Dhi 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
Key facts
Is the company run well?
Five key figures against companies in the Morning class Small in the same sector. Green is better than most, amber about like the industry and red weaker than most.
- Profitability · operating margin −25.4% Weaker than the industry Industry: 5.8%
- Returns · return on assets −63.4% Weaker than the industry Industry: 14.0%
- Solidity · equity ratio 10.1% Weaker than the industry Industry: 33.0%
- Liquidity · current ratio 1.11 Weaker than the industry Industry: 1.43
- Growth · revenue growth 4.3% About like the industry Industry: 8.6%
The mark comes from the company's place among comparable companies (percentile): green from 60, amber from 40, red below 40. Negative equity, an operating loss and a current ratio under 1 pull it down regardless. Methodology
Score · fiscal year 2025
14of 100
How to read this: the company is ahead of 3 % of companies in the Morning class Small in the same sector in 2025. What does this mean?
Rank in the Morning class Small: 1,843 of 1,908 · What are Morning company classes?
Place in the whole sector: 9,671 of 10,060 · Teknisk tjenesteyting og forskning
Profile
Beaver · Builder
Lower profitability, lower resilience
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 4 and resilience 17 out of 100 among companies in the Morning class Small in the same sector in 2025. Methodology
Against the sector
Dhi AS is 37 points below the median for companies in the Morning class Small in the same sector in 2025.
Median score 51 among 1,907 companies.
Against companies in the Morning class Small in the same sector in 2025: operating margin −25.4% (median 5.8%) and equity ratio 10.1% (median 33.0%).
How it has gone · 2023–2025
Revenue rose by 6 % from 2023 to 2025, to 18.4 MNOK. The operating margin fell from −1.3% in 2023 to −25.4% in 2025. The equity ratio fell from 16.8% in 2023 to 10.1% in 2025.
Amounts in the reporting currency. The full year-by-year table is further down under «Details». See every figure year by year
Accounts in short
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 17.4 MNOK | 17.6 MNOK | 18.4 MNOK |
| Operating profit | −0.2 MNOK | −2.3 MNOK | −4.7 MNOK |
| Net profit | −0.3 MNOK | −2.3 MNOK | −4.6 MNOK |
| Total assets | 8.1 MNOK | 7.0 MNOK | 7.0 MNOK |
| Equity | 1.4 MNOK | −0.9 MNOK | 0.7 MNOK |
| Total liabilities | 6.8 MNOK | 7.9 MNOK | 6.3 MNOK |
From the Brønnøysund Register Centre, in the company's reporting currency (NOK). See every figure year by year
From the Central Coordinating Register
- Org. no.
- 984115016
- Legal form
- AS
- Sector
- Teknisk tjenesteyting og forskning (71.129)
- Purpose
- Utvikling, tilrettelegging og salg av tjenester og produkter innen områdene vannressurser, vann og avløpsteknikk, kyst og havnteknikk samt vannmiljø. I tilleggt skal det drives konsulentvirksomhet innen de nevnte områder.
- Morning company class
- Small
- Employees
- 5 registered 10 May 2026
- Founded
- 2 January 2002 24 years in operation
- Share capital
- 0.35 MNOK
- Business address
- Professor Brochs gate 16, 7030 TRONDHEIM
- Municipality
- Trondheim rank 3 of 11 in KOSTRA group 12
- Latest accounts filed
- 2025
- VAT registered
- Yes
- Website
- www.dhi.no
- Former names
- DHI WATER & Environment AS until 2007
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
Dhi AS has a score of 14 for 2025, rank 9,671 of 10,060 in the sector.
Strongest: Liquidity: percentile 28 against peers, current ratio 1.11 against a median of 1.43.
Weakest: Profitability: percentile 4 against peers, operating margin −25.4% against a median of 5.8%. Consistency: percentile 15 against peers.
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) −45.9 (median 15.3); financial costs as a share of debt 1.6% (median 0.9%).
- The company made a loss before tax. Are these one-off items or a pattern? Based on: profit margin −24.8% (median 5.9%).
- The operating margin is lower than at three in four companies in the sector. Where do costs differ from competitors? Based on: operating margin −25.4% (median 5.8%).
- 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
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) −45.9 (median 15.3); Financial costs as a share of debt 1.6% (median 0.9%).
- watch
The company made a loss before tax. Are these one-off items or a pattern?
Based on: Profit margin −24.8% (median 5.9%).
- 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 −25.4% (median 5.8%).
- watch
Current liabilities exceed current assets other than bank deposits, and the current ratio is weak. Is it customer prepayments and supplier credit that fund the operations, or short-term loans that must be renewed?
