Sector

Retail and wholesale

21,088 companies ranked against comparable companies in four Morning company classes. Fiscal year 2023. Source: Brønnøysund Register Centre. Methodology

Morning company class

Morning company classes are our own division by revenue, not an official standard: Micro NOK 1m–10 MNOK, Small 10 MNOK–50 MNOK, Medium 50 MNOK–500 MNOK, Large from 500 MNOK. Companies are ranked only against others in the same class, and every figure below is for the class you have chosen. What are Morning company classes?

Ranking · 2023 · Morning class Large

Morning class Large · 2023
#	Company	Profile	Score	Change
1	Rekap 1 ASsubsidiary of Reitan AS	Leader	95	–
2	Pretec ASsubsidiary of Pretec Group AS	Leader	94	–
3	Run AS	Leader	93	–
4	Otto Olsen AS	Leader	92	–
5	Sverdrup Steel AS	Leader	92	–
6	Biltema Norge AS	Leader	91	–
7	J A Magnussen Engros AS	Leader	91	–
8	Cubus AS	Leader	89	–
9	Ferd AS	Leader	89	–
10	Tmc Compressors AS	Leader	89	–
11	Motek AS	Leader	89	–
12	Certex Norge AS	Leader	88	–
13	Abk-Qviller AS	Leader	88	–
14	Norcar AS	Leader	88	–
15	Ellos Norway AS	Leader	88	–
16	SN Seafood AS	Leader	87	–
17	Hydroscand AS	Leader	87	–
18	K J Brusdal AS	Leader	87	–
19	Fritzøe Engros AS	Leader	87	–
20	Reitan Retail ASsubsidiary of Reitan AS	Leader	87	–
21	Brenntag Nordic AS	Leader	86	–
22	Arrow Norway AS	Leader	85	–
23	A/S SØRENSEN OG BALCHEN	Leader	85	–
24	NG Kiwi Møre AS	Leader	84	–
25	NG Kiwi Romsdal og Nordmøre AS	Leader	84	–
26	Astrup AS	Leader	84	–
27	Tess Nord AS	Leader	83	–
28	Tess Øst AS	Leader	83	–
29	Abbott Norge AS	Leader	83	–
30	Wenaas Workwear AS	Leader	83	–
31	Geia Food AS	Leader	83	–
32	Lekekassen AS	Leader	83	–
33	Reitan AS	Leader	82	–
34	Alimenta AS	Leader	81	–
35	Måkestad Engros AS	Leader	81	–
36	Bayer AS	Leader	80	–
37	Lære AS	Leader	80	–
38	Tess Sør AS	Leader	80	–
39	Astrazeneca AS	Steward	80	–
40	Fresenius Kabi Norge AS	Steward	80	–
41	Princess-Gruppen AS	Steward	79	–
42	Swegon AS	Leader	79	–
43	Novartis Norge AS	Leader	78	–
44	Coast Tromsø ASsubsidiary of Coast Seafood AS	Leader	78	–
45	Fjordland AS	Leader	78	–
46	GC Rieber Minerals AS	Leader	78	–
47	Urmaker Bjerke AS	Leader	77	–
48	Itab Norge AS	Leader	77	–
49	NG Kiwi Vestfold Telemark AS	Leader	77	–
50	John Deere Forestry AS	Leader	77	–

Download as CSV (opens in Excel)

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

XXL SPORT & Villmark AS
From 2022 to 2023: the operating margin fell from −18.6% to −41.9% and the equity ratio fell from 30.0% to −15.9%.
−35
Synoptik Norge AS
From 2022 to 2023: went from a profit to a loss before tax and the operating margin fell from 4.0% to −0.4%.
−25
Beko Nordic AS
From 2022 to 2023: went from a loss to a profit before tax and the operating margin rose from −1.6% to 2.4%.
+16
XXL Grossist Norge AS
From 2022 to 2023: went from a loss to a profit before tax and the operating margin rose from −1.4% to 17.9%.
+12

Top lists in the sector · 2023 · Morning class Large

The five largest companies account for 75% of the sector's revenue. Combined profit before tax for the 456 ranked companies: 329,736 MNOK.

Highest revenue

Jysk AS 2,948,054 MNOK
REMA Distribusjon Norge AS 34,929 MNOK
Esso Norge AS 28,753 MNOK
Lerøy Seafood AS 23,485 MNOK
Circle K Norge AS 19,208 MNOK

Operating revenue.

Highest operating margin

Ferd Holding AS 99.8%
Rekap 1 ASsubsidiary of Reitan AS 97.5%
Reitan AS 94.9%
Ferd AS 91.7%
Reitan Retail ASsubsidiary of Reitan AS 88.0%

Operating result divided by operating revenue.

Largest profit

Jysk AS 293,676 MNOK
Ferd AS 3,883 MNOK
Ferd Holding AS 3,815 MNOK
Reitan AS 2,495 MNOK
Harald A Møller ASsubsidiary of Møller Mobility Group AS 1,518 MNOK

Profit before tax.

Largest loss

XXL SPORT & Villmark AS −1,234 MNOK
Power International AS −731 MNOK
Esso Norge AS −450 MNOK
Bertel O Steen AS −386 MNOK
Plantasjen Norge AS −325 MNOK

Profit before tax, the largest negative.

Most solid

Rekap 1 ASsubsidiary of Reitan AS 99.4%
Ferd Holding AS 98.1%
Arrow Norway AS 95.5%
Varner AS 94.9%
Ferd AS 92.2%

Equity ratio: equity divided by total assets.

Fastest growth

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

Largest revenue decline

MB Energy AS −48.9%
Haltbakk Logistics AS −13.5%
XXL SPORT & Villmark AS −9.8%
Fenor AS −2.6%

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

Biggest climbers

Beko Nordic AS +16.0 points
XXL Grossist Norge AS +12.2 points
MAN TRUCK & Bus Norge AS +0.2 points

Change in index points from the year before.

Biggest fallers

XXL SPORT & Villmark AS −34.4 points
Synoptik Norge AS −24.7 points
MB Energy AS −7.5 points
Haltbakk Logistics AS −7.0 points
Fenor AS −2.9 points

Change in index points from the year before.

Most employees

Employees according to the Central Coordinating Register.

Highest revenue per employee

Jysk AS 2,243.6 MNOK
Norsk Butikkdrift AS 743.6 MNOK
Platina Seafood AS 482.1 MNOK
Esso Norge AS 393.9 MNOK
Certas Energy Fuels AS 376.1 MNOK

Only companies with at least 5 employees.

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 · 2023 · 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.

The chart and list show the 400 largest companies by revenue, of 465 in the class. Everyone is in the ranking. Full ranking

Bubble size shows relative revenue, not exact figures. Dashed lines show where the 5 companies that moved most stood in 2022 (small ring).

