Voca 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
49of 100
How to read this: the company is ahead of 46 % of companies in the Morning class Small in the same sector in 2025. What does this mean?
Rank in the Morning class Small: 702 of 1,292 · What are Morning company classes?
Place in the whole sector: 2,307 of 4,282 · Informasjon og kommunikasjon
Profile
Elephant · Steward
Lower profitability, high resilience
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 31 and resilience 79 out of 100 among companies in the Morning class Small in the same sector in 2025. Methodology
Against the sector
Voca AS is 2 points below the median for companies in the Morning class Small in the same sector in 2025.
Median score 51 among 1,292 companies.
Against companies in the Morning class Small in the same sector in 2025: operating margin −16.2% (median 5.3%) and equity ratio 80.3% (median 35.3%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 25 MNOK | 21 MNOK |
| Operating margin | −16.2% | 5.3% |
| Profit margin | 25.9% | 5.4% |
| Return on assets | 9.0% | 9.7% |
| Equity ratio | 80.3% | 35.3% |
| Debt-to-equity | 0.25 | 1.57 |
| Current ratio | 1.63 | 1.34 |
| Revenue growth | 13.0% | 7.8% |
| Revenue per employee | 1.18 MNOK | 1.93 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 49, Voca AS does better than 46% of companies in the Morning class Small in the same sector (1,292 companies) in 2025.
Score 2023–2025
- Voca AS
- Median: companies in the Morning class Small in the same sector
Voca AS has a score of 49 for 2025, rank 2,307 of 4,282 in the sector.
Strongest: Solidity: percentile 95 against peers, equity ratio 80.3% against a median of 35.3%. Liquidity: percentile 63 against peers, current ratio 1.63 against a median of 1.34.
Weakest: Profitability: percentile 31 against peers, operating margin −16.2% against a median of 5.3%. Growth: percentile 35 against peers, revenue growth 13.0% against a median of 7.8%.
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 −16.2% (median 5.3%).
- What lies behind weak profitability, and will it last?
- What lies behind weak growth, and will it last?
- The change in operating margin in 2025 was 17.1 percentage points weaker than for comparable companies: the company −16.8, the industry +0.3 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 Voca AS fell by 16.8 percentage points. Comparable companies rose by a median 0.3 points. So the company did 17.1 points weaker than the industry, for reasons of its own.
Over 2 year-to-year changes Voca AS moved the same way as comparable companies 0 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 | 0.5% | 4.9% | −14.2 percentage points | +0.2 percentage points | −14.4 percentage points |
| 2025 | −16.2% | 5.3% | −16.8 percentage points | +0.3 percentage points | −17.1 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 Voca AS. The figures stand side by side; we claim no cause.
Service prices: information and communication (indeks (2021 = 100))
Service prices: information and communication rose 4.0% in 2025; the operating margin of Voca AS fell 16.8 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Service prices: information and communication, annual average | 100.0 | 103.3 | 108.7 | 112.2 | 116.7 | 120.0 (so far) |
| Change from the year before | – | +3.2% | +5.3% | +3.2% | +4.0% | +2.8% |
| The company's operating margin | – | – | 14.7% | 0.5% | −16.2% | – |
Source: SSB (14335, CC BY 4.0). Source
Turnover index: information and communication (indeks (2021 = 100))
Turnover index: information and communication rose 4.6% in 2025; the operating margin of Voca AS fell 16.8 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Turnover index: information and communication, annual average | 99.6 | 111.4 | 126.4 | 128.3 | 134.2 | 141.3 (so far) |
| Change from the year before | +14.7% | +11.8% | +13.5% | +1.5% | +4.6% | +5.3% |
| The company's operating margin | – | – | 14.7% | 0.5% | −16.2% | – |
Source: SSB (13863, CC BY 4.0). Source
USD/NOK (kr)
USD/NOK fell 3.3% in 2025; the operating margin of Voca AS fell 16.8 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| USD/NOK, annual average | 8.59 | 9.61 | 10.56 | 10.75 | 10.39 | 9.54 (so far) |
| Change from the year before | −8.8% | +11.9% | +9.9% | +1.7% | −3.3% | −8.2% |
| The company's operating margin | – | – | 14.7% | 0.5% | −16.2% | – |
Source: Norges Bank (EXR, NLOD 2.0). Source
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of Voca AS fell 16.8 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 | – | – | 14.7% | 0.5% | −16.2% | – |
Source: Norges Bank (IR, NLOD 2.0). Source
Consumer price index (indeks (2025 = 100))
Consumer price index rose 3.0% in 2025; the operating margin of Voca AS fell 16.8 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 | – | – | 14.7% | 0.5% | −16.2% | – |
Source: SSB (14710, CC BY 4.0). Source
Wage index: IT services (indeks)
Wage index: IT services rose 4.4% in 2025; the operating margin of Voca AS fell 16.8 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Wage index: IT services, annual average | 84.9 | 87.8 | 92.3 | 97.3 | 101.5 | 105.4 (so far) |
| Change from the year before | +4.9% | +3.5% | +5.1% | +5.4% | +4.4% | +3.8% |
| The company's operating margin | – | – | 14.7% | 0.5% | −16.2% | – |
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
Voca AS had an operating margin of −16.2% and an equity ratio of 80.3% in 2025, and ranks 2,307 of 4,282 in Informasjon og kommunikasjon.
