Sector

7,191 companies ranked against comparable companies in four Morning company classes. Fiscal year 2025. Source: Brønnøysund Register Centre. Methodology

Ranking · 2025 · Morning class Large

Morning class Large · 2025
#CompanyProfileScoreChangeFive years
1 Ferncliff Holding AS Leader 93 +25
2 Ferncliff Tih ASsubsidiary of Ferncliff Holding AS Leader 69 +34
3 Eiendomsmegler 1 Midt-Norge AS Leader 68 −1
4 OBOS Eiendomsforvaltning AS Leader 64 −4
5 Thongård AS Steward 57 +3
6 Eiendomsmegler 1 Sør-Norge AS Sprinter 57 −3
7 Eiendomsmegler Norge AS Sprinter 53 −3
8 Thon Hotellbygg AS Leader 52 −11
9 DNB Eiendom AS Steward 52 +18
10 OBOS Block Watne AS Steward 43 +12
11 Eiendomsmegler Krogsveen AS Sprinter 43 −13
12 Ote Eiendom AS Sprinter 37 −10
13 Cbre Gws Norway AS Builder 36 −2
14 Mustad Eiendom AS Sprinter 30 −9
15 OBOS Nye Hjem AS Builder 25 −13
16 Spro Havn AS Builder 15 –

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 Large

  • DNB Eiendom AS

    From 2024 to 2025: went from a loss to a profit before tax and the operating margin rose from −1.5% to 2.9%.

    +18
  • OBOS Nye Hjem AS

    From 2024 to 2025: went from a profit to a loss before tax and revenue fell by 11%.

    −13
  • Eiendomsmegler Krogsveen AS

    From 2024 to 2025: the operating margin fell from 8.1% to 4.3%.

    −13
  • OBOS Block Watne AS

    From 2024 to 2025: the operating margin rose from −7.7% to 1.3% and the equity ratio rose from 23.8% to 40.0%.

    +12
Summary analysis

Eiendom, Morning class Large: 16 ranked companies in fiscal year 2025.

Best in the sector: Ferncliff Holding AS (score 93, operating margin 99.8%, equity ratio 99.3%). Ferncliff Tih AS (score 69, operating margin 99.2%, equity ratio 53.9%). Eiendomsmegler 1 Midt-Norge AS (score 68, operating margin 13.0%, equity ratio 64.0%).

Weakest in the sector: Spro Havn AS (score 15, operating margin −0.2%, equity ratio 0.5%). OBOS Nye Hjem AS (score 25, operating margin −0.7%, equity ratio 34.8%). Mustad Eiendom AS (score 30, operating margin 46.9%, equity ratio 7.8%).

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

Top lists in the sector · 2025 · Morning class Large

The five largest companies account for 47% of the sector's revenue. Combined profit before tax for the 16 ranked companies: 4,464 MNOK.

Size

The largest by revenue and employees, and who earns the most per employee.

Highest revenue

  1. OBOS Block Watne AS 2,037 MNOK
  2. DNB Eiendom AS 1,712 MNOK
  3. Ferncliff Tih ASsubsidiary of Ferncliff Holding AS 1,439 MNOK
  4. Ferncliff Holding AS 1,391 MNOK
  5. Ote Eiendom AS 1,329 MNOK

Operating revenue.

Most employees

  1. DNB Eiendom AS 881
  2. Eiendomsmegler 1 Sør-Norge AS 437
  3. Eiendomsmegler Krogsveen AS 399
  4. OBOS Eiendomsforvaltning AS 380
  5. Cbre Gws Norway AS 259

Employees according to the Central Coordinating Register.

Highest revenue per employee

  1. Thongård AS 112.3 MNOK
  2. OBOS Block Watne AS 23.4 MNOK
  3. Ote Eiendom AS 16.6 MNOK
  4. Mustad Eiendom AS 11.9 MNOK
  5. OBOS Nye Hjem AS 11.4 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

  1. Ferncliff Holding AS 99.8%
  2. Ferncliff Tih ASsubsidiary of Ferncliff Holding AS 99.2%
  3. Thon Hotellbygg AS 58.6%
  4. Mustad Eiendom AS 46.9%
  5. Ote Eiendom AS 30.8%

Operating result divided by operating revenue.