XXL Grossist Norge AS profitability 42 → 98, solidity 70 → 59
XXL SPORT & Villmark AS profitability 10 → 1, solidity 56 → 0
Synoptik Norge AS profitability 65 → 12, solidity 66 → 58
Fenor AS profitability 28 → 4, solidity 24 → 21
MAN TRUCK & Bus Norge AS profitability 53 → 40, solidity 27 → 7

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	In 2022 (profitability / solidity)
Bayer AS	Lion	99	65	–
Tmc Compressors AS	Lion	99	78	–
Mars Norge AS	Cheetah	98	6	–
XXL Grossist Norge AS	Lion	98	59	42 / 70
British American Tobacco Norway AS	Cheetah	97	8	–
Kid Interiør AS	Cheetah	97	19	–
Systemair AS	Lion	97	53	–
L'oreal Norge AS	Cheetah	97	7	–
Karo Pharma AS	Lion	97	58	–
EQOLOGY.NO AS	Cheetah	96	36	–
Clariant Oil Services Scandinavia AS	Cheetah	96	14	–
Imperial Brands Norway AS	Cheetah	96	1	–
Run AS	Lion	96	88	–
Smartoptics AS	Cheetah	95	33	–
Swedish Match Sales Norway AS	Cheetah	95	1	–
A/S SØRENSEN OG BALCHEN	Lion	95	88	–
Normal Norge AS	Cheetah	95	45	–
Pretec AS	Lion	94	94	–
Jysk AS	Cheetah	93	38	–
3M Norge AS	Lion	93	54	–
Norgesdekk AS	Lion	93	57	–
Red Bull Norway AS	Cheetah	92	40	–
Sverdrup Steel AS	Lion	92	89	–
BLIVAKKER.NO AS	Cheetah	92	38	–
Eide Seafood AS	Cheetah	91	14	–
Malorama AS	Cheetah	90	25	–
Harald A Møller AS	Cheetah	90	23	–
Takeda AS	Lion	89	55	–
Robert Bosch AS	Cheetah	88	27	–
Essity Norway AS	Cheetah	88	8	–
Abk-Qviller AS	Lion	88	83	–
Reitan Retail AS	Lion	87	85	–
GC Rieber Minerals AS	Lion	87	85	–
Motek AS	Lion	87	89	–
Fjordland AS	Lion	86	70	–
Kosan Gas Norge AS	Cheetah	86	16	–
Ventistål AS	Cheetah	86	39	–
Europris AS	Lion	85	75	–
Emerson Automation Solutions AS	Lion	85	56	–
Hydroscand AS	Lion	85	90	–
Eurobus Nordic AS	Cheetah	85	15	–
Rekap 1 AS	Lion	85	100	–
Mento AS	Lion	84	60	–
Voice Norge AS	Cheetah	84	22	–
Epiroc Norge AS	Cheetah	83	46	–
Certex Norge AS	Lion	83	88	–
Cubus AS	Lion	83	92	–
Wenaas Workwear AS	Lion	83	83	–
Nordisk Interactive AS	Cheetah	83	16	–
J A Magnussen Engros AS	Lion	83	93	–

The sector in numbers

Summary · fiscal year 2023 · Morning class Large

The sector's median operating margin is 2.3%. 8 of 468 companies have negative equity. The median equity ratio is 28.7%.

Companies with accounts468

Total revenue4,099,411 MNOK

Median operating margin2.3%

Median equity ratio28.7%

Share with a loss15%

Share with negative equity2%

All figures are for fiscal year 2023. Ranked: 465 operating companies. Holding companies, excluded companies and companies without enough data are shown but not ranked. How to read the index

The total counts each group once: 9 subsidiaries (30,747 MNOK in revenue) are left out of totals and size lists because their parent in the sector has at least as much revenue, so their sales can run through the parent. They are ranked as usual. Methodology

7 companies report in another currency. Their revenue is converted at the mean rate for the accounting period and makes up 1% of the total.

Climbers and fallers · Morning class Large

Change in rank from 2022 to 2023, for 8 companies ranked in both years.

Climbers

None.

Fallers

457XXL SPORT & Villmark ASfrom rank 4 to 4616
401Fenor ASfrom rank 7 to 40826
400Haltbakk Logistics ASfrom rank 6 to 40626
334MB Energy ASfrom rank 3 to 33737
326MAN TRUCK & Bus Norge ASfrom rank 5 to 33138

Awards · 2023 · Morning class Large

Most profitableFerd Holding AS99.8%

Fastest growthMAN TRUCK & Bus Norge AS36.8%

Strongest balance sheetRekap 1 AS99.4%

Largest revenueJysk AS2,948,054 MNOK

Highest revenue per employeeJysk AS2,243.6 MNOK

Needs attention · 2023 · Morning class Large

155 companies show at least one warning sign. Showing the 15 most important.

criticalPower International ASNegative equity · Current ratio below 1 (0.60) · Loss before tax
criticalXXL SPORT & Villmark ASNegative equity · Current ratio below 1 (0.76) · Loss before tax
criticalLentus Butikkdrift ASNegative equity · Current ratio below 1 (0.86) · Loss before tax
criticalFarmasiet ASNegative equity · Current ratio below 1 (0.37) · Loss before tax
criticalNio Norway ASNegative equity · Current ratio below 1 (0.31) · Loss before tax
criticalWilliksen Export ASNegative equity · Loss before tax
criticalMedivatus ASNegative equity · Loss before tax
criticalSolaris Norge ASNegative equity
watchUno-X Mobility Norge ASVery low equity ratio (2.1%) · Current ratio below 1 (0.59) · Loss before tax
watchOda Norway ASVery low equity ratio (1.4%) · Current ratio below 1 (0.40) · Loss before tax
watchNorwegian Agro Machinery ASVery low equity ratio (1.1%) · Current ratio below 1 (0.90) · Loss before tax
watchLiebherr-Norge ASVery low equity ratio (1.8%) · Current ratio below 1 (0.79) · Loss before tax
watchCircle K Norge ASCurrent ratio below 1 (0.61) · Loss before tax
watchSt1 Norge ASCurrent ratio below 1 (0.99) · Loss before tax
watchApotek 1 Gruppen ASVery low equity ratio (7.1%) · Current ratio below 1 (0.75)

Sector map · 2023 · 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.

The map shows the 400 largest companies by revenue, of 465 ranked. Everyone is in the ranking.

