Devico AS
ASActiveOrg 947402633Industriveien 43A, 7080 HeimdalEngineering activities and related technical consultancy· NACE 7112Est. 1988 · 38 years old60 employeeshttps://www.devico.com
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Overview
Devico AS is a Norwegian AS based in Heimdal, operating in the Engineering activities and related technical consultancy sector. Incorporated in 1988, the company has 60 employees and reported revenue of NOK 315.9m in its latest annual filing.
Revenue 2025
315.9M NOK
+32% vs 2024
EBITDA margin
55.7 %
+76% vs 2024
Net profit 2025
127M NOK
+78% vs 2024
Key ratios
See full ratios →Solidity ratioEquity ÷ Total assets × 100
88.3 %
StrongAmong the 30% highest rated companies in the industry
20212025
Liquidity ratioCurrent assets ÷ Short-term debt
4.5×
StrongAmong the 30% highest rated companies in the industry
20212025
Return on assets (ROA)Net profit ÷ Total assets × 100
35.3 %
Very strongAmong the 20% highest rated companies in the industry
20212025
EBITDA — year on year
NOK millionsKey figures
Annual report 2025| Revenue | 315.9M NOK | +32% |
| EBITDA | 175.8M NOK | +76% |
| Net profit | 127M NOK | +78% |
| Total assets | 360.3M NOK | -17% |
| Equity | 318M NOK | +13% |
| Employees | 60 | — |
Company information
Legal name
DEVICO AS
Org number
947402633
Legal form
Aksjeselskap
NACE code
Founded
2 May 1988 · 38 years
Share capital
NOK 1,630,990
Employees
60 (FTE)
VAT registered
Yes
Audit selected
No
Last report
2025-06-30
Financial year
January – December
Signatory rights
Styrets leder og ett styremedlem i fellesskap.
Company purpose
Å drive innen fagområdet borehullsteknologi, oppmålingstjenester og tilgrensende aktiviteter, samt deltagelse i andre selskaper.
(no translation available)
Contact
Address
Industriveien 43A, 7080 Heimdal
Phone
+47 72 87 01 01
Email
devico@devico.no
Website
https://www.devico.com
Risika for professionals
Risika provides regulated workflow tools for finance, procurement and compliance teams that need monitoring, alerts and an API.
Financial development
In its most recent annual report (2025), Devico AS reported revenue of NOK 315.9m, an increase of 32% on the year before. The figures on this page draw on 5 annual filings covering 2021 to 2025. The bottom line showed a net profit of NOK 127.0m, and the EBITDA margin stood at 55.7%.
At the end of 2025, equity financed 88.3% of the balance sheet, and current assets covered short-term debt 4.5 times.
Financials
Revenue
NOK millionsEBITDA
NOK millionsIncome statement
NOK thousands| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Revenue | 315,930 | 239,658 | 112,503 | 217,450 | 208,702 |
| Staff expenses | -41,854 | -50,150 | -25,393 | -45,142 | -35,845 |
| EBITDA | 175,819 | 100,138 | 40,198 | 107,314 | 111,472 |
| Depreciation & amort. | -28,761 | -28,779 | -8,722 | -19,606 | -16,006 |
| EBIT | 147,058 | 71,359 | 31,476 | 87,707 | 95,465 |
| Net financials | 10,999 | 14,876 | 7,645 | 40,040 | 31,813 |
| Profit before tax | 158,057 | 86,235 | 39,121 | 127,747 | 127,278 |
| Tax | 31,012 | 14,778 | 8,260 | 21,257 | 19,792 |
| Net profit | 127,045 | 71,457 | 30,861 | 106,491 | 107,486 |
Balance sheet
NOK thousands| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total assets | 360,276 | 432,540 | 394,113 | 434,259 | 361,292 |
| Equity | 317,960 | 281,304 | 311,770 | 284,109 | 193,041 |
| Long-term debt | 8,902 | 9,115 | 43,534 | 62,255 | 54,813 |
| Short-term debt | 42,316 | 151,237 | 42,886 | 87,895 | 113,438 |
| Total debt | 42,316 | 151,237 | 82,343 | 150,151 | 168,251 |
Financial ratios
5-year trendEBITDA margin
55.7 %
20212025
Equity ratio
88.3 %
StrongAmong the 30% highest rated companies in the industry
20212025
Return on equity
40.0 %
StrongAmong the 40% highest rated companies in the industry
20212025
Net profit margin
40.2 %
StrongAmong the 30% highest rated companies in the industry
20212025
Asset turnover
0.88×
AverageAround the average of companies in the same industry
20212025
Debt / equity
0.13×
StrongAmong the 30% highest rated companies in the industry
20212025
Sector performance
28 of 28 ratios graded28 financial ratios from the latest filing, each graded against companies in the same industry.