Largest profit

  1. Ferncliff Tih ASsubsidiary of Ferncliff Holding AS 1,451 MNOK
  2. Ferncliff Holding AS 1,389 MNOK
  3. Thon Hotellbygg AS 440 MNOK
  4. Ote Eiendom AS 325 MNOK
  5. OBOS Eiendomsforvaltning AS 268 MNOK

Profit before tax.

Largest loss

  1. OBOS Block Watne AS −103 MNOK
  2. OBOS Nye Hjem AS −11 MNOK

Profit before tax, the largest negative.

Most solid

  1. Ferncliff Holding AS 99.3%
  2. Thongård AS 88.1%
  3. Thon Hotellbygg AS 71.2%
  4. Eiendomsmegler 1 Midt-Norge AS 64.0%
  5. Ferncliff Tih ASsubsidiary of Ferncliff Holding AS 53.9%

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

  1. Eiendomsmegler 1 Sør-Norge AS +82.7%
  2. Eiendomsmegler Norge AS +82.3%
  3. Cbre Gws Norway AS +28.1%
  4. DNB Eiendom AS +11.8%
  5. OBOS Eiendomsforvaltning AS +7.6%

Revenue growth from the year before, only from at least NOK 10 million in revenue.

Largest revenue decline

  1. OBOS Nye Hjem AS −11.1%
  2. Thongård AS −3.4%
  3. Mustad Eiendom AS −1.7%

Revenue decline from the year before, only from at least NOK 10 million in revenue.

Biggest climbers

  1. DNB Eiendom AS +18.3 points
  2. OBOS Block Watne AS +12.4 points
  3. Thongård AS +3.6 points

Change in index points from the year before.

Biggest fallers

  1. Eiendomsmegler Krogsveen AS −13.7 points
  2. OBOS Nye Hjem AS −13.7 points
  3. Thon Hotellbygg AS −10.5 points
  4. Ote Eiendom AS −10.2 points
  5. Mustad Eiendom AS −8.7 points

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.

Quadrant analysis

Positions in the sector · 2025 · Morning class Large

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. Dashed lines show where the 5 companies that moved most stood in 2024 (small ring).

  • 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
CompanyProfileProfitabilitySolidityIn 2024 (profitability / solidity)
Ferncliff Holding ASLion100100–
Ferncliff Tih ASLion9373–
OBOS Eiendomsforvaltning ASLion776781 / 69
Thon Hotellbygg ASLion678777 / 100
Ote Eiendom ASCheetah632077 / 46
Eiendomsmegler 1 Midt-Norge ASLion608062 / 77
Eiendomsmegler Norge ASCheetah6033–
Eiendomsmegler Krogsveen ASCheetah572758 / 38
Mustad Eiendom ASCheetah57762 / 8
Eiendomsmegler 1 Sør-Norge ASCheetah5047–
Thongård ASElephant379350 / 85
DNB Eiendom ASElephant33534 / 54
Cbre Gws Norway ASBeaver201319 / 15
OBOS Block Watne ASElephant13604 / 31
OBOS Nye Hjem ASBeaver104019 / 62
Spro Havn ASBeaver30–
The sector in numbers

Summary · fiscal year 2025 · Morning class Large

The sector's median operating margin is 11.4%. 0 of 16 companies have negative equity. The median equity ratio is 36.8%.

Companies with accounts16
Total revenue16,822 MNOK
Median operating margin11.4%
Median equity ratio36.8%
Share with a loss12%
Share with negative equity0%

All figures are for fiscal year 2025. Ranked: 16 operating companies. Holding companies, excluded companies and companies without enough data are shown but not ranked. How to read the index

Climbers and fallers · Morning class Large

Change in rank from 2024 to 2025, for 11 companies ranked in both years.

Climbers

  1. 3DNB Eiendom ASfrom rank 12 to 952
  2. 3OBOS Block Watne ASfrom rank 13 to 1043
  3. 2Thongård ASfrom rank 7 to 557

Fallers

  1. 5Eiendomsmegler Krogsveen ASfrom rank 6 to 1143
  2. 5Mustad Eiendom ASfrom rank 9 to 1430
  3. 4Thon Hotellbygg ASfrom rank 4 to 852
  4. 4Ote Eiendom ASfrom rank 8 to 1237
  5. 4OBOS Nye Hjem ASfrom rank 11 to 1525

Awards · 2025 · Morning class Large

Most profitableFerncliff Holding AS99.8%
Fastest growthFerncliff Tih AS14,654.4%
Strongest balance sheetFerncliff Holding AS99.3%
Largest revenueOBOS Block Watne AS2,037 MNOK
Highest revenue per employeeThongård AS112.3 MNOK

Needs attention · 2025 · Morning class Large

7 companies show at least one warning sign. Showing the 7 most important.

