SBMO Stock Analysis: SBM Offshore | AS
Oil & Gas Equipment & Services | AS, Netherlands | Market Cap: 5.912m EUR | 12M Return: 72.8% | NL0000360618 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 13.8M
Warnings
No concerns identified
Tailwinds
Seasonality 11.7 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
SBM Offshore N.V. (AS: SBMO) is a Netherlands-based provider of floating production solutions for the offshore energy industry, operating through two segments: Lease and Operate and Turnkey. Its core business revolves around floating production storage and offloading (FPSO) vessels, which process and store hydrocarbons at sea before offloading to shuttle tankers, and the company owns and operates a fleet of 15 FPSOs and 1 semi-submersible unit. Founded in 1862 and headquartered in Schiphol, the company sits within the GICS Energy / Oil & Gas Equipment & Services sub-industry.
Beyond FPSOs, SBM Offshore supplies mooring and offloading systems, including catenary anchor leg mooring (CALM) terminals, tension leg floaters, turret mooring, and floating energy hubs, and is expanding into floating offshore wind and broader offshore infrastructure. The Lease and Operate segment generates long-term, recurring cash flow through multi-year charter contracts with oil majors, while the Turnkey segment handles one-off design, procurement, and installation of large production and mooring systems, supplemented by after-sales services.
- FPSO lease backlog grows with Brazil pre-salt contract wins
- Turnkey margins pressured by offshore project cost inflation
- Floating offshore wind expansion diversifies beyond oil and gas
| Net Income: 922.8m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.17 > 0.02 and ΔFCF/TA 5.63 > 1.0 |
| NWC/Revenue: 19.72% < 20% (prev 60.14%; Δ -40.42% < -1%) |
| CFO/TA 0.17 > 3% & CFO 2.81b > Net Income 922.8m |
| Net Debt (6.03b) to EBITDA (1.85b): 3.26 < 3 |
| Current Ratio: 1.26 > 1.5 & < 3 |
| Outstanding Shares: last quarter (170.6m) vs 12m ago -6.11% < -2% |
| Gross Margin: 35.21% > 18% (prev 25.83%; Δ 9.38% > 0.5%) |
| Asset Turnover: 33.60% > 50% (prev 30.28%; Δ 3.32% > 0%) |
| Interest Coverage Ratio: 2.67 > 6 (EBIT TTM 1.78b / Interest Expense TTM 666.0m) |
| A: 0.07 (Total Current Assets 5.62b - Total Current Liabilities 4.48b) / Total Assets 16.8b |
| B: 0.20 (Retained Earnings 3.34b / Total Assets 16.8b) |
| C: 0.10 (EBIT TTM 1.78b / Avg Total Assets 17.3b) |
| D: 0.44 (Book Value of Equity 4.50b / Total Liabilities 10.1b) |
| Altman-Z'' = 2.26 = BBB |
| DSRI: 0.89 (Receivables 3.89b/4.08b, Revenue 5.81b/5.40b) |
| GMI: 0.73 (GM 25.83% / 35.21%) |
| AQI: 1.02 (AQ_t 0.65 / AQ_t-1 0.63) |
| SGI: 1.08 (Revenue 5.81b / 5.40b) |
| TATA: -0.11 (NI 922.8m - CFO 2.81b) / TA 16.8b) |
| Beneish M = -3.31 (Cap -4..+1) = AA |
As of October 13, 2026, the stock is trading at EUR 35.96 with a total of 486,786 shares traded. Over the past week, the price has changed by +1.24%, over one month by +2.22%, over three months by +12.96% and over the past year by +72.84%.
Current recommended Stop Loss: 34.80 (which is 3.2% or 1.3 ATR below the current price).
SBM Offshore has no consensus analysts rating.
