TRUST ONE AS
Score · fiscal year 2025
51of 100
How to read this: the company is ahead of 54 % of medium-sized companies in the same sector in 2025. What does this mean?
Rank: 488 of 1,016 · Sjøfart
Profile
Lion · Leader
High profitability, high solidity
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 64 and solidity 70 out of 100 among medium-sized companies in the same sector in 2025. Methodology
Against the sector
TRUST ONE AS is 2 points above the median for medium-sized companies in the same sector in 2025.
Median score 49 among 273 companies.
Against medium-sized companies in the same sector in 2025: operating margin 19.6% (median 23.0%) and equity ratio 56.8% (median 36.2%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 142 MNOK | 204 MNOK |
| Operating margin | 19.6% | 23.0% |
| Profit margin | 21.3% | 13.6% |
| Return on assets | 20.1% | 10.1% |
| Equity ratio | 56.8% | 36.2% |
| Debt-to-equity | 0.76 | 1.69 |
| Current ratio | 0.69 | 1.34 |
| Revenue growth | −29.4% | 2.4% |
The median and “ahead of” refer to medium-sized companies in the same sector in 2025. The bar shows the share of companies the figure is ahead of.
With an index of 51, TRUST ONE AS does better than 54% of medium-sized companies in the same sector (273 companies) in 2025.
Score 2023–2025
- TRUST ONE AS
- Median: medium-sized companies in the same sector
TRUST ONE AS has a score of 51 for 2025, rank 488 of 1,016 in the sector.
Strongest: Solidity: percentile 70 against peers, equity ratio 56.8% against a median of 36.2%. Consistency: percentile 68 against peers.
Weakest: Growth: percentile 7 against peers, revenue growth −29.4% against a median of 2.4%. Liquidity: percentile 18 against peers, current ratio 0.69 against a median of 1.34.
Worth a closer look
- Consider strengthening liquidity: current liabilities are 1.4 times current assets. Based on: current ratio 0.69 (median 1.34).
- What lies behind weak growth, 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
TRUST ONE AS had an operating margin of 19.6% and an equity ratio of 56.8% in 2025, and ranks 488 of 1,016 in Sjøfart.
From 2024 to 2025: the operating margin fell from 35.8% to 19.6% and the equity ratio rose from 25.8% to 56.8%.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 8 MUSD and 29 MUSD.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 10.0 | 29 MUSD |
| EV/EBIT | 8.0 | 23 MUSD |
| P/B | 1.0 | 8 MUSD |
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
Consider strengthening liquidity: current liabilities are 1.4 times current assets.
Based on: Current ratio 0.69 (median 1.34).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 0.0% 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.
Data quality
- watch Reports in a currency other than NOK
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 5.1%. 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 | 64 | weight 30% |
|---|---|---|
| Solidity | 70 | weight 25% |
| Liquidity | 18 | weight 15% |
| Growth | 7 | weight 15% |
| Consistency | 68 | weight 15% |
Durability: 48 (average over 3 years)
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is TRUST ONE AS?
The operating margin was 19.6% in 2025, against a median of 23.0% among medium-sized companies in the same sector. Return on assets was 20.1%.
How solid is TRUST ONE AS?
The equity ratio was 56.8% in 2025 (median 36.2%). Debt-to-equity was 0.76 (median 1.69).
What is the liquidity of TRUST ONE AS like?
The current ratio was 0.69 in 2025 (median 1.34). Current assets did not cover current liabilities.
How does TRUST ONE AS compare in Sjøfart?
TRUST ONE AS ranks 488 of 1,016 in Sjøfart for 2025. Among companies of the same size (medium-sized companies) it ranks 125 of 273. Revenue changed by −29.4% from the year before.
From the Central Coordinating Register
- Org. no.
- 920248632
- Legal form
- AS
- Sector
- Sjøfart (50.201)
- Size tier
- medium
- Employees
- 0–4 (not registered)
- Founded
- 5 January 2018 8 years in operation
- Share capital
- 1.00 MNOK
- Business address
- Tveiteråsvegen 12, 5232 PARADIS (BERGEN)
- Municipality
- Bergen rank 8 of 11 in KOSTRA group 12
- Latest accounts filed
- 2025
- LEI
- 636700REKLR4ZZ5CLR18 renews 15 May 2027
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
- Karl Lødrup Kvalheim
- Board member
- Henning Brynjulfsen Kvalheim
- Auditor
- DELOITTE 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 | 47 | 46 | 51 | |
| Rank | 483 | 553 | 488 | |
| Operating margin | 39.0% | 35.8% | 19.6% | |
| Return on assets | 36.6% | 34.0% | 20.1% | |
| Equity ratio | 24.9% | 25.8% | 56.8% | |
| Current ratio | 0.58 | 0.98 | 0.69 | |
| Revenue growth | – | −2.1% | −29.4% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (USD). Revenue in NOK is converted from USD at the mean rate for the accounting period 1 January 2025–31 December 2025: 10.3912 (norges_bank). Balance-sheet amounts use the rate on the balance-sheet date. Ratios and growth are computed in USD. Exchange rates at Norges Bank
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 19.8 MUSD | 19.4 MUSD | 13.7 MUSD |
| Operating profit | 7.7 MUSD | 7.0 MUSD | 2.7 MUSD |
| Profit before tax | 7.9 MUSD | 6.9 MUSD | 2.9 MUSD |
| Net profit | 7.9 MUSD | 6.9 MUSD | 2.9 MUSD |
| Financial expenses | 0.0 MUSD | 0.1 MUSD | 0.0 MUSD |
| Total assets | 21.7 MUSD | 20.7 MUSD | 14.5 MUSD |
| Current assets | 9.5 MUSD | 10.3 MUSD | 4.3 MUSD |
| Equity | 5.4 MUSD | 5.3 MUSD | 8.3 MUSD |
| Retained earnings | 2.2 MUSD | 2.1 MUSD | 5.0 MUSD |
| Total liabilities | 16.3 MUSD | 15.4 MUSD | 6.3 MUSD |
| Current liabilities | 16.3 MUSD | 10.4 MUSD | 6.3 MUSD |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 26 October 2026, accounts id 6982606.
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