Benull 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 68 % of companies in the Morning class Medium in the same sector in 2025. What does this mean?
Rank in the Morning class Medium: 346 of 1,078 · What are Morning company classes?
Place in the whole sector: 9,761 of 30,137 · Eiendom
Profile
Lion · Leader
High profitability, high resilience
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 67 and resilience 65 out of 100 among companies in the Morning class Medium in the same sector in 2025. Methodology
Against the sector
Benull AS is 6 points above the median for companies in the Morning class Medium in the same sector in 2025.
Median score 51 among 1,078 companies.
Against companies in the Morning class Medium in the same sector in 2025: operating margin 56.0% (median 22.4%) and equity ratio 62.6% (median 30.2%).
How it has gone · 2023–2025
Revenue rose by 23 % from 2023 to 2025, to 80.5 MNOK. The operating margin fell from 66.2% in 2023 to 56.0% in 2025. The equity ratio fell from 63.7% in 2023 to 62.6% in 2025.
Amounts in the reporting currency. The full year-by-year table is further down under «Details». See every figure year by year
Benull AS has a score of 57 for 2025, rank 9,761 of 30,137 in the sector.
Strongest: Solidity: percentile 74 against peers, equity ratio 62.6% against a median of 30.2%. Profitability: percentile 67 against peers, operating margin 56.0% against a median of 22.4%.
Weakest: Growth: percentile 31 against peers, revenue growth 4.8% against a median of 6.0%. Liquidity: percentile 35 against peers, current ratio 0.99 against a median of 1.31.
Worth a closer look
- Consider strengthening liquidity: current liabilities are 1.0 times current assets. Based on: current ratio 0.99 (median 1.31).
- Current liabilities exceed current assets other than bank deposits, and the current ratio is weak. Is it customer prepayments and supplier credit that fund the operations, or short-term loans that must be renewed? Based on: net working capital to revenue −62.8% (median 2.7%); current ratio 0.99 (median 1.31).
- What lies behind weak growth, and will it last?
- The change in operating margin in 2025 was 8.8 percentage points weaker than for comparable companies: the company −6.5, the industry +2.3 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
Worth a closer look
- watch
Consider strengthening liquidity: current liabilities are 1.0 times current assets.
Based on: Current ratio 0.99 (median 1.31).
- watch
Current liabilities exceed current assets other than bank deposits, and the current ratio is weak. Is it customer prepayments and supplier credit that fund the operations, or short-term loans that must be renewed?
Based on: Net working capital to revenue −62.8% (median 2.7%); Current ratio 0.99 (median 1.31).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 3.1% 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 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 | 67 | weight 40% |
|---|---|---|
| Solidity | 74 | weight 20% |
| Liquidity | 35 | weight 5% |
| Growth | 31 | weight 25% |
| Consistency | 61 | weight 10% |
Three goals: profitability 40%, growth 25%, resilience 35%. Why these weights?
Durability: 65 (average over 3 years)
Index version 3. Data completeness 100%: the share of the weights that had data.
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 80 MNOK | 82 MNOK |
| Operating margin | 56.0% | 22.4% |
| Profit margin | 51.8% | 16.1% |
| Return on assets | 10.5% | 7.8% |
| Equity ratio | 62.6% | 30.2% |
| Debt-to-equity | 0.60 | 2.20 |
| Current ratio | 0.99 | 1.31 |
| Revenue growth | 4.8% | 6.0% |
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, Benull AS does better than 68% of companies in the Morning class Medium in the same sector (1,078 companies) in 2025.
Score 2023–2025
- Benull 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. |
10 days | 67 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. |
0 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. |
−62.8% | 2.7% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
95.9% | 10.9% | |
| 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. |
8.6 | 3.6 | |
| 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. |
3.1% | 3.2% | |
| Long-term share of debt Long-term debt as a share of all debt. A low share means more falls due within a year. |
68.6% | 59.6% | |
Net working capital (current assets less bank deposits less current liabilities): −50.5 MNOK.
Of the financial costs of 5.2 MNOK, 5.2 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.
The industry or the company: what drove the result?
In 2025 the operating margin of Benull AS fell by 6.5 percentage points. Comparable companies rose by a median 2.3 points. So the company did 8.8 points weaker than the industry, for reasons of its own.