From 2024 to 2025: the operating margin fell from 0.5% to −16.2% and revenue grew by 13%.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 34 MNOK and 140 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 18.0 | 34 MNOK |
| EV/EBIT | 14.9 | not meaningful |
| P/B | 3.6 | 140 MNOK |
The listed basis is the value at listed multiples. The estimate is lowered for size: a small-company premium of 3% on the cost of equity gives a value 32% 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 (62): Computer 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
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 −16.2% (median 5.3%).
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 4.1%. 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 | 31 | weight 40% |
|---|---|---|
| Solidity | 95 | weight 20% |
| Liquidity | 63 | weight 5% |
| Growth | 35 | weight 25% |
| Consistency | 56 | weight 10% |
Three goals: profitability 40%, growth 25%, resilience 35%. Why these weights?
Durability: 54 (average over 3 years)
Index version 3. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is Voca AS?
The operating margin was −16.2% in 2025, against a median of 5.3% among companies in the Morning class Small in the same sector. Return on assets was 9.0%.
How solid is Voca AS?
The equity ratio was 80.3% in 2025 (median 35.3%). Debt-to-equity was 0.25 (median 1.57).
What is the liquidity of Voca AS like?
The current ratio was 1.63 in 2025 (median 1.34).
How does Voca AS compare in Informasjon og kommunikasjon?
Voca AS ranks 2,307 of 4,282 in Informasjon og kommunikasjon for 2025. Among companies in the Morning class Small it is number 702 of 1,292. Revenue changed by 13.0% from the year before.
Group structure · 2025
3 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 Voca AS.
Voca AS has not filed group accounts in open data, so the group has no index of its own. Each company has its own accounts.
The group in figures
- Sectors
- Teknisk tjenesteyting og forskning (1 company), Informasjon og kommunikasjon (2 companies) 3 of 3 companies in the tree have accounts with us. Sectors are sorted by the companies' own revenue, which includes sales between the group's companies.
- Employees in Norway
- 30 in all. Kristiansand 30 Registered employees in the Central Coordinating Register, by the municipality of the business address. Employees may work elsewhere.
- Loss
- 1 company: Digital Logistics AS
A subsidiary with negative equity or a loss may be backed by the group, for example with group contributions or guarantees. It is an indication of what is worth asking about, not an assessment.
-
Voca AS you are here
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.
- 989527460
- Legal form
- AS
- Sector
- Informasjon og kommunikasjon (62.100)
- Morning company class
- Small
- Employees
- 21 registered 10 October 2026
- Founded
- 14 February 2006 20 years in operation
- Share capital
- 0.43 MNOK
- Business address
- Andøyfaret 15, 4623 KRISTIANSAND S
- Municipality
- Kristiansand rank 2–6 of 11 in KOSTRA group 12
- Latest accounts filed
- 2025
- LEI
- 894500ABDDKZYPVW4Z32 renews 18 August 2027
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
- 90
- Largest owner
- 40.3% · top three 54.0%
- Split
- companies 94% · private persons 6% · foreign 0%
- Owners over 60
- 46% of the shares held by persons (median age 56)
- Engedal Invest AS · 40.3%
- T.D. Veen AS · 7.9%
- Solan Capital AS · 5.8%
- Synesi AS · 5.7%
- Stavanger Venture AS · 4.8%
- A Holdings AS · 3.0%
- Veen Eiendom AS · 2.4%
- Sirius AS · 1.9%
- Sandnes Investering AS · 1.9%
- Meps AS · 1.5%
- 31 private persons · 5.8%
Change 2007–2025:
100% of the shares changed owner (90 new and 1 departed owners). The majority owner changed.
New owners (companies): A Holdings AS, A Management AS, Ala AS, Alfa AS, AS SPECTRA
Majority owner of: Digital Logistics AS (100%), Optilift AS (100%)
Holds shares in: Digital Logistics AS (100%), Optilift 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.
Is this your company? Suggest changes or add information
Figures last fetched 5 November 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 62 | 51 | 49 | |
| Rank | 1,162 | 2,081 | 2,307 | |
| Operating margin | 14.7% | 0.5% | −16.2% | |
| Return on assets | 3.2% | 2.3% | 9.0% | |
| Equity ratio | 69.5% | 75.7% | 80.3% | |
| Current ratio | 1.42 | 1.47 | 1.63 | |
| Revenue growth | – | 30.9% | 13.0% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 16.8 MNOK | 22.0 MNOK | 24.8 MNOK |
| Operating profit | 2.5 MNOK | 0.1 MNOK | −4.0 MNOK |
| Profit before tax | 2.4 MNOK | 1.6 MNOK | 6.4 MNOK |
| Tax expense | 0.5 MNOK | 0.4 MNOK | 1.1 MNOK |
| Net profit | 1.9 MNOK | 1.2 MNOK | 5.3 MNOK |
| Financial expenses | 0.1 MNOK | 0.1 MNOK | 0.0 MNOK |
| Total assets | 77.2 MNOK | 72.4 MNOK | 71.3 MNOK |
| Current assets | 32.6 MNOK | 25.3 MNOK | 22.4 MNOK |
| Equity | 53.6 MNOK | 54.8 MNOK | 57.2 MNOK |
| Retained earnings | 11.9 MNOK | 13.2 MNOK | 15.6 MNOK |
| Total liabilities | 23.6 MNOK | 17.6 MNOK | 14.0 MNOK |
| Current liabilities | 23.1 MNOK | 17.2 MNOK | 13.7 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 5 November 2026, accounts id 7097398.
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