Market Cap USD = 6.62b (5.91b EUR * 1.12043 EUR.USD)
P/E Trailing = 7.8381
P/E Forward = 8.8261
P/S = 1.011
P/B = 1.5456
P/EG = 0.2321
Revenue TTM = 5.81b USD
EBIT TTM = 1.78b USD
EBITDA TTM = 1.85b USD
Long Term Debt = 5.19b USD (from longTermDebt, last quarter)
Short Term Debt = 1.89b USD (from shortTermDebt, last quarter)
Debt = 7.28b USD (from shortLongTermDebtTotal, last quarter) + Leases 112.0m
Net Debt = 6.03b USD (calculated: Debt 7.28b - CCE 1.25b)
Enterprise Value = 12.7b USD (6.62b + Debt 7.28b - CCE 1.25b)
Interest Coverage Ratio = 2.67 (Ebit TTM 1.78b / Interest Expense TTM 666.0m)
EV/FCF = 4.54x (Enterprise Value 12.7b / FCF TTM 2.79b)
FCF Yield = 22.04% (FCF TTM 2.79b / Enterprise Value 12.7b)
FCF Margin = 47.97% (FCF TTM 2.79b / Revenue TTM 5.81b)
Net Margin = 15.87% (Net Income TTM 922.8m / Revenue TTM 5.81b)
Gross Margin = 35.21% ((Revenue TTM 5.81b - Cost of Revenue TTM 3.77b) / Revenue TTM)
Gross Margin QoQ = 31.84% (prev 38.20%)
Tobins Q-Ratio = 0.76 (Enterprise Value 12.7b / Total Assets 16.8b)
Interest Expense / Debt = 9.15% (Interest Expense 666.0m / Debt 7.28b)
Taxrate = 8.87% (111.1m / 1.25b)
NOPAT = 1.62b (EBIT 1.78b * (1 - 8.87%))
Current Ratio = 1.26 (Total Current Assets 5.62b / Total Current Liabilities 4.48b)
Debt / Equity = 1.62 (Debt 7.28b / totalStockholderEquity, last quarter 4.50b)
Debt / EBITDA = 3.26 (Net Debt 6.03b / EBITDA 1.85b)
Debt / FCF = 2.16 (Net Debt 6.03b / FCF TTM 2.79b)
Total Stockholder Equity = 4.11b (last 4 quarters mean from totalStockholderEquity)
RoA = 5.33% (Net Income 922.8m / Total Assets 16.8b)
RoE = 22.43% (Net Income TTM 922.8m / Total Stockholder Equity 4.11b)
RoCE = 19.14% (EBIT 1.78b / Capital Employed (Equity 4.11b + L.T.Debt 5.19b))
RoIC = 11.69% (NOPAT 1.62b / Invested Capital 13.9b)
WACC = 7.30% (E(6.62b)/V(13.9b) * Re(6.17%) + D(7.28b)/V(13.9b) * Rd(9.15%) * (1-Tc(0.09)))
Discount Rate = 6.17% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -77.82 | Cagr: -3.13%
[DCF] Terminal Value 77.97% ; FCFF base≈2.46b ; Y1≈2.82b ; Y5≈4.15b
[DCF] Fair Price = 341.8 (EV 62.4b - Net Debt 6.03b = Equity 56.4b / Shares 165.1m; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: N/A | # QB: 0
Revenue Correlation: 86.24 | Revenue CAGR: 9.51% | SUE: 1.28 | # QB: 1
EPS current Quarter (2026-03-31): EPS=0.00 | Chg30d=N/A | Revisions=N/A | Analysts=0
EPS next Quarter (2026-06-30): EPS=0.00 | Chg30d=N/A | Revisions=N/A | Analysts=0
EPS current Year (2026-12-31): EPS=5.84 | Chg30d=-2.09% | Revisions=+57% | GrowthEPS=+49.2% | GrowthRev=+47.7%
EPS next Year (2027-12-31): EPS=4.20 | Chg30d=-7.04% | Revisions=+0% | GrowthEPS=-28.1% | GrowthRev=-21.1%
[Analyst] Revisions Ratio: +36% (up=6, down=2)