Sector map · 2025 · Morning class Large

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
CompanyOperating marginEquity ratioRevenue
Ferncliff Holding AS99.8%99.3%1,391 MNOK
Ferncliff Tih AS99.2%53.9%1,439 MNOK
Eiendomsmegler 1 Midt-Norge AS13.0%64.0%590 MNOK
OBOS Eiendomsforvaltning AS27.8%42.8%888 MNOK
Thongård AS26.3%88.1%898 MNOK
Eiendomsmegler 1 Sør-Norge AS7.1%35.7%908 MNOK
Eiendomsmegler Norge AS9.8%32.7%534 MNOK
Thon Hotellbygg AS58.6%71.2%767 MNOK
DNB Eiendom AS2.9%37.9%1,712 MNOK
OBOS Block Watne AS1.3%40.0%2,037 MNOK
Eiendomsmegler Krogsveen AS4.3%27.3%738 MNOK
Ote Eiendom AS30.8%25.4%1,329 MNOK
Cbre Gws Norway AS1.0%14.4%759 MNOK
Mustad Eiendom AS46.9%7.8%689 MNOK
OBOS Nye Hjem AS−0.7%34.8%1,296 MNOK
Spro Havn AS−0.2%0.5%848 MNOK

Holding and investment companies · 2025

2,197 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: 990 have at least 10 MNOK in assets and are listed.

