Pipe Systems Engineering AS
Score · fiscal year 2025
56of 100
How to read this: the company is ahead of 61 % of companies in the Morning class Small in the same sector in 2025. What does this mean?
Rank in the Morning class Small: 661 of 1,679 · What are Morning company classes?
Place in the whole sector: 1,716 of 4,464 · Industri
Profile
Cheetah · Sprinter
High profitability, lower solidity
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 72 and solidity 41 out of 100 among companies in the Morning class Small in the same sector in 2025. Methodology
Against the sector
Pipe Systems Engineering AS is 5 points above the median for companies in the Morning class Small in the same sector in 2025.
Median score 51 among 1,679 companies.
Against companies in the Morning class Small in the same sector in 2025: operating margin 7.0% (median 4.6%) and equity ratio 35.6% (median 41.8%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 47 MNOK | 22 MNOK |
| Operating margin | 7.0% | 4.6% |
| Profit margin | 7.3% | 4.2% |
| Return on assets | 23.6% | 9.5% |
| Equity ratio | 35.6% | 41.8% |
| Debt-to-equity | 1.81 | 1.30 |
| Current ratio | 1.36 | 1.73 |
| Revenue growth | 20.8% | 5.3% |
| Revenue per employee | 0.81 MNOK | 1.69 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 56, Pipe Systems Engineering AS does better than 61% of companies in the Morning class Small in the same sector (1,679 companies) in 2025.
Score 2023–2025
- Pipe Systems Engineering AS
- Median: companies in the Morning class Small in the same sector
Pipe Systems Engineering AS has a score of 56 for 2025, rank 1,716 of 4,464 in the sector.
Strongest: Growth: percentile 80 against peers, revenue growth 20.8% against a median of 5.3%. Profitability: percentile 72 against peers, operating margin 7.0% against a median of 4.6%.
Weakest: Liquidity: percentile 32 against peers, current ratio 1.36 against a median of 1.73.
Worth a closer look
- What lies behind weak liquidity, 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?
In 2025 the operating margin of Pipe Systems Engineering AS rose by 0.3 percentage points. Comparable companies rose by a median 0.2 points. So the company did 0.0 points better than the industry, for reasons of its own.
Over 2 year-to-year changes Pipe Systems Engineering AS moved the same way as comparable companies 1 times. About 5% 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 | 6.8% | 4.3% | +10.6 percentage points | −0.3 percentage points | +10.9 percentage points |
| 2025 | 7.0% | 4.6% | +0.3 percentage points | +0.2 percentage points | +0.0 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 Pipe Systems Engineering AS. The figures stand side by side; we claim no cause.
Producer prices in manufacturing (indeks (2021 = 100))
Producer prices in manufacturing rose 2.9% in 2025; the operating margin of Pipe Systems Engineering AS rose 0.3 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Producer prices in manufacturing, annual average | 100.0 | 124.7 | 129.5 | 134.4 | 138.3 | 146.0 (so far) |
| Change from the year before | +10.7% | +24.7% | +3.9% | +3.7% | +2.9% | +5.6% |
| The company's operating margin | – | – | −3.8% | 6.8% | 7.0% | – |
Source: SSB (12462, CC BY 4.0). Source
EUR/NOK (kr)
EUR/NOK rose 0.8% in 2025; the operating margin of Pipe Systems Engineering AS rose 0.3 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| EUR/NOK, annual average | 10.16 | 10.10 | 11.42 | 11.62 | 11.72 | 11.04 (so far) |
| Change from the year before | −5.2% | −0.6% | +13.1% | +1.8% | +0.8% | −5.8% |
| The company's operating margin | – | – | −3.8% | 6.8% | 7.0% | – |
Source: Norges Bank (EXR, NLOD 2.0). Source
Wholesale power price (øre per kWh)
Wholesale power price rose 9.4% in 2025; the operating margin of Pipe Systems Engineering AS rose 0.3 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Wholesale power price, annual average | 64.2 | 141.7 | 72.0 | 49.4 | 54.0 | 96.5 (so far) |
| Change from the year before | +466.7% | +120.8% | −49.2% | −31.4% | +9.4% | +78.4% |
| The company's operating margin | – | – | −3.8% | 6.8% | 7.0% | – |
Source: SSB (09363, CC BY 4.0). Source
USD/NOK (kr)
USD/NOK fell 3.3% in 2025; the operating margin of Pipe Systems Engineering AS rose 0.3 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 | – | – | −3.8% | 6.8% | 7.0% | – |
Source: Norges Bank (EXR, NLOD 2.0). Source
Wage index: fabricated metal products (indeks)
Wage index: fabricated metal products rose 5.8% in 2025; the operating margin of Pipe Systems Engineering AS rose 0.3 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Wage index: fabricated metal products, annual average | 88.0 | 91.5 | 96.9 | 102.1 | 108.0 | 112.8 (so far) |
| Change from the year before | +3.1% | +3.9% | +6.0% | +5.4% | +5.8% | +4.5% |
| The company's operating margin | – | – | −3.8% | 6.8% | 7.0% | – |
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
Pipe Systems Engineering AS had an operating margin of 7.0% and an equity ratio of 35.6% in 2025, and ranks 1,716 of 4,464 in Industri.
