Bluware AS
Score · fiscal year 2025
54of 100
How to read this: the company is ahead of 59 % of companies in the Morning class Medium in the same sector in 2025. What does this mean?
Rank in the Morning class Medium: 300 of 737 · What are Morning company classes?
Place in the whole sector: 1,364 of 3,294 · Informasjon og kommunikasjon
Profile
Elephant · Steward
Lower profitability, high solidity
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 23 and solidity 95 out of 100 among companies in the Morning class Medium in the same sector in 2025. Methodology
Against the sector
Bluware AS is 4 points above the median for companies in the Morning class Medium in the same sector in 2025.
Median score 50 among 737 companies.
Against companies in the Morning class Medium in the same sector in 2025: operating margin −3.0% (median 6.0%) and equity ratio 75.2% (median 30.0%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 54 MNOK | 108 MNOK |
| Operating margin | −3.0% | 6.0% |
| Profit margin | 7.8% | 6.7% |
| Return on assets | 4.5% | 11.8% |
| Equity ratio | 75.2% | 30.0% |
| Debt-to-equity | 0.33 | 2.27 |
| Current ratio | 0.63 | 1.16 |
| Revenue growth | – | 7.5% |
| Revenue per employee | 3.19 MNOK | 2.99 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 54, Bluware AS does better than 59% of companies in the Morning class Medium in the same sector (737 companies) in 2025.
Score 2023–2025
- Bluware AS
- Median: companies in the Morning class Medium in the same sector
Bluware AS has a score of 54 for 2025, rank 1,364 of 3,294 in the sector.
Strongest: Solidity: percentile 95 against peers, equity ratio 75.2% against a median of 30.0%. Consistency: percentile 87 against peers.
Weakest: Liquidity: percentile 13 against peers, current ratio 0.63 against a median of 1.16. Profitability: percentile 23 against peers, operating margin −3.0% against a median of 6.0%.
Worth a closer look
- Consider strengthening liquidity: current liabilities are 1.6 times current assets. Based on: current ratio 0.63 (median 1.16).
- The operating margin is lower than at three in four companies in the sector. Where do costs differ from competitors? Based on: operating margin −3.0% (median 6.0%).
- 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
The industry or the company: what drove the result?
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 Bluware AS. The figures stand side by side; we claim no cause.
Service prices: information and communication (indeks (2021 = 100))
| 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 | – | – | 13.1% | – | −3.0% | – |
Source: SSB (14335, CC BY 4.0). Source
Turnover index: information and communication (indeks (2021 = 100))
| 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 | – | – | 13.1% | – | −3.0% | – |
Source: SSB (13863, CC BY 4.0). Source
USD/NOK (kr)
| 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 | – | – | 13.1% | – | −3.0% | – |
Source: Norges Bank (EXR, NLOD 2.0). Source
Policy rate (prosent)
| 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 | – | – | 13.1% | – | −3.0% | – |
Source: Norges Bank (IR, NLOD 2.0). Source
Consumer price index (indeks (2025 = 100))
| 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 | – | – | 13.1% | – | −3.0% | – |
Source: SSB (14710, CC BY 4.0). Source
Wage index: IT services (indeks)
| 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 | – | – | 13.1% | – | −3.0% | – |
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
Bluware AS had an operating margin of −3.0% and an equity ratio of 75.2% in 2025, and ranks 1,364 of 3,294 in Informasjon og kommunikasjon.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 10 MNOK and 111 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 17.7 | 28 MNOK |
| EV/EBIT | 14.3 | 10 MNOK |
| P/B | 2.6 | 111 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
- watch
Consider strengthening liquidity: current liabilities are 1.6 times current assets.
Based on: Current ratio 0.63 (median 1.16).
- 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 −3.0% (median 6.0%).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 3.3% 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 | 23 | weight 30% |
|---|---|---|
| Solidity | 95 | weight 25% |
| Liquidity | 13 | weight 15% |
| Growth | – | no data, left out |
| Consistency | 87 | weight 15% |
Durability: 62 (average over 2 years)
Index version 2. Data completeness 85%: the share of the weights that had data.
Questions and answers
How profitable is Bluware AS?
The operating margin was −3.0% in 2025, against a median of 6.0% among companies in the Morning class Medium in the same sector. Return on assets was 4.5%.
How solid is Bluware AS?
The equity ratio was 75.2% in 2025 (median 30.0%). Debt-to-equity was 0.33 (median 2.27).
What is the liquidity of Bluware AS like?
The current ratio was 0.63 in 2025 (median 1.16). Current assets did not cover current liabilities.
How does Bluware AS compare in Informasjon og kommunikasjon?
Bluware AS ranks 1,364 of 3,294 in Informasjon og kommunikasjon for 2025. Among companies in the Morning class Medium it is number 300 of 737.
Group accounts
The company is registered as part of a group, but we have no group accounts for it. Group accounts are filed by the parent company, and open data does not say which company that is.
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.
The shareholder register shows no Norwegian majority owner and no subsidiaries for this company.
From the Central Coordinating Register
- Org. no.
- 989707906
- Legal form
- AS · part of a group
- Sector
- Informasjon og kommunikasjon (62.100)
- Morning company class
- Medium
- Employees
- 17 registered 10 September 2026
- Founded
- 31 March 2006 20 years in operation
- Share capital
- 0.40 MNOK
- Business address
- 4. etasje, Nedre Vollgate 5, 0158 OSLO
- Municipality
- Oslo rank 63–220 of 357 in Norway
- Latest accounts filed
- 2025
- Website
- bluware.com
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.
Shareholders (2025)
- Number of shareholders
- 1 (one owner)
- Largest owner
- 100.0%
- Split
- companies 100% · private persons 0% · foreign 100%
- Group chain
- Ultimate owner: Bluwareheadwave Ventures INC.
- Bluwareheadwave Ventures INC. (USA) · 100.0%
Change 2007–2025:
100% of the shares changed owner (1 new and 1 departed owners). The majority owner changed. Foreign owners now hold more than half.
New owners (companies): Bluwareheadwave Ventures INC.
Departed (companies): Simula Research Laboratory 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 | 2025 | Trend |
|---|---|---|---|
| Index | 70 | 54 | |
| Rank | 571 | 1,364 | |
| Operating margin | 13.1% | −3.0% | |
| Return on assets | 25.1% | 4.5% | |
| Equity ratio | 43.3% | 75.2% | |
| Current ratio | 1.74 | 0.63 | |
| Revenue growth | – | – |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2025 |
|---|---|---|
| Operating revenue | 34.4 MNOK | 54.3 MNOK |
| Operating profit | 4.5 MNOK | −1.6 MNOK |
| Profit before tax | 3.9 MNOK | 4.3 MNOK |
| Tax expense | 0.9 MNOK | 1.0 MNOK |
| Net profit | 3.0 MNOK | 3.3 MNOK |
| Financial expenses | 0.6 MNOK | 0.9 MNOK |
| Total assets | 18.0 MNOK | 115.6 MNOK |
| Current assets | 17.7 MNOK | 15.2 MNOK |
| Equity | 7.8 MNOK | 87.0 MNOK |
| Retained earnings | 7.4 MNOK | 75.5 MNOK |
| Total liabilities | 10.2 MNOK | 28.6 MNOK |
| Current liabilities | 10.2 MNOK | 24.1 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 5 November 2026, accounts id 6854780.
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