SBMO Stock Analysis: SBM Offshore | AS
Oil & Gas Equipment & Services | AS, Netherlands | Market Cap: 5.871m EUR | 12M Return: 50% | NL0000360618 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 17.6M
Warnings
No concerns identified
Tailwinds
No distinct edge detected
Seasonality 11.6 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. is a Netherlands-based company that provides floating production solutions to the offshore energy industry worldwide. The company operates through two segments: Lease and Operate, and Turnkey. Its core business centers on floating production storage and offloading (FPSO) vessels, covering the full lifecycle from design and installation through operation, life extension, and demobilization.
The company also offers related mooring and terminal technologies, including catenary anchor leg mooring (CALM) buoys, single point mooring (SPM) systems, tension leg floaters, turret mooring systems, floating offshore wind infrastructure, and brownfield loading terminals. In addition, the company owns and operates a fleet of 15 FPSOs and 1 semi-submersible unit, and provides offshore technologies development and digital services to the oil and gas industry as well as the broader offshore infrastructure sector.
SBM Offshores Turnkey segment delivers EPC-type supply contracts alongside after-sales services spanning mooring systems, deepwater export systems, fluid transfer systems, tanker loading and discharge terminals, and proprietary equipment. FPSOs serve as movable offshore production units for deepwater fields where fixed platforms are not economically or technically feasible, a model common among companies in the Oil & Gas Equipment & Services sub-industry.
The company was founded in 1862 and is headquartered in Schiphol, the Netherlands. It was formerly known as IHC Caland before adopting its current name in 2005.
- New FPSO contract awards drive Turnkey segment backlog
- Lease and Operate margins expand with higher fleet utilization
- Capital return accelerates through buybacks and debt reduction
| 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 August 28, 2026, the stock is trading at EUR 34.02 with a total of 397,709 shares traded. Over the past week, the price has changed by -3.41%, over one month by +6.93%, over three months by +4.67% and over the past year by +49.95%.
Current recommended Stop Loss: 32.80 (which is 3.6% or 1.3 ATR below the current price).
SBM Offshore has no consensus analysts rating.
Market Cap USD = 6.84b (5.87b EUR * 1.1649 EUR.USD)
P/E Trailing = 7.7435
P/E Forward = 7.1994
P/S = 1.0039
P/B = 1.5226
P/EG = 0.2321
Revenue TTM = 5.81b USD
EBIT TTM = 1.78b USD
EBITDA TTM = 1.85b USD
Long Term Debt = 6.49b USD (from longTermDebt, last fiscal year)
Short Term Debt = 1.89b USD (from shortTermDebt, last quarter)
Debt = 7.29b USD (from shortLongTermDebtTotal, last quarter) + Leases 115.0m
Net Debt = 6.03b USD (calculated: Debt 7.29b - CCE 1.25b)
Enterprise Value = 12.9b USD (6.84b + Debt 7.29b - CCE 1.25b)
Interest Coverage Ratio = 2.67 (Ebit TTM 1.78b / Interest Expense TTM 666.0m)
EV/FCF = 4.61x (Enterprise Value 12.9b / FCF TTM 2.79b)
FCF Yield = 21.67% (FCF TTM 2.79b / Enterprise Value 12.9b)
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 = 0.77 (Enterprise Value 12.9b / Total Assets 16.8b)
Interest Expense / Debt = 9.14% (Interest Expense 666.0m / Debt 7.29b)
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 7.29b / 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 = 16.80% (EBIT 1.78b / Capital Employed (Equity 4.11b + L.T.Debt 6.49b))
RoIC = 11.69% (NOPAT 1.62b / Invested Capital 13.9b)
WACC = 7.27% (E(6.84b)/V(14.1b) * Re(6.14%) + D(7.29b)/V(14.1b) * Rd(9.14%) * (1-Tc(0.09)))
Discount Rate = 6.14% (= 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 = 342.3 (EV 62.4b - Net Debt 6.03b = Equity 56.4b / Shares 164.8m; 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=5.65 | Chg30d=+13.68% | Revisions=+0% | GrowthEPS=+44.5% | GrowthRev=+49.5%
EPS next Year (2027-12-31): EPS=4.62 | Chg30d=+7.92% | Revisions=+40% | GrowthEPS=-18.2% | GrowthRev=-18.8%
[Analyst] Revisions Ratio: +29% (up=3, down=1)