Fishbones AS
Score · fiscal year 2025
80of 100
How to read this: the company is ahead of 98 % of companies in the Morning class Medium in the same sector in 2025. What does this mean?
Rank in the Morning class Medium: 12 of 531 · What are Morning company classes?
Place in the whole sector: 121 of 3,595 · Teknisk tjenesteyting og forskning
Profile
Lion · Leader
High profitability, high solidity
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 83 and solidity 89 out of 100 among companies in the Morning class Medium in the same sector in 2025. Methodology
Against the sector
Fishbones AS is 29 points above the median for companies in the Morning class Medium in the same sector in 2025.
Median score 51 among 531 companies.
Against companies in the Morning class Medium in the same sector in 2025: operating margin 27.5% (median 5.4%) and equity ratio 64.9% (median 32.3%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 171 MNOK | 97 MNOK |
| Operating margin | 27.5% | 5.4% |
| Profit margin | 22.7% | 5.5% |
| Return on assets | 22.0% | 12.4% |
| Equity ratio | 64.9% | 32.3% |
| Debt-to-equity | 0.54 | 2.00 |
| Current ratio | 2.52 | 1.33 |
| Revenue growth | 147.1% | 9.3% |
| Revenue per employee | 4.50 MNOK | 2.92 MNOK |
The median and “ahead of” refer to companies in the Morning class Medium in the same sector in 2025. The bar shows the share of companies the figure is ahead of.
With an index of 80, Fishbones AS does better than 98% of companies in the Morning class Medium in the same sector (531 companies) in 2025.
Score 2023–2025
- Fishbones AS
- Median: companies in the Morning class Medium in the same sector
Fishbones AS has a score of 80 for 2025, rank 121 of 3,595 in the sector.
Strongest: Growth: percentile 96 against peers, revenue growth 147.1% against a median of 9.3%. Solidity: percentile 89 against peers, equity ratio 64.9% against a median of 32.3%.
Weakest: Consistency: percentile 35 against peers.
Worth a closer look
- What lies behind weak consistency, 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
Fishbones AS had an operating margin of 27.5% and an equity ratio of 64.9% in 2025, and ranks 121 of 3,595 in Teknisk tjenesteyting og forskning.
From 2024 to 2025: the operating margin rose from −39.1% to 27.5% and revenue grew by 147%.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 140 MNOK and 415 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 10.0 | 305 MNOK |
| EV/EBIT | 8.0 | 415 MNOK |
| P/B | 1.0 | 140 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
- positive
Upper quartile on profitability, solidity and liquidity. What sets this company apart from the rest of the sector?
Based on: Operating margin 27.5% (median 5.4%); Equity ratio 64.9% (median 32.3%); Current ratio 2.52 (median 1.33).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 11.4% 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 8 fiscal years we have. The analysis grows as more years are fetched or imported. Methodology
What the score is made of
| Profitability | 83 | weight 30% |
|---|---|---|
| Solidity | 89 | weight 25% |
| Liquidity | 89 | weight 15% |
| Growth | 96 | weight 15% |
| Consistency | 35 | weight 15% |
Durability: 76 (average over 3 years)
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is Fishbones AS?
The operating margin was 27.5% in 2025, against a median of 5.4% among companies in the Morning class Medium in the same sector. Return on assets was 22.0%.
How solid is Fishbones AS?
The equity ratio was 64.9% in 2025 (median 32.3%). Debt-to-equity was 0.54 (median 2.00).
What is the liquidity of Fishbones AS like?
The current ratio was 2.52 in 2025 (median 1.33).
How does Fishbones AS compare in Teknisk tjenesteyting og forskning?
Fishbones AS ranks 121 of 3,595 in Teknisk tjenesteyting og forskning for 2025. Among companies in the Morning class Medium it is number 12 of 531. Revenue changed by 147.1% from the year before.
