Sector

1,350 companies ranked against comparable companies in four Morning company classes. Fiscal year 2024. Source: Brønnøysund Register Centre. Methodology

Ranking · 2024 · Morning class Large

Morning class Large · 2024
#CompanyProfileScoreChangeFive years
1 Höegh Evi AS Leader 86 +1
2 Norsea Logistics AS Leader 83 −9
3 Bring Cargo AS Leader 82 −4
4 Sos Veihjelp AS Leader 82 −2
5 DHL GLOBAL FORWARDING (NORWAY) AS Leader 78 +13
6 Jas Worldwide Norway AS Leader 77 −8
7 DHL EXPRESS (NORWAY) AS Leader 76 −11
8 Gunnar Knutsen AS Leader 75 +12
9 Norwegian Air Shuttle ASA Leader 74 +30
10 B.H. Ramberg AS Leader 74 −6
11 Axess Logistics AS Leader 74 +6
12 Aimo Park Norway AS Leader 72 –
13 DSV AIR & Sea AS Leader 71 +20
14 Ccb AS Sprinter 70 0
15 Trønder Taxi AS Leader 68 −1
16 Bring Intermodal AS Leader 68 0
17 LKAB Norge AS Leader 67 −13
18 VY Tog ASsubsidiary of Vygruppen AS Steward 67 −3
19 Nortransport AS Leader 66 +6
20 Clarksons Norway AS Leader 65 −10
21 Taxisentralen i Bergen AS Leader 63 −14
22 Widerøe's Flyveselskap ASsubsidiary of Widerøe AS Leader 61 +37
23 Flytoget AS Leader 61 −10
24 Veøy AS Leader 59 −11
25 Kingsrød Transport AS Leader 59 −1
26 Asco Norge AS Leader 59 −9
27 Redgo Norway AS Steward 58 +15
28 Sporveien AS Leader 58 +6
29 Sr Group AS Leader 56 −4
30 Avinor Flysikring ASsubsidiary of Avinor AS Steward 56 +13
31 UPS Norway AS Sprinter 56 −9
32 Avinor AS Leader 55 +1
33 Vygruppen AS Leader 54 +8
34 FREJA TRANSPORT & Logistics AS Sprinter 53 –
35 Posten Bring Bildrift AS Sprinter 53 −24
36 Nor-Log AS Leader 52 −5
37 Unibuss ASsubsidiary of Sporveien AS Sprinter 52 +47
38 Bristow Norway AS Sprinter 50 +5
39 Tide Horisont AS Sprinter 50 +35
40 Onepark AS Sprinter 50 +1
41 Helthjem Distribusjon Vest AS Builder 49 +5
42 Bring Warehousing AS Steward 49 −1
43 Helthjem Netthandel AS Sprinter 48 +30
44 Toten Transport AS Sprinter 48 +3
45 Wilhelmsen Ships Service AS Sprinter 45 −32
46 Thermo-Transit Norge AS Steward 45 −26
47 Nobina AS Steward 45 –
48 Oslo Taxi AS Builder 41 +4
49 Connect Bus Norge AS Steward 40 −21
50 Tide Buss AS Builder 39 +3

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

  • Unibuss AS

    From 2023 to 2024: the operating margin rose from −27.0% to 4.8% and the equity ratio rose from −4.3% to 18.0%.

    +47
  • Widerøe's Flyveselskap AS

    From 2023 to 2024: went from a loss to a profit before tax and the operating margin rose from −1.9% to 5.2%.

    +37
  • Wilhelmsen Ships Service AS

    From 2023 to 2024: the equity ratio fell from 36.1% to 7.4% and the operating margin fell from 11.8% to 5.2%.

    −32
  • Helthjem Netthandel AS

    From 2023 to 2024: went from a loss to a profit before tax and revenue grew by 45%.

    +30

Top lists in the sector · 2024 · Morning class Large

The five largest companies account for 37% of the sector's revenue. Combined profit before tax for the 73 ranked companies: 1,231 MNOK.

Size

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

Highest revenue

  1. Norwegian Air Shuttle Aoc ASsubsidiary of Norwegian Air Shuttle ASA 14,864 MNOK
  2. Posten Bring AS 14,034 MNOK
  3. Avinor AS 10,877 MNOK
  4. Vygruppen AS 7,200 MNOK
  5. Widerøe's Flyveselskap ASsubsidiary of Widerøe AS 6,498 MNOK

Operating revenue.

Most employees

  1. Posten Bring AS 10,033
  2. Tide Buss AS 3,859
  3. Connect Bus Norge AS 2,553
  4. Avinor AS 2,548
  5. Vygruppen AS 2,485

Employees according to the Central Coordinating Register.

Highest revenue per employee

  1. Air Cargo Logistics AS 24.1 MNOK
  2. Wilhelmsen Ships Service AS 18.9 MNOK
  3. KUEHNE + Nagel AS 17.6 MNOK
  4. Thermo-Transit Norge AS 16.6 MNOK
  5. Bring Intermodal AS 14.8 MNOK

Only companies with at least 5 employees.

Profit and balance

Who earns the most, who loses the most, and who has the strongest balance sheet.