Profitability
Gross marginVery weak
Among the 20% lowest rated companies in the 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 marginVery strong
Among the 20% highest 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 marginStrong
Among the 30% highest 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)Strong
Among the 40% highest 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)Very strong
Among the 20% highest 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)Strong
Among the 40% highest 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)Very strong
Among the 20% highest rated companies in the industry
EBIT relative to total assets — the company's earning power before the effects of tax and financial leverage.
Capacity ratioVery strong
Among the 20% highest rated companies in the 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 ratioStrong
Among the 30% highest 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 ratioStrong
Among the 40% highest 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 ratioWeak
Among the 40% lowest rated companies in the industry
Cash relative to short-term debt — the ability to repay short-term obligations with cash alone.
Current assets to equityVery strong
Among the 20% highest 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 capitalWeak
Among the 40% lowest rated companies in the 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 strong
Among the 20% highest rated companies in the industry
Cash flow relative to profit — the ability to convert reported profits into accessible cash.
Debt & solvency
Solidity ratioStrong
Among the 30% highest 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 ratioVery strong
Among the 20% highest 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 equityStrong
Among the 30% highest rated companies in the industry
Debt relative to equity — the company's leverage. A higher value means heavier reliance on debt financing.
Liabilities to equityStrong
Among the 30% highest rated companies in the industry
Total liabilities relative to equity — whether the company operates primarily on borrowed capital or on its own.
Income to debtVery strong
Among the 20% highest rated companies in the industry
Profit relative to debt — the ability to create earnings while operating with debt.
EBITDA to debtVery strong
Among the 10% highest rated companies in the industry
EBITDA relative to debt — how much operating earnings are available to service the debt.
Interest coverageStrong
Among the 40% highest rated companies in the industry
The ability to pay the interest on the company's debt out of its earnings.
Interest rate on debtVery weak
Among the 20% lowest rated companies in the industry
Financial expenses relative to total liabilities — the effective interest rate the company pays on its debt.
Interest marginVery strong
Among the 20% highest 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 turnoverAverage
Around the average of companies in the same industry
Revenue relative to total assets — the ability to generate revenue from the asset base.
Inventory turnoverStrong
Among the 40% 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 capitalVery strong
Among the 10% highest 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 equityStrong
Among the 40% highest rated companies in the industry
The size of this year's increase or decrease in the company's equity.
One-year change in debtVery strong
Among the 10% highest rated companies in the industry
The size of this year's increase or decrease in the company's debt.
