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Sector

Revisjon, regnskap og rådgivning

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1,538 companies ranked against comparable companies in four Morning company classes. Fiscal year 2023. Source: Brønnøysund Register Centre. Methodology

Ranking · 2023 · Morning class Large

Morning class Large · 2023
#CompanyProfileScoreChangeFive years
1 Wikborg Rein Advokatfirma AS Leader 91 –
2 Advokatfirmaet Wiersholm AS Leader 81 –
3 Advokatfirmaet Simonsen Vogt Wiig AS Leader 75 –
4 Sparebank 1 Regnskapshuset Smn AS Steward 66 –
5 Pricewaterhousecoopers AS Steward 61 –
6 Deloitte Advokatfirma AS Steward 52 –
7 Advokatfirmaet Thommessen AS Leader 50 –
8 Advokatfirmaet Haavind AS Sprinter 50 –
9 Advokatfirmaet Selmer AS Sprinter 50 –
10 Advokatfirmaet Bahr AS Sprinter 49 –
11 BDO AS Steward 48 –
12 Advokatfirmaet Arntzen AS Sprinter 47 –
13 Cms Kluge Advokatfirma AS Sprinter 43 –
14 Advokatfirmaet Pricewaterhousecoopers AS Builder 43 –
15 Deloitte AS Steward 41 –
16 KPMG AS Steward 39 –
17 ERNST & Young AS Builder 25 –
18 Azets Insight AS Builder 23 –
19 ERNST & Young Advokatfirma AS Builder 14 –
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

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 Large

The five largest companies account for 57% of the sector's revenue. Combined profit before tax for the 19 ranked companies: 4,893 MNOK.

Highest revenue

  1. Pricewaterhousecoopers AS 3,997 MNOK
  2. ERNST & Young AS 3,689 MNOK
  3. BDO AS 3,069 MNOK
  4. KPMG AS 2,715 MNOK
  5. Deloitte AS 2,651 MNOK

Operating revenue.

Highest operating margin

  1. Advokatfirmaet Arntzen AS 52.4%
  2. Advokatfirmaet Thommessen AS 49.8%
  3. Wikborg Rein Advokatfirma AS 49.5%
  4. Advokatfirmaet Bahr AS 43.0%
  5. Advokatfirmaet Haavind AS 42.8%

Operating result divided by operating revenue.

Largest profit

  1. Pricewaterhousecoopers AS 892 MNOK
  2. Advokatfirmaet Thommessen AS 768 MNOK
  3. Wikborg Rein Advokatfirma AS 676 MNOK
  4. Advokatfirmaet Wiersholm AS 485 MNOK
  5. KPMG AS 323 MNOK

Profit before tax.

Largest loss

No company meets the requirement this year.

Profit before tax, the largest negative.

Most solid

  1. Wikborg Rein Advokatfirma AS 76.5%
  2. Sparebank 1 Regnskapshuset Smn AS 63.8%
  3. Advokatfirmaet Simonsen Vogt Wiig AS 63.6%
  4. BDO AS 31.9%
  5. Advokatfirmaet Wiersholm AS 25.9%

Equity ratio: equity divided by total assets.

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.

Most employees

  1. Pricewaterhousecoopers AS 1,898
  2. ERNST & Young AS 1,589
  3. KPMG AS 1,453
  4. BDO AS 1,286
  5. Deloitte AS 1,216

Employees according to the Central Coordinating Register.

Highest revenue per employee

  1. ERNST & Young Advokatfirma AS 4.8 MNOK
  2. Wikborg Rein Advokatfirma AS 4.5 MNOK
  3. Advokatfirmaet Bahr AS 4.2 MNOK
  4. Advokatfirmaet Thommessen AS 4.1 MNOK
  5. Advokatfirmaet Pricewaterhousecoopers AS 4.1 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.