Highest operating margin

  1. Norwegian Air Shuttle ASA 140.8%
  2. Clarksons Norway AS 33.2%
  3. Gunnar Knutsen AS 12.7%
  4. LKAB Norge AS 10.8%
  5. Norsea Logistics AS 9.8%

Operating result divided by operating revenue.

Largest profit

  1. Norwegian Air Shuttle ASA 1,663 MNOK
  2. Wilhelmsen Ships Service AS 418 MNOK
  3. Clarksons Norway AS 391 MNOK
  4. Widerøe's Flyveselskap ASsubsidiary of Widerøe AS 266 MNOK
  5. Avinor AS 216 MNOK

Profit before tax.

Largest loss

  1. Norse Atlantic Airways AS −746 MNOK
  2. Norwegian Air AS −734 MNOK
  3. Norwegian Air Shuttle Aoc ASsubsidiary of Norwegian Air Shuttle ASA −678 MNOK
  4. Go-Ahead Norge AS −248 MNOK
  5. Postnord AS −245 MNOK

Profit before tax, the largest negative.

Most solid

  1. Sos Veihjelp AS 78.9%
  2. VY Tog ASsubsidiary of Vygruppen AS 66.6%
  3. Höegh Evi AS 61.5%
  4. Norsea Logistics AS 59.0%
  5. Bring Cargo AS 52.4%

Equity ratio: equity divided by total assets.

Growth and movement

Who grows and falls the most in revenue, and who has climbed or fallen the most on the index since the year before.

Fastest growth

  1. Tide Horisont AS +1,069.5%
  2. Posten Bring Bildrift AS +185.9%
  3. Helthjem Distribusjon Vest AS +104.0%
  4. Ccb AS +97.6%
  5. Helthjem Netthandel AS +44.8%

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

Largest revenue decline

  1. Collicare Logistics AS −56.4%
  2. Norwegian Air AS −41.8%
  3. Go-Ahead Norge AS −36.1%
  4. Air Cargo Logistics AS −9.2%
  5. Sporveien Trikken AS −5.2%

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

Biggest climbers

  1. Unibuss ASsubsidiary of Sporveien AS +46.3 points
  2. Widerøe's Flyveselskap ASsubsidiary of Widerøe AS +36.9 points
  3. Helthjem Netthandel AS +30.7 points
  4. Norwegian Air Shuttle ASA +30.3 points
  5. Cargonet ASsubsidiary of Vygruppen AS +21.4 points

Change in index points from the year before.

Biggest fallers

  1. Wilhelmsen Ships Service AS −32.1 points
  2. Thermo-Transit Norge AS −26.4 points
  3. Norwegian Air AS −25.5 points
  4. Posten Bring Bildrift AS −24.2 points
  5. Connect Bus Norge AS −21.4 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.