Show the map's figures as a table

Company	Operating margin	Equity ratio	Revenue
Jysk AS	10.0%	22.1%	2,948,054 MNOK
REMA Distribusjon Norge AS	1.1%	19.9%	34,929 MNOK
Esso Norge AS	−1.1%	18.3%	28,753 MNOK
Lerøy Seafood AS	2.3%	10.2%	23,485 MNOK
Circle K Norge AS	0.2%	27.6%	19,208 MNOK
St1 Norge AS	0.3%	43.1%	19,038 MNOK
Aktieselskapet Vinmonopolet	1.6%	19.1%	18,726 MNOK
North European Oil Trade AS	−0.6%	1.9%	18,560 MNOK
Uno-X Mobility Norge AS	0.2%	2.1%	18,485 MNOK
Asko Sentrallager Kjøl AS	0.7%	22.9%	18,057 MNOK
Harald A Møller AS	7.3%	15.6%	17,915 MNOK
Apotek 1 Gruppen AS	4.9%	7.1%	15,406 MNOK
Asko Oslofjord AS	0.3%	27.2%	15,107 MNOK
Tesla Norway AS	1.5%	9.7%	14,892 MNOK
Asko Sentrallager og Transport AS	0.1%	19.7%	14,593 MNOK
Power International AS	−4.5%	−6.4%	14,315 MNOK
Bama Gruppen AS	−0.2%	28.7%	12,882 MNOK
Asko Oslo AS	1.6%	13.9%	12,543 MNOK
Alliance Healthcare Norge AS	1.6%	28.2%	11,808 MNOK
Asko Vest AS	1.8%	35.4%	11,775 MNOK
Unil AS	1.4%	23.2%	11,577 MNOK
Optimera AS	1.9%	17.2%	11,265 MNOK
Bertel O Steen AS	−2.3%	36.7%	11,039 MNOK
NG Kiwi Oslo Akershus AS	2.9%	37.4%	10,119 MNOK
Bunker Oil AS	1.3%	35.6%	9,939 MNOK
Count Energy Trading AS	0.2%	5.4%	9,697 MNOK
Norsk Butikkdrift AS	2.1%	63.4%	9,666 MNOK
IKEA AS	5.6%	15.6%	8,988 MNOK
Seaborn AS	0.9%	21.8%	8,788 MNOK
Mestergruppen Byggevare AS	4.6%	15.4%	8,545 MNOK
Bama Dagligvare AS	2.4%	9.2%	8,477 MNOK
Preem Norge AS	1.2%	30.1%	8,439 MNOK
Asko Hedmark AS	1.9%	40.3%	8,363 MNOK
Atea AS	3.4%	18.3%	8,180 MNOK
Brødrene Dahl A/S	3.9%	25.9%	8,115 MNOK
Europris Butikkdrift AS	5.3%	13.1%	7,937 MNOK
Asko Vestfold Telemark AS	1.7%	30.2%	7,479 MNOK
Asko Rogaland AS	1.5%	46.2%	7,475 MNOK
Ahlsell Norge AS	3.9%	37.3%	7,467 MNOK
Asko Midt-Norge AS	1.0%	42.2%	7,243 MNOK
Power Norge AS	1.0%	31.8%	6,904 MNOK
Byggmakker Handel AS	0.4%	49.4%	6,408 MNOK
Asko Øst AS	0.6%	36.5%	6,388 MNOK
Asko Agder AS	1.6%	42.3%	6,264 MNOK
Europris AS	13.0%	45.9%	6,171 MNOK
NG Kiwi Innland AS	3.4%	44.5%	6,113 MNOK
Hofseth Sales AS	0.8%	1.1%	5,986 MNOK
Coast Seafood AS	1.4%	52.6%	5,897 MNOK
Volvo Car Norway AS	0.3%	8.6%	5,777 MNOK
Sjor AS	0.2%	16.5%	5,526 MNOK
NG Meny Øst AS	2.2%	38.5%	5,510 MNOK
Asko Nord AS	1.4%	54.3%	5,503 MNOK
Certas Energy Norway AS	0.1%	41.0%	5,387 MNOK
Komplett Services AS	2.5%	26.1%	5,348 MNOK
Grieg Seafood Sales AS	3.5%	14.2%	5,302 MNOK
Biltema Norge AS	6.6%	82.8%	5,270 MNOK
BARE FRUKT & Grønt AS	2.6%	10.0%	5,115 MNOK
Alliance Healthcare Norge Apotekdrift AS	1.4%	49.4%	5,073 MNOK
H & M HENNES & Mauritz AS	3.3%	9.4%	4,778 MNOK
Maxbo AS	−4.0%	15.8%	4,775 MNOK
NG Kiwi Buskerud AS	3.4%	43.5%	4,653 MNOK
NG Kiwi Vest AS	2.3%	52.3%	4,647 MNOK
Volvo Maskin AS	4.4%	19.8%	4,618 MNOK
Travel Retail Norway AS	−2.2%	13.4%	4,599 MNOK
Gasum AS	5.8%	18.6%	4,407 MNOK
BMW Norge AS	0.9%	19.2%	4,405 MNOK
Driv Energi AS	2.6%	8.9%	4,395 MNOK
RUTEBILEIERNES STANDARDISERINGSAKSJESELSKAP	2.4%	32.8%	4,380 MNOK
Nordlaks Sales AS	1.2%	8.9%	4,361 MNOK
H.I. Giørtz Sønner AS	2.2%	56.5%	4,305 MNOK
Ferd AS	91.7%	92.2%	4,289 MNOK
Ford Motor Norge AS	1.5%	6.1%	4,215 MNOK
Komplett Distribusjon AS	1.1%	39.8%	4,011 MNOK
XXL SPORT & Villmark AS	−41.9%	−15.9%	3,981 MNOK
Sekkingstad AS	1.2%	25.4%	3,966 MNOK
Also AS	2.8%	27.8%	3,925 MNOK
Hedin Automotive Bavaria AS	1.9%	29.1%	3,904 MNOK
Helly Hansen AS	13.5%	39.3%	3,853 MNOK
Air BP Norway AS	1.3%	43.9%	3,844 MNOK
Ferd Holding AS	99.8%	98.1%	3,818 MNOK
Zeppelin Construction Equipment Norway AS	0.2%	11.4%	3,796 MNOK
Kolly AS	−1.6%	12.0%	3,741 MNOK
North Sea Seafood AS	−0.5%	10.4%	3,698 MNOK
NG Kiwi Rogaland AS	2.8%	51.5%	3,654 MNOK
Onninen AS	5.2%	72.2%	3,645 MNOK
Polar Quality AS	1.8%	22.1%	3,609 MNOK
E.A. Smith AS	−2.8%	25.9%	3,563 MNOK
Bergen Bunkers AS	0.5%	29.5%	3,553 MNOK
Aviation Fuelling Services Norway AS	3.6%	18.6%	3,457 MNOK
XXL Grossist Norge AS	17.9%	34.0%	3,402 MNOK
NG Kiwi Øst AS	2.1%	53.5%	3,346 MNOK
Normal Norge AS	10.6%	26.6%	3,253 MNOK
Solar Norge AS	4.3%	52.3%	3,161 MNOK
Oda Norway AS	−8.1%	1.4%	3,121 MNOK
Sport Holding AS	−1.9%	29.4%	3,005 MNOK
Dustin Norway AS	1.1%	16.7%	2,896 MNOK
Jula Norge AS	2.3%	34.4%	2,850 MNOK
Norwegian Seafood AS	0.6%	6.3%	2,807 MNOK
Berggård Amundsen & Co AS	−0.4%	39.7%	2,788 MNOK
NG Kiwi Vestfold Telemark AS	3.0%	57.3%	2,767 MNOK
Eikmaskin AS	3.1%	20.7%	2,758 MNOK
Norwell AS	0.9%	22.9%	2,737 MNOK
Asko Molde AS	1.9%	41.8%	2,724 MNOK
NG Kiwi Agder AS	2.5%	52.4%	2,709 MNOK
TD Synnex Norway AS	−0.2%	13.7%	2,697 MNOK
NG Kiwi Midt-Norge AS	2.0%	54.6%	2,646 MNOK
Certas Energy Fuels AS	0.2%	28.9%	2,633 MNOK
Toyota Bilia AS	2.3%	28.2%	2,627 MNOK
Reitan AS	94.9%	91.1%	2,621 MNOK
Nor Seafoods AS	1.4%	20.9%	2,600 MNOK
REMA Distribusjon Import AS	1.7%	25.6%	2,571 MNOK
British American Tobacco Norway AS	28.8%	7.1%	2,567 MNOK
Arrow Ecs Norway AS	2.7%	15.8%	2,558 MNOK
Plantasjen Norge AS	−8.5%	48.5%	2,555 MNOK
Tenaris Global Services Norway AS	4.5%	19.5%	2,479 MNOK
Novo Nordisk Norway AS	3.4%	0.2%	2,454 MNOK
Platina Seafood AS	2.4%	13.1%	2,410 MNOK
Mondelez Norge AS	1.6%	48.4%	2,410 MNOK
Cubus AS	5.8%	64.6%	2,385 MNOK
Tools AS	3.7%	36.0%	2,316 MNOK
Asko Oppland AS	0.9%	36.1%	2,302 MNOK
Møller Bil Trøndelag AS	2.1%	15.2%	2,299 MNOK
Malorama AS	8.9%	16.6%	2,286 MNOK
Schneider Electric Norge AS	1.9%	31.0%	2,283 MNOK
Star Seafood AS	1.2%	17.2%	2,281 MNOK
Modino AS	0.0%	28.4%	2,275 MNOK
