Bergverk og utvinning
FollowDownload sector report (PDF)114 companies ranked against comparable companies in four Morning company classes. Fiscal year 2023. Source: Brønnøysund Register Centre. Methodology
Ranking · 2023 · Morning class Medium
| # | Company | Score | Change |
|---|---|---|---|
| 1 | Lundhs AS | 93 | – |
| 2 | Larvik Granite AS | 88 | – |
| 3 | Forsand Sandkompani AS | 79 | – |
| 4 | Rekefjord Stone AS | 78 | – |
| 5 | Gabbro Nor AS | 76 | – |
| 6 | Staven Grus AS | 72 | – |
| 7 | Ramlo Sandtak AS | 70 | – |
| 8 | Visnes Kalk AS | 60 | – |
| 9 | Gunnar Holth Grusforretning AS | 59 | – |
| 10 | Feiring Bruk AS | 50 | – |
| 11 | Brønnøy Kalk AS | 49 | – |
| 12 | Røyseth Maskin AS | 48 | – |
| 13 | John Myrvang AS | 46 | – |
| 14 | Velde Pukk AS | 45 | – |
| 15 | Hamar Pukk og Grus AS | 45 | – |
| 16 | Skolt Pukkverk AS | 45 | – |
| 17 | TT Pukk AS | 44 | – |
| 18 | Naturstenskompaniet Norge AS | 42 | – |
| 19 | Oddvar Øygard AS | 39 | – |
| 20 | Froland Stein og Hellebrudd AS | 37 | – |
| 21 | Franzefoss Pukk AS | 37 | – |
| 22 | Heidelberg Materials Tilslag Norge AS | 34 | – |
| 23 | Store Norske Gruvedrift AS | 31 | – |
| 24 | Hadsel Maskin AS | 29 | – |
| 25 | Reipå Knuseri AS | 29 | – |
| 26 | Stange Industri AS | 28 | – |
| 27 | Swerock AS | 22 | – |
| 28 | Skaland Graphite AS | 1 | – |
The rank is the rank in the class. A class with fewer than ten companies is compared with the whole sector. Full ranking · Press mode
Biggest moves · Morning class Medium
Climbers and fallers need at least two fiscal years with a score. Coming when next year's figures are fetched.
Top lists in the sector · 2023 · Morning class Medium
The five largest companies account for 39% of the sector's revenue. Combined profit before tax for the 28 ranked companies: 79 MNOK.
Size
The largest by revenue and employees, and who earns the most per employee.
Highest revenue
- Gunnar Holth Grusforretning AS 432 MNOK
- Lundhs AS 432 MNOK
- Franzefoss Pukk AS 408 MNOK
- Rekefjord Stone AS 356 MNOK
- Swerock AS 334 MNOK
Operating revenue.
Most employees
- Gunnar Holth Grusforretning AS 126
- Lundhs AS 120
- Franzefoss Pukk AS 113
- Feiring Bruk AS 93
- Gabbro Nor AS 68
Employees according to the Central Coordinating Register.
Highest revenue per employee
- Swerock AS 9.8 MNOK
- Rekefjord Stone AS 8.5 MNOK
- Heidelberg Materials Tilslag Norge AS 7.5 MNOK
- Hamar Pukk og Grus AS 6.4 MNOK
- Ramlo Sandtak AS 4.9 MNOK
Only companies with at least 5 employees.
Profit and balance
Who earns the most, who loses the most, and who has the strongest balance sheet.
Highest operating margin
- Larvik Granite AS 16.3%
- Forsand Sandkompani AS 14.2%
- Lundhs AS 10.4%
- Rekefjord Stone AS 9.9%
- Gabbro Nor AS 9.8%
Operating result divided by operating revenue.
Largest profit
- Lundhs AS 62 MNOK
- Rekefjord Stone AS 39 MNOK
- Larvik Granite AS 33 MNOK
- Gunnar Holth Grusforretning AS 31 MNOK
- Gabbro Nor AS 18 MNOK
Profit before tax.
Largest loss
- Skaland Graphite AS −107 MNOK
- Franzefoss Pukk AS −27 MNOK
- Feiring Bruk AS −15 MNOK
- Swerock AS −14 MNOK
- Naturstenskompaniet Norge AS −9 MNOK
Profit before tax, the largest negative.
Most solid
- Lundhs AS 78.9%
- Larvik Granite AS 74.3%
- Røyseth Maskin AS 58.8%
- Visnes Kalk AS 56.6%
- Rekefjord Stone AS 55.3%
Equity ratio: equity divided by total assets.
