Rustad Sails AS

ASActive

Org 920223605Skjæløyveien 65, 1626 ManstadManufacture of other technical and industrial textiles· NACE 1396Est. 2018 · 8 years old1-4 employees

Overview

Rustad Sails AS is a Norwegian AS based in Manstad, operating in the Manufacture of other technical and industrial textiles sector. Incorporated in 2018, the company reported revenue of NOK 1.3m in its latest annual filing.

Revenue 2025

1.3M NOK

−9% vs 2024

EBITDA margin

−0.3 %

−106% vs 2024

Net profit 2025

-0M NOK

-271% vs 2024

Key ratios

See full ratios →

6.5 %

Very weak

Among the 20% lowest rated companies in the industry

20212025

1.2×

Weak

Among the 40% lowest rated companies in the industry

20212025

-5.7 %

Weak

Among the 30% lowest rated companies in the industry

20212025

EBITDA — year on year

NOK thousands

Key figures

Annual report 2025

Revenue	1.3M NOK	-9%
EBITDA	-0M NOK	-106%
Net profit	-0M NOK	-271%
Total assets	0.8M NOK	+113%
Equity	0M NOK	-47%
Employees	—	—

Financial development

In its most recent annual report (2025), Rustad Sails AS reported revenue of NOK 1.3m, a decrease of 9% on the year before. The figures on this page draw on 5 annual filings covering 2021 to 2025. The bottom line showed a net loss of NOK 43.4k, and the EBITDA margin stood at -0.3%.

At the end of 2025, equity financed 6.5% of the balance sheet, and current assets covered short-term debt 1.2 times.

Financials

Revenue

NOK thousands

EBITDA

NOK thousands

Income statement

NOK thousands

Item	2025	2024	2023	2022	2021
Revenue	1,303	1,430	2,104	1,841	1,596
Staff expenses	-634	-622	-634	-655	-626
EBITDA	-4	72	59	86	69
Depreciation & amort.	-28	-28	-8	-18	-28
EBIT	-32	44	51	67	41
Net financials	-12	-7	2	-26	-19
Profit before tax	-43	37	52	41	23
Tax	-0	11	7	12	8
Net profit	-43	25	45	29	14

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Balance sheet

NOK thousands

Item	2025	2024	2023	2022	2021
Total assets	761	358	412	676	705
Equity	49	92	67	22	-7
Long-term debt	132	126	120	115	316
Short-term debt	580	140	226	538	396
Total debt	712	265	345	653	712

Financial ratios

5-year trend

EBITDA margin

-0.3 %

20212025

Equity ratio

6.5 %

Very weak

Among the 20% lowest rated companies in the industry

20212025

Return on equity

-88.3 %

Very weak

Among the 10% lowest rated companies in the industry

20212025

Net profit margin

-3.3 %

Weak

Among the 30% lowest rated companies in the industry

20212025

Asset turnover

1.71×

Strong

Among the 40% highest rated companies in the industry

20212025

Debt / equity

14.50×

Very weak

Among the 10% lowest rated companies in the industry

20212025

Sector performance

28 of 28 ratios graded

28 financial ratios from the latest filing, each graded against companies in the same industry.

Profitability

Gross marginAverage

Around the average of companies in the same industry

The gross result as a share of revenue — how much of the revenue is left after variable costs to cover the company's fixed costs.

Operating marginWeak

Among the 30% lowest rated companies in the industry

EBIT as a share of revenue — the share of revenue remaining as earnings once all operating costs are covered. A key measure of earning power.

Net profit marginWeak

Among the 30% lowest rated companies in the industry

The profit for the year as a share of revenue — the company's ability to turn revenue into profit.

Return on equity (ROE)Very weak

Among the 10% lowest rated companies in the industry

Net profit as a percentage of equity — the return the owners earned on their invested capital this year.

Return on assets (ROA)Weak

Among the 30% lowest rated companies in the industry

Net profit as a percentage of total assets — the return generated on the capital employed.

Return on net assets (RONA)Very weak

Among the 10% lowest rated companies in the industry

Profit relative to net assets (total assets minus total debt) — the ability to generate earnings from the net asset base alone.

Basic earning power (BEP)Weak

Among the 30% lowest rated companies in the industry

EBIT relative to total assets — the company's earning power before the effects of tax and financial leverage.

Capacity ratioAverage

Around the average of companies in the same industry

Shows how strongly fixed costs weigh on the gross result — a high ratio means fixed costs take only a small bite out of the earnings from basic operations.

Liquidity

Current ratioWeak

Among the 40% lowest rated companies in the industry

Current assets relative to short-term debt — the ability to settle short-term obligations with current assets alone. Around 150% is considered satisfactory from a credit perspective.

Quick ratioWeak

Among the 30% lowest rated companies in the industry

Current assets excluding inventory relative to short-term debt — whether the most liquid assets alone can cover the short-term obligations. A value of 1 or above signals a healthy liquidity position.