Fresenius Kabi Norge AS	1.6%	76.0%	2,271 MNOK
Bravo Seafood AS	1.3%	19.2%	2,183 MNOK
Volvo Car Stor-Oslo AS	2.6%	25.6%	2,151 MNOK
Ineos Sales Norge AS	0.3%	20.5%	2,146 MNOK
Voice Norge AS	11.0%	14.9%	2,135 MNOK
Kid Interiør AS	18.1%	14.1%	2,123 MNOK
Megaflis AS	3.2%	46.2%	2,115 MNOK
Firda Seafood AS	4.8%	27.0%	2,111 MNOK
Rusta Retail AS	6.9%	29.0%	2,093 MNOK
Heidenreich AS	0.5%	42.2%	2,078 MNOK
Würth Norge AS	3.1%	65.3%	2,057 MNOK
Bama Storkjøkken AS	3.2%	27.5%	2,027 MNOK
NG Meny Vest AS	0.8%	59.8%	2,020 MNOK
Sulland Auto AS	1.7%	28.7%	2,005 MNOK
Fjordland AS	6.1%	41.2%	1,998 MNOK
Lyreco Norge AS	−4.0%	45.1%	1,972 MNOK
K. Ekrheim AS	1.7%	44.6%	1,970 MNOK
Ocean Supreme AS	2.7%	39.4%	1,911 MNOK
Gausdal Landhandleri AS	−0.9%	49.6%	1,905 MNOK
Bayer AS	40.7%	38.4%	1,885 MNOK
Storcash Norge AS	4.0%	36.9%	1,877 MNOK
Essity Norway AS	8.3%	7.0%	1,864 MNOK
Neumann Bygg AS	0.7%	14.4%	1,831 MNOK
Ark Bokhandel AS	−0.2%	30.1%	1,767 MNOK
Sverdrup Steel AS	13.2%	59.2%	1,706 MNOK
Møller Bil Romerike AS	1.5%	15.3%	1,700 MNOK
Orkla Health AS	12.8%	20.0%	1,699 MNOK
Nortømmer AS	1.2%	31.8%	1,693 MNOK
Mester Grønn AS	2.3%	55.5%	1,693 MNOK
Reitan Retail AS	88.0%	53.6%	1,690 MNOK
Ventistål AS	7.1%	23.3%	1,663 MNOK
Nergård Seafood AS	1.1%	6.0%	1,661 MNOK
L'oreal Norge AS	13.7%	6.1%	1,637 MNOK
Nille AS	2.6%	45.9%	1,630 MNOK
Takeda AS	8.8%	30.9%	1,618 MNOK
Norli AS	5.7%	28.6%	1,615 MNOK
NG Meny Østlandet AS	1.4%	44.4%	1,611 MNOK
Molgas Norway AS	6.8%	66.2%	1,609 MNOK
Dressmann A/S	13.9%	48.1%	1,596 MNOK
AS NESTLÉ NORGE	2.2%	2.6%	1,595 MNOK
Bil i Nord AS	0.7%	24.5%	1,581 MNOK
Bohus Logistikk AS	0.7%	9.7%	1,576 MNOK
Eco- 1 Bioenergi AS	3.5%	9.9%	1,572 MNOK
Mhservice AS	0.7%	24.0%	1,571 MNOK
Sport Holding Retail AS	6.5%	25.5%	1,545 MNOK
HAUGEN - Gruppen AS	6.0%	36.4%	1,536 MNOK
Akershus Traktor A/S	2.0%	21.4%	1,523 MNOK
Vianor AS	−0.5%	26.6%	1,486 MNOK
NG Kiwi Møre AS	3.5%	70.4%	1,481 MNOK
Dagligvare Gruppen Tromsø AS	1.1%	62.0%	1,473 MNOK
Elektroimportøren Norge AS	0.7%	19.0%	1,462 MNOK
Kappahl AS	4.2%	24.9%	1,459 MNOK
Imperial Brands Norway AS	18.5%	0.8%	1,457 MNOK
NG Kiwi Nord AS	−0.3%	59.7%	1,452 MNOK
Nasta AS	2.3%	26.1%	1,450 MNOK
Lindex AS	2.4%	55.4%	1,448 MNOK
Nokian Dekk AS	1.9%	26.9%	1,418 MNOK
Fram Seafood AS	1.3%	23.7%	1,404 MNOK
AS BLOMSTERRINGEN ENGROS	1.1%	38.1%	1,398 MNOK
Janssen-Cilag AS	5.5%	11.7%	1,395 MNOK
Arrow Norway AS	7.0%	95.5%	1,394 MNOK
Autoringen Oslo AS	0.1%	7.3%	1,377 MNOK
Eplehuset Norge AS	1.1%	37.5%	1,371 MNOK
BERTEL O. STEEN TRUCKS & Buses AS	3.0%	20.5%	1,368 MNOK
Stim AS	2.7%	7.5%	1,361 MNOK
Kia Bil Norge AS	−6.1%	40.4%	1,354 MNOK
MAN TRUCK & Bus Norge AS	3.5%	6.5%	1,352 MNOK
Ice Fish AS	1.8%	37.8%	1,348 MNOK
Havi Logistics AS	0.0%	2.0%	1,337 MNOK
Motek AS	9.5%	58.7%	1,330 MNOK
Autoria Bil AS	−1.6%	26.3%	1,324 MNOK
Meko Norway AS	7.6%	12.5%	1,308 MNOK
Eide Seafood AS	8.7%	10.4%	1,303 MNOK
Maske AS	5.9%	35.1%	1,298 MNOK
Novartis Norge AS	3.2%	58.5%	1,276 MNOK
Rekap 1 AS	97.5%	99.4%	1,265 MNOK
Norwegian Mobility Group AS	2.9%	26.9%	1,240 MNOK
Nordisk Interactive AS	4.3%	12.3%	1,239 MNOK
MB Energy AS	1.9%	24.2%	1,234 MNOK
Baxt AS	3.2%	13.4%	1,229 MNOK
NG Meny Vestfold Telemark AS	−0.4%	68.7%	1,223 MNOK
NG Meny Sør AS	−1.8%	54.5%	1,217 MNOK
Nordic Group AS	1.3%	18.6%	1,215 MNOK
Zeppelin Power Systems Norway AS	3.6%	15.6%	1,212 MNOK
Vartdal Plastindustri AS	2.8%	28.9%	1,204 MNOK
Knapphus Energi AS	1.6%	27.0%	1,204 MNOK
Synsam Group Norway AS	9.8%	38.2%	1,200 MNOK
Zaptec Charger AS	−1.9%	9.8%	1,174 MNOK
Solaris Norge AS	1.1%	−47.2%	1,167 MNOK
Pfizer AS	0.8%	40.8%	1,166 MNOK
Villa Seafood AS	2.6%	23.1%	1,159 MNOK
Stora Enso Skog AS	0.6%	49.4%	1,147 MNOK
Helgø Meny Rogaland AS	−1.5%	54.4%	1,143 MNOK
Norgesgruppen Data AS	−0.8%	19.7%	1,131 MNOK
Electrolux Home Products Norway AS	0.1%	7.4%	1,123 MNOK
Toyota Romerike AS	3.7%	25.0%	1,119 MNOK
Norwegian Seafood Company AS	2.5%	47.6%	1,115 MNOK
Fritzøe Engros AS	7.1%	73.2%	1,112 MNOK
Kraemer Maritime AS	2.8%	18.8%	1,109 MNOK
Norgesdekk AS	13.4%	32.2%	1,104 MNOK
Namron AS	4.4%	25.8%	1,099 MNOK
NG Meny Buskerud AS	−1.8%	46.7%	1,097 MNOK
Bestseller AS	2.3%	14.2%	1,094 MNOK
NG Kiwi Romsdal og Nordmøre AS	4.5%	59.4%	1,094 MNOK
Hallgruppen AS	5.3%	22.9%	1,084 MNOK
West-Norway AS	3.0%	14.4%	1,084 MNOK
Servicegrossisten Øst AS	3.9%	31.0%	1,081 MNOK
Astrup AS	3.6%	69.2%	1,081 MNOK
Sjøfrisk Norge AS	4.2%	0.8%	1,079 MNOK
Active Brands AS	−10.6%	18.7%	1,073 MNOK
Tess Vest AS	6.1%	45.5%	1,065 MNOK
Vita Group AS	6.0%	20.4%	1,064 MNOK
Ice Seafood AS	2.3%	32.9%	1,063 MNOK
Norgesgruppen Øst AS	0.2%	90.3%	1,061 MNOK
Tess Nord AS	5.9%	65.1%	1,056 MNOK
Hewlett-Packard Norge AS	1.2%	9.1%	1,056 MNOK
Texcon AS	0.4%	29.1%	1,053 MNOK
Eurosko Gruppen AS	−0.5%	62.6%	1,051 MNOK
Vinhuset AS	−0.7%	38.1%	1,039 MNOK
Sulland Drammen AS	2.7%	33.3%	1,037 MNOK
NG Spar Innland AS	−0.7%	66.5%	1,032 MNOK
Continental Dekk Norge AS	2.9%	10.4%	1,027 MNOK
3M Norge AS	11.5%	30.5%	1,014 MNOK
VB Handel AS	1.1%	9.8%	1,010 MNOK
Mrc Global Norway AS	0.4%	55.6%	1,003 MNOK
Toyota Sørvest AS	2.8%	20.6%	993 MNOK
AS SPAR KJØP	−2.6%	52.2%	992 MNOK
Kitch'n AS	3.8%	21.3%	987 MNOK
J A Magnussen Engros AS	11.0%	64.6%	982 MNOK
Princess-Gruppen AS	3.4%	70.0%	980 MNOK
Veso AS	2.8%	20.1%	980 MNOK
BERTEL O. Steen Lastebil og Buss AS	0.7%	27.8%	977 MNOK
Kvarøy Salmon AS	0.9%	1.2%	976 MNOK
Skeidar Supply Chain AS	4.5%	1.6%	974 MNOK