Growth and movement
Who grows and falls the most in revenue, and who has climbed or fallen the most on the index since the year before.
Fastest growth
No company meets the requirement this year.
Revenue growth from the year before, only from at least NOK 10 million in revenue.
Largest revenue decline
No company meets the requirement this year.
Revenue decline from the year before, only from at least NOK 10 million in revenue.
Biggest climbers
Requires an index for two financial years.
Change in index points from the year before.
Biggest fallers
Requires an index for two financial years.
Change in index points from the year before.
The lists cover ranked companies in the class: operating companies with at least NOK 1m in revenue, without holding companies and excluded ones. Size lists (revenue, profit, employees) count each group once. Source: Brønnøysund Register Centre. Amounts in other currencies are converted at Norges Bank's rates.
Positions in the sector · 2023 · Morning class Medium
Each company is placed by profitability and solidity, measured as a place from 0 to 100 against the others in the same sector and Morning company class. The bubble shows revenue. Hover over or tap a bubble for the figures, filter by profile or search for a company.
Bubble size shows relative revenue, not exact figures.
Lion · LeaderHigh profitability, high solidity
Cheetah · SprinterHigh profitability, lower solidity
Elephant · StewardLower profitability, high solidity
Beaver · BuilderLower profitability, lower solidity
Show the positions as a list
| Company | Profile | Profitability | Solidity |
|---|---|---|---|
| Larvik Granite AS | Lion | 94 | 96 |
| Rekefjord Stone AS | Lion | 94 | 85 |
| Forsand Sandkompani AS | Lion | 87 | 81 |
| Staven Grus AS | Lion | 87 | 61 |
| Velde Pukk AS | Cheetah | 87 | 11 |
| Lundhs AS | Lion | 83 | 100 |
| Gabbro Nor AS | Lion | 83 | 73 |
| Ramlo Sandtak AS | Lion | 72 | 69 |
| Gunnar Holth Grusforretning AS | Lion | 72 | 65 |
| Hamar Pukk og Grus AS | Cheetah | 65 | 27 |
| Brønnøy Kalk AS | Cheetah | 63 | 19 |
| Froland Stein og Hellebrudd AS | Cheetah | 59 | 15 |
| Hadsel Maskin AS | Cheetah | 54 | 4 |
| Visnes Kalk AS | Lion | 52 | 88 |
| John Myrvang AS | Cheetah | 52 | 23 |
| Heidelberg Materials Tilslag Norge AS | Beaver | 44 | 31 |
| Stange Industri AS | Beaver | 39 | 35 |
| Store Norske Gruvedrift AS | Beaver | 37 | 0 |
| TT Pukk AS | Beaver | 33 | 42 |
| Skolt Pukkverk AS | Elephant | 30 | 54 |
| Oddvar Øygard AS | Beaver | 30 | 46 |
| Feiring Bruk AS | Elephant | 24 | 58 |
| Swerock AS | Beaver | 20 | 8 |
| Røyseth Maskin AS | Elephant | 13 | 92 |
| Franzefoss Pukk AS | Beaver | 13 | 50 |
| Naturstenskompaniet Norge AS | Beaver | 7 | 38 |
| Reipå Knuseri AS | Elephant | 4 | 77 |
| Skaland Graphite AS | Beaver | 0 | 0 |
Summary · fiscal year 2023 · Morning class Medium
The sector's median operating margin is 4.0%. 2 of 28 companies have negative equity. The median equity ratio is 32.2%.
All figures are for fiscal year 2023. Ranked: 28 operating companies. Holding companies, excluded companies and companies without enough data are shown but not ranked. How to read the index
- Growth is not included in the index: it needs the previous year's accounts.
Climbers and fallers · Morning class Medium
Climbers need at least two fiscal years. They appear once next year's accounts are fetched or history is imported.
Awards · 2023 · Morning class Medium
Needs attention · 2023 · Morning class Medium
13 companies show at least one warning sign. Showing the 13 most important.
- criticalSkaland Graphite ASNegative equity · Current ratio below 1 (0.80) · Loss before tax
- criticalStore Norske Gruvedrift ASNegative equity
- watchStange Industri ASCurrent ratio below 1 (0.85) · Loss before tax
- watchGunnar Holth Grusforretning ASCurrent ratio below 1 (0.94)
- watchFranzefoss Pukk ASLoss before tax
- watchSwerock ASLoss before tax
- watchHeidelberg Materials Tilslag Norge ASCurrent ratio below 1 (0.72)
- watchFeiring Bruk ASLoss before tax
- watchSkolt Pukkverk ASLoss before tax
- watchVisnes Kalk ASCurrent ratio below 1 (0.95)
- watchNaturstenskompaniet Norge ASLoss before tax
- watchRøyseth Maskin ASLoss before tax
- watchReipå Knuseri ASLoss before tax
Sector map · 2023 · Morning class Medium
Profitability against solidity for the ranked companies. Size shows revenue. Coral triangle: negative equity. Click to open the company. Outliers are placed on the edge.