Annual reports & filings
- Annual report 2025Filed via Brønnøysundsregistrene · Period 2024-07-01 – 2025-06-30
- Annual report 2024Filed via Brønnøysundsregistrene · Period 2023-07-01 – 2024-06-30
- Annual report 2023Filed via Brønnøysundsregistrene · Period 2023-01-01 – 2023-06-30
- Annual report 2022Filed via Brønnøysundsregistrene · Period 2022-01-01 – 2022-12-31
- Annual report 2021Filed via Brønnøysundsregistrene · Period 2021-01-01 – 2021-12-31
People & ownership
Management
Actively employed in the business| Name | Role | Member since |
|---|---|---|
| Current (1) | ||
EO Chief Executive Officer | Chief Executive Officer | 2013 |
Former (2)
GA Deputy Member | Deputy Member | 2019 – 2023 |
VB Deputy Member | Deputy Member | 2019 – 2023 |
Board of directors
Non-executive oversight| Name | Role | Member since |
|---|---|---|
| Current (4) | ||
AH Board of Directors | Board of Directors | 2024 |
LE Board of Directors | Board of Directors | 2025 |
EO Board of Directors | Board of Directors | 2023 |
PE Chairman | Chairman | 2023 |
Former (9)
EG Board of Directors | Board of Directors | 2021 – 2023 |
EG Board of Directors | Board of Directors | 2019 – 2021 |
AT Chairman | Chairman | 2022 – 2023 |
PO Board of Directors | Board of Directors | 2019 – 2023 |
JT Chairman | Chairman | 2019 – 2022 |
LA Board of Directors | Board of Directors | 2024 – 2025 |
TF Board of Directors | Board of Directors | 2023 – 2024 |
VT Board of Directors | Board of Directors | 2019 – 2023 |
PA Board of Directors | Board of Directors | 2023 – 2024 |
Shareholders
Active legal owners| Shareholder | Type | Ownership | Votes | Registered |
|---|---|---|---|---|
Imdex | Company | 100% | 100% | 2025 |
| Company | 1.74% | 1.74% | 2021 | |
| Individual | 0.78% | 0.78% | 2021 | |
Imdex | Company | 100% | 100% | 2023 |
| Company | 1.36% | 1.36% | 2021 | |
| Company | 3.45% | 3.45% | 2021 | |
| Individual | 1.19% | 1.19% | 2021 | |
| Company | 1.36% | 1.36% | 2021 | |
| Company | 56.96% | 56.96% | 2021 | |
| Individual | 0.11% | 0.11% | 2021 | |
Lennart Jønsson | Company | 7.19% | 7.19% | 2021 |
| Company | 20.57% | 20.57% | 2021 |
Related companies
Company hierarchy
Imdex100%Faks As1.74%Baybreeze Holding As1.36%Ltmax As3.45%Cnx Eiendom As1.36%Devico Holding As56.96%Lennart Jønsson7.19%
Devico AS (this company)Devico International Operation AS100% ownedDevico Usa AS100% ownedBoard network connections
Board members of Devico AS also hold positions in 103 other companies.
| Person | Role here | Other companies |
|---|---|---|
| Per Olav Monseth | Board of Directors | 29 companiesMany roles |
| Erlend Olsø | Chief Executive Officer | 16 companiesMany roles |
| Geir Arne Brønstad Rao | Deputy Member | 11 companiesMany roles |
| Eli Grong Aursand | Board of Directors | 8 companiesMany roles |
| Jan Trygve Håbrekke | Chairman | 8 companiesMany roles |
| Alf Tony Tokle | Chairman | 6 companiesMany roles |
| Viktor Tokle | Board of Directors | 6 companiesMany roles |
| Vibece Bolme Larsen | Deputy Member | 5 companies |
| Torkil Finnanger | Board of Directors | 3 companies |
| Paul Edward House | Chairman | 3 companies |
| Anita Holten | Board of Directors | 2 companies |
| Eivind Grøv | Board of Directors | 2 companies |
| Linda Evelyn Lim Chappell | Board of Directors | 2 companies |
| Lise Aardal Jebsen | Board of Directors | 2 companies |
Frequently asked questions
What is the Org number of Devico AS?
Devico AS is registered with Brønnøysundsregistrene under Org 947402633.
What is the revenue of Devico AS?
Devico AS reported revenue of NOK 315.9m in 2025.
How many employees does Devico AS have?
Devico AS employs 60 people as of the latest annual report.
Who is the CEO of Devico AS?
Erlend Olsø is the CEO of Devico AS, in role since 2013.
Who is the chairman of Devico AS?
Paul Edward House chairs the board of Devico AS, in role since 2023.
Where is Devico AS headquartered?
Devico AS's registered address is Industriveien 43A.