Over 2 year-to-year changes Benull AS moved the same way as comparable companies 0 times. About 28% 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 | 62.5% | 20.1% | −3.7 percentage points | +4.2 percentage points | −7.9 percentage points |
| 2025 | 56.0% | 22.4% | −6.5 percentage points | +2.3 percentage points | −8.8 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 Benull AS. The figures stand side by side; we claim no cause.
House prices (existing homes) (indeks (2015 = 100))
House prices (existing homes) rose 5.5% in 2025; the operating margin of Benull AS fell 6.5 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| House prices (existing homes), annual average | 134.5 | 141.6 | 140.8 | 144.6 | 152.5 | 158.7 (so far) |
| Change from the year before | +10.5% | +5.2% | −0.5% | +2.7% | +5.5% | +4.1% |
| The company's operating margin | – | – | 66.2% | 62.5% | 56.0% | – |
Source: SSB (07221, CC BY 4.0). Source
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of Benull AS fell 6.5 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 | – | – | 66.2% | 62.5% | 56.0% | – |
Source: Norges Bank (IR, NLOD 2.0). Source
Construction cost index for dwellings (indeks (2015 = 100))
Construction cost index for dwellings rose 4.3% in 2025; the operating margin of Benull AS fell 6.5 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Construction cost index for dwellings, annual average | 124.2 | 135.1 | 141.1 | 146.4 | 152.7 | 158.4 (so far) |
| Change from the year before | +8.7% | +8.8% | +4.4% | +3.7% | +4.3% | +3.7% |
| The company's operating margin | – | – | 66.2% | 62.5% | 56.0% | – |
Source: SSB (08651, CC BY 4.0). Source
Consumer price index (indeks (2025 = 100))
Consumer price index rose 3.0% in 2025; the operating margin of Benull AS fell 6.5 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Consumer price index, annual average | 84.3 | 89.2 | 94.1 | 97.0 | 100.0 | 103.0 (so far) |
| Change from the year before | +3.5% | +5.8% | +5.5% | +3.2% | +3.0% | +3.0% |
| The company's operating margin | – | – | 66.2% | 62.5% | 56.0% | – |
Source: SSB (14710, CC BY 4.0). Source
Wage index: real estate (indeks)
Wage index: real estate rose 5.2% in 2025; the operating margin of Benull AS fell 6.5 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Wage index: real estate, annual average | 91.7 | 94.3 | 96.8 | 103.2 | 108.5 | 111.3 (so far) |
| Change from the year before | +5.2% | +2.9% | +2.6% | +6.5% | +5.2% | +2.6% |
| The company's operating margin | – | – | 66.2% | 62.5% | 56.0% | – |
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
Benull AS had an operating margin of 56.0% and an equity ratio of 62.6% in 2025, and ranks 9,761 of 30,137 in Eiendom.
From 2024 to 2025: the operating margin fell from 62.5% to 56.0%.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 134 MNOK and 529 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 10.5 | 232 MNOK |
| EV/EBIT | 19.2 | 529 MNOK |
| P/B | 0.7 | 134 MNOK |
| EV/EBIT: from enterprise value to equity | NOK |
|---|---|
| Enterprise value (EV) at the listed multiple | 873 MNOK |
| Enterprise value after the size adjustment | 594 MNOK |
| Less net debt (rough figure) | 65 MNOK |
| Equity value | 529 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 3% on the cost of equity gives a value 32% 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
Questions and answers
How profitable is Benull AS?
The operating margin was 56.0% in 2025, against a median of 22.4% among companies in the Morning class Medium in the same sector. Return on assets was 10.5%.
How solid is Benull AS?
The equity ratio was 62.6% in 2025 (median 30.2%). Debt-to-equity was 0.60 (median 2.20).
What is the liquidity of Benull AS like?
The current ratio was 0.99 in 2025 (median 1.31). Current assets did not cover current liabilities.
How does Benull AS compare in Eiendom?
