Martinshus AS

Org. no. 996569632 · Arendal · 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

Employees 7 registered 10 November 2026
Operating revenue · 2025 6.0 MNOK Micro
Net profit · 2025 0.6 MNOK
Equity · 2025 1.5 MNOK
Founded 2011 15 years in operation
Quick check · fiscal year 2025

Is the company run well?

Five key figures against companies in the Morning class Micro in the same sector. Green is better than most, amber about like the industry and red weaker than most.

  • Profitability · operating margin 15.1% Better than the industry Industry: 4.5%
  • Returns · return on assets 25.7% Better than the industry Industry: 8.9%
  • Solidity · equity ratio 42.3% Better than the industry Industry: 30.8%
  • Liquidity · current ratio 0.98 Weaker than the industry Industry: 1.33
  • Growth · revenue growth 27.1% Better than the industry Industry: 8.7%

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

68of 100

How to read this: the company is ahead of 83 % of companies in the Morning class Micro in the same sector in 2025. What does this mean?

Rank in the Morning class Micro: 720 of 4,144 · What are Morning company classes?
Place in the whole sector: 1,049 of 6,317 · Forretningsmessig tjenesteyting

Profile

Lion · Leader

High profitability, high resilience

Position against comparable companies in 2025, not a verdict on the company. Based on profitability 76 and resilience 58 out of 100 among companies in the Morning class Micro in the same sector in 2025. Methodology

Against the sector

Martinshus AS is 18 points above the median for companies in the Morning class Micro in the same sector in 2025.

Median score 50 among 4,137 companies.

Against companies in the Morning class Micro in the same sector in 2025: operating margin 15.1% (median 4.5%) and equity ratio 42.3% (median 30.8%).

Source: Register of Company Accounts and Central Coordinating RegisterFetched 6 November 2026Report an issue
Development

How it has gone · 2023–2025

Revenue rose by 76 % from 2023 to 2025, to 6.0 MNOK. The operating margin rose from 5.5% in 2023 to 15.1% in 2025. The equity ratio rose from 21.7% in 2023 to 42.3% in 2025.

Score · 2025 68 +25 points since 2023 (better)
Operating revenue · 2025 6.0 MNOK +76% since 2023 (better)
Net profit · 2025 0.6 MNOK +894% since 2023 (better)
Operating margin · 2025 15.1% +9.5 pp since 2023 (better)
Equity ratio · 2025 42.3% +20.6 pp since 2023 (better)
Current ratio · 2025 0.98 +0.52 since 2023 (better)

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 figure202320242025
Operating revenue3.4 MNOK4.7 MNOK6.0 MNOK
Operating profit0.2 MNOK0.5 MNOK0.9 MNOK
Net profit0.1 MNOK0.3 MNOK0.6 MNOK
Total assets2.8 MNOK3.4 MNOK3.6 MNOK
Equity0.6 MNOK0.9 MNOK1.5 MNOK
Total liabilities2.2 MNOK2.5 MNOK2.1 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.
996569632
Legal form
AS
Sector
Forretningsmessig tjenesteyting (81.300)
Purpose
Oppføring av hageanlegg, bygningsmessige arbeider, samt hva hermed står i forbindelse. Selskapet kan delta i annen næringsvirksomhet.
Morning company class
Micro
Employees
7 registered 10 November 2026
Founded
26 January 2011 15 years in operation
Share capital
0.10 MNOK
Business address
Skredderplassen 19, 4848 ARENDAL
Municipality
Arendal rank 5–10 of 10 in KOSTRA group 11
Audit
Audit opted out from 25 November 2021
Latest accounts filed
2025
VAT registered
Yes
Former names
Martinshage AS until 2018
The company's business municipality, Arendal. The map shows the municipality, not the address. Map source: Kartverket (CC BY 4.0).

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

Summary analysis

Martinshus AS has a score of 68 for 2025, rank 1,049 of 6,317 in the sector.

Strongest: Profitability: percentile 76 against peers, operating margin 15.1% against a median of 4.5%. Consistency: percentile 75 against peers.

