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Sector

Eiendom

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7,056 companies ranked against comparable companies in four Morning company classes. Fiscal year 2024. Source: Brønnøysund Register Centre. Methodology

Ranking · 2024 · Morning class Large

Morning class Large · 2024
#CompanyProfileScoreChangeFive years
1 HAVFONN AS Leader 76 +31
2 OBOS EIENDOMSFORVALTNING AS Leader 66 +11
3 EIENDOMSMEGLER 1 MIDT-NORGE AS Leader 66 +3
4 THON HOTELLBYGG AS Leader 61 −13
5 LEANGEN BOLIG AS Sprinter 56 +34
6 THONGÅRD AS Leader 52 −20
7 EIENDOMSMEGLER KROGSVEEN AS Sprinter 51 −13
8 CBRE GWS NORWAY AS Builder 34 +5
9 OBOS NYE HJEM AS Steward 33 −12
10 DNB EIENDOM AS Builder 28 −4
11 KLEIVVEIEN UTBYGGING AS Builder 27 +9
Download as CSV (opens in Excel)

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

  • THONGÅRD AS

    From 2023 to 2024: the equity ratio fell from 78.5% to 66.9% and revenue grew by 10%.

    −20
  • THON HOTELLBYGG AS

    From 2023 to 2024: the operating margin rose from 53.3% to 77.2%.

    −13
  • EIENDOMSMEGLER KROGSVEEN AS

    From 2023 to 2024: the operating margin rose from 0.8% to 8.1% and the equity ratio fell from 42.3% to 29.0%.

    −13
  • OBOS NYE HJEM AS

    From 2023 to 2024: the operating margin rose from −4.0% to −0.8%.

    −12

Top lists in the sector · 2024 · Morning class Large

The five largest companies account for 61% of the sector's revenue. Combined profit before tax for the 11 ranked companies: 2,023 MNOK.

Highest revenue

  1. DNB EIENDOM AS 1,531 MNOK
  2. OBOS NYE HJEM AS 1,457 MNOK
  3. THONGÅRD AS 930 MNOK
  4. OBOS EIENDOMSFORVALTNING AS 826 MNOK
  5. THON HOTELLBYGG AS 742 MNOK

Operating revenue.

Highest operating margin

  1. HAVFONN AS 92.2%
  2. THON HOTELLBYGG AS 77.2%
  3. THONGÅRD AS 34.8%
  4. OBOS EIENDOMSFORVALTNING AS 26.6%
  5. LEANGEN BOLIG AS 11.4%

Operating result divided by operating revenue.

Largest profit

  1. THON HOTELLBYGG AS 553 MNOK
  2. HAVFONN AS 517 MNOK
  3. THONGÅRD AS 342 MNOK
  4. OBOS EIENDOMSFORVALTNING AS 225 MNOK
  5. OBOS NYE HJEM AS 164 MNOK

Profit before tax.

Largest loss

  1. DNB EIENDOM AS −19 MNOK

Profit before tax, the largest negative.

Most solid

  1. THON HOTELLBYGG AS 73.7%
  2. HAVFONN AS 71.4%
  3. THONGÅRD AS 66.9%
  4. EIENDOMSMEGLER 1 MIDT-NORGE AS 60.7%
  5. OBOS EIENDOMSFORVALTNING AS 43.8%

Equity ratio: equity divided by total assets.

Fastest growth

  1. HAVFONN AS +3,386.0%
  2. CBRE GWS NORWAY AS +85.3%
  3. EIENDOMSMEGLER KROGSVEEN AS +24.1%
  4. EIENDOMSMEGLER 1 MIDT-NORGE AS +16.5%
  5. OBOS EIENDOMSFORVALTNING AS +10.7%

Revenue growth from the year before, only from at least NOK 10 million in revenue.

Largest revenue decline

  1. KLEIVVEIEN UTBYGGING AS −23.9%

Revenue decline from the year before, only from at least NOK 10 million in revenue.

Biggest climbers

  1. OBOS EIENDOMSFORVALTNING AS +11.0 points
  2. KLEIVVEIEN UTBYGGING AS +9.1 points

Change in index points from the year before.

Biggest fallers

  1. THONGÅRD AS −19.5 points
  2. EIENDOMSMEGLER KROGSVEEN AS −13.4 points
  3. THON HOTELLBYGG AS −13.4 points
  4. OBOS NYE HJEM AS −12.5 points
  5. DNB EIENDOM AS −3.3 points

Change in index points from the year before.

