6,744 companies ranked against comparable companies in four Morning company classes. Fiscal year 2023. Source: Brønnøysund Register Centre. Methodology
Ranking · 2023 · Morning class Large
| # | Company | Score | Change |
|---|---|---|---|
| 1 | Thon Hotellbygg AS | 75 | – |
| 2 | Thongård AS | 73 | – |
| 3 | Eiendomsmegler Krogsveen AS | 68 | – |
| 4 | Lørenveien 51 AS | 59 | – |
| 5 | OBOS Eiendomsforvaltning AS | 59 | – |
| 6 | Ote Eiendom AS | 58 | – |
| 7 | Peter Møllers Vei 8-14 AS | 57 | – |
| 8 | OBOS Nye Hjem AS | 52 | – |
| 9 | Bjølstad Utvikling AS | 42 | – |
| 10 | DNB Eiendom AS | 37 | – |
| 11 | OBOS Block Watne AS | 37 | – |
| 12 | Frysjaparken Utvikling AS | 33 | – |
| 13 | Mustad Eiendom AS | 29 | – |
| 14 | Kleivveien Utbygging AS | 20 | – |
The rank is the rank in the class. A class with fewer than ten companies is compared with the whole sector. Full ranking · Press mode
Biggest moves · Morning class Large
Climbers and fallers need at least two fiscal years with a score. Coming when next year's figures are fetched.
Top lists in the sector · 2023 · Morning class Large
The five largest companies account for 52% of the sector's revenue. Combined profit before tax for the 14 ranked companies: 1,832 MNOK.
Highest revenue
- OBOS Block Watne AS 1,665 MNOK
- DNB Eiendom AS 1,485 MNOK
- OBOS Nye Hjem AS 1,429 MNOK
- Ote Eiendom AS 1,206 MNOK
- Frysjaparken Utvikling AS 872 MNOK
Operating revenue.
Highest operating margin
- Ote Eiendom AS 57.9%
- Thon Hotellbygg AS 53.3%
- Mustad Eiendom AS 37.3%
- Thongård AS 36.6%
- Peter Møllers Vei 8-14 AS 23.5%
Operating result divided by operating revenue.
Largest profit
- Ote Eiendom AS 652 MNOK
- Thon Hotellbygg AS 355 MNOK
- Thongård AS 279 MNOK
- OBOS Nye Hjem AS 228 MNOK
- Peter Møllers Vei 8-14 AS 169 MNOK
Profit before tax.
Largest loss
- OBOS Block Watne AS −295 MNOK
- DNB Eiendom AS −86 MNOK
Profit before tax, the largest negative.
Most solid
- Thongård AS 78.5%
- Thon Hotellbygg AS 75.5%
- Eiendomsmegler Krogsveen AS 42.3%
- OBOS Nye Hjem AS 38.1%
- DNB Eiendom AS 32.8%
Equity ratio: equity divided by total assets.
Fastest growth
No company meets the requirement this year.
Revenue growth from the year before, only from at least NOK 10 million in revenue.
Largest revenue decline
No company meets the requirement this year.
Revenue decline from the year before, only from at least NOK 10 million in revenue.
Biggest climbers
Requires an index for two financial years.
Change in index points from the year before.
Biggest fallers
Requires an index for two financial years.
Change in index points from the year before.
Most employees
- DNB Eiendom AS 881
- Eiendomsmegler Krogsveen AS 399
- OBOS Eiendomsforvaltning AS 380
- OBOS Nye Hjem AS 114
- OBOS Block Watne AS 87
Employees according to the Central Coordinating Register.
Highest revenue per employee
- Thongård AS 105.4 MNOK
- OBOS Block Watne AS 19.1 MNOK
- Ote Eiendom AS 15.1 MNOK
- OBOS Nye Hjem AS 12.5 MNOK
- Mustad Eiendom AS 10.2 MNOK
Only companies with at least 5 employees.
The lists cover ranked companies in the class: operating companies with at least NOK 1m in revenue, without holding companies and excluded ones. Size lists (revenue, profit, employees) count each group once. Source: Brønnøysund Register Centre. Amounts in other currencies are converted at Norges Bank's rates.
Positions in the sector · 2023 · Morning class Large
Each company is placed by profitability and solidity, measured as a place from 0 to 100 against the others in the same sector and Morning company class. The bubble shows revenue. Hover over or tap a bubble for the figures, filter by profile or search for a company.
Bubble size shows relative revenue, not exact figures.
