Emap 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
55of 100
How to read this: the company is ahead of 59 % of companies in the Morning class Micro in the same sector in 2025. What does this mean?
Rank in the Morning class Micro: 3,100 of 7,473 · What are Morning company classes?
Place in the whole sector: 4,161 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 55 and resilience 42 out of 100 among companies in the Morning class Micro in the same sector in 2025. Methodology
Against the sector
Emap AS is 4 points above the median for companies in the Morning class Micro in the same sector in 2025.
Median score 51 among 7,469 companies.
Against companies in the Morning class Micro in the same sector in 2025: operating margin 13.1% (median 7.8%) and equity ratio 40.8% (median 43.1%).
How it has gone · 2023–2025
Revenue is about the same: 1.1 MNOK in 2025 against 1.1 MNOK in 2023. The operating margin rose from −14.6% in 2023 to 13.1% in 2025. The equity ratio is about the same: 40.8% in 2025 against 40.7% in 2023.
Amounts in the reporting currency. The full year-by-year table is further down under «Details». See every figure year by year
Emap AS has a score of 55 for 2025, rank 4,161 of 10,060 in the sector.
Strongest: Growth: percentile 73 against peers, revenue growth 16.3% against a median of 6.9%. Liquidity: percentile 65 against peers, current ratio 2.32 against a median of 1.71.
Weakest: Consistency: percentile 27 against peers.
Worth a closer look
- Receivables equal far more days of revenue than at comparable companies. Do customers pay late, or are these loans to companies in the same group? Based on: receivable days 134 days (median 44 days).
- What lies behind weak consistency, and will it last?
- The change in operating margin in 2025 was 16.0 percentage points better than for comparable companies: the company +15.8, the industry −0.2 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
- watch
Receivables equal far more days of revenue than at comparable companies. Do customers pay late, or are these loans to companies in the same group?
Based on: Receivable days 134 days (median 44 days).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 1.8% 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 | 55 | weight 40% |
|---|---|---|
| Solidity | 44 | weight 20% |
| Liquidity | 65 | weight 5% |
| Growth | 73 | weight 25% |
| Consistency | 27 | weight 10% |
Three goals: profitability 40%, growth 25%, resilience 35%. Why these weights?
Durability: 39 (average over 2 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 | 1 MNOK | 2 MNOK |
| Operating margin | 13.1% | 7.8% |
| Profit margin | 12.1% | 7.8% |
| Return on assets | 14.0% | 14.1% |
| Equity ratio | 40.8% | 43.1% |
| Debt-to-equity | 1.45 | 1.04 |
| Current ratio | 2.32 | 1.71 |
| Revenue growth | 16.3% | 6.9% |
The median and “ahead of” refer to companies in the Morning class Micro in the same sector in 2025. The bar shows the share of companies the figure is ahead of.
With an index of 55, Emap AS does better than 59% of companies in the Morning class Micro in the same sector (7,473 companies) in 2025.
Score 2023–2025
- Emap AS
- Median: companies in the Morning class Micro 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. |
134 days | 44 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. |
4.5% | −7.1% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
51.0% | 57.8% | |
| 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. |
13.5 | 14.8 | |
| 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. |
1.8% | 0.6% | |
| Long-term share of debt Long-term debt as a share of all debt. A low share means more falls due within a year. |
40.5% | 2.3% | |
Net working capital (current assets less bank deposits less current liabilities): 0.1 MNOK.
Of the financial costs of 0.0 MNOK, 0.0 MNOK is reported as interest costs in the accounts.
The median and the bar refer to companies in the Morning class Micro 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 Emap AS rose by 15.8 percentage points. Comparable companies fell by a median 0.2 points. So the company did 16.0 points better than the industry, for reasons of its own.
Over 2 year-to-year changes Emap AS moved the same way as comparable companies 0 times. About 2% 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 | −2.7% | 8.0% | +11.9 percentage points | −0.5 percentage points | +12.3 percentage points |
| 2025 | 13.1% | 7.8% | +15.8 percentage points | −0.2 percentage points | +16.0 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 Emap 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 Emap AS rose 15.8 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 | – | – | −14.6% | −2.7% | 13.1% | – |
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 Emap AS rose 15.8 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 | – | – | −14.6% | −2.7% | 13.1% | – |
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 Emap AS rose 15.8 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 | – | – | −14.6% | −2.7% | 13.1% | – |
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 Emap AS rose 15.8 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 | – | – | −14.6% | −2.7% | 13.1% | – |
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 Emap AS rose 15.8 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 | – | – | −14.6% | −2.7% | 13.1% | – |
Source: SSB (08799, CC BY 4.0). Source
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of Emap AS rose 15.8 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 | – | – | −14.6% | −2.7% | 13.1% | – |
Source: Norges Bank (IR, NLOD 2.0). Source
EUR/NOK (kr)
EUR/NOK rose 0.8% in 2025; the operating margin of Emap AS rose 15.8 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 | – | – | −14.6% | −2.7% | 13.1% | – |
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 Emap AS rose 15.8 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 | – | – | −14.6% | −2.7% | 13.1% | – |
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
Emap AS had an operating margin of 13.1% and an equity ratio of 40.8% in 2025, and ranks 4,161 of 10,060 in Teknisk tjenesteyting og forskning.
