Aspides 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
Score · fiscal year 2025
72of 100
How to read this: the company is ahead of 89 % of companies in the Morning class Micro in the same sector in 2025. What does this mean?
Rank in the Morning class Micro: 838 of 7,473 · What are Morning company classes?
Place in the whole sector: 1,052 of 10,060 · Teknisk tjenesteyting og forskning
Profile
Lion · Leader
High profitability, high resilience
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 76 and resilience 61 out of 100 among companies in the Morning class Micro in the same sector in 2025. Methodology
Against the sector
Aspides AS is 21 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 30.9% (median 7.8%) and equity ratio 63.8% (median 43.1%).
How it has gone · 2023–2025
Revenue is about the same: 4.1 MNOK in 2025 against 4.1 MNOK in 2023. The operating margin fell from 52.6% in 2023 to 30.9% in 2025. The equity ratio fell from 68.7% in 2023 to 63.8% in 2025.
Amounts in the reporting currency. The full year-by-year table is further down under «Details». See every figure year by year
Aspides AS has a score of 72 for 2025, rank 1,052 of 10,060 in the sector.
Strongest: Growth: percentile 81 against peers, revenue growth 54.5% against a median of 6.9%. Profitability: percentile 76 against peers, operating margin 30.9% against a median of 7.8%.
No area is clearly below its peers.
Worth a closer look
- 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 114 days (median 44 days).
- The change in operating margin in 2025 was 13.6 percentage points better than for comparable companies: the company +13.4, the industry −0.2 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
- 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 114 days (median 44 days).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 0.2% 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 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 | 76 | weight 40% |
|---|---|---|
| Solidity | 69 | weight 20% |
| Liquidity | 48 | weight 5% |
| Growth | 81 | weight 25% |
| Consistency | 53 | weight 10% |
Three goals: profitability 40%, growth 25%, resilience 35%. Why these weights?
Durability: 68 (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 | 4 MNOK | 2 MNOK |
| Operating margin | 30.9% | 7.8% |
| Profit margin | 30.8% | 7.8% |
| Return on assets | 30.4% | 14.1% |
| Equity ratio | 63.8% | 43.1% |
| Debt-to-equity | 0.57 | 1.04 |
| Current ratio | 1.64 | 1.71 |
| Revenue growth | 54.5% | 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 72, Aspides AS does better than 89% of companies in the Morning class Micro in the same sector (7,473 companies) in 2025.
Score 2023–2025
- Aspides 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. |
114 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. |
−5.6% | −7.1% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
48.3% | 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. |
368.8 | 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. |
0.2% | 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): −0.2 MNOK.
Of the financial costs of 0.0 MNOK, 0.0 MNOK is reported as interest costs in the accounts.
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 Aspides AS rose by 13.4 percentage points. Comparable companies fell by a median 0.2 points. So the company did 13.6 points better than the industry, for reasons of its own.
Over 2 year-to-year changes Aspides AS moved the same way as comparable companies 1 times. About 1% 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 | 17.5% | 8.0% | −35.1 percentage points | −0.5 percentage points | −34.6 percentage points |
| 2025 | 30.9% | 7.8% | +13.4 percentage points | −0.2 percentage points | +13.6 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 Aspides 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 Aspides AS rose 13.4 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 | – | – | 52.6% | 17.5% | 30.9% | – |
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 Aspides AS rose 13.4 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 | – | – | 52.6% | 17.5% | 30.9% | – |
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 Aspides AS rose 13.4 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 | – | – | 52.6% | 17.5% | 30.9% | – |
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 Aspides AS rose 13.4 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 | – | – | 52.6% | 17.5% | 30.9% | – |
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 Aspides AS rose 13.4 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 | – | – | 52.6% | 17.5% | 30.9% | – |
Source: SSB (08799, CC BY 4.0). Source
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of Aspides AS rose 13.4 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 | – | – | 52.6% | 17.5% | 30.9% | – |
Source: Norges Bank (IR, NLOD 2.0). Source
EUR/NOK (kr)
EUR/NOK rose 0.8% in 2025; the operating margin of Aspides AS rose 13.4 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 | – | – | 52.6% | 17.5% | 30.9% | – |
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 Aspides AS rose 13.4 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 | – | – | 52.6% | 17.5% | 30.9% | – |
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
Aspides AS had an operating margin of 30.9% and an equity ratio of 63.8% in 2025, and ranks 1,052 of 10,060 in Teknisk tjenesteyting og forskning.
From 2024 to 2025: the operating margin rose from 17.5% to 30.9% and revenue grew by 55%.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 4 MNOK and 12 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 14.9 | 9 MNOK |
| EV/EBIT | 14.3 | 12 MNOK |
| P/B | 2.3 | 4 MNOK |
| EV/EBIT: from enterprise value to equity | NOK |
|---|---|
| Enterprise value (EV) at the listed multiple | 18 MNOK |
| Enterprise value after the size adjustment | 11 MNOK |
| Less net debt (rough figure) | −1 MNOK |
| Equity value | 12 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 Aspides AS?
