VHE AS
Score · fiscal year 2025
47of 100
How to read this: the company is ahead of 41 % of companies in the Morning class Micro in the same sector in 2025. What does this mean?
Rank in the Morning class Micro: 154 of 261 · What are Morning company classes?
Place in the whole sector: 581 of 1,018 · Sjøfart
Profile
Cheetah · Sprinter
High profitability, lower solidity
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 56 and solidity 20 out of 100 among companies in the Morning class Micro in the same sector in 2025. Methodology
Against the sector
VHE AS is 2 points below the median for companies in the Morning class Micro in the same sector in 2025.
Median score 49 among 261 companies.
Against companies in the Morning class Micro in the same sector in 2025: operating margin 26.4% (median 6.8%) and equity ratio 12.3% (median 43.5%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 4 MNOK | 3 MNOK |
| Operating margin | 26.4% | 6.8% |
| Profit margin | −6.5% | 8.8% |
| Return on assets | 3.3% | 7.3% |
| Equity ratio | 12.3% | 43.5% |
| Debt-to-equity | 7.13 | 0.80 |
| Current ratio | 8.91 | 1.89 |
| Revenue growth | 12.7% | 4.8% |
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 47, VHE AS does better than 41% of companies in the Morning class Micro in the same sector (261 companies) in 2025.
Score 2023–2025
- VHE AS
- Median: companies in the Morning class Micro in the same sector
VHE AS has a score of 47 for 2025, rank 581 of 1,018 in the sector.
Strongest: Liquidity: percentile 83 against peers, current ratio 8.91 against a median of 1.89. Growth: percentile 61 against peers, revenue growth 12.7% against a median of 4.8%.
Weakest: Solidity: percentile 20 against peers, equity ratio 12.3% against a median of 43.5%. Consistency: percentile 22 against peers.
Worth a closer look
- The company made a loss before tax. Are these one-off items or a pattern? Based on: profit margin −6.5% (median 8.8%).
- What lies behind weak solidity, and will it last?
- What lies behind weak consistency, 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
VHE AS had an operating margin of 26.4% and an equity ratio of 12.3% in 2025, and ranks 581 of 1,018 in Sjøfart.
From 2024 to 2025: the operating margin rose from −81.2% to 26.4% and revenue grew by 13%.
This text is generated automatically from the 2025 accounts.
Three simple methods
One method gives a figure: 4 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 10.0 | not meaningful |
| EV/EBIT | 8.0 | debt above value |
| P/B | 1.0 | 4 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
- watch
The company made a loss before tax. Are these one-off items or a pattern?
Based on: Profit margin −6.5% (median 8.8%).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 4.6% 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 2026, the sector's weakest year, for this company.
The sector's weakest year was 2026, with a median operating margin of 6.1%. Based on the 7 fiscal years we have. The analysis grows as more years are fetched or imported. Methodology
What the score is made of
| Profitability | 56 | weight 30% |
|---|---|---|
| Solidity | 20 | weight 25% |
| Liquidity | 83 | weight 15% |
| Growth | 61 | weight 15% |
| Consistency | 22 | weight 15% |
Durability: 39 (average over 3 years)
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is VHE AS?
The operating margin was 26.4% in 2025, against a median of 6.8% among companies in the Morning class Micro in the same sector. Return on assets was 3.3%. The company made a loss before tax.
How solid is VHE AS?
The equity ratio was 12.3% in 2025 (median 43.5%). Debt-to-equity was 7.13 (median 0.80).
What is the liquidity of VHE AS like?
The current ratio was 8.91 in 2025 (median 1.89).
How does VHE AS compare in Sjøfart?
VHE AS ranks 581 of 1,018 in Sjøfart for 2025. Among companies in the Morning class Micro it is number 154 of 261. Revenue changed by 12.7% 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.
- 917089086
- Legal form
- AS · part of a group
- Sector
- Sjøfart (50.201)
- Morning company class
- Micro
- Employees
- 0–4 (not registered)
- Founded
- 19 April 2016 10 years in operation
- Share capital
- 0.10 MNOK
- Business address
- Sydnesplassen 1, 5007 BERGEN
- Municipality
- Bergen rank 8 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
- Chair of the board
- Tor Fredrik Müller
- Board member
- Eivind Dragesund Rørvik
- Board member
- Finn Gunnar Øvstedal
- Auditor
- KPMG AS
Source: Central Coordinating Register, fetched 29 October 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 26 October 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 42 | 30 | 47 | |
| Rank | 567 | 823 | 581 | |
| Operating margin | 11.9% | −81.2% | 26.4% | |
| Return on assets | 1.3% | −8.0% | 3.3% | |
| Equity ratio | 20.8% | 12.6% | 12.3% | |
| Current ratio | 3.59 | 4.88 | 8.91 | |
| Revenue growth | – | 15.1% | 12.7% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 3.1 MNOK | 3.5 MNOK | 4.0 MNOK |
| Operating profit | 0.4 MNOK | −2.9 MNOK | 1.1 MNOK |
| Profit before tax | −0.8 MNOK | −4.3 MNOK | −0.3 MNOK |
| Net profit | −0.6 MNOK | −3.3 MNOK | −0.2 MNOK |
| Financial expenses | 1.3 MNOK | 1.4 MNOK | 1.4 MNOK |
| Total assets | 37.5 MNOK | 35.5 MNOK | 34.6 MNOK |
| Current assets | 2.6 MNOK | 1.7 MNOK | 2.8 MNOK |
| Equity | 7.8 MNOK | 4.5 MNOK | 4.3 MNOK |
| Retained earnings | 6.9 MNOK | 3.5 MNOK | 3.3 MNOK |
| Total liabilities | 29.7 MNOK | 31.0 MNOK | 30.4 MNOK |
| Current liabilities | 0.7 MNOK | 0.4 MNOK | 0.3 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 26 October 2026, accounts id 6632843.
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