MODUL NORDIC AS
Score · fiscal year 2025
62of 100
How to read this: the company is ahead of 74 % of small companies in the same sector in 2025. What does this mean?
Rank: 10,053 of 38,670 · Handel
Profile
Cheetah · Sprinter
High profitability, lower solidity
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 83 and solidity 34 out of 100 among small companies in the same sector in 2025. Methodology
Against the sector
MODUL NORDIC AS is 12 points above the median for small companies in the same sector in 2025.
Median score 50 among 36,110 companies.
Against small companies in the same sector in 2025: operating margin 12.7% (median 2.5%) and equity ratio 26.0% (median 38.3%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 59 MNOK | 3 MNOK |
| Operating margin | 12.7% | 2.5% |
| Profit margin | 11.2% | 2.2% |
| Return on assets | 25.3% | 4.0% |
| Equity ratio | 26.0% | 38.3% |
| Debt-to-equity | 2.85 | 0.99 |
| Current ratio | 2.41 | 1.70 |
| Revenue growth | 7.4% | 3.5% |
| Revenue per employee | 5.85 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 62, MODUL NORDIC AS does better than 74% of small companies in the same sector (36,579 companies) in 2025.
Score 2023–2025
- MODUL NORDIC AS
- Median: small companies in the same sector
MODUL NORDIC AS has a score of 62 for 2025, rank 10,053 of 38,670 in the sector.
Strongest: Profitability: percentile 83 against peers, operating margin 12.7% against a median of 2.5%. Consistency: percentile 68 against peers.
Weakest: Solidity: percentile 34 against peers, equity ratio 26.0% against a median of 38.3%.
Worth a closer look
- 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
MODUL NORDIC AS had an operating margin of 12.7% and an equity ratio of 26.0% in 2025, and ranks 10,053 of 38,670 in Handel.
From 2024 to 2025: the operating margin rose from 9.7% to 12.7% and the equity ratio rose from 18.8% to 26.0%.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 8 MNOK and 55 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 10.0 | 45 MNOK |
| EV/EBIT | 8.0 | 55 MNOK |
| P/B | 1.0 | 8 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
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 6.3% 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 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 | 83 | weight 30% |
|---|---|---|
| Solidity | 34 | weight 25% |
| Liquidity | 63 | weight 15% |
| Growth | 59 | weight 15% |
| Consistency | 68 | weight 15% |
Durability: 55 (average over 3 years)
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is MODUL NORDIC AS?
The operating margin was 12.7% in 2025, against a median of 2.5% among small companies in the same sector. Return on assets was 25.3%.
How solid is MODUL NORDIC AS?
The equity ratio was 26.0% in 2025 (median 38.3%). Debt-to-equity was 2.85 (median 0.99).
What is the liquidity of MODUL NORDIC AS like?
The current ratio was 2.41 in 2025 (median 1.70).
How does MODUL NORDIC AS compare in Handel?
MODUL NORDIC AS ranks 10,053 of 38,670 in Handel for 2025. Among companies of the same size (small companies) it ranks 9,430 of 36,579. Revenue changed by 7.4% from the year before.
Public contracts
- Contracts awarded since 2024
- 6
- Total awarded value since 2024
- value not stated
- Framework agreements
- 6
- Left out of the total: the value is a ceiling, not actual spend.
| Date | Buyer | Notice | Value |
|---|---|---|---|
| 12 February 2026 | SYKEHUSINNKJØP HF | Biopsi, nåleførere, merketråd, markører og ultralydgele til sykehusene i Helse Vest | 28.0 MNOK (framework) |
| 8 November 2025 | SYKEHUSINNKJØP HF | Kontraktstildeling: Diatermi forbruksmateriell til sykehusene i Helse Sør-Øst | 3.0 MNOK (framework) |
| 21 March 2025 | SYKEHUSINNKJØP HF | Kontraktstildeling: Respirasjon-overvåkning og generell oksygenbehandlling for foretakene i Helse Vest | 0.5 MNOK (framework) |
| 14 January 2025 | SYKEHUSINNKJØP HF | Oppdekkingssett og operasjonsoppdekking til helseforetakene i Helse Nord | value not stated |
| 12 December 2024 | SYKEHUSINNKJØP HF | Sterile trekk til medisinsk utstyr til foretakene i Helse Vest | value not stated |
| 23 August 2024 | SYKEHUSINNKJØP HF | Kontraktstildeling: Forbruksmateriell til EEG, ENG, EMG og ECT til foretakene i Helse Vest | value not stated |
Based on notices in Doffin. Does not show call-offs under framework agreements or purchases below the publication threshold. Values are as stated by the buyer.
Source: Doffin (DFØ), fetched 27 October 2026. Winners are matched on organisation number.
Contains data under the Norwegian licence for public data (NLOD 2.0) made available by Doffin/the Norwegian Agency for Public and Financial Management (DFØ). NLOD 2.0
From the Central Coordinating Register
- Org. no.
- 976501578
- Legal form
- AS
- Sector
- Handel (46.460)
- Size tier
- small
- Employees
- 10 registered 10 March 2026
- Founded
- 20 May 1996 30 years in operation
- Share capital
- 0.10 MNOK
- Business address
- Dalstuvegen 18, 2340 LØTEN
- Municipality
- Løten rank 20–39 of 40 in KOSTRA group 1
- Latest accounts filed
- 2025
- Website
- www.modulnordic.no
- LEI
- 984500C1FD0A81CCVB13 renews 7 April 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
- Chief executive
- Henrik Rustad
- Chair of the board
- Peter Bo Soelberg
- Board member
- Henrik Rustad
- Board member
- Cindy Jeanne F Nijs
- Auditor
- NARVESEN REVISJON AS
- Accountant
- ØKORÅD ELVERUM & RENA 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 | 40 | 62 | 62 | |
| Rank | 22,709 | 9,959 | 10,053 | |
| Operating margin | 4.3% | 9.7% | 12.7% | |
| Return on assets | 5.3% | 19.0% | 25.3% | |
| Equity ratio | 12.3% | 18.8% | 26.0% | |
| Current ratio | 1.32 | 1.76 | 2.41 | |
| Revenue growth | – | 70.2% | 7.4% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 32.0 MNOK | 54.5 MNOK | 58.5 MNOK |
| Operating profit | 1.4 MNOK | 5.3 MNOK | 7.4 MNOK |
| Profit before tax | 0.7 MNOK | 4.1 MNOK | 6.5 MNOK |
| Net profit | 0.6 MNOK | 2.8 MNOK | 4.5 MNOK |
| Financial expenses | 0.8 MNOK | 1.4 MNOK | 1.5 MNOK |
| Total assets | 28.1 MNOK | 29.2 MNOK | 31.7 MNOK |
| Current assets | 11.0 MNOK | 19.8 MNOK | 22.8 MNOK |
| Equity | 3.5 MNOK | 5.5 MNOK | 8.2 MNOK |
| Retained earnings | 3.4 MNOK | 5.4 MNOK | 8.1 MNOK |
| Total liabilities | 24.6 MNOK | 23.7 MNOK | 23.5 MNOK |
| Current liabilities | 8.3 MNOK | 11.2 MNOK | 9.5 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 28 October 2026, accounts id 6377267.
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