Nordic Heat Solution AS
Score · fiscal year 2025
39of 100
How to read this: the company is ahead of 30 % of companies in the Morning class Micro in the same sector in 2025. What does this mean?
Rank in the Morning class Micro: 305 of 438 · What are Morning company classes?
Place in the whole sector: 638 of 884 · Kraft og energi
Profile
Beaver · Builder
Lower profitability, lower solidity
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 38 and solidity 25 out of 100 among companies in the Morning class Micro in the same sector in 2025. Methodology
Against the sector
Nordic Heat Solution AS is 11 points below the median for companies in the Morning class Micro in the same sector in 2025.
Median score 50 among 438 companies.
Against companies in the Morning class Micro in the same sector in 2025: operating margin 0.6% (median 17.2%) and equity ratio 16.5% (median 38.0%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 6 MNOK | 3 MNOK |
| Operating margin | 0.6% | 17.2% |
| Profit margin | −0.1% | 2.3% |
| Return on assets | 2.5% | 3.8% |
| Equity ratio | 16.5% | 38.0% |
| Debt-to-equity | 5.06 | 1.41 |
| Current ratio | 0.64 | 1.98 |
| Revenue growth | 235.6% | 1.9% |
| Revenue per employee | 1.13 MNOK | 0.89 MNOK |
The median and “ahead of” refer to companies in the Morning class Micro in the same sector in 2025. The bar shows the share of companies the figure is ahead of.
With an index of 39, Nordic Heat Solution AS does better than 30% of companies in the Morning class Micro in the same sector (438 companies) in 2025.
Score 2024–2025
- Nordic Heat Solution AS
- Median: companies in the Morning class Micro in the same sector
Nordic Heat Solution AS has a score of 39 for 2025, rank 638 of 884 in the sector.
Strongest: Growth: percentile 95 against peers, revenue growth 235.6% against a median of 1.9%.
Weakest: Liquidity: percentile 14 against peers, current ratio 0.64 against a median of 1.98. Solidity: percentile 25 against peers, equity ratio 16.5% against a median of 38.0%.
Worth a closer look
- Consider strengthening liquidity: current liabilities are 1.6 times current assets. Based on: current ratio 0.64 (median 1.98).
- The company made a loss before tax. Are these one-off items or a pattern? Based on: profit margin −0.1% (median 2.3%).
- Strong growth with weak liquidity. Is the growth financed, or does it tie up capital the company does not have? Based on: revenue growth 235.6% (median 1.9%); current ratio 0.64 (median 1.98).
- What lies behind weak solidity, and will it last?
Written by fixed rules from the figures. Describes the figures, does not explain causes. Not investment or financial advice. How the summary is made
What the numbers say
Nordic Heat Solution AS had an operating margin of 0.6% and an equity ratio of 16.5% in 2025, and ranks 638 of 884 in Kraft og energi.
From 2024 to 2025: revenue grew by 236% and went from a profit to a loss before tax.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 0 MNOK and 1 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 14.0 | 1 MNOK |
| EV/EBIT | 13.3 | 1 MNOK |
| P/B | 1.5 | 0 MNOK |
The listed basis is the value at listed multiples. The estimate is lowered by 51% for an unlisted company: 20% for lack of marketability and 38% for size (a small-company premium of 4% on the cost of equity).
A mechanical estimate from public accounts, not advice. A mechanical estimate from public accounts with listed multiples and fixed adjustments. Not a valuation and not advice to buy or sell. See the calculation
Worth a closer look
- watch
Consider strengthening liquidity: current liabilities are 1.6 times current assets.
Based on: Current ratio 0.64 (median 1.98).
- watch
The company made a loss before tax. Are these one-off items or a pattern?
Based on: Profit margin −0.1% (median 2.3%).
- watch
Strong growth with weak liquidity. Is the growth financed, or does it tie up capital the company does not have?
Based on: Revenue growth 235.6% (median 1.9%); Current ratio 0.64 (median 1.98).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 3.3% of the debt in 2025. The policy rate averaged 4.30 % the same year. This is a plain description of what the debt cost, not a model of interest sensitivity.
See interest rates, prices and exchange rates for the sector
Data quality
No anomalies found in the figures.
Scenario analysis: the sector's weakest year
We have no accounts for 2022, the sector's weakest year, for this company.