Norwegian Air Shuttle Aoc AS: 35 / 8Posten Bring AS: 30 / 36Avinor AS: 62 / 66Vygruppen AS: 64 / 62WIDERØE'S Flyveselskap AS: 87 / 55VY Buss AS: 44 / 33Postnord AS: 11 / 45Norse Atlantic Airways AS: 9 / 0KUEHNE + Nagel AS: 66 / 4Tide Buss AS: 44 / 29Wilhelmsen Ships Service AS: 68 / 12Bristow Norway AS: 62 / 25Norwegian Air AS: 14 / 88Connect Bus Norge AS: 25 / 74Sporveien T-Banen AS: 10 / 18Avinor Flysikring AS: 29 / 58Chc Helikopter Service AS: 10 / 47Nor-Log AS: 59 / 51Sporveien AS: 63 / 79DSV AIR & Sea AS: 82 / 64Unibuss AS: 61 / 41SJ Norge AS: 42 / 3Onepark AS: 78 / 14Thermo-Transit Norge AS: 23 / 54Ccb AS: 94 / 46Jas Worldwide Norway AS: 56 / 93Nobina AS: 20 / 80Dsv Road AS: 41 / 34DHL EXPRESS (NORWAY) AS: 85 / 83Posten Bring Bildrift AS: 64 / 5Widerøe Ground Handling AS: 14 / 38Bring Cargo AS: 88 / 95Cargonet AS: 3 / 76Apcoa Norway AS: 62 / 20Boreal Buss AS: 6 / 28SAS Ground Handling Norway AS: 18 / 26Norsea Logistics AS: 88 / 96Sporveien Trikken AS: 14 / 37VY Tog AS: 40 / 99DHL GLOBAL FORWARDING (NORWAY) AS: 66 / 91Air Cargo Logistics AS: 38 / 21Flytoget AS: 68 / 92LKAB Norge AS: 72 / 75Collicare Distribution AS: 44 / 7Helthjem Netthandel AS: 50 / 16Foodora Norway AS: 43 / 9Trønder Taxi AS: 79 / 59Norwegian Air Shuttle ASA: 78 / 89Bring Intermodal AS: 67 / 84Clarksons Norway AS: 99 / 71FREJA TRANSPORT & Logistics AS: 87 / 30Axess Logistics AS: 89 / 86Asco Norge AS: 54 / 61Aimo Park Norway AS: 78 / 68Integra Leasing AS: 14 / 43Helthjem Distribusjon Vest AS: 38 / 39Nor Lines Norway AS: 4 / 11Veøy AS: 60 / 82UPS Norway AS: 76 / 24Taxisentralen i Bergen AS: 51 / 78Sr Group AS: 64 / 53Collicare Logistics AS: 90 / 13Kingsrød Transport AS: 51 / 67B.H. Ramberg AS: 67 / 87Boreal Travel AS: 27 / 32Nortransport AS: 53 / 70Tide Horisont AS: 71 / 17Bring Home Delivery Norge AS: 5 / 22Redgo Norway AS: 20 / 72Stödig Crewing II AS: 56 / 1Go-Ahead Norge AS: 0 / 0Bring Cargo International Norge AS: 25 / 42Oslo Taxi AS: 19 / 49Toten Transport AS: 64 / 50Gunnar Knutsen AS: 99 / 57Bring Warehousing AS: 8 / 63Sos Veihjelp AS: 73 / 100Höegh Evi AS: 79 / 9700252550507575100100Solidity, percentile against peers →↑ Profitability, percentile against peers
Norwegian Air Shuttle Aoc AS: 35 / 8Posten Bring AS: 30 / 36Avinor AS: 62 / 66Vygruppen AS: 64 / 62WIDERØE'S Flyveselskap AS: 87 / 55VY Buss AS: 44 / 33Postnord AS: 11 / 45Norse Atlantic Airways AS: 9 / 0KUEHNE + Nagel AS: 66 / 4Tide Buss AS: 44 / 29Wilhelmsen Ships Service AS: 68 / 12Bristow Norway AS: 62 / 25Norwegian Air AS: 14 / 88Connect Bus Norge AS: 25 / 74Sporveien T-Banen AS: 10 / 18Avinor Flysikring AS: 29 / 58Chc Helikopter Service AS: 10 / 47Nor-Log AS: 59 / 51Sporveien AS: 63 / 79DSV AIR & Sea AS: 82 / 64Unibuss AS: 61 / 41SJ Norge AS: 42 / 3Onepark AS: 78 / 14Thermo-Transit Norge AS: 23 / 54Ccb AS: 94 / 46Jas Worldwide Norway AS: 56 / 93Nobina AS: 20 / 80Dsv Road AS: 41 / 34DHL EXPRESS (NORWAY) AS: 85 / 83Posten Bring Bildrift AS: 64 / 5Widerøe Ground Handling AS: 14 / 38Bring Cargo AS: 88 / 95Cargonet AS: 3 / 76Apcoa Norway AS: 62 / 20Boreal Buss AS: 6 / 28SAS Ground Handling Norway AS: 18 / 26Norsea Logistics AS: 88 / 96Sporveien Trikken AS: 14 / 37VY Tog AS: 40 / 99DHL GLOBAL FORWARDING (NORWAY) AS: 66 / 91Air Cargo Logistics AS: 38 / 21Flytoget AS: 68 / 92LKAB Norge AS: 72 / 75Collicare Distribution AS: 44 / 7Helthjem Netthandel AS: 50 / 16Foodora Norway AS: 43 / 9Trønder Taxi AS: 79 / 59Norwegian Air Shuttle ASA: 78 / 89Bring Intermodal AS: 67 / 84Clarksons Norway AS: 99 / 71FREJA TRANSPORT & Logistics AS: 87 / 30Axess Logistics AS: 89 / 86Asco Norge AS: 54 / 61Aimo Park Norway AS: 78 / 68Integra Leasing AS: 14 / 43Helthjem Distribusjon Vest AS: 38 / 39Nor Lines Norway AS: 4 / 11Veøy AS: 60 / 82UPS Norway AS: 76 / 24Taxisentralen i Bergen AS: 51 / 78Sr Group AS: 64 / 53Collicare Logistics AS: 90 / 13Kingsrød Transport AS: 51 / 67B.H. Ramberg AS: 67 / 87Boreal Travel AS: 27 / 32Nortransport AS: 53 / 70Tide Horisont AS: 71 / 17Bring Home Delivery Norge AS: 5 / 22Redgo Norway AS: 20 / 72Stödig Crewing II AS: 56 / 1Go-Ahead Norge AS: 0 / 0Bring Cargo International Norge AS: 25 / 42Oslo Taxi AS: 19 / 49Toten Transport AS: 64 / 50Gunnar Knutsen AS: 99 / 57Bring Warehousing AS: 8 / 63Sos Veihjelp AS: 73 / 100Höegh Evi AS: 79 / 9700252550507575100100Solidity, percentile against peers →↑ Profitability, percentile against peers

Bubble size shows relative revenue, not exact figures. Dashed lines show where the 5 companies that moved most stood in 2023 (small ring).