FREDRIK & Louisa AS	5.6%	32.7%	972 MNOK
Canon Norge AS	−0.8%	40.6%	970 MNOK
Epiroc Norge AS	4.9%	26.7%	966 MNOK
Polestar Automotive Norway AS	1.1%	13.8%	964 MNOK
Sunde Eps AS	1.0%	39.4%	953 MNOK
Abk-Qviller AS	10.4%	52.2%	949 MNOK
Jæger Sentrum AS	2.3%	35.1%	947 MNOK
Elkem International AS	4.4%	40.4%	935 MNOK
Jernia AS	0.0%	49.3%	935 MNOK
Starco Norge AS	6.2%	27.8%	935 MNOK
Viken at Market AS	3.5%	14.6%	935 MNOK
Fenor AS	−4.0%	14.3%	933 MNOK
HP Norge AS	1.1%	40.6%	931 MNOK
Westcoast AS	1.5%	40.0%	931 MNOK
Jernia Detalj AS	−3.2%	38.3%	929 MNOK
Bama Storkjøkken Oslo AS	3.8%	29.2%	927 MNOK
Geia Food AS	4.6%	50.8%	923 MNOK
Porsche Norge AS	−5.9%	11.5%	918 MNOK
Medtronic Norge AS	3.3%	69.2%	916 MNOK
Oluf Lorentzen AS	3.4%	48.0%	915 MNOK
GC Rieber Minerals AS	8.7%	53.2%	912 MNOK
Tess Logistikk AS	5.0%	19.8%	908 MNOK
Glaxosmithkline AS	2.8%	39.8%	903 MNOK
Rørkjøp AS	0.8%	28.9%	902 MNOK
Kjosavik AS	4.8%	37.1%	900 MNOK
Blue Energy AS	2.9%	35.3%	889 MNOK
Bertel O Steen Møre og Romsdal AS	−1.6%	31.4%	884 MNOK
NG Meny Østfold AS	−1.0%	51.5%	884 MNOK
Input Interior Norway AS	1.7%	13.9%	875 MNOK
Låssenteret AS	4.3%	40.4%	871 MNOK
NG Spar Øst AS	0.8%	70.2%	859 MNOK
Lerøy Norge AS	0.6%	45.7%	854 MNOK
Wenaas Workwear AS	9.0%	51.6%	853 MNOK
Beko Nordic AS	2.4%	1.3%	842 MNOK
Fjellsport AS	0.4%	49.3%	838 MNOK
Varner AS	4.3%	94.9%	837 MNOK
Norwegian Agro Machinery AS	0.5%	1.1%	829 MNOK
Cds Norge AS	−3.6%	67.3%	828 MNOK
SNUSHJEM.NO AS	0.3%	30.1%	822 MNOK
EQOLOGY.NO AS	14.1%	21.5%	821 MNOK
Harila AS	1.6%	25.8%	820 MNOK
Tmc Compressors AS	29.3%	48.1%	819 MNOK
Musti Norge AS	3.1%	25.7%	807 MNOK
Kinly AS	4.7%	7.3%	806 MNOK
Lære AS	5.4%	46.2%	806 MNOK
Toyota Østfold AS	3.9%	25.0%	805 MNOK
Scandinavian Fittings and Flanges AS	8.7%	38.4%	803 MNOK
Mars Norge AS	25.7%	3.1%	798 MNOK
Xylem Water Solutions Norge AS	3.3%	16.1%	797 MNOK
Mento AS	6.6%	35.9%	795 MNOK
BLIVAKKER.NO AS	7.6%	22.8%	791 MNOK
Orica Norway AS	−15.4%	60.7%	789 MNOK
NG Spar Vest AS	0.2%	70.0%	789 MNOK
Tess Øst AS	6.4%	67.9%	783 MNOK
SN Seafood AS	3.2%	65.2%	781 MNOK
Foxway AS	−1.9%	48.7%	778 MNOK
Bestdrive Norway AS	−7.3%	16.6%	775 MNOK
Bama Blomster Sourcing AS	1.0%	11.3%	775 MNOK
Johs Olsen AS	4.5%	33.0%	772 MNOK
Red Bull Norway AS	10.0%	23.3%	771 MNOK
Thansen AS	5.4%	41.7%	771 MNOK
Eaton Electric AS	0.1%	39.5%	769 MNOK
Sanofi-Aventis Norge AS	5.1%	1.5%	767 MNOK
Synoptik Norge AS	−0.4%	33.7%	767 MNOK
Home Brands AS	6.1%	33.7%	766 MNOK
Viatris AS	1.0%	4.4%	764 MNOK
Robert Bosch AS	7.6%	18.5%	754 MNOK
SAS Oil Norway AS	0.4%	0.3%	754 MNOK
MSD (NORGE) AS	3.8%	15.8%	753 MNOK
Astrazeneca AS	3.1%	77.5%	750 MNOK
Ndi Norge AS	6.1%	30.8%	748 MNOK
NK Energi AS	0.1%	11.4%	744 MNOK
Marine Supply AS	0.7%	47.4%	740 MNOK
Barnas Hus Norge AS	−2.8%	14.8%	740 MNOK
Outlet Group AS	0.5%	2.2%	737 MNOK
Clariant Oil Services Scandinavia AS	11.2%	11.0%	737 MNOK
Hydroscand AS	9.1%	60.3%	736 MNOK
Jeld-Wen Norge AS	0.6%	14.1%	734 MNOK
BR Karlsen Sales AS	0.5%	2.1%	732 MNOK
United Bakeries Norway AS	1.8%	50.1%	732 MNOK
Jungheinrich Norge AS	4.6%	25.0%	728 MNOK
Lyko AS	3.1%	25.1%	721 MNOK
Sjømatkompaniet AS	3.1%	22.1%	710 MNOK
WHITEAWAY.NO AS	2.1%	73.7%	709 MNOK
Nordic Wildfish Sales AS	2.7%	29.2%	709 MNOK
Agri Midt-Norge AS	3.7%	21.6%	706 MNOK
Haltbakk Logistics AS	2.1%	9.6%	704 MNOK
Swedish Match Sales Norway AS	34.3%	0.4%	703 MNOK
Servi AS	6.2%	48.1%	702 MNOK
Siemens Healthcare AS	3.9%	38.5%	697 MNOK
Swegon AS	4.3%	49.3%	696 MNOK
Flisekompaniet AS	−6.2%	32.2%	694 MNOK
Karo Pharma AS	23.6%	33.6%	692 MNOK
Rituals Cosmetics Norway AS	3.1%	29.1%	692 MNOK
Dekkteam AS	−5.3%	57.8%	691 MNOK
Midt-Norge Maskinsenter AS	3.7%	18.6%	690 MNOK
Kinnarps AS	5.2%	36.0%	688 MNOK
Hesselberg AS	7.4%	18.9%	687 MNOK
Lindab A/S	4.6%	39.3%	682 MNOK
Run AS	15.2%	58.3%	679 MNOK
Airport Retail Norway AS	2.1%	19.4%	679 MNOK
NG Meny Midt-Norge AS	2.2%	46.7%	674 MNOK
I K Lykke Drift AS	19.5%	51.7%	673 MNOK
Certego AS	4.3%	19.9%	663 MNOK
Lindbak Office AS	1.7%	45.9%	660 MNOK
WULFF & CO AS	1.5%	15.3%	657 MNOK
Get Inspired AS	5.7%	38.6%	656 MNOK
Plantasjen Source Norge AS	1.1%	30.8%	656 MNOK
Systemair AS	17.5%	30.1%	654 MNOK
Orifarm Healthcare AS	1.7%	14.3%	652 MNOK
Techstep Norway AS	−2.1%	34.9%	647 MNOK
Entrack AS	1.1%	15.7%	645 MNOK
Oljeleverandøren AS	1.1%	24.5%	645 MNOK
Grandahl Bil AS	−0.6%	71.8%	642 MNOK
Delaval AS	4.6%	5.2%	637 MNOK
Easee AS	−32.4%	50.3%	629 MNOK
Ellos Norway AS	5.3%	60.8%	628 MNOK
Emerson Automation Solutions AS	9.2%	32.1%	627 MNOK
Sulland Østfold AS	2.1%	20.1%	624 MNOK
Global Sales AS	−0.1%	48.0%	620 MNOK
Smartoptics AS	14.8%	20.3%	620 MNOK
Scanfish Norway AS	1.3%	20.5%	618 MNOK
Cod-Export AS	1.1%	21.5%	618 MNOK
Inter Sea AS	1.8%	47.7%	618 MNOK
Williksen Export AS	−1.5%	−6.8%	617 MNOK
Teknisk Bureau AS	1.2%	30.2%	616 MNOK
DR. Oetker Norge AS	4.2%	21.5%	616 MNOK
Bonaventura Sales AS	5.6%	13.5%	612 MNOK
Roche Diagnostics Norge AS	2.7%	45.6%	609 MNOK
Pretec AS	19.3%	66.8%	608 MNOK
Certex Norge AS	7.9%	57.0%	607 MNOK
Kosan Gas Norge AS	7.1%	11.5%	603 MNOK
Tess Sør AS	6.1%	49.0%	602 MNOK
Farmasiet AS	−11.7%	−7.0%	597 MNOK
Alfa Laval Nordic AS	1.6%	91.0%	594 MNOK
Bestseller Stores Norway AS	4.2%	49.1%	594 MNOK
Eurobus Nordic AS	8.5%	11.3%	592 MNOK
Coldwater Prawns of Norway AS	1.1%	2.5%	592 MNOK
A/S SØRENSEN OG BALCHEN	22.0%	58.0%	591 MNOK
Sandvik Norge AS	5.6%	12.6%	585 MNOK