From 2024 to 2025: went from a loss to a profit before tax and the operating margin rose from −2.7% to 13.1%.
This text is generated automatically from the 2025 accounts.
Three simple methods
One method gives a figure: 1 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 14.9 | not meaningful |
| EV/EBIT | 14.3 | not meaningful |
| P/B | 2.3 | 1 MNOK |
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 multiples are from the listed industry that matches the NACE code (71.1): Engineering/Construction.
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 Emap AS?
The operating margin was 13.1% in 2025, against a median of 7.8% among companies in the Morning class Micro in the same sector. Return on assets was 14.0%.
How solid is Emap AS?
The equity ratio was 40.8% in 2025 (median 43.1%). Debt-to-equity was 1.45 (median 1.04).
What is the liquidity of Emap AS like?
The current ratio was 2.32 in 2025 (median 1.71).
How does Emap AS compare in Teknisk tjenesteyting og forskning?
Emap AS ranks 4,161 of 10,060 in Teknisk tjenesteyting og forskning for 2025. Among companies in the Morning class Micro it is number 3,100 of 7,473. Revenue changed by 16.3% 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 |
|---|---|---|---|---|
| Mellemstrand Anleggservice AS |  Beaver |
1 MNOK | 7.6% | 29 |
| Geonautika AS |  Elephant |
1 MNOK | −0.6% | 51 |
| Tbygg AS |  Cheetah |
1 MNOK | 17.8% | 44 |
| Geoin Consulting AS | Beaver |
1 MNOK | −23.1% | 13 |
| Karo-Vent AS | Cheetah |
1 MNOK | 20.7% | 56 |
| Emap AS (this company) | Cheetah |
1 MNOK | 13.1% | 55 |
| Vie AS | Elephant |
1 MNOK | 4.3% | 49 |
| OCEAN INFINITY (NORWAY) AS | Beaver |
1 MNOK | 4.8% | 32 |
| Uksnøy Invest AS | Cheetah |
1 MNOK | 65.2% | 45 |
The selection is the closest in revenue within the same industry code. When you order, you can swap competitors. Order competitor analysis
From the Central Coordinating Register
- Org. no.
- 981540107
- Legal form
- AS
- Sector
- Teknisk tjenesteyting og forskning (71.122)
- Purpose
- Leverandør av kartrelaterte tjenester, grafiske tjenester og formidlingstjenester naturlig knyttet til disse. Samt å videreutvikle denne næringsvirksomhet gjennom nevnte tjenester, og nå de til enhver tid fastsatte målsetninger om omsetning, resultat og likviditet.
- Morning company class
- Micro
- Employees
- 0–4 (not registered) Payroll costs in the accounts: 0.4 MNOK (2025).
- Founded
- 1 January 2000 26 years in operation
- Share capital
- 0.65 MNOK
- Business address
- Vegamot 4B, 7049 TRONDHEIM
- Municipality
- Trondheim rank 3 of 11 in KOSTRA group 12
- Audit
- Audit opted out from 1 February 2019
- Latest accounts filed
- 2025
- VAT registered
- Yes
- Website
- www.emap.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 7 November 2026. Only names are shown.
Shareholders (2025)
- Number of shareholders
- 3 (one owner holds more than half)
- Largest owner
- 92.3%
- Split
- companies 5% · private persons 95% · foreign 0%
- Owned from the same municipality
- 8%
- Group chain
- Ultimate owner: private person
- Emap AS · 4.6%
- 2 private persons · 95.4%
Change 2007–2025: 15% of the shares changed owner (0 new and 1 departed owners).
Holds shares in: Emap AS (5%)
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 9 November 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 23 | – | 55 | |
| Rank | 7,755 | – | 4,161 | |
| Operating margin | −14.6% | −2.7% | 13.1% | |
| Return on assets | −20.6% | −3.7% | 14.0% | |
| Equity ratio | 40.7% | 41.6% | 40.8% | |
| Current ratio | 2.11 | 2.76 | 2.32 | |
| Revenue growth | – | −15.2% | 16.3% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 1.1 MNOK | 1.0 MNOK | 1.1 MNOK |
| Operating profit | −0.2 MNOK | 0.0 MNOK | 0.1 MNOK |
| Profit before tax | −0.2 MNOK | 0.0 MNOK | 0.1 MNOK |
| Tax expense | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Net profit | −0.2 MNOK | 0.0 MNOK | 0.1 MNOK |
| Financial expenses | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Total assets | 0.8 MNOK | 0.7 MNOK | 1.1 MNOK |
| Current assets | 0.5 MNOK | 0.5 MNOK | 0.9 MNOK |
| Equity | 0.3 MNOK | 0.3 MNOK | 0.4 MNOK |
| Retained earnings | −0.3 MNOK | −0.3 MNOK | −0.2 MNOK |
| Total liabilities | 0.5 MNOK | 0.4 MNOK | 0.6 MNOK |
| Current liabilities | 0.2 MNOK | 0.2 MNOK | 0.4 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 9 November 2026, accounts id 6450377.
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