  • Lion · LeaderHigh profitability, high solidity
  • Cheetah · SprinterHigh profitability, lower solidity
  • Elephant · StewardLower profitability, high solidity
  • Beaver · BuilderLower profitability, lower solidity
Show the positions as a list
CompanyProfileProfitabilitySolidityIn 2023 (profitability / solidity)
Gunnar Knutsen ASLion9957–
Clarksons Norway ASLion997199 / 74
Ccb ASCheetah944688 / 61
Collicare Logistics ASCheetah901344 / 11
Axess Logistics ASLion898675 / 67
Norsea Logistics ASLion889692 / 97
Bring Cargo ASLion889583 / 95
Widerøe's Flyveselskap ASLion875529 / 32
FREJA TRANSPORT & Logistics ASCheetah8730–
DHL EXPRESS (NORWAY) ASLion858391 / 89
DSV AIR & Sea ASLion826482 / 19
Höegh Evi ASLion7997–
Trønder Taxi ASLion795979 / 59
Aimo Park Norway ASLion7868–
Onepark ASCheetah781490 / 17
Norwegian Air Shuttle ASALion788912 / 85
UPS Norway ASCheetah762491 / 48
Sos Veihjelp ASLion73100–
LKAB Norge ASLion727575 / 76
Tide Horisont ASCheetah7117–
Flytoget ASLion689275 / 92
Wilhelmsen Ships Service ASCheetah681287 / 77
B.H. Ramberg ASLion678784 / 82
Bring Intermodal ASLion678451 / 66
DHL GLOBAL FORWARDING (NORWAY) ASLion669117 / 90
KUEHNE + Nagel ASCheetah66446 / 9
Sr Group ASLion645374 / 45
Posten Bring Bildrift ASCheetah64563 / 80
Toten Transport ASCheetah645076 / 25
Vygruppen ASLion646253 / 53
Sporveien ASLion637937 / 79
Avinor ASLion626669 / 63
Bristow Norway ASCheetah622572 / 27
Apcoa Norway ASCheetah622071 / 46
Unibuss ASCheetah61412 / 0
Veøy ASLion608275 / 87
Nor-Log ASLion595161 / 50
Jas Worldwide Norway ASLion569362 / 98
Stödig Crewing II ASCheetah561–
Asco Norge ASLion546121 / 93
Nortransport ASLion537056 / 56
Taxisentralen i Bergen ASLion517875 / 84
Kingsrød Transport ASLion516750 / 64
Helthjem Netthandel ASCheetah501629 / 4
Tide Buss ASBeaver442911 / 51
VY Buss ASBeaver443352 / 37
Collicare Distribution ASBeaver447–
Foodora Norway ASBeaver43932 / 7
SJ Norge ASBeaver42329 / 2
Dsv Road ASBeaver413425 / 30
The sector in numbers

Summary · fiscal year 2024 · Morning class Large

The sector's median operating margin is 1.6%. 2 of 78 companies have negative equity. The median equity ratio is 21.6%.

Companies with accounts78
Total revenue143,748 MNOK
Median operating margin1.6%
Median equity ratio21.6%
Share with a loss35%
Share with negative equity3%

All figures are for fiscal year 2024. Ranked: 78 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: 5 subsidiaries (12,956 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

  • 1 company reports in another currency. Its revenue is converted at the mean rate for the accounting period and makes up 3% of the total.

Climbers and fallers · Morning class Large

Change in rank from 2023 to 2024, for 63 companies ranked in both years.

Climbers

  1. 35Widerøe's Flyveselskap ASfrom rank 57 to 2261
  2. 29Norwegian Air Shuttle ASAfrom rank 38 to 974
  3. 25Unibuss ASfrom rank 62 to 3752
  4. 18DSV AIR & Sea ASfrom rank 31 to 1371
  5. 16DHL GLOBAL FORWARDING (NORWAY) ASfrom rank 21 to 578

Fallers

  1. 36Wilhelmsen Ships Service ASfrom rank 9 to 4545
  2. 35Thermo-Transit Norge ASfrom rank 11 to 4645
  3. 35Posten Bring ASfrom rank 33 to 6831
  4. 32Norwegian Air ASfrom rank 26 to 5834
  5. 30Widerøe Ground Handling ASfrom rank 34 to 6432

Awards · 2024 · Morning class Large

Most profitableNorwegian Air Shuttle ASA140.8%
Fastest growthTide Horisont AS1,069.5%
Strongest balance sheetSos Veihjelp AS78.9%
Largest revenueNorwegian Air Shuttle Aoc AS14,864 MNOK
Highest revenue per employeeAir Cargo Logistics AS24.1 MNOK

Needs attention · 2024 · Morning class Large

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

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.