Show the map's figures as a table
| Company | Operating margin | Equity ratio | Revenue |
|---|---|---|---|
| Lundhs AS | 10.4% | 78.9% | 432 MNOK |
| Larvik Granite AS | 16.3% | 74.3% | 52 MNOK |
| Forsand Sandkompani AS | 14.2% | 52.3% | 94 MNOK |
| Rekefjord Stone AS | 9.9% | 55.3% | 356 MNOK |
| Gabbro Nor AS | 9.8% | 45.9% | 178 MNOK |
| Staven Grus AS | 9.1% | 36.4% | 95 MNOK |
| Ramlo Sandtak AS | 5.8% | 38.2% | 254 MNOK |
| Visnes Kalk AS | 4.3% | 56.6% | 102 MNOK |
| Gunnar Holth Grusforretning AS | 8.6% | 37.6% | 432 MNOK |
| Feiring Bruk AS | −0.4% | 34.4% | 297 MNOK |
| Brønnøy Kalk AS | 6.8% | 19.1% | 172 MNOK |
| Røyseth Maskin AS | −3.2% | 58.8% | 68 MNOK |
| John Myrvang AS | 5.9% | 23.2% | 114 MNOK |
| Velde Pukk AS | 9.2% | 13.2% | 218 MNOK |
| Hamar Pukk og Grus AS | 5.9% | 23.9% | 103 MNOK |
| Skolt Pukkverk AS | 1.8% | 33.7% | 150 MNOK |
| TT Pukk AS | 2.1% | 29.8% | 97 MNOK |
| Naturstenskompaniet Norge AS | −7.9% | 28.7% | 83 MNOK |
| Oddvar Øygard AS | −1.4% | 31.3% | 119 MNOK |
| Froland Stein og Hellebrudd AS | 4.6% | 18.4% | 108 MNOK |
| Franzefoss Pukk AS | −5.4% | 33.1% | 408 MNOK |
| Heidelberg Materials Tilslag Norge AS | 2.9% | 24.1% | 325 MNOK |
| Store Norske Gruvedrift AS | 0.1% | −168.4% | 119 MNOK |
| Hadsel Maskin AS | 3.7% | 10.2% | 89 MNOK |
| Reipå Knuseri AS | −9.4% | 47.9% | 53 MNOK |
| Stange Industri AS | 3.1% | 28.5% | 104 MNOK |
| Swerock AS | −1.1% | 11.2% | 334 MNOK |
| Skaland Graphite AS | −134.1% | −278.4% | 68 MNOK |
Holding and investment companies · 2023
5 companies in the sector are holding or investment companies. They are kept out of the ranking above, since revenue, margins and growth say little about a company that lives from ownership. They are ranked on their own here: 1 have at least 10 MNOK in assets and are listed.
| Rank | Company | Score | Equity ratio | Return on assets | Current ratio | Total assets |
|---|---|---|---|---|---|---|
| 1 | Vestheim Holding AS | 50 | 95.8% | 8.7% | 15.29 | 20 MNOK |
Score 0–100 against the other holding companies in the sector: equity ratio 40 %, return on assets 40 % and current ratio 20 %. Methodology
In our articles
- Property and finance earn the margins, but not the securityNo. 7 of 22 on median operating margin
- Boards of water, mining and shipping firms are oldest; IT and construction youngestNo. 2 of 22 on median board age
Scenario analysis: the sector's weakest year
The sector's weakest year was 2022, with a median operating margin of 0.1%.
Based on the 4 fiscal years we have. The analysis grows as more years are fetched or imported.
| Fiscal year | Median operating margin | Median equity ratio |
|---|---|---|
| 2022 · weakest year | 0.1% | 20.0% |
| 2023 | 5.9% | 37.9% |
| 2024 | 6.0% | 39.7% |
| 2025 | 6.4% | 40.2% |
In 2022, 0 ranked companies did better than the sector, 1 about the same and 0 weaker.
Better than the sector: operating margin at or above the sector median and no loss or negative equity. Weaker: operating margin below the median and a loss or negative equity. Otherwise about the same as the sector. Methodology
Drivers in the sector
Interest rates, prices and exchange rates that shape the sector's year, next to the sector's median operating margin. The drivers are context and are not part of the index.