Weakest: Liquidity: percentile 31 against peers, current ratio 0.98 against a median of 1.33.

Worth a closer look

Written by fixed rules from the figures. Describes the figures, does not explain causes. Not investment or financial advice. How the summary is made

Indications · 2025

Worth a closer look

  • watch

    Consider strengthening liquidity: current liabilities are 1.0 times current assets.

    Based on: Current ratio 0.98 (median 1.33).

  • 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 27.1% (median 8.7%); Current ratio 0.98 (median 1.33).

  • watch

    Current liabilities exceed current assets other than bank deposits, and the current ratio is weak. Is it customer prepayments and supplier credit that fund the operations, or short-term loans that must be renewed?

    Based on: Net working capital to revenue −9.1% (median −8.3%); Current ratio 0.98 (median 1.33).

Indications based on the latest annual accounts from open data. Not investment or financial advice.

Financial costs were 5.6% 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.

Stress test · 2021

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 0.4%. Based on the 10 fiscal years we have. The analysis grows as more years are fetched or imported. Methodology

Components · 2025

What the score is made of

Profitability76 weight 40%
Solidity56 weight 20%
Liquidity31 weight 5%
Growth68 weight 25%
Consistency75 weight 10%

Three goals: profitability 40%, growth 25%, resilience 35%. Why these weights?

Durability: 56 (average over 3 years)

Index version 3. Data completeness 100%: the share of the weights that had data.

Key figures · 2025

The numbers behind the score

The numbers behind the score · 2025
MeasureCompanyMedianAhead of
Operating revenue6 MNOK3 MNOK
Operating margin 15.1% 4.5% 74 %
Profit margin 13.3% 4.0% shown, not part of the index
Return on assets 25.7% 8.9% 77 %
Equity ratio 42.3% 30.8% 61 %
Debt-to-equity 1.36 1.44 52 %
Current ratio 0.98 1.33 31 %
Revenue growth 27.1% 8.7% 69 %
Revenue per employee0.86 MNOK0.44 MNOK

The median and “ahead of” refer to companies in the Morning class Micro in the same sector in 2025. The bar shows the share of companies the figure is ahead of.

With an index of 68, Martinshus AS does better than 83% of companies in the Morning class Micro in the same sector (4,144 companies) in 2025.

Over time

Score 2023–2025

CompanyMedian0255075100202320242025
  • Martinshus AS
  • Median: companies in the Morning class Micro in the same sector
Working capital and debt · 2025

Working capital and debt

Working capital and debt · 2025
MeasureCompanyMedianHigher than
Working capital
Receivable days
All current receivables, including those on group companies, in days of revenue.
20 days 39 days 30 %
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.
0 days 0 days 35 %
Net working capital to revenue
Current assets less bank deposits less current liabilities, divided by revenue. Negative: short-term debt funds the operations.
−9.1% −8.3% 47 %
Cash share of current assets
How much of the short-term buffer is bank deposits and cash.
61.9% 53.7% 58 %
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.
7.9 4.0 57 %
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.
5.6% 1.2% 83 %
Long-term share of debt
Long-term debt as a share of all debt. A low share means more falls due within a year.
57.2% 22.1% 73 %

Net working capital (current assets less bank deposits less current liabilities): −0.6 MNOK.

Of the financial costs of 0.1 MNOK, 0.1 MNOK is reported as interest costs in the accounts.

The median and the bar refer to companies in the Morning class Micro 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.

