Bluenord ASA
Score · fiscal year 2025
76of 100
How to read this: the company is ahead of 95 % of companies in the Morning class Medium in the same sector in 2025. What does this mean?
Rank in the Morning class Medium: 30 of 546 · What are Morning company classes?
Place in the whole sector: 255 of 3,920 · Teknisk tjenesteyting og forskning
Profile
Elephant · Steward
Lower profitability, high solidity
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 50 and solidity 95 out of 100 among companies in the Morning class Medium in the same sector in 2025. Methodology
Against the sector
Bluenord ASA is 26 points above the median for companies in the Morning class Medium in the same sector in 2025.
Median score 50 among 546 companies.
Against companies in the Morning class Medium in the same sector in 2025: operating margin −100.0% (median 5.5%) and equity ratio 76.7% (median 32.4%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 83 MNOK | 96 MNOK |
| Operating margin | −100.0% | 5.5% |
| Profit margin | 9,700.0% | 5.5% |
| Return on assets | 66.5% | 12.5% |
| Equity ratio | 76.7% | 32.4% |
| Debt-to-equity | 0.30 | 1.99 |
| Current ratio | 15.67 | 1.34 |
| Revenue growth | 166.7% | 9.8% |
| Revenue per employee | 10.39 MNOK | 2.98 MNOK |
The median and “ahead of” refer to companies in the Morning class Medium in the same sector in 2025. The bar shows the share of companies the figure is ahead of.
With an index of 76, Bluenord ASA does better than 95% of companies in the Morning class Medium in the same sector (546 companies) in 2025.
Score 2023–2025
- Bluenord ASA
- Median: companies in the Morning class Medium in the same sector
Bluenord ASA has a score of 76 for 2025, rank 255 of 3,920 in the sector.
Strongest: Liquidity: percentile 99 against peers, current ratio 15.67 against a median of 1.34. Growth: percentile 97 against peers, revenue growth 166.7% against a median of 9.8%.
No area is clearly below its peers.
Worth a closer look
- The operating margin is lower than at three in four companies in the sector. Where do costs differ from competitors? Based on: operating margin −100.0% (median 5.5%).
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
Bluenord ASA had an operating margin of −100.0% and an equity ratio of 76.7% in 2025, and ranks 255 of 3,920 in Teknisk tjenesteyting og forskning.
From 2024 to 2025: the operating margin rose from −333.3% to −100.0% and revenue grew by 167%.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 2,606 MUSD and 3,551 MUSD.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 18.6 | 3,551 MUSD |
| EV/EBIT | 15.9 | not meaningful |
| P/B | 3.2 | 2,606 MUSD |
The listed basis is the value at listed multiples. The estimate is lowered by 20% for an unlisted company: 20% for lack of marketability and 0% for size (a small-company premium of 0% 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
- 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 −100.0% (median 5.5%).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 34.6% 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
- watch Reports in a currency other than NOK
Scenario analysis: the sector's weakest year
We have no accounts for 2021, the sector's weakest year, for this company.
The sector's weakest year was 2021, with a median operating margin of −0.2%. Based on the 8 fiscal years we have. The analysis grows as more years are fetched or imported. Methodology
What the score is made of
| Profitability | 50 | weight 30% |
|---|---|---|
| Solidity | 95 | weight 25% |
| Liquidity | 99 | weight 15% |
| Growth | 97 | weight 15% |
| Consistency | 52 | weight 15% |
Durability: 43 (average over 3 years)
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is Bluenord ASA?
The operating margin was −100.0% in 2025, against a median of 5.5% among companies in the Morning class Medium in the same sector. Return on assets was 66.5%.
How solid is Bluenord ASA?
The equity ratio was 76.7% in 2025 (median 32.4%). Debt-to-equity was 0.30 (median 1.99).
What is the liquidity of Bluenord ASA like?
The current ratio was 15.67 in 2025 (median 1.34).
How does Bluenord ASA compare in Teknisk tjenesteyting og forskning?
Bluenord ASA ranks 255 of 3,920 in Teknisk tjenesteyting og forskning for 2025. Among companies in the Morning class Medium it is number 30 of 546. Revenue changed by 166.7% from the year before.
From the Central Coordinating Register
- Org. no.