Holding and investment companies · 2023

1,961 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: 767 have at least 10 MNOK in assets and are listed.

Holding and investment companies
Rank	Company	Score	Equity ratio	Return on assets	Current ratio	Total assets
1	Tld Holding AS	100	101.1%	102.2%	–	15 MNOK
2	Alkriva Holding AS	98	100.0%	108.6%	1,035.49	10 MNOK
3	Qrg Holding AS	97	99.9%	99.1%	1,837.49	11 MNOK
4	Going Invest AS	97	100.0%	49.5%	–	42 MNOK
5	Munck Holding AS	95	100.0%	38.1%	3,762.62	28 MNOK
6	Tormatic Holding AS	95	99.9%	47.9%	1,016.90	13 MNOK
7	Trelleborg Holding Norge AS	95	100.0%	36.5%	–	42 MNOK
8	Jørn Reiersen Holding AS	94	100.0%	34.0%	–	22 MNOK
9	Bats Holding AS	94	100.0%	35.5%	1,856.66	24 MNOK
10	HANS H. Iversen Holding AS	94	100.0%	33.9%	–	12 MNOK
11	HAUG & Buer Holding AS	94	99.7%	98.0%	303.89	73 MNOK
12	Sommerfryd Holding AS	94	99.7%	115.4%	205.47	27 MNOK
13	Byggtorget MG Holding AS	91	100.0%	35.4%	76.33	108 MNOK
14	Tgf Invest AS	91	99.4%	59.6%	167.90	31 MNOK
15	Notten Invest AS	91	99.7%	40.2%	247.27	10 MNOK
16	Magtho Holding AS	89	99.9%	27.8%	194.09	21 MNOK
17	Teijo Holding AS	89	99.9%	22.6%	811.84	43 MNOK
18	Eve Invest AS	89	99.8%	26.4%	405.76	19 MNOK
19	FK Holding AS	88	99.6%	31.3%	222.02	13 MNOK
20	Elba Holding AS	88	99.9%	20.0%	651.70	13 MNOK

