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SBM Offshore NV
(SBMO)
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Rating:62Neutral
Price Target:
€33.00
▼(-1.67% Downside)
Action:Downgraded
Date:08/06/26
The score is driven primarily by improved profitability in 2025, but capped by high leverage and inconsistent cash flow conversion. Technical signals are currently weak (below key moving averages and negative MACD), while valuation is a meaningful positive due to the low P/E and modest dividend yield.
Positive Factors
Profitability rebound
The 2025 profitability rebound indicates stronger project economics and operating leverage. If margins remain supported by execution and mix, higher earnings can strengthen internal funding and improve resilience over the next several quarters.
Negative Factors
High financial leverage
High leverage limits financial flexibility and increases sensitivity to interest costs, project delays, and working-capital demands. A softer operating environment could therefore constrain investment capacity or pressure shareholder returns.
Read all positive and negative factors
Positive Factors
Negative Factors
Profitability rebound
The 2025 profitability rebound indicates stronger project economics and operating leverage. If margins remain supported by execution and mix, higher earnings can strengthen internal funding and improve resilience over the next several quarters.
Read all positive factors
SBM Offshore NV (SBMO) vs. iShares MSCI Netherlands ETF (EWN)
Market Cap
€5.96B
Dividend Yield2.86%
Average Volume (3M)248.57K
Price to Earnings (P/E)7.5
Beta (1Y)0.80
Revenue Growth0.92%
EPS Growth151.43%
CountryNL
Employees6,784
SectorGeneral
Sector StrengthN/A
IndustryOil & Gas Equipment & Services
Share Statistics
EPS (TTM)5.47
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
€45.80Price Target Upside36.47% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)5.47
Revenue Forecast (FY)€7.55B
SBM Offshore NV Business Overview & Revenue Model
Company Description
Based in Schiphol, the Netherlands, SBM Offshore N.V. is a global provider of floating production systems for the offshore energy industry. The company, which traces its origins back to 1862, operates through two main business lines: Lease and Ope...
How the Company Makes Money
SBM Offshore primarily makes money through a combination of (1) turnkey project revenue tied to delivering offshore production systems and (2) long-term, recurring revenue from owning and operating floating production assets—especially FPSOs—under...
SBM Offshore NV Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
57
Neutral
Cash Flow
54
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.81B | 6.14B | 4.78B | 4.96B | 4.91B | 3.75B |
| Gross Profit | 2.05B | 2.10B | 1.13B | 1.42B | 1.18B | 922.00M |
| EBITDA | 1.85B | 1.91B | 1.20B | 1.39B | 1.13B | 959.00M |
| Net Income | 922.76M | 959.59M | 150.00M | 491.00M | 450.00M | 400.00M |
Balance Sheet | ||||||
| Total Assets | 16.76B | 18.10B | 17.16B | 17.18B | 15.89B | 13.21B |
| Cash, Cash Equivalents and Short-Term Investments | 1.25B | 1.09B | 806.00M | 543.00M | 682.00M | 1.02B |
| Total Debt | 7.17B | 9.15B | 8.94B | 9.29B | 8.56B | 7.70B |
| Total Liabilities | 10.11B | 11.62B | 11.31B | 11.65B | 10.97B | 9.68B |
| Stockholders Equity | 4.50B | 4.41B | 3.62B | 3.73B | 3.40B | 2.58B |
Cash Flow | ||||||
| Free Cash Flow | 2.79B | 850.31M | 1.37B | -342.00M | -1.13B | -818.00M |
| Operating Cash Flow | 2.81B | 885.70M | 1.48B | -169.00M | -1.05B | -757.00M |
| Investing Cash Flow | -88.16M | 82.22M | 92.00M | -142.00M | 67.00M | 5.00M |
| Financing Cash Flow | -2.56B | -665.05M | -1.31B | 170.00M | 646.00M | 1.36B |
SBM Offshore NV Technical Analysis
Positive
33.56
Price Trends
32.21
Positive
33.32
Positive
30.31
Positive
Market Momentum
1.04
Negative
60.03
Neutral
82.67
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 33.56 is above the 20-day moving average (MA) of 33.29, above the 50-day MA of 32.21, and above the 200-day MA of 30.31, indicating a bullish trend. The MACD of 1.04 indicates Negative momentum. The RSI at 60.03 is Neutral, neither overbought nor oversold. The STOCH value of 82.67 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 (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | €3.75B | 18.70 | 19.64% | 2.52% | -0.71% | -12.00% | |
71 Outperform | €5.20B | 11.52 | 19.37% | 3.83% | 0.85% | -0.29% | |
68 Neutral | €3.15B | 12.38 | 22.89% | 2.73% | 7.01% | 87.12% | |
62 Neutral | €5.96B | 7.52 | 22.22% | 1.49% | 0.92% | 151.43% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
48 Neutral | €1.01B | -15.68 | -1.54% | 1.58% | -10.78% | -145.27% | |
42 Neutral | €115.37M | -6.38 | -17.87% | ― | 83.51% | 53.79% |
* General Sector Average
NL:SBMO
SBM Offshore NV
35.22
12.28
53.53%
NL:ARCAD
Arcadis NV
43.58
3.46
8.64%
NL:BAMNB
Koninklijke Bam Groep NV
11.51
3.76
48.50%
NL:FUR
Fugro NV
9.01
-2.97
-24.81%
NL:SIFG
Sif Holding N.V.
3.77
-5.46
-59.16%
NL:VPK
Royal Vopak NV
47.46
7.39
18.44%
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.