Elden AS
Score · fiscal year 2025
53of 100
How to read this: the company is ahead of 54 % of companies in the Morning class Small in the same sector in 2025. What does this mean?
Rank in the Morning class Small: 603 of 1,322 · What are Morning company classes?
Place in the whole sector: 1,754 of 3,921 · Teknisk tjenesteyting og forskning
Profile
Cheetah · Sprinter
High profitability, lower solidity
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 95 and solidity 8 out of 100 among companies in the Morning class Small in the same sector in 2025. Methodology
Against the sector
Elden AS is 2 points above the median for companies in the Morning class Small in the same sector in 2025.
Median score 51 among 1,322 companies.
Against companies in the Morning class Small in the same sector in 2025: operating margin 25.2% (median 5.4%) and equity ratio 4.2% (median 33.9%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 11 MNOK | 20 MNOK |
| Operating margin | 25.2% | 5.4% |
| Profit margin | 24.9% | 5.5% |
| Return on assets | 56.8% | 13.9% |
| Equity ratio | 4.2% | 33.9% |
| Debt-to-equity | 23.09 | 1.73 |
| Current ratio | 1.03 | 1.43 |
| Revenue growth | 34.7% | 8.5% |
| Revenue per employee | 1.23 MNOK | 1.57 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 53, Elden AS does better than 54% of companies in the Morning class Small in the same sector (1,322 companies) in 2025.
Score 2023–2025
- Elden AS
- Median: companies in the Morning class Small in the same sector
Elden AS has a score of 53 for 2025, rank 1,754 of 3,921 in the sector.
Strongest: Profitability: percentile 95 against peers, operating margin 25.2% against a median of 5.4%. Growth: percentile 81 against peers, revenue growth 34.7% against a median of 8.5%.
Weakest: Solidity: percentile 8 against peers, equity ratio 4.2% against a median of 33.9%. Liquidity: percentile 21 against peers, current ratio 1.03 against a median of 1.43.
Worth a closer look
- The equity ratio is very low. Could the company absorb a bad year, and does it need more equity? Based on: equity ratio 4.2% (median 33.9%).
- Strong growth with weak liquidity. Is the growth financed, or does it tie up capital the company does not have? Based on: revenue growth 34.7% (median 8.5%); current ratio 1.03 (median 1.43).
- What lies behind weak solidity, and will it last?
- The change in operating margin in 2025 was 9.8 percentage points better than for comparable companies: the company +9.1, the industry −0.7 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 Elden AS rose by 9.1 percentage points. Comparable companies fell by a median 0.7 points. So the company did 9.8 points better than the industry, for reasons of its own.
Over 2 year-to-year changes Elden AS moved the same way as comparable companies 0 times. About 14% 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 | 16.1% | 6.1% | −0.3 percentage points | +1.1 percentage points | −1.4 percentage points |
| 2025 | 25.2% | 5.4% | +9.1 percentage points | −0.7 percentage points | +9.8 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 Elden AS. The figures stand side by side; we claim no cause.