Show all 100

Rank	Company	Score	Total assets
21	Limafe Holding AS	88	10 MNOK
22	Tyma Holding AS	87	124 MNOK
23	Bsn Holding AS	87	20 MNOK
24	Ulf Helliksen Holding AS	87	73 MNOK
25	Palm Tree Holding AS	87	13 MNOK
26	Holgersen Holding AS	86	14 MNOK
27	Aoly Holding AS	85	14 MNOK
28	Mathisen Holding AS	85	38 MNOK
29	Lakas Invest AS	85	34 MNOK
30	Roadmaster Invest AS	85	27 MNOK
31	KA Eriksen Invest AS	85	11 MNOK
32	DJ Jensen Holding AS	84	18 MNOK
33	Selmer Invest AS	84	11 MNOK
34	Vegard Holmen Holding AS	84	69 MNOK
35	Lodbrok Holding AS	83	31 MNOK
36	N K Invest AS	82	12 MNOK
37	Javis Holding AS	82	35 MNOK
38	Eokb Holding AS	82	30 MNOK
39	Mala Holding AS	82	42 MNOK
40	Colts Holding AS	82	16 MNOK
41	Midthun Holding AS	81	28 MNOK
42	Jr Holding Askim AS	81	16 MNOK
43	Møller Invest AS	80	28 MNOK
44	S.G.M Holding AS	80	137 MNOK
45	Anders Hegna Holding AS	80	14 MNOK
46	Pekonf Holding AS	80	23 MNOK
47	Vba Holding AS	80	12 MNOK
48	Hellestø Holding Drift AS	80	35 MNOK
49	Taks Holding AS	79	34 MNOK
50	Limbodal Invest AS	78	12 MNOK
51	Hatling Holding AS	78	15 MNOK
52	Chili Invest AS	78	12 MNOK
53	Hella Invest AS	78	35 MNOK
54	Alstad Holding AS	78	48 MNOK
55	Oven Holding AS	77	17 MNOK
56	Msa Invest AS	77	27 MNOK
57	E&A Invest AS	76	14 MNOK
58	A70 Invest AS	76	17 MNOK
59	Hada Invest AS	76	15 MNOK
60	GASTROMIA CONSULTING & Invest AS	76	43 MNOK
61	Malerbua Holding AS	76	14 MNOK
62	Ventus Holding AS	75	25 MNOK
63	Stetind Holding AS	75	25 MNOK
64	Fjellbo Invest AS	75	26 MNOK
65	Ingebrethsen Holding AS	75	12 MNOK
66	Buzatu Holding AS	75	13 MNOK
67	Tese Invest AS	75	31 MNOK
68	Sesas Invest AS	75	110 MNOK
69	Brh Holding AS	75	41 MNOK
70	Lingling Tekstil Holding AS	74	21 MNOK
71	Itv Invest AS	74	96 MNOK
72	Wall Holding AS	74	11 MNOK
73	Knausen Invest AS	74	35 MNOK
74	Nordic Seaco Holding AS	74	43 MNOK
75	Norske Bunader Holding AS	74	80 MNOK
76	Martins Agenturer Holding AS	73	39 MNOK
77	Hval Holding AS	73	699 MNOK
78	Monel Holding AS	73	31 MNOK
79	Storø Invest AS	73	25 MNOK
80	Hevi Invest AS	73	17 MNOK
81	Auto'n Holding AS	72	20 MNOK
82	H.I. Giørtz Holding AS	72	738 MNOK
83	Teige Holding AS	72	57 MNOK
84	Kb-Holding AS	72	20 MNOK
85	Bgh Invest AS	72	10 MNOK
86	G P Holding AS	72	53 MNOK
87	Røsok Holding AS	72	39 MNOK
88	Rebil Holding AS	72	237 MNOK
89	Riise Eiendom Holding AS	71	36 MNOK
90	Gorseth Holding AS	71	14 MNOK
91	Nal Holding AS	71	134 MNOK
92	Altmann Holding AS	71	26 MNOK
93	Odderhei Invest AS	71	28 MNOK
94	SES EIENDOM & Holding AS	71	16 MNOK
95	Jave Invest AS	71	26 MNOK
96	Kvigtind Invest AS	71	19 MNOK
97	Sørbø Holding AS	71	369 MNOK
98	Maco Invest AS	71	45 MNOK
99	T og M Invest AS	71	36 MNOK
100	Nicolaisen Invest AS	71	142 MNOK

Score 0–100 against the other holding companies in the sector: equity ratio 40 %, return on assets 40 % and current ratio 20 %. Methodology

Scenario analysis: the sector's weakest year

The sector's weakest year was 2022, with a median operating margin of 1.5%.

Based on the 11 fiscal years we have. The analysis grows as more years are fetched or imported.

Fiscal year	Median operating margin	Median equity ratio
2016	14.9%	−59.5%
2017	3.7%	−53.9%
2018	13.3%	−34.0%
2019	–	–
2020	–	–
2021	14.9%	48.0%
2022 · weakest year	1.5%	19.6%
2023	2.9%	34.2%
2024	2.7%	34.0%
2025	3.0%	33.5%
2026	4.4%	28.9%

In 2022, 122 ranked companies did better than the sector, 50 about the same and 117 weaker.

Held up best in 2022

1Maritim Gruppen ASequity ratio 63.9%92.4%
2Tesa ASequity ratio 32.0%47.0%
3RETAIL & Branding ASequity ratio 13.6%41.5%
4Pascal Wear ASequity ratio 40.5%39.8%
5Samirc Norge ASequity ratio 51.2%36.5%
6Flexifiks ASequity ratio 53.9%34.9%
7Oslo Frimerke- og Myntauksjoner ASequity ratio 33.8%32.5%
8Seven Agency ASequity ratio 80.5%31.6%
9La Cosmetica ASequity ratio 74.7%31.2%
10Combisafe Norge ASequity ratio 85.4%29.9%

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.

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 0.3 percentage points.

Consumer price index per year and the sector's median operating margin
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	14.9%	1.5%	2.9%	2.7%	3.0%	4.4%

Source: SSB (14710, CC BY 4.0). Source · fetched 1 November 2026

Policy rate (prosent)

Latest value: 4.30 (2026-09)

Policy rate fell 0.20 percentage points in 2025; the sector's median operating margin rose 0.3 percentage points.

Policy rate per year and the sector's median operating margin
Measure	2021	2022	2023	2024	2025	2026
Policy rate, annual average	0.08	1.32	3.54	4.50	4.30	4.14 (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	−0.16 percentage points
Sector's median operating margin	14.9%	1.5%	2.9%	2.7%	3.0%	4.4%

Source: Norges Bank (IR, NLOD 2.0). Source · fetched 1 November 2026

When policy rate fell in 2025, 11,296 of 22,001 ranked companies kept their operating margin at or above the year before. Among the largest: Elkjøp Nordic AS (−0.2% → 0.9%), Lerøy Seafood AS (2.4% → 2.8%), Harald A Møller AS (4.2% → 5.1%), Asko Sentrallager Kjøl AS (0.8% → 1.1%), Power International AS (−0.6% → 1.0%).

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: 48,396; −2.2% from 2023
Persons employed: 384,188; −0.6% from 2023
Turnover: NOK 2,381.9 bn; +1.6% from 2023
Gross operating margin: 3.7%; Gross operating surplus divided by turnover

All enterprises, sole proprietorships included.

Bankruptcies in the industry

574 enterprise bankruptcies in the last four quarters (2025K4–2026K3). Change −22.2% against the four quarters before (738). That is about 11.9 per 1,000 enterprises.

Foreign-controlled enterprises · 2024

Share of enterprises: 6.2%
Share of persons employed: 25.1%
Share of turnover: 32.0%

SSB publishes this for groups of industries only. The figures are for the group “Varehandel, reparasjon av motorvogner”.

