Skytec 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
58of 100
How to read this: the company is ahead of 63 % of companies in the Morning class Small in the same sector in 2025. What does this mean?
Rank in the Morning class Small: 755 of 2,037 · What are Morning company classes?
Place in the whole sector: 2,503 of 7,072 · Industri
Profile
Cheetah · Sprinter
High profitability, lower resilience
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 66 and resilience 34 out of 100 among companies in the Morning class Small in the same sector in 2025. Methodology
Against the sector
Skytec AS is 7 points above the median for companies in the Morning class Small in the same sector in 2025.
Median score 51 among 2,037 companies.
Against companies in the Morning class Small in the same sector in 2025: operating margin 10.6% (median 4.6%) and equity ratio 36.2% (median 42.5%).
How it has gone · 2023–2025
Revenue rose by 34 % from 2023 to 2025, to 31.5 MNOK. The operating margin rose from −4.8% in 2023 to 10.6% in 2025. The equity ratio fell from 38.8% in 2023 to 36.2% in 2025.
Amounts in the reporting currency. The full year-by-year table is further down under «Details». See every figure year by year
Skytec AS has a score of 58 for 2025, rank 2,503 of 7,072 in the sector.
Strongest: Growth: percentile 80 against peers, revenue growth 22.0% against a median of 5.3%. Profitability: percentile 66 against peers, operating margin 10.6% against a median of 4.6%.
Weakest: Liquidity: percentile 13 against peers, current ratio 0.98 against a median of 1.78. Consistency: percentile 33 against peers.
Worth a closer look
- Consider strengthening liquidity: current liabilities are 1.0 times current assets. Based on: current ratio 0.98 (median 1.78).
- Strong growth with weak liquidity. Is the growth financed, or does it tie up capital the company does not have? Based on: revenue growth 22.0% (median 5.3%); current ratio 0.98 (median 1.78).
- 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 −24.0% (median 3.6%); current ratio 0.98 (median 1.78).
- What lies behind weak consistency, 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
Worth a closer look
- watch
Consider strengthening liquidity: current liabilities are 1.0 times current assets.
Based on: Current ratio 0.98 (median 1.78).
- watch
Strong growth with weak liquidity. Is the growth financed, or does it tie up capital the company does not have?
Based on: Revenue growth 22.0% (median 5.3%); Current ratio 0.98 (median 1.78).
- 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 −24.0% (median 3.6%); Current ratio 0.98 (median 1.78).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
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 | 66 | weight 40% |
|---|---|---|
| Solidity | 40 | weight 20% |
| Liquidity | 13 | weight 5% |
| Growth | 80 | weight 25% |
| Consistency | 33 | weight 10% |
Three goals: profitability 40%, growth 25%, resilience 35%. Why these weights?
Durability: 46 (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 | 31 MNOK | 21 MNOK |
| Operating margin | 10.6% | 4.6% |
| Profit margin | 10.3% | 4.5% |
| Return on assets | 11.4% | 9.6% |
| Equity ratio | 36.2% | 42.5% |
| Debt-to-equity | 1.76 | 1.24 |
| Current ratio | 0.98 | 1.78 |
| Revenue growth | 22.0% | 5.3% |
| Revenue per employee | 5.25 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 58, Skytec AS does better than 63% of companies in the Morning class Small in the same sector (2,037 companies) in 2025.
Score 2023–2025
- Skytec 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. |
47 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. |
38 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. |
−24.0% | 3.6% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
49.6% | 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. |
– | 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. |
– | 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. |
– | 21.1% | |
Net working capital (current assets less bank deposits less current liabilities): −7.6 MNOK.
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.
The industry or the company: what drove the result?
In 2025 the operating margin of Skytec AS rose by 6.0 percentage points. Comparable companies rose by a median 0.0 points. So the company did 6.0 points better than the industry, for reasons of its own.
Over 2 year-to-year changes Skytec 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 | 4.6% | 4.6% | +9.4 percentage points | 0.0 percentage points | +9.5 percentage points |
| 2025 | 10.6% | 4.6% | +6.0 percentage points | +0.0 percentage points | +6.0 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 Skytec 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 Skytec AS rose 6.0 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 | – | – | −4.8% | 4.6% | 10.6% | – |
Source: SSB (12462, CC BY 4.0). Source
EUR/NOK (kr)
EUR/NOK rose 0.8% in 2025; the operating margin of Skytec AS rose 6.0 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 | – | – | −4.8% | 4.6% | 10.6% | – |
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 Skytec AS rose 6.0 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 | – | – | −4.8% | 4.6% | 10.6% | – |
Source: SSB (09363, CC BY 4.0). Source
USD/NOK (kr)
USD/NOK fell 3.3% in 2025; the operating margin of Skytec AS rose 6.0 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 | – | – | −4.8% | 4.6% | 10.6% | – |
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 Skytec AS rose 6.0 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 | – | – | −4.8% | 4.6% | 10.6% | – |
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
Skytec AS had an operating margin of 10.6% and an equity ratio of 36.2% in 2025, and ranks 2,503 of 7,072 in Industri.
From 2024 to 2025: the operating margin rose from 4.6% to 10.6% and revenue grew by 22%.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 13 MNOK and 20 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 22.2 | 13 MNOK |
| EV/EBIT | 18.6 | 20 MNOK |
| P/B | 3.0 | 19 MNOK |
| EV/EBIT: from enterprise value to equity | NOK |
|---|---|
| Enterprise value (EV) at the listed multiple | 21 MNOK |
| Enterprise value after the size adjustment | 13 MNOK |
| Less net debt (rough figure) | −7 MNOK |
| Equity value | 20 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. Net debt is −55% of the enterprise value after the size adjustment, so the equity value from EV/EBIT is sensitive to errors in the debt figure.