−10%−5%0%5%10%0%10%20%30%40%50%Operating margin (profitability) →Equity ratio (solidity) →Norwegian Air Shuttle Aoc AS: operating margin 0.8%, equity ratio 4.1%, rank 65Posten Bring AS: operating margin −0.1%, equity ratio 17.7%, rank 68Avinor AS: operating margin 9.1%, equity ratio 28.7%, rank 32Vygruppen AS: operating margin 5.5%, equity ratio 25.6%, rank 33WIDERØE'S Flyveselskap AS: operating margin 5.2%, equity ratio 23.7%, rank 22VY Buss AS: operating margin 2.2%, equity ratio 17.0%, rank 63Postnord AS: operating margin −3.8%, equity ratio 20.3%, rank 72Norse Atlantic Airways AS: operating margin −13.5%, equity ratio −38.2%, rank 76KUEHNE + Nagel AS: operating margin 2.3%, equity ratio 3.1%, rank 60Tide Buss AS: operating margin 1.6%, equity ratio 16.1%, rank 50Wilhelmsen Ships Service AS: operating margin 5.2%, equity ratio 7.4%, rank 45Bristow Norway AS: operating margin 0.2%, equity ratio 14.6%, rank 38Norwegian Air AS: operating margin −34.2%, equity ratio 43.9%, rank 58Connect Bus Norge AS: operating margin −0.7%, equity ratio 35.7%, rank 49Sporveien T-Banen AS: operating margin −3.4%, equity ratio 11.6%, rank 75Avinor Flysikring AS: operating margin −0.7%, equity ratio 24.4%, rank 30Chc Helikopter Service AS: operating margin −5.1%, equity ratio 21.3%, rank 61Nor-Log AS: operating margin 1.7%, equity ratio 21.8%, rank 36Sporveien AS: operating margin 6.9%, equity ratio 37.5%, rank 28DSV AIR & Sea AS: operating margin 4.7%, equity ratio 26.9%, rank 13Unibuss AS: operating margin 4.8%, equity ratio 18.0%, rank 37SJ Norge AS: operating margin 0.9%, equity ratio 0.5%, rank 67Onepark AS: operating margin 2.8%, equity ratio 9.9%, rank 40Thermo-Transit Norge AS: operating margin −0.9%, equity ratio 22.6%, rank 46Ccb AS: operating margin 8.3%, equity ratio 20.7%, rank 14Jas Worldwide Norway AS: operating margin 0.8%, equity ratio 51.6%, rank 6Nobina AS: operating margin −1.6%, equity ratio 38.6%, rank 47Dsv Road AS: operating margin 0.4%, equity ratio 17.5%, rank 51DHL EXPRESS (NORWAY) AS: operating margin 5.6%, equity ratio 41.0%, rank 7Posten Bring Bildrift AS: operating margin 3.0%, equity ratio 3.3%, rank 35Widerøe Ground Handling AS: operating margin −3.2%, equity ratio 17.9%, rank 64Bring Cargo AS: operating margin 6.6%, equity ratio 52.4%, rank 3Cargonet AS: operating margin −17.9%, equity ratio 36.4%, rank 54Apcoa Norway AS: operating margin 2.3%, equity ratio 12.4%, rank 56Boreal Buss AS: operating margin −13.0%, equity ratio 15.6%, rank 77SAS Ground Handling Norway AS: operating margin −1.4%, equity ratio 14.8%, rank 69Norsea Logistics AS: operating margin 9.8%, equity ratio 59.0%, rank 2Sporveien Trikken AS: operating margin −2.4%, equity ratio 17.9%, rank 74VY Tog AS: operating margin 0.2%, equity ratio 66.6%, rank 18DHL GLOBAL FORWARDING (NORWAY) AS: operating margin 2.3%, equity ratio 46.6%, rank 5Air Cargo Logistics AS: operating margin 0.3%, equity ratio 12.5%, rank 57Flytoget AS: operating margin 6.4%, equity ratio 50.9%, rank 23LKAB Norge AS: operating margin 10.8%, equity ratio 35.7%, rank 17Collicare Distribution AS: operating margin 0.9%, equity ratio 3.8%, rank 70Helthjem Netthandel AS: operating margin 1.5%, equity ratio 10.7%, rank 43Foodora Norway AS: operating margin −0.1%, equity ratio 6.9%, rank 53Trønder Taxi AS: operating margin 3.5%, equity ratio 25.1%, rank 15Norwegian Air Shuttle ASA: operating margin 140.8%, equity ratio 43.9%, rank 9Bring Intermodal AS: operating margin 3.0%, equity ratio 42.7%, rank 16Clarksons Norway AS: operating margin 33.2%, equity ratio 33.7%, rank 20FREJA TRANSPORT & Logistics AS: operating margin 6.9%, equity ratio 16.1%, rank 34Axess Logistics AS: operating margin 6.4%, equity ratio 43.3%, rank 11Asco Norge AS: operating margin 1.2%, equity ratio 25.3%, rank 26Aimo Park Norway AS: operating margin 4.6%, equity ratio 30.1%, rank 12Integra Leasing AS: operating margin −4.1%, equity ratio 19.1%, rank 71Helthjem Distribusjon Vest AS: operating margin 0.4%, equity ratio 17.9%, rank 41Nor Lines Norway AS: operating margin −12.1%, equity ratio 7.0%, rank 73Veøy AS: operating margin 3.0%, equity ratio 40.0%, rank 24UPS Norway AS: operating margin 4.3%, equity ratio 13.9%, rank 31Taxisentralen i Bergen AS: operating margin 0.9%, equity ratio 37.3%, rank 21Sr Group AS: operating margin 2.7%, equity ratio 22.3%, rank 29Collicare Logistics AS: operating margin 5.6%, equity ratio 8.5%, rank 52Kingsrød Transport AS: operating margin 1.6%, equity ratio 29.1%, rank 25B.H. Ramberg AS: operating margin 3.0%, equity ratio 43.9%, rank 10Boreal Travel AS: operating margin −0.6%, equity ratio 16.8%, rank 66Nortransport AS: operating margin 1.6%, equity ratio 30.8%, rank 19Tide Horisont AS: operating margin 5.1%, equity ratio 11.1%, rank 39Bring Home Delivery Norge AS: operating margin −9.7%, equity ratio 13.0%, rank 59Redgo Norway AS: operating margin −1.3%, equity ratio 35.3%, rank 27Stödig Crewing II AS: operating margin 0.2%, equity ratio 0.1%, rank 55Go-Ahead Norge AS: operating margin −41.9%, equity ratio −443.5%, rank 78Bring Cargo International Norge AS: operating margin −0.3%, equity ratio 18.0%, rank 62Oslo Taxi AS: operating margin −1.4%, equity ratio 21.4%, rank 48Toten Transport AS: operating margin 1.8%, equity ratio 21.8%, rank 44Gunnar Knutsen AS: operating margin 12.7%, equity ratio 23.8%, rank 8Bring Warehousing AS: operating margin −6.6%, equity ratio 26.2%, rank 42Sos Veihjelp AS: operating margin 3.2%, equity ratio 78.9%, rank 4Höegh Evi AS: operating margin 5.3%, equity ratio 61.5%, rank 1
Show the map's figures as a table
CompanyOperating marginEquity ratioRevenue
Höegh Evi AS5.3%61.5%504 MNOK
Norsea Logistics AS9.8%59.0%1,223 MNOK
Bring Cargo AS6.6%52.4%1,315 MNOK
Sos Veihjelp AS3.2%78.9%519 MNOK
DHL GLOBAL FORWARDING (NORWAY) AS2.3%46.6%1,121 MNOK
Jas Worldwide Norway AS0.8%51.6%1,624 MNOK
DHL EXPRESS (NORWAY) AS5.6%41.0%1,489 MNOK
Gunnar Knutsen AS12.7%23.8%530 MNOK
Norwegian Air Shuttle ASA140.8%43.9%932 MNOK
B.H. Ramberg AS3.0%43.9%634 MNOK
Axess Logistics AS6.4%43.3%847 MNOK
Aimo Park Norway AS4.6%30.1%816 MNOK
DSV AIR & Sea AS4.7%26.9%1,989 MNOK
Ccb AS8.3%20.7%1,710 MNOK
Trønder Taxi AS3.5%25.1%970 MNOK
Bring Intermodal AS3.0%42.7%920 MNOK
LKAB Norge AS10.8%35.7%1,019 MNOK
VY Tog AS0.2%66.6%1,190 MNOK
Nortransport AS1.6%30.8%589 MNOK
Clarksons Norway AS33.2%33.7%889 MNOK
Taxisentralen i Bergen AS0.9%37.3%717 MNOK
Widerøe's Flyveselskap AS5.2%23.7%6,498 MNOK
Flytoget AS6.4%50.9%1,019 MNOK
Veøy AS3.0%40.0%735 MNOK
Kingsrød Transport AS1.6%29.1%648 MNOK
Asco Norge AS1.2%25.3%836 MNOK
Redgo Norway AS−1.3%35.3%580 MNOK
Sporveien AS6.9%37.5%2,019 MNOK
Sr Group AS2.7%22.3%686 MNOK
Avinor Flysikring AS−0.7%24.4%2,388 MNOK
UPS Norway AS4.3%13.9%723 MNOK
Avinor AS9.1%28.7%10,877 MNOK
Vygruppen AS5.5%25.6%7,200 MNOK
FREJA TRANSPORT & Logistics AS6.9%16.1%877 MNOK
Posten Bring Bildrift AS3.0%3.3%1,446 MNOK
Nor-Log AS1.7%21.8%2,060 MNOK
Unibuss AS4.8%18.0%1,940 MNOK
Bristow Norway AS0.2%14.6%2,916 MNOK
Tide Horisont AS5.1%11.1%584 MNOK
Onepark AS2.8%9.9%1,757 MNOK
Helthjem Distribusjon Vest AS0.4%17.9%771 MNOK
Bring Warehousing AS−6.6%26.2%529 MNOK
Helthjem Netthandel AS1.5%10.7%979 MNOK
Toten Transport AS1.8%21.8%536 MNOK
Wilhelmsen Ships Service AS5.2%7.4%3,028 MNOK
Thermo-Transit Norge AS−0.9%22.6%1,730 MNOK
Nobina AS−1.6%38.6%1,539 MNOK
Oslo Taxi AS−1.4%21.4%539 MNOK
Connect Bus Norge AS−0.7%35.7%2,409 MNOK
Tide Buss AS1.6%16.1%3,564 MNOK
Dsv Road AS0.4%17.5%1,525 MNOK
Collicare Logistics AS5.6%8.5%676 MNOK
Foodora Norway AS−0.1%6.9%972 MNOK
Cargonet AS−17.9%36.4%1,306 MNOK
Stödig Crewing II AS0.2%0.1%577 MNOK
Apcoa Norway AS2.3%12.4%1,286 MNOK
Air Cargo Logistics AS0.3%12.5%1,060 MNOK
Norwegian Air AS−34.2%43.9%2,576 MNOK
Bring Home Delivery Norge AS−9.7%13.0%580 MNOK
KUEHNE + Nagel AS2.3%3.1%3,614 MNOK
Chc Helikopter Service AS−5.1%21.3%2,324 MNOK
Bring Cargo International Norge AS−0.3%18.0%544 MNOK
VY Buss AS2.2%17.0%6,131 MNOK
Widerøe Ground Handling AS−3.2%17.9%1,390 MNOK
Norwegian Air Shuttle Aoc AS0.8%4.1%14,864 MNOK
Boreal Travel AS−0.6%16.8%615 MNOK
SJ Norge AS0.9%0.5%1,849 MNOK
Posten Bring AS−0.1%17.7%14,034 MNOK
SAS Ground Handling Norway AS−1.4%14.8%1,242 MNOK
Collicare Distribution AS0.9%3.8%1,001 MNOK
Integra Leasing AS−4.1%19.1%780 MNOK
Postnord AS−3.8%20.3%4,954 MNOK
Nor Lines Norway AS−12.1%7.0%748 MNOK
Sporveien Trikken AS−2.4%17.9%1,221 MNOK
Sporveien T-Banen AS−3.4%11.6%2,408 MNOK
Norse Atlantic Airways AS−13.5%−38.2%3,637 MNOK
Boreal Buss AS−13.0%15.6%1,255 MNOK
Go-Ahead Norge AS−41.9%−443.5%575 MNOK

Holding and investment companies · 2024

70 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: 27 have at least 10 MNOK in assets and are listed.

Holding and investment companies
RankCompanyScore Equity ratioReturn on assetsCurrent ratioTotal assets
1FE Invest AS82 95.5%26.6% 21.7412 MNOK
2A. Mollestad Invest AS76 99.4%12.8% 116.4413 MNOK
3Seafront Holding AS73 76.2%73.5% 381.8776 MNOK
4Ham Holding AS72 99.1%7.8% 390.1314 MNOK
5Nava-Holding AS69 91.4%16.1% 9.4831 MNOK
6Buskerud Anleggstransport Holding AS68 99.8%4.2% 258.5421 MNOK
7Fausko Invest AS64 94.8%9.4% 20.38125 MNOK
8Bjørn Ramberg Invest AS63 99.0%7.6% 15.15155 MNOK
9Reiseliv Holding AS62 87.0%28.2% 0.56593 MNOK
10Get Invest AS62 85.6%16.9% 1.4340 MNOK
11Tirilltoppen Holding AS60 80.4%14.3% 20.4212 MNOK
12Geir Røstad Holding AS58 99.7%1.9% 7.8032 MNOK
13White Invest AS57 67.4%66.9% 2.4523 MNOK
14Ccb Holding AS53 71.4%28.5% 1.27308 MNOK
15Isabel Invest AS51 85.4%6.3% 86.2513 MNOK
16Fritz Karl Pedersen Holding AS50 62.7%18.0% 4.0581 MNOK
17Hågensen Holding Alta AS45 77.1%14.8% 0.6823 MNOK
18Høyskel Holding AS43 84.5%10.8% 0.9965 MNOK
19Kokkersvold Holding AS42 77.1%6.7% 4.2719 MNOK
20Alone Holding AS36 85.1%0.5% 11.0924 MNOK
Show all 27
RankCompanyScoreTotal assets
21Utne Holding AS3444 MNOK
22Wergeland-Holding AS33552 MNOK
23Collicare Holding AS25210 MNOK
24Toso Invest AS2312 MNOK
25Knutsen Nyk LNG Holding AS234,202 MNOK
26Nik Haugrønning Holding AS1630 MNOK
27Misje Ship Holding AS10283 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 2025, with a median operating margin of 3.9%.

Based on the 8 fiscal years we have. The analysis grows as more years are fetched or imported.

Fiscal yearMedian operating marginMedian equity ratio
2019––
2020––
2021––
20224.6%16.7%
20234.2%31.6%
20244.1%31.3%
2025 · weakest year3.9%30.9%
20264.1%20.3%

In 2025, 650 ranked companies did better than the sector, 335 about the same and 379 weaker.

Held up best in 2025

  1. 1Normeat Trading ASequity ratio 92.5%98.5%
  2. 2Carolus ASequity ratio 63.6%97.5%
  3. 3Xenon Shipping ASequity ratio 80.2%93.4%
  4. 4SAS Norge ASequity ratio 84.0%93.0%
  5. 5Marine Consultor ASequity ratio 79.0%89.9%
  6. 6Wilhelmsen New Energy ASequity ratio 90.9%89.1%
  7. 7Husvik Hugin ASequity ratio 56.8%88.0%
  8. 8Ulstrup Jansen Eiendom ASequity ratio 27.2%85.4%
  9. 9P. A. Naess ASequity ratio 46.0%84.1%
  10. 10Vesterålen Distribusjon ASequity ratio 88.9%81.7%

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.

Export price of crude oil (kr per fat)

Latest value: 1,069 (2026M09)

Export price of crude oil fell 17.6% in 2025; the sector's median operating margin fell 0.1 percentage points.