Retail and wholesale index, volume · Varehandel, reparasjon av motorvogner

95.7 index, 2021 = 100, seasonally adjusted · 2026M09
+3.1% against 2025M09.

Monthly, 2023M09 to 2026M09.

Source: Statistics Norway (SSB), table 12910, table 10790, table 08085, table 07129. 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

Aarvik Lager AS 922843759 Voluntary liquidation · 31 October 2026
AGDER STEIN & Monument AS 921405855 Voluntary liquidation · 31 October 2026 · 4 MNOK (2025)
Antikvariat Sør AS 923049967 Voluntary liquidation · 31 October 2026 · 0 MNOK (2025)
Arne Mjøsund AS 992562854 Voluntary liquidation · 31 October 2026 · 1 MNOK (2025)
ATELIÈR Agapi AS 928460851 Voluntary liquidation · 31 October 2026 · 0 MNOK (2025)
Base Trading AS 922018170 Voluntary liquidation · 31 October 2026
Bedre Hverdag AS 921190409 Voluntary liquidation · 31 October 2026 · 0 MNOK (2025)
Bil Industri AS 916247362 Voluntary liquidation · 31 October 2026 · 1 MNOK (2025)

All bankruptcies and liquidations in the sector

Industry codes (NACE)

Code	Description
45*	Hele hovedgruppe 45
46*	Engroshandel (hele hovedgruppen)
46.110	Agenturhandel med jordbruksråvarer, levende dyr, tekstilråvarer og halvfabrikater
46.120	Agenturhandel med brensel, drivstoff, malm, metaller og industrikjemikalier
46.130	Agenturhandel med tømmer, trelast og byggevarer
46.140	Agenturhandel med maskiner, produksjonsutstyr, båter og luftfartøy
46.150	Agenturhandel med møbler, husholdningsvarer og jernvarer
46.160	Agenturhandel med tekstiler, klær, pelsskinn, skotøy og lærvarer
46.170	Agenturhandel med nærings- og nytelsesmidler
46.180	Agenturhandel med spesialisert vareutvalg ellers
46.190	Agenturhandel med bredt vareutvalg
46.210	Engroshandel med korn, råtobakk, såvarer og fôrvarer
46.220	Engroshandel med blomster og planter
46.230	Engroshandel med levende dyr
46.240	Engroshandel med huder, skinn og lær
46.310	Engroshandel med frukt og grønnsaker
46.321	Engroshandel med kjøtt og kjøttvarer
46.322	Engroshandel med fisk, skalldyr og bløtdyr
46.330	Engroshandel med meierivarer, egg, matolje og -fett
46.340	Engroshandel med drikkevarer
46.350	Engroshandel med tobakksvarer
46.360	Engroshandel med sukker, sjokolade og sukkervarer
46.370	Engroshandel med kaffe, te, kakao og krydder
46.380	Engroshandel med andre næringsmidler
46.390	Engroshandel med bredt utvalg av nærings- og nytelsesmidler
46.410	Engroshandel med tekstiler og utstyrsvarer
46.420	Engroshandel med klær og skotøy
46.430	Engroshandel med elektriske husholdningsapparater
46.440	Engroshandel med kjøkkenutstyr av porselen, glass og steintøy og rengjøringsmidler
46.450	Engroshandel med parfyme og kosmetikk
46.460	Engroshandel med apotekvarer og medisinske varer
46.470	Engroshandel med husholdnings-, kontor- og butikkmøbler, gulvtepper og belysningsutstyr
46.480	Engroshandel med klokker, ur og smykker
46.490	Engroshandel med andre husholdningsvarer
46.500	Engroshandel med informasjons- og kommunikasjonsteknologiutstyr
46.610	Engroshandel med maskiner og utstyr til jordbruk og skogbruk
46.620	Engroshandel med maskinverktøy
46.630	Engroshandel med maskiner og utstyr til bergverksdrift, olje- og gassutvinning og bygge- og anleggsvirksomhet
46.640	Engroshandel med maskiner og utstyr ellers
46.710	Engroshandel med motorvogner
46.720	Engroshandel med deler og utstyr for motorvogner
46.730	Engroshandel med motorsykler og tilhørende deler og utstyr
46.810	Engroshandel med drivstoff, brensel og beslektede produkter
46.820	Engroshandel med metaller og metallholdig malm
46.830	Engroshandel med tømmer, trelast, byggevarer og sanitærutstyr
46.840	Engroshandel med jernvarer, rørleggerartikler og oppvarmingsutstyr
46.850	Engroshandel med kjemiske produkter
46.860	Engroshandel med innsatsvarer ellers
46.870	Engroshandel med avfall og skrap
46.890	Engroshandel med spesialisert vareutvalg ikke nevnt annet sted
46.900	Uspesifisert engroshandel
47*	Detaljhandel (hele hovedgruppen)
47.110	Detaljhandel med bredt vareutvalg med hovedvekt på nærings- og nytelsesmidler
47.120	Detaljhandel med bredt vareutvalg ellers
47.210	Detaljhandel med frukt og grønnsaker
47.220	Detaljhandel med kjøtt og kjøttvarer
47.230	Detaljhandel med fisk, skalldyr og bløtdyr
47.240	Detaljhandel med bakervarer, konditorvarer og sukkervarer
47.250	Detaljhandel med drikkevarer
47.260	Detaljhandel med tobakksvarer
47.270	Detaljhandel med nærings- og nytelsesmidler ellers
47.300	Detaljhandel med drivstoff til motorvogner
47.400	Detaljhandel med informasjons- og kommunikasjonsteknologiutstyr
47.510	Detaljhandel med tekstiler og utstyrsvarer
47.520	Detaljhandel med jernvarer, byggevarer, fargevarer og glass
47.530	Detaljhandel med tapet, gulvtepper og gulvbelegg
47.540	Detaljhandel med elektriske husholdningsapparater
47.551	Detaljhandel med møbler, gjelder også madrasser
47.552	Detaljhandel med belysningsartikler
47.553	Detaljhandel med husholdningsredskaper og bestikk, servise, glassvarer, porselen og keramikk
47.559	Detaljhandel med innredningsartikler ikke nevnt annet sted
47.610	Detaljhandel med bøker
47.620	Detaljhandel med aviser og papirvarer
47.631	Detaljhandel med sportsvarer
47.632	Detaljhandel med fritidsbåter og tilhørende utstyr
47.640	Detaljhandel med spill og leker
47.690	Detaljhandel med kulturvarer ikke nevnt annet sted
47.710	Detaljhandel med klær
47.720	Detaljhandel med skotøy og lærvarer
47.730	Detaljhandel med apotekvarer
47.740	Detaljhandel med medisinske og ortopediske artikler
47.750	Detaljhandel med kosmetikk og toalettartikler
47.761	Detaljhandel med blomster, planter, gjødsel og plantevernmidler
47.762	Detaljhandel med kjæledyr og varer til kjæledyr
47.770	Detaljhandel med ur, klokker og smykker
47.780	Annen detaljhandel med andre nye varer
47.790	Detaljhandel med brukte varer
47.810	Detaljhandel med motorvogner
47.820	Detaljhandel med deler og utstyr til motorvogner
47.830	Detaljhandel med motorsykler og tilhørende deler og utstyr
47.910	Formidlingstjenester tilknyttet detaljhandel med bredt vareutvalg
47.920	Formidlingstjenester tilknyttet detaljhandel med spesialisert vareutvalg