Turnover index: architectural and engineering activities (indeks (2021 = 100))
Turnover index: architectural and engineering activities rose 8.1% in 2025; the operating margin of Elden AS rose 9.1 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Turnover index: architectural and engineering activities, annual average | 99.0 | 108.8 | 127.9 | 146.4 | 158.3 | 155.2 (so far) |
| Change from the year before | +9.8% | +9.9% | +17.5% | +14.5% | +8.1% | −1.9% |
| The company's operating margin | – | – | 16.3% | 16.1% | 25.2% | – |
Source: SSB (13863, CC BY 4.0). Source
Turnover index: advertising and market research (indeks (2021 = 100))
Turnover index: advertising and market research rose 3.6% in 2025; the operating margin of Elden AS rose 9.1 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Turnover index: advertising and market research, annual average | 99.4 | 113.5 | 108.3 | 106.9 | 110.7 | 126.1 (so far) |
| Change from the year before | +35.1% | +14.2% | −4.6% | −1.3% | +3.6% | +13.9% |
| The company's operating margin | – | – | 16.3% | 16.1% | 25.2% | – |
Source: SSB (13863, CC BY 4.0). Source
Turnover index: other professional and technical activities (indeks (2021 = 100))
Turnover index: other professional and technical activities rose 6.2% in 2025; the operating margin of Elden AS rose 9.1 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Turnover index: other professional and technical activities, annual average | 98.3 | 121.6 | 139.4 | 131.0 | 139.1 | 158.0 (so far) |
| Change from the year before | +29.9% | +23.7% | +14.6% | −6.0% | +6.2% | +13.6% |
| The company's operating margin | – | – | 16.3% | 16.1% | 25.2% | – |
Source: SSB (13863, CC BY 4.0). Source
Service prices: architects and engineering (indeks (2021 = 100))
Service prices: architects and engineering rose 3.2% in 2025; the operating margin of Elden AS rose 9.1 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Service prices: architects and engineering, annual average | 100.0 | 103.6 | 107.5 | 111.2 | 114.7 | 119.4 (so far) |
| Change from the year before | +1.2% | +3.5% | +3.8% | +3.4% | +3.2% | +4.2% |
| The company's operating margin | – | – | 16.3% | 16.1% | 25.2% | – |
Source: SSB (14335, CC BY 4.0). Source
Oil price (export price of crude oil) (kr per fat)
Oil price (export price of crude oil) fell 17.6% in 2025; the operating margin of Elden AS rose 9.1 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Oil price (export price of crude oil), annual average | 609 | 979 | 877 | 859 | 708 | 881 (so far) |
| Change from the year before | +61.1% | +60.8% | −10.5% | −2.0% | −17.6% | +24.5% |
| The company's operating margin | – | – | 16.3% | 16.1% | 25.2% | – |
Source: SSB (08799, CC BY 4.0). Source
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of Elden AS rose 9.1 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 | – | – | 16.3% | 16.1% | 25.2% | – |
Source: Norges Bank (IR, NLOD 2.0). Source
EUR/NOK (kr)
EUR/NOK rose 0.8% in 2025; the operating margin of Elden AS rose 9.1 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 | – | – | 16.3% | 16.1% | 25.2% | – |
Source: Norges Bank (EXR, NLOD 2.0). Source
Wage index: architects and engineering (indeks)
Wage index: architects and engineering rose 4.7% in 2025; the operating margin of Elden AS rose 9.1 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Wage index: architects and engineering, annual average | 90.5 | 90.9 | 96.0 | 100.9 | 105.6 | 109.2 (so far) |
| Change from the year before | +7.4% | +0.5% | +5.6% | +5.2% | +4.7% | +3.4% |
| The company's operating margin | – | – | 16.3% | 16.1% | 25.2% | – |
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
Elden AS had an operating margin of 25.2% and an equity ratio of 4.2% in 2025, and ranks 1,754 of 3,921 in Teknisk tjenesteyting og forskning.
From 2024 to 2025: the operating margin rose from 16.1% to 25.2% and revenue grew by 35%.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 0 MNOK and 17 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 18.6 | 14 MNOK |
| EV/EBIT | 15.9 | 17 MNOK |
| P/B | 3.2 | 0 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
The equity ratio is very low. Could the company absorb a bad year, and does it need more equity?
Based on: Equity ratio 4.2% (median 33.9%).
- 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 34.7% (median 8.5%); Current ratio 1.03 (median 1.43).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 0.6% 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 2021, the sector's weakest year, for this company.
The sector's weakest year was 2021, with a median operating margin of −0.2%. 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 | 95 | weight 30% |
|---|---|---|
| Solidity | 8 | weight 25% |
| Liquidity | 21 | weight 15% |
| Growth | 81 | weight 15% |
| Consistency | 46 | 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 Elden AS?
