Spex Group AS
Score · fiscal year 2025
41of 100
How to read this: the company is ahead of 34 % of companies in the Morning class Micro in the same sector in 2025. What does this mean?
Rank in the Morning class Micro: 7,571 of 11,388 · What are Morning company classes?
Place in the whole sector: 15,592 of 23,059 · Handel
Profile
Elephant · Steward
Lower profitability, high solidity
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 29 and solidity 65 out of 100 among companies in the Morning class Micro in the same sector in 2025. Methodology
Against the sector
Spex Group AS is 9 points below the median for companies in the Morning class Micro in the same sector in 2025.
Median score 50 among 11,385 companies.
Against companies in the Morning class Micro in the same sector in 2025: operating margin −65.3% (median 2.6%) and equity ratio 55.5% (median 33.8%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 1 MNOK | 4 MNOK |
| Operating margin | −65.3% | 2.6% |
| Profit margin | 417.2% | 2.2% |
| Return on assets | 8.6% | 6.2% |
| Equity ratio | 55.5% | 33.8% |
| Debt-to-equity | 0.80 | 1.23 |
| Current ratio | 2.05 | 1.75 |
| Revenue growth | −57.7% | 4.0% |
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 41, Spex Group AS does better than 34% of companies in the Morning class Micro in the same sector (11,388 companies) in 2025.
Score 2023–2025
- Spex Group AS
- Median: companies in the Morning class Micro in the same sector
Spex Group AS has a score of 41 for 2025, rank 15,592 of 23,059 in the sector.
Strongest: Solidity: percentile 65 against peers, equity ratio 55.5% against a median of 33.8%.
Weakest: Growth: percentile 2 against peers, revenue growth −57.7% against a median of 4.0%. Profitability: percentile 29 against peers, operating margin −65.3% against a median of 2.6%.
Worth a closer look
- The operating margin is lower than at three in four companies in the sector. Where do costs differ from competitors? Based on: operating margin −65.3% (median 2.6%).
- What lies behind weak growth, and will it last?
- 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
Spex Group AS had an operating margin of −65.3% and an equity ratio of 55.5% in 2025, and ranks 15,592 of 23,059 in Handel.
From 2024 to 2025: the operating margin fell from −31.7% to −65.3% and revenue fell by 58%.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 54 MNOK and 59 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 10.0 | 54 MNOK |
| EV/EBIT | 8.0 | not meaningful |
| P/B | 1.0 | 59 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 operating margin is lower than at three in four companies in the sector. Where do costs differ from competitors?
Based on: Operating margin −65.3% (median 2.6%).
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.
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 2022, the sector's weakest year, for this company.
The sector's weakest year was 2022, with a median operating margin of 1.5%. Based on the 11 fiscal years we have. The analysis grows as more years are fetched or imported. Methodology
What the score is made of
| Profitability | 29 | weight 30% |
|---|---|---|
| Solidity | 65 | weight 25% |
| Liquidity | 58 | weight 15% |
| Growth | 2 | weight 15% |
| Consistency | 45 | weight 15% |
Durability: 46 (average over 3 years)
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is Spex Group AS?
The operating margin was −65.3% in 2025, against a median of 2.6% among companies in the Morning class Micro in the same sector. Return on assets was 8.6%.
How solid is Spex Group AS?
The equity ratio was 55.5% in 2025 (median 33.8%). Debt-to-equity was 0.80 (median 1.23).
What is the liquidity of Spex Group AS like?
The current ratio was 2.05 in 2025 (median 1.75).
How does Spex Group AS compare in Handel?
Spex Group AS ranks 15,592 of 23,059 in Handel for 2025. Among companies in the Morning class Micro it is number 7,571 of 11,388. Revenue changed by −57.7% from the year before.
Group accounts · 2025
42 of 100
Rank 160 of 240 groups in the Morning class Large in Handel. Groups are ranked only against other groups in the same sector and class, never against single companies.
- Operating revenue, group
- 539 MNOK
- Operating profit, group
- 4 MNOK
- Profit before tax, group
- 2 MNOK
- Total assets, group
- 256 MNOK
- Equity, group
- 97 MNOK
| Key figure | The group | The company alone (2025) |
|---|---|---|
| Operating margin | 0.8% | −65.3% |
| Return on assets | 5.7% | 8.6% |
| Equity ratio | 37.7% | 55.5% |
| Current ratio | 1.70 | 2.05 |
| Revenue growth | −11.7% | −57.7% |
Group index in earlier years: 2023: 49 (98 of 206), 2024: 62 (61 of 227).
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).
We do not show the group structure, because open data does not say who owns whom.
From the Central Coordinating Register
- Org. no.
- 985229074
- Legal form
- AS
- Sector
- Handel (46.490)
- Morning company class
- Micro
- Employees
- 0–4 (not registered)
- Founded
- 5 December 2002 23 years in operation
- Share capital
- 0.37 MNOK
- Business address
- Djupmyra 19A, 7075 TILLER (TRONDHEIM)
- Municipality
- Trondheim rank 3 of 11 in KOSTRA group 12
- Latest accounts filed
- 2025
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
- Are Johan Pedersen
- Chair of the board
- Stein Ragnar Grønnerøe
- Board member
- Egil Nervik
- Board member
- Gorm Andreas Pedersen
- Board member
- Are Johan Pedersen
- Board member
- John Thoresen
- Auditor
- E.K. Revisjon AS
Source: Central Coordinating Register, fetched 29 October 2026. Only names are shown.
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 29 October 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 48 | 48 | 41 | |
| Rank | 11,250 | 12,068 | 15,592 | |
| Operating margin | −26.1% | −31.7% | −65.3% | |
| Return on assets | 7.4% | 4.6% | 8.6% | |
| Equity ratio | 61.8% | 64.5% | 55.5% | |
| Current ratio | 1.60 | 2.19 | 2.05 | |
| Revenue growth | – | −9.9% | −57.7% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 3.9 MNOK | 3.5 MNOK | 1.5 MNOK |
| Operating profit | −1.0 MNOK | −1.1 MNOK | −1.0 MNOK |
| Profit before tax | 4.6 MNOK | 2.5 MNOK | 6.2 MNOK |
| Net profit | 3.6 MNOK | 2.0 MNOK | 5.4 MNOK |
| Financial expenses | 3.8 MNOK | 2.6 MNOK | 2.9 MNOK |
| Total assets | 113.3 MNOK | 111.6 MNOK | 106.9 MNOK |
| Current assets | 69.4 MNOK | 65.9 MNOK | 60.8 MNOK |
| Equity | 70.0 MNOK | 72.0 MNOK | 59.4 MNOK |
| Retained earnings | 21.9 MNOK | 23.8 MNOK | 29.2 MNOK |
| Total liabilities | 43.3 MNOK | 39.6 MNOK | 47.6 MNOK |
| Current liabilities | 43.3 MNOK | 30.1 MNOK | 29.6 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 29 October 2026, accounts id 7086505.
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