Tiny Elephant 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
Score · fiscal year 2025
64of 100
How to read this: the company is ahead of 78 % of companies in the Morning class Micro in the same sector in 2025. What does this mean?
Rank in the Morning class Micro: 1,075 of 4,818 · What are Morning company classes?
Place in the whole sector: 1,539 of 7,317 · Informasjon og kommunikasjon
Profile
Lion · Leader
High profitability, high resilience
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 61 and resilience 85 out of 100 among companies in the Morning class Micro in the same sector in 2025. Methodology
Against the sector
Tiny Elephant AS is 13 points above the median for companies in the Morning class Micro in the same sector in 2025.
Median score 51 among 4,812 companies.
Against companies in the Morning class Micro in the same sector in 2025: operating margin 16.3% (median 6.6%) and equity ratio 81.1% (median 39.5%).
How it has gone · 2023–2025
Revenue fell by 22 % from 2023 to 2025, to 9.0 MNOK. The operating margin fell from 17.9% in 2023 to 16.3% in 2025. The equity ratio rose from 60.1% in 2023 to 81.1% in 2025.
Amounts in the reporting currency. The full year-by-year table is further down under «Details». See every figure year by year
Tiny Elephant AS has a score of 64 for 2025, rank 1,539 of 7,317 in the sector.
Strongest: Consistency: percentile 86 against peers. Solidity: percentile 85 against peers, equity ratio 81.1% against a median of 39.5%.
No area is clearly below its peers.
Worth a closer look
- Receivables equal far more days of revenue than at comparable companies. Do customers pay late, or are these loans to companies in the same group? Based on: receivable days 119 days (median 46 days).
- The change in operating margin in 2025 was 1.3 percentage points better than for comparable companies: the company +1.4, the industry +0.1 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
- watch
Receivables equal far more days of revenue than at comparable companies. Do customers pay late, or are these loans to companies in the same group?
Based on: Receivable days 119 days (median 46 days).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 2.3% 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 | 61 | weight 40% |
|---|---|---|
| Solidity | 85 | weight 20% |
| Liquidity | 83 | weight 5% |
| Growth | 42 | weight 25% |
| Consistency | 86 | weight 10% |
Three goals: profitability 40%, growth 25%, resilience 35%. Why these weights?
Durability: 68 (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 | 9 MNOK | 3 MNOK |
| Operating margin | 16.3% | 6.6% |
| Profit margin | 16.6% | 6.8% |
| Return on assets | 16.5% | 13.1% |
| Equity ratio | 81.1% | 39.5% |
| Debt-to-equity | 0.23 | 1.07 |
| Current ratio | 3.94 | 1.54 |
| Revenue growth | −5.7% | 6.5% |
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 64, Tiny Elephant AS does better than 78% of companies in the Morning class Micro in the same sector (4,818 companies) in 2025.
Score 2023–2025
- Tiny Elephant AS
- Median: companies in the Morning class Micro 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. |
119 days | 46 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 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. |
13.1% | −9.3% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
57.6% | 56.5% | |
| 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. |
36.2 | 9.1 | |
| 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. |
2.3% | 0.8% | |
| Long-term share of debt Long-term debt as a share of all debt. A low share means more falls due within a year. |
– | 0.3% | |
Net working capital (current assets less bank deposits less current liabilities): 1.2 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 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.
The industry or the company: what drove the result?
In 2025 the operating margin of Tiny Elephant AS rose by 1.4 percentage points. Comparable companies rose by a median 0.1 points. So the company did 1.3 points better than the industry, for reasons of its own.
Over 2 year-to-year changes Tiny Elephant AS moved the same way as comparable companies 0 times. About 22% 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 | 14.9% | 6.5% | −3.1 percentage points | +1.6 percentage points | −4.6 percentage points |
| 2025 | 16.3% | 6.6% | +1.4 percentage points | +0.1 percentage points | +1.3 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 Tiny Elephant 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 Tiny Elephant AS rose 1.4 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 | – | – | 17.9% | 14.9% | 16.3% | – |
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 Tiny Elephant AS rose 1.4 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 | – | – | 17.9% | 14.9% | 16.3% | – |
Source: SSB (13863, CC BY 4.0). Source
USD/NOK (kr)
USD/NOK fell 3.3% in 2025; the operating margin of Tiny Elephant AS rose 1.4 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 | – | – | 17.9% | 14.9% | 16.3% | – |
Source: Norges Bank (EXR, NLOD 2.0). Source
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of Tiny Elephant AS rose 1.4 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 | – | – | 17.9% | 14.9% | 16.3% | – |
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 Tiny Elephant AS rose 1.4 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 | – | – | 17.9% | 14.9% | 16.3% | – |
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 Tiny Elephant AS rose 1.4 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 | – | – | 17.9% | 14.9% | 16.3% | – |
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
Tiny Elephant AS had an operating margin of 16.3% and an equity ratio of 81.1% in 2025, and ranks 1,539 of 7,317 in Informasjon og kommunikasjon.
