Tjerbo AS
Score · fiscal year 2025
78of 100
How to read this: the company is ahead of 99 % of companies in the Morning class Small in the same sector in 2025. What does this mean?
Rank in the Morning class Small: 2 of 69 · What are Morning company classes?
Place in the whole sector: 8 of 165 · Bergverk og utvinning
Profile
Lion · Leader
High profitability, high solidity
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 93 and solidity 78 out of 100 among companies in the Morning class Small in the same sector in 2025. Methodology
Against the sector
Tjerbo AS is 28 points above the median for companies in the Morning class Small in the same sector in 2025.
Median score 50 among 69 companies.
Against companies in the Morning class Small in the same sector in 2025: operating margin 19.8% (median 3.6%) and equity ratio 58.0% (median 42.7%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 33 MNOK | 22 MNOK |
| Operating margin | 19.8% | 3.6% |
| Profit margin | 18.3% | 3.1% |
| Return on assets | 19.4% | 5.8% |
| Equity ratio | 58.0% | 42.7% |
| Debt-to-equity | 0.72 | 1.24 |
| Current ratio | 3.66 | 1.63 |
| Revenue growth | 0.4% | 0.5% |
| Revenue per employee | 4.15 MNOK | 1.95 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 78, Tjerbo AS does better than 99% of companies in the Morning class Small in the same sector (69 companies) in 2025.
Score 2023–2025
- Tjerbo AS
- Median: companies in the Morning class Small in the same sector
Tjerbo AS has a score of 78 for 2025, rank 8 of 165 in the sector.
Strongest: Profitability: percentile 93 against peers, operating margin 19.8% against a median of 3.6%. Liquidity: percentile 84 against peers, current ratio 3.66 against a median of 1.63.
No area is clearly below its peers.
Worth a closer look
- The change in operating margin in 2025 was 2.7 percentage points better than for comparable companies: the company +0.3, the industry −2.4 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 Tjerbo AS rose by 0.3 percentage points. Comparable companies fell by a median 2.4 points. So the company did 2.7 points better than the industry, for reasons of its own.
Over 2 year-to-year changes Tjerbo AS moved the same way as comparable companies 1 times. About 51% 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 | 19.5% | 6.0% | +0.4 percentage points | +2.4 percentage points | −2.0 percentage points |
| 2025 | 19.8% | 3.6% | +0.3 percentage points | −2.4 percentage points | +2.7 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 Tjerbo AS. The figures stand side by side; we claim no cause.
Producer prices in mining (indeks (2021 = 100))
Producer prices in mining rose 3.4% in 2025; the operating margin of Tjerbo AS rose 0.3 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Producer prices in mining, annual average | 100.0 | 112.3 | 119.6 | 125.5 | 129.8 | 96.2 (so far) |
| Change from the year before | +1.4% | +12.3% | +6.4% | +4.9% | +3.4% | −25.9% |
| The company's operating margin | – | – | 19.1% | 19.5% | 19.8% | – |
Source: SSB (12462, CC BY 4.0). Source
USD/NOK (kr)
USD/NOK fell 3.3% in 2025; the operating margin of Tjerbo AS rose 0.3 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 | – | – | 19.1% | 19.5% | 19.8% | – |
Source: Norges Bank (EXR, NLOD 2.0). Source
EUR/NOK (kr)
EUR/NOK rose 0.8% in 2025; the operating margin of Tjerbo AS rose 0.3 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 | – | – | 19.1% | 19.5% | 19.8% | – |
Source: Norges Bank (EXR, NLOD 2.0). Source
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of Tjerbo AS rose 0.3 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Policy rate, annual average | 0.08 | 1.32 | 3.54 | 4.50 | 4.30 | 4.17 (so far) |
| Change from the year before | −0.28 percentage points | +1.24 percentage points | +2.22 percentage points | +0.96 percentage points | −0.20 percentage points | −0.12 percentage points |
| The company's operating margin | – | – | 19.1% | 19.5% | 19.8% | – |
Source: Norges Bank (IR, NLOD 2.0). Source
Wage index: mining and quarrying (indeks)
Wage index: mining and quarrying rose 5.1% in 2025; the operating margin of Tjerbo AS rose 0.3 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Wage index: mining and quarrying, annual average | 86.5 | 89.8 | 94.8 | 100.7 | 105.8 | 109.0 (so far) |
| Change from the year before | +3.6% | +3.9% | +5.6% | +6.2% | +5.1% | +3.0% |
| The company's operating margin | – | – | 19.1% | 19.5% | 19.8% | – |
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
Tjerbo AS had an operating margin of 19.8% and an equity ratio of 58.0% in 2025, and ranks 8 of 165 in Bergverk og utvinning.