The operating margin was 30.9% in 2025, against a median of 7.8% among companies in the Morning class Micro in the same sector. Return on assets was 30.4%.
How solid is Aspides AS?
The equity ratio was 63.8% in 2025 (median 43.1%). Debt-to-equity was 0.57 (median 1.04).
What is the liquidity of Aspides AS like?
The current ratio was 1.64 in 2025 (median 1.71).
How does Aspides AS compare in Teknisk tjenesteyting og forskning?
Aspides AS ranks 1,052 of 10,060 in Teknisk tjenesteyting og forskning for 2025. Among companies in the Morning class Micro it is number 838 of 7,473. Revenue changed by 54.5% 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 |
|---|---|---|---|---|
| Raho International AS |  Lion |
4 MNOK | 10.7% | 56 |
| Vanir Green Industries 1 AS |  Elephant |
4 MNOK | −78.5% | 36 |
| The Energy Resource Company AS · same municipality |  Cheetah |
4 MNOK | 36.8% | 65 |
| Marck Invest AS | Lion |
4 MNOK | 8.9% | 54 |
| Aspides AS (this company) | Lion |
4 MNOK | 30.9% | 72 |
| Fueltech Solutions AS |  Beaver |
4 MNOK | −10.2% | 25 |
| Steinert Sensing Systems AS | Lion |
4 MNOK | 63.6% | 88 |
| Borlaug AS | Lion |
4 MNOK | 54.5% | 75 |
| Iqc AS | Lion |
4 MNOK | 10.0% | 56 |
The selection is the closest in revenue within the same industry code. When you order, you can swap competitors. Order competitor analysis
From the Central Coordinating Register
- Org. no.
- 985915903
- Legal form
- AS
- Sector
- Teknisk tjenesteyting og forskning (71.129)
- Purpose
- Utvikling, produksjon, markedsføring og salg av teknologiske løsninger og utstyr hovedsaklig for bruk innen maritim, undervann og offshore sektor, herunder også deltakelse i andre selskaper.
- Morning company class
- Micro
- Employees
- 0–4 (not registered) Payroll costs in the accounts: 2.1 MNOK (2025).
- Founded
- 2 July 2003 23 years in operation
- Share capital
- 0.10 MNOK
- Business address
- Vassbotnen 1, 4313 SANDNES
- Municipality
- Sandnes rank 4 of 11 in KOSTRA group 12
- Audit
- Audit opted out from 8 December 2014
- Latest accounts filed
- 2025
- VAT registered
- Yes
- Website
- www.aspides.no
- Former names
- Mission Technology AS until 2024, Mtech AS until 2003
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
Loading roles …
Source: Central Coordinating Register, fetched 7 November 2026. Only names are shown.
Shareholders (2025)
- Number of shareholders
- 3 (one owner holds more than half)
- Largest owner
- 51.0%
- Split
- companies 0% · private persons 100% · foreign 0%
- Owned from the same municipality
- 0%
- Owners over 60
- 51% of the shares held by persons (median age 60)
- Group chain
- Ultimate owner: private person
Change 2007–2025: 49% of the shares changed owner (2 new and 0 departed owners).
The portfolio: 3 of the companies it owns shares in have accounts with us, 0 of them as majority owner. The average index is –. 0 have negative equity and 3 made a loss in the latest year.
Holds shares in: BLÁR Aqua AS (4%), Havbrukskompaniet AS (0%), Industrial Controls AS (21%)
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 | 84 | 49 | 72 | |
| Rank | 517 | 5,110 | 1,052 | |
| Operating margin | 52.6% | 17.5% | 30.9% | |
| Return on assets | 81.8% | 15.0% | 30.4% | |
| Equity ratio | 68.7% | 70.5% | 63.8% | |
| Current ratio | 1.50 | 1.53 | 1.64 | |
| Revenue growth | – | −35.3% | 54.5% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 4.1 MNOK | 2.6 MNOK | 4.1 MNOK |
| Operating profit | 2.1 MNOK | 0.5 MNOK | 1.3 MNOK |
| Profit before tax | 2.2 MNOK | 0.4 MNOK | 1.3 MNOK |
| Tax expense | 0.4 MNOK | 0.1 MNOK | 0.3 MNOK |
| Net profit | 1.7 MNOK | 0.3 MNOK | 1.0 MNOK |
| Financial expenses | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Total assets | 2.7 MNOK | 3.1 MNOK | 4.1 MNOK |
| Current assets | 1.3 MNOK | 1.4 MNOK | 2.5 MNOK |
| Equity | 1.8 MNOK | 2.2 MNOK | 2.6 MNOK |
| Retained earnings | 1.7 MNOK | 2.1 MNOK | 2.5 MNOK |
| Total liabilities | 0.8 MNOK | 0.9 MNOK | 1.5 MNOK |
| Current liabilities | 0.8 MNOK | 0.9 MNOK | 1.5 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 9 November 2026, accounts id 6665066.
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