Based on: Net working capital to revenue −4.6% (median −5.0%); Current ratio 1.11 (median 1.43).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 1.6% 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 | 4 | weight 40% |
|---|---|---|
| Solidity | 15 | weight 20% |
| Liquidity | 28 | weight 5% |
| Growth | 26 | weight 25% |
| Consistency | 15 | weight 10% |
Three goals: profitability 40%, growth 25%, resilience 35%. Why these weights?
Durability: 15 (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 | 18 MNOK | 19 MNOK |
| Operating margin | −25.4% | 5.8% |
| Profit margin | −24.8% | 5.9% |
| Return on assets | −63.4% | 14.0% |
| Equity ratio | 10.1% | 33.0% |
| Debt-to-equity | 8.86 | 1.77 |
| Current ratio | 1.11 | 1.43 |
| Revenue growth | 4.3% | 8.6% |
| Revenue per employee | 3.68 MNOK | 1.72 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 14, Dhi AS does better than 3% of companies in the Morning class Small in the same sector (1,908 companies) in 2025.
Score 2023–2025
- Dhi 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. |
84 days | 65 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. |
24 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. |
−4.6% | −5.0% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
22.3% | 41.9% | |
| 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. |
−45.9 | 15.3 | |
| 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. |
1.6% | 0.9% | |
| Long-term share of debt Long-term debt as a share of all debt. A low share means more falls due within a year. |
– | 12.6% | |
The operating result is negative, so the interest coverage is negative: operations cover none of the financial costs.
Net working capital (current assets less bank deposits less current liabilities): −0.9 MNOK.
Of the financial costs of 0.1 MNOK, 0.0 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.
The industry or the company: what drove the result?
In 2025 the operating margin of Dhi AS fell by 12.6 percentage points. Comparable companies rose by a median 0.7 points. So the company did 13.3 points weaker than the industry, for reasons of its own.
Over 2 year-to-year changes Dhi AS moved the same way as comparable companies 1 times. About 4% 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 | −12.8% | 5.2% | −11.5 percentage points | −0.3 percentage points | −11.3 percentage points |
| 2025 | −25.4% | 5.8% | −12.6 percentage points | +0.7 percentage points | −13.3 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 Dhi 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 Dhi AS fell 12.6 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 | – | – | −1.3% | −12.8% | −25.4% | – |
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 Dhi AS fell 12.6 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 | – | – | −1.3% | −12.8% | −25.4% | – |
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 Dhi AS fell 12.6 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 | – | – | −1.3% | −12.8% | −25.4% | – |
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 Dhi AS fell 12.6 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 | – | – | −1.3% | −12.8% | −25.4% | – |
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 Dhi AS fell 12.6 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 | – | – | −1.3% | −12.8% | −25.4% | – |
Source: SSB (08799, CC BY 4.0). Source
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of Dhi AS fell 12.6 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 | – | – | −1.3% | −12.8% | −25.4% | – |
Source: Norges Bank (IR, NLOD 2.0). Source
EUR/NOK (kr)
EUR/NOK rose 0.8% in 2025; the operating margin of Dhi AS fell 12.6 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 | – | – | −1.3% | −12.8% | −25.4% | – |
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 Dhi AS fell 12.6 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 | – | – | −1.3% | −12.8% | −25.4% | – |
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
Dhi AS had an operating margin of −25.4% and an equity ratio of 10.1% in 2025, and ranks 9,671 of 10,060 in Teknisk tjenesteyting og forskning.
From 2024 to 2025: the operating margin fell from −12.8% to −25.4% and the equity ratio rose from −12.6% to 10.1%.
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 Dhi AS?
The operating margin was −25.4% in 2025, against a median of 5.8% among companies in the Morning class Small in the same sector. Return on assets was −63.4%. The company made a loss before tax.
How solid is Dhi AS?
The equity ratio was 10.1% in 2025 (median 33.0%). Debt-to-equity was 8.86 (median 1.77).
What is the liquidity of Dhi AS like?
The current ratio was 1.11 in 2025 (median 1.43).
How does Dhi AS compare in Teknisk tjenesteyting og forskning?