Our calculations Returns and quality · 2025

Returns, debt against earnings and quality

Returns, debt against earnings and quality · 2025
MeasureCompanyMedianHigher than
Returns
Return on equity (ROE)
Net result over the average of equity at the start and end of the year (the end alone when last year is missing). Not calculated with negative equity.
52.2% 18.7% 71 %
Return on capital employed (ROCE)
Operating result over capital employed, that is total assets less current liabilities. The return regardless of how the company is financed.
33.9% 15.3% 66 %
Net margin
Net result over revenue. The first part of the DuPont split of return on equity.
10.3% 3.2% 72 %
Asset turnover (revenue over assets)
Revenue over total assets: how many kroner of revenue each krone of assets gives. The second part of the DuPont split.
1.69 1.92 44 %
Equity multiplier
Total assets over equity: 4 means three quarters is financed with debt. The third part of the DuPont split.
2.36 2.44 48 %
Debt and financing
Net debt in times operating result
Long-term liabilities less cash, over the operating result: roughly how many years the business must earn to repay the debt. A negative figure means more cash than long-term debt. Rough, because the accounts do not split out interest-bearing debt. Only calculated when the operating result is positive.
0.7 −0.6 70 %
Fixed-asset cover
Equity plus long-term liabilities over fixed assets (total assets less current assets). Below 1: fixed assets are partly financed with short-term debt.
0.99 1.21 34 %
Quick ratio (without inventory)
Cash plus receivables over current liabilities. Like the current ratio but without inventory and short-term investments.
0.98 1.27 33 %
Quality and resilience
Effective tax rate
Tax expense over profit before tax, only when the profit is positive. Far from 22% points to one-off items, tax losses carried forward or group contributions.
22.0% 22.0% 64 %
Operating leverage
Percentage change in operating result over percentage change in revenue from last year. 3 means a 1% fall in revenue gives a 3% fall in operating result. Only calculated when revenue moved at least 2% and last year's operating result was positive.
3.5 1.5 66 %
Payroll costs over revenue
Payroll costs (with employer's contribution and pension) over revenue. Shows how much of revenue is a fixed cost in a service business.
48.7% 43.1% 56 %
Revenue safety margin
How far revenue can fall before the operating result is zero, assuming payroll is fixed and all other costs follow revenue. A calculation, not a measurement: depreciation and rent are also fixed, so reality is lower.
23.7% 19.8% 56 %
Cash runway (months)
Cash over the operating loss per month, only for years with a loss. Assumes the loss continues unchanged and no new financing arrives. Capped at 120 months.
– 15 mo. not compared

DuPont on the closing balance: net margin 10.3% × asset turnover 1.69 × multiplier 2.36 = 41.4% of equity at the end of the year. The return on equity above uses average equity and can differ slightly.

The median and the bar are for companies in the Morning class Micro in the same sector in 2025. The bar shows the share of the group with a lower figure: high is not always good. The figures are our own calculations from the annual accounts and do not count in the score. Open data has no depreciation, so no EBITDA, and the accounts do not split out interest-bearing debt. How we calculate

The industry or the company: what drove the result?

In 2025 the operating margin of Martinshus AS rose by 5.2 percentage points. Comparable companies rose by a median 0.0 points. So the company did 5.2 points better than the industry, for reasons of its own.

Over 2 year-to-year changes Martinshus 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.

The operating margin of Martinshus AS against comparable companies, year by year
YearThe companyComparable (median) Change, companyChange, industryThe company's own
20249.9%4.5% +4.3 percentage points −0.3 percentage points +4.6 percentage points
202515.1%4.5% +5.2 percentage points +0.0 percentage points +5.2 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 Martinshus AS. The figures stand side by side; we claim no cause.

Service prices: business support services (indeks (2021 = 100))

Service prices: business support services rose 3.8% in 2025; the operating margin of Martinshus AS rose 5.2 percentage points.

Service prices: business support services per year and the operating margin of Martinshus AS
Measure202120222023202420252026
Service prices: business support services, annual average100.0104.9111.1116.9121.3122.3 (so far)
Change from the year before–+4.9%+5.9%+5.2%+3.8%+0.8%
The company's operating margin––5.5%9.9%15.1%–

Source: SSB (14335, CC BY 4.0). Source

Turnover index: administrative and support services (indeks (2021 = 100))

Turnover index: administrative and support services rose 5.8% in 2025; the operating margin of Martinshus AS rose 5.2 percentage points.

Turnover index: administrative and support services per year and the operating margin of Martinshus AS
Measure202120222023202420252026
Turnover index: administrative and support services, annual average99.5117.4126.0130.8138.4141.3 (so far)
Change from the year before+5.3%+17.9%+7.4%+3.8%+5.8%+2.1%
The company's operating margin––5.5%9.9%15.1%–

Source: SSB (13863, CC BY 4.0). Source

Consumer price index (indeks (2025 = 100))

Consumer price index rose 3.0% in 2025; the operating margin of Martinshus AS rose 5.2 percentage points.