Pricewaterhousecoopers AS: 44 / 72ERNST & Young AS: 6 / 22BDO AS: 22 / 83KPMG AS: 19 / 67Deloitte AS: 19 / 56Advokatfirmaet Thommessen AS: 89 / 50Azets Insight AS: 36 / 28Wikborg Rein Advokatfirma AS: 75 / 100Advokatfirmaet Bahr AS: 69 / 44Advokatfirmaet Wiersholm AS: 81 / 78Sparebank 1 Regnskapshuset Smn AS: 25 / 94Advokatfirmaet Haavind AS: 72 / 39ERNST & Young Advokatfirma AS: 0 / 11Cms Kluge Advokatfirma AS: 78 / 17Deloitte Advokatfirma AS: 47 / 61Advokatfirmaet Simonsen Vogt Wiig AS: 67 / 89Advokatfirmaet Selmer AS: 72 / 6Advokatfirmaet Arntzen AS: 97 / 0Advokatfirmaet Pricewaterhousecoopers AS: 31 / 3300252550507575100100Solidity, percentile against peers →↑ Profitability, percentile against peers
Pricewaterhousecoopers AS: 44 / 72ERNST & Young AS: 6 / 22BDO AS: 22 / 83KPMG AS: 19 / 67Deloitte AS: 19 / 56Advokatfirmaet Thommessen AS: 89 / 50Azets Insight AS: 36 / 28Wikborg Rein Advokatfirma AS: 75 / 100Advokatfirmaet Bahr AS: 69 / 44Advokatfirmaet Wiersholm AS: 81 / 78Sparebank 1 Regnskapshuset Smn AS: 25 / 94Advokatfirmaet Haavind AS: 72 / 39ERNST & Young Advokatfirma AS: 0 / 11Cms Kluge Advokatfirma AS: 78 / 17Deloitte Advokatfirma AS: 47 / 61Advokatfirmaet Simonsen Vogt Wiig AS: 67 / 89Advokatfirmaet Selmer AS: 72 / 6Advokatfirmaet Arntzen AS: 97 / 0Advokatfirmaet Pricewaterhousecoopers AS: 31 / 3300252550507575100100Solidity, percentile against peers →↑ Profitability, percentile against peers

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
CompanyProfileProfitabilitySolidityIn 2022 (profitability / solidity)
Advokatfirmaet Arntzen ASCheetah970–
Advokatfirmaet Thommessen ASLion8950–
Advokatfirmaet Wiersholm ASLion8178–
Cms Kluge Advokatfirma ASCheetah7817–
Wikborg Rein Advokatfirma ASLion75100–
Advokatfirmaet Haavind ASCheetah7239–
Advokatfirmaet Selmer ASCheetah726–
Advokatfirmaet Bahr ASCheetah6944–
Advokatfirmaet Simonsen Vogt Wiig ASLion6789–
Deloitte Advokatfirma ASElephant4761–
Pricewaterhousecoopers ASElephant4472–
Azets Insight ASBeaver3628–
Advokatfirmaet Pricewaterhousecoopers ASBeaver3133–
Sparebank 1 Regnskapshuset Smn ASElephant2594–
BDO ASElephant2283–
Deloitte ASElephant1956–
KPMG ASElephant1967–
ERNST & Young ASBeaver622–
ERNST & Young Advokatfirma ASBeaver011–
The sector in numbers

Summary · fiscal year 2023 · Morning class Large

The sector's median operating margin is 22.5%. 0 of 19 companies have negative equity. The median equity ratio is 12.3%.

Companies with accounts19
Total revenue28,201 MNOK
Median operating margin22.5%
Median equity ratio12.3%
Share with a loss0%
Share with negative equity0%

All figures are for fiscal year 2023. Ranked: 19 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 Large

Climbers need at least two fiscal years. They appear once next year's accounts are fetched or history is imported.

Awards · 2023 · Morning class Large

Most profitableAdvokatfirmaet Arntzen AS52.4%
Strongest balance sheetWikborg Rein Advokatfirma AS76.5%
Largest revenuePricewaterhousecoopers AS3,997 MNOK
Highest revenue per employeeERNST & Young Advokatfirma AS4.8 MNOK

Needs attention · 2023 · Morning class Large

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

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.