Dhi AS ranks 9,671 of 10,060 in Teknisk tjenesteyting og forskning for 2025. Among companies in the Morning class Small it is number 1,843 of 1,908. Revenue changed by 4.3% 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 |
|---|---|---|---|---|
| Nautilus Subsea AS |  Elephant |
19 MNOK | −3.1% | 37 |
| Aircontact Services AS |  Cheetah |
19 MNOK | 14.4% | 56 |
| Smv Engineering AS |  Beaver |
19 MNOK | −0.6% | 28 |
| EP MARINE & Offshore AS | Cheetah |
19 MNOK | 56.7% | 50 |
| Structor Tekniske Systemer AS |  Lion |
19 MNOK | 17.1% | 70 |
| Heisconsult AS | Cheetah |
19 MNOK | 18.5% | 61 |
| PROSJEKT & Enøk Partner AS | Lion |
18 MNOK | 16.4% | 74 |
| Dhi AS (this company) | Beaver |
18 MNOK | −25.4% | 14 |
| Insea Quality Services AS | Cheetah |
18 MNOK | 11.4% | 51 |
The selection is the closest in revenue within the same industry code. When you order, you can swap competitors. Order competitor analysis
Public contracts
- Contracts awarded since 2024
- 1
- Total awarded value since 2024
- value not stated
- Framework agreements
- 1
- Left out of the total: the value is a ceiling, not actual spend.
| Date | Buyer | Notice | Value |
|---|---|---|---|
| 28 February 2024 | Oslo kommune v/ Vann- og avløpsetaten | Parallelle rammeavtaler for konsulentbistand til avløpsmodellering | value not stated |
| 29 March 2021 | Oslo kommune v/Vann- og avløpsetaten | Parallelle rammeavtaler for konsulentbistand til avløpsmodellering | 5.0 MNOK (framework) (2 lots) |
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.
Dependence on public contracts
Awarded value in the year seen against revenue the same year. This is not a share of revenue: the value is the whole contract, often for several years, and it does not necessarily become revenue that year.
| Year | Contracts | Awarded value | Awarded value against revenue |
|---|---|---|---|
| 2024 | 0 | not stated | – |
Framework agreements are left out (1 since 2024). A ceiling is not a purchase.
Largest public buyers since 2024
| Buyer | Contracts | Value | Share of value |
|---|---|---|---|
| Oslo kommune v/ Vann- og avløpsetaten | 1 | not stated | – |
Key contracts
Largest framework agreements (ceiling, not spend)
| Date | Buyer | Contract | Value |
|---|---|---|---|
| 29 March 2021 | Oslo kommune v/Vann- og avløpsetaten | Parallelle rammeavtaler for konsulentbistand til avløpsmodellering | 5.0 MNOK (framework) |
- The value is the whole contract as stated by the buyer, often for several years.
- Framework agreements are left out of the sums, since the value is a ceiling. Many frameworks are not marked in Doffin and may still be included.
- Only awards where Doffin gives the company's organisation number.
- Contracts without a stated value are counted but not summed.
- An indication of dependence, not an accounting figure. End dates are rarely in the Doffin data.
Source: Doffin (DFØ), fetched 27 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
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 100%
- Group chain
- Ultimate owner: Dhi AS
- Dhi AS (Denmark) · 100.0%
Change 2007–2025:
100% of the shares changed owner (1 new and 1 departed owners). The majority owner changed.
New owners (companies): Dhi 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 8 November 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 22 | 10 | 14 | |
| Rank | 7,830 | 9,316 | 9,671 | |
| Operating margin | −1.3% | −12.8% | −25.4% | |
| Return on assets | −1.7% | −30.5% | −63.4% | |
| Equity ratio | 16.8% | −12.6% | 10.1% | |
| Current ratio | 1.20 | 0.89 | 1.11 | |
| Revenue growth | – | 1.3% | 4.3% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 17.4 MNOK | 17.6 MNOK | 18.4 MNOK |
| Operating profit | −0.2 MNOK | −2.3 MNOK | −4.7 MNOK |
| Profit before tax | −0.3 MNOK | −2.3 MNOK | −4.6 MNOK |
| Tax expense | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Net profit | −0.3 MNOK | −2.3 MNOK | −4.6 MNOK |
| Financial expenses | 0.2 MNOK | 0.1 MNOK | 0.1 MNOK |
| Total assets | 8.1 MNOK | 7.0 MNOK | 7.0 MNOK |
| Current assets | 8.1 MNOK | 7.0 MNOK | 7.0 MNOK |
| Equity | 1.4 MNOK | −0.9 MNOK | 0.7 MNOK |
| Retained earnings | 0.0 MNOK | −2.2 MNOK | −2.2 MNOK |
| Total liabilities | 6.8 MNOK | 7.9 MNOK | 6.3 MNOK |
| Current liabilities | 6.8 MNOK | 7.9 MNOK | 6.3 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 8 November 2026, accounts id 6746528.
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