Sector

Revisjon, regnskap og rådgivning

1,560 companies ranked against comparable companies in four Morning company classes. Fiscal year 2024. 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 · 2024 · Morning class Large

Morning class Large · 2024
#	Company	Profile	Score	Change
1	Wikborg Rein Advokatfirma AS	Leader	86	−5
2	Deloitte Advokatfirma AS	Leader	60	+8
3	Advokatfirmaet Simonsen Vogt Wiig AS	Leader	60	−15
4	Advokatfirmaet Thommessen AS	Sprinter	58	+8
5	Advokatfirmaet Wiersholm AS	Leader	57	−24
6	Advokatfirmaet Bahr AS	Leader	57	+8
7	Advokatfirmaet Haavind AS	Sprinter	56	+6
8	Sparebank 1 Regnskapshuset Smn AS	Steward	50	−16
9	Advokatfirmaet Arntzen AS	Sprinter	50	+3
10	Aider AS	Steward	50	+12
11	Pricewaterhousecoopers AS	Steward	48	−13
12	Cms Kluge Advokatfirma AS	Sprinter	48	+5
13	BDO AS	Steward	46	−2
14	Advokatfirmaet Selmer AS	Sprinter	46	−4
15	KPMG AS	Steward	46	+7
16	Deloitte AS	Builder	44	+3
17	Advokatfirmaet Pricewaterhousecoopers AS	Builder	44	+1
18	Azets Insight AS	Builder	42	+19
19	ERNST & Young AS	Builder	29	+4
20	ERNST & Young Advokatfirma AS	Builder	22	+8

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

Advokatfirmaet Wiersholm AS
From 2023 to 2024: the equity ratio fell from 25.9% to 15.8% and the operating margin fell from 42.6% to 40.3%.
−24
Azets Insight AS
From 2023 to 2024: revenue grew by 17%.
+19
Sparebank 1 Regnskapshuset Smn AS
From 2023 to 2024: the operating margin fell from 15.0% to 8.9% and revenue grew by 12%.
−16
Advokatfirmaet Simonsen Vogt Wiig AS
From 2023 to 2024: the operating margin fell from 39.8% to 31.1%.
−15

Top lists in the sector · 2024 · Morning class Large

The five largest companies account for 55% of the sector's revenue. Combined profit before tax for the 20 ranked companies: 5,508 MNOK.

Size

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

Highest revenue

Pricewaterhousecoopers AS 4,260 MNOK
ERNST & Young AS 4,085 MNOK
BDO AS 3,310 MNOK
Deloitte AS 3,257 MNOK
KPMG AS 3,141 MNOK

Operating revenue.

Most employees

Pricewaterhousecoopers AS 1,898
ERNST & Young AS 1,589
KPMG AS 1,453
Aider AS 1,342
BDO AS 1,286

Employees according to the Central Coordinating Register.

Highest revenue per employee

ERNST & Young Advokatfirma AS 5.5 MNOK
Wikborg Rein Advokatfirma AS 5.3 MNOK
Advokatfirmaet Thommessen AS 4.9 MNOK
Advokatfirmaet Bahr AS 4.7 MNOK
Advokatfirmaet Pricewaterhousecoopers AS 4.5 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

Operating result divided by operating revenue.

Largest profit

Advokatfirmaet Thommessen AS 953 MNOK
Pricewaterhousecoopers AS 906 MNOK
Wikborg Rein Advokatfirma AS 807 MNOK
Advokatfirmaet Wiersholm AS 487 MNOK
KPMG AS 455 MNOK

Profit before tax.

Largest loss

No company meets the requirement this year.

Profit before tax, the largest negative.

Most solid

Wikborg Rein Advokatfirma AS 76.0%
Sparebank 1 Regnskapshuset Smn AS 61.1%
Advokatfirmaet Simonsen Vogt Wiig AS 59.3%
BDO AS 30.8%
Pricewaterhousecoopers AS 19.8%

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

Aider AS +197.3%
Deloitte AS +22.8%
Advokatfirmaet Thommessen AS +17.9%
Deloitte Advokatfirma AS +17.6%
Azets Insight AS +17.3%

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

Largest revenue decline

Advokatfirmaet Simonsen Vogt Wiig AS −4.3%

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

Biggest climbers

Azets Insight AS +19.1 points
Deloitte Advokatfirma AS +8.6 points
ERNST & Young Advokatfirma AS +8.0 points
Advokatfirmaet Bahr AS +7.9 points
Advokatfirmaet Thommessen AS +7.7 points

Change in index points from the year before.

