquidity | 39 | weight 15% |
| Growth | 33 | weight 15% |
| Consistency | 56 | weight 15% |
Durability: 35 (average over 3 years)
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is Nucleus AS?
The operating margin was 0.3% in 2025, against a median of 5.6% among companies in the Morning class Medium in the same sector. Return on assets was 1.5%.
How solid is Nucleus AS?
The equity ratio was 18.9% in 2025 (median 32.7%). Debt-to-equity was 4.28 (median 1.97).
What is the liquidity of Nucleus AS like?
The current ratio was 1.23 in 2025 (median 1.35).
How does Nucleus AS compare in Teknisk tjenesteyting og forskning?
Nucleus AS ranks 3,442 of 4,183 in Teknisk tjenesteyting og forskning for 2025. Among companies in the Morning class Medium it is number 476 of 553. Revenue changed by 2.6% from the year before.
Public contracts
- Contracts awarded since 2024
- 2
- Total awarded value since 2024
- 10.0 MNOK
- Framework agreements
- 1
- Left out of the total: the value is a ceiling, not actual spend.
| Date | Buyer | Notice | Value |
|---|---|---|---|
| 20 September 2025 | Oslo kommune v/ Klimaetaten | Kommunikasjonstjenester og mediekjøp | 10.0 MNOK |
| 5 August 2025 | Integrerings- og mangfoldsdirektoratet (IMDi) | Anskaffelse av Reklame- og kommunikasjonstjenester | 20.0 MNOK (framework) |
| 11 February 2020 | Kompetanse Norge | Visuell kommunikasjon | 3.5 MNOK (framework) |
| 2 July 2019 | Nordisk Energiforskning | Produksjon av hjemmeside “Carbon Nautral Nordics” | 0.3 MNOK |
| 4 December 2018 | Norsk Lyd- og Blindeskriftsbibliotek | Reklamebyråtjenester | 0.0 MNOK |
| 9 October 2018 | Oslo kommune v/ Velferdsetaten | Anskaffelser av tjenester innen markedsføring | 0.1 MNOK (framework) |
Based on notices in Doffin. Does not show call-offs under framework agreements or purchases below the publication threshold. Values are as stated by the buyer.
Source: Doffin (DFØ), fetched 28 October 2026. Winners are matched on organisation number.
Contains data under the Norwegian licence for public data (NLOD 2.0) made available by Doffin/the Norwegian Agency for Public and Financial Management (DFØ). NLOD 2.0
From the Central Coordinating Register
- Org. no.
- 968749498
- Legal form
- AS
- Sector
- Teknisk tjenesteyting og forskning (73.300)
- Morning company class
- Medium
- Employees
- 24 registered 10 June 2026
- Founded
- 1 February 1994 32 years in operation
- Share capital
- 0.14 MNOK
- Business address
- Apotekergata 12, 0180 OSLO
- Municipality
- Oslo rank 63–220 of 357 in Norway
- Latest accounts filed
- 2025
- Website
- www.nucleus.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 31 October 2026. Only names are shown.
Shareholders (2025)
- Number of shareholders
- 7
- Largest owner
- 31.7% · top three 79.0%
- Split
- companies 63% · private persons 37% · foreign 0%
- Owned from the same municipality
- 75%
- Owners over 60
- 43% of the shares held by persons (median age 56)
- Fox Invest AS · 31.7%
- Hommersand Invest AS · 31.7%
- 5 private persons · 36.6%
Change 2007–2025:
45% of the shares changed owner (5 new and 1 departed owners).
Departed (companies): Havnor 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.
Figures last fetched 4 November 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 35 | 38 | 31 | |
| Rank | 2,959 | 3,001 | 3,442 | |
| Operating margin | 2.1% | 3.3% | 0.3% | |
| Return on assets | 8.8% | 10.1% | 1.5% | |
| Equity ratio | 21.2% | 17.8% | 18.9% | |
| Current ratio | 1.22 | 1.19 | 1.23 | |
| Revenue growth | – | 5.2% | 2.6% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 47.2 MNOK | 49.7 MNOK | 51.0 MNOK |
| Operating profit | 1.0 MNOK | 1.7 MNOK | 0.1 MNOK |
| Profit before tax | 1.0 MNOK | 1.6 MNOK | 0.1 MNOK |
| Tax expense | 0.2 MNOK | 0.4 MNOK | 0.0 MNOK |
| Net profit | 0.8 MNOK | 1.3 MNOK | 0.1 MNOK |
| Financial expenses | 0.1 MNOK | 0.1 MNOK | 0.1 MNOK |
| Total assets | 12.9 MNOK | 16.9 MNOK | 17.0 MNOK |
| Current assets | 12.3 MNOK | 16.6 MNOK | 17.0 MNOK |
| Equity | 2.7 MNOK | 3.0 MNOK | 3.2 MNOK |
| Retained earnings | 2.2 MNOK | 2.5 MNOK | 2.6 MNOK |
| Total liabilities | 10.2 MNOK | 13.9 MNOK | 13.8 MNOK |
| Current liabilities | 10.2 MNOK | 13.9 MNOK | 13.8 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 4 November 2026, accounts id 7162617.
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