Seilmaker Iversen AS
Score · fiscal year 2025
54of 100
How to read this: the company is ahead of 56 % of companies in the Morning class Small in the same sector in 2025. What does this mean?
Rank in the Morning class Small: 694 of 1,565 · What are Morning company classes?
Place in the whole sector: 1,841 of 4,248 · Industri
Profile
Elephant · Steward
Lower profitability, high solidity
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 39 and solidity 71 out of 100 among companies in the Morning class Small in the same sector in 2025. Methodology
Against the sector
Seilmaker Iversen AS is 3 points above the median for companies in the Morning class Small in the same sector in 2025.
Median score 51 among 1,565 companies.
Against companies in the Morning class Small in the same sector in 2025: operating margin 2.6% (median 4.4%) and equity ratio 57.0% (median 41.2%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 26 MNOK | 23 MNOK |
| Operating margin | 2.6% | 4.4% |
| Profit margin | 0.4% | 4.1% |
| Return on assets | 5.9% | 9.4% |
| Equity ratio | 57.0% | 41.2% |
| Debt-to-equity | 0.75 | 1.30 |
| Current ratio | 1.98 | 1.72 |
| Revenue growth | 1.6% | 5.3% |
| Revenue per employee | 1.38 MNOK | 1.63 MNOK |
The median and “ahead of” refer to companies in the Morning class Small in the same sector in 2025. The bar shows the share of companies the figure is ahead of.
With an index of 54, Seilmaker Iversen AS does better than 56% of companies in the Morning class Small in the same sector (1,565 companies) in 2025.
Score 2023–2025
- Seilmaker Iversen AS
- Median: companies in the Morning class Small in the same sector
Seilmaker Iversen AS has a score of 54 for 2025, rank 1,841 of 4,248 in the sector.
Strongest: Solidity: percentile 71 against peers, equity ratio 57.0% against a median of 41.2%. Liquidity: percentile 61 against peers, current ratio 1.98 against a median of 1.72.
Weakest: Profitability: percentile 39 against peers, operating margin 2.6% against a median of 4.4%.
Worth a closer look
- What lies behind weak profitability, and will it last?
- The change in operating margin in 2025 was 3.7 percentage points weaker than for comparable companies: the company −3.6, the industry +0.1 points. That is the company's own, not something that hit the whole industry.
Written by fixed rules from the figures. Describes the figures, does not explain causes. Not investment or financial advice. How the summary is made
The industry or the company: what drove the result?
In 2025 the operating margin of Seilmaker Iversen AS fell by 3.6 percentage points. Comparable companies rose by a median 0.1 points. So the company did 3.7 points weaker than the industry, for reasons of its own.
Over 2 year-to-year changes Seilmaker Iversen AS moved the same way as comparable companies 0 times. About 8% of the changes in operating margin were common to the industry; the rest was the company's own.
| Year | The company | Comparable (median) | Change, company | Change, industry | The company's own |
|---|---|---|---|---|---|
| 2024 | 6.3% | 4.3% | +0.1 percentage points | −0.2 percentage points | +0.3 percentage points |
| 2025 | 2.6% | 4.4% | −3.6 percentage points | +0.1 percentage points | −3.7 percentage points |
Comparable companies are those in the same industry and Morning company class. Their change shows what hit the whole industry, the sector drivers below included. The rest is the company's own: contracts, costs, one-off items or operations. The share is approximate, and we claim no cause.
The company and its sector's drivers
Prices, rate and currency that shape the sector's year, year by year beside the operating margin of Seilmaker Iversen AS. The figures stand side by side; we claim no cause.
Producer prices in manufacturing (indeks (2021 = 100))
Producer prices in manufacturing rose 2.9% in 2025; the operating margin of Seilmaker Iversen AS fell 3.6 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Producer prices in manufacturing, annual average | 100.0 | 124.7 | 129.5 | 134.4 | 138.3 | 146.0 (so far) |
| Change from the year before | +10.7% | +24.7% | +3.9% | +3.7% | +2.9% | +5.6% |
| The company's operating margin | – | – | 6.2% | 6.3% | 2.6% | – |
Source: SSB (12462, CC BY 4.0). Source
EUR/NOK (kr)
EUR/NOK rose 0.8% in 2025; the operating margin of Seilmaker Iversen AS fell 3.6 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| EUR/NOK, annual average | 10.16 | 10.10 | 11.42 | 11.62 | 11.72 | 11.04 (so far) |
| Change from the year before | −5.2% | −0.6% | +13.1% | +1.8% | +0.8% | −5.8% |
| The company's operating margin | – | – | 6.2% | 6.3% | 2.6% | – |
Source: Norges Bank (EXR, NLOD 2.0). Source
Wholesale power price (øre per kWh)
Wholesale power price rose 9.4% in 2025; the operating margin of Seilmaker Iversen AS fell 3.6 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Wholesale power price, annual average | 64.2 | 141.7 | 72.0 | 49.4 | 54.0 | 96.5 (so far) |
| Change from the year before | +466.7% | +120.8% | −49.2% | −31.4% | +9.4% | +78.4% |
| The company's operating margin | – | – | 6.2% | 6.3% | 2.6% | – |
Source: SSB (09363, CC BY 4.0). Source
USD/NOK (kr)
USD/NOK fell 3.3% in 2025; the operating margin of Seilmaker Iversen AS fell 3.6 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| USD/NOK, annual average | 8.59 | 9.61 | 10.56 | 10.75 | 10.39 | 9.54 (so far) |
| Change from the year before | −8.8% | +11.9% | +9.9% | +1.7% | −3.3% | −8.2% |
| The company's operating margin | – | – | 6.2% | 6.3% | 2.6% | – |
Source: Norges Bank (EXR, NLOD 2.0). Source
Wage index: fabricated metal products (indeks)
Wage index: fabricated metal products rose 5.8% in 2025; the operating margin of Seilmaker Iversen AS fell 3.6 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Wage index: fabricated metal products, annual average | 88.0 | 91.5 | 96.9 | 102.1 | 108.0 | 112.8 (so far) |
| Change from the year before | +3.1% | +3.9% | +6.0% | +5.4% | +5.8% | +4.5% |
| The company's operating margin | – | – | 6.2% | 6.3% | 2.6% | – |
Source: SSB (12314, CC BY 4.0). Source
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.
