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SBM OFFSHORE NV (SBMO.AS) Stock Fundamental Analysis

AMS:SBMO - Euronext Amsterdam - NL0000360618 - Common Stock - Currency: EUR

22.98  -0.18 (-0.78%)

Fundamental Rating

3

SBMO gets a fundamental rating of 3 out of 10. The analysis compared the fundamentals against 35 industry peers in the Energy Equipment & Services industry. SBMO scores quite bad on profitability, while its financial health is fine. Not spectacular, but in line with the averages. SBMO is valued expensive and it does not seem to be growing.


Dividend Valuation Growth Profitability Health

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2

1. Profitability

1.1 Basic Checks

In the past year SBMO was profitable.
SBMO had a positive operating cash flow in the past year.
SBMO had positive earnings in each of the past 5 years.
In the past 5 years SBMO reported 4 times negative operating cash flow.
SBMO.AS Yearly Net Income VS EBIT VS OCF VS FCFSBMO.AS Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 500M -500M 1B -1B 1.5B

1.2 Ratios

Looking at the Return On Assets, with a value of 0.87%, SBMO is doing worse than 83.33% of the companies in the same industry.
The Return On Equity of SBMO (4.14%) is worse than 77.78% of its industry peers.
SBMO's Return On Invested Capital of 4.86% is on the low side compared to the rest of the industry. SBMO is outperformed by 72.22% of its industry peers.
Measured over the past 3 years, the Average Return On Invested Capital for SBMO is below the industry average of 10.60%.
Industry RankSector Rank
ROA 0.87%
ROE 4.14%
ROIC 4.86%
ROA(3y)2.19%
ROA(5y)2.26%
ROE(3y)10.18%
ROE(5y)10.7%
ROIC(3y)5.6%
ROIC(5y)5.51%
SBMO.AS Yearly ROA, ROE, ROICSBMO.AS Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 5 -5 10 15

1.3 Margins

The Profit Margin of SBMO (3.14%) is worse than 72.22% of its industry peers.
In the last couple of years the Profit Margin of SBMO has declined.
SBMO has a better Operating Margin (19.52%) than 77.78% of its industry peers.
SBMO's Operating Margin has declined in the last couple of years.
Looking at the Gross Margin, with a value of 23.66%, SBMO is in line with its industry, outperforming 52.78% of the companies in the same industry.
In the last couple of years the Gross Margin of SBMO has declined.
Industry RankSector Rank
OM 19.52%
PM (TTM) 3.14%
GM 23.66%
OM growth 3Y2.55%
OM growth 5Y-2.75%
PM growth 3Y-33.97%
PM growth 5Y-21.9%
GM growth 3Y0.89%
GM growth 5Y-2.99%
SBMO.AS Yearly Profit, Operating, Gross MarginsSBMO.AS Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 10 20 30 40

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5

2. Health

2.1 Basic Checks

The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so SBMO is destroying value.
The number of shares outstanding for SBMO has been reduced compared to 1 year ago.
Compared to 5 years ago, SBMO has less shares outstanding
SBMO has a better debt/assets ratio than last year.
SBMO.AS Yearly Shares OutstandingSBMO.AS Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 50M 100M 150M 200M
SBMO.AS Yearly Total Debt VS Total AssetsSBMO.AS Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5B 10B 15B

2.2 Solvency

SBMO has an Altman-Z score of 1.36. This is a bad value and indicates that SBMO is not financially healthy and even has some risk of bankruptcy.
The Altman-Z score of SBMO (1.36) is comparable to the rest of the industry.
The Debt to FCF ratio of SBMO is 6.55, which is on the high side as it means it would take SBMO, 6.55 years of fcf income to pay off all of its debts.
SBMO has a Debt to FCF ratio of 6.55. This is in the lower half of the industry: SBMO underperforms 63.89% of its industry peers.
A Debt/Equity ratio of 2.13 is on the high side and indicates that SBMO has dependencies on debt financing.
SBMO's Debt to Equity ratio of 2.13 is on the low side compared to the rest of the industry. SBMO is outperformed by 80.56% of its industry peers.
Industry RankSector Rank
Debt/Equity 2.13
Debt/FCF 6.55
Altman-Z 1.36
ROIC/WACC0.76
WACC6.36%
SBMO.AS Yearly LT Debt VS Equity VS FCFSBMO.AS Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 2B 4B 6B 8B

2.3 Liquidity

A Current Ratio of 3.39 indicates that SBMO has no problem at all paying its short term obligations.
SBMO's Current ratio of 3.39 is amongst the best of the industry. SBMO outperforms 83.33% of its industry peers.
A Quick Ratio of 3.38 indicates that SBMO has no problem at all paying its short term obligations.
Looking at the Quick ratio, with a value of 3.38, SBMO belongs to the top of the industry, outperforming 91.67% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 3.39
Quick Ratio 3.38
SBMO.AS Yearly Current Assets VS Current LiabilitesSBMO.AS Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2B 4B 6B 8B

