Astrup Fearnley Code AS
Score · fiscal year 2025
39of 100
How to read this: the company is ahead of 23 % of companies in the Morning class Medium in the same sector in 2025. What does this mean?
Rank in the Morning class Medium: 571 of 737 · What are Morning company classes?
Place in the whole sector: 2,426 of 3,294 · Informasjon og kommunikasjon
Profile
Cheetah · Sprinter
High profitability, lower solidity
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 53 and solidity 21 out of 100 among companies in the Morning class Medium in the same sector in 2025. Methodology
Against the sector
Astrup Fearnley Code AS is 11 points below the median for companies in the Morning class Medium in the same sector in 2025.
Median score 50 among 737 companies.
Against companies in the Morning class Medium in the same sector in 2025: operating margin 3.0% (median 6.0%) and equity ratio 13.0% (median 30.0%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 110 MNOK | 108 MNOK |
| Operating margin | 3.0% | 6.0% |
| Profit margin | 3.2% | 6.7% |
| Return on assets | 23.1% | 11.8% |
| Equity ratio | 13.0% | 30.0% |
| Debt-to-equity | 6.70 | 2.27 |
| Current ratio | 0.96 | 1.16 |
| Revenue growth | 0.5% | 7.5% |
| Revenue per employee | 6.87 MNOK | 2.99 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 39, Astrup Fearnley Code AS does better than 23% of companies in the Morning class Medium in the same sector (737 companies) in 2025.
Score 2023–2025
- Astrup Fearnley Code AS
- Median: companies in the Morning class Medium in the same sector
Astrup Fearnley Code AS has a score of 39 for 2025, rank 2,426 of 3,294 in the sector.
Strongest: Consistency: percentile 62 against peers.
Weakest: Solidity: percentile 21 against peers, equity ratio 13.0% against a median of 30.0%. Liquidity: percentile 26 against peers, current ratio 0.96 against a median of 1.16.
Worth a closer look
- Consider strengthening liquidity: current liabilities are 1.0 times current assets. Based on: current ratio 0.96 (median 1.16).
- What lies behind weak solidity, and will it last?
- The change in operating margin in 2025 was 1.2 percentage points weaker than for comparable companies: the company −1.1, the industry +0.1 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 Astrup Fearnley Code AS fell by 1.1 percentage points. Comparable companies rose by a median 0.1 points. So the company did 1.2 points weaker than the industry, for reasons of its own.
Over 2 year-to-year changes Astrup Fearnley Code AS moved the same way as comparable companies 0 times. About 22% 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 | 4.1% | 5.9% | −0.2 percentage points | −0.2 percentage points | +0.1 percentage points |
| 2025 | 3.0% | 6.0% | −1.1 percentage points | +0.1 percentage points | −1.2 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 Astrup Fearnley Code AS. The figures stand side by side; we claim no cause.
Service prices: information and communication (indeks (2021 = 100))
Service prices: information and communication rose 4.0% in 2025; the operating margin of Astrup Fearnley Code AS fell 1.1 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Service prices: information and communication, annual average | 100.0 | 103.3 | 108.7 | 112.2 | 116.7 | 120.0 (so far) |
| Change from the year before | – | +3.2% | +5.3% | +3.2% | +4.0% | +2.8% |
| The company's operating margin | – | – | 4.2% | 4.1% | 3.0% | – |
Source: SSB (14335, CC BY 4.0). Source
Turnover index: information and communication (indeks (2021 = 100))
Turnover index: information and communication rose 4.6% in 2025; the operating margin of Astrup Fearnley Code AS fell 1.1 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Turnover index: information and communication, annual average | 99.6 | 111.4 | 126.4 | 128.3 | 134.2 | 141.3 (so far) |
| Change from the year before | +14.7% | +11.8% | +13.5% | +1.5% | +4.6% | +5.3% |
| The company's operating margin | – | – | 4.2% | 4.1% | 3.0% | – |
Source: SSB (13863, CC BY 4.0). Source
USD/NOK (kr)
USD/NOK fell 3.3% in 2025; the operating margin of Astrup Fearnley Code AS fell 1.1 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 | – | – | 4.2% | 4.1% | 3.0% | – |
Source: Norges Bank (EXR, NLOD 2.0). Source
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of Astrup Fearnley Code AS fell 1.1 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 | – | – | 4.2% | 4.1% | 3.0% | – |
Source: Norges Bank (IR, NLOD 2.0). Source
Consumer price index (indeks (2025 = 100))
Consumer price index rose 3.0% in 2025; the operating margin of Astrup Fearnley Code AS fell 1.1 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Consumer price index, annual average | 84.3 | 89.2 | 94.1 | 97.0 | 100.0 | 102.9 (so far) |
| Change from the year before | +3.5% | +5.8% | +5.5% | +3.2% | +3.0% | +2.9% |
| The company's operating margin | – | – | 4.2% | 4.1% | 3.0% | – |
Source: SSB (14710, CC BY 4.0). Source
Wage index: IT services (indeks)
Wage index: IT services rose 4.4% in 2025; the operating margin of Astrup Fearnley Code AS fell 1.1 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Wage index: IT services, annual average | 84.9 | 87.8 | 92.3 | 97.3 | 101.5 | 105.4 (so far) |
| Change from the year before | +4.9% | +3.5% | +5.1% | +5.4% | +4.4% | +3.8% |
| The company's operating margin | – | – | 4.2% | 4.1% | 3.0% | – |
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
Astrup Fearnley Code AS had an operating margin of 3.0% and an equity ratio of 13.0% in 2025, and ranks 2,426 of 3,294 in Informasjon og kommunikasjon.
