Thermtech 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 6.6% About like the industry Industry: 5.8%
- Returns · return on assets 12.1% About like the industry Industry: 14.0%
- Solidity · equity ratio 25.7% Weaker than the industry Industry: 33.0%
- Liquidity · current ratio 2.88 Better than the industry Industry: 1.43
- Growth · revenue growth 11.8% 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
52of 100
How to read this: the company is ahead of 52 % of companies in the Morning class Small in the same sector in 2025. What does this mean?
Rank in the Morning class Small: 910 of 1,908 · What are Morning company classes?
Place in the whole sector: 4,792 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 50 and resilience 44 out of 100 among companies in the Morning class Small in the same sector in 2025. Methodology
Against the sector
Thermtech AS is 1 points above 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 6.6% (median 5.8%) and equity ratio 25.7% (median 33.0%).
How it has gone · 2023–2025
Revenue rose by 29 % from 2023 to 2025, to 41.8 MNOK. The operating margin rose from 1.4% in 2023 to 6.6% in 2025. The equity ratio fell from 31.2% in 2023 to 25.7% 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 | 32.4 MNOK | 37.4 MNOK | 41.8 MNOK |
| Operating profit | 0.4 MNOK | −0.1 MNOK | 2.8 MNOK |
| Net profit | −0.1 MNOK | 0.0 MNOK | 2.1 MNOK |
| Total assets | 19.9 MNOK | 21.5 MNOK | 24.8 MNOK |
| Equity | 6.2 MNOK | 6.2 MNOK | 6.4 MNOK |
| Total liabilities | 13.7 MNOK | 15.2 MNOK | 18.4 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.
- 984301677
- Legal form
- AS
- Sector
- Teknisk tjenesteyting og forskning (71.129)
- Purpose
- Renoveringstjenester, tilby teknologisk kunnskap og løsninger vedrørende miljø og forurensningsspørsmål. Aktiviteter vedrørende design, bygging og implementering av tekniske løsninger for separasjon og resirkulering av avfall.
- Morning company class
- Small
- Employees
- 10 registered 10 October 2026
- Founded
- 27 February 2002 24 years in operation
- Share capital
- 6.10 MNOK
- Business address
- Jacob Kjødes veg 15, 5232 PARADIS (BERGEN)
- Municipality
- Bergen rank 8 of 11 in KOSTRA group 12
- Latest accounts filed
- 2025
- VAT registered
- Yes
- Website
- www.thermtech.no
- Former names
- Transnational Waste Management Norway 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
Thermtech AS has a score of 52 for 2025, rank 4,792 of 10,060 in the sector.
Strongest: Liquidity: percentile 88 against peers, current ratio 2.88 against a median of 1.43. Growth: percentile 66 against peers, revenue growth 11.8% against a median of 8.6%.
Weakest: Solidity: percentile 37 against peers, equity ratio 25.7% against a median of 33.0%. Consistency: percentile 38 against peers.
Worth a closer look
- What lies behind weak solidity, and will it last?
- What lies behind weak consistency, and will it last?
- The change in operating margin in 2025 was 6.2 percentage points better than for comparable companies: the company +6.8, the industry +0.7 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 2.1% 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 | 50 | weight 40% |
|---|---|---|
| Solidity | 37 | weight 20% |
| Liquidity | 88 | weight 5% |
| Growth | 66 | weight 25% |
| Consistency | 38 | weight 10% |
Three goals: profitability 40%, growth 25%, resilience 35%. Why these weights?
Durability: 42 (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 | 42 MNOK | 19 MNOK |
| Operating margin | 6.6% | 5.8% |
| Profit margin | 6.3% | 5.9% |
| Return on assets | 12.1% | 14.0% |
| Equity ratio | 25.7% | 33.0% |
| Debt-to-equity | 2.89 | 1.77 |
| Current ratio | 2.88 | 1.43 |
| Revenue growth | 11.8% | 8.6% |
| Revenue per employee | 4.18 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 52, Thermtech AS does better than 52% of companies in the Morning class Small in the same sector (1,908 companies) in 2025.
Score 2023–2025
- Thermtech 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. |
91 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. |
49 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. |
18.1% | −5.0% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
34.3% | 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. |
7.2 | 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. |
2.1% | 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. |
53.9% | 12.6% | |
Net working capital (current assets less bank deposits less current liabilities): 7.6 MNOK.
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 Thermtech AS rose by 6.8 percentage points. Comparable companies rose by a median 0.7 points. So the company did 6.2 points better than the industry, for reasons of its own.
