BULLS AS
Score · fiscal year 2025
54of 100
How to read this: the company is ahead of 59 % of companies in the Morning class Medium in the same sector in 2025. What does this mean?
Rank in the Morning class Medium: 731 of 1,765 · What are Morning company classes?
Place in the whole sector: 8,552 of 20,428 · Bygg og anlegg
Profile
Elephant · Steward
Lower profitability, high solidity
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 36 and solidity 68 out of 100 among companies in the Morning class Medium in the same sector in 2025. Methodology
Against the sector
BULLS AS is 4 points above the median for companies in the Morning class Medium in the same sector in 2025.
Median score 50 among 1,764 companies.
Against companies in the Morning class Medium in the same sector in 2025: operating margin 2.7% (median 4.5%) and equity ratio 39.2% (median 30.4%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 65 MNOK | 91 MNOK |
| Operating margin | 2.7% | 4.5% |
| Profit margin | 2.4% | 4.5% |
| Return on assets | 7.4% | 11.4% |
| Equity ratio | 39.2% | 30.4% |
| Debt-to-equity | 1.55 | 2.23 |
| Current ratio | 1.22 | 1.38 |
| Revenue growth | 16.3% | 6.8% |
| Revenue per employee | 2.18 MNOK | 2.53 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 54, BULLS AS does better than 59% of companies in the Morning class Medium in the same sector (1,765 companies) in 2025.
Score 2023–2025
- BULLS AS
- Median: companies in the Morning class Medium in the same sector
BULLS AS has a score of 54 for 2025, rank 8,552 of 20,428 in the sector.
Strongest: Consistency: percentile 77 against peers. Solidity: percentile 68 against peers, equity ratio 39.2% against a median of 30.4%.
Weakest: Liquidity: percentile 33 against peers, current ratio 1.22 against a median of 1.38. Profitability: percentile 36 against peers, operating margin 2.7% against a median of 4.5%.
Worth a closer look
- What lies behind weak liquidity, and will it last?
- What lies behind weak profitability, 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
What the numbers say
BULLS AS had an operating margin of 2.7% and an equity ratio of 39.2% in 2025, and ranks 8,552 of 20,428 in Bygg og anlegg.
From 2024 to 2025: revenue grew by 16% and the operating margin fell from 4.9% to 2.7%.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 9 MNOK and 14 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 10.0 | 12 MNOK |
| EV/EBIT | 8.0 | 14 MNOK |
| P/B | 1.0 | 9 MNOK |
A mechanical estimate from public accounts, not advice. Mechanical estimate from public accounts with fixed multiples. Not a valuation and not advice to buy or sell. The multiples are provisional default values and must be adjusted per sector before the figures are used for anything. 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 1.3% 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 1.8%. 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 | 36 | weight 30% |
|---|---|---|
| Solidity | 68 | weight 25% |
| Liquidity | 33 | weight 15% |
| Growth | 66 | weight 15% |
| Consistency | 77 | weight 15% |
Durability: 48 (average over 3 years)
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is BULLS AS?
The operating margin was 2.7% in 2025, against a median of 4.5% among companies in the Morning class Medium in the same sector. Return on assets was 7.4%.
How solid is BULLS AS?
The equity ratio was 39.2% in 2025 (median 30.4%). Debt-to-equity was 1.55 (median 2.23).
What is the liquidity of BULLS AS like?
The current ratio was 1.22 in 2025 (median 1.38).
How does BULLS AS compare in Bygg og anlegg?
BULLS AS ranks 8,552 of 20,428 in Bygg og anlegg for 2025. Among companies in the Morning class Medium it is number 731 of 1,765. Revenue changed by 16.3% from the year before.
From the Central Coordinating Register
- Org. no.
- 976212665
- Legal form
- AS
- Sector
- Bygg og anlegg (41.000)
- Morning company class
- Medium
- Employees
- 30 registered 10 September 2026
- Founded
- 18 March 1996 30 years in operation
- Share capital
- 0.10 MNOK
- Business address
- Vuluvegen 337, 7563 MALVIK
- Municipality
- Malvik rank 13–22 of 38 in KOSTRA group 7
- Latest accounts filed
- 2025
- Website
- www.bulls.as
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
- Chief executive
- Jørgen Bull
- Chair of the board
- Anders Bull
- Board member
- Knut Petter Bull
- Board member
- Jørgen Bull
- Deputy member
- Trine Bull Sivertsen
- Auditor
- REVISJONSFIRMAET LEIF LANGØ AS
- Accountant
- KL ØKONOMI OG HR AS
Source: Central Coordinating Register, fetched 29 October 2026. Only names are shown.
Owners and shareholdings will appear here once the shareholder data extract is in place.
Coming · not built yet
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 28 October 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 32 | 58 | 54 | |
| Rank | 13,793 | 6,827 | 8,552 | |
| Operating margin | 2.3% | 4.9% | 2.7% | |
| Return on assets | 4.6% | 13.8% | 7.4% | |
| Equity ratio | 27.8% | 41.9% | 39.2% | |
| Current ratio | 0.84 | 0.87 | 1.22 | |
| Revenue growth | – | 19.1% | 16.3% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 47.1 MNOK | 56.1 MNOK | 65.3 MNOK |
| Operating profit | 1.1 MNOK | 2.7 MNOK | 1.8 MNOK |
| Profit before tax | 1.1 MNOK | 2.4 MNOK | 1.6 MNOK |
| Net profit | 0.8 MNOK | 1.9 MNOK | 1.2 MNOK |
| Financial expenses | 0.0 MNOK | 0.3 MNOK | 0.2 MNOK |
| Total assets | 23.6 MNOK | 19.8 MNOK | 24.1 MNOK |
| Current assets | 14.3 MNOK | 10.0 MNOK | 14.2 MNOK |
| Equity | 6.6 MNOK | 8.3 MNOK | 9.4 MNOK |
| Retained earnings | 6.5 MNOK | 8.2 MNOK | 9.3 MNOK |
| Total liabilities | 17.0 MNOK | 11.5 MNOK | 14.6 MNOK |
| Current liabilities | 17.0 MNOK | 11.5 MNOK | 11.6 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 28 October 2026, accounts id 6786120.
Further
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