No large changes in the key figures from 2024 to 2025.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 20 MNOK and 45 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 16.1 | 34 MNOK |
| EV/EBIT | 14.8 | 45 MNOK |
| P/B | 2.0 | 20 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
- positive
Upper quartile on profitability, solidity and liquidity. What sets this company apart from the rest of the sector?
Based on: Operating margin 19.8% (median 3.6%); Equity ratio 58.0% (median 42.7%); Current ratio 3.66 (median 1.63).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 5.5% 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 0.1%. Based on the 4 fiscal years we have. The analysis grows as more years are fetched or imported. Methodology
What the score is made of
| Profitability | 93 | weight 30% |
|---|---|---|
| Solidity | 78 | weight 25% |
| Liquidity | 84 | weight 15% |
| Growth | 48 | weight 15% |
| Consistency | 75 | weight 15% |
Durability: 76 (average over 3 years)
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is Tjerbo AS?
The operating margin was 19.8% in 2025, against a median of 3.6% among companies in the Morning class Small in the same sector. Return on assets was 19.4%.
How solid is Tjerbo AS?
The equity ratio was 58.0% in 2025 (median 42.7%). Debt-to-equity was 0.72 (median 1.24).
What is the liquidity of Tjerbo AS like?
The current ratio was 3.66 in 2025 (median 1.63).
How does Tjerbo AS compare in Bergverk og utvinning?
Tjerbo AS ranks 8 of 165 in Bergverk og utvinning for 2025. Among companies in the Morning class Small it is number 2 of 69. Revenue changed by 0.4% 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.
- 938986584
- Legal form
- AS · part of a group
- Sector
- Bergverk og utvinning (08.920)
- Morning company class
- Small
- Employees
- 8 registered 10 September 2026
- Founded
- 11 April 1986 40 years in operation
- Share capital
- 7.11 MNOK
- Business address
- Tjerboveien 50, 1894 RAKKESTAD
- Municipality
- Rakkestad rank 20–35 of 40 in KOSTRA group 1
- 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
- 1 (one owner)
- Largest owner
- 100.0%
- Split
- companies 100% · private persons 0% · foreign 0%
- Owned from the same municipality
- 100%
- Group chain
-
Owned by: Tjerbo Invest AS (100%)
Ultimate owner: private person
- Tjerbo Invest AS · 100.0%
Change 2007–2025:
100% of the shares changed owner (1 new and 2 departed owners). The majority owner changed.
New owners (companies): Tjerbo Invest AS
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 6 November 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 74 | 75 | 78 | |
| Rank | 20 | 11 | 8 | |
| Operating margin | 19.1% | 19.5% | 19.8% | |
| Return on assets | 14.2% | 18.7% | 19.4% | |
| Equity ratio | 52.0% | 57.5% | 58.0% | |
| Current ratio | 2.59 | 4.72 | 3.66 | |
| Revenue growth | – | 8.2% | 0.4% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 30.6 MNOK | 33.1 MNOK | 33.2 MNOK |
| Operating profit | 5.8 MNOK | 6.5 MNOK | 6.6 MNOK |
| Profit before tax | 5.1 MNOK | 5.9 MNOK | 6.1 MNOK |
| Tax expense | 1.1 MNOK | 1.4 MNOK | 1.6 MNOK |
| Net profit | 4.0 MNOK | 4.5 MNOK | 4.5 MNOK |
| Financial expenses | 1.1 MNOK | 0.9 MNOK | 0.8 MNOK |
| Total assets | 43.5 MNOK | 36.7 MNOK | 35.5 MNOK |
| Current assets | 17.5 MNOK | 17.0 MNOK | 18.0 MNOK |
| Equity | 22.6 MNOK | 21.1 MNOK | 20.6 MNOK |
| Retained earnings | 15.5 MNOK | 14.0 MNOK | 13.5 MNOK |
| Total liabilities | 20.9 MNOK | 15.6 MNOK | 14.9 MNOK |
| Current liabilities | 6.8 MNOK | 3.6 MNOK | 4.9 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 6 November 2026, accounts id 7075840.
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