Tracking Systems 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 Micro in the same sector. Green is better than most, amber about like the industry and red weaker than most.
- Profitability · operating margin 73.5% Better than the industry Industry: 7.8%
- Returns · return on assets 92.3% Better than the industry Industry: 14.1%
- Solidity · equity ratio 4.8% Weaker than the industry Industry: 43.1%
- Liquidity · current ratio 0.78 Weaker than the industry Industry: 1.71
- Growth · revenue growth 35.1% Better than the industry Industry: 6.9%
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
65of 100
How to read this: the company is ahead of 77 % of companies in the Morning class Micro in the same sector in 2025. What does this mean?
Rank in the Morning class Micro: 1,688 of 7,473 · What are Morning company classes?
Place in the whole sector: 2,199 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 98 and resilience 19 out of 100 among companies in the Morning class Micro in the same sector in 2025. Methodology
Against the sector
Tracking Systems AS is 14 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 73.5% (median 7.8%) and equity ratio 4.8% (median 43.1%).
How it has gone · 2023–2025
Revenue rose by 42 % from 2023 to 2025, to 7.5 MNOK. The operating margin rose from 54.1% in 2023 to 73.5% in 2025. The equity ratio fell from 36.3% in 2023 to 4.8% 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 | 5.3 MNOK | 5.5 MNOK | 7.5 MNOK |
| Operating profit | 2.8 MNOK | 3.5 MNOK | 5.5 MNOK |
| Net profit | 2.9 MNOK | 4.3 MNOK | 7.7 MNOK |
| Total assets | 6.0 MNOK | 7.6 MNOK | 9.6 MNOK |
| Equity | 2.2 MNOK | 0.2 MNOK | 0.5 MNOK |
| Total liabilities | 3.9 MNOK | 7.4 MNOK | 9.1 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.
- 985208344
- Legal form
- AS
- Sector
- Teknisk tjenesteyting og forskning (74.990)
- Purpose
- Stifte, utvikle og være deltager i selskaper som skal stå for driften av vakt- og redningssystemer, samt drive handel med varer og tjenester og alt hva dermed står i forbindelse, i inn- og utland. Være totalleverandør av følgende flytjenester: Søksflyging, overvåkingsflyging, charterflyging, air taxi samt fraktflyging, i inn- og utland.
- Morning company class
- Micro
- Employees
- 0–4 (not registered) Payroll costs in the accounts: 0.6 MNOK (2025).
- Founded
- 16 November 2002 23 years in operation
- Share capital
- 0.15 MNOK
- Business address
- Bøskogen 16, 3242 SANDEFJORD
- Municipality
- Sandefjord rank 2–7 of 10 in KOSTRA group 11
- Latest accounts filed
- 2025
- VAT registered
- Yes
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
Tracking Systems AS has a score of 65 for 2025, rank 2,199 of 10,060 in the sector.
Strongest: Profitability: percentile 98 against peers, operating margin 73.5% against a median of 7.8%. Growth: percentile 76 against peers, revenue growth 35.1% against a median of 6.9%.
Weakest: Solidity: percentile 11 against peers, equity ratio 4.8% against a median of 43.1%. Liquidity: percentile 12 against peers, current ratio 0.78 against a median of 1.71.
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 4.8% (median 43.1%).
- Consider strengthening liquidity: current liabilities are 1.3 times current assets. Based on: current ratio 0.78 (median 1.71).
- Strong growth with weak liquidity. Is the growth financed, or does it tie up capital the company does not have? Based on: revenue growth 35.1% (median 6.9%); current ratio 0.78 (median 1.71).
- What lies behind weak solidity, 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
- watch
The equity ratio is very low. Could the company absorb a bad year, and does it need more equity?
Based on: Equity ratio 4.8% (median 43.1%).
- watch
Consider strengthening liquidity: current liabilities are 1.3 times current assets.
Based on: Current ratio 0.78 (median 1.71).
- watch
Strong growth with weak liquidity. Is the growth financed, or does it tie up capital the company does not have?
Based on: Revenue growth 35.1% (median 6.9%); Current ratio 0.78 (median 1.71).
- 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 173 days (median 44 days).
