Armec 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
32of 100
How to read this: the company is ahead of 20 % of companies in the Morning class Small in the same sector in 2025. What does this mean?
Rank in the Morning class Small: 1,629 of 2,036 · What are Morning company classes?
Place in the whole sector: 5,695 of 7,073 · Industri
Profile
Elephant · Steward
Lower profitability, high resilience
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 27 and resilience 52 out of 100 among companies in the Morning class Small in the same sector in 2025. Methodology
Against the sector
Armec AS is 19 points below the median for companies in the Morning class Small in the same sector in 2025.
Median score 51 among 2,036 companies.
Against companies in the Morning class Small in the same sector in 2025: operating margin 0.9% (median 4.6%) and equity ratio 47.8% (median 42.6%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 37 MNOK | 21 MNOK |
| Operating margin | 0.9% | 4.6% |
| Profit margin | 0.0% | 4.5% |
| Return on assets | 1.7% | 9.6% |
| Equity ratio | 47.8% | 42.6% |
| Debt-to-equity | 1.09 | 1.24 |
| Current ratio | 1.31 | 1.78 |
| Revenue growth | −26.1% | 5.3% |
| Revenue per employee | 2.32 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 32, Armec AS does better than 20% of companies in the Morning class Small in the same sector (2,036 companies) in 2025.
Score 2023–2025
- Armec 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. |
66 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. |
25 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. |
5.1% | 3.6% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
3.8% | 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. |
1.0 | 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. |
3.2% | 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): 1.9 MNOK.
Of the financial costs of 0.3 MNOK, 0.3 MNOK is reported as interest costs in the accounts.
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.
Armec AS has a score of 32 for 2025, rank 5,695 of 7,073 in the sector.
Strongest: Consistency: percentile 58 against peers.
Weakest: Growth: percentile 13 against peers, revenue growth −26.1% against a median of 5.3%. Profitability: percentile 27 against peers, operating margin 0.9% against a median of 4.6%.
Worth a closer look
- The operating result does not cover the financial costs. How will the debt be serviced, and what do the lenders say? Based on: interest coverage (times) 1.0 (median 6.4); financial costs as a share of debt 3.2% (median 2.0%).
- What lies behind weak growth, and will it last?
- What lies behind weak profitability, and will it last?
- The change in operating margin in 2025 was 4.6 percentage points weaker than for comparable companies: the company −5.4, the industry −0.8 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 Armec AS fell by 5.4 percentage points. Comparable companies fell by a median 0.8 points. So the company did 4.6 points weaker than the industry, for reasons of its own.
Over 2 year-to-year changes Armec AS moved the same way as comparable companies 1 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 | 6.3% | 5.4% | −0.1 percentage points | +0.7 percentage points | −0.9 percentage points |
| 2025 | 0.9% | 4.6% | −5.4 percentage points | −0.8 percentage points | −4.6 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 Armec 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 Armec AS fell 5.4 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 | – | – | 6.4% | 6.3% | 0.9% | – |
Source: SSB (12462, CC BY 4.0). Source
EUR/NOK (kr)
EUR/NOK rose 0.8% in 2025; the operating margin of Armec AS fell 5.4 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 | – | – | 6.4% | 6.3% | 0.9% | – |
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 Armec AS fell 5.4 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 | – | – | 6.4% | 6.3% | 0.9% | – |
Source: SSB (09363, CC BY 4.0). Source
USD/NOK (kr)
USD/NOK fell 3.3% in 2025; the operating margin of Armec AS fell 5.4 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 | – | – | 6.4% | 6.3% | 0.9% | – |
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 Armec AS fell 5.4 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 | – | – | 6.4% | 6.3% | 0.9% | – |
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
Armec AS had an operating margin of 0.9% and an equity ratio of 47.8% in 2025, and ranks 5,695 of 7,073 in Industri.
From 2024 to 2025: the operating margin fell from 6.3% to 0.9% and revenue fell by 26%.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 18 MNOK and 25 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 22.2 | 21 MNOK |
| EV/EBIT | 18.6 | 25 MNOK |
| P/B | 3.0 | 18 MNOK |
| EV/EBIT: from enterprise value to equity | NOK |
|---|---|
| Enterprise value (EV) at the listed multiple | 40 MNOK |
| Enterprise value after the size adjustment | 24 MNOK |
| Less net debt (rough figure) | 0 MNOK |
| Equity value | 25 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 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
Worth a closer look
- critical
The operating result does not cover the financial costs. How will the debt be serviced, and what do the lenders say?
Based on: Interest coverage (times) 1.0 (median 6.4); Financial costs as a share of debt 3.2% (median 2.0%).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 3.2% 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 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 | 27 | weight 40% |
|---|---|---|
| Solidity | 56 | weight 20% |
| Liquidity | 29 | weight 5% |
| Growth | 13 | weight 25% |
| Consistency | 58 | weight 10% |
Three goals: profitability 40%, growth 25%, resilience 35%. Why these weights?
