Fire Security 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
54of 100
How to read this: the company is ahead of 57 % of companies in the Morning class Medium in the same sector in 2025. What does this mean?
Rank in the Morning class Medium: 267 of 614 · What are Morning company classes?
Place in the whole sector: 4,364 of 10,060 · Teknisk tjenesteyting og forskning
Profile
Cheetah · Sprinter
High profitability, lower resilience
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 94 and resilience 43 out of 100 among companies in the Morning class Medium in the same sector in 2025. Methodology
Against the sector
Fire Security AS is 3 points above the median for companies in the Morning class Medium in the same sector in 2025.
Median score 51 among 614 companies.
Against companies in the Morning class Medium in the same sector in 2025: operating margin 25.6% (median 5.5%) and equity ratio 27.2% (median 32.8%).
How it has gone · 2023–2025
Revenue fell by 35 % from 2023 to 2025, to 94.0 MNOK. The operating margin fell from 45.8% in 2023 to 25.6% in 2025. The equity ratio rose from 15.9% in 2023 to 27.2% in 2025.
Amounts in the reporting currency. The full year-by-year table is further down under «Details». See every figure year by year
Fire Security AS has a score of 54 for 2025, rank 4,364 of 10,060 in the sector.
Strongest: Profitability: percentile 94 against peers, operating margin 25.6% against a median of 5.5%.
Weakest: Growth: percentile 6 against peers, revenue growth −23.1% against a median of 10.2%. Liquidity: percentile 38 against peers, current ratio 1.22 against a median of 1.34.
Worth a closer look
- What lies behind weak growth, and will it last?
- What lies behind weak liquidity, and will it last?
- The change in operating margin in 2025 was 15.5 percentage points weaker than for comparable companies: the company −15.3, the industry +0.3 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
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 7.8% 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 −0.2%. 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 | 94 | weight 40% |
|---|---|---|
| Solidity | 39 | weight 20% |
| Liquidity | 38 | weight 5% |
| Growth | 6 | weight 25% |
| Consistency | 55 | weight 10% |
Three goals: profitability 40%, growth 25%, resilience 35%. Why these weights?
Durability: 59 (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 | 94 MNOK | 95 MNOK |
| Operating margin | 25.6% | 5.5% |
| Profit margin | 25.0% | 5.6% |
| Return on assets | 52.0% | 12.6% |
| Equity ratio | 27.2% | 32.8% |
| Debt-to-equity | 2.68 | 1.93 |
| Current ratio | 1.22 | 1.34 |
| Revenue growth | −23.1% | 10.2% |
| Revenue per employee | 8.54 MNOK | 3.04 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, Fire Security AS does better than 57% of companies in the Morning class Medium in the same sector (614 companies) in 2025.
Score 2023–2025
- Fire Security 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. |
151 days | 90 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. |
3 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. |
2.6% | −1.2% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
12.8% | 24.7% | |
| 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. |
8.3 | 8.3 | |
| 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. |
7.8% | 1.7% | |
| Long-term share of debt Long-term debt as a share of all debt. A low share means more falls due within a year. |
– | 10.0% | |
Net working capital (current assets less bank deposits less current liabilities): 2.4 MNOK.
Of the financial costs of 2.9 MNOK, 0.0 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 Fire Security AS fell by 15.3 percentage points. Comparable companies rose by a median 0.3 points. So the company did 15.5 points weaker than the industry, for reasons of its own.
Over 2 year-to-year changes Fire Security AS moved the same way as comparable companies 0 times. About 3% 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 | 40.8% | 5.3% | −5.0 percentage points | +0.3 percentage points | −5.3 percentage points |
| 2025 | 25.6% | 5.5% | −15.3 percentage points | +0.3 percentage points | −15.5 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 Fire Security AS. The figures stand side by side; we claim no cause.