- 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 −74.7% (median −7.1%); Current ratio 0.78 (median 1.71).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
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 | 98 | weight 40% |
|---|---|---|
| Solidity | 11 | weight 20% |
| Liquidity | 12 | weight 5% |
| Growth | 76 | weight 25% |
| Consistency | 40 | weight 10% |
Three goals: profitability 40%, growth 25%, resilience 35%. Why these weights?
Durability: 63 (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 | 7 MNOK | 2 MNOK |
| Operating margin | 73.5% | 7.8% |
| Profit margin | 118.5% | 7.8% |
| Return on assets | 92.3% | 14.1% |
| Equity ratio | 4.8% | 43.1% |
| Debt-to-equity | 19.63 | 1.04 |
| Current ratio | 0.78 | 1.71 |
| Revenue growth | 35.1% | 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 65, Tracking Systems AS does better than 77% of companies in the Morning class Micro in the same sector (7,473 companies) in 2025.
Score 2023–2025
- Tracking Systems 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. |
173 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. |
0 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. |
−74.7% | −7.1% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
50.0% | 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. |
– | 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. |
– | 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. |
– | 2.3% | |
Net working capital (current assets less bank deposits less current liabilities): −5.6 MNOK.
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 Tracking Systems AS rose by 10.3 percentage points. Comparable companies fell by a median 0.2 points. So the company did 10.5 points better than the industry, for reasons of its own.
Over 2 year-to-year changes Tracking Systems AS moved the same way as comparable companies 0 times. About 3% 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 | 63.2% | 8.0% | +9.1 percentage points | −0.5 percentage points | +9.5 percentage points |
| 2025 | 73.5% | 7.8% | +10.3 percentage points | −0.2 percentage points | +10.5 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 Tracking Systems 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 Tracking Systems AS rose 10.3 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 | – | – | 54.1% | 63.2% | 73.5% | – |
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 Tracking Systems AS rose 10.3 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 | – | – | 54.1% | 63.2% | 73.5% | – |
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 Tracking Systems AS rose 10.3 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 | – | – | 54.1% | 63.2% | 73.5% | – |
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 Tracking Systems AS rose 10.3 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 | – | – | 54.1% | 63.2% | 73.5% | – |
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 Tracking Systems AS rose 10.3 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 | – | – | 54.1% | 63.2% | 73.5% | – |
Source: SSB (08799, CC BY 4.0). Source
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of Tracking Systems AS rose 10.3 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 | – | – | 54.1% | 63.2% | 73.5% | – |
Source: Norges Bank (IR, NLOD 2.0). Source
EUR/NOK (kr)
EUR/NOK rose 0.8% in 2025; the operating margin of Tracking Systems AS rose 10.3 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 | – | – | 54.1% | 63.2% | 73.5% | – |
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 Tracking Systems AS rose 10.3 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 | – | – | 54.1% | 63.2% | 73.5% | – |
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
Tracking Systems AS had an operating margin of 73.5% and an equity ratio of 4.8% in 2025, and ranks 2,199 of 10,060 in Teknisk tjenesteyting og forskning.
From 2024 to 2025: the operating margin rose from 63.2% to 73.5% and revenue grew by 35%.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 1 MNOK and 68 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 22.4 | 68 MNOK |
| EV/EBIT | 17.4 | 46 MNOK |
| P/B | 4.1 | 1 MNOK |
| EV/EBIT: from enterprise value to equity | NOK |
|---|---|
| Enterprise value (EV) at the listed multiple | 69 MNOK |
| Enterprise value after the size adjustment | 42 MNOK |
| Less net debt (rough figure) | −4 MNOK |
| Equity value | 46 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 (74): Business & Consumer Services.
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 Tracking Systems AS?
The operating margin was 73.5% in 2025, against a median of 7.8% among companies in the Morning class Micro in the same sector. Return on assets was 92.3%.
How solid is Tracking Systems AS?
The equity ratio was 4.8% in 2025 (median 43.1%). Debt-to-equity was 19.63 (median 1.04).
What is the liquidity of Tracking Systems AS like?
The current ratio was 0.78 in 2025 (median 1.71). Current assets did not cover current liabilities.
