THERMO AS
Score · fiscal year 2025
38of 100
How to read this: the company is ahead of 28 % of companies in the Morning class Small in the same sector in 2025. What does this mean?
Rank in the Morning class Small: 5,357 of 7,418 · What are Morning company classes?
Place in the whole sector: 16,461 of 23,065 · Handel
Profile
Elephant · Steward
Lower profitability, high solidity
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 17 and solidity 67 out of 100 among companies in the Morning class Small in the same sector in 2025. Methodology
Against the sector
THERMO AS is 13 points below the median for companies in the Morning class Small in the same sector in 2025.
Median score 51 among 7,418 companies.
Against companies in the Morning class Small in the same sector in 2025: operating margin −1.7% (median 3.4%) and equity ratio 52.8% (median 36.3%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 15 MNOK | 20 MNOK |
| Operating margin | −1.7% | 3.4% |
| Profit margin | −2.4% | 3.0% |
| Return on assets | −2.1% | 10.0% |
| Equity ratio | 52.8% | 36.3% |
| Debt-to-equity | 0.90 | 1.52 |
| Current ratio | 2.04 | 1.73 |
| Revenue growth | −19.7% | 5.7% |
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 38, THERMO AS does better than 28% of companies in the Morning class Small in the same sector (7,418 companies) in 2025.
Score 2023–2025
- THERMO AS
- Median: companies in the Morning class Small in the same sector
THERMO AS has a score of 38 for 2025, rank 16,461 of 23,065 in the sector.
Strongest: Solidity: percentile 67 against peers, equity ratio 52.8% against a median of 36.3%. Liquidity: percentile 60 against peers, current ratio 2.04 against a median of 1.73.
Weakest: Growth: percentile 7 against peers, revenue growth −19.7% against a median of 5.7%. Profitability: percentile 17 against peers, operating margin −1.7% against a median of 3.4%.
Worth a closer look
- The company made a loss before tax. Are these one-off items or a pattern? Based on: profit margin −2.4% (median 3.0%).
- The operating margin is lower than at three in four companies in the sector. Where do costs differ from competitors? Based on: operating margin −1.7% (median 3.4%).
- What lies behind weak growth, and will it last?
- What lies behind weak profitability, 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
THERMO AS had an operating margin of −1.7% and an equity ratio of 52.8% in 2025, and ranks 16,461 of 23,065 in Handel.
From 2024 to 2025: went from a profit to a loss before tax and the operating margin fell from 5.4% to −1.7%.
This text is generated automatically from the 2025 accounts.
Three simple methods
One method gives a figure: 5 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 10.0 | not meaningful |
| EV/EBIT | 8.0 | not meaningful |
| P/B | 1.0 | 5 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 −2.4% (median 3.0%).
- 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 −1.7% (median 3.4%).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 3.5% 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.
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 1.5%. 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 | 17 | weight 30% |
|---|---|---|
| Solidity | 67 | weight 25% |
| Liquidity | 60 | weight 15% |
| Growth | 7 | weight 15% |
| Consistency | 45 | weight 15% |
Durability: 53 (average over 3 years)
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is THERMO AS?
The operating margin was −1.7% in 2025, against a median of 3.4% among companies in the Morning class Small in the same sector. Return on assets was −2.1%. The company made a loss before tax.
How solid is THERMO AS?
The equity ratio was 52.8% in 2025 (median 36.3%). Debt-to-equity was 0.90 (median 1.52).
What is the liquidity of THERMO AS like?
The current ratio was 2.04 in 2025 (median 1.73).
How does THERMO AS compare in Handel?
THERMO AS ranks 16,461 of 23,065 in Handel for 2025. Among companies in the Morning class Small it is number 5,357 of 7,418. Revenue changed by −19.7% from the year before.
From the Central Coordinating Register
- Org. no.
- 965018441
- Legal form
- AS
- Sector
- Handel (46.640)
- Morning company class
- Small
- Employees
- 0–4 (not registered)
- Founded
- 1 June 1992 34 years in operation
- Share capital
- 0.50 MNOK
- Business address
- Eternitveien 45, 3470 SLEMMESTAD (ASKER)
- Municipality
- Asker rank 2 of 11 in KOSTRA group 12
- Latest accounts filed
- 2025
- Website
- www.thermo-varme.no
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
- Lars Tørres Heggebø
- Chair of the board
- Lars Tørres Heggebø
- Board member
- Gaute Ljones
- Board member
- Mårten Gustav Fossum
- Auditor
- KOPSTAD OG KURE REVISJON AS
- Accountant
- ØKONOMISENTERET ASKER 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 28 October 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 58 | 61 | 38 | |
| Rank | 7,927 | 6,552 | 16,461 | |
| Operating margin | 2.0% | 5.4% | −1.7% | |
| Return on assets | 4.0% | 10.2% | −2.1% | |
| Equity ratio | 54.8% | 48.7% | 52.8% | |
| Current ratio | 2.16 | 1.90 | 2.04 | |
| Revenue growth | – | 13.2% | −19.7% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 16.4 MNOK | 18.5 MNOK | 14.9 MNOK |
| Operating profit | 0.3 MNOK | 1.0 MNOK | −0.3 MNOK |
| Profit before tax | 0.2 MNOK | 0.9 MNOK | −0.4 MNOK |
| Net profit | 0.1 MNOK | 0.7 MNOK | −0.3 MNOK |
| Financial expenses | 0.2 MNOK | 0.2 MNOK | 0.2 MNOK |
| Total assets | 9.9 MNOK | 10.7 MNOK | 9.3 MNOK |
| Current assets | 9.7 MNOK | 10.4 MNOK | 9.0 MNOK |
| Equity | 5.4 MNOK | 5.2 MNOK | 4.9 MNOK |
| Retained earnings | 4.9 MNOK | 4.7 MNOK | 4.4 MNOK |
| Total liabilities | 4.5 MNOK | 5.5 MNOK | 4.4 MNOK |
| Current liabilities | 4.5 MNOK | 5.5 MNOK | 4.4 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 28 October 2026, accounts id 6773098.
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