SBM Offshore NV (NL:SBMO)
:SBMO
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SBM Offshore NV
(SBMO)
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Rating:71Outperform
Price Target:
€40.00
▲(17.86% 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
Recurring lease-and-operate revenue
SBM’s lease-and-operate model creates long-duration, contract-backed cash flows from FPSO availability and O&M services. This recurring revenue provides revenue visibility, reduces cyclical exposure versus pure EPC work, and supports durable cash generation and client lock-in over 2–6 months and beyond.
Negative Factors
High leverage
An asset-heavy FPSO business with debt-to-equity around 2.1x constrains financial flexibility. Elevated leverage increases refinancing and covenant risk, reduces capacity for opportunistic investments, and magnifies earnings volatility impact on balance sheet strength if cash flows soften or capex needs accelerate.
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Positive Factors
Negative Factors
Recurring lease-and-operate revenue
SBM’s lease-and-operate model creates long-duration, contract-backed cash flows from FPSO availability and O&M services. This recurring revenue provides revenue visibility, reduces cyclical exposure versus pure EPC work, and supports durable cash generation and client lock-in over 2–6 months and beyond.
Read all positive factors
SBM Offshore NV (SBMO) vs. iShares MSCI Netherlands ETF (EWN)
Market Cap
€6.10B
Dividend Yield3.46%
Average Volume (3M)248.57K
Price to Earnings (P/E)5.2
Beta (1Y)0.78
Revenue Growth18.18%
EPS Growth510.77%
CountryNL
Employees6,301
SectorGeneral
Sector StrengthN/A
IndustryOil & Gas Equipment & Services
Share Statistics
EPS (TTM)2.18
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
€40.00Price Target Upside17.86% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)5.03
Revenue Forecast (FY)€7.07B
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 primarily makes money by providing floating production assets and related offshore infrastructure to oil and gas operators under long-term contractual arrangements. Key revenue streams typically include: (1) Lease and operate / long-t...
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
Neutral
33.94
Price Trends
32.43
Positive
29.18
Positive
25.65
Positive
Market Momentum
0.79
Positive
49.20
Neutral
14.24
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NL:SBMO, the sentiment is Neutral. The current price of 33.94 is below the 20-day moving average (MA) of 34.66, above the 50-day MA of 32.43, and above the 200-day MA of 25.65, indicating a neutral trend. The MACD of 0.79 indicates Positive momentum. The RSI at 49.20 is Neutral, neither overbought nor oversold. The STOCH value of 14.24 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for NL:SBMO.
SBM Offshore NV Peers Comparison
UnderperformOutperform
Sector (55)
NL:SBMO
SBM Offshore NV
36.44
18.16
99.38%
NL:FUR
Fugro NV
12.35
2.19
21.54%
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.