Consumer price index per year and the operating margin of Martinshus AS
Measure202120222023202420252026
Consumer price index, annual average84.389.294.197.0100.0103.0 (so far)
Change from the year before+3.5%+5.8%+5.5%+3.2%+3.0%+3.0%
The company's operating margin––5.5%9.9%15.1%–

Source: SSB (14710, CC BY 4.0). Source

Policy rate (prosent)

Policy rate fell 0.20 percentage points in 2025; the operating margin of Martinshus AS rose 5.2 percentage points.

Policy rate per year and the operating margin of Martinshus AS
Measure202120222023202420252026
Policy rate, annual average0.081.323.544.504.304.17 (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––5.5%9.9%15.1%–

Source: Norges Bank (IR, NLOD 2.0). Source

Wage index: business support services (indeks)

Wage index: business support services rose 5.7% in 2025; the operating margin of Martinshus AS rose 5.2 percentage points.

Wage index: business support services per year and the operating margin of Martinshus AS
Measure202120222023202420252026
Wage index: business support services, annual average81.585.589.794.8100.3106.3 (so far)
Change from the year before+3.5%+4.9%+4.9%+5.7%+5.7%+6.0%
The company's operating margin––5.5%9.9%15.1%–

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.

Analysis · 2025

What the numbers say

Martinshus AS had an operating margin of 15.1% and an equity ratio of 42.3% in 2025, and ranks 1,049 of 6,317 in Forretningsmessig tjenesteyting.

From 2024 to 2025: the equity ratio rose from 25.8% to 42.3% and revenue grew by 27%.

This text is generated automatically from the 2025 accounts.

Estimated value · 2025

Three simple methods

Our calculations

Suggested price: about 3 MNOK

The mean of the 3 methods below (P/E, EV/EBIT and P/B with listed multiples and a size adjustment), rounded to two significant figures. It is a calculation, not a bid or a valuation.
That is about 33,000 NOK per share, on 100 shares in the shareholder register.

The methods give between 3 MNOK and 4 MNOK.

MethodInputMultipleListed basisEstimate
P/E Net profit (mean 2023–2025): 0.3 MNOK 17.3 6 MNOK 3 MNOK
EV/EBIT Operating profit (mean 2023–2025): 0.5 MNOK
less net debt 0.6 MNOK (rough figure)
14.1 7 MNOK 4 MNOK
P/B Equity: 1.5 MNOK 2.7 4 MNOK 3 MNOK
EV/EBIT: from enterprise value to equityNOK
Enterprise value (EV) at the listed multiple7 MNOK
Enterprise value after the size adjustment5 MNOK
Less net debt (rough figure)1 MNOK
Equity value4 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 NACE code has no listed industry of its own in the table, so the multiples are the sector median: Business & Consumer Services, Office Equipment & Services.

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

Our calculations

Figures you will not find in any register

We calculated these figures ourselves from the accounts and registers we have read. The company has not reported them and the Brønnøysund Register Centre does not publish them. They are indications and are not part of the index. How we calculate

Personnel cost per employee
0.42 MNOK per employee in 2025
Comparable companies have a median of 0.26 MNOK. This company is above 81% of them (1,194 companies in the same industry and size class).
Payroll costs are 49% of revenue.
Payroll costs in the accounts divided by 7 employees in the business register. Payroll costs include employer's contribution and pension, so they are higher than wages. The employee count is a snapshot and can differ from the average over the accounting year.
Equity paid out or paid in
Equity moved as the result implied in 2025.
Over 2 years it equals 0% of the sum of the results.
Calculated as retained earnings at the start of the year + net result − retained earnings at the end of the year. What remains is dividends and group contributions, plus transfers to other items and corrections of earlier years. It is not a dividend figure.
Owners and leadership aged 60 or older
No sign of a near generation change in the ages.
  • The chair is under 60.
  • The managing director is under 60.
  • 0 of 2 on the board are 60 or older.
Age is this year minus the birth year in the registers and can be a year off. It says something about age, not about anyone planning to step down.