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1

3. Growth

3.1 Past

The earnings per share for SBMO have decreased strongly by -69.14% in the last year.
The earnings per share for SBMO have been decreasing by -14.78% on average. This is quite bad
Looking at the last year, SBMO shows a decrease in Revenue. The Revenue has decreased by -3.61% in the last year.
Measured over the past years, SBMO shows a small growth in Revenue. The Revenue has been growing by 7.13% on average per year.
EPS 1Y (TTM)-69.14%
EPS 3Y-27.53%
EPS 5Y-14.78%
EPS Q2Q%-89.02%
Revenue 1Y (TTM)-3.61%
Revenue growth 3Y9.22%
Revenue growth 5Y7.13%
Sales Q2Q%2.03%

3.2 Future

The Earnings Per Share is expected to decrease by -12.72% on average over the next years. This is quite bad
SBMO is expected to show a very negative growth in Revenue. In the coming years, the Revenue will decrease by -10.39% yearly.
EPS Next Y-38.06%
EPS Next 2Y-18.95%
EPS Next 3Y-2.57%
EPS Next 5Y-12.72%
Revenue Next Year-21.14%
Revenue Next 2Y-9.36%
Revenue Next 3Y0.71%
Revenue Next 5Y-10.39%

3.3 Evolution

The EPS growth rate is stable: in the next years the growth will be about the same than in the last years.
The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
SBMO.AS Yearly Revenue VS EstimatesSBMO.AS Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2B 4B 6B
SBMO.AS Yearly EPS VS EstimatesSBMO.AS Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 1 2 3 4

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3

4. Valuation

4.1 Price/Earnings Ratio

Based on the Price/Earnings ratio of 31.92, the valuation of SBMO can be described as expensive.
Compared to the rest of the industry, the Price/Earnings ratio of SBMO indicates a rather expensive valuation: SBMO more expensive than 80.56% of the companies listed in the same industry.
SBMO's Price/Earnings ratio indicates a valuation a bit more expensive than the S&P500 average which is at 26.34.
SBMO is valuated reasonably with a Price/Forward Earnings ratio of 10.26.
Compared to the rest of the industry, the Price/Forward Earnings ratio of SBMO indicates a slightly more expensive valuation: SBMO is more expensive than 66.67% of the companies listed in the same industry.
When comparing the Price/Forward Earnings ratio of SBMO to the average of the S&P500 Index (21.03), we can say SBMO is valued rather cheaply.
Industry RankSector Rank
PE 31.92
Fwd PE 10.26
SBMO.AS Price Earnings VS Forward Price EarningsSBMO.AS Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30

4.2 Price Multiples

Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of SBMO indicates a slightly more expensive valuation: SBMO is more expensive than 77.78% of the companies listed in the same industry.
Based on the Price/Free Cash Flow ratio, SBMO is valued cheaply inside the industry as 83.33% of the companies are valued more expensively.
Industry RankSector Rank
P/FCF 3.42
EV/EBITDA 12.75
SBMO.AS Per share dataSBMO.AS EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 5 10 15 20

4.3 Compensation for Growth

SBMO's earnings are expected to decrease with -2.57% in the coming years. This may justify a cheaper valuation.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y-18.95%
EPS Next 3Y-2.57%

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4

5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 3.72%, SBMO has a reasonable but not impressive dividend return.
Compared to an average industry Dividend Yield of 6.82, SBMO pays a bit more dividend than its industry peers.
Compared to an average S&P500 Dividend Yield of 2.44, SBMO pays a better dividend.
Industry RankSector Rank
Dividend Yield 3.72%

5.2 History

On average, the dividend of SBMO grows each year by 21.40%, which is quite nice.
Dividend Growth(5Y)21.4%
Div Incr Years1
Div Non Decr Years1
SBMO.AS Yearly Dividends per shareSBMO.AS Yearly Dividends per shareYearly Dividends per share 2019 2021 2022 2023 2024 2025 0.2 0.4 0.6 0.8

5.3 Sustainability

SBMO pays out 166.00% of its income as dividend. This is not a sustainable payout ratio.
The Dividend Rate of SBMO has been growing, while earnings will be declining. This means the dividend growth is most likely not sustainable.
DP166%
EPS Next 2Y-18.95%
EPS Next 3Y-2.57%
SBMO.AS Yearly Income VS Free CF VS DividendSBMO.AS Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 500M -500M 1B -1B 1.5B
SBMO.AS Dividend Payout.SBMO.AS Dividend Payout, showing the Payout Ratio.SBMO.AS Dividend Payout.PayoutRetained Earnings

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SBM OFFSHORE NV

AMS:SBMO (6/20/2025, 7:00:00 PM)

22.98

-0.18 (-0.78%)

Chartmill FA Rating
GICS SectorEnergy
GICS IndustryGroupEnergy
GICS IndustryEnergy Equipment & Services
Earnings (Last)05-15 2025-05-15
Earnings (Next)08-07 2025-08-07
Inst Owners43.25%
Inst Owner ChangeN/A
Ins Owners1.2%
Ins Owner ChangeN/A
Market Cap4.05B
Analysts84.62
Price Target27.53 (19.8%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 3.72%
Yearly Dividend1.22
Dividend Growth(5Y)21.4%
DP166%
Div Incr Years1
Div Non Decr Years1
Ex-DateN/A
Surprises & Revisions
EPS beat(2)N/A
Avