Elcor AS
ASActiveOrg 957382800Lagerveien 25, 4033 StavangerManufacture of electricity distribution and control apparatus· NACE 2712Est. 1990 · 36 years old199 employeeshttps://www.elcor.no
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Overview
Elcor AS is a Norwegian AS based in Stavanger, operating in the Manufacture of electricity distribution and control apparatus sector. Incorporated in 1990, the company has 199 employees and reported revenue of NOK 455.5m in its latest annual filing.
Revenue 2025
455.5M NOK
−7% vs 2024
EBITDA margin
3.8 %
−57% vs 2024
Net profit 2025
6.8M NOK
-73% vs 2024
Key ratios
See full ratios →Solidity ratioEquity ÷ Total assets × 100
30.0 %
WeakAmong the 40% lowest rated companies in the industry
20212025
Liquidity ratioCurrent assets ÷ Short-term debt
2.2×
StrongAmong the 40% highest rated companies in the industry
20212025
Return on assets (ROA)Net profit ÷ Total assets × 100
2.8 %
AverageAround the average of companies in the same industry
20212025
EBITDA — year on year
NOK millionsKey figures
Annual report 2025| Revenue | 455.5M NOK | -7% |
| EBITDA | 17.1M NOK | -57% |
| Net profit | 6.8M NOK | -73% |
| Total assets | 244.1M NOK | +24% |
| Equity | 73.2M NOK | +10% |
| Employees | 199 | — |
Company information
Legal name
ELCOR AS
Org number
957382800
Legal form
Aksjeselskap
NACE code
Founded
3 January 1990 · 36 years
Share capital
NOK 3,801,460
Employees
199 (FTE)
VAT registered
Yes
Audit selected
No
Last report
2025-12-31
Financial year
January – December
Signatory rights
To styremedlemmer i fellesskap. Daglig leder og ett styremedlem i fellesskap.
Company purpose
Produksjon og salg av elektroautomasjonsutstyr, herunder å investere i andre selskaper og virksomheter med tilsvarende virksomhet, samt hva herved står i forbindelse.
(no translation available)
Contact
Address
Lagerveien 25, 4033 Stavanger
Phone
+47 51 95 15 00
Email
post@elcor.no
Website
https://www.elcor.no
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Financial development
In its most recent annual report (2025), Elcor AS reported revenue of NOK 455.5m, a decrease of 7% 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 6.8m, and the EBITDA margin stood at 3.8%.
At the end of 2025, equity financed 30% of the balance sheet, and current assets covered short-term debt 2.2 times.
Financials
Revenue
NOK millionsEBITDA
NOK millionsIncome statement
NOK thousands| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Revenue | 455,534 | 491,794 | 437,494 | 412,389 | 345,865 |
| Staff expenses | -158,179 | -152,421 | -134,993 | -130,644 | -122,558 |
| EBITDA | 17,088 | 39,466 | 26,278 | 13,180 | 5,217 |
| Depreciation & amort. | -4,340 | -3,419 | -2,954 | -1,925 | -1,185 |
| EBIT | 12,748 | 36,047 | 23,325 | 11,255 | 4,032 |
| Net financials | -3,971 | -3,724 | -4,791 | -2,713 | -1,231 |
| Profit before tax | 8,777 | 32,323 | 18,533 | 8,541 | 2,801 |
| Tax | 1,944 | 7,162 | 4,044 | 1,934 | 623 |
| Net profit | 6,833 | 25,160 | 14,489 | 6,607 | 2,178 |
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Balance sheet
NOK thousands| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total assets | 244,117 | 197,303 | 185,833 | 134,140 | 103,810 |
| Equity | 73,196 | 66,363 | 41,203 | 35,991 | 29,526 |
| Long-term debt | 0 | 38,524 | 8,878 | 12,202 | 808 |
| Short-term debt | 102,440 | 92,416 | 135,752 | 85,946 | 73,476 |
| Total debt | 170,921 | 130,940 | 144,630 | 98,149 | 74,284 |
Financial ratios
5-year trendEBITDA margin
3.8 %
20212025
Equity ratio
30.0 %
WeakAmong the 40% lowest rated companies in the industry
20212025
Return on equity
9.3 %
AverageAround the average of companies in the same industry
20212025
Net profit margin
1.5 %
AverageAround the average of companies in the same industry
20212025
Asset turnover
1.87×
StrongAmong the 40% highest rated companies in the industry
20212025
Debt / equity
2.34×
WeakAmong the 30% lowest 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 marginWeak
Among the 30% 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 marginAverage
Around the average of companies in the same 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 marginAverage
Around the average of companies in the same industry
The profit for the year as a share of revenue — the company's ability to turn revenue into profit.
