INNOVANOR AS
Score · fiscal year 2025
20of 100
How to read this: the company is ahead of 13 % of small companies in the same sector in 2025. What does this mean?
Rank: 34,306 of 38,671 · Handel
Profile
Beaver · Builder
Lower profitability, lower solidity
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 10 and solidity 0 out of 100 among small companies in the same sector in 2025. Methodology
Against the sector
INNOVANOR AS is 30 points below the median for small companies in the same sector in 2025.
Median score 50 among 36,111 companies.
Against small companies in the same sector in 2025: operating margin −17.9% (median 2.5%) and equity ratio −57.8% (median 38.3%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 13 MNOK | 3 MNOK |
| Operating margin | −17.9% | 2.5% |
| Profit margin | −18.4% | 2.2% |
| Return on assets | −67.8% | 4.0% |
| Equity ratio | −57.8% | 38.3% |
| Debt-to-equity | – | 0.99 |
| Current ratio | 0.41 | 1.70 |
| Revenue growth | 23.8% | 3.5% |
| Revenue per employee | 0.31 MNOK | 1.62 MNOK |
The median and “ahead of” refer to small companies in the same sector in 2025. The bar shows the share of companies the figure is ahead of.
With an index of 20, INNOVANOR AS does better than 13% of small companies in the same sector (36,580 companies) in 2025.
Score 2023–2025
- INNOVANOR AS
- Median: small companies in the same sector
INNOVANOR AS has a score of 20 for 2025, rank 34,306 of 38,671 in the sector.
Strongest: Growth: percentile 78 against peers, revenue growth 23.8% against a median of 3.5%.
Weakest: Solidity: percentile 0 against peers, equity ratio −57.8% against a median of 38.3%. Profitability: percentile 10 against peers, operating margin −17.9% against a median of 2.5%.
Worth a closer look
- Equity is negative. How will it be rebuilt, and what do lenders and the auditor say about going concern? Based on: equity ratio −57.8% (median 38.3%).
- Consider strengthening liquidity: current liabilities are 2.4 times current assets. Based on: current ratio 0.41 (median 1.70).
- The company made a loss before tax. Are these one-off items or a pattern? Based on: profit margin −18.4% (median 2.2%).
- What lies behind weak solidity, 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
INNOVANOR AS had an operating margin of −17.9% and an equity ratio of −57.8% in 2025, and ranks 34,306 of 38,671 in Handel.
From 2024 to 2025: the equity ratio fell from 11.9% to −57.8% and the operating margin fell from 5.4% to −17.9%.
This text is generated automatically from the 2025 accounts.
Three simple methods
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 10.0 | not meaningful |
| EV/EBIT | 8.0 | not meaningful |
| P/B | 1.0 | not meaningful |
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
- critical
Equity is negative. How will it be rebuilt, and what do lenders and the auditor say about going concern?
Based on: Equity ratio −57.8% (median 38.3%).
- critical
Consider strengthening liquidity: current liabilities are 2.4 times current assets.
Based on: Current ratio 0.41 (median 1.70).
- watch
The company made a loss before tax. Are these one-off items or a pattern?
Based on: Profit margin −18.4% (median 2.2%).
- watch
The operating margin is lower than at three in four companies in the sector. Where do costs differ from competitors?
Based on: Operating margin −17.9% (median 2.5%).
- watch
Strong growth with weak liquidity. Is the growth financed, or does it tie up capital the company does not have?
Based on: Revenue growth 23.8% (median 3.5%); Current ratio 0.41 (median 1.70).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 1.9% 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
- critical Negative equity
Scenario analysis: the sector's weakest year
We have no accounts for 2017, the sector's weakest year, for this company.
The sector's weakest year was 2017, with a median operating margin of −65.6%. Based on the 11 fiscal years we have. The analysis grows as more years are fetched or imported. Methodology
What the score is made of
| Profitability | 10 | weight 30% |
|---|---|---|
| Solidity | 0 | weight 25% |
| Liquidity | 11 | weight 15% |
| Growth | 78 | weight 15% |
| Consistency | 26 | weight 15% |
Durability: 37 (average over 3 years)
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is INNOVANOR AS?
The operating margin was −17.9% in 2025, against a median of 2.5% among small companies in the same sector. Return on assets was −67.8%. The company made a loss before tax.
How solid is INNOVANOR AS?
The equity ratio was −57.8% in 2025 (median 38.3%). Equity is negative, so liabilities exceed assets.
What is the liquidity of INNOVANOR AS like?
The current ratio was 0.41 in 2025 (median 1.70). Current assets did not cover current liabilities.
How does INNOVANOR AS compare in Handel?
INNOVANOR AS ranks 34,306 of 38,671 in Handel for 2025. Among companies of the same size (small companies) it ranks 31,846 of 36,580. Revenue changed by 23.8% from the year before.
From the Central Coordinating Register
- Org. no.
- 932121832
- Legal form
- AS
- Sector
- Handel (46.830)
- Size tier
- small
- Employees
- 42 registered 10 October 2026
- Founded
- 29 August 2023 3 years in operation
- Share capital
- 0.03 MNOK
- Business address
- Drammensveien 288, 0283 OSLO
- Municipality
- Oslo rank 106–282 of 357 in Norway
- 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
- Brage Blix Sætra
- Chair of the board
- Magnus Bauer
- Board member
- Brage Blix Sætra
- Board member
- Mats Ramstad
- Auditor
- HEPSØ REVISJON AS
- Accountant
- AKETO RF AS
Source: Central Coordinating Register, fetched 25 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 27 October 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 38 | 54 | 20 | |
| Rank | 23,682 | 16,084 | 34,306 | |
| Operating margin | 4.8% | 5.4% | −17.9% | |
| Return on assets | 8.5% | 15.2% | −67.8% | |
| Equity ratio | 14.3% | 11.9% | −57.8% | |
| Current ratio | 0.91 | 1.16 | 0.41 | |
| Revenue growth | – | 1,503.1% | 23.8% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 0.7 MNOK | 10.4 MNOK | 12.9 MNOK |
| Operating profit | 0.0 MNOK | 0.6 MNOK | −2.3 MNOK |
| Profit before tax | 0.0 MNOK | 0.5 MNOK | −2.4 MNOK |
| Net profit | 0.0 MNOK | 0.4 MNOK | −2.4 MNOK |
| Financial expenses | – | 0.0 MNOK | 0.1 MNOK |
| Total assets | 0.4 MNOK | 3.7 MNOK | 3.4 MNOK |
| Current assets | 0.3 MNOK | 2.6 MNOK | 1.4 MNOK |
| Equity | 0.1 MNOK | 0.4 MNOK | −1.9 MNOK |
| Retained earnings | 0.0 MNOK | 0.4 MNOK | −2.0 MNOK |
| Total liabilities | 0.3 MNOK | 3.3 MNOK | 5.3 MNOK |
| Current liabilities | 0.3 MNOK | 2.3 MNOK | 3.4 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 27 October 2026, accounts id 7220334.
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