Ecpay AS
Score · fiscal year 2025
65of 100
How to read this: the company is ahead of 80 % of companies in the Morning class Small in the same sector in 2025. What does this mean?
Rank in the Morning class Small: 210 of 1,029 · What are Morning company classes?
Place in the whole sector: 666 of 3,228 · Forretningsmessig tjenesteyting
Profile
Lion · Leader
High profitability, high solidity
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 73 and solidity 72 out of 100 among companies in the Morning class Small in the same sector in 2025. Methodology
Against the sector
Ecpay AS is 14 points above the median for companies in the Morning class Small in the same sector in 2025.
Median score 51 among 1,029 companies.
Against companies in the Morning class Small in the same sector in 2025: operating margin 12.2% (median 4.5%) and equity ratio 45.0% (median 25.4%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 33 MNOK | 20 MNOK |
| Operating margin | 12.2% | 4.5% |
| Profit margin | 13.2% | 4.4% |
| Return on assets | 17.7% | 10.8% |
| Equity ratio | 45.0% | 25.4% |
| Debt-to-equity | 1.22 | 2.45 |
| Current ratio | 1.69 | 1.22 |
| Revenue growth | 8.3% | 6.4% |
| Revenue per employee | 1.59 MNOK | 1.08 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 65, Ecpay AS does better than 80% of companies in the Morning class Small in the same sector (1,029 companies) in 2025.
Score 2023–2025
- Ecpay AS
- Median: companies in the Morning class Small in the same sector
Ecpay AS has a score of 65 for 2025, rank 666 of 3,228 in the sector.
Strongest: Liquidity: percentile 73 against peers, current ratio 1.69 against a median of 1.22. Profitability: percentile 73 against peers, operating margin 12.2% against a median of 4.5%.
No area is clearly below its peers.
Worth a closer look
- The change in operating margin in 2025 was 3.9 percentage points better than for comparable companies: the company +3.9, the industry −0.0 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
The industry or the company: what drove the result?
In 2025 the operating margin of Ecpay AS rose by 3.9 percentage points. Comparable companies fell by a median 0.0 points. So the company did 3.9 points better than the industry, for reasons of its own.
Over 2 year-to-year changes Ecpay AS moved the same way as comparable companies 1 times. About 2% 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 | 8.4% | 4.5% | −10.3 percentage points | −0.2 percentage points | −10.1 percentage points |
| 2025 | 12.2% | 4.5% | +3.9 percentage points | 0.0 percentage points | +3.9 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 Ecpay AS. The figures stand side by side; we claim no cause.
Service prices: business support services (indeks (2021 = 100))
Service prices: business support services rose 3.8% in 2025; the operating margin of Ecpay AS rose 3.9 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Service prices: business support services, annual average | 100.0 | 104.9 | 111.1 | 116.9 | 121.3 | 122.3 (so far) |
| Change from the year before | – | +4.9% | +5.9% | +5.2% | +3.8% | +0.8% |
| The company's operating margin | – | – | 18.7% | 8.4% | 12.2% | – |
Source: SSB (14335, CC BY 4.0). Source
Turnover index: administrative and support services (indeks (2021 = 100))
Turnover index: administrative and support services rose 5.8% in 2025; the operating margin of Ecpay AS rose 3.9 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Turnover index: administrative and support services, annual average | 99.5 | 117.4 | 126.0 | 130.8 | 138.4 | 141.3 (so far) |
| Change from the year before | +5.3% | +17.9% | +7.4% | +3.8% | +5.8% | +2.1% |
| The company's operating margin | – | – | 18.7% | 8.4% | 12.2% | – |
Source: SSB (13863, CC BY 4.0). Source
Consumer price index (indeks (2025 = 100))
Consumer price index rose 3.0% in 2025; the operating margin of Ecpay AS rose 3.9 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Consumer price index, annual average | 84.3 | 89.2 | 94.1 | 97.0 | 100.0 | 102.9 (so far) |
| Change from the year before | +3.5% | +5.8% | +5.5% | +3.2% | +3.0% | +2.9% |
| The company's operating margin | – | – | 18.7% | 8.4% | 12.2% | – |
Source: SSB (14710, CC BY 4.0). Source
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of Ecpay AS rose 3.9 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 | – | – | 18.7% | 8.4% | 12.2% | – |
Source: Norges Bank (IR, NLOD 2.0). Source
Wage index: business support services (indeks)
Wage index: business support services rose 5.7% in 2025; the operating margin of Ecpay AS rose 3.9 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Wage index: business support services, annual average | 81.5 | 85.5 | 89.7 | 94.8 | 100.3 | 106.3 (so far) |
| Change from the year before | +3.5% | +4.9% | +4.9% | +5.7% | +5.7% | +6.0% |
| The company's operating margin | – | – | 18.7% | 8.4% | 12.2% | – |
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
Ecpay AS had an operating margin of 12.2% and an equity ratio of 45.0% in 2025, and ranks 666 of 3,228 in Forretningsmessig tjenesteyting.
From 2024 to 2025: the operating margin rose from 8.4% to 12.2% and the equity ratio fell from 54.0% to 45.0%.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 15 MNOK and 27 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 17.3 | 23 MNOK |
| EV/EBIT | 14.1 | 27 MNOK |
| P/B | 2.7 | 15 MNOK |
The listed basis is the value at listed multiples. The estimate is lowered by 51% for an unlisted company: 20% for lack of marketability and 38% for size (a small-company premium of 4% on the cost of equity).
