Spafor AS
Score · fiscal year 2025
67of 100
How to read this: the company is ahead of 79 % of companies in the Morning class Micro in the same sector in 2025. What does this mean?
Rank in the Morning class Micro: 271 of 1,264 · What are Morning company classes?
Place in the whole sector: 414 of 2,068 · Overnatting og servering
Profile
Cheetah · Sprinter
High profitability, lower solidity
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 82 and solidity 41 out of 100 among companies in the Morning class Micro in the same sector in 2025. Methodology
Against the sector
Spafor AS is 18 points above the median for companies in the Morning class Micro in the same sector in 2025.
Median score 49 among 1,260 companies.
Against companies in the Morning class Micro in the same sector in 2025: operating margin 13.0% (median 2.7%) and equity ratio 21.9% (median 20.7%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 9 MNOK | 4 MNOK |
| Operating margin | 13.0% | 2.7% |
| Profit margin | 13.1% | 2.0% |
| Return on assets | 29.0% | 7.4% |
| Equity ratio | 21.9% | 20.7% |
| Debt-to-equity | 3.58 | 1.69 |
| Current ratio | 1.27 | 1.09 |
| Revenue growth | 18.9% | 4.6% |
| Revenue per employee | 1.04 MNOK | 0.51 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 67, Spafor AS does better than 79% of companies in the Morning class Micro in the same sector (1,264 companies) in 2025.
Score 2023–2025
- Spafor AS
- Median: companies in the Morning class Micro in the same sector
Spafor AS has a score of 67 for 2025, rank 414 of 2,068 in the sector.
Strongest: Profitability: percentile 82 against peers, operating margin 13.0% against a median of 2.7%. Growth: percentile 79 against peers, revenue growth 18.9% against a median of 4.6%.
No area is clearly below its peers.
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
Spafor AS had an operating margin of 13.0% and an equity ratio of 21.9% in 2025, and ranks 414 of 2,068 in Overnatting og servering.
From 2024 to 2025: the equity ratio rose from 5.2% to 21.9% and the operating margin rose from 8.7% to 13.0%.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 1 MNOK and 13 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 10.0 | 10 MNOK |
| EV/EBIT | 8.0 | 13 MNOK |
| P/B | 1.0 | 1 MNOK |
A mechanical estimate from public accounts, not advice. Mechanical estimate from public accounts with fixed multiples. Not a valuation and not advice to buy or sell. The multiples are provisional default values and must be adjusted per sector before the figures are used for anything. See the calculation
Worth a closer look
No rules were triggered for this year.
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 0.2% 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 2.2%. Based on the 9 fiscal years we have. The analysis grows as more years are fetched or imported. Methodology
What the score is made of
| Profitability | 82 | weight 30% |
|---|---|---|
| Solidity | 41 | weight 25% |
| Liquidity | 58 | weight 15% |
| Growth | 79 | weight 15% |
| Consistency | 74 | weight 15% |
Durability: 56 (average over 3 years)
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is Spafor AS?
The operating margin was 13.0% in 2025, against a median of 2.7% among companies in the Morning class Micro in the same sector. Return on assets was 29.0%.
How solid is Spafor AS?
The equity ratio was 21.9% in 2025 (median 20.7%). Debt-to-equity was 3.58 (median 1.69).
What is the liquidity of Spafor AS like?
The current ratio was 1.27 in 2025 (median 1.09).
How does Spafor AS compare in Overnatting og servering?
Spafor AS ranks 414 of 2,068 in Overnatting og servering for 2025. Among companies in the Morning class Micro it is number 271 of 1,264. Revenue changed by 18.9% from the year before.
From the Central Coordinating Register
- Org. no.
- 843071082
- Legal form
- AS
- Sector
- Overnatting og servering (56.110)
- Morning company class
- Micro
- Employees
- 9 registered 10 August 2026
- Founded
- 2 January 1987 39 years in operation
- Share capital
- 0.10 MNOK
- Business address
- Nordre gate 7, 7011 TRONDHEIM
- Municipality
- Trondheim rank 3 of 11 in KOSTRA group 12
- 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
- Chief executive
- Piotr Pawel Borowiec
- Chair of the board
- Ketil Johan Overby
- Board member
- Fergus Noel Farrell
- Auditor
- Orkla Revisjon AS
- Accountant
- Midtbyen Regnskap AS
Source: Central Coordinating Register, fetched 1 November 2026. Only names are shown.
Owners and shareholdings will appear here once the shareholder data extract is in place.
Coming · not built yet
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 30 October 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 53 | 49 | 67 | |
| Rank | 865 | 1,036 | 414 | |
| Operating margin | 10.2% | 8.7% | 13.0% | |
| Return on assets | 22.4% | 22.1% | 29.0% | |
| Equity ratio | 9.0% | 5.2% | 21.9% | |
| Current ratio | 1.07 | 1.04 | 1.27 | |
| Revenue growth | – | 3.6% | 18.9% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 7.6 MNOK | 7.9 MNOK | 9.4 MNOK |
| Operating profit | 0.8 MNOK | 0.7 MNOK | 1.2 MNOK |
| Profit before tax | 0.8 MNOK | 0.7 MNOK | 1.2 MNOK |
| Net profit | 0.6 MNOK | 0.5 MNOK | 1.0 MNOK |
| Financial expenses | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Total assets | 3.5 MNOK | 3.2 MNOK | 4.2 MNOK |
| Current assets | 3.5 MNOK | 3.2 MNOK | 4.2 MNOK |
| Equity | 0.3 MNOK | 0.2 MNOK | 0.9 MNOK |
| Retained earnings | 0.2 MNOK | 0.1 MNOK | 0.8 MNOK |
| Total liabilities | 3.2 MNOK | 3.0 MNOK | 3.3 MNOK |
| Current liabilities | 3.2 MNOK | 3.0 MNOK | 3.3 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 30 October 2026, accounts id 7182773.
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