Over 2 year-to-year changes Thermtech AS moved the same way as comparable companies 2 times. About 11% 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 | −0.2% | 5.2% | −1.6 percentage points | −0.3 percentage points | −1.3 percentage points |
| 2025 | 6.6% | 5.8% | +6.8 percentage points | +0.7 percentage points | +6.2 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 Thermtech 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 Thermtech AS rose 6.8 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 | – | – | 1.4% | −0.2% | 6.6% | – |
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 Thermtech AS rose 6.8 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 | – | – | 1.4% | −0.2% | 6.6% | – |
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 Thermtech AS rose 6.8 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 | – | – | 1.4% | −0.2% | 6.6% | – |
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 Thermtech AS rose 6.8 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 | – | – | 1.4% | −0.2% | 6.6% | – |
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 Thermtech AS rose 6.8 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 | – | – | 1.4% | −0.2% | 6.6% | – |
Source: SSB (08799, CC BY 4.0). Source
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of Thermtech AS rose 6.8 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 | – | – | 1.4% | −0.2% | 6.6% | – |
Source: Norges Bank (IR, NLOD 2.0). Source
EUR/NOK (kr)
EUR/NOK rose 0.8% in 2025; the operating margin of Thermtech AS rose 6.8 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 | – | – | 1.4% | −0.2% | 6.6% | – |
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 Thermtech AS rose 6.8 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 | – | – | 1.4% | −0.2% | 6.6% | – |
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
Thermtech AS had an operating margin of 6.6% and an equity ratio of 25.7% in 2025, and ranks 4,792 of 10,060 in Teknisk tjenesteyting og forskning.
From 2024 to 2025: the operating margin rose from −0.2% to 6.6% and revenue grew by 12%.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 6 MNOK and 9 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 14.9 | 6 MNOK |
| EV/EBIT | 14.3 | 8 MNOK |
| P/B | 2.3 | 9 MNOK |
| EV/EBIT: from enterprise value to equity | NOK |
|---|---|
| Enterprise value (EV) at the listed multiple | 15 MNOK |
| Enterprise value after the size adjustment | 9 MNOK |
| Less net debt (rough figure) | 2 MNOK |
| Equity value | 8 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 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 Thermtech AS?
The operating margin was 6.6% in 2025, against a median of 5.8% among companies in the Morning class Small in the same sector. Return on assets was 12.1%.
How solid is Thermtech AS?
The equity ratio was 25.7% in 2025 (median 33.0%). Debt-to-equity was 2.89 (median 1.77).
What is the liquidity of Thermtech AS like?
The current ratio was 2.88 in 2025 (median 1.43).
How does Thermtech AS compare in Teknisk tjenesteyting og forskning?
Thermtech AS ranks 4,792 of 10,060 in Teknisk tjenesteyting og forskning for 2025. Among companies in the Morning class Small it is number 910 of 1,908. Revenue changed by 11.8% 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 |
|---|---|---|---|---|
| Front Group AS |  Cheetah |
43 MNOK | 15.7% | 53 |
| Benor AS | Cheetah |
43 MNOK | 10.9% | 55 |
| Dynamic Engineering AS |  Beaver |
42 MNOK | 5.4% | 43 |
| Eikill Rig Consultant AS | Cheetah |
42 MNOK | 7.4% | 46 |
| Thermtech AS (this company) | Cheetah |
42 MNOK | 6.6% | 52 |
| Nordic Booster AS |  Elephant |
41 MNOK | −6.2% | 31 |
| X-Rig AS | Beaver |
41 MNOK | −3.2% | 35 |
| Ladeconsult AS | Cheetah |
41 MNOK | 21.7% | 72 |
| Ovum AS · same municipality | Beaver |
41 MNOK | −31.9% | 18 |
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
2 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.
Thermtech Sverige AB (foreign company) owns 97% of the shares in Thermtech Holding AS.
Thermtech Holding 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) 2 of 2 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
- 10 in all. Bergen 10 Registered employees in the Central Coordinating Register, by the municipality of the business address. Employees may work elsewhere.
- Negative equity
- 1 company: Thermtech Holding 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.
-
Thermtech Holding AS
- Thermtech AS you are here
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.
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 0%
- Owned from the same municipality
- 100%
- Group chain
-
Owned by: Thermtech Holding AS (100%)
Ultimate owner: Thermtech Sverige AB
The owner: the majority owner Thermtech Holding AS (holds 100%) had negative equity 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.
- Thermtech Holding AS · 100.0%
Change 2007–2025: no material change in the owners.
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 | 36 | 38 | 52 | |
| Rank | 6,334 | 6,786 | 4,792 | |
| Operating margin | 1.4% | −0.2% | 6.6% | |
| Return on assets | 3.2% | 0.6% | 12.1% | |
| Equity ratio | 31.2% | 29.0% | 25.7% | |
| Current ratio | 5.10 | 3.94 | 2.88 | |
| Revenue growth | – | 15.4% | 11.8% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 32.4 MNOK | 37.4 MNOK | 41.8 MNOK |
| Operating profit | 0.4 MNOK | −0.1 MNOK | 2.8 MNOK |
| Profit before tax | 0.0 MNOK | 0.0 MNOK | 2.6 MNOK |
| Tax expense | 0.0 MNOK | 0.0 MNOK | 0.5 MNOK |
| Net profit | −0.1 MNOK | 0.0 MNOK | 2.1 MNOK |
| Financial expenses | 0.7 MNOK | 0.1 MNOK | 0.4 MNOK |
| Total assets | 19.9 MNOK | 21.5 MNOK | 24.8 MNOK |
| Current assets | 19.2 MNOK | 20.9 MNOK | 24.4 MNOK |
| Equity | 6.2 MNOK | 6.2 MNOK | 6.4 MNOK |
| Retained earnings | 0.1 MNOK | 0.1 MNOK | 0.3 MNOK |
| Total liabilities | 13.7 MNOK | 15.2 MNOK | 18.4 MNOK |
| Current liabilities | 3.8 MNOK | 5.3 MNOK | 8.5 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 5 November 2026, accounts id 6896404.
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