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
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 0.0% 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 2026, the sector's weakest year, for this company.
The sector's weakest year was 2026, with a median operating margin of 0.3%. Based on the 9 fiscal years we have. The analysis grows as more years are fetched or imported. Methodology
What the score is made of
| Profitability | 73 | weight 30% |
|---|---|---|
| Solidity | 72 | weight 25% |
| Liquidity | 73 | weight 15% |
| Growth | 54 | weight 15% |
| Consistency | 42 | weight 15% |
Durability: 73 (average over 3 years)
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is Ecpay AS?
The operating margin was 12.2% in 2025, against a median of 4.5% among companies in the Morning class Small in the same sector. Return on assets was 17.7%.
How solid is Ecpay AS?
The equity ratio was 45.0% in 2025 (median 25.4%). Debt-to-equity was 1.22 (median 2.45).
What is the liquidity of Ecpay AS like?
The current ratio was 1.69 in 2025 (median 1.22).
How does Ecpay AS compare in Forretningsmessig tjenesteyting?
Ecpay AS ranks 666 of 3,228 in Forretningsmessig tjenesteyting for 2025. Among companies in the Morning class Small it is number 210 of 1,029. Revenue changed by 8.3% from the year before.
Group structure · 2025
33 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.
No owner holds more than half of the shares in Ecit F&A Holding AS.
Ecit F&A 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.
-
Ecit F&A Holding AS
- Ecpay AS you are here
- Tandem AS
- Ecit Normann & Øygarden AS
- Ecit Consulta AS
- Progresso AS
- Ecit Krr AS
- Ecit Elverum AS
- Ecit Stord AS
- Ecit Lillehammer AS
- Økonomispesialisten AS
- and 4 more companies
The tree shows up to 4 levels below the top. Large groups have more companies than shown.
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.
From the Central Coordinating Register
- Org. no.
- 989158309
- Legal form
- AS
- Sector
- Forretningsmessig tjenesteyting (82.910)
- Morning company class
- Small
- Employees
- 21 registered 10 October 2026
- Founded
- 8 December 2005 20 years in operation
- Share capital
- 5.42 MNOK
- Business address
- Kirkegata 45, 2609 LILLEHAMMER
- Municipality
- Lillehammer rank 3–14 of 27 in KOSTRA group 9
- Latest accounts filed
- 2025
- Website
- www.ecpay.no
- LEI
- 8945006AYBPUZTX5YU75 renews 21 December 2026
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 1 November 2026. Only names are shown.
- Parent company
- No parent company: owned by persons
Source: GLEIF (Global Legal Entity Identifier Foundation), fetched 31 October 2026. The parent is the one the company itself reported to GLEIF.
Shareholders (2025)
- Number of shareholders
- 7 (one owner holds more than half)
- Largest owner
- 81.6% · top three 95.4%
- Split
- companies 85% · private persons 15% · foreign 0%
- Owned from the same municipality
- 1%
- Owners over 60
- 7% of the shares held by persons (median age 56)
- Group chain
-
Owned by: Ecit F&A Holding AS (82%)
Ultimate owner: Ecit F&A Holding AS
- Ecit F&A Holding AS · 81.6%
- Hoellibekken AS · 1.5%
- Krogh Berg Invest AS · 1.2%
- Tharen Holding AS · 0.9%
- 3 private persons · 14.9%
Change 2007–2025:
75% of the shares changed owner (7 new and 41 departed owners). The majority owner changed.
New owners (companies): Ecit F&A Holding AS, Hoellibekken AS, Krogh Berg Invest AS, Tharen Holding AS
Departed (companies): 5895 Invest AS, Account-IT AS, Accountor Bergen AS, Accountor Fusa AS, Accountor Gjøvik AS
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 5 November 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 89 | 65 | 65 | |
| Rank | 65 | 696 | 666 | |
| Operating margin | 18.7% | 8.4% | 12.2% | |
| Return on assets | 18.9% | 11.6% | 17.7% | |
| Equity ratio | 77.8% | 54.0% | 45.0% | |
| Current ratio | 3.67 | 1.77 | 1.69 | |
| Revenue growth | – | 10.6% | 8.3% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 27.9 MNOK | 30.9 MNOK | 33.5 MNOK |
| Operating profit | 5.2 MNOK | 2.6 MNOK | 4.1 MNOK |
| Profit before tax | 5.4 MNOK | 3.0 MNOK | 4.4 MNOK |
| Tax expense | 1.7 MNOK | 1.3 MNOK | 1.6 MNOK |
| Net profit | 3.7 MNOK | 1.7 MNOK | 2.8 MNOK |
| Financial expenses | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Total assets | 28.7 MNOK | 25.9 MNOK | 25.0 MNOK |
| Current assets | 17.4 MNOK | 17.6 MNOK | 19.7 MNOK |
| Equity | 22.3 MNOK | 14.0 MNOK | 11.2 MNOK |
| Retained earnings | 16.3 MNOK | 8.0 MNOK | 5.2 MNOK |
| Total liabilities | 6.4 MNOK | 11.9 MNOK | 13.7 MNOK |
| Current liabilities | 4.7 MNOK | 9.9 MNOK | 11.7 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 5 November 2026, accounts id 6558609.
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