The operating margin was 25.2% in 2025, against a median of 5.4% among companies in the Morning class Small in the same sector. Return on assets was 56.8%.
How solid is Elden AS?
The equity ratio was 4.2% in 2025 (median 33.9%). Debt-to-equity was 23.09 (median 1.73).
What is the liquidity of Elden AS like?
The current ratio was 1.03 in 2025 (median 1.43).
How does Elden AS compare in Teknisk tjenesteyting og forskning?
Elden AS ranks 1,754 of 3,921 in Teknisk tjenesteyting og forskning for 2025. Among companies in the Morning class Small it is number 603 of 1,322. Revenue changed by 34.7% from the year before.
Group structure · 2025
2 companies in the group according to the shareholder register for 2025. A company counts as a subsidiary when a Norwegian company owns more than half of its shares.
Private persons own 100% of the shares in Elden Holding AS. Persons are not shown by name.
Elden Holding AS has not filed group accounts in open data, so the group has no index of its own. Each company has its own accounts.
-
Elden Holding AS
- Elden AS you are here
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.
Source: the Norwegian Tax Administration's shareholder register 2025 (majority owner with more than 50 % of the shares). Voting agreements and ownership through other countries are not included.
Public contracts
- Contracts awarded since 2024
- 0
- Total awarded value since 2024
- value not stated
| Date | Buyer | Notice | Value |
|---|---|---|---|
| 2 March 2020 | Statens vegvesen | Kjøp av grunnervervstjenester for prosjektet E18 Vestkorridoren i Bærum kommune | 5.0 MNOK |
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.
- 994290207
- Legal form
- AS
- Sector
- Teknisk tjenesteyting og forskning (71.110)
- Morning company class
- Small
- Employees
- 9 registered 10 October 2026
- Founded
- 11 June 2009 17 years in operation
- Share capital
- 0.20 MNOK
- Business address
- Parkveien 55, 0256 OSLO
- Municipality
- Oslo rank 63–220 of 357 in Norway
- 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 1 November 2026. Only names are shown.
Shareholders (2025)
- Number of shareholders
- 4 (one owner holds more than half)
- Largest owner
- 89.5% · top three 99.0%
- Split
- companies 90% · private persons 10% · foreign 0%
- Owned from the same municipality
- 97%
- Owners over 60
- 0% of the shares held by persons (median age 36)
- Group chain
-
Owned by: Elden Holding AS (90%)
Ultimate owner: private person
- Elden Holding AS · 89.5%
- 3 private persons · 10.5%
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 6 November 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 43 | 42 | 53 | |
| Rank | 2,315 | 2,588 | 1,754 | |
| Operating margin | 16.3% | 16.1% | 25.2% | |
| Return on assets | 36.1% | 39.8% | 56.8% | |
| Equity ratio | 4.4% | 6.0% | 4.2% | |
| Current ratio | 1.02 | 1.04 | 1.03 | |
| Revenue growth | – | −17.6% | 34.7% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 10.0 MNOK | 8.2 MNOK | 11.1 MNOK |
| Operating profit | 1.6 MNOK | 1.3 MNOK | 2.8 MNOK |
| Profit before tax | 1.6 MNOK | 1.3 MNOK | 2.8 MNOK |
| Tax expense | 0.4 MNOK | 0.3 MNOK | 0.6 MNOK |
| Net profit | 1.3 MNOK | 1.0 MNOK | 2.2 MNOK |
| Financial expenses | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Total assets | 4.5 MNOK | 3.3 MNOK | 4.9 MNOK |
| Current assets | 4.4 MNOK | 3.2 MNOK | 4.9 MNOK |
| Equity | 0.2 MNOK | 0.2 MNOK | 0.2 MNOK |
| Retained earnings | – | – | 0.0 MNOK |
| Total liabilities | 4.3 MNOK | 3.1 MNOK | 4.7 MNOK |
| Current liabilities | 4.3 MNOK | 3.1 MNOK | 4.7 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 6 November 2026, accounts id 7170457.
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