What the numbers say
Seilmaker Iversen AS had an operating margin of 2.6% and an equity ratio of 57.0% in 2025, and ranks 1,841 of 4,248 in Industri.
From 2024 to 2025: the operating margin fell from 6.3% to 2.6%.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 8 MNOK and 12 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 22.2 | 8 MNOK |
| EV/EBIT | 18.6 | 12 MNOK |
| P/B | 3.0 | 10 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
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 11.8% 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 1.4%. Based on the 10 fiscal years we have. The analysis grows as more years are fetched or imported. Methodology
What the score is made of
| Profitability | 39 | weight 30% |
|---|---|---|
| Solidity | 71 | weight 25% |
| Liquidity | 61 | weight 15% |
| Growth | 40 | weight 15% |
| Consistency | 60 | weight 15% |
Durability: 61 (average over 3 years)
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is Seilmaker Iversen AS?
The operating margin was 2.6% in 2025, against a median of 4.4% among companies in the Morning class Small in the same sector. Return on assets was 5.9%.
How solid is Seilmaker Iversen AS?
The equity ratio was 57.0% in 2025 (median 41.2%). Debt-to-equity was 0.75 (median 1.30).
What is the liquidity of Seilmaker Iversen AS like?
The current ratio was 1.98 in 2025 (median 1.72).
How does Seilmaker Iversen AS compare in Industri?
Seilmaker Iversen AS ranks 1,841 of 4,248 in Industri for 2025. Among companies in the Morning class Small it is number 694 of 1,565. Revenue changed by 1.6% 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.
- 910109723
- Legal form
- AS · part of a group
- Sector
- Industri (13.960)
- Morning company class
- Small
- Employees
- 19 registered 10 July 2026
- Founded
- 17 November 1976 49 years in operation
- Share capital
- 1.49 MNOK
- Business address
- Mjåtveitflaten 31, 5918 FREKHAUG (ALVER)
- Municipality
- Alver rank 13–24 of 27 in KOSTRA group 9
- 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 1 November 2026. Only names are shown.
Shareholders (2025)
- Number of shareholders
- 2
- Largest owner
- 50.0%
- Split
- companies 100% · private persons 0% · foreign 0%
- Havglimt AS · 50.0%
- Seilmakeren Invest 2 AS · 50.0%
Change 2007–2025:
100% of the shares changed owner (2 new and 3 departed owners). The majority owner changed.
New owners (companies): Havglimt AS, Seilmakeren Invest 2 AS
Departed (companies): Mjåtveitflaten 31 AS
Majority owner of: Elvstrøm Sails Norge AS (100%)
Holds shares in: Elvstrøm Sails Norge AS (100%)
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 30 October 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 64 | 64 | 54 | |
| Rank | 1,148 | 986 | 1,841 | |
| Operating margin | 6.2% | 6.3% | 2.6% | |
| Return on assets | 12.6% | 12.9% | 5.9% | |
| Equity ratio | 59.6% | 58.5% | 57.0% | |
| Current ratio | 2.01 | 2.00 | 1.98 | |
| Revenue growth | – | 11.9% | 1.6% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 23.0 MNOK | 25.8 MNOK | 26.2 MNOK |
| Operating profit | 1.4 MNOK | 1.6 MNOK | 0.7 MNOK |
| Profit before tax | 1.3 MNOK | 1.6 MNOK | 0.1 MNOK |
| Tax expense | 0.3 MNOK | 0.3 MNOK | 0.1 MNOK |
| Net profit | 1.0 MNOK | 1.2 MNOK | −0.1 MNOK |
| Financial expenses | 0.2 MNOK | 0.1 MNOK | 0.6 MNOK |
| Total assets | 11.5 MNOK | 12.7 MNOK | 12.0 MNOK |
| Current assets | 9.4 MNOK | 10.6 MNOK | 10.2 MNOK |
| Equity | 6.9 MNOK | 7.4 MNOK | 6.9 MNOK |
| Retained earnings | 4.0 MNOK | 4.5 MNOK | 3.9 MNOK |
| Total liabilities | 4.7 MNOK | 5.3 MNOK | 5.2 MNOK |
| Current liabilities | 4.7 MNOK | 5.3 MNOK | 5.2 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 30 October 2026, accounts id 6607177.
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