Return on equity (ROE)Average
Around the average of companies in the same industry
Net profit as a percentage of equity — the return the owners earned on their invested capital this year.
Return on assets (ROA)Average
Around the average of companies in the same industry
Net profit as a percentage of total assets — the return generated on the capital employed.
Return on net assets (RONA)Average
Around the average of companies in the same 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)Average
Around the average of companies in the same 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 ratioStrong
Among the 40% 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 ratioAverage
Around the average of companies in the same 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 20% 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 capitalStrong
Among the 40% highest 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 10% highest rated companies in the industry
Cash flow relative to profit — the ability to convert reported profits into accessible cash.
Debt & solvency
Solidity ratioWeak
Among the 40% 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 40% 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 equityWeak
Among the 30% 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 equityWeak
Among the 30% 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 debtAverage
Around the average of companies in the same industry
Profit relative to debt — the ability to create earnings while operating with debt.
EBITDA to debtAverage
Around the average of companies in the same industry
EBITDA relative to debt — how much operating earnings are available to service the debt.
Interest coverageAverage
Around the average of companies in the same 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 marginAverage
Around the average of companies in the same 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 turnoverAverage
Around the average of companies in the same 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 capitalStrong
Among the 40% 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 debtWeak
Among the 30% 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 2025Filed via Brønnøysundsregistrene · Period 2025-01-01 – 2025-12-31
- Annual report 2024Filed via Brønnøysundsregistrene · Period 2024-01-01 – 2024-12-31
- Annual report 2023Filed via Brønnøysundsregistrene · Period 2023-01-01 – 2023-12-31
- 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) | ||
KH Chief Executive Officer | Chief Executive Officer | 2016 |
Board of directors
Non-executive oversight| Name | Role | Member since |
|---|---|---|
| Current (2) | ||
AJ Chairman | Chairman | 2026 |
KK Board of Directors | Board of Directors | 2025 |
Former (12)
EA Chairman | Chairman | 2016 – 2023 |
KT Board of Directors | Board of Directors | 2016 – 2023 |
PF Chairman | Chairman | 2025 – 2026 |
TE Board of Directors | Board of Directors | 2016 – 2024 |
MØ Board of Directors | Board of Directors | 2024 – 2025 |
AI Board of Directors | Board of Directors | 2023 – 2024 |
ØO Board of Directors | Board of Directors | 2023 – 2024 |
FM Chairman | Chairman | 2024 – 2025 |
OE Board of Directors | Board of Directors | 2016 – 2024 |
SW Board of Directors | Board of Directors | 2023 – 2024 |
ÅE Chairman | Chairman | 2023 – 2024 |
KH Board of Directors | Board of Directors | 2016 – 2024 |
Shareholders
Active legal owners| Shareholder | Type | Ownership | Votes | Registered |
|---|---|---|---|---|
Ax Vii Invi Holding Aps | Company | 100% | 100% | 2025 |
| Company | 100% | 100% | 2020 | |
Ax Vii Invi Holding Aps | Company | 100% | 100% | 2024 |
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Company hierarchy
Ax Vii Invi Holding Aps
Elcor AS Board network connections
Board members of Elcor AS also hold positions in 233 other companies.
| Person | Role here | Other companies |
|---|---|---|
| Arne Incoronato | Board of Directors | 89 companiesMany roles |
| Kirsti Tønnessen | Board of Directors | 56 companiesMany roles |
| Åge Engelstrand Westbø | Chairman | 37 companiesMany roles |
| Eilif Arne Eriksen | Chairman | 15 companiesMany roles |
| Odd Engelsgjerd | Board of Directors | 15 companiesMany roles |
| Thor Erik Østebø | Board of Directors | 8 companiesMany roles |
| Knut Husebø | Chief Executive Officer | 7 companiesMany roles |
| Øyvind Osjord | Board of Directors | 4 companies |
| Steffen Waal | Board of Directors | 2 companies |
Frequently asked questions
What is the Org number of Elcor AS?
Elcor AS is registered with Brønnøysundsregistrene under Org 957382800.
What is the revenue of Elcor AS?
Elcor AS reported revenue of NOK 455.5m in 2025.
How many employees does Elcor AS have?
Elcor AS employs 199 people as of the latest annual report.
Who is the CEO of Elcor AS?
Knut Husebø is the CEO of Elcor AS, in role since 2016.
Who is the chairman of Elcor AS?
Allan Jan Formann Kristensen chairs the board of Elcor AS, in role since 2026.
Where is Elcor AS headquartered?
Elcor AS's registered address is Lagerveien 25.