Lion · LeaderHigh profitability, high solidity
Cheetah · SprinterHigh profitability, lower solidity
Elephant · StewardLower profitability, high solidity
Beaver · BuilderLower profitability, lower solidity
Show the positions as a list
| Company | Profile | Profitability | Solidity |
|---|---|---|---|
| Ote Eiendom AS | Lion | 92 | 54 |
| Thon Hotellbygg AS | Lion | 81 | 92 |
| OBOS Eiendomsforvaltning AS | Lion | 81 | 62 |
| Peter Møllers Vei 8-14 AS | Cheetah | 81 | 38 |
| Thongård AS | Lion | 65 | 100 |
| Lørenveien 51 AS | Cheetah | 65 | 31 |
| Mustad Eiendom AS | Cheetah | 54 | 8 |
| Bjølstad Utvikling AS | Beaver | 46 | 23 |
| Eiendomsmegler Krogsveen AS | Elephant | 42 | 85 |
| Kleivveien Utbygging AS | Beaver | 38 | 0 |
| OBOS Nye Hjem AS | Elephant | 23 | 77 |
| Frysjaparken Utvikling AS | Beaver | 23 | 15 |
| DNB Eiendom AS | Elephant | 4 | 69 |
| OBOS Block Watne AS | Beaver | 4 | 46 |
Summary · fiscal year 2023 · Morning class Large
The sector's median operating margin is 16.7%. 0 of 14 companies have negative equity. The median equity ratio is 27.9%.
All figures are for fiscal year 2023. Ranked: 14 operating companies. Holding companies, excluded companies and companies without enough data are shown but not ranked. How to read the index
- Growth is not included in the index: it needs the previous year's accounts.
Climbers and fallers · Morning class Large
Climbers need at least two fiscal years. They appear once next year's accounts are fetched or history is imported.
Awards · 2023 · Morning class Large
Needs attention · 2023 · Morning class Large
8 companies show at least one warning sign. Showing the 8 most important.
- watchMustad Eiendom ASVery low equity ratio (8.3%) · Current ratio below 1 (0.53)
- watchOBOS Block Watne ASLoss before tax
- watchDNB Eiendom ASLoss before tax
- watchOte Eiendom ASCurrent ratio below 1 (0.09)
- watchThongård ASCurrent ratio below 1 (0.87)
- watchKleivveien Utbygging ASVery low equity ratio (0.2%)
- watchOBOS Eiendomsforvaltning ASCurrent ratio below 1 (0.86)
- watchThon Hotellbygg ASCurrent ratio below 1 (0.20)
Sector map · 2023 · Morning class Large
Profitability against solidity for the ranked companies. Size shows revenue. Coral triangle: negative equity. Click to open the company. Outliers are placed on the edge.
Show the map's figures as a table
| Company | Operating margin | Equity ratio | Revenue |
|---|---|---|---|
| Thon Hotellbygg AS | 53.3% | 75.5% | 718 MNOK |
| Thongård AS | 36.6% | 78.5% | 843 MNOK |
| Eiendomsmegler Krogsveen AS | 0.8% | 42.3% | 569 MNOK |
| Lørenveien 51 AS | 18.1% | 24.6% | 823 MNOK |
| OBOS Eiendomsforvaltning AS | 20.5% | 31.2% | 746 MNOK |
| Ote Eiendom AS | 57.9% | 28.2% | 1,206 MNOK |
| Peter Møllers Vei 8-14 AS | 23.5% | 26.0% | 705 MNOK |
| OBOS Nye Hjem AS | −4.0% | 38.1% | 1,429 MNOK |
| Bjølstad Utvikling AS | 15.4% | 22.5% | 512 MNOK |
| DNB Eiendom AS | −6.0% | 32.8% | 1,485 MNOK |
| OBOS Block Watne AS | −13.5% | 27.7% | 1,665 MNOK |
| Frysjaparken Utvikling AS | 10.3% | 14.8% | 872 MNOK |
| Mustad Eiendom AS | 37.3% | 8.3% | 593 MNOK |
| Kleivveien Utbygging AS | 10.4% | 0.2% | 754 MNOK |
Holding and investment companies · 2023
2,209 companies in the sector are holding or investment companies. They are kept out of the ranking above, since revenue, margins and growth say little about a company that lives from ownership. They are ranked on their own here: 921 have at least 10 MNOK in assets and are listed.