0%10%20%30%40%50%0%10%20%30%40%50%60%Operating margin (profitability) →Equity ratio (solidity) →Pricewaterhousecoopers AS: operating margin 22.5%, equity ratio 20.8%, rank 5ERNST & Young AS: operating margin 3.7%, equity ratio 9.2%, rank 17BDO AS: operating margin 9.9%, equity ratio 31.9%, rank 11KPMG AS: operating margin 11.1%, equity ratio 20.6%, rank 16Deloitte AS: operating margin 11.0%, equity ratio 13.3%, rank 15Advokatfirmaet Thommessen AS: operating margin 49.8%, equity ratio 12.3%, rank 7Azets Insight AS: operating margin 12.7%, equity ratio 9.2%, rank 18Wikborg Rein Advokatfirma AS: operating margin 49.5%, equity ratio 76.5%, rank 1Advokatfirmaet Bahr AS: operating margin 43.0%, equity ratio 11.9%, rank 10Advokatfirmaet Wiersholm AS: operating margin 42.6%, equity ratio 25.9%, rank 2Sparebank 1 Regnskapshuset Smn AS: operating margin 15.0%, equity ratio 63.8%, rank 4Advokatfirmaet Haavind AS: operating margin 42.8%, equity ratio 11.2%, rank 8ERNST & Young Advokatfirma AS: operating margin −1.1%, equity ratio 0.9%, rank 19Cms Kluge Advokatfirma AS: operating margin 37.4%, equity ratio 1.8%, rank 13Deloitte Advokatfirma AS: operating margin 17.1%, equity ratio 17.3%, rank 6Advokatfirmaet Simonsen Vogt Wiig AS: operating margin 39.8%, equity ratio 63.6%, rank 3Advokatfirmaet Selmer AS: operating margin 40.3%, equity ratio 0.4%, rank 9Advokatfirmaet Arntzen AS: operating margin 52.4%, equity ratio 0.1%, rank 12Advokatfirmaet Pricewaterhousecoopers AS: operating margin 14.7%, equity ratio 10.2%, rank 14
Show the map's figures as a table
CompanyOperating marginEquity ratioRevenue
Wikborg Rein Advokatfirma AS49.5%76.5%1,323 MNOK
Advokatfirmaet Wiersholm AS42.6%25.9%1,147 MNOK
Advokatfirmaet Simonsen Vogt Wiig AS39.8%63.6%577 MNOK
Sparebank 1 Regnskapshuset Smn AS15.0%63.8%704 MNOK
Pricewaterhousecoopers AS22.5%20.8%3,997 MNOK
Deloitte Advokatfirma AS17.1%17.3%629 MNOK
Advokatfirmaet Thommessen AS49.8%12.3%1,533 MNOK
Advokatfirmaet Haavind AS42.8%11.2%652 MNOK
Advokatfirmaet Selmer AS40.3%0.4%575 MNOK
Advokatfirmaet Bahr AS43.0%11.9%1,225 MNOK
BDO AS9.9%31.9%3,069 MNOK
Advokatfirmaet Arntzen AS52.4%0.1%568 MNOK
Cms Kluge Advokatfirma AS37.4%1.8%637 MNOK
Advokatfirmaet Pricewaterhousecoopers AS14.7%10.2%533 MNOK
Deloitte AS11.0%13.3%2,651 MNOK
KPMG AS11.1%20.6%2,715 MNOK
ERNST & Young AS3.7%9.2%3,689 MNOK
Azets Insight AS12.7%9.2%1,338 MNOK
ERNST & Young Advokatfirma AS−1.1%0.9%639 MNOK

Holding and investment companies · 2023

380 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: 102 have at least 10 MNOK in assets and are listed.