How does Tracking Systems AS compare in Teknisk tjenesteyting og forskning?
Tracking Systems AS ranks 2,199 of 10,060 in Teknisk tjenesteyting og forskning for 2025. Among companies in the Morning class Micro it is number 1,688 of 7,473. Revenue changed by 35.1% 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 |
|---|---|---|---|---|
| Cherry Management AS |  Cheetah |
8 MNOK | 9.6% | 54 |
| Kreatell Management AS |  Beaver |
8 MNOK | 10.7% | 47 |
| Agder Bygg og Takst AS | Beaver |
7 MNOK | 2.6% | 46 |
| Tracking Systems AS (this company) | Cheetah |
7 MNOK | 73.5% | 65 |
| Sport Office AS |  Elephant |
7 MNOK | 1.4% | 55 |
| Nordfjeldske Kontroll AS |  Lion |
7 MNOK | 44.2% | 73 |
| Nordic Football Academy Norge AS | Beaver |
7 MNOK | −4.9% | 23 |
| Shm Solutions AS | Beaver |
7 MNOK | −98.6% | 38 |
| G-Takst AS | Lion |
7 MNOK | 56.3% | 69 |
The selection is the closest in revenue within the same industry code. When you order, you can swap competitors. Order competitor analysis
Ownership and roles
Loading roles …
Source: Central Coordinating Register, fetched 7 November 2026. Only names are shown.
Shareholders (2025)
- Number of shareholders
- 75
- Largest owner
- 25.4% · top three 47.1%
- Split
- companies 27% · private persons 73% · foreign 0%
- Owned from the same municipality
- 17%
- Owners over 60
- 78% of the shares held by persons (median age 78)
- Green Keeper AS · 8.3%
- Skaaret Holding AS · 6.7%
- Frian AS · 3.0%
- Blakstad Maskin AS · 1.9%
- Investiv AS · 1.1%
- Tigergutt AS · 1.0%
- John Myrvang AS · 1.0%
- Johan Follestads Vei 7 AS · 1.0%
- Radio og TV Hjørnet AS · 0.7%
- HANS OLBERG & CO AS · 0.5%
- 60 private persons · 73.1%
Change 2007–2025:
26% of the shares changed owner (45 new and 13 departed owners).
New owners (companies): Blakstad Maskin AS, Brattetveit AS, Herlog AS, Investiv AS, Nikri Holding AS
Departed (companies): Atlebi AS, Ers Invest AS, Flochem AS, Investiv AS, Lerkendal Co-Invest AS
Holds shares in: Tracking Systems AS (0%)
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 | 65 | 59 | 65 | |
| Rank | 2,333 | 3,254 | 2,199 | |
| Operating margin | 54.1% | 63.2% | 73.5% | |
| Return on assets | 47.6% | 66.8% | 92.3% | |
| Equity ratio | 36.3% | 3.2% | 4.8% | |
| Current ratio | 0.92 | 0.69 | 0.78 | |
| Revenue growth | – | 5.2% | 35.1% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 5.3 MNOK | 5.5 MNOK | 7.5 MNOK |
| Operating profit | 2.8 MNOK | 3.5 MNOK | 5.5 MNOK |
| Profit before tax | 2.9 MNOK | 5.0 MNOK | 8.9 MNOK |
| Tax expense | – | 0.7 MNOK | 1.2 MNOK |
| Net profit | 2.9 MNOK | 4.3 MNOK | 7.7 MNOK |
| Financial expenses | 0.0 MNOK | 0.1 MNOK | – |
| Total assets | 6.0 MNOK | 7.6 MNOK | 9.6 MNOK |
| Current assets | 3.5 MNOK | 5.1 MNOK | 7.1 MNOK |
| Equity | 2.2 MNOK | 0.2 MNOK | 0.5 MNOK |
| Retained earnings | 2.0 MNOK | 0.1 MNOK | 0.3 MNOK |
| Total liabilities | 3.9 MNOK | 7.4 MNOK | 9.1 MNOK |
| Current liabilities | 3.9 MNOK | 7.4 MNOK | 9.1 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 9 November 2026, accounts id 6913160.
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