Durability: 50 (average over 3 years)
Index version 3. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is Armec AS?
The operating margin was 0.9% in 2025, against a median of 4.6% among companies in the Morning class Small in the same sector. Return on assets was 1.7%.
How solid is Armec AS?
The equity ratio was 47.8% in 2025 (median 42.6%). Debt-to-equity was 1.09 (median 1.24).
What is the liquidity of Armec AS like?
The current ratio was 1.31 in 2025 (median 1.78).
How does Armec AS compare in Industri?
Armec AS ranks 5,695 of 7,073 in Industri for 2025. Among companies in the Morning class Small it is number 1,629 of 2,036. Revenue changed by −26.1% 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 |
|---|---|---|---|---|
| Energos Contract AS |  Elephant |
40 MNOK | 3.4% | 55 |
| Svetek AS |  Beaver |
40 MNOK | −5.9% | 12 |
| Smihuset AS | Elephant |
39 MNOK | 0.6% | 43 |
| Armec AS (this company) | Elephant |
37 MNOK | 0.9% | 32 |
| Hiltula AS | Elephant |
37 MNOK | 3.3% | 58 |
| Ofoten Mek AS |  Lion |
37 MNOK | 8.7% | 60 |
| Klausen Industrier Svelgen AS | Lion |
36 MNOK | 22.2% | 71 |
| Rollform AS | Beaver |
34 MNOK | −21.8% | 13 |
| Abt Bygg AS |  Cheetah |
34 MNOK | 6.9% | 45 |
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
12 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 T.L Gruppen AS.
T.L Gruppen 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 (6 companies), Bygg og anlegg (2 companies), Eiendom (4 companies) 12 of 12 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
- 138 in all. Hamar 82, Stange 40, Åsnes 16 Registered employees in the Central Coordinating Register, by the municipality of the business address. Employees may work elsewhere.
- Negative equity
- 1 company: T.L Bygg AS
- Loss
- 2 companies: T.L Bygg AS, Ceb Utvikling 1 AS
- Changed 2024–2025
- 1 company joined the group: Ceb Utvikling 1 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.
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.
- 981255178
- Legal form
- AS
- Sector
- Industri (25.110)
- Morning company class
- Small
- Employees
- 16 registered 10 October 2026
- Founded
- 1 November 1999 27 years in operation
- Share capital
- 0.50 MNOK
- Business address
- Sønsterud Industriområde, Flismyrvegen 22, 2280 GJESÅSEN (ÅSNES)
- Municipality
- Åsnes rank 40 of 40 in KOSTRA group 1
- Latest accounts filed
- 2025
- Website
- www.armec.no
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
- 4 (one owner holds more than half)
- Largest owner
- 51.0% · top three 85.0%
- Split
- companies 85% · private persons 15% · foreign 0%
- Owned from the same municipality
- 23%
- Group chain
-
Owned by: T.L Drift AS (51%)
Ultimate owner: T.L Gruppen AS
- T.L Drift AS · 51.0%
- Jsr Holding AS · 17.0%
- H. A. L. O. Holding AS · 17.0%
- 1 private persons · 15.0%
Change 2007–2025:
100% of the shares changed owner (4 new and 1 departed owners). The majority owner changed.
New owners (companies): H. A. L. O. Holding AS, Jsr Holding AS, T.L Drift 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 | 64 | 53 | 32 | |
| Rank | 1,809 | 3,162 | 5,695 | |
| Operating margin | 6.4% | 6.3% | 0.9% | |
| Return on assets | 15.3% | 13.6% | 1.7% | |
| Equity ratio | 53.7% | 41.2% | 47.8% | |
| Current ratio | 1.76 | 1.26 | 1.31 | |
| Revenue growth | – | 9.9% | −26.1% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 45.8 MNOK | 50.3 MNOK | 37.2 MNOK |
| Operating profit | 2.9 MNOK | 3.2 MNOK | 0.3 MNOK |
| Profit before tax | 3.0 MNOK | 2.8 MNOK | 0.0 MNOK |
| Tax expense | 0.7 MNOK | 0.9 MNOK | −0.2 MNOK |
| Net profit | 2.3 MNOK | 2.0 MNOK | 0.2 MNOK |
| Financial expenses | 0.0 MNOK | 0.4 MNOK | 0.3 MNOK |
| Total assets | 19.9 MNOK | 23.4 MNOK | 20.7 MNOK |
| Current assets | 16.3 MNOK | 12.4 MNOK | 9.6 MNOK |
| Equity | 10.7 MNOK | 9.6 MNOK | 9.9 MNOK |
| Retained earnings | 10.2 MNOK | 9.1 MNOK | 9.4 MNOK |
| Total liabilities | 9.2 MNOK | 13.7 MNOK | 10.8 MNOK |
| Current liabilities | 9.2 MNOK | 9.9 MNOK | 7.3 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 5 November 2026, accounts id 6942532.
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