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
| # | Company | Score | Change |
|---|---|---|---|
| 1 | Ferncliff Holding AS | 93 | +25 |
| 2 | Ferncliff Tih ASsubsidiary of Ferncliff Holding AS | 69 | +34 |
| 3 | Eiendomsmegler 1 Midt-Norge AS | 68 | −1 |
| 4 | OBOS Eiendomsforvaltning AS | 64 | −4 |
| 5 | Thongård AS | 57 | +3 |
| 6 | Eiendomsmegler 1 Sør-Norge AS | 57 | −3 |
| 7 | Eiendomsmegler Norge AS | 53 | −3 |
| 8 | Thon Hotellbygg AS | 52 | −11 |
| 9 | DNB Eiendom AS | 52 | +18 |
| 10 | OBOS Block Watne AS | 43 | +12 |
| 11 | Eiendomsmegler Krogsveen AS | 43 | −13 |
| 12 | Ote Eiendom AS | 37 | −10 |
| 13 | Cbre Gws Norway AS | 36 | −2 |
| 14 | Mustad Eiendom AS | 30 | −9 |
| 15 | OBOS Nye Hjem AS | 25 | −13 |
| 16 | Spro Havn AS | 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+18
From 2024 to 2025: went from a loss to a profit before tax and the operating margin rose from −1.5% to 2.9%.
- OBOS Nye Hjem AS−13
From 2024 to 2025: went from a profit to a loss before tax and revenue fell by 11%.
- Eiendomsmegler Krogsveen AS−13
From 2024 to 2025: the operating margin fell from 8.1% to 4.3%.
- OBOS Block Watne AS+12
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%.
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
- The median operating margin was about unchanged: 11.3% in 2024 and 11.4% in 2025.
- The median equity ratio rose from 32.8% in 2024 to 36.8% in 2025 (4.1 percentage points).
- The median revenue growth fell from 12.4% in 2024 to 7.2% in 2025 (5.3 percentage points).
- The share with a loss went from 14% in 2024 to 12% in 2025.
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
- OBOS Block Watne AS 2,037 MNOK
- DNB Eiendom AS 1,712 MNOK
- Ferncliff Tih ASsubsidiary of Ferncliff Holding AS 1,439 MNOK
- Ferncliff Holding AS 1,391 MNOK
- Ote Eiendom AS 1,329 MNOK
Operating revenue.
Most employees
- DNB Eiendom AS 881
- Eiendomsmegler 1 Sør-Norge AS 437
- Eiendomsmegler Krogsveen AS 399
- OBOS Eiendomsforvaltning AS 380
- Cbre Gws Norway AS 259
Employees according to the Central Coordinating Register.
Highest revenue per employee
- Thongård AS 112.3 MNOK
- OBOS Block Watne AS 23.4 MNOK
- Ote Eiendom AS 16.6 MNOK
- Mustad Eiendom AS 11.9 MNOK
- 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
- Ferncliff Holding AS 99.8%
- Ferncliff Tih ASsubsidiary of Ferncliff Holding AS 99.2%
- Thon Hotellbygg AS 58.6%
- Mustad Eiendom AS 46.9%
- Ote Eiendom AS 30.8%
Operating result divided by operating revenue.
Largest profit
- Ferncliff Tih ASsubsidiary of Ferncliff Holding AS 1,451 MNOK
- Ferncliff Holding AS 1,389 MNOK
- Thon Hotellbygg AS 440 MNOK
- Ote Eiendom AS 325 MNOK
- OBOS Eiendomsforvaltning AS 268 MNOK
Profit before tax.
Largest loss
- OBOS Block Watne AS −103 MNOK
- OBOS Nye Hjem AS −11 MNOK
Profit before tax, the largest negative.
Most solid
- Ferncliff Holding AS 99.3%
- Thongård AS 88.1%
- Thon Hotellbygg AS 71.2%
- Eiendomsmegler 1 Midt-Norge AS 64.0%
- 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
- Eiendomsmegler 1 Sør-Norge AS +82.7%
- Eiendomsmegler Norge AS +82.3%
- Cbre Gws Norway AS +28.1%
- DNB Eiendom AS +11.8%
- OBOS Eiendomsforvaltning AS +7.6%
Revenue growth from the year before, only from at least NOK 10 million in revenue.
Largest revenue decline
- OBOS Nye Hjem AS −11.1%
- Thongård AS −3.4%
- Mustad Eiendom AS −1.7%
Revenue decline from the year before, only from at least NOK 10 million in revenue.
Biggest climbers
- DNB Eiendom AS +18.3 points
- OBOS Block Watne AS +12.4 points
- Thongård AS +3.6 points
Change in index points from the year before.