Turnover index: architectural and engineering activities (indeks (2021 = 100))
Turnover index: architectural and engineering activities rose 8.1% in 2025; the operating margin of Fire Security AS fell 15.3 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Turnover index: architectural and engineering activities, annual average | 99.0 | 108.8 | 127.9 | 146.4 | 158.3 | 155.2 (so far) |
| Change from the year before | +9.8% | +9.9% | +17.5% | +14.5% | +8.1% | −1.9% |
| The company's operating margin | – | – | 45.8% | 40.8% | 25.6% | – |
Source: SSB (13863, CC BY 4.0). Source
Turnover index: advertising and market research (indeks (2021 = 100))
Turnover index: advertising and market research rose 3.6% in 2025; the operating margin of Fire Security AS fell 15.3 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Turnover index: advertising and market research, annual average | 99.4 | 113.5 | 108.3 | 106.9 | 110.7 | 126.1 (so far) |
| Change from the year before | +35.1% | +14.2% | −4.6% | −1.3% | +3.6% | +13.9% |
| The company's operating margin | – | – | 45.8% | 40.8% | 25.6% | – |
Source: SSB (13863, CC BY 4.0). Source
Turnover index: other professional and technical activities (indeks (2021 = 100))
Turnover index: other professional and technical activities rose 6.2% in 2025; the operating margin of Fire Security AS fell 15.3 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Turnover index: other professional and technical activities, annual average | 98.3 | 121.6 | 139.4 | 131.0 | 139.1 | 158.0 (so far) |
| Change from the year before | +29.9% | +23.7% | +14.6% | −6.0% | +6.2% | +13.6% |
| The company's operating margin | – | – | 45.8% | 40.8% | 25.6% | – |
Source: SSB (13863, CC BY 4.0). Source
Service prices: architects and engineering (indeks (2021 = 100))
Service prices: architects and engineering rose 3.2% in 2025; the operating margin of Fire Security AS fell 15.3 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Service prices: architects and engineering, annual average | 100.0 | 103.6 | 107.5 | 111.2 | 114.7 | 119.4 (so far) |
| Change from the year before | +1.2% | +3.5% | +3.8% | +3.4% | +3.2% | +4.2% |
| The company's operating margin | – | – | 45.8% | 40.8% | 25.6% | – |
Source: SSB (14335, CC BY 4.0). Source
Oil price (export price of crude oil) (kr per fat)
Oil price (export price of crude oil) fell 17.6% in 2025; the operating margin of Fire Security AS fell 15.3 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Oil price (export price of crude oil), annual average | 609 | 979 | 877 | 859 | 708 | 881 (so far) |
| Change from the year before | +61.1% | +60.8% | −10.5% | −2.0% | −17.6% | +24.5% |
| The company's operating margin | – | – | 45.8% | 40.8% | 25.6% | – |
Source: SSB (08799, CC BY 4.0). Source
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of Fire Security AS fell 15.3 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 | – | – | 45.8% | 40.8% | 25.6% | – |
Source: Norges Bank (IR, NLOD 2.0). Source
EUR/NOK (kr)
EUR/NOK rose 0.8% in 2025; the operating margin of Fire Security AS fell 15.3 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 | – | – | 45.8% | 40.8% | 25.6% | – |
Source: Norges Bank (EXR, NLOD 2.0). Source
Wage index: architects and engineering (indeks)
Wage index: architects and engineering rose 4.7% in 2025; the operating margin of Fire Security AS fell 15.3 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Wage index: architects and engineering, annual average | 90.5 | 90.9 | 96.0 | 100.9 | 105.6 | 109.2 (so far) |
| Change from the year before | +7.4% | +0.5% | +5.6% | +5.2% | +4.7% | +3.4% |
| The company's operating margin | – | – | 45.8% | 40.8% | 25.6% | – |
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
Fire Security AS had an operating margin of 25.6% and an equity ratio of 27.2% in 2025, and ranks 4,364 of 10,060 in Teknisk tjenesteyting og forskning.
From 2024 to 2025: the operating margin fell from 40.8% to 25.6% and revenue fell by 23%.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 34 MNOK and 572 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 18.6 | 518 MNOK |
| EV/EBIT | 15.9 | 572 MNOK |
| P/B | 3.2 | 34 MNOK |
| EV/EBIT: from enterprise value to equity | NOK |
|---|---|
| Enterprise value (EV) at the listed multiple | 744 MNOK |
| Enterprise value after the size adjustment | 566 MNOK |
| Less net debt (rough figure) | −6 MNOK |
| Equity value | 572 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 2% on the cost of equity gives a value 24% 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: Engineering/Construction, Business & Consumer Services.
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 Fire Security AS?
The operating margin was 25.6% in 2025, against a median of 5.5% among companies in the Morning class Medium in the same sector. Return on assets was 52.0%.
How solid is Fire Security AS?
The equity ratio was 27.2% in 2025 (median 32.8%). Debt-to-equity was 2.68 (median 1.93).
What is the liquidity of Fire Security AS like?
The current ratio was 1.22 in 2025 (median 1.34).
How does Fire Security AS compare in Teknisk tjenesteyting og forskning?