Holding and investment companies
RankCompanyScore Equity ratioReturn on assetsCurrent ratioTotal assets
1Norchart Invest AS97 102.8%70.0% –13 MNOK
2Wmr Holding AS96 100.0%65.3% 4,847.6224 MNOK
3Hult Holding AS85 99.7%28.8% 677.3911 MNOK
4AR HE Invest AS84 100.0%20.9% 3,428.8613 MNOK
5Victorem Invest AS81 99.5%32.4% 131.0712 MNOK
6Creditreform Holding AS80 99.4%32.7% 95.5017 MNOK
7Olevi Holding AS78 99.6%22.5% 167.8313 MNOK
8Lr-Investment AS77 99.9%14.7% 426.9212 MNOK
9Yrg Invest AS77 99.9%13.7% 986.0110 MNOK
10Kreti og Pleti Invest AS76 99.2%28.9% 40.2567 MNOK
11Skjerven Holding AS76 94.8%88.5% 19.2515 MNOK
12Horgi Holding AS74 95.9%41.2% 24.5720 MNOK
13Muen Invest AS71 86.2%56.3% 139.9361 MNOK
14Teakay Invest AS70 77.8%48.9% 1,002.9714 MNOK
15Indigo Holding AS70 92.0%104.4% 8.0761 MNOK
16Themaa Holding AS70 96.1%29.0% 14.8325 MNOK
17Skjæggestad Invest AS70 99.5%11.7% 219.7634 MNOK
18Terje Stenløkk Holding AS68 99.5%11.2% 263.3411 MNOK
19IO Holding AS67 98.7%16.4% 65.8014 MNOK
20Firmonic Holding AS66 80.1%57.1% 20.1537 MNOK
Show all 100
RankCompanyScoreTotal assets
21AFP Holding AS6520 MNOK
22Woodpecker Capital AS6492 MNOK
23C Invest AS6411 MNOK
24Ad-Ma Holding AS6418 MNOK
25Arta Holding AS64115 MNOK
26ØW Holding AS6451 MNOK
27Aas Invest AS6425 MNOK
28Cgc Holding AS6411 MNOK
29Gralys Invest AS6311 MNOK
30Verdane Advisors Holding AS62555 MNOK
31Aspehaug Holding AS6125 MNOK
32Encon Invest AS61108 MNOK
33Miraa Holding AS60243 MNOK
34Melesio Holding AS60617 MNOK
35Vikingene Invest AS6051 MNOK
36Bdn Holding AS6022 MNOK
37Gtg Holding AS5911 MNOK
38Daimyo Invest AS581,039 MNOK
39S&F Holdings AS5826 MNOK
40T B Holding AS5823 MNOK
41Klein Capital AS58831 MNOK
42Sunde Invest AS5714 MNOK
43Global Investments AS5722 MNOK
44WK Invest AS5712 MNOK
45Increment Capital AS5714 MNOK
46Jabi Holding AS5614 MNOK
47Pilen Invest AS5618 MNOK
48Lotma Holding AS5344 MNOK
49Abakus Invest AS5327 MNOK
50Scenario Invest AS5313 MNOK
51Sloerassen Invest AS5312 MNOK
52Grip Sjansen Invest AS5338 MNOK
53Promethevs Holding AS5239 MNOK
54Vatna Invest AS5033 MNOK
55T-Matrix Invest AS5044 MNOK
56Gks Holding AS5023 MNOK
57Pope Holding AS4913 MNOK
58Phoenix Invest AS4913 MNOK
59Harding Invest AS4835 MNOK
60Ljh Invest i AS4635 MNOK
61Rieve Holding AS4494 MNOK
62Ojt Holding AS4326 MNOK
63Momo Invest AS4343 MNOK
64Verdane Capital Advisors Viii AS4233 MNOK
65Melesio Capital AS42665 MNOK
66Ajs Invest AS4230 MNOK
67Amesto Accounthouse Holding AS41103 MNOK
68Cottonwood Holding AS4115 MNOK
69Vidvei Holding AS4111 MNOK
70Skylight Holding AS3927 MNOK
71Collocatio Holding AS3935 MNOK
72Rni Invest AS3954 MNOK
73AA Berge Invest AS3813 MNOK
74Fyrva Holding AS38674 MNOK
75Cinco Invest AS3813 MNOK
76Morco Holding AS3776 MNOK
77Bjelland Holding AS3720 MNOK
78Ryan Holding AS3714 MNOK
79Gullp Invest AS3687 MNOK
80Konform Holding AS3528 MNOK
81Midas Capital AS3495 MNOK
82I.CO Invest AS3316 MNOK
83Bridge Capital AS3110 MNOK
84L&T Bredal Invest AS3016 MNOK
85Mentoria Holding AS2933 MNOK
86FS Investering AS2811 MNOK
87Åstveit Holding AS28179 MNOK
88Vialto Partners Holding AS27280 MNOK
89Ref Invest AS2715 MNOK
90Malmo Invest AS2516 MNOK
91Fremdrift Invest AS2412 MNOK
92Areto Invest AS21100 MNOK
93Hitec Products Holding AS21282 MNOK
94Azets Norway Holding AS202,662 MNOK
95Skjong Invest AS2019 MNOK
96Kariplasset Invest AS1411 MNOK
97Ecit Midco Holding AS142,461 MNOK
98Ursus Holding AS14579 MNOK
99AKSJESELSKAPET CENTRALTRYKKERIET INVEST1012 MNOK
100Lindøya Invest AS1012 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 2026, with a median operating margin of 5.4%.