Benull AS ranks 9,761 of 30,137 in Eiendom for 2025. Among companies in the Morning class Medium it is number 346 of 1,078. Revenue changed by 4.8% 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 |
|---|---|---|---|---|
| Skøyen Næringsbygg AS · same municipality |  Cheetah |
81 MNOK | 63.2% | 49 |
| Deg8 AS · same municipality |  Beaver |
81 MNOK | 52.0% | 51 |
| Scala Bryn AS · same municipality |  Lion |
81 MNOK | 47.4% | 57 |
| Haber Norge AS | Cheetah |
81 MNOK | 67.7% | 48 |
| Benull AS (this company) | Lion |
80 MNOK | 56.0% | 57 |
| Campus T AS | Beaver |
80 MNOK | 10.6% | 26 |
| Kirkegata 18 AS · same municipality | Cheetah |
80 MNOK | 63.4% | 54 |
| Jonsvoll Utleie AS | Lion |
80 MNOK | 7.4% | 63 |
| AS CONTINENTALKOMPLEKSET · same municipality | Cheetah |
80 MNOK | 53.5% | 57 |
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
33 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 Sparebank 1 Gruppen AS.
Group accounts. Sparebank 1 Gruppen AS for 2025: index 36 of 100, number 14 of 15 groups. See the group accounts
The group in figures
- Sectors
- Forretningsmessig tjenesteyting (3 companies), Eiendom (22 companies), Finans og forsikring (2 companies) 27 of 33 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
- 2,104 in all. Oslo 2,028, Tromsø 41, Ålesund 35 Registered employees in the Central Coordinating Register, by the municipality of the business address. Employees may work elsewhere.
- Loss
- 6 companies: Jernbanetorget 2 AS, Ostara AS, Tårnhuset AS, Sparebank 1 Spleis AS, Provita AS, Øvre Stabburvei Eiendom AS
- Changed 2024–2025
- 4 companies left.
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.
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.
- 974483769
- Legal form
- AS · part of a group
- Sector
- Eiendom (68.200)
- Purpose
- Kjøp, salg og utleie av fast eiendom, samt annen virksomhet som naturlig faller inn under dette ved aksjekjøp eller på annen måte.
- Morning company class
- Medium
- Employees
- 0–4 (not registered)
- Founded
- 18 April 1995 31 years in operation
- Share capital
- 55.00 MNOK
- Business address
- Calmeyers gate 5, 0183 OSLO
- Municipality
- Oslo rank 63–220 of 357 in Norway
- Latest accounts filed
- 2025
- VAT registered
- Yes
- Website
- www.sparebank1.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 7 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: Sparebank 1 Forsikring AS (100%)
Ultimate owner: Sparebank 1 Gruppen AS
- Sparebank 1 Forsikring AS · 100.0%
Change 2007–2025: no material change in the owners.
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 | 73 | 63 | 57 | |
| Rank | 3,541 | 5,829 | 9,761 | |
| Operating margin | 66.2% | 62.5% | 56.0% | |
| Return on assets | 10.0% | 11.1% | 10.5% | |
| Equity ratio | 63.7% | 63.2% | 62.6% | |
| Current ratio | 0.35 | 0.66 | 0.99 | |
| Revenue growth | – | 17.3% | 4.8% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 65.5 MNOK | 76.8 MNOK | 80.5 MNOK |
| Operating profit | 43.4 MNOK | 48.0 MNOK | 45.1 MNOK |
| Profit before tax | 40.0 MNOK | 43.6 MNOK | 41.7 MNOK |
| Tax expense | 8.9 MNOK | 9.7 MNOK | 9.2 MNOK |
| Net profit | 31.1 MNOK | 33.9 MNOK | 32.5 MNOK |
| Financial expenses | 4.2 MNOK | 5.6 MNOK | 5.2 MNOK |
| Total assets | 441.7 MNOK | 444.7 MNOK | 449.2 MNOK |
| Current assets | 15.7 MNOK | 31.7 MNOK | 52.4 MNOK |
| Equity | 281.2 MNOK | 281.2 MNOK | 281.2 MNOK |
| Retained earnings | 196.2 MNOK | 196.2 MNOK | 196.2 MNOK |
| Total liabilities | 160.5 MNOK | 163.5 MNOK | 168.0 MNOK |
| Current liabilities | 45.2 MNOK | 48.2 MNOK | 52.7 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 9 November 2026, accounts id 6622869.
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