TGS ASA
Score · fiscal year 2025
38of 100
How to read this: the company is ahead of 20 % of companies in the Morning class Large in the same sector in 2025. What does this mean?
Rank in the Morning class Large: 46 of 57 · What are Morning company classes?
Place in the whole sector: 1,906 of 2,592 · Teknisk tjenesteyting og forskning
Profile
Lion · Leader
High profitability, high solidity
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 53 and solidity 52 out of 100 among companies in the Morning class Large in the same sector in 2025. Methodology
Against the sector
TGS ASA is 13 points below the median for companies in the Morning class Large in the same sector in 2025.
Median score 51 among 57 companies.
Against companies in the Morning class Large in the same sector in 2025: operating margin 10.9% (median 3.6%) and equity ratio 28.1% (median 25.7%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 1,808 MNOK | 1,002 MNOK |
| Operating margin | 10.9% | 3.6% |
| Profit margin | −12.6% | 4.1% |
| Return on assets | 2.9% | 10.0% |
| Equity ratio | 28.1% | 25.7% |
| Debt-to-equity | 2.56 | 2.71 |
| Current ratio | 0.67 | 1.13 |
| Revenue growth | −9.7% | 4.3% |
| Revenue per employee | 29.16 MNOK | 5.93 MNOK |
The median and “ahead of” refer to companies in the Morning class Large in the same sector in 2025. The bar shows the share of companies the figure is ahead of.
With an index of 38, TGS ASA does better than 20% of companies in the Morning class Large in the same sector (57 companies) in 2025.
Score 2023–2025
- TGS ASA
- Median: companies in the Morning class Large in the same sector
TGS ASA has a score of 38 for 2025, rank 1,906 of 2,592 in the sector.
Strongest: Profitability: percentile 53 against peers, operating margin 10.9% against a median of 3.6%.
Weakest: Liquidity: percentile 11 against peers, current ratio 0.67 against a median of 1.13. Growth: percentile 14 against peers, revenue growth −9.7% against a median of 4.3%.
Worth a closer look
- Consider strengthening liquidity: current liabilities are 1.5 times current assets. Based on: current ratio 0.67 (median 1.13).
- The company made a loss before tax. Are these one-off items or a pattern? Based on: profit margin −12.6% (median 4.1%).
- What lies behind weak growth, 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
TGS ASA had an operating margin of 10.9% and an equity ratio of 28.1% in 2025, and ranks 1,906 of 2,592 in Teknisk tjenesteyting og forskning.
From 2024 to 2025: the operating margin fell from 28.6% to 10.9% and the equity ratio fell from 36.7% to 28.1%.
This text is generated automatically from the 2025 accounts.
Three simple methods
One method gives a figure: 797 MUSD.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 10.0 | not meaningful |
| EV/EBIT | 8.0 | debt above value |
| P/B | 1.0 | 797 MUSD |
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
- watch
Consider strengthening liquidity: current liabilities are 1.5 times current assets.
Based on: Current ratio 0.67 (median 1.13).
- watch
The company made a loss before tax. Are these one-off items or a pattern?
Based on: Profit margin −12.6% (median 4.1%).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 5.1% 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
- watch Reports in a currency other than NOK
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 | 53 | weight 30% |
|---|---|---|
| Solidity | 52 | weight 25% |
| Liquidity | 11 | weight 15% |
| Growth | 14 | weight 15% |
| Consistency | 34 | weight 15% |
Durability: 43 (average over 3 years)
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is TGS ASA?
The operating margin was 10.9% in 2025, against a median of 3.6% among companies in the Morning class Large in the same sector. Return on assets was 2.9%. The company made a loss before tax.
How solid is TGS ASA?
The equity ratio was 28.1% in 2025 (median 25.7%). Debt-to-equity was 2.56 (median 2.71).
What is the liquidity of TGS ASA like?
The current ratio was 0.67 in 2025 (median 1.13). Current assets did not cover current liabilities.
How does TGS ASA compare in Teknisk tjenesteyting og forskning?
TGS ASA ranks 1,906 of 2,592 in Teknisk tjenesteyting og forskning for 2025. Among companies in the Morning class Large it is number 46 of 57. Revenue changed by −9.7% from the year before.
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.
We do not show the group structure, because open data does not say who owns whom.
From the Central Coordinating Register
- Org. no.
- 976695372
- Legal form
- ASA · part of a group
- Sector
- Teknisk tjenesteyting og forskning (71.122)
- Morning company class
- Large
- Employees
- 62 registered 10 September 2026
- Founded
- 21 August 1996 30 years in operation
- Share capital
- 49.21 MNOK
- Business address
- Lilleakerveien 4C, 0283 OSLO
- Municipality
- Oslo rank 63–220 of 357 in Norway
- Latest accounts filed
- 2025
- Website
- www.tgsnopec.com
- LEI
- 549300NUPLAXPB0WYH90 renews 13 March 2027
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.
- Parent company
- No parent company: owned by persons
Source: GLEIF (Global Legal Entity Identifier Foundation), fetched 30 October 2026. The parent is the one the company itself reported to GLEIF.
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 2 November 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 35 | 56 | 38 | |
| Rank | 1,853 | 961 | 1,906 | |
| Operating margin | 22.1% | 28.6% | 10.9% | |
| Return on assets | 4.6% | 2.8% | 2.9% | |
| Equity ratio | 17.3% | 36.7% | 28.1% | |
| Current ratio | 0.53 | 0.68 | 0.67 | |
| Revenue growth | – | 19.9% | −9.7% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (USD). Revenue in NOK is converted from USD at the mean rate for the accounting period 1 January 2025–31 December 2025: 10.3912 (norges_bank). Balance-sheet amounts use the rate on the balance-sheet date. Ratios and growth are computed in USD. Exchange rates at Norges Bank
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 160.6 MUSD | 192.6 MUSD | 174.0 MUSD |
| Operating profit | 35.6 MUSD | 55.1 MUSD | 19.0 MUSD |
| Profit before tax | −2.9 MUSD | −47.6 MUSD | −22.0 MUSD |
| Net profit | −2.7 MUSD | 27.9 MUSD | −30.0 MUSD |
| Financial expenses | 57.8 MUSD | 119.1 MUSD | 105.0 MUSD |
| Total assets | 1,193.8 MUSD | 2,567.4 MUSD | 2,838.0 MUSD |
| Current assets | 491.3 MUSD | 725.4 MUSD | 954.0 MUSD |
| Equity | 207.1 MUSD | 942.4 MUSD | 797.0 MUSD |
| Retained earnings | 32.3 MUSD | 64.5 MUSD | 41.0 MUSD |
| Total liabilities | 986.7 MUSD | 1,625.0 MUSD | 2,042.0 MUSD |
| Current liabilities | 931.0 MUSD | 1,060.8 MUSD | 1,433.0 MUSD |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 2 November 2026, accounts id 7091980.
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