SBM Offshore NV (NL:SBMO)
:SBMO
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SBM Offshore NV
(SBMO)
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Rating:71Outperform
Price Target:
€36.00
▲(3.93% Upside)
Action:ReiteratedDate:03/01/26
The score is driven primarily by strong 2025 profitability improvements but tempered by high leverage and uneven cash-flow conversion. Technicals are supportive given the sustained uptrend, though overbought signals add near-term risk. Valuation is a key positive due to the low P/E and moderate dividend yield.
Positive Factors
2025 Profitability & Margins
Material margin expansion and sharply higher 2025 net income reflect delivered operating leverage and improved project economics. Sustained higher gross and net margins provide a stronger earnings base and greater ability to fund capex, dividends and debt service over the medium term if execution holds.
Negative Factors
Elevated Leverage
Persistently high leverage constrains financial flexibility and increases interest and refinancing exposure during downturns. Even with recent improvements, a debt-to-equity ratio above 2x leaves less cushion for project delays, cost overruns or weaker commodity-driven demand, raising long-term risk.
Read all positive and negative factors
Positive Factors
Negative Factors
2025 Profitability & Margins
Material margin expansion and sharply higher 2025 net income reflect delivered operating leverage and improved project economics. Sustained higher gross and net margins provide a stronger earnings base and greater ability to fund capex, dividends and debt service over the medium term if execution holds.
Read all positive factors
SBM Offshore NV (SBMO) vs. iShares MSCI Netherlands ETF (EWN)
Market Cap
€5.80B
Dividend Yield3.46%
Average Volume (3M)248.57K
Price to Earnings (P/E)5.2
Beta (1Y)0.79
Revenue Growth13.52%
EPS Growth-15.28%
CountryNL
Employees6,301
SectorEnergy
Sector Strength52
IndustryOil & Gas Equipment & Services
Share Statistics
EPS (TTM)2.22
Shares Outstanding171,361,360
10 Day Avg. Volume260,435
30 Day Avg. Volume248,572
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)1.13
Price to Sales (P/S)0.81
P/FCF Ratio5.86
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€37.33Price Target Upside7.77% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)4.82
Revenue Forecast (FY)€6.85B
SBM Offshore NV Business Overview & Revenue Model
Company Description
SBM Offshore N.V. provides floating production solutions to the offshore energy industry worldwide. The company operates in two segments, Lease and Operate, and Turnkey. It engages in the design, supply, installation, operation, lease, and life ex...
How the Company Makes Money
SBM Offshore generates revenue primarily through long-term contracts for the leasing and operation of its FPSOs, which are often secured for 10 to 25 years. The company also earns income from engineering and project management services provided du...
SBM Offshore NV Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
57
Neutral
Cash Flow
54
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 6.14B | 4.78B | 4.96B | 4.91B | 3.75B |
| Gross Profit | 2.10B | 1.13B | 1.42B | 1.18B | 922.00M |
| EBITDA | 1.91B | 1.20B | 1.39B | 1.13B | 959.00M |
| Net Income | 959.59M | 150.00M | 491.00M | 450.00M | 400.00M |
Balance Sheet | |||||
| Total Assets | 18.10B | 17.16B | 17.18B | 15.89B | 13.21B |
| Cash, Cash Equivalents and Short-Term Investments | 1.09B | 806.00M | 543.00M | 682.00M | 1.02B |
| Total Debt | 9.25B | 8.94B | 9.29B | 8.56B | 7.70B |
| Total Liabilities | 11.62B | 11.31B | 11.65B | 10.97B | 9.68B |
| Stockholders Equity | 4.41B | 3.62B | 3.73B | 3.40B | 2.58B |
Cash Flow | |||||
| Free Cash Flow | 850.31M | 1.37B | -342.00M | -1.13B | -818.00M |
| Operating Cash Flow | 885.70M | 1.48B | -169.00M | -1.05B | -757.00M |
| Investing Cash Flow | 82.22M | 92.00M | -142.00M | 67.00M | 5.00M |
| Financing Cash Flow | -665.05M | -1.31B | 170.00M | 646.00M | 1.36B |
SBM Offshore NV Technical Analysis
Positive
34.64
Price Trends
31.47
Positive
28.01
Positive
25.18
Positive
Market Momentum
1.06
Negative
63.08
Neutral
85.44
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NL:SBMO, the sentiment is Positive. The current price of 34.64 is above the 20-day moving average (MA) of 33.05, above the 50-day MA of 31.47, and above the 200-day MA of 25.18, indicating a bullish trend. The MACD of 1.06 indicates Negative momentum. The RSI at 63.08 is Neutral, neither overbought nor oversold. The STOCH value of 85.44 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NL:SBMO.
SBM Offshore NV Peers Comparison
UnderperformOutperform
Sector (65)
NL:SBMO
SBM Offshore NV
34.64
15.97
85.57%
NL:FUR
Fugro NV
10.18
-2.21
-17.82%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.