USD/NOK (kr)
USD/NOK fell 3.3% in 2025; the sector's median operating margin rose 0.5 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% |
| Sector's median operating margin | – | 0.1% | 5.9% | 6.0% | 6.4% | – |
Source: Norges Bank (EXR, NLOD 2.0). Source · fetched 4 November 2026
EUR/NOK (kr)
EUR/NOK rose 0.8% in 2025; the sector's median operating margin rose 0.5 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% |
| Sector's median operating margin | – | 0.1% | 5.9% | 6.0% | 6.4% | – |
Source: Norges Bank (EXR, NLOD 2.0). Source · fetched 4 November 2026
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the sector's median operating margin rose 0.5 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 |
| Sector's median operating margin | – | 0.1% | 5.9% | 6.0% | 6.4% | – |
Source: Norges Bank (IR, NLOD 2.0). Source · fetched 4 November 2026
When USD/NOK fell in 2025, 60 of 113 ranked companies kept their operating margin at or above the year before. Among the largest: Sibelco Nordic AS (10.1% → 17.1%), Franzefoss Minerals AS (11.5% → 11.8%), Franzefoss Pukk AS (−3.3% → −1.4%), Gunnar Holth Grusforretning AS (5.5% → 7.1%), Feiring Bruk AS (−6.9% → −6.2%).
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.
The sector in Norway (SSB)
The whole industry as Statistics Norway counts it: every enterprise, not only the limited companies we rank. Use these figures as background for the ranking above.
Enterprises, employment and turnover · 2024
- Enterprises
- 1,025
- −2.8% from 2023
All enterprises, sole proprietorships included. SSB withholds some figures for confidentiality. The figure then shows the latest year with every value, and the year is given beside it.
Bankruptcies in the industry
5 enterprise bankruptcies in the last four quarters (2025K4–2026K3). Change +150.0% against the four quarters before (2). That is about 4.9 per 1,000 enterprises.
Foreign-controlled enterprises · 2024
- Share of enterprises
- 13.5%
- Share of persons employed
- 47.2%
- Share of turnover
- –
SSB publishes this for groups of industries only. The figures are for the group “Olje- og gassutvinning og bergverksdrift”. A dash means SSB withholds the figure.
Production index · Bergverksdrift
93.8 index, 2021 = 100, seasonally adjusted · 2026M08
−0.4% against 2025M08.
Monthly, 2023M08 to 2026M08.
Source: Statistics Norway (SSB), table 12910, table 10790, table 08085, table 07095. CC BY 4.0. Our industry codes (SN2025) are linked to SSB’s (SN2007) with SSB’s correspondence table in Klass.
Latest bankruptcies and liquidations
- MØLLENG MASKIN & Pukk AS 876081172 Voluntary liquidation · 19 October 2026 · 0 MNOK (2025)
- Aco Pukk AS 923116710 Voluntary liquidation · 16 October 2026 · 0 MNOK (2025)
- MR. Pukk Øst AS 914385083 Bankruptcy · 15 October 2026 · 28 MNOK (2024)
- Ascent Graphite AS 928132250 Forced dissolution · 6 October 2026
- Ordalen AS 990650578 Voluntary liquidation · 5 October 2026 · 1 MNOK (2025)
- Norsk Uteservice AS 930795224 Bankruptcy · 8 September 2026 · 0 MNOK (2024)
- Brickstep AS 935247020 Voluntary liquidation · 22 July 2026
- B&G Stein AS 827398292 Bankruptcy · 16 March 2026
Industry codes (NACE)
| Code | Description |
|---|---|
| 05* | Hele hovedgruppe 05 |
| 05.100 | Bryting av steinkull |
| 07* | Hele hovedgruppe 07 |
| 07.100 | Bryting av jernmalm |
| 07.290 | Bryting av ikke-jernholdig malm ellers |
| 08* | Hele hovedgruppe 08 |
| 08.110 | Bryting av dekorstein, kalkstein, gips, skifer og annen stein |
| 08.120 | Utvinning fra grus- og sandtak, og utvinning av leire og kaolin |
| 08.910 | Bryting og utvinning av kjemiske mineraler og gjødselmineraler |
| 08.920 | Stikking av torv |
| 08.930 | Utvinning av salt |
| 08.990 | Annen bryting og utvinning ikke nevnt annet sted |
| 09* | Hele hovedgruppe 09 |
| 09.900 | Tjenester tilknyttet annen bergverksdrift |