(SUBC) Subsea 7 S.A. - OL
Sector: Energy | Industry: Oil & Gas Equipment & Services | Exchange: OL (Norway) | Market Cap: 103.652m NOK | Total Return: 87.2% in 12m
Avg Turnover: 149M
EPS Trend: 91.2%
Qual. Beats: 0
Rev. Trend: 96.6%
Qual. Beats: 0
Warnings
No concerns identified
Tailwinds
Rs Leader, Idiosyncratic Leader, Tailwind, Pullback 52w
Subsea 7 S.A. is a Luxembourg-based global contractor delivering offshore engineering, procurement, installation, and commissioning (EPIC) services to the energy industry. Incorporated in 1993 and listed on the Oslo Stock Exchange under ticker SUBC, the company is classified within the Energy sectors Oil & Gas Equipment & Services subsector, serving as a tier-one subsea contractor to international oil companies, national oil companies, and increasingly to renewable energy developers.
Core operations span the full life cycle of subsea field development, including project management, design and engineering, fabrication, survey, installation, tie-back of subsea infrastructure to platforms or shore, and inspection, repair, and maintenance (IRM) of subsea assets. The company supports both deepwater and shallow-water developments, covering fixed and floating platforms and associated pipelines.
Beyond traditional oil and gas work, Subsea 7 has expanded into the energy transition market, providing procurement and installation of offshore wind turbine foundations and inter-array cables, heavy lifting for renewables structures, and carbon capture, utilization, and storage (CCUS) services. It also operates a fleet of remotely operated vehicles (ROVs) and offers engineering and advisory services across oil and gas, renewables, and utilities clients, positioning the business across multiple segments of the offshore energy value chain.
- McDermott merger expands backlog and project execution capacity
- Deepwater E&P capex cycle drives SURF and tieback demand
- Offshore wind installation backlog grows with renewables buildout
| Net Income: 492.9m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.17 > 0.02 and ΔFCF/TA 8.50 > 1.0 |
| NWC/Revenue: 4.44% < 20% (prev 1.44%; Δ 3.01% < -1%) |
| CFO/TA 0.28 > 3% & CFO 2.35b > Net Income 492.9m |
| Net Debt (-736.7m) to EBITDA (1.59b): -0.46 < 3 |
| Current Ratio: 1.10 > 1.5 & < 3 |
| Outstanding Shares: last quarter (296.1m) vs 12m ago -1.28% < -2% |
| Gross Margin: 16.39% > 18% (prev 11.26%; Δ 5.13% > 0.5%) |
| Asset Turnover: 90.36% > 50% (prev 88.95%; Δ 1.41% > 0%) |
| Interest Coverage Ratio: 14.67 > 6 (EBIT TTM 896.4m / Interest Expense TTM 61.1m) |
| A: 0.04 (Total Current Assets 3.47b - Total Current Liabilities 3.14b) / Total Assets 8.42b |
| B: 0.23 (Retained Earnings 1.96b / Total Assets 8.42b) |
| C: 0.11 (EBIT TTM 896.4m / Avg Total Assets 8.13b) |
| D: 1.17 (Book Value of Equity 4.51b / Total Liabilities 3.87b) |
| Altman-Z'' = 2.98 = A |
| DSRI: 0.55 (Receivables 1.15b/1.98b, Revenue 7.35b/6.97b) |
| GMI: 0.69 (GM 11.26% / 16.39%) |
| AQI: 0.94 (AQ_t 0.10 / AQ_t-1 0.11) |
| SGI: 1.05 (Revenue 7.35b / 6.97b) |
| TATA: -0.22 (NI 492.9m - CFO 2.35b) / TA 8.42b) |
| Beneish M = -3.70 (Cap -4..+1) = AAA |
As of June 20, 2026, the stock is trading at NOK 341.40 with a total of 1,161,491 shares traded.
Over the past week, the price has changed by -4.07%,
over one month by -1.03%,
over three months by +33.81% and
over the past year by +87.24%.
Subsea 7 S.A. has no consensus analysts rating.