| Rank | Company | Score | Equity ratio | Return on assets | Current ratio | Total assets |
|---|---|---|---|---|---|---|
| 1 | Jusoje Invest AS | 97 | 100.0% | 87.4% | 3,360.50 | 17 MNOK |
| 2 | Ibj Invest AS | 96 | 100.0% | 82.4% | 4,877.54 | 13 MNOK |
| 3 | Foha Holding AS | 96 | 100.0% | 99.8% | 2,343.69 | 16 MNOK |
| 4 | Tore Ravndal Holding AS | 96 | 100.0% | 48.6% | – | 22 MNOK |
| 5 | Anne Mette Knutsen Holding AS | 94 | 99.9% | 101.9% | 534.71 | 21 MNOK |
| 6 | Leonard Invest AS | 94 | 100.0% | 44.4% | 1,623.08 | 13 MNOK |
| 7 | Lonø Holding AS | 93 | 99.9% | 57.5% | 928.20 | 307 MNOK |
| 8 | Kimek Holding AS | 93 | 100.0% | 35.5% | – | 27 MNOK |
| 9 | Fabian Holding AS | 92 | 100.0% | 37.0% | 2,897.22 | 378 MNOK |
| 10 | Corrente Holding AS | 91 | 100.0% | 27.4% | – | 19 MNOK |
| 11 | Rigmaas Holding AS | 91 | 99.8% | 48.0% | 1,180.26 | 45 MNOK |
| 12 | Mda Holding AS | 91 | 99.8% | 47.5% | 592.05 | 11 MNOK |
| 13 | Mahmood Holding AS | 90 | 100.0% | 46.4% | 67.56 | 29 MNOK |
| 14 | Egelund Invest AS | 90 | 99.7% | 73.4% | 316.85 | 30 MNOK |
| 15 | Khk Holding AS | 90 | 99.7% | 56.2% | 335.05 | 17 MNOK |
| 16 | Nacapa Invest AS | 90 | 100.0% | 23.1% | 8,046.73 | 14 MNOK |
| 17 | Zimmer Holding AS | 89 | 99.7% | 54.9% | 275.04 | 12 MNOK |
| 18 | Tor-Erik Johnsen Invest AS | 89 | 99.9% | 28.2% | 511.09 | 14 MNOK |
| 19 | Leh Holding AS | 89 | 99.9% | 25.4% | 1,035.79 | 12 MNOK |
| 20 | Ogårdslien Invest AS | 88 | 99.9% | 26.5% | 746.12 | 10 MNOK |
Show all 100
Score 0–100 against the other holding companies in the sector: equity ratio 40 %, return on assets 40 % and current ratio 20 %. Methodology
Scenario analysis: the sector's weakest year
The sector's weakest year was 2022, with a median operating margin of 31.0%.
Based on the 9 fiscal years we have. The analysis grows as more years are fetched or imported.
| Fiscal year | Median operating margin | Median equity ratio |
|---|---|---|
| 2018 | – | – |
| 2019 | – | – |
| 2020 | – | – |
| 2021 | – | – |
| 2022 · weakest year | 31.0% | 10.0% |
| 2023 | 44.6% | 26.7% |
| 2024 | 45.5% | 26.4% |
| 2025 | 46.6% | 27.3% |
| 2026 | 58.6% | 40.2% |
In 2022, 24 ranked companies did better than the sector, 19 about the same and 18 weaker.
Held up best in 2022
- 1HJ Eiendom ASequity ratio 40.8%97.2%
- 2Viken Boligeiendom ASequity ratio 10.0%94.0%
- 3Gjønnesjordet 10 ASequity ratio 0.5%88.9%
- 4Rambolt Eiendom ASequity ratio 74.1%81.8%
- 5Herock ASequity ratio 89.0%79.7%
- 6Huitfeldts Gate 15 ASequity ratio 6.3%77.3%
- 7Gullregnbukta ASequity ratio 4.9%71.5%
- 8Haakon Knudstad ASequity ratio 71.6%70.8%
- 9Inventec ASequity ratio 56.2%70.1%
- 10Marinella Eiendom ASequity ratio 44.8%70.1%
Better than the sector: operating margin at or above the sector median and no loss or negative equity. Weaker: operating margin below the median and a loss or negative equity. Otherwise about the same as the sector. Methodology
Drivers in the sector
Interest rates, prices and exchange rates that shape the sector's year, next to the sector's median operating margin. The drivers are context and are not part of the index.