Holding and investment companies
RankCompanyScore Equity ratioReturn on assetsCurrent ratioTotal assets
1Strøm Sivertsen Holding AS99 100.0%168.5% –21 MNOK
2Kontar Holding AS99 100.0%114.5% –29 MNOK
3JET JR. Invest AS98 100.0%100.7% 4,630.3265 MNOK
4Svejk Invest AS98 100.0%78.5% 7,950.3932 MNOK
5Stark Holding AS97 100.0%74.6% –19 MNOK
6S Kristoffersen Holding AS96 100.0%73.3% 4,368.1627 MNOK
7Jetro Holding AS96 100.0%53.6% –39 MNOK
8Jif Invest AS95 99.9%97.0% 651.51135 MNOK
9Pesa Invest AS95 100.0%57.5% 1,768.04134 MNOK
10Dolvik Holding AS95 99.9%64.3% 1,327.4214 MNOK
11Kvalmo Invest AS95 99.9%68.8% 986.6712 MNOK
12Urskjell Invest AS95 100.0%56.2% 2,048.6622 MNOK
13Wærholm Invest AS94 100.0%47.6% 2,380.4313 MNOK
14Julip Invest AS94 100.0%52.6% 2,545.3522 MNOK
15Bøffel Holding AS94 99.8%150.7% 266.75110 MNOK
16Podrick Invest AS94 –110.1% 146.37129 MNOK
17Baze Holding AS94 99.8%1,795.0% 421.2317 MNOK
18FK Invest AS91 99.8%52.8% 572.7815 MNOK
19Corrente Holding AS91 99.9%37.7% 701.0335 MNOK
20Hwa Holding AS91 100.0%29.2% –17 MNOK
Show all 100
RankCompanyScoreTotal assets
21Salo Invest AS9010 MNOK
22Steve Holding AS9013 MNOK
23Sso Sailaway Holding AS9011 MNOK
24MB Capital AS9012 MNOK
25Eikens Holding AS9020 MNOK
26Lhr Holding AS8914 MNOK
27Valans Holding AS8910 MNOK
28Habbestad Holding AS8916 MNOK
29Gsg Invest AS8940 MNOK
30Kwa Holding AS8926 MNOK
31Orkan Invest AS8930 MNOK
32Zimmer Holding AS8818 MNOK
33Hallgeir Haga Invest AS8817 MNOK
34Opshaug Holding AS8826 MNOK
35Notto Holding AS8816 MNOK
36Turbin Holding AS8824 MNOK
37Vigen Holding AS8896 MNOK
38Francke Invest AS8823 MNOK
39Ske Invest AS8624 MNOK
40Høstlund Invest AS8638 MNOK
41Milliways Invest AS8614 MNOK
42TH Jahr Invest AS86139 MNOK
43Komet Invest AS8615 MNOK
44Rød-Holding AS8524 MNOK
45Alt Holding AS8512 MNOK
46Superson Invest AS8533 MNOK
47Espen Strøm Holding AS8428 MNOK
48Finshus Holding AS8418 MNOK
49Prego Invest AS8414 MNOK
50Kveil Invest AS8429 MNOK
51Elwa Holding AS8415 MNOK
52Sandnes Bygg Holding AS8419 MNOK
53Expo Invest AS84109 MNOK
54Tor-Erik Johnsen Invest AS8418 MNOK
55Nordcom Invest AS8431 MNOK
56Felix Capital AS8311 MNOK
57Ose Holding AS8315 MNOK
58Ylva Invest AS8320 MNOK
59Lck Invest AS83199 MNOK
60Nisoma Invest AS8310 MNOK
61Vicuna Holding AS8341 MNOK
62T-A Storhaug Holding AS8210 MNOK
63Marius Heiberg Holding AS8213 MNOK
64Tobitar Invest AS8221 MNOK
65Lgt Invest AS8232 MNOK
66Gex Capital AS8219 MNOK
67Angur Invest AS8261 MNOK
68MU Investering AS8219 MNOK
69Jobsen Invest AS8242 MNOK
70Kapp Roberts Holding AS8264 MNOK
71Nedre Lobben Holding AS8222 MNOK
72Kramer Holding AS8116 MNOK
73Lacca Holding AS8150 MNOK
74Jaba Invest AS81172 MNOK
75Rolia Invest AS8113 MNOK
76Giro Invest AS8148 MNOK
77DH Kapital AS8144 MNOK
78Cah Invest AS8113 MNOK
79Nacapa Invest AS8022 MNOK
80Oxaal Holding AS8069 MNOK
81Gom Invest AS8021 MNOK
82Bbm Holding AS7920 MNOK
83Tikea Invest AS7914 MNOK
84Nordengen Invest AS7915 MNOK
85Goo Invest AS7914 MNOK
86Mikkmatt Invest AS7940 MNOK
87T&R Holding AS7919 MNOK
88Egbo Invest AS7864 MNOK
89Voc Holding AS7814 MNOK
90Hisno Invest AS7840 MNOK
91EK Brunvoll Invest AS7816 MNOK
92Holding Priapismus AS7878 MNOK
93Øverås Invest AS7823 MNOK
94Chapel Hill Invest AS7839 MNOK
95Ivar Weider Moen Holding AS7836 MNOK
96VA Invest AS7813 MNOK
97Tcd Holding AS7812 MNOK
98Freddy Invest AS78203 MNOK
99Tuk Holding AS77209 MNOK
100Hole Holding AS7727 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

All articles

Scenario analysis: the sector's weakest year

The sector's weakest year was 2022, with a median operating margin of 31.0%.

Based on the 9 fiscal years we have. The analysis grows as more years are fetched or imported.

Fiscal yearMedian operating marginMedian equity ratio
2018––
2019––
2020––
2021––
2022 · weakest year31.0%10.0%
202344.6%26.7%
202445.5%26.4%
202546.6%27.3%
202661.3%87.8%

In 2022, 24 ranked companies did better than the sector, 19 about the same and 18 weaker.

Held up best in 2022

  1. 1HJ Eiendom ASequity ratio 40.8%97.2%
  2. 2Viken Boligeiendom ASequity ratio 10.0%94.0%
  3. 3Gjønnesjordet 10 ASequity ratio 0.5%88.9%
  4. 4Rambolt Eiendom ASequity ratio 74.1%81.8%
  5. 5Herock ASequity ratio 89.0%79.7%
  6. 6Huitfeldts Gate 15 ASequity ratio 6.3%77.3%
  7. 7Gullregnbukta ASequity ratio 4.9%71.5%
  8. 8Haakon Knudstad ASequity ratio 71.6%70.8%
  9. 9Inventec ASequity ratio 56.2%70.1%
  10. 10Marinella Eiendom ASequity ratio 44.8%70.1%

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.

