(SBMO) SBM Offshore - Overview
Sector: Energy | Industry: Oil & Gas Equipment & Services | Exchange: AS (Netherlands) | Market Cap: 5.797m EUR | Total Return: 64.5% in 12m
Avg Turnover: 14.9M
Warnings
No concerns identified
Tailwinds
Confidence
SBM Offshore N.V. (SBMO) specializes in floating production solutions for the global offshore energy sector. The company operates through two primary segments: Lease and Operate, and Turnkey. Its core business involves the design, supply, installation, and long-term operation of Floating Production Storage and Offloading (FPSO) vessels, alongside specialized mooring systems and offshore wind infrastructure.
The FPSO business model typically utilizes long-term lease contracts, providing predictable cash flows that often span several decades. As offshore production moves into deeper waters, the technical requirements for mooring systems and fluid transfer become increasingly complex, creating high barriers to entry for competitors. SBM Offshore currently manages a fleet of 15 FPSOs and one semi-submersible unit, supporting major energy firms in deepwater environments.
For a detailed breakdown of the companys valuation metrics and historical performance, consider reviewing the data on ValueRay. Founded in 1862 and headquartered in the Netherlands, the firm continues to expand its portfolio into digital services and floating energy hubs to address evolving infrastructure needs.
- FPSO charter backlog growth secures long-term predictable lease and operate revenue
- Deepwater project awards in Guyana and Brazil drive turnkey segment growth
- High interest rates increase financing costs for capital-intensive vessel construction projects
- Global shift toward floating offshore wind provides long-term energy transition optionality
- Crude oil price volatility influences oil major capital expenditure on offshore projects
| Net Income: 1.08b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.13 > 0.02 and ΔFCF/TA 4.94 > 1.0 |
| NWC/Revenue: 19.46% < 20% (prev 88.62%; Δ -69.16% < -1%) |
| CFO/TA 0.14 > 3% & CFO 2.48b > Net Income 1.08b |
| Net Debt (8.28b) to EBITDA (3.05b): 2.71 < 3 |
| Current Ratio: 1.44 > 1.5 & < 3 |
| Outstanding Shares: last quarter (175.3m) vs 12m ago -3.41% < -2% |
| Gross Margin: 29.50% > 18% (prev 0.26%; Δ 2.92k% > 0.5%) |
| Asset Turnover: 60.72% > 50% (prev 43.49%; Δ 17.23% > 0%) |
| Interest Coverage Ratio: 1.92 > 6 (EBITDA TTM 3.05b / Interest Expense TTM 1.52b) |
| A: 0.12 (Total Current Assets 6.80b - Total Current Liabilities 4.71b) / Total Assets 18.1b |
| B: 0.17 (Retained Earnings 3.13b / Total Assets 18.1b) |
| C: 0.17 (EBIT TTM 2.92b / Avg Total Assets 17.6b) |
| D: 0.30 (Book Value of Equity 3.46b / Total Liabilities 11.6b) |
| Altman-Z'' = 2.74 = A |
| DSRI: 0.44 (Receivables 4.98b/7.93b, Revenue 10.7b/7.47b) |
| GMI: 0.90 (GM 29.50% / 26.50%) |
| AQI: 1.42 (AQ_t 0.61 / AQ_t-1 0.43) |
| SGI: 1.43 (Revenue 10.7b / 7.47b) |
| TATA: -0.08 (NI 1.08b - CFO 2.48b) / TA 18.1b) |
| Beneish M = -3.10 (Cap -4..+1) = AA |
As of May 29, 2026, the stock is trading at EUR 32.70 with a total of 501,951 shares traded.
Over the past week, the price has changed by -7.42%,
over one month by -9.22%,
over three months by +1.81% and
over the past year by +64.53%.
SBM Offshore has no consensus analysts rating.
Market Cap USD = 6.73b (5.80b EUR * 1.1615 EUR.USD)
P/E Trailing = 7.7251
P/E Forward = 7.8927
P/S = 0.9821
P/B = 1.5309
P/EG = 0.2321
Revenue TTM = 10.7b USD
EBIT TTM = 2.92b USD
EBITDA TTM = 3.05b USD
Long Term Debt = 6.49b USD (from longTermDebt, last quarter)
Short Term Debt = 2.57b USD (from shortTermDebt, last quarter)
Debt = 9.37b USD (from shortLongTermDebtTotal, last quarter) + Leases 115.0m
Net Debt = 8.28b USD (calculated: Debt 9.37b - CCE 1.09b)
Enterprise Value = 15.0b USD (6.73b + Debt 9.37b - CCE 1.09b)
Interest Coverage Ratio = 1.92 (Ebit TTM 2.92b / Interest Expense TTM 1.52b)
EV/FCF = 6.43x (Enterprise Value 15.0b / FCF TTM 2.33b)
FCF Yield = 15.54% (FCF TTM 2.33b / Enterprise Value 15.0b)
FCF Margin = 21.79% (FCF TTM 2.33b / Revenue TTM 10.7b)
Net Margin = 10.05% (Net Income TTM 1.08b / Revenue TTM 10.7b)
Gross Margin = 29.50% ((Revenue TTM 10.7b - Cost of Revenue TTM 7.55b) / Revenue TTM)
Gross Margin QoQ = 38.20% (prev 29.89%)
Tobins Q-Ratio = 0.83 (Enterprise Value 15.0b / Total Assets 18.1b)
Interest Expense / Debt = 16.23% (Interest Expense 1.52b / Debt 9.37b)
Taxrate = 6.49% (49.4m / 760.4m)
NOPAT = 2.73b (EBIT 2.92b * (1 - 6.49%))
Current Ratio = 1.44 (Total Current Assets 6.80b / Total Current Liabilities 4.71b)
Debt / Equity = 2.13 (Debt 9.37b / totalStockholderEquity, last quarter 4.41b)
Debt / EBITDA = 2.71 (Net Debt 8.28b / EBITDA 3.05b)
Debt / FCF = 3.55 (Net Debt 8.28b / FCF TTM 2.33b)
Total Stockholder Equity = 3.92b (last 4 quarters mean from totalStockholderEquity)
RoA = 6.10% (Net Income 1.08b / Total Assets 18.1b)
RoE = 27.45% (Net Income TTM 1.08b / Total Stockholder Equity 3.92b)
RoCE = 28.01% (EBIT 2.92b / Capital Employed (Equity 3.92b + L.T.Debt 6.49b))
RoIC = 17.15% (NOPAT 2.73b / Invested Capital 15.9b)
WACC = 11.92% (E(6.73b)/V(16.1b) * Re(7.38%) + D(9.37b)/V(16.1b) * Rd(16.23%) * (1-Tc(0.06)))
Discount Rate = 7.38% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -51.11 | Cagr: -3.07%
[DCF] Terminal Value 67.33% ; FCFF base≈1.95b ; Y1≈2.23b ; Y5≈3.28b
[DCF] Fair Price = 131.9 (EV 30.2b - Net Debt 8.28b = Equity 22.0b / Shares 166.4m; r=11.92% [WACC]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: N/A | # QB: 0
Revenue Correlation: 71.94 | Revenue CAGR: 6.85% | SUE: 0.81 | # QB: 0
EPS current Year (2026-12-31): EPS=5.08 | Chg30d=+3.15% | Revisions=+33% | GrowthEPS=+29.8% | GrowthRev=+36.9%
EPS next Year (2027-12-31): EPS=4.03 | Chg30d=+3.67% | Revisions=+33% | GrowthEPS=-20.7% | GrowthRev=-16.4%
[Analyst] Revisions Ratio: +33%