Masterbulk AS
Score · fiscal year 2024
62of 100
How to read this: the company is ahead of 64 % of companies in the Morning class Large in the same sector in 2024. What does this mean?
Rank in the Morning class Large: 25 of 68 · What are Morning company classes?
Place in the whole sector: 247 of 948 · Sjøfart
Profile
Elephant · Steward
Lower profitability, high solidity
Position against comparable companies in 2024, not a verdict on the company. Based on profitability 42 and solidity 93 out of 100 among companies in the Morning class Large in the same sector in 2024. Methodology
Against the sector
Masterbulk AS is 7 points above the median for companies in the Morning class Large in the same sector in 2024.
Median score 55 among 68 companies.
Against companies in the Morning class Large in the same sector in 2024: operating margin 14.8% (median 12.2%) and equity ratio 77.5% (median 31.9%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 919 MNOK | 1,174 MNOK |
| Operating margin | 14.8% | 12.2% |
| Profit margin | 9.3% | 9.3% |
| Return on assets | 4.4% | 10.5% |
| Equity ratio | 77.5% | 31.9% |
| Debt-to-equity | 0.29 | 1.96 |
| Current ratio | 1.72 | 1.17 |
| Revenue growth | 8.9% | 5.7% |
The median and “ahead of” refer to companies in the Morning class Large in the same sector in 2024. The bar shows the share of companies the figure is ahead of.
With an index of 62, Masterbulk AS does better than 64% of companies in the Morning class Large in the same sector (68 companies) in 2024.
Score 2023–2025
- Masterbulk AS
- Median: companies in the Morning class Large in the same sector
What the numbers say
Masterbulk AS had an operating margin of 14.8% and an equity ratio of 77.5% in 2024, and ranks 247 of 948 in Sjøfart.
From 2023 to 2024: went from a loss to a profit before tax and the operating margin rose from 0.9% to 14.8%.
This text is generated automatically from the 2024 accounts.
Three simple methods
The methods give between 80 MUSD and 261 MUSD.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 10.0 | 80 MUSD |
| EV/EBIT | 8.0 | 102 MUSD |
| P/B | 1.0 | 261 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
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 9.1% of the debt in 2024. The policy rate averaged 4.50 % 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
- watch Reports in a currency other than NOK
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 | 42 | weight 30% |
|---|---|---|
| Solidity | 93 | weight 25% |
| Liquidity | 70 | weight 15% |
| Growth | 60 | weight 15% |
| Consistency | 43 | weight 15% |
Durability: 59 (average over 2 years)
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is Masterbulk AS?
The operating margin was 14.8% in 2024, against a median of 12.2% among companies in the Morning class Large in the same sector. Return on assets was 4.4%.
How solid is Masterbulk AS?
The equity ratio was 77.5% in 2024 (median 31.9%). Debt-to-equity was 0.29 (median 1.96).
What is the liquidity of Masterbulk AS like?
The current ratio was 1.72 in 2024 (median 1.17).
How does Masterbulk AS compare in Sjøfart?
Masterbulk AS ranks 247 of 948 in Sjøfart for 2024. Among companies in the Morning class Large it is number 25 of 68. Revenue changed by 8.9% 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.
- 923842675
- Legal form
- AS · part of a group
- Sector
- Sjøfart (50.201)
- Morning company class
- Large
- Employees
- 0–4 (not registered)
- Founded
- 23 October 2019 7 years in operation
- Share capital
- 9.74 MNOK
- Business address
- Sandviksbodene 1E, 5035 BERGEN
- Municipality
- Bergen rank 8 of 11 in KOSTRA group 12
- Latest accounts filed
- 2025
- LEI
- 213800G3HGXSWRPWIW75 renews 16 December 2026
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
- Bernt Ulrich August Muller
- Chair of the board
- Bernt Jacob Schwings Pettersen
- Board member
- Tom Henning Rasmussen
- Board member
- Helene Westfal-Larsen
- Board member
- Rolf Westfal-Larsen
- Board member
- Marit Westfal-Larsen
- Auditor
- Pricewaterhousecoopers AS
Source: Central Coordinating Register, fetched 29 October 2026. Only names are shown.
- Parent company
- Parent does not consolidate the company
Source: GLEIF (Global Legal Entity Identifier Foundation), fetched 29 October 2026. The parent is the one the company itself reported to GLEIF.
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 | 57 | 62 | 50 | |
| Rank | 324 | 247 | 497 | |
| Operating margin | 0.9% | 14.8% | 5.9% | |
| Return on assets | 1.5% | 4.4% | 2.1% | |
| Equity ratio | 75.5% | 77.5% | 84.4% | |
| Current ratio | 2.77 | 1.72 | 1.22 | |
| Revenue growth | – | 8.9% | −6.6% |
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 2024–31 December 2024: 10.7433 (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 | 78.5 MUSD | 85.5 MUSD | 79.8 MUSD |
| Operating profit | 0.7 MUSD | 12.7 MUSD | 4.7 MUSD |
| Profit before tax | −3.4 MUSD | 8.0 MUSD | 1.2 MUSD |
| Net profit | −3.4 MUSD | 8.0 MUSD | 1.2 MUSD |
| Financial expenses | 8.4 MUSD | 6.9 MUSD | 4.9 MUSD |
| Total assets | 337.4 MUSD | 336.2 MUSD | 286.5 MUSD |
| Current assets | 50.8 MUSD | 66.9 MUSD | 40.0 MUSD |
| Equity | 254.7 MUSD | 260.7 MUSD | 241.9 MUSD |
| Retained earnings | 26.4 MUSD | 32.3 MUSD | 13.6 MUSD |
| Total liabilities | 82.7 MUSD | 75.5 MUSD | 44.6 MUSD |
| Current liabilities | 18.4 MUSD | 39.0 MUSD | 32.7 MUSD |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 26 October 2026, accounts id 6169091.
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