Policy rate (prosent)

Latest value: 4.50 (2026-10)

Policy rate fell 0.20 percentage points in 2025; the sector's median operating margin rose 1.1 percentage points.

Policy rate per year and the sector's median operating margin
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
Sector's median operating margin–31.0%44.6%45.5%46.6%61.3%

Source: Norges Bank (IR, NLOD 2.0). Source · fetched 3 November 2026

Construction cost index for dwellings (indeks (2015 = 100))

Latest value: 160.3 (2026M09)

Construction cost index for dwellings rose 4.3% in 2025; the sector's median operating margin rose 1.1 percentage points.

Construction cost index for dwellings per year and the sector's median operating margin
Measure202120222023202420252026
Construction cost index for dwellings, annual average124.2135.1141.1146.4152.7158.4 (so far)
Change from the year before+8.7%+8.8%+4.4%+3.7%+4.3%+3.7%
Sector's median operating margin–31.0%44.6%45.5%46.6%61.3%

Source: SSB (08651, CC BY 4.0). Source · fetched 3 November 2026

Consumer price index (indeks (2025 = 100))

Latest value: 104.0 (2026M09)

Consumer price index rose 3.0% in 2025; the sector's median operating margin rose 1.1 percentage points.

Consumer price index per year and the sector's median operating margin
Measure202120222023202420252026
Consumer price index, annual average84.389.294.197.0100.0102.9 (so far)
Change from the year before+3.5%+5.8%+5.5%+3.2%+3.0%+2.9%
Sector's median operating margin–31.0%44.6%45.5%46.6%61.3%

Source: SSB (14710, CC BY 4.0). Source · fetched 3 November 2026

When policy rate fell in 2025, 3,835 of 6,936 ranked companies kept their operating margin at or above the year before. Among the largest: OBOS Block Watne AS (−7.7% → 1.3%), DNB Eiendom AS (−1.5% → 2.9%), Ferncliff Tih AS (−717.9% → 99.2%), Ferncliff Holding AS (78.3% → 99.8%), OBOS Nye Hjem AS (−0.8% → −0.7%).

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
60,965
+4.0% from 2023
Persons employed
31,172
−0.2% from 2023
Turnover
NOK 240.4 bn
+8.0% from 2023
Gross operating margin
50.2%
Gross operating surplus divided by turnover

All enterprises, sole proprietorships included.

Bankruptcies in the industry

217 enterprise bankruptcies in the last four quarters (2025K4–2026K3). Change −8.8% against the four quarters before (238). That is about 3.6 per 1,000 enterprises.

532024K4522025K1762025K2572025K3582025K4512026K1612026K2472026K3

Foreign-controlled enterprises · 2024

Share of enterprises
2.5%
Share of persons employed
6.0%
Share of turnover
8.6%

SSB publishes this for groups of industries only. The figures are for the group “Omsetning og drift av fast eiendom”.

Source: Statistics Norway (SSB), table 12910, table 10790, table 08085. 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

  • Kiso Bolig AS 931041347 Voluntary liquidation · 3 November 2026
  • Mehs Eiendom AS 935794773 Voluntary liquidation · 3 November 2026
  • Qbe2hus AS 918898646 Voluntary liquidation · 3 November 2026
  • Quist Eiendom AS 998059240 Voluntary liquidation · 3 November 2026 · 0 MNOK (2025)
  • Eides AS 912127338 Voluntary liquidation · 2 November 2026 · 0 MNOK (2025)
  • Nye Rør Bergen AS 933907716 Bankruptcy · 2 November 2026 · 6 MNOK (2025)
  • Tih Holding AS 991907025 Voluntary liquidation · 2 November 2026 · 0 MNOK (2025)
  • Bash Eiendom AS 928846342 Voluntary liquidation · 31 October 2026 · 1 MNOK (2025)

All bankruptcies and liquidations in the sector

Industry codes (NACE)

CodeDescription
68*Hele hovedgruppe 68
68.110Kjøp og salg av egen fast eiendom
68.120Utvikling og salg av byggeprosjekter
68.200Utleie av egen eller leid fast eiendom
68.310Eiendomsmegling og andre formidlingstjenester for eiendom
68.320Eiendomsforvaltning på oppdrag