NORLED AS
Score · fiscal year 2025
19of 100
How to read this: the company is ahead of 2 % of large companies in the same sector in 2025. What does this mean?
Rank: 1,877 of 2,035 · Sjøfart
Profile
Beaver · Builder
Lower profitability, lower solidity
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 3 and solidity 5 out of 100 among large companies in the same sector in 2025. Methodology
Against the sector
NORLED AS is 33 points below the median for large companies in the same sector in 2025.
Median score 52 among 111 companies.
Against large companies in the same sector in 2025: operating margin −13.9% (median 8.7%) and equity ratio 2.0% (median 68.8%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 2,968 MNOK | 1,769 MNOK |
| Operating margin | −13.9% | 8.7% |
| Profit margin | −27.2% | 5.5% |
| Return on assets | −5.2% | 4.6% |
| Equity ratio | 2.0% | 68.8% |
| Debt-to-equity | 50.26 | 0.44 |
| Current ratio | 0.66 | 1.18 |
| Revenue growth | 9.1% | −4.4% |
| Revenue per employee | 2.54 MNOK | 5.32 MNOK |
The median and “ahead of” refer to large companies in the same sector in 2025. The bar shows the share of companies the figure is ahead of.
With an index of 19, NORLED AS does better than 2% of large companies in the same sector (112 companies) in 2025.
Score 2023–2025
- NORLED AS
- Median: large companies in the same sector
NORLED AS has a score of 19 for 2025, rank 1,877 of 2,035 in the sector.
Strongest: Growth: percentile 79 against peers, revenue growth 9.1% against a median of −4.4%.
Weakest: Profitability: percentile 3 against peers, operating margin −13.9% against a median of 8.7%. Solidity: percentile 5 against peers, equity ratio 2.0% against a median of 68.8%.
Worth a closer look
- The equity ratio is very low. Could the company absorb a bad year, and does it need more equity? Based on: equity ratio 2.0% (median 68.8%).
- Consider strengthening liquidity: current liabilities are 1.5 times current assets. Based on: current ratio 0.66 (median 1.18).
- The company made a loss before tax. Are these one-off items or a pattern? Based on: profit margin −27.2% (median 5.5%).
- What lies behind weak profitability, 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
NORLED AS had an operating margin of −13.9% and an equity ratio of 2.0% in 2025, and ranks 1,877 of 2,035 in Sjøfart.
From 2024 to 2025: the operating margin rose from −30.7% to −13.9% and the equity ratio fell from 8.2% to 2.0%.
This text is generated automatically from the 2025 accounts.
Three simple methods
One method gives a figure: 139 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 10.0 | not meaningful |
| EV/EBIT | 8.0 | not meaningful |
| P/B | 1.0 | 139 MNOK |
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
The equity ratio is very low. Could the company absorb a bad year, and does it need more equity?
Based on: Equity ratio 2.0% (median 68.8%).
- watch
Consider strengthening liquidity: current liabilities are 1.5 times current assets.
Based on: Current ratio 0.66 (median 1.18).
- watch
The company made a loss before tax. Are these one-off items or a pattern?
Based on: Profit margin −27.2% (median 5.5%).
- watch
The operating margin is lower than at three in four companies in the sector. Where do costs differ from competitors?
Based on: Operating margin −13.9% (median 8.7%).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 6.2% 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.
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 6.1%. Based on the 7 fiscal years we have. The analysis grows as more years are fetched or imported. Methodology
What the score is made of
| Profitability | 3 | weight 30% |
|---|---|---|
| Solidity | 5 | weight 25% |
| Liquidity | 26 | weight 15% |
| Growth | 79 | weight 15% |
| Consistency | 7 | weight 15% |
Durability: 27 (average over 3 years)
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is NORLED AS?
The operating margin was −13.9% in 2025, against a median of 8.7% among large companies in the same sector. Return on assets was −5.2%. The company made a loss before tax.
How solid is NORLED AS?
The equity ratio was 2.0% in 2025 (median 68.8%). Debt-to-equity was 50.26 (median 0.44).
What is the liquidity of NORLED AS like?
The current ratio was 0.66 in 2025 (median 1.18). Current assets did not cover current liabilities.
How does NORLED AS compare in Sjøfart?
NORLED AS ranks 1,877 of 2,035 in Sjøfart for 2025. Among companies of the same size (large companies) it ranks 110 of 112. Revenue changed by 9.1% from the year before.
Group accounts · 2025
12 of 100
Rank 1218 of 1240 groups with group accounts. Groups are ranked only against each other, not against single companies.
| Key figure | The group | The company alone (2025) |
|---|---|---|
| Operating margin | −13.8% | −13.9% |
| Return on assets | −5.2% | −5.2% |
| Equity ratio | 1.9% | 2.0% |
| Current ratio | 0.67 | 0.66 |
| Revenue growth | 9.1% | 9.1% |
Group index in earlier years: 2023: 31 (1282 of 1602), 2024: 17 (1221 of 1278).