Export price of crude oil per year and the sector's median operating margin
Measure202120222023202420252026
Export price of crude oil, annual average609979877859708881 (so far)
Change from the year before+61.1%+60.8%−10.5%−2.0%−17.6%+24.5%
Sector's median operating margin–4.6%4.2%4.1%3.9%4.1%

Source: SSB (08799, CC BY 4.0). Source · fetched 2 November 2026

Consumer price index (indeks (2025 = 100))

Latest value: 104.0 (2026M09)

Consumer price index rose 3.0% in 2025; the sector's median operating margin fell 0.1 percentage points.

Consumer price index per year and the sector's median operating margin
Measure202120222023202420252026
Consumer price index, annual average84.389.294.197.0100.0102.9 (so far)
Change from the year before+3.5%+5.8%+5.5%+3.2%+3.0%+2.9%
Sector's median operating margin–4.6%4.2%4.1%3.9%4.1%

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 0.1 percentage points.

Policy rate per year and the sector's median operating margin
Measure202120222023202420252026
Policy rate, annual average0.081.323.544.504.304.17 (so far)
Change from the year before−0.28 percentage points+1.24 percentage points+2.22 percentage points+0.96 percentage points−0.20 percentage points−0.12 percentage points
Sector's median operating margin–4.6%4.2%4.1%3.9%4.1%

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

When export price of crude oil fell in 2025, 634 of 1,322 ranked companies kept their operating margin at or above the year before. Among the largest: Norwegian Air Shuttle Aoc AS (0.8% → 2.0%), Posten Bring AS (−0.1% → 4.8%), Avinor AS (9.1% → 18.7%), VY Buss AS (2.2% → 3.2%), Norwegian Air AS (−34.2% → 19.2%).

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
20,701
−0.1% from 2023
Persons employed
128,218
+0.2% from 2023
Turnover
NOK 335.7 bn
+7.9% from 2023
Gross operating margin
7.7%
Gross operating surplus divided by turnover

All enterprises, sole proprietorships included.

Bankruptcies in the industry

175 enterprise bankruptcies in the last four quarters (2025K4–2026K3). Change −3.3% against the four quarters before (181). That is about 8.5 per 1,000 enterprises.

482024K4402025K1512025K2422025K3332025K4442026K1692026K2292026K3

Foreign-controlled enterprises · 2024

Share of enterprises
2.3%
Share of persons employed
19.9%
Share of turnover
24.5%

SSB publishes this for groups of industries only. The figures are for the group “Transport og lagring”.

Turnover index · Transport og lagring

139.7 index, 2021 = 100, seasonally adjusted · 2026M08
+4.3% 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

  • ALPHA TRANSPORT & Import AS 917482772 Voluntary liquidation · 31 October 2026 · 1 MNOK (2025)
  • Egstad Transport AS 815523962 Voluntary liquidation · 31 October 2026 · 1 MNOK (2025)
  • Liberty Shipping AS 989039350 Voluntary liquidation · 31 October 2026 · 0 MNOK (2025)
  • Saga Aviation AS 923801790 Voluntary liquidation · 31 October 2026 · 7 MNOK (2025)
  • Syla Bil AS 918602216 Voluntary liquidation · 31 October 2026 · 1 MNOK (2025)
  • Ad-Frakt AS 996557677 Voluntary liquidation · 30 October 2026 · 1 MNOK (2025)
  • Equinox Invest AS 913130235 Voluntary liquidation · 30 October 2026
  • Gorich AS 830225382 Bankruptcy · 30 October 2026 · 0 MNOK (2025)

All bankruptcies and liquidations in the sector

Industry codes (NACE)

CodeDescription
49*Hele hovedgruppe 49
49.110Passasjertransport med jernbane
49.120Passasjertransport med sporvei
49.200Godstransport med jernbane
49.310Passasjertransport med rutebil
49.320Passasjertransport utenom rutetabell
49.330Passasjertransport på forespørsel utført av fører med kjøretøy
49.340Passasjertransport med kabelbaner og skiheiser
49.390Annen landtransport med passasjerer ikke nevnt annet sted
49.410Godstransport på vei
49.420Flyttetransport
51*Hele hovedgruppe 51
51.100Lufttransport med passasjerer
51.210Lufttransport med gods
51.220Romfart
52*Hele hovedgruppe 52
52.100Lagring
52.211Drift av gods- og transportsentraler
52.212Drift av parkeringsplasser og parkeringshus
52.219Tjenester tilknyttet landtransport ikke nevnt annet sted
52.220Andre tjenester tilknyttet sjøtransport
52.230Andre tjenester tilknyttet lufttransport
52.240Lasting og lossing
52.250Logistikktjenester
52.260Andre støttetjenester for transport
52.311Formidlingstjenester tilknyttet godstransport via skip
52.312Formidlingstjenester tilknyttet godstransport via jernbane, luftfartøy eller på vei
52.320Formidlingstjenester tilknyttet passasjertransport
53*Hele hovedgruppe 53
53.100Landsdekkende posttjenester
53.200Andre post- og budtjenester
53.300Formidlingstjenester tilknyttet post- og budtjenester