Biggest fallers

Advokatfirmaet Wiersholm AS −23.9 points
Sparebank 1 Regnskapshuset Smn AS −15.5 points
Advokatfirmaet Simonsen Vogt Wiig AS −15.2 points
Pricewaterhousecoopers AS −13.2 points
Wikborg Rein Advokatfirma AS −5.3 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 · 2024 · 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 2023 (small ring).

Advokatfirmaet Pricewaterhousecoopers AS profitability 31 → 45, solidity 33 → 26
Advokatfirmaet Wiersholm AS profitability 81 → 76, solidity 78 → 63
Deloitte AS profitability 19 → 26, solidity 56 → 42
Advokatfirmaet Thommessen AS profitability 89 → 95, solidity 50 → 37
Advokatfirmaet Haavind AS profitability 72 → 82, solidity 39 → 47

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 2023 (profitability / solidity)
Advokatfirmaet Arntzen AS	Cheetah	95	0	97 / 0
Advokatfirmaet Thommessen AS	Cheetah	95	37	89 / 50
Cms Kluge Advokatfirma AS	Cheetah	89	16	78 / 17
Wikborg Rein Advokatfirma AS	Lion	82	100	75 / 100
Advokatfirmaet Haavind AS	Cheetah	82	47	72 / 39
Advokatfirmaet Wiersholm AS	Lion	76	63	81 / 78
Advokatfirmaet Selmer AS	Cheetah	71	5	72 / 6
Advokatfirmaet Simonsen Vogt Wiig AS	Lion	61	89	67 / 89
Advokatfirmaet Bahr AS	Lion	61	53	69 / 44
Deloitte Advokatfirma AS	Lion	50	58	47 / 61
Advokatfirmaet Pricewaterhousecoopers AS	Beaver	45	26	31 / 33
Pricewaterhousecoopers AS	Elephant	42	79	44 / 72
Azets Insight AS	Beaver	39	32	36 / 28
BDO AS	Elephant	29	84	22 / 83
KPMG AS	Elephant	26	68	19 / 67
Deloitte AS	Beaver	26	42	19 / 56
Sparebank 1 Regnskapshuset Smn AS	Elephant	13	95	25 / 94
Aider AS	Elephant	13	74	–
ERNST & Young AS	Beaver	5	21	6 / 22
ERNST & Young Advokatfirma AS	Beaver	0	11	0 / 11

The sector in numbers

Summary · fiscal year 2024 · Morning class Large

The sector's median operating margin is 20.1%. 0 of 20 companies have negative equity. The median equity ratio is 11.9%.

Companies with accounts20

Total revenue32,762 MNOK

Median operating margin20.1%

Median equity ratio11.9%

Share with a loss0%

Share with negative equity0%

All figures are for fiscal year 2024. Ranked: 20 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 2023 to 2024, for 19 companies ranked in both years.

Climbers

4Deloitte Advokatfirma ASfrom rank 6 to 260
4Advokatfirmaet Bahr ASfrom rank 10 to 657
3Advokatfirmaet Thommessen ASfrom rank 7 to 458
3Advokatfirmaet Arntzen ASfrom rank 12 to 950
1Advokatfirmaet Haavind ASfrom rank 8 to 756

Fallers

6Pricewaterhousecoopers ASfrom rank 5 to 1148
5Advokatfirmaet Selmer ASfrom rank 9 to 1446
4Sparebank 1 Regnskapshuset Smn ASfrom rank 4 to 850
3Advokatfirmaet Wiersholm ASfrom rank 2 to 557
3Advokatfirmaet Pricewaterhousecoopers ASfrom rank 14 to 1744

Awards · 2024 · Morning class Large

Most profitableAdvokatfirmaet Thommessen AS52.4%

Fastest growthAider AS197.3%

Strongest balance sheetWikborg Rein Advokatfirma AS76.0%

Largest revenuePricewaterhousecoopers AS4,260 MNOK

Highest revenue per employeeERNST & Young Advokatfirma AS5.5 MNOK

Needs attention · 2024 · Morning class Large

8 companies show at least one warning sign. Showing the 8 most important.

watchERNST & Young ASVery low equity ratio (7.7%)
watchAider ASCurrent ratio below 1 (0.77)
watchAdvokatfirmaet Haavind ASCurrent ratio below 1 (1.00)
watchERNST & Young Advokatfirma ASVery low equity ratio (0.6%)
watchCms Kluge Advokatfirma ASVery low equity ratio (2.5%)
watchAdvokatfirmaet Selmer ASVery low equity ratio (0.4%)
watchAdvokatfirmaet Arntzen ASVery low equity ratio (0.1%)
watchAdvokatfirmaet Pricewaterhousecoopers ASVery low equity ratio (9.0%)