No large changes in the key figures from 2024 to 2025.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 3 MNOK and 28 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 17.7 | 27 MNOK |
| EV/EBIT | 14.3 | 28 MNOK |
| P/B | 2.6 | 3 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
Consider strengthening liquidity: current liabilities are 1.0 times current assets.
Based on: Current ratio 0.96 (median 1.16).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 3.9% 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 2026, the sector's weakest year, for this company.
The sector's weakest year was 2026, with a median operating margin of 4.1%. 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 | 21 | weight 25% |
| Liquidity | 26 | weight 15% |
| Growth | 26 | weight 15% |
| Consistency | 62 | weight 15% |
Durability: 40 (average over 3 years)
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is Astrup Fearnley Code AS?
The operating margin was 3.0% in 2025, against a median of 6.0% among companies in the Morning class Medium in the same sector. Return on assets was 23.1%.
How solid is Astrup Fearnley Code AS?
The equity ratio was 13.0% in 2025 (median 30.0%). Debt-to-equity was 6.70 (median 2.27).
What is the liquidity of Astrup Fearnley Code AS like?
The current ratio was 0.96 in 2025 (median 1.16). Current assets did not cover current liabilities.
How does Astrup Fearnley Code AS compare in Informasjon og kommunikasjon?
Astrup Fearnley Code AS ranks 2,426 of 3,294 in Informasjon og kommunikasjon for 2025. Among companies in the Morning class Medium it is number 571 of 737. Revenue changed by 0.5% 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.
Group structure · 2025
9 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 Astrup Fearnley AS.
Astrup Fearnley 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
- Transport og lagring (1 company), Finans og forsikring (1 company), Informasjon og kommunikasjon (1 company), Revisjon, regnskap og rådgivning (2 companies) 5 of 9 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
- 119 in all. Oslo 119 Registered employees in the Central Coordinating Register, by the municipality of the business address. Employees may work elsewhere.
- Changed 2024–2025
- 3 companies joined the group: Fearnley Real Estate AS, Fearnley Business Management AS, Fearnley Securities AS. 2 companies left: Fearnley Asset Management AS, Fearnley Høyrente AS.
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.
- 977049520
- Legal form
- AS · part of a group
- Sector
- Informasjon og kommunikasjon (62.200)
- Morning company class
- Medium
- Employees
- 16 registered 10 October 2026
- Founded
- 12 December 1996 29 years in operation
- Share capital
- 1.00 MNOK
- Business address
- Dronning Eufemias gate 8, 0191 OSLO
- Municipality
- Oslo rank 63–220 of 357 in Norway
- Latest accounts filed
- 2025
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
- 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: Astrup Fearnley AS (100%)
Ultimate owner: Astrup Fearnley AS
- Astrup Fearnley AS · 100.0%
Change 2007–2025:
100% of the shares changed owner (1 new and 1 departed owners). The majority owner changed.
New owners (companies): Astrup Fearnley AS
Departed (companies): Fearnleys A/S
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 5 November 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 38 | 44 | 39 | |
| Rank | 2,218 | 2,063 | 2,426 | |
| Operating margin | 4.2% | 4.1% | 3.0% | |
| Return on assets | 22.9% | 25.1% | 23.1% | |
| Equity ratio | 12.2% | 11.7% | 13.0% | |
| Current ratio | 1.02 | 1.01 | 0.96 | |
| Revenue growth | – | 9.9% | 0.5% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 99.5 MNOK | 109.4 MNOK | 109.9 MNOK |
| Operating profit | 4.2 MNOK | 4.4 MNOK | 3.2 MNOK |
| Profit before tax | 4.1 MNOK | 4.4 MNOK | 3.5 MNOK |
| Tax expense | 0.9 MNOK | 1.0 MNOK | 0.8 MNOK |
| Net profit | 3.2 MNOK | 3.4 MNOK | 2.7 MNOK |
| Financial expenses | 0.6 MNOK | 0.6 MNOK | 0.6 MNOK |
| Total assets | 20.4 MNOK | 19.7 MNOK | 17.8 MNOK |
| Current assets | 18.2 MNOK | 17.5 MNOK | 14.8 MNOK |
| Equity | 2.5 MNOK | 2.3 MNOK | 2.3 MNOK |
| Retained earnings | 1.5 MNOK | 1.3 MNOK | 1.3 MNOK |
| Total liabilities | 17.9 MNOK | 17.4 MNOK | 15.4 MNOK |
| Current liabilities | 17.8 MNOK | 17.4 MNOK | 15.4 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 5 November 2026, accounts id 6974016.
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