The sector's weakest year was 2022, with a median operating margin of 3.3%. Based on the 5 fiscal years we have. The analysis grows as more years are fetched or imported. Methodology
What the score is made of
| Profitability | 38 | weight 30% |
|---|---|---|
| Solidity | 25 | weight 25% |
| Liquidity | 14 | weight 15% |
| Growth | 95 | weight 15% |
| Consistency | 36 | weight 15% |
Durability: 47 (average over 2 years)
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is Nordic Heat Solution AS?
The operating margin was 0.6% in 2025, against a median of 17.2% among companies in the Morning class Micro in the same sector. Return on assets was 2.5%. The company made a loss before tax.
How solid is Nordic Heat Solution AS?
The equity ratio was 16.5% in 2025 (median 38.0%). Debt-to-equity was 5.06 (median 1.41).
What is the liquidity of Nordic Heat Solution AS like?
The current ratio was 0.64 in 2025 (median 1.98). Current assets did not cover current liabilities.
How does Nordic Heat Solution AS compare in Kraft og energi?
Nordic Heat Solution AS ranks 638 of 884 in Kraft og energi for 2025. Among companies in the Morning class Micro it is number 305 of 438. Revenue changed by 235.6% from the year before.
Group accounts
The company is registered as part of a group, but we have no group accounts for it. Group accounts are filed by the parent company, and open data does not say which company that is.
Read the figures with care: a company in a group can look strong because of group contributions, or weak because dividends go up to the parent. The figures are indications, not the full picture.
We do not show the group structure, because open data does not say who owns whom.
From the Central Coordinating Register
- Org. no.
- 833585592
- Legal form
- AS · part of a group
- Sector
- Kraft og energi (35.129)
- Morning company class
- Micro
- Employees
- 5 registered 10 June 2026
- Founded
- 1 May 2024 2 years in operation
- Share capital
- 0.03 MNOK
- Business address
- c/o Syversen eiendom AS, Strandvegen 10B, 2380 BRUMUNDDAL (RINGSAKER)
- Municipality
- Ringsaker rank 7–12 of 13 in KOSTRA group 10
- Audit
- Audit opted out from 10 June 2024
- Latest accounts filed
- 2025
Source: Central Coordinating Register, Brønnøysund Register Centre. The employee count is reported by the company and may be older than the accounts. See the company at the Brønnøysund Register Centre
Ownership and roles
Loading roles …
Source: Central Coordinating Register, fetched 29 October 2026. Only names are shown.
Shareholders (2025)
- Number of shareholders
- 2 (one owner holds more than half)
- Largest owner
- 66.7%
- Split
- companies 0% · private persons 100% · foreign 0%
- Owned from the same municipality
- 0%
- Group chain
- Ultimate owner: private person
The company is new in the shareholder register in 2025.
Source: the Norwegian Tax Administration's shareholder register as of 2025. Figures may be older than today's ownership. Private persons are not shown by name.
Error in the data?
Do you see an error in the figures or in how the company is mapped (sector, holding, group)? Let us know. Corrections require documentation.
Figures last fetched 26 October 2026.
Year by year · 2024–2025
| Key figure | 2024 | 2025 | Trend |
|---|---|---|---|
| Index | 55 | 39 | |
| Rank | 319 | 638 | |
| Operating margin | 17.1% | 0.6% | |
| Return on assets | 39.0% | 2.5% | |
| Equity ratio | 33.7% | 16.5% | |
| Current ratio | 0.88 | 0.64 | |
| Revenue growth | – | 235.6% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2024 | 2025 |
|---|---|---|
| Operating revenue | 1.7 MNOK | 5.6 MNOK |
| Operating profit | 0.3 MNOK | 0.0 MNOK |
| Profit before tax | 0.3 MNOK | 0.0 MNOK |
| Tax expense | 0.1 MNOK | 0.0 MNOK |
| Net profit | 0.2 MNOK | 0.0 MNOK |
| Financial expenses | – | 0.0 MNOK |
| Total assets | 0.7 MNOK | 1.5 MNOK |
| Current assets | 0.4 MNOK | 0.8 MNOK |
| Equity | 0.2 MNOK | 0.2 MNOK |
| Retained earnings | 0.2 MNOK | 0.2 MNOK |
| Total liabilities | 0.5 MNOK | 1.2 MNOK |
| Current liabilities | 0.5 MNOK | 1.2 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 26 October 2026, accounts id 6445539.
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