- 987989297
- Legal form
- ASA
- Sector
- Teknisk tjenesteyting og forskning (71.129)
- Morning company class
- Medium
- Employees
- 8 registered 10 December 2025
- Founded
- 28 January 2005 21 years in operation
- Share capital
- 12.78 MNOK
- Business address
- Nedre Vollgate 3, 0158 OSLO
- Municipality
- Oslo rank 63–220 of 357 in Norway
- Latest accounts filed
- 2025
- Website
- www.bluenord.com
- LEI
- 5967007LIEEXZXGE3C16 renews 6 November 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
Loading roles …
Source: Central Coordinating Register, fetched 1 November 2026. Only names are shown.
- Parent company
- No known owner
Source: GLEIF (Global Legal Entity Identifier Foundation), fetched 30 October 2026. The parent is the one the company itself reported to GLEIF.
Shareholders (2025)
- Number of shareholders
- 4,896
- Largest owner
- 16.4% · top three 36.3%
- Split
- companies 93% · private persons 7% · foreign 67%
- Owners over 60
- 42% of the shares held by persons (median age 57)
- EUROCLEAR BANK S.A./N.V. (Belgium) · 16.4%
- GOLDMAN SACHS INTERNATIONAL (United Kingdom) · 13.0%
- The Bank of New York Mellon SA/NV (Belgium) · 6.9%
- Sober AS · 6.3%
- J.P. Morgan Securities LLC (USA) · 4.5%
- The Bank of New York Mellon SA/NV (Belgium) · 3.5%
- Bluenord ASA · 3.5%
- VERDIPAPIRFONDET DNB NORGE · 2.9%
- CITIBANK, N.A. (Ireland) · 1.9%
- UBS SWITZERLAND AG (Switzerland) · 1.4%
- 4159 private persons · 7.4%
Change 2007–2025:
95% of the shares changed owner (4844 new and 845 departed owners). Foreign owners now hold more than half.
New owners (companies): 7Fjell Ventures AS, A R Incoronato AS, Aalborg Aas Invest AS, Abbriva Invest AS, Abeka AS
Departed (companies): A/S NORSKE SHELLS PENSJONSKASSE, Absolutt Forvaltning AS, Absyn Holding AS, Achilles Finans AS, Ago AS
Majority owner of: Altinex AS (100%), Bluenord AS (100%)
The portfolio: 3 of the companies it owns shares in have accounts with us, 2 of them as majority owner. The average index is 76. 0 have negative equity and 1 made a loss in the latest year.
Holds shares in: Altinex AS (100%), Bluenord ASA (4%), Bluenord AS (100%)
The owners' shares do not add up to the company's total number of shares in the source.
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 | 27 | 25 | 76 | |
| Rank | 3,125 | 3,388 | 255 | |
| Operating margin | −150.0% | −333.3% | −100.0% | |
| Return on assets | 4.0% | 3.3% | 66.5% | |
| Equity ratio | 48.4% | 38.5% | 76.7% | |
| Current ratio | 0.06 | 0.37 | 15.67 | |
| Revenue growth | – | −25.0% | 166.7% |
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 2025–31 December 2025: 10.3912 (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 | 4.0 MUSD | 3.0 MUSD | 8.0 MUSD |
| Operating profit | −6.0 MUSD | −10.0 MUSD | −8.0 MUSD |
| Profit before tax | −11.0 MUSD | −49.0 MUSD | 776.0 MUSD |
| Tax expense | – | – | – |
| Net profit | −11.0 MUSD | −49.0 MUSD | 776.0 MUSD |
| Financial expenses | 43.0 MUSD | 79.0 MUSD | 107.0 MUSD |
| Total assets | 804.0 MUSD | 901.0 MUSD | 1,327.0 MUSD |
| Current assets | 1.0 MUSD | 92.0 MUSD | 47.0 MUSD |
| Equity | 389.0 MUSD | 347.0 MUSD | 1,018.0 MUSD |
| Retained earnings | −396.0 MUSD | 345.0 MUSD | 1,016.0 MUSD |
| Total liabilities | 415.0 MUSD | 554.0 MUSD | 309.0 MUSD |
| Current liabilities | 18.0 MUSD | 250.0 MUSD | 3.0 MUSD |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 6 November 2026, accounts id 6974574.
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