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the sector's median operating margin rose 1.1 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Policy rate, annual average | 0.08 | 1.32 | 3.54 | 4.50 | 4.30 | 4.14 (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 | −0.16 percentage points |
| Sector's median operating margin | – | 31.0% | 44.6% | 45.5% | 46.6% | 58.6% |
Source: Norges Bank (IR, NLOD 2.0). Source · fetched 1 November 2026
Construction cost index for dwellings (indeks (2015 = 100))
Construction cost index for dwellings rose 4.3% in 2025; the sector's median operating margin rose 1.1 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Construction cost index for dwellings, annual average | 124.2 | 135.1 | 141.1 | 146.4 | 152.7 | 158.4 (so far) |
| Change from the year before | +8.7% | +8.8% | +4.4% | +3.7% | +4.3% | +3.7% |
| Sector's median operating margin | – | 31.0% | 44.6% | 45.5% | 46.6% | 58.6% |
Source: SSB (08651, CC BY 4.0). Source · fetched 1 November 2026
Consumer price index (indeks (2025 = 100))
Consumer price index rose 3.0% in 2025; the sector's median operating margin rose 1.1 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Consumer price index, annual average | 84.3 | 89.2 | 94.1 | 97.0 | 100.0 | 102.9 (so far) |
| Change from the year before | +3.5% | +5.8% | +5.5% | +3.2% | +3.0% | +2.9% |
| Sector's median operating margin | – | 31.0% | 44.6% | 45.5% | 46.6% | 58.6% |
Source: SSB (14710, CC BY 4.0). Source · fetched 1 November 2026
When policy rate fell in 2025, 3,829 of 6,922 ranked companies kept their operating margin at or above the year before. Among the largest: OBOS Block Watne AS (−7.7% → 1.3%), DNB Eiendom AS (−1.5% → 2.9%), Ferncliff Tih AS (−717.9% → 99.2%), Ferncliff Holding AS (78.3% → 99.8%), OBOS Nye Hjem AS (−0.8% → −0.7%).
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.
The sector in Norway (SSB)
The whole industry as Statistics Norway counts it: every enterprise, not only the limited companies we rank. Use these figures as background for the ranking above.
Enterprises, employment and turnover · 2024
- Enterprises
- 60,965
- +4.0% from 2023
- Persons employed
- 31,172
- −0.2% from 2023
- Turnover
- NOK 240.4 bn
- +8.0% from 2023
- Gross operating margin
- 50.2%
- Gross operating surplus divided by turnover
All enterprises, sole proprietorships included.
Bankruptcies in the industry
217 enterprise bankruptcies in the last four quarters (2025K4–2026K3). Change −8.8% against the four quarters before (238). That is about 3.6 per 1,000 enterprises.
Foreign-controlled enterprises · 2024
- Share of enterprises
- 2.5%
- Share of persons employed
- 6.0%
- Share of turnover
- 8.6%
SSB publishes this for groups of industries only. The figures are for the group “Omsetning og drift av fast eiendom”.
Source: Statistics Norway (SSB), table 12910, table 10790, table 08085. CC BY 4.0. Our industry codes (SN2025) are linked to SSB’s (SN2007) with SSB’s correspondence table in Klass.
Latest bankruptcies and liquidations
- Bash Eiendom AS 928846342 Voluntary liquidation · 31 October 2026 · 1 MNOK (2025)
- Brande Eiendom AS 925893811 Voluntary liquidation · 31 October 2026 · 1 MNOK (2025)
- Brande Holding AS 928469220 Voluntary liquidation · 31 October 2026 · 0 MNOK (2025)
- Bygnes Bt1 S10 AS 936304664 Voluntary liquidation · 31 October 2026
- Cecilie Løvøs Veg 2 AS 813648962 Voluntary liquidation · 31 October 2026 · 0 MNOK (2025)
- Datterselskapet AS 988944041 Voluntary liquidation · 31 October 2026 · 0 MNOK (2025)
- Eiby AS 827032522 Voluntary liquidation · 31 October 2026
- Eidettoppen Eiendom AS 928086127 Voluntary liquidation · 31 October 2026 · 0 MNOK (2025)
Industry codes (NACE)
| Code | Description |
|---|---|
| 68* | Hele hovedgruppe 68 |
| 68.110 | Kjøp og salg av egen fast eiendom |
| 68.120 | Utvikling og salg av byggeprosjekter |
| 68.200 | Utleie av egen eller leid fast eiendom |
| 68.310 | Eiendomsmegling og andre formidlingstjenester for eiendom |
| 68.320 | Eiendomsforvaltning på oppdrag |