From 2024 to 2025: revenue grew by 21%.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 8 MNOK and 16 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 22.2 | 13 MNOK |
| EV/EBIT | 18.6 | 16 MNOK |
| P/B | 3.0 | 8 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
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 0.1% 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 2022, the sector's weakest year, for this company.
The sector's weakest year was 2022, with a median operating margin of 0.2%. Based on the 10 fiscal years we have. The analysis grows as more years are fetched or imported. Methodology
What the score is made of
| Profitability | 72 | weight 30% |
|---|---|---|
| Solidity | 41 | weight 25% |
| Liquidity | 32 | weight 15% |
| Growth | 80 | weight 15% |
| Consistency | 49 | weight 15% |
Durability: 43 (average over 3 years)
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is Pipe Systems Engineering AS?
The operating margin was 7.0% in 2025, against a median of 4.6% among companies in the Morning class Small in the same sector. Return on assets was 23.6%.
How solid is Pipe Systems Engineering AS?
The equity ratio was 35.6% in 2025 (median 41.8%). Debt-to-equity was 1.81 (median 1.30).
What is the liquidity of Pipe Systems Engineering AS like?
The current ratio was 1.36 in 2025 (median 1.73).
How does Pipe Systems Engineering AS compare in Industri?
Pipe Systems Engineering AS ranks 1,716 of 4,464 in Industri for 2025. Among companies in the Morning class Small it is number 661 of 1,679. Revenue changed by 20.8% from the year before.
From the Central Coordinating Register
- Org. no.
- 993646601
- Legal form
- AS
- Sector
- Industri (25.530)
- Morning company class
- Small
- Employees
- 58 registered 10 October 2026
- Founded
- 28 January 2009 17 years in operation
- Share capital
- 0.40 MNOK
- Business address
- Budavegen 48, 6082 GURSKEN (SANDE)
- Municipality
- Sande rank 13–28 of 39 in KOSTRA group 4
- Latest accounts filed
- 2025
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 31 October 2026. Only names are shown.
Shareholders (2025)
- Number of shareholders
- 1 (one owner)
- Largest owner
- 100.0%
- Split
- companies 0% · private persons 100% · foreign 100%
- Group chain
- Ultimate owner: private person
The company is new in the shareholder register in 2025.
Holds shares in: Tentek AS (31%)
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 2 November 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 18 | 55 | 56 | |
| Rank | 3,882 | 1,772 | 1,716 | |
| Operating margin | −3.8% | 6.8% | 7.0% | |
| Return on assets | −11.7% | 25.1% | 23.6% | |
| Equity ratio | 21.7% | 31.0% | 35.6% | |
| Current ratio | 0.91 | 1.23 | 1.36 | |
| Revenue growth | – | 49.9% | 20.8% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 25.8 MNOK | 38.7 MNOK | 46.7 MNOK |
| Operating profit | −1.0 MNOK | 2.6 MNOK | 3.3 MNOK |
| Profit before tax | −1.2 MNOK | 2.6 MNOK | 3.4 MNOK |
| Tax expense | −0.2 MNOK | 0.6 MNOK | 0.8 MNOK |
| Net profit | −1.0 MNOK | 2.0 MNOK | 2.6 MNOK |
| Financial expenses | 0.2 MNOK | 0.1 MNOK | 0.0 MNOK |
| Total assets | 7.8 MNOK | 10.7 MNOK | 14.5 MNOK |
| Current assets | 5.2 MNOK | 8.9 MNOK | 12.7 MNOK |
| Equity | 1.7 MNOK | 3.3 MNOK | 5.2 MNOK |
| Retained earnings | 1.2 MNOK | 2.8 MNOK | 4.6 MNOK |
| Total liabilities | 6.1 MNOK | 7.4 MNOK | 9.3 MNOK |
| Current liabilities | 5.8 MNOK | 7.3 MNOK | 9.3 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 2 November 2026, accounts id 7101811.
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