Biggest fallers
- Eiendomsmegler Krogsveen AS −13.7 points
- OBOS Nye Hjem AS −13.7 points
- Thon Hotellbygg AS −10.5 points
- Ote Eiendom AS −10.2 points
- 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.
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).
- OBOS Block Watne AS profitability 4 → 13, solidity 31 → 60
- DNB Eiendom AS profitability 4 → 33, solidity 54 → 53
- Ote Eiendom AS profitability 77 → 63, solidity 46 → 20
- OBOS Nye Hjem AS profitability 19 → 10, solidity 62 → 40
- Thon Hotellbygg AS profitability 77 → 67, solidity 100 → 87
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 |
|---|---|---|---|
| Ferncliff Holding AS | Lion | 100 | 100 |
| Ferncliff Tih AS | Lion | 93 | 73 |
| OBOS Eiendomsforvaltning AS | Lion | 77 | 67 |
| Thon Hotellbygg AS | Lion | 67 | 87 |
| Ote Eiendom AS | Cheetah | 63 | 20 |
| Eiendomsmegler 1 Midt-Norge AS | Lion | 60 | 80 |
| Eiendomsmegler Norge AS | Cheetah | 60 | 33 |
| Eiendomsmegler Krogsveen AS | Cheetah | 57 | 27 |
| Mustad Eiendom AS | Cheetah | 57 | 7 |
| Eiendomsmegler 1 Sør-Norge AS | Cheetah | 50 | 47 |
| Thongård AS | Elephant | 37 | 93 |
| DNB Eiendom AS | Elephant | 33 | 53 |
| Cbre Gws Norway AS | Beaver | 20 | 13 |
| OBOS Block Watne AS | Elephant | 13 | 60 |
| OBOS Nye Hjem AS | Beaver | 10 | 40 |
| Spro Havn AS | Beaver | 3 | 0 |
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%.
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
- 3DNB Eiendom ASfrom rank 12 to 952
- 3OBOS Block Watne ASfrom rank 13 to 1043
- 2Thongård ASfrom rank 7 to 557
Fallers
- 5Eiendomsmegler Krogsveen ASfrom rank 6 to 1143
- 5Mustad Eiendom ASfrom rank 9 to 1430
- 4Thon Hotellbygg ASfrom rank 4 to 852
- 4Ote Eiendom ASfrom rank 8 to 1237
- 4OBOS Nye Hjem ASfrom rank 11 to 1525
Awards · 2025 · Morning class Large
Needs attention · 2025 · Morning class Large
7 companies show at least one warning sign. Showing the 7 most important.
- watchOBOS Nye Hjem ASCurrent ratio below 1 (0.58) · Loss before tax
- watchMustad Eiendom ASVery low equity ratio (7.8%) · Current ratio below 1 (0.25)
- watchOBOS Block Watne ASLoss before tax
- watchOte Eiendom ASCurrent ratio below 1 (0.21)
- watchOBOS Eiendomsforvaltning ASCurrent ratio below 1 (0.86)
- watchSpro Havn ASVery low equity ratio (0.5%)
- watchThon Hotellbygg ASCurrent ratio below 1 (0.11)
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
| Company | Operating margin | Equity ratio | Revenue |
|---|---|---|---|
| Ferncliff Holding AS | 99.8% | 99.3% | 1,391 MNOK |
| Ferncliff Tih AS | 99.2% | 53.9% | 1,439 MNOK |
| Eiendomsmegler 1 Midt-Norge AS | 13.0% | 64.0% | 590 MNOK |
| OBOS Eiendomsforvaltning AS | 27.8% | 42.8% | 888 MNOK |
| Thongård AS | 26.3% | 88.1% | 898 MNOK |
| Eiendomsmegler 1 Sør-Norge AS | 7.1% | 35.7% | 908 MNOK |
| Eiendomsmegler Norge AS | 9.8% | 32.7% | 534 MNOK |
| Thon Hotellbygg AS | 58.6% | 71.2% | 767 MNOK |
| DNB Eiendom AS | 2.9% | 37.9% | 1,712 MNOK |
| OBOS Block Watne AS | 1.3% | 40.0% | 2,037 MNOK |
| Eiendomsmegler Krogsveen AS | 4.3% | 27.3% | 738 MNOK |
| Ote Eiendom AS | 30.8% | 25.4% | 1,329 MNOK |
| Cbre Gws Norway AS | 1.0% | 14.4% | 759 MNOK |
| Mustad Eiendom AS | 46.9% | 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.