Most employees

  1. DNB EIENDOM AS 881
  2. EIENDOMSMEGLER KROGSVEEN AS 399
  3. OBOS EIENDOMSFORVALTNING AS 380
  4. CBRE GWS NORWAY AS 259
  5. EIENDOMSMEGLER 1 MIDT-NORGE AS 229

Employees according to the Central Coordinating Register.

Highest revenue per employee

  1. THONGÅRD AS 116.2 MNOK
  2. HAVFONN AS 101.5 MNOK
  3. LEANGEN BOLIG AS 45.9 MNOK
  4. OBOS NYE HJEM AS 12.8 MNOK
  5. EIENDOMSMEGLER 1 MIDT-NORGE AS 2.4 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.

Quadrant analysis

Positions in the sector · 2024 · 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.

DNB EIENDOM AS: 0 / 40OBOS NYE HJEM AS: 15 / 50THONGÅRD AS: 55 / 80OBOS EIENDOMSFORVALTNING AS: 85 / 60THON HOTELLBYGG AS: 75 / 100EIENDOMSMEGLER KROGSVEEN AS: 55 / 30HAVFONN AS: 95 / 90CBRE GWS NORWAY AS: 15 / 10KLEIVVEIEN UTBYGGING AS: 45 / 0EIENDOMSMEGLER 1 MIDT-NORGE AS: 60 / 70LEANGEN BOLIG AS: 50 / 2000252550507575100100Solidity, percentile against peers →↑ Profitability, percentile against peers
DNB EIENDOM AS: 0 / 40OBOS NYE HJEM AS: 15 / 50THONGÅRD AS: 55 / 80OBOS EIENDOMSFORVALTNING AS: 85 / 60THON HOTELLBYGG AS: 75 / 100EIENDOMSMEGLER KROGSVEEN AS: 55 / 30HAVFONN AS: 95 / 90CBRE GWS NORWAY AS: 15 / 10KLEIVVEIEN UTBYGGING AS: 45 / 0EIENDOMSMEGLER 1 MIDT-NORGE AS: 60 / 70LEANGEN BOLIG AS: 50 / 2000252550507575100100Solidity, percentile against peers →↑ Profitability, percentile against peers

Bubble size shows relative revenue, not exact figures. Dashed lines show where the 5 companies that moved most stood in 2023 (small ring).

  • 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
CompanyProfileProfitabilitySolidityIn 2023 (profitability / solidity)
HAVFONN ASLion9590–
OBOS EIENDOMSFORVALTNING ASLion856085 / 50
THON HOTELLBYGG ASLion7510085 / 90
EIENDOMSMEGLER 1 MIDT-NORGE ASLion6070–
THONGÅRD ASLion558070 / 100
EIENDOMSMEGLER KROGSVEEN ASCheetah553040 / 80
LEANGEN BOLIG ASCheetah5020–
KLEIVVEIEN UTBYGGING ASBeaver45035 / 0
CBRE GWS NORWAY ASBeaver1510–
OBOS NYE HJEM ASElephant155015 / 70
DNB EIENDOM ASBeaver0400 / 60
The sector in numbers

Summary · fiscal year 2024 · Morning class Large

The sector's median operating margin is 11.3%. 0 of 11 companies have negative equity. The median equity ratio is 39.2%.

Companies with accounts11
Total revenue9,025 MNOK
Median operating margin11.3%
Median equity ratio39.2%
Share with a loss9%
Share with negative equity0%

All figures are for fiscal year 2024. Ranked: 11 operating companies. Holding companies, excluded companies and companies without enough data are shown but not ranked. How to read the index

Climbers and fallers · Morning class Large

Change in rank from 2023 to 2024, for 7 companies ranked in both years.

