Bluware AS
Score · fiscal year 2023
70of 100
How to read this: the company is ahead of 83 % of companies in the Morning class Small in the same sector in 2023. What does this mean?
Rank in the Morning class Small: 199 of 1,164 · What are Morning company classes?
Place in the whole sector: 733 of 4,071 · Informasjon og kommunikasjon
Profile
Lion · Leader
High profitability, high resilience
Position against comparable companies in 2023, not a verdict on the company. Based on profitability 74 and resilience 65 out of 100 among companies in the Morning class Small in the same sector in 2023. Methodology
Against the sector
Bluware AS is 19 points above the median for companies in the Morning class Small in the same sector in 2023.
Median score 51 among 1,164 companies.
Against companies in the Morning class Small in the same sector in 2023: operating margin 13.1% (median 4.8%) and equity ratio 43.3% (median 35.6%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 34 MNOK | 21 MNOK |
| Operating margin | 13.1% | 4.8% |
| Profit margin | 11.3% | 5.0% |
| Return on assets | 25.1% | 8.9% |
| Equity ratio | 43.3% | 35.6% |
| Debt-to-equity | 1.31 | 1.63 |
| Current ratio | 1.74 | 1.37 |
| Revenue growth | – | 17.7% |
| Revenue per employee | 2.02 MNOK | 1.78 MNOK |
The median and “ahead of” refer to companies in the Morning class Small in the same sector in 2023. The bar shows the share of companies the figure is ahead of.
With an index of 70, Bluware AS does better than 83% of companies in the Morning class Small in the same sector (1,164 companies) in 2023.
Score 2023–2025
- Bluware AS
- Median: companies in the Morning class Small in the same sector
What the numbers say
Bluware AS had an operating margin of 13.1% and an equity ratio of 43.3% in 2023, and ranks 733 of 4,071 in Informasjon og kommunikasjon.
This text is generated automatically from the 2023 accounts.
Three simple methods
The methods give between 17 MNOK and 44 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 18.0 | 34 MNOK |
| EV/EBIT | 14.9 | 44 MNOK |
| P/B | 3.6 | 17 MNOK |
| EV/EBIT: from enterprise value to equity | NOK |
|---|---|
| Enterprise value (EV) at the listed multiple | 67 MNOK |
| Enterprise value after the size adjustment | 41 MNOK |
| Less net debt (rough figure) | −3 MNOK |
| Equity value | 44 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 (62): Computer Services.
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 6.2% of the debt in 2023. The policy rate averaged 3.54 % 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 | 74 | weight 40% |
|---|---|---|
| Solidity | 59 | weight 20% |
| Liquidity | 66 | weight 5% |
| Growth | – | no data, left out |
| Consistency | 76 | weight 10% |
Three goals: profitability 40%, growth 25%, resilience 35%. Why these weights?
Index version 3. Data completeness 75%: the share of the weights that had data.
Questions and answers
How profitable is Bluware AS?
The operating margin was 13.1% in 2023, against a median of 4.8% among companies in the Morning class Small in the same sector. Return on assets was 25.1%.
How solid is Bluware AS?
The equity ratio was 43.3% in 2023 (median 35.6%). Debt-to-equity was 1.31 (median 1.63).
What is the liquidity of Bluware AS like?
The current ratio was 1.74 in 2023 (median 1.37).
How does Bluware AS compare in Informasjon og kommunikasjon?
Bluware AS ranks 733 of 4,071 in Informasjon og kommunikasjon for 2023. Among companies in the Morning class Small it is number 199 of 1,164.
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
- Small
- 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.
Is this your company? Suggest changes or add information
Figures last fetched 5 November 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2025 | Trend |
|---|---|---|---|
| Index | 70 | 50 | |
| Rank | 733 | 2,176 | |
| 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 5134101.
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