| Rank | Company | Score | Equity ratio | Return on assets | Current ratio | Total assets |
|---|---|---|---|---|---|---|
| 1 | Strøm Sivertsen Holding AS | 99 | 100.0% | 168.5% | – | 21 MNOK |
| 2 | Kontar Holding AS | 99 | 100.0% | 114.5% | – | 29 MNOK |
| 3 | JET JR. Invest AS | 98 | 100.0% | 100.7% | 4,630.32 | 65 MNOK |
| 4 | Svejk Invest AS | 98 | 100.0% | 78.5% | 7,950.39 | 32 MNOK |
| 5 | Stark Holding AS | 97 | 100.0% | 74.6% | – | 19 MNOK |
| 6 | S Kristoffersen Holding AS | 96 | 100.0% | 73.3% | 4,368.16 | 27 MNOK |
| 7 | Jetro Holding AS | 96 | 100.0% | 53.6% | – | 39 MNOK |
| 8 | Jif Invest AS | 95 | 99.9% | 97.0% | 651.51 | 135 MNOK |
| 9 | Pesa Invest AS | 95 | 100.0% | 57.5% | 1,768.04 | 134 MNOK |
| 10 | Dolvik Holding AS | 95 | 99.9% | 64.3% | 1,327.42 | 14 MNOK |
| 11 | Kvalmo Invest AS | 95 | 99.9% | 68.8% | 986.67 | 12 MNOK |
| 12 | Urskjell Invest AS | 95 | 100.0% | 56.2% | 2,048.66 | 22 MNOK |
| 13 | Wærholm Invest AS | 94 | 100.0% | 47.6% | 2,380.43 | 13 MNOK |
| 14 | Julip Invest AS | 94 | 100.0% | 52.6% | 2,545.35 | 22 MNOK |
| 15 | Bøffel Holding AS | 94 | 99.8% | 150.7% | 266.75 | 110 MNOK |
| 16 | Podrick Invest AS | 94 | – | 110.1% | 146.37 | 129 MNOK |
| 17 | Baze Holding AS | 94 | 99.8% | 1,795.0% | 421.23 | 17 MNOK |
| 18 | FK Invest AS | 91 | 99.8% | 52.8% | 572.78 | 15 MNOK |
| 19 | Corrente Holding AS | 91 | 99.9% | 37.7% | 701.03 | 35 MNOK |
| 20 | Hwa Holding AS | 91 | 100.0% | 29.2% | – | 17 MNOK |
Show all 100
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
- Finance earns 58.3% on operations; the typical Norwegian industry makes 5.7%No. 2 of 22 on median operating margin
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 year | Median operating margin | Median equity ratio |
|---|---|---|
| 2018 | – | – |
| 2019 | – | – |
| 2020 | – | – |
| 2021 | – | – |
| 2022 · weakest year | 31.0% | 10.0% |
| 2023 | 44.6% | 26.7% |
| 2024 | 45.5% | 26.4% |
| 2025 | 46.6% | 27.3% |
| 2026 | 61.3% | 87.8% |
In 2022, 24 ranked companies did better than the sector, 19 about the same and 18 weaker.
Held up best in 2022
- 1HJ Eiendom ASequity ratio 40.8%97.2%
- 2Viken Boligeiendom ASequity ratio 10.0%94.0%
- 3Gjønnesjordet 10 ASequity ratio 0.5%88.9%
- 4Rambolt Eiendom ASequity ratio 74.1%81.8%
- 5Herock ASequity ratio 89.0%79.7%
- 6Huitfeldts Gate 15 ASequity ratio 6.3%77.3%
- 7Gullregnbukta ASequity ratio 4.9%71.5%
- 8Haakon Knudstad ASequity ratio 71.6%70.8%
- 9Inventec ASequity ratio 56.2%70.1%
- 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)
Policy rate fell 0.20 percentage points in 2025; the sector's median operating margin rose 1.1 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 |
| 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))
Construction cost index for dwellings rose 4.3% in 2025; the sector's median operating margin rose 1.1 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Construction cost index for dwellings, annual average | 124.2 | 135.1 | 141.1 | 146.4 | 152.7 | 158.4 (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))
Consumer price index rose 3.0% in 2025; the sector's median operating margin rose 1.1 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Consumer price index, annual average | 84.3 | 89.2 | 94.1 | 97.0 | 100.0 | 102.9 (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.
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)
Industry codes (NACE)
| Code | Description |
|---|---|
| 68* | Hele hovedgruppe 68 |
| 68.110 | Kjøp og salg av egen fast eiendom |
| 68.120 | Utvikling og salg av byggeprosjekter |
| 68.200 | Utleie av egen eller leid fast eiendom |
| 68.310 | Eiendomsmegling og andre formidlingstjenester for eiendom |
| 68.320 | Eiendomsforvaltning på oppdrag |