Sector map · 2024 · 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
Wikborg Rein Advokatfirma AS	50.0%	76.0%	1,550 MNOK
Deloitte Advokatfirma AS	19.0%	15.3%	739 MNOK
Advokatfirmaet Simonsen Vogt Wiig AS	31.1%	59.3%	553 MNOK
Advokatfirmaet Thommessen AS	52.4%	10.9%	1,806 MNOK
Advokatfirmaet Wiersholm AS	40.3%	15.8%	1,223 MNOK
Advokatfirmaet Bahr AS	39.8%	12.3%	1,374 MNOK
Advokatfirmaet Haavind AS	44.3%	11.4%	735 MNOK
Sparebank 1 Regnskapshuset Smn AS	8.9%	61.1%	789 MNOK
Advokatfirmaet Arntzen AS	51.1%	0.1%	607 MNOK
Aider AS	5.9%	19.7%	1,147 MNOK
Pricewaterhousecoopers AS	21.1%	19.8%	4,260 MNOK
Cms Kluge Advokatfirma AS	41.8%	2.5%	678 MNOK
BDO AS	10.4%	30.8%	3,310 MNOK
Advokatfirmaet Selmer AS	41.4%	0.4%	624 MNOK
KPMG AS	13.4%	17.8%	3,141 MNOK
Deloitte AS	12.7%	11.1%	3,257 MNOK
Advokatfirmaet Pricewaterhousecoopers AS	17.9%	9.0%	581 MNOK
Azets Insight AS	13.4%	10.1%	1,569 MNOK
ERNST & Young AS	1.8%	7.7%	4,085 MNOK
ERNST & Young Advokatfirma AS	0.1%	0.6%	732 MNOK

Holding and investment companies · 2024

415 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: 112 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	Henke Invest AS	97	100.0%	79.5%	–	24 MNOK
2	K Thunes Invest AS	94	99.9%	93.2%	486.21	14 MNOK
3	Jfp Invest AS	89	99.7%	64.7%	287.00	23 MNOK
4	Jonoli Invest AS	87	99.4%	94.3%	158.11	12 MNOK
5	Hult Holding AS	82	99.5%	35.9%	241.31	15 MNOK
6	TB Investment AS	82	100.0%	17.9%	1,477.62	16 MNOK
7	Kreti og Pleti Invest AS	80	99.8%	21.9%	250.20	84 MNOK
8	Growthiogen Invest AS	80	99.5%	96.3%	5.81	20 MNOK
9	Lr-Investment AS	78	99.6%	24.5%	128.59	14 MNOK
10	Håvardsrud Holding AS	76	96.1%	68.5%	–	11 MNOK
11	Pilen Invest AS	75	99.3%	26.3%	79.50	21 MNOK
12	Ad-Ma Holding AS	75	99.9%	11.7%	602.35	20 MNOK
13	Solstrand Holding AS	74	96.9%	58.4%	35.06	11 MNOK
14	Gtg Holding AS	74	97.3%	57.9%	26.13	24 MNOK
15	Victorem Invest AS	73	99.6%	15.0%	201.24	14 MNOK
16	L&T Bredal Invest AS	73	96.7%	72.8%	19.28	27 MNOK
17	Håvard S Braaten Invest AS	73	97.2%	54.6%	35.22	11 MNOK
18	Verdane Capital Advisors Viii AS	73	94.9%	124.8%	19.31	124 MNOK
19	ØW Holding AS	72	99.3%	25.4%	30.77	54 MNOK
20	Callenholm Holding AS	71	99.4%	20.6%	–	42 MNOK

