Reading the annual reports…
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Norway
In shortPhotocure ASA is loss-making, generates cash and holds more cash than debt, with revenue stable (+1.4% last year).
Financial health
Mixed
Built from five areas over the last five annual reports. Tap an area to see the figures behind it.
| Operating marginShare of each sale left after running the business, before interest and tax. | -0.1% | 16/100 |
|---|---|---|
| Net marginShare of each sale left as profit after every cost, interest and tax. | -0.3% | 19/100 |
| Return on equityProfit earned on the money shareholders put in. Above 15% is strong. | -0.3% | 0/100 |
| Return on invested capitalProfit earned on all the capital used (equity and debt). Above 10% usually means a real competitive edge. | -0.1% | 0/100 |
Weight in the score: 25%
| Current ratioShort-term assets divided by short-term debts. Below 1 can mean tight cash. | 3.47× | 100/100 |
|---|---|---|
| Debt / equityDebt compared with the shareholders' stake. Above 2 is heavily indebted. | 0.03× | 100/100 |
| Net debt / EBITDAYears of operating profit needed to repay net debt. Below 2 is comfortable. | Net cash | 100/100 |
| Interest coverageHow many times operating profit covers interest. Below 2 is risky. | -0.02× | 0/100 |
| Altman Z''Bankruptcy-risk model. Above 2.6 safe, below 1.1 distress. | – | n/a |
Weight in the score: 25%
| Free cash flow marginCash left from each sale after investments. The money that can pay dividends or reduce debt. | 1.9% | 27/100 |
|---|---|---|
| Free cash flow / net incomeHow much accounting profit turns into real cash. Near 1 or above is healthy. | – | n/a |
| Years with positive free cash flow (last 5) | 4 of 5 | 75/100 |
Weight in the score: 20%
| Profitable years (last 5) | 1 of 5 | 20/100 |
|---|---|---|
| Years of revenue decline (last 5) | 0 of 5 | 100/100 |
| Revenue growth volatility | 16.7% | 49/100 |
| Operating margin volatility | 7.1% | 45/100 |
Weight in the score: 20%
| Revenue growth, 3-year average | 10.6% | 76/100 |
|---|---|---|
| EPS growth, 3-year average | – | n/a |
Weight in the score: 10%
Fiscal year 2025 · change vs prior year
European data comes from annual reports in ESEF format (since 2020). Industry and ticker are not provided by this source.
Annual figures as reported. Hover a bar or point for the exact value.
1 older year available with the 10-year history. Essential plan, from €8.25/month →
The last 5 fiscal years from the company's annual reports.
NOK millions; negative values in parentheses.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | 361 | 393 | 501 | 525 | 533 |
| Cost of revenue | 24 | 23 | 26 | 31 | 42 |
| Gross profit | 336 | 370 | 475 | 495 | 491 |
| Research & development | 4.3 | 3.3 | 2.1 | 3.6 | 0.4 |
| Operating income | (5.8) | (49) | 28 | 20 | (0.7) |
| Interest expense | 35 | 31 | 41 | 37 | 34 |
| Pre-tax income | (32) | (71) | 9.7 | 8.4 | (17) |
| Income tax | (0.8) | 0.7 | 8.8 | 12 | (15) |
| Net income | (31) | (72) | 1 | (3.3) | (1.5) |
| Diluted EPS | −kr1.15 | −kr2.66 | kr0.04 | −kr0.19 | −kr0.06 |
1 older year available with the 10-year history. Essential plan, from €8.25/month →
Not computed: a required balance-sheet item is missing.
5/9
Nine yes-or-no tests on profitability, debt, liquidity and efficiency versus the prior year. 7 to 9 is strong, 0 to 3 is weak.
All figures: filings.xbrl.org (ESEF). Ratios and scores are computed by Scorvest (see how it works). Information only, not investment advice. How it works
Latest annual report: Dec 31, 2025 · Data updated Apr 27, 2026