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 NACE code has no listed industry of its own in the table, so the multiples are the sector median: Machinery, Food Processing, Chemical (Specialty), Building Materials, Packaging & Container.
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 Skytec AS?
The operating margin was 10.6% in 2025, against a median of 4.6% among companies in the Morning class Small in the same sector. Return on assets was 11.4%.
How solid is Skytec AS?
The equity ratio was 36.2% in 2025 (median 42.5%). Debt-to-equity was 1.76 (median 1.24).
What is the liquidity of Skytec AS like?
The current ratio was 0.98 in 2025 (median 1.78). Current assets did not cover current liabilities.
How does Skytec AS compare in Industri?
Skytec AS ranks 2,503 of 7,072 in Industri for 2025. Among companies in the Morning class Small it is number 755 of 2,037. Revenue changed by 22.0% 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 |
|---|---|---|---|---|
| LT Tech AS |  Cheetah |
121 MNOK | 5.9% | 53 |
| NORRØNAFLY PROPELLER & Ndt AS |  Beaver |
44 MNOK | 1.5% | 42 |
| Norrønafly Rakkestad AS | Beaver |
32 MNOK | 0.7% | 42 |
| Skytec AS (this company) | Cheetah |
31 MNOK | 10.6% | 58 |
| Sam Aero AS | Cheetah |
28 MNOK | 8.2% | 46 |
| OSM Aviation Airtech AS |  Lion |
26 MNOK | 14.6% | 79 |
| Flyteknisk Notodden AS | Beaver |
24 MNOK | −8.6% | 19 |
| Aerotech AS | Lion |
20 MNOK | 68.8% | 87 |
| Norwegian Aero Solutions AS |  Elephant |
9 MNOK | −77.4% | 34 |
The selection is the closest in revenue within the same industry code. When you order, you can swap competitors. Order competitor analysis
Group structure · 2025
2 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 Skytec AS.
Skytec AS has not filed group accounts in open data, so the group has no index of its own. Each company has its own accounts.
The group in figures
- Sectors
- Industri (1 company), Handel (1 company) 2 of 2 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
- 6 in all. Sandefjord 6 Registered employees in the Central Coordinating Register, by the municipality of the business address. Employees may work elsewhere.
-
Skytec AS you are here
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.
- 976576772
- Legal form
- AS
- Sector
- Industri (33.160)
- Purpose
- Flyverksted, kjøp og salg av helikopter/fly og helikopterprodukter, herunder eksport og import, konsulentvirksomhet og investerigs og plasseringsvirksomhet, herunder investering i fast eindom, samt deltakelse i selskaper med lignende forhold som nevnt foran.
- Morning company class
- Small
- Employees
- 6 registered 10 October 2024
- Founded
- 1 June 1996 30 years in operation
- Share capital
- 0.40 MNOK
- Business address
- Hangarveien 13, 3241 SANDEFJORD
- Municipality
- Sandefjord rank 2–7 of 10 in KOSTRA group 11
- Latest accounts filed
- 2025
- VAT registered
- Yes
- Website
- www.skytec.no
- Former names
- Flyvedlikehold AS until 2007
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
- 3
- Largest owner
- 40.0%
- Split
- companies 30% · private persons 70% · foreign 0%
- Owned from the same municipality
- 57%
- Staticdroop Holding AS · 30.0%
- 2 private persons · 70.0%
Change 2007–2025:
66% of the shares changed owner (1 new and 1 departed owners). The majority owner changed.
New owners (companies): Staticdroop Holding AS
Departed (companies): Skylift Holding AS
Majority owner of: Luftmateriell AS (100%)
Holds shares in: Luftmateriell AS (100%)
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 8 November 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 33 | 48 | 58 | |
| Rank | 4,979 | 3,817 | 2,503 | |
| Operating margin | −4.8% | 4.6% | 10.6% | |
| Return on assets | 0.4% | 10.3% | 11.4% | |
| Equity ratio | 38.8% | 27.1% | 36.2% | |
| Current ratio | 1.66 | 1.13 | 0.98 | |
| Revenue growth | – | 9.5% | 22.0% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 23.6 MNOK | 25.8 MNOK | 31.5 MNOK |
| Operating profit | −1.1 MNOK | 1.2 MNOK | 3.3 MNOK |
| Profit before tax | −1.0 MNOK | 1.5 MNOK | 3.2 MNOK |
| Tax expense | −0.2 MNOK | 0.2 MNOK | 0.7 MNOK |
| Net profit | −0.9 MNOK | 1.2 MNOK | 2.5 MNOK |
| Financial expenses | 1.1 MNOK | 0.8 MNOK | – |
| Total assets | 23.3 MNOK | 22.3 MNOK | 28.3 MNOK |
| Current assets | 13.7 MNOK | 13.3 MNOK | 14.5 MNOK |
| Equity | 9.0 MNOK | 6.0 MNOK | 10.3 MNOK |
| Retained earnings | 8.6 MNOK | 5.8 MNOK | 6.3 MNOK |
| Total liabilities | 14.3 MNOK | 16.3 MNOK | 18.1 MNOK |
| Current liabilities | 8.3 MNOK | 11.8 MNOK | 14.9 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 8 November 2026, accounts id 7076483.
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