Join 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
Key facts
Is the company run well?
Five key figures against companies in the Morning class Small in the same sector. Green is better than most, amber about like the industry and red weaker than most.
- Profitability · operating margin 96.0% Better than the industry Industry: 48.6%
- Returns · return on assets 21.3% About like the industry Industry: 17.2%
- Solidity · equity ratio 88.8% Better than the industry Industry: 69.6%
- Liquidity · current ratio 6.70 Better than the industry Industry: 2.57
- Growth · revenue growth −22.5% Weaker than the industry Industry: 13.7%
The mark comes from the company's place among comparable companies (percentile): green from 60, amber from 40, red below 40. Negative equity, an operating loss and a current ratio under 1 pull it down regardless. Methodology
Score · fiscal year 2025
55of 100
How to read this: the company is ahead of 62 % of companies in the Morning class Small in the same sector in 2025. What does this mean?
Rank in the Morning class Small: 122 of 320 · What are Morning company classes?
Place in the whole sector: 534 of 1,322 · Finans og forsikring
Profile
Lion · Leader
High profitability, high resilience
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 69 and resilience 64 out of 100 among companies in the Morning class Small in the same sector in 2025. Methodology
Against the sector
Join AS is 5 points above the median for companies in the Morning class Small in the same sector in 2025.
Median score 50 among 320 companies.
Against companies in the Morning class Small in the same sector in 2025: operating margin 96.0% (median 48.6%) and equity ratio 88.8% (median 69.6%).
How it has gone · 2023–2025
Revenue rose by 22 % from 2023 to 2025, to 40.6 MNOK. The operating margin fell from 97.7% in 2023 to 96.0% in 2025. The equity ratio fell from 99.6% in 2023 to 88.8% in 2025.
Amounts in the reporting currency. The full year-by-year table is further down under «Details». See every figure year by year
Accounts in short
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 33.2 MNOK | 52.4 MNOK | 40.6 MNOK |
| Operating profit | 32.4 MNOK | 51.4 MNOK | 39.0 MNOK |
| Net profit | 32.4 MNOK | 51.8 MNOK | 38.9 MNOK |
| Total assets | 109.3 MNOK | 166.9 MNOK | 185.8 MNOK |
| Equity | 108.9 MNOK | 166.0 MNOK | 165.0 MNOK |
| Total liabilities | 0.4 MNOK | 0.9 MNOK | 20.9 MNOK |
From the Brønnøysund Register Centre, in the company's reporting currency (NOK). See every figure year by year
From the Central Coordinating Register
- Org. no.
- 991806814
- Legal form
- AS
- Sector
- Finans og forsikring (64.323)
- Purpose
- Investering i aksjer, selskapsandeler og fast eiendom, samt hva som står i forbindelse med slik virksomhet.
- Morning company class
- Small
- Employees
- 0–4 (not registered)
- Founded
- 26 September 2007 19 years in operation
- Share capital
- 0.20 MNOK
- Business address
- Nedre Stranda 93, 4460 MOI (LUND)
- Municipality
- Lund rank 12–31 of 39 in KOSTRA group 4
- Latest accounts filed
- 2025
- VAT registered
- No
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
Join AS has a score of 55 for 2025, rank 534 of 1,322 in the sector.
Strongest: Profitability: percentile 69 against peers, operating margin 96.0% against a median of 48.6%. Liquidity: percentile 67 against peers, current ratio 6.70 against a median of 2.57.
Weakest: Growth: percentile 18 against peers, revenue growth −22.5% against a median of 13.7%.
Worth a closer look
- What lies behind weak growth, and will it last?
- The change in operating margin in 2025 was 16.3 percentage points weaker than for comparable companies: the company −2.0, the industry +14.3 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
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 −13.5%. Based on the 7 fiscal years we have. The analysis grows as more years are fetched or imported. Methodology
What the score is made of
| Profitability | 69 | weight 40% |
|---|---|---|
| Solidity | 66 | weight 20% |
| Liquidity | 67 | weight 5% |
| Growth | 18 | weight 25% |
| Consistency | 60 | weight 10% |
Three goals: profitability 40%, growth 25%, resilience 35%. Why these weights?
Durability: 71 (average over 3 years)
Index version 3. Data completeness 100%: the share of the weights that had data.
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 41 MNOK | 20 MNOK |
| Operating margin | 96.0% | 48.6% |
| Profit margin | 97.3% | 39.6% |
| Return on assets | 21.3% | 17.2% |
| Equity ratio | 88.8% | 69.6% |
| Debt-to-equity | 0.13 | 0.44 |
| Current ratio | 6.70 | 2.57 |
| Revenue growth | −22.5% | 13.7% |
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 55, Join AS does better than 62% of companies in the Morning class Small in the same sector (320 companies) in 2025.
Score 2023–2025
- Join AS
- Median: companies in the Morning class Small in the same sector
Working capital and debt
| Measure | Company | Median | |
|---|---|---|---|
| Working capital | |||
| Receivable days All current receivables, including those on group companies, in days of revenue. |
2 days | 50 days | |
| Inventory and other current assets, days Current assets other than receivables and bank deposits, that is inventory and short-term investments, in days of revenue. |
1,247 days | 0 days | |
| Net working capital to revenue Current assets less bank deposits less current liabilities, divided by revenue. Negative: short-term debt funds the operations. |
291.0% | 7.9% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
0.5% | 29.6% | |
| Debt and interest burden | |||
| Interest coverage (times) Operating result divided by all financial costs. Below 1: operations do not cover the cost of the debt. |
4,477.9 | 45.7 | |
| Financial costs as a share of debt All financial costs (interest, currency losses and other) divided by all debt, interest-free debt included. Not an interest rate. |
0.0% | 1.9% | |
| Long-term share of debt Long-term debt as a share of all debt. A low share means more falls due within a year. |
– | 7.9% | |
Net working capital (current assets less bank deposits less current liabilities): 118.2 MNOK.
Of the financial costs of 0.0 MNOK, 0.0 MNOK is reported as interest costs in the accounts.
The median and the bar refer to companies in the Morning class Small in the same sector in 2025. The bar shows the share of the group with a lower figure: higher is not always better, long receivable days tie up capital, for example. These figures do not count in the score.
The industry or the company: what drove the result?
In 2025 the operating margin of Join AS fell by 2.0 percentage points. Comparable companies rose by a median 14.3 points. So the company did 16.3 points weaker than the industry, for reasons of its own.
Over 2 year-to-year changes Join AS moved the same way as comparable companies 0 times. About 47% 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 | 98.0% | 34.3% | +0.3 percentage points | −2.8 percentage points | +3.0 percentage points |
| 2025 | 96.0% | 48.6% | −2.0 percentage points | +14.3 percentage points | −16.3 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 Join AS. The figures stand side by side; we claim no cause.
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of Join AS fell 2.0 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 | – | – | 97.7% | 98.0% | 96.0% | – |
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 Join AS fell 2.0 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Consumer price index, annual average | 84.3 | 89.2 | 94.1 | 97.0 | 100.0 | 103.0 (so far) |
| Change from the year before | +3.5% | +5.8% | +5.5% | +3.2% | +3.0% | +3.0% |
| The company's operating margin | – | – | 97.7% | 98.0% | 96.0% | – |
Source: SSB (14710, CC BY 4.0). Source
Wage index: financial services (indeks)
Wage index: financial services rose 4.6% in 2025; the operating margin of Join AS fell 2.0 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Wage index: financial services, annual average | 87.1 | 90.4 | 94.2 | 98.9 | 103.5 | 107.3 (so far) |
| Change from the year before | +2.9% | +3.8% | +4.1% | +5.0% | +4.6% | +3.7% |
| The company's operating margin | – | – | 97.7% | 98.0% | 96.0% | – |
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
Join AS had an operating margin of 96.0% and an equity ratio of 88.8% in 2025, and ranks 534 of 1,322 in Finans og forsikring.
From 2024 to 2025: revenue fell by 23% and the equity ratio fell from 99.4% to 88.8%.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 135 MNOK and 344 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 12.3 | 344 MNOK |
| EV/EBIT | – | not used in the sector |
| P/B | 1.2 | 135 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 NACE code has no listed industry of its own in the table, so the multiples are the sector median: Bank (Money Center), Banks (Regional), Insurance (General), Investments & Asset Management, Financial Svcs. (Non-bank & Insurance).
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
Questions and answers
How profitable is Join AS?
The operating margin was 96.0% in 2025, against a median of 48.6% among companies in the Morning class Small in the same sector. Return on assets was 21.3%.
How solid is Join AS?
The equity ratio was 88.8% in 2025 (median 69.6%). Debt-to-equity was 0.13 (median 0.44).
What is the liquidity of Join AS like?
The current ratio was 6.70 in 2025 (median 2.57).
How does Join AS compare in Finans og forsikring?
Join AS ranks 534 of 1,322 in Finans og forsikring for 2025. Among companies in the Morning class Small it is number 122 of 320. Revenue changed by −22.5% from the year before.
Competitors
The 8 closest competitors in the same line of business, placed in the same matrix as the sector page: profitability up, resilience to the right. These are the companies the competitor analysis and the strategy report compare with.
Each bubble is a company: this company and its closest competitors in the same line of business and size, the same ones the competitor analysis uses. Placement is 0–100 against the whole sector and Morning company class: further right is more robust, higher up is more profitable. Bubble size is revenue. The light bubble and arrow show where the company stood the year before. Pick a profile to see fewer at a time.
| Company | Profile | Operating revenue | Operating margin | Score |
|---|---|---|---|---|
| Sober Kapital AS |  Lion |
54 MNOK | 97.4% | 66 |
| Oak Datter AS | Lion |
53 MNOK | 104.7% | 82 |
| Edvalid AS | Lion |
43 MNOK | 98.2% | 86 |
| SP Capital 22 AS |  Cheetah |
42 MNOK | 99.5% | 65 |
| Join AS (this company) | Lion |
41 MNOK | 96.0% | 55 |
| Olema AS · same municipality | Lion |
34 MNOK | 96.6% | 57 |
| Delta Invest AS | Cheetah |
32 MNOK | 87.8% | 44 |
| Remøy Invest AS | Lion |
32 MNOK | 94.0% | 69 |
| Jj-Liberty AS | Lion |
30 MNOK | 94.6% | 76 |
The selection is the closest in revenue within the same industry code. When you order, you can swap competitors. Order competitor analysis
Ownership and roles
Loading roles …
Source: Central Coordinating Register, fetched 8 November 2026. Only names are shown.
Shareholders (2025)
- Number of shareholders
- 5
- Largest owner
- 35.0% · top three 42.5%
- Split
- companies 15% · private persons 35% · foreign 0%
- A. K. Rasmussen Invest AS · 7.5%
- Maren Nor AS · 7.5%
- Ingve Rasmussen AS · 7.5%
- Norjo AS · 7.5%
- 1 private persons · 35.0%
Change 2007–2025:
40% of the shares changed owner (4 new and 0 departed owners). The majority owner changed.
New owners (companies): A. K. Rasmussen Invest AS, Ingve Rasmussen AS, Maren Nor AS, Norjo AS
The portfolio: 3 of the companies it owns shares in have accounts with us, 0 of them as majority owner. The average index is 58. 0 have negative equity and 0 made a loss in the latest year.
Holds shares in: Johs Rasmussen AS (11%), Nordan Gruppen AS (10%), FRYD - Kaffe og Vinbar AS (50%)
The owners' shares do not add up to the company's total number of shares in the source.
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 10 November 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 83 | 75 | 55 | |
| Rank | 53 | 77 | 534 | |
| Operating margin | 97.7% | 98.0% | 96.0% | |
| Return on assets | 29.8% | 31.5% | 21.3% | |
| Equity ratio | 99.6% | 99.4% | 88.8% | |
| Current ratio | 165.19 | 131.69 | 6.70 | |
| Revenue growth | – | 58.1% | −22.5% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 33.2 MNOK | 52.4 MNOK | 40.6 MNOK |
| Operating profit | 32.4 MNOK | 51.4 MNOK | 39.0 MNOK |
| Profit before tax | 32.6 MNOK | 52.5 MNOK | 39.5 MNOK |
| Tax expense | 0.2 MNOK | 0.7 MNOK | 0.6 MNOK |
| Net profit | 32.4 MNOK | 51.8 MNOK | 38.9 MNOK |
| Financial expenses | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Total assets | 109.3 MNOK | 166.9 MNOK | 185.8 MNOK |
| Current assets | 69.3 MNOK | 121.2 MNOK | 139.7 MNOK |
| Equity | 108.9 MNOK | 166.0 MNOK | 165.0 MNOK |
| Retained earnings | 87.7 MNOK | 143.1 MNOK | 142.0 MNOK |
| Total liabilities | 0.4 MNOK | 0.9 MNOK | 20.9 MNOK |
| Current liabilities | 0.4 MNOK | 0.9 MNOK | 20.9 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 10 November 2026, accounts id 7100368.
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