Based on the 7 fiscal years we have. The analysis grows as more years are fetched or imported.

Fiscal yearMedian operating marginMedian equity ratio
2020––
202121.8%31.4%
20227.4%34.5%
202310.4%41.4%
202410.3%40.8%
202510.0%39.4%
2026 · weakest year5.4%46.6%

In 2026, 1 ranked companies did better than the sector, 0 about the same and 0 weaker.

Held up best in 2026

  1. 1Analysys Mason ASequity ratio 46.6%5.4%

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 fell 0.3 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 margin21.8%7.4%10.4%10.3%10.0%5.4%

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 fell 0.3 percentage points.

Policy rate per year and the sector's median operating margin
Measure202120222023202420252026
Policy rate, annual average0.081.323.544.504.304.14 (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 margin21.8%7.4%10.4%10.3%10.0%5.4%

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

When policy rate fell in 2025, 758 of 1,497 ranked companies kept their operating margin at or above the year before. Among the largest: BDO AS (10.4% → 43.2%), Pricewaterhousecoopers AS (21.1% → 24.3%), ERNST & Young AS (1.8% → 2.3%), KPMG AS (13.4% → 13.9%), Wikborg Rein Advokatfirma AS (50.0% → 52.1%).

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
27,548
+3.5% from 2023
Persons employed
76,475
+3.2% from 2023
Turnover
NOK 174.3 bn
+6.4% from 2023
Gross operating margin
4.9%
Gross operating surplus divided by turnover

All enterprises, sole proprietorships included.

Bankruptcies in the industry

102 enterprise bankruptcies in the last four quarters (2025K4–2026K3). Change −2.9% against the four quarters before (105). That is about 3.7 per 1,000 enterprises.

302024K4262025K1252025K2242025K3292025K4242026K1272026K2222026K3

Foreign-controlled enterprises · 2024

Share of enterprises
2.6%
Share of persons employed
19.6%
Share of turnover
25.9%

SSB publishes this for groups of industries only. The figures are for the group “Faglig, vitenskapelig og teknisk tjenesteyting”.

Turnover index · Juridisk og regnskapsmessig tjenesteyting

155.7 index, 2021 = 100, seasonally adjusted · 2026M08
+13.2% against 2025M08.

Monthly, 2023M08 to 2026M08.

Source: Statistics Norway (SSB), table 12910, table 10790, table 08085, table 13863. 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

  • AN Consult AS 933274861 Voluntary liquidation · 31 October 2026 · 1 MNOK (2025)
  • Beechwood Consulting AS 920463096 Voluntary liquidation · 31 October 2026 · 0 MNOK (2025)
  • Bluecorp AS 918908242 Voluntary liquidation · 31 October 2026 · 6 MNOK (2024)
  • Clear Insight AS 937950268 Voluntary liquidation · 31 October 2026
  • Ctph Holding AS 998839394 Voluntary liquidation · 31 October 2026 · 0 MNOK (2025)
  • Emmy Fortitude AS 919049340 Voluntary liquidation · 31 October 2026 · 0 MNOK (2025)
  • Emptor Holding AS 912468518 Voluntary liquidation · 31 October 2026
  • Fgh Audit AS 818712642 Voluntary liquidation · 31 October 2026 · 2 MNOK (2025)

All bankruptcies and liquidations in the sector

Industry codes (NACE)

CodeDescription
69*Hele hovedgruppe 69
69.100Juridisk tjenesteyting
69.201Revisjon
69.202Regnskapsføring og bokføring
69.203Skatterådgivning
70*Hele hovedgruppe 70
70.200Bedriftsrådgivning og annen administrativ rådgivning