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

2025

Questions and answers

How profitable is Martinshus AS?

The operating margin was 15.1% in 2025, against a median of 4.5% among companies in the Morning class Micro in the same sector. Return on assets was 25.7%.

How solid is Martinshus AS?

The equity ratio was 42.3% in 2025 (median 30.8%). Debt-to-equity was 1.36 (median 1.44).

What is the liquidity of Martinshus AS like?

The current ratio was 0.98 in 2025 (median 1.33). Current assets did not cover current liabilities.

How does Martinshus AS compare in Forretningsmessig tjenesteyting?

Martinshus AS ranks 1,049 of 6,317 in Forretningsmessig tjenesteyting for 2025. Among companies in the Morning class Micro it is number 720 of 4,144. Revenue changed by 27.1% from the year before.

2025

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.

Lundbergs Planteskole AS: 19 / 56ANLEGG & Naturstein AS: 35 / 54Anleggsgartneren Eiker AS: 19 / 50Hage og Grøntanlegg AS: 49 / 68Martinshus AS: 76 / 58Jmb Graveservice AS: 85 / 47Innlandet Landskapsutforming AS: 20 / 5Anleggsgartner Olav Een AS: 68 / 89HAGE & Naturstein AS: 76 / 4300252550507575100100Resilience, percentile against peers →↑ Profitability, percentile against peers

CompanyProfileOperating revenueOperating marginScore
Lundbergs Planteskole AS · same municipality Elephant 7 MNOK −3.7% 38
ANLEGG & Naturstein AS Elephant 7 MNOK 0.9% 42
Anleggsgartneren Eiker AS Elephant 7 MNOK −4.2% 33
Hage og Grøntanlegg AS Elephant 6 MNOK 2.2% 58
Martinshus AS (this company) Lion 6 MNOK 15.1% 68
Jmb Graveservice AS Cheetah 6 MNOK 23.4% 70
Innlandet Landskapsutforming AS Beaver 6 MNOK −2.0% 15
Anleggsgartner Olav Een AS Lion 6 MNOK 20.0% 64
HAGE & Naturstein AS Cheetah 5 MNOK 11.5% 58

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 1 November 2026. Only names are shown.

Shareholders (2025)

Number of shareholders
2 (one owner holds more than half)
Largest owner
80.0%
Split
companies 0% · private persons 100% · foreign 0%
Owned from the same municipality
100%
Group chain
Ultimate owner: private person

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.

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Figures last fetched 6 November 2026.

Details

Year by year · 2023–2025

Key figure202320242025Trend
Index435868
Rank3,4412,1021,049
Operating margin5.5%9.9%15.1%
Return on assets6.9%13.9%25.7%
Equity ratio21.7%25.8%42.3%
Current ratio0.460.790.98
Revenue growth–38.2%27.1%

Accounts

From the Brønnøysund Register Centre, in the company's reporting currency (NOK).

Key figure202320242025
Operating revenue3.4 MNOK4.7 MNOK6.0 MNOK
Operating profit0.2 MNOK0.5 MNOK0.9 MNOK
Profit before tax0.1 MNOK0.3 MNOK0.8 MNOK
Tax expense0.0 MNOK0.1 MNOK0.2 MNOK
Net profit0.1 MNOK0.3 MNOK0.6 MNOK
Financial expenses0.1 MNOK0.1 MNOK0.1 MNOK
Total assets2.8 MNOK3.4 MNOK3.6 MNOK
Current assets0.4 MNOK1.0 MNOK0.9 MNOK
Equity0.6 MNOK0.9 MNOK1.5 MNOK
Retained earnings0.5 MNOK0.8 MNOK1.4 MNOK
Total liabilities2.2 MNOK2.5 MNOK2.1 MNOK
Current liabilities0.9 MNOK1.3 MNOK0.9 MNOK

Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 6 November 2026, accounts id 6426903.