Group accounts · 2025
76 of 100
Rank 4 of 33 groups in the Morning class Medium in Teknisk tjenesteyting og forskning. Groups are ranked only against other groups in the same sector and class, never against single companies.
- Operating revenue, group
- 202 MNOK
- Operating profit, group
- 50 MNOK
- Profit before tax, group
- 41 MNOK
- Total assets, group
- 204 MNOK
- Equity, group
- 129 MNOK
| Key figure | The group | The company alone (2025) |
|---|---|---|
| Operating margin | 24.5% | 27.5% |
| Return on assets | 24.5% | 22.0% |
| Equity ratio | 63.0% | 64.9% |
| Current ratio | 3.06 | 2.52 |
| Revenue growth | 58.2% | 147.1% |
Group index in earlier years: 2023: 92 (2 of 48), 2024: 66 (8 of 40).
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.
- 987560053
- Legal form
- AS
- Sector
- Teknisk tjenesteyting og forskning (71.129)
- Morning company class
- Medium
- Employees
- 38 registered 10 October 2026
- Founded
- 22 November 2004 21 years in operation
- Share capital
- 0.24 MNOK
- Business address
- Fabrikkveien 11, 4033 STAVANGER
- Municipality
- Stavanger rank 5 of 11 in KOSTRA group 12
- Latest accounts filed
- 2025
- Website
- www.fishbones.as
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 31 October 2026. Only names are shown.
Shareholders (2025)
- Number of shareholders
- 11 (one owner holds more than half)
- Largest owner
- 51.0% · top three 93.4%
- Split
- companies 98% · private persons 2% · foreign 1%
- Owned from the same municipality
- 82%
- Owners over 60
- 0% of the shares held by persons (median age 49)
- Group chain
-
Owned by: Freyer Holding AS (51%)
Ultimate owner: Freyer Holding AS
- Freyer Holding AS · 51.0%
- Equinor Ventures AS · 25.0%
- Aker BP ASA · 17.4%
- Constantia Holding AS · 2.8%
- Ksol Invest AS · 1.0%
- Rath AS · 0.4%
- 5 private persons · 2.4%
Change 2007–2025:
49% of the shares changed owner (10 new and 0 departed owners).
New owners (companies): Aker BP ASA, Constantia Holding AS, Equinor Ventures AS, Ksol Invest AS, Rath AS
Majority owner of: Fishbones ME AS (100%)
Holds shares in: Fishbones ME AS (100%)
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.
Figures last fetched 4 November 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 95 | 52 | 80 | |
| Rank | 12 | 1,676 | 121 | |
| Operating margin | 40.3% | −39.1% | 27.5% | |
| Return on assets | 45.1% | −2.2% | 22.0% | |
| Equity ratio | 77.0% | 84.1% | 64.9% | |
| Current ratio | 3.86 | 5.36 | 2.52 | |
| Revenue growth | – | −59.5% | 147.1% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 170.6 MNOK | 69.2 MNOK | 170.9 MNOK |
| Operating profit | 68.9 MNOK | −27.0 MNOK | 47.0 MNOK |
| Profit before tax | 69.8 MNOK | −3.8 MNOK | 38.9 MNOK |
| Tax expense | – | – | – |
| Net profit | 54.3 MNOK | −3.0 MNOK | 30.5 MNOK |
| Financial expenses | 1.8 MNOK | 0.6 MNOK | 8.6 MNOK |
| Total assets | 159.0 MNOK | 141.9 MNOK | 215.4 MNOK |
| Current assets | 138.4 MNOK | 116.3 MNOK | 176.6 MNOK |
| Equity | 122.4 MNOK | 119.4 MNOK | 139.9 MNOK |
| Retained earnings | 101.0 MNOK | 98.0 MNOK | 118.5 MNOK |
| Total liabilities | 36.6 MNOK | 22.6 MNOK | 75.5 MNOK |
| Current liabilities | 35.8 MNOK | 21.7 MNOK | 70.0 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 4 November 2026, accounts id 7215336.
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