Market Cap USD = 10.9b (104b NOK * 0.1052 NOK.USD)
P/E Trailing = 22.18
P/E Forward = 19.6078
P/S = 14.1096
P/B = 2.3682
P/EG = 0.1218
Revenue TTM = 7.35b USD
EBIT TTM = 896.4m USD
EBITDA TTM = 1.59b USD
Long Term Debt = 347.0m USD (from longTermDebt, last quarter)
Short Term Debt = 191.4m USD (from shortLongTermDebt, last quarter)
Debt = 337.0m USD (Leases only: 337.0m)
Net Debt = -736.7m USD (calculated: Debt 337.0m - CCE 1.07b)
Enterprise Value = 10.2b USD (10.9b + Debt 337.0m - CCE 1.07b)
Interest Coverage Ratio = 14.67 (Ebit TTM 896.4m / Interest Expense TTM 61.1m)
EV/FCF = 7.17x (Enterprise Value 10.2b / FCF TTM 1.42b)
FCF Yield = 13.95% (FCF TTM 1.42b / Enterprise Value 10.2b)
FCF Margin = 19.31% (FCF TTM 1.42b / Revenue TTM 7.35b)
Net Margin = 6.71% (Net Income TTM 492.9m / Revenue TTM 7.35b)
Gross Margin = 16.39% ((Revenue TTM 7.35b - Cost of Revenue TTM 6.14b) / Revenue TTM)
Gross Margin QoQ = 16.24% (prev 18.59%)
Tobins Q-Ratio = 1.21 (Enterprise Value 10.2b / Total Assets 8.42b)
Interest Expense / Debt = 18.13% (Interest Expense 61.1m / Debt 337.0m)
Taxrate = 33.19% (240.8m / 725.6m)
NOPAT = 598.9m (EBIT 896.4m * (1 - 33.19%))
Current Ratio = 1.10 (Total Current Assets 3.47b / Total Current Liabilities 3.14b)
Debt / Equity = 0.07 (Debt 337.0m / totalStockholderEquity, last quarter 4.51b)
Debt / EBITDA = -0.46 (Net Debt -736.7m / EBITDA 1.59b)
Debt / FCF = -0.52 (Net Debt -736.7m / FCF TTM 1.42b)
Total Stockholder Equity = 4.33b (last 4 quarters mean from totalStockholderEquity)
RoA = 6.06% (Net Income 492.9m / Total Assets 8.42b)
RoE = 11.39% (Net Income TTM 492.9m / Total Stockholder Equity 4.33b)
RoCE = 19.17% (EBIT 896.4m / Capital Employed (Equity 4.33b + L.T.Debt 347.0m))
RoIC = 12.18% (NOPAT 598.9m / Invested Capital 4.92b)
WACC = 8.44% (E(10.9b)/V(11.2b) * Re(8.33%) + D(337.0m)/V(11.2b) * Rd(18.13%) * (1-Tc(0.33)))
Discount Rate = 8.33% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -74.00 | Cagr: -0.52%
[DCF] Terminal Value 77.67% ; FCFF base≈1.11b ; Y1≈1.28b ; Y5≈1.88b
[DCF] Fair Price = 96.32 (EV 27.8b - Net Debt -736.7m = Equity 28.5b / Shares 296.1m; r=8.44% [WACC]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: 91.17 | EPS CAGR: 221.7% | SUE: -0.25 | # QB: 0
Revenue Correlation: 96.61 | Revenue CAGR: 10.92% | SUE: 0.03 | # QB: 0
EPS current Quarter (2026-06-30): EPS=0.61 | Chg30d=+7.72% | Revisions=-33% | Analysts=5
EPS next Quarter (2026-09-30): EPS=0.67 | Chg30d=+11.93% | Revisions=-33% | Analysts=5
EPS current Year (2026-12-31): EPS=2.31 | Chg30d=+8.56% | Revisions=+38% | GrowthEPS=+59.4% | GrowthRev=+8.2%
EPS next Year (2027-12-31): EPS=2.47 | Chg30d=+1.42% | Revisions=+38% | GrowthEPS=+7.1% | GrowthRev=+1.7%
[Analyst] Revisions Ratio: +38%