No large changes in the key figures from 2024 to 2025.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 15 MNOK and 19 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 18.0 | 15 MNOK |
| EV/EBIT | 14.9 | 19 MNOK |
| P/B | 3.6 | 17 MNOK |
| EV/EBIT: from enterprise value to equity | NOK |
|---|---|
| Enterprise value (EV) at the listed multiple | 25 MNOK |
| Enterprise value after the size adjustment | 15 MNOK |
| Less net debt (rough figure) | −4 MNOK |
| Equity value | 19 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 multiples are from the listed industry that matches the NACE code (62): Computer 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
Questions and answers
How profitable is Tiny Elephant AS?
The operating margin was 16.3% in 2025, against a median of 6.6% among companies in the Morning class Micro in the same sector. Return on assets was 16.5%.
How solid is Tiny Elephant AS?
The equity ratio was 81.1% in 2025 (median 39.5%). Debt-to-equity was 0.23 (median 1.07).
What is the liquidity of Tiny Elephant AS like?
The current ratio was 3.94 in 2025 (median 1.54).
How does Tiny Elephant AS compare in Informasjon og kommunikasjon?
Tiny Elephant AS ranks 1,539 of 7,317 in Informasjon og kommunikasjon for 2025. Among companies in the Morning class Micro it is number 1,075 of 4,818. Revenue changed by −5.7% 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 |
|---|---|---|---|---|
| Inspectio AS |  Beaver |
9 MNOK | 1.5% | 32 |
| Global Data Resources AS |  Lion |
9 MNOK | 6.5% | 50 |
| HOBERG & Vestrheim AS | Beaver |
9 MNOK | 7.4% | 49 |
| Eftestøl Games AS |  Cheetah |
9 MNOK | 73.1% | 72 |
| Intelecy AS · same municipality | Beaver |
9 MNOK | −345.5% | 26 |
| Tiny Elephant AS (this company) | Lion |
9 MNOK | 16.3% | 64 |
| Delante AS | Cheetah |
9 MNOK | 38.2% | 53 |
| Onetraffic Norway AS | Beaver |
9 MNOK | 15.4% | 51 |
| Snowball Digital AS | Cheetah |
9 MNOK | 4.1% | 46 |
The selection is the closest in revenue within the same industry code. When you order, you can swap competitors. Order competitor analysis
Group structure · 2025
3 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.
No owner holds more than half of the shares in Tiny Elephant AS.
Tiny Elephant AS has not filed group accounts in open data, so the group has no index of its own. Each company has its own accounts.
The group in figures
- Sectors
- Informasjon og kommunikasjon (3 companies) 3 of 3 companies in the tree have accounts with us. Sectors are sorted by the companies' own revenue, which includes sales between the group's companies.
- Negative equity
- 1 company: Moo Gruppen AS
- Loss
- 2 companies: Moo Gruppen AS, Moocommerce AS
- Changed 2024–2025
- 2 companies joined the group: Moo Gruppen AS, Moocommerce AS.
A subsidiary with negative equity or a loss may be backed by the group, for example with group contributions or guarantees. It is an indication of what is worth asking about, not an assessment.
-
Tiny Elephant 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
- 2
- in 1 notices (lots counted separately)
- Total awarded value since 2024
- value not stated
- Framework agreements
- 2
- Left out of the total: the value is a ceiling, not actual spend.
| Date | Buyer | Notice | Value |
|---|---|---|---|
| 21 April 2026 | Digital Innovation Hub Oceanopolis AS | Mentoring for Digital Innovation Hub Oceanopolis | 10.8 MNOK (framework) (2 lots) |
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.