Same formulas and weights as the company index. Group and company are never added together, and the group accounts are not part of sector averages or company rankings.
Source: Brønnøysund Register Centre, group accounts 2025 (open data, NLOD 2.0).
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.
Public contracts
- Contracts awarded since 2024
- 0
- Total awarded value since 2024
- value not stated
| Date | Buyer | Notice | Value |
|---|---|---|---|
| 1 July 2022 | Viken fylkeskommune | Båt- og fergetjenester på Hvaler 2024 | 550.0 MNOK |
| 22 April 2022 | Skyss | Drift av båtruta Kleppestø-Strandkaien og båtruta Knarvik-Frekhaug-Strandkaien | 110.0 MNOK (2 lots) |
| 26 November 2021 | Skyss | Kystvegekspressen Selje-Måløy-Florø | 68.0 MNOK |
| 2 November 2021 | Skyss | Rutepakke 2 - Lokale båtruter i Sogn og Fjordane | 980.0 MNOK |
| 3 June 2021 | Skyss | PREKVALIFISERING: Ekspressbåt Bergen-Nordfjord/Sogn for perioden 2022-2024 | 125.0 MNOK |
| 13 July 2019 | Skyss | Turistrute Hardanger | value not stated |
| 31 January 2019 | Statens vegvesen Region vest | Drift av riksvegferjesamband Hjelmeland - Nesvik - Skipavik | value not stated |
| 17 February 2017 | Statens vegvesen Region vest | Drift av fylkesvegferjesambandet Stavanger - Tau | value not stated |
Based on notices in Doffin. Does not show call-offs under framework agreements or purchases below the publication threshold. Values are as stated by the buyer.
Source: Doffin (DFØ), fetched 28 October 2026. Winners are matched on organisation number.
Contains data under the Norwegian licence for public data (NLOD 2.0) made available by Doffin/the Norwegian Agency for Public and Financial Management (DFØ). NLOD 2.0
From the Central Coordinating Register
- Org. no.
- 981940768
- Legal form
- AS · part of a group
- Sector
- Sjøfart (50.102)
- Size tier
- large
- Employees
- 1,167 registered 10 October 2026
- Founded
- 7 April 2000 26 years in operation
- Share capital
- 41.70 MNOK
- Business address
- Børehaugen 1, 4006 STAVANGER
- Municipality
- Stavanger rank 5 of 11 in KOSTRA group 12
- Latest accounts filed
- 2025
- Website
- www.norled.no
- LEI
- 5493009LQC631XJE7Q15 renews 13 February 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
- Chief executive
- Marianne Frøystad Ånestad
- Chair of the board
- Tone Wille
- Board member
- Andre Myhr
- Board member
- Ove Borgen
- Board member
- Bjarte Morken
- Board member
- Anne Helen Hurn
- Board member
- Christian Schreyer
- Board member
- Dauren Dayembayev
- Board member
- Erik Jørgen Østergaard
- Auditor
- DELOITTE AS
Source: Central Coordinating Register, fetched 29 October 2026. Only names are shown.
- Parent company
- Parent not reported
Source: GLEIF (Global Legal Entity Identifier Foundation), fetched 29 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 28 October 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 42 | 21 | 19 | |
| Rank | 1,132 | 1,731 | 1,877 | |
| Operating margin | 3.1% | −30.7% | −13.9% | |
| Return on assets | 2.1% | −11.5% | −5.2% | |
| Equity ratio | 21.5% | 8.2% | 2.0% | |
| Current ratio | 1.81 | 0.80 | 0.66 | |
| Revenue growth | – | 17.4% | 9.1% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 2,316.4 MNOK | 2,719.7 MNOK | 2,968.0 MNOK |
| Operating profit | 70.7 MNOK | −835.1 MNOK | −412.1 MNOK |
| Profit before tax | −228.4 MNOK | −1,162.7 MNOK | −806.0 MNOK |
| Net profit | −177.7 MNOK | −907.1 MNOK | −893.5 MNOK |
| Financial expenses | 375.3 MNOK | 349.9 MNOK | 433.7 MNOK |
| Total assets | 6,867.1 MNOK | 7,073.2 MNOK | 7,126.2 MNOK |
| Current assets | 924.4 MNOK | 410.8 MNOK | 401.5 MNOK |
| Equity | 1,478.3 MNOK | 582.5 MNOK | 139.0 MNOK |
| Retained earnings | – | – | – |
| Total liabilities | 5,388.9 MNOK | 6,490.7 MNOK | 6,987.1 MNOK |
| Current liabilities | 511.6 MNOK | 515.2 MNOK | 609.0 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 28 October 2026, accounts id 7079974.
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