Fire Security AS ranks 4,364 of 10,060 in Teknisk tjenesteyting og forskning for 2025. Among companies in the Morning class Medium it is number 267 of 614. Revenue changed by −23.1% 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 |
|---|---|---|---|---|
| Dnv Product Assurance AS |  Elephant |
122 MNOK | −15.1% | 32 |
| Sustainable Energy AS |  Beaver |
106 MNOK | −0.3% | 22 |
| Ikm Solidtech AS | Beaver |
99 MNOK | −9.7% | 11 |
| Fire Security AS (this company) |  Cheetah |
94 MNOK | 25.6% | 54 |
| Vysus Norway AS | Elephant |
84 MNOK | −7.0% | 45 |
| Servie AS |  Lion |
77 MNOK | 17.9% | 69 |
| VDA - Lifting AS | Lion |
75 MNOK | 11.5% | 68 |
| Blue Analytics AS | Cheetah |
72 MNOK | 16.0% | 53 |
| Ikm Condition Monitoring AS | Cheetah |
65 MNOK | 19.5% | 59 |
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
5 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 FS Midco AS.
FS Midco 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
- Teknisk tjenesteyting og forskning (2 companies), Informasjon og kommunikasjon (3 companies) 5 of 5 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
- 11 in all. Kristiansand 11 Registered employees in the Central Coordinating Register, by the municipality of the business address. Employees may work elsewhere.
- Loss
- 4 companies: Fire Security Holding AS, Fsh Holdco AS, FS Midco AS, FS Bidco AS
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.
-
FS Midco AS
-
FS Bidco AS
-
Fsh Holdco AS
-
Fire Security Holding AS
- Fire Security AS you are here
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-
-
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.
- 980339807
- Legal form
- AS
- Sector
- Teknisk tjenesteyting og forskning (71.200)
- Purpose
- Brann- og sikkerhetsteknikk, kjøp og salg av fast eiendom samt kjøp og salg av aksjer.
- Morning company class
- Medium
- Employees
- 11 registered 10 October 2026
- Founded
- 22 October 1998 28 years in operation
- Share capital
- 2.17 MNOK
- Business address
- Skibåsen 20B, 4636 KRISTIANSAND S
- Municipality
- Kristiansand rank 2–6 of 11 in KOSTRA group 12
- Latest accounts filed
- 2025
- VAT registered
- Yes
- LEI
- 549300NJQUETII236698 renews 15 December 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 1 November 2026. Only names are shown.
- Parent company
- Parent not reported
Source: GLEIF (Global Legal Entity Identifier Foundation), fetched 30 October 2026. The parent is the one the company itself reported to GLEIF.
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: Fire Security Holding AS (100%)
Ultimate owner: FS Midco AS
The owner: the majority owner Fire Security Holding AS (holds 100%) made a loss in 2025. A weak parent can affect the subsidiary through group contributions, loans and guarantees. It is an indication to watch, not an assessment of the company.
- Fire Security Holding AS · 100.0%
Change 2007–2025:
100% of the shares changed owner (1 new and 2 departed owners). The majority owner changed.
New owners (companies): Fire Security Holding AS
Departed (companies): Global Investment AS, Waage Investering AS
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 5 November 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 65 | 59 | 54 | |
| Rank | 2,347 | 3,281 | 4,364 | |
| Operating margin | 45.8% | 40.8% | 25.6% | |
| Return on assets | 75.3% | 72.7% | 52.0% | |
| Equity ratio | 15.9% | 22.5% | 27.2% | |
| Current ratio | 1.12 | 1.21 | 1.22 | |
| Revenue growth | – | −15.6% | −23.1% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 144.8 MNOK | 122.2 MNOK | 94.0 MNOK |
| Operating profit | 66.3 MNOK | 49.9 MNOK | 24.0 MNOK |
| Profit before tax | 65.2 MNOK | 51.1 MNOK | 23.5 MNOK |
| Tax expense | 14.2 MNOK | 11.0 MNOK | 5.0 MNOK |
| Net profit | 51.0 MNOK | 40.1 MNOK | 18.5 MNOK |
| Financial expenses | −3.2 MNOK | 1.8 MNOK | 2.9 MNOK |
| Total assets | 82.4 MNOK | 72.7 MNOK | 50.8 MNOK |
| Current assets | 77.0 MNOK | 67.1 MNOK | 45.3 MNOK |
| Equity | 13.1 MNOK | 16.4 MNOK | 13.8 MNOK |
| Retained earnings | 12.0 MNOK | 15.3 MNOK | 12.7 MNOK |
| Total liabilities | 69.3 MNOK | 56.4 MNOK | 37.0 MNOK |
| Current liabilities | 68.8 MNOK | 55.3 MNOK | 37.0 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 5 November 2026, accounts id 6388105.
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