Cash ratioAverage

Around the average of companies in the same industry

Cash relative to short-term debt — the ability to repay short-term obligations with cash alone.

Current assets to equityVery weak

Among the 10% lowest rated companies in the industry

Current assets relative to equity — an indicator of the balance-sheet structure and of the company's short- and long-term financing. The healthy level is highly industry-dependent.

Fixed assets to long-term capitalAverage

Around the average of companies in the same industry

Fixed assets relative to long-term capital (equity plus long-term liabilities). Below 100% means the long-term capital finances more than just the fixed assets — a healthier liquidity position.

Cash conversion ratioVery weak

Among the 20% lowest rated companies in the industry

Cash flow relative to profit — the ability to convert reported profits into accessible cash.

Debt & solvency

Solidity ratioVery weak

Among the 20% lowest rated companies in the industry

Equity as a share of total assets — the ability to absorb losses. Around 40% is considered satisfactory from a credit perspective.

Debt ratioWeak

Among the 30% lowest rated companies in the industry

Total debt relative to the balance-sheet total — the share of the assets financed by debt rather than equity.

Debt to equityVery weak

Among the 10% lowest rated companies in the industry

Debt relative to equity — the company's leverage. A higher value means heavier reliance on debt financing.

Liabilities to equityVery weak

Among the 10% lowest rated companies in the industry

Total liabilities relative to equity — whether the company operates primarily on borrowed capital or on its own.

Income to debtWeak

Among the 30% lowest rated companies in the industry

Profit relative to debt — the ability to create earnings while operating with debt.

EBITDA to debtWeak

Among the 40% lowest rated companies in the industry

EBITDA relative to debt — how much operating earnings are available to service the debt.

Interest coverageWeak

Among the 30% lowest rated companies in the industry

The ability to pay the interest on the company's debt out of its earnings.

Interest rate on debtWeak

Among the 40% lowest rated companies in the industry

Financial expenses relative to total liabilities — the effective interest rate the company pays on its debt.

Interest marginWeak

Among the 30% lowest rated companies in the industry

The return on assets minus the interest rate on debt. Positive means the company benefits from operating with debt; negative means the debt makes it worse off.

Efficiency & development

Asset turnoverStrong

Among the 40% highest rated companies in the industry

Revenue relative to total assets — the ability to generate revenue from the asset base.

Inventory turnoverStrong

Among the 30% highest rated companies in the industry

Revenue relative to inventory — how many times a year the inventory is sold and replaced. A low value can indicate weak sales or excess inventory.

Equity to contributed capitalWeak

Among the 40% lowest rated companies in the industry

Total equity relative to the capital the owners contributed — how the equity has developed from its starting point.

One-year change in equityVery weak

Among the 20% lowest rated companies in the industry

The size of this year's increase or decrease in the company's equity.

One-year change in debtVery weak

Among the 10% lowest rated companies in the industry

The size of this year's increase or decrease in the company's debt.

Annual reports & filings

Annual report 2025
Filed via Brønnøysundsregistrene · Period 2025-01-01 – 2025-12-31
View PDF
Annual report 2024
Filed via Brønnøysundsregistrene · Period 2024-01-01 – 2024-12-31
View PDF
Annual report 2023
Filed via Brønnøysundsregistrene · Period 2023-01-01 – 2023-12-31
View PDF
Annual report 2022
Filed via Brønnøysundsregistrene · Period 2022-01-01 – 2022-12-31
View PDF
Annual report 2021
Filed via Brønnøysundsregistrene · Period 2021-01-01 – 2021-12-31
View PDF

People & ownership

Management

Actively employed in the business

Name	Role	Member since
Current (1)
MR Morten Rustad Chief Executive Officer	Chief Executive Officer	2018

Board of directors

Non-executive oversight

Name	Role	Member since
Current (2)
MR Morten Rustad Chairman	Chairman	2018
JM Jocelyn Marie Brandel Board of Directors	Board of Directors	2018

Shareholders

Active legal owners

No shareholder data available.

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Related companies

Company hierarchy

No registered parent or subsidiaries

Board network connections

Board members of Rustad Sails AS also hold positions in 4 other companies.

Person	Role here	Other companies
Morten Rustad	Chief Executive Officer	2 companies
Jocelyn Marie Brandel	Board of Directors	2 companies

Frequently asked questions

What is the Org number of Rustad Sails AS?

Rustad Sails AS is registered with Brønnøysundsregistrene under Org 920223605.

What is the revenue of Rustad Sails AS?

Rustad Sails AS reported revenue of NOK 1.3m in 2025.

Who is the CEO of Rustad Sails AS?

Morten Rustad is the CEO of Rustad Sails AS.

Who is the chairman of Rustad Sails AS?

Morten Rustad chairs the board of Rustad Sails AS.

Where is Rustad Sails AS headquartered?

Rustad Sails AS's registered address is Skjæløyveien 65.