Climbers

  1. 4OBOS EIENDOMSFORVALTNING ASfrom rank 6 to 266

Fallers

  1. 4THONGÅRD ASfrom rank 2 to 652
  2. 4EIENDOMSMEGLER KROGSVEEN ASfrom rank 3 to 751
  3. 3THON HOTELLBYGG ASfrom rank 1 to 461
  4. 2OBOS NYE HJEM ASfrom rank 7 to 933
  5. 1DNB EIENDOM ASfrom rank 9 to 1028

Awards · 2024 · Morning class Large

Most profitableHAVFONN AS92.2%
Fastest growthLEANGEN BOLIG AS28,880.8%
Strongest balance sheetTHON HOTELLBYGG AS73.7%
Largest revenueDNB EIENDOM AS1,531 MNOK
Highest revenue per employeeTHONGÅRD AS116.2 MNOK

Needs attention · 2024 · Morning class Large

8 companies show at least one warning sign. Showing the 8 most important.

Sector map · 2024 · 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.

0%20%40%60%80%0%20%40%60%Operating margin (profitability) →Equity ratio (solidity) →DNB EIENDOM AS: operating margin −1.5%, equity ratio 36.0%, rank 10OBOS NYE HJEM AS: operating margin −0.8%, equity ratio 39.2%, rank 9THONGÅRD AS: operating margin 34.8%, equity ratio 66.9%, rank 6OBOS EIENDOMSFORVALTNING AS: operating margin 26.6%, equity ratio 43.8%, rank 2THON HOTELLBYGG AS: operating margin 77.2%, equity ratio 73.7%, rank 4EIENDOMSMEGLER KROGSVEEN AS: operating margin 8.1%, equity ratio 29.0%, rank 7HAVFONN AS: operating margin 92.2%, equity ratio 71.4%, rank 1CBRE GWS NORWAY AS: operating margin 1.1%, equity ratio 8.9%, rank 8KLEIVVEIEN UTBYGGING AS: operating margin 9.1%, equity ratio 0.3%, rank 11EIENDOMSMEGLER 1 MIDT-NORGE AS: operating margin 11.3%, equity ratio 60.7%, rank 3LEANGEN BOLIG AS: operating margin 11.4%, equity ratio 19.1%, rank 5
Show the map's figures as a table
CompanyOperating marginEquity ratioRevenue
HAVFONN AS92.2%71.4%609 MNOK
OBOS EIENDOMSFORVALTNING AS26.6%43.8%826 MNOK
EIENDOMSMEGLER 1 MIDT-NORGE AS11.3%60.7%553 MNOK
THON HOTELLBYGG AS77.2%73.7%742 MNOK
LEANGEN BOLIG AS11.4%19.1%505 MNOK
THONGÅRD AS34.8%66.9%930 MNOK
EIENDOMSMEGLER KROGSVEEN AS8.1%29.0%706 MNOK
CBRE GWS NORWAY AS1.1%8.9%592 MNOK
OBOS NYE HJEM AS−0.8%39.2%1,457 MNOK
DNB EIENDOM AS−1.5%36.0%1,531 MNOK
KLEIVVEIEN UTBYGGING AS9.1%0.3%573 MNOK

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 yearMedian operating marginMedian equity ratio
2018––
2019––
2020––
2021––
2022 · weakest year31.0%10.8%
202344.5%27.0%
202445.3%26.9%
202546.3%27.8%
202658.6%40.2%

In 2022, 24 ranked companies did better than the sector, 20 about the same and 17 weaker.

Held up best in 2022

  1. 1HJ EIENDOM ASequity ratio 40.8%97.2%
  2. 2VIKEN BOLIGEIENDOM ASequity ratio 10.0%94.0%
  3. 3GJØNNESJORDET 10 ASequity ratio 0.5%88.9%
  4. 4RAMBOLT EIENDOM ASequity ratio 74.1%81.8%
  5. 5HEROCK ASequity ratio 89.0%79.7%
  6. 6HUITFELDTS GATE 15 ASequity ratio 6.3%77.3%
  7. 7GULLREGNBUKTA ASequity ratio 4.9%71.5%
  8. 8HAAKON KNUDSTAD ASequity ratio 71.6%70.8%
  9. 9INVENTEC ASequity ratio 56.2%70.1%
  10. 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

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.

532024K4522025K1762025K2572025K3582025K4512026K1612026K2472026K3

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

All bankruptcies and liquidations in the sector

Industry codes (NACE)

CodeDescription
68*Hele hovedgruppe 68
68.110Kjøp og salg av egen fast eiendom
68.120Utvikling og salg av byggeprosjekter
68.200Utleie av egen eller leid fast eiendom
68.310Eiendomsmegling og andre formidlingstjenester for eiendom
68.320Eiendomsforvaltning på oppdrag