Show all 100

Rank	Company	Score	Total assets
21	Aspehaug Holding AS	71	26 MNOK
22	Olevi Holding AS	70	16 MNOK
23	Terje Stenløkk Holding AS	70	14 MNOK
24	AR HE Invest AS	69	13 MNOK
25	Jabi Holding AS	69	15 MNOK
26	AP Capital AS	69	11 MNOK
27	Cloudberry Capital AS	68	10 MNOK
28	Norchart Invest AS	68	14 MNOK
29	Yrg Invest AS	66	11 MNOK
30	AFP Holding AS	66	21 MNOK
31	Muen Invest AS	64	62 MNOK
32	Skjæggestad Invest AS	64	35 MNOK
33	Arta Holding AS	63	150 MNOK
34	Melesio Holding AS	62	617 MNOK
35	Furru Investment AS	62	23 MNOK
36	Miraa Holding AS	62	242 MNOK
37	Skipavik Invest AS	62	11 MNOK
38	Vatna Invest AS	62	78 MNOK
39	C Invest AS	59	14 MNOK
40	Cgc Holding AS	58	13 MNOK
41	S&F Holdings AS	58	44 MNOK
42	Ajs Invest AS	58	34 MNOK
43	Ljh Invest i AS	58	60 MNOK
44	IO Holding AS	58	12 MNOK
45	Gralys Invest AS	58	11 MNOK
46	Bdn Holding AS	56	19 MNOK
47	Creditreform Holding AS	55	18 MNOK
48	Sunde Invest AS	54	16 MNOK
49	WK Invest AS	54	16 MNOK
50	Grip Sjansen Invest AS	54	40 MNOK
51	Omtara Holding AS	54	14 MNOK
52	Ojt Holding AS	52	27 MNOK
53	E.K Holding AS	52	25 MNOK
54	Ska Invest AS	52	11 MNOK
55	Pope Holding AS	52	13 MNOK
56	Teakay Invest AS	51	16 MNOK
57	Scenario Invest AS	51	13 MNOK
58	Encon Invest AS	50	102 MNOK
59	Skjerven Holding AS	49	15 MNOK
60	Horgi Holding AS	47	27 MNOK
61	TN Invest AS	47	22 MNOK
62	Aas Invest AS	46	23 MNOK
63	Tandersen Holding AS	46	13 MNOK
64	Melesio Capital AS	45	779 MNOK
65	Gullp Invest AS	44	86 MNOK
66	Lotma Holding AS	44	47 MNOK
67	Asiju Invest AS	44	11 MNOK
68	Abakus Invest AS	43	26 MNOK
69	Wmr Holding AS	43	22 MNOK
70	Daimyo Invest AS	43	1,220 MNOK
71	Spring Capital Management AS	43	23 MNOK
72	Harding Invest AS	42	36 MNOK
73	Sloerassen Invest AS	42	13 MNOK
74	LUND INVEST & Consulting AS	42	10 MNOK
75	Phoenix Invest AS	41	13 MNOK
76	Vikingene Invest AS	41	49 MNOK
77	Admento Holding AS	40	230 MNOK
78	Fyrva Holding AS	39	680 MNOK
79	Verdane Advisors Holding AS	39	681 MNOK
80	Rieve Holding AS	37	102 MNOK
81	Cinco Invest AS	37	14 MNOK
82	Konform Holding AS	36	29 MNOK
83	Ref Invest AS	36	17 MNOK
84	Hitec Products Holding AS	36	402 MNOK
85	Momo Invest AS	35	56 MNOK
86	Åstveit Holding AS	35	172 MNOK
87	Amesto Accounthouse Holding AS	34	109 MNOK
88	T-Matrix Invest AS	34	27 MNOK
89	Global Investments AS	34	22 MNOK
90	Mentoria Holding AS	33	40 MNOK
91	Midas Capital AS	32	95 MNOK
92	I.CO Invest AS	32	15 MNOK
93	Rni Invest AS	30	56 MNOK
94	Woodpecker Capital AS	29	102 MNOK
95	Cottonwood Holding AS	27	13 MNOK
96	Areto Invest AS	27	98 MNOK
97	Bjelland Holding AS	27	19 MNOK
98	Soleglad Invest AS	25	22 MNOK
99	AA Berge Invest AS	24	12 MNOK
100	Fremdrift Invest AS	24	12 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 year	Median operating margin	Median equity ratio
2020	–	–
2021	21.8%	31.4%
2022	7.4%	34.5%
2023	10.4%	41.4%
2024	10.3%	40.8%
2025	10.0%	39.5%
2026 · weakest year	5.4%	46.6%

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

Held up best in 2026

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
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	21.8%	7.4%	10.4%	10.3%	10.0%	5.4%

Source: SSB (14710, CC BY 4.0). Source · fetched 2 November 2026

Policy rate (prosent)

Latest value: 4.50 (2026-10)

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
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	21.8%	7.4%	10.4%	10.3%	10.0%	5.4%

Source: Norges Bank (IR, NLOD 2.0). Source · fetched 2 November 2026

When policy rate fell in 2025, 760 of 1,500 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.

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

Borge Lean Consulting AS 926817876 Voluntary liquidation · 2 November 2026
Hydrobatt AS 924634227 Forced dissolution · 2 November 2026
NEXT STEP ESG 7.0. AS 932542552 Forced dissolution · 2 November 2026
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)

All bankruptcies and liquidations in the sector

Industry codes (NACE)

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