Dependence on public contracts
Awarded value in the year seen against revenue the same year. This is not a share of revenue: the value is the whole contract, often for several years, and it does not necessarily become revenue that year.
| Year | Contracts | Awarded value | Awarded value against revenue |
|---|---|---|---|
| 2026 | 0 | not stated | – |
Framework agreements are left out (1 since 2024, with ceilings of 10.8 MNOK in all). A ceiling is not a purchase.
Largest public buyers since 2024
| Buyer | Contracts | Value | Share of value |
|---|---|---|---|
| Digital Innovation Hub Oceanopolis AS | 1 | not stated | – |
Key contracts
Largest framework agreements (ceiling, not spend)
| Date | Buyer | Contract | Value |
|---|---|---|---|
| 21 April 2026 | Digital Innovation Hub Oceanopolis AS | Mentoring for Digital Innovation Hub Oceanopolis | 10.8 MNOK (framework) |
- The value is the whole contract as stated by the buyer, often for several years.
- Framework agreements are left out of the sums, since the value is a ceiling. Many frameworks are not marked in Doffin and may still be included.
- Only awards where Doffin gives the company's organisation number.
- Contracts without a stated value are counted but not summed.
- An indication of dependence, not an accounting figure. End dates are rarely in the Doffin data.
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.
- 997817273
- Legal form
- AS
- Sector
- Informasjon og kommunikasjon (62.100)
- Purpose
- Rådgivning knyttet til strategi, merkevare og salg i digitale kanaler, utvikling av digitale løsninger for e-handel, nettsider og annen virksomhet i tilknytning til dette.
- Morning company class
- Micro
- Employees
- 0–4 (not registered) Payroll costs in the accounts: 3.1 MNOK (2025).
- Founded
- 18 November 2011 14 years in operation
- Share capital
- 0.10 MNOK
- Business address
- Frydenbergveien 46B, 0575 OSLO
- Municipality
- Oslo rank 63–220 of 357 in Norway
- Latest accounts filed
- 2025
- VAT registered
- Yes
- Website
- www.tinyelephant.no
- Former names
- NO Potato AS until 2014
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 8 November 2026. Only names are shown.
Shareholders (2025)
- Number of shareholders
- 2
- Largest owner
- 50.0%
- Split
- companies 0% · private persons 100% · foreign 0%
- Owned from the same municipality
- 100%
The company is new in the shareholder register in 2025.
Majority owner of: Moo Gruppen AS (100%), Moocommerce AS (100%)
The portfolio: 5 of the companies it owns shares in have accounts with us, 2 of them as majority owner. The average index is 11. 1 have negative equity and 5 made a loss in the latest year.
Holds shares in: Moo Gruppen AS (100%), Moocommerce AS (100%), Sortbot AS (50%), Fensgard Markiser AS (34%), Sportverket AS (1%)
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 | 79 | 61 | 64 | |
| Rank | 656 | 2,012 | 1,539 | |
| Operating margin | 17.9% | 14.9% | 16.3% | |
| Return on assets | 25.1% | 21.3% | 16.5% | |
| Equity ratio | 60.1% | 76.6% | 81.1% | |
| Current ratio | 2.14 | 3.65 | 3.94 | |
| Revenue growth | – | −17.5% | −5.7% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 11.6 MNOK | 9.6 MNOK | 9.0 MNOK |
| Operating profit | 2.1 MNOK | 1.4 MNOK | 1.5 MNOK |
| Profit before tax | 2.1 MNOK | 1.7 MNOK | 1.5 MNOK |
| Tax expense | 0.6 MNOK | 0.4 MNOK | 0.3 MNOK |
| Net profit | 1.5 MNOK | 1.4 MNOK | 1.2 MNOK |
| Financial expenses | 0.1 MNOK | 0.1 MNOK | 0.0 MNOK |
| Total assets | 8.5 MNOK | 8.4 MNOK | 9.4 MNOK |
| Current assets | 7.2 MNOK | 7.2 MNOK | 7.0 MNOK |
| Equity | 5.1 MNOK | 6.4 MNOK | 7.6 MNOK |
| Retained earnings | 5.0 MNOK | 6.3 MNOK | 7.5 MNOK |
| Total liabilities | 3.4 MNOK | 2.0 MNOK | 1.8 MNOK |
| Current liabilities | 3.4 MNOK | 2.0 MNOK | 1.8 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 10 November 2026, accounts id 7153067.
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