Make AS
Score · fiscal year 2025
45of 100
How to read this: the company is ahead of 37 % of companies in the Morning class Small in the same sector in 2025. What does this mean?
Rank in the Morning class Small: 658 of 1,047 · What are Morning company classes?
Place in the whole sector: 1,974 of 3,186 · Informasjon og kommunikasjon
Profile
Cheetah · Sprinter
High profitability, lower solidity
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 51 and solidity 16 out of 100 among companies in the Morning class Small in the same sector in 2025. Methodology
Against the sector
Make AS is 5 points below the median for companies in the Morning class Small in the same sector in 2025.
Median score 50 among 1,047 companies.
Against companies in the Morning class Small in the same sector in 2025: operating margin 5.0% (median 4.9%) and equity ratio 10.3% (median 34.1%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 39 MNOK | 23 MNOK |
| Operating margin | 5.0% | 4.9% |
| Profit margin | 7.4% | 5.0% |
| Return on assets | 10.0% | 9.2% |
| Equity ratio | 10.3% | 34.1% |
| Debt-to-equity | 8.74 | 1.65 |
| Current ratio | 1.08 | 1.33 |
| Revenue growth | 21.8% | 7.8% |
| Revenue per employee | 1.86 MNOK | 1.77 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 45, Make AS does better than 37% of companies in the Morning class Small in the same sector (1,047 companies) in 2025.
Score 2023–2025
- Make AS
- Median: companies in the Morning class Small in the same sector
Make AS has a score of 45 for 2025, rank 1,974 of 3,186 in the sector.
Strongest: Growth: percentile 74 against peers, revenue growth 21.8% against a median of 7.8%. Consistency: percentile 64 against peers.
Weakest: Solidity: percentile 16 against peers, equity ratio 10.3% against a median of 34.1%. Liquidity: percentile 32 against peers, current ratio 1.08 against a median of 1.33.
Worth a closer look
- Strong growth with weak liquidity. Is the growth financed, or does it tie up capital the company does not have? Based on: revenue growth 21.8% (median 7.8%); current ratio 1.08 (median 1.33).
- What lies behind weak solidity, and will it last?
- The change in operating margin in 2025 was 12.2 percentage points weaker than for comparable companies: the company −11.6, the industry +0.6 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 Make AS fell by 11.6 percentage points. Comparable companies rose by a median 0.6 points. So the company did 12.2 points weaker than the industry, for reasons of its own.
Over 2 year-to-year changes Make AS moved the same way as comparable companies 0 times. About 3% 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 | 16.6% | 4.3% | +7.4 percentage points | +0.0 percentage points | +7.4 percentage points |
| 2025 | 5.0% | 4.9% | −11.6 percentage points | +0.6 percentage points | −12.2 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 Make 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 Make AS fell 11.6 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 | – | – | 9.2% | 16.6% | 5.0% | – |
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 Make AS fell 11.6 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 | – | – | 9.2% | 16.6% | 5.0% | – |
Source: SSB (13863, CC BY 4.0). Source
USD/NOK (kr)
USD/NOK fell 3.3% in 2025; the operating margin of Make AS fell 11.6 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 | – | – | 9.2% | 16.6% | 5.0% | – |
Source: Norges Bank (EXR, NLOD 2.0). Source
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of Make AS fell 11.6 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 | – | – | 9.2% | 16.6% | 5.0% | – |
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 Make AS fell 11.6 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 | – | – | 9.2% | 16.6% | 5.0% | – |
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 Make AS fell 11.6 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 | – | – | 9.2% | 16.6% | 5.0% | – |
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
Make AS had an operating margin of 5.0% and an equity ratio of 10.3% in 2025, and ranks 1,974 of 3,186 in Informasjon og kommunikasjon.
From 2024 to 2025: the operating margin fell from 16.6% to 5.0% and revenue grew by 22%.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 4 MNOK and 35 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 17.7 | 30 MNOK |
| EV/EBIT | 14.3 | 35 MNOK |
| P/B | 2.6 | 4 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
Strong growth with weak liquidity. Is the growth financed, or does it tie up capital the company does not have?
Based on: Revenue growth 21.8% (median 7.8%); Current ratio 1.08 (median 1.33).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 0.2% 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 | 51 | weight 30% |
|---|---|---|
| Solidity | 16 | weight 25% |
| Liquidity | 32 | weight 15% |
| Growth | 74 | weight 15% |
| Consistency | 64 | weight 15% |
Durability: 46 (average over 3 years)
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is Make AS?
The operating margin was 5.0% in 2025, against a median of 4.9% among companies in the Morning class Small in the same sector. Return on assets was 10.0%.
How solid is Make AS?
The equity ratio was 10.3% in 2025 (median 34.1%). Debt-to-equity was 8.74 (median 1.65).
What is the liquidity of Make AS like?
The current ratio was 1.08 in 2025 (median 1.33).
How does Make AS compare in Informasjon og kommunikasjon?
Make AS ranks 1,974 of 3,186 in Informasjon og kommunikasjon for 2025. Among companies in the Morning class Small it is number 658 of 1,047. Revenue changed by 21.8% from the year before.
Public contracts
- Contracts awarded since 2024
- 1
- Total awarded value since 2024
- value not stated
- 1 contracts without a stated value are not in the total.
| Date | Buyer | Notice | Value |
|---|---|---|---|
| 28 March 2025 | NTNU | Nyhetsbrevsløsning for NTNU | value not stated |
Based on notices in Doffin. Does not show call-offs under framework agreements or purchases below the publication threshold. Values are as stated by the buyer.
Source: Doffin (DFØ), fetched 27 October 2026. Winners are matched on organisation number.
Contains data under the Norwegian licence for public data (NLOD 2.0) made available by Doffin/the Norwegian Agency for Public and Financial Management (DFØ). NLOD 2.0
From the Central Coordinating Register
- Org. no.
- 993555002
- Legal form
- AS
- Sector
- Informasjon og kommunikasjon (62.100)
- Morning company class
- Small
- Employees
- 21 registered 10 September 2026
- Founded
- 23 December 2008 17 years in operation
- Share capital
- 3.00 MNOK
- Business address
- 6 etasje, Sandakerveien 116, 0484 OSLO
- Municipality
- Oslo rank 63–220 of 357 in Norway
- Latest accounts filed
- 2025
- Website
- www.make.as
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
- 5
- Largest owner
- 35.0% · top three 85.0%
- Split
- companies 100% · private persons 0% · foreign 0%
- Owned from the same municipality
- 100%
- Elwood AS · 35.0%
- Finca la Colina AS · 33.0%
- Tiltnes Holding AS · 17.0%
- Tiebreak AS · 8.0%
- Stutteri Medvind Holding AS · 7.0%
The company is new in the shareholder register in 2025.
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 | 34 | 57 | 45 | |
| Rank | 2,313 | 1,076 | 1,974 | |
| Operating margin | 9.2% | 16.6% | 5.0% | |
| Return on assets | 15.0% | 28.1% | 10.0% | |
| Equity ratio | 3.8% | 17.9% | 10.3% | |
| Current ratio | 0.98 | 1.16 | 1.08 | |
| Revenue growth | – | 18.2% | 21.8% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 27.2 MNOK | 32.1 MNOK | 39.2 MNOK |
| Operating profit | 2.5 MNOK | 5.3 MNOK | 2.0 MNOK |
| Profit before tax | 2.6 MNOK | 7.1 MNOK | 2.9 MNOK |
| Tax expense | 0.6 MNOK | 1.2 MNOK | 0.5 MNOK |
| Net profit | 2.0 MNOK | 5.8 MNOK | 2.4 MNOK |
| Financial expenses | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Total assets | 17.7 MNOK | 25.2 MNOK | 29.2 MNOK |
| Current assets | 16.7 MNOK | 24.1 MNOK | 28.2 MNOK |
| Equity | 0.7 MNOK | 4.5 MNOK | 3.0 MNOK |
| Retained earnings | 0.6 MNOK | 4.4 MNOK | – |
| Total liabilities | 17.0 MNOK | 20.7 MNOK | 26.2 MNOK |
| Current liabilities | 17.0 MNOK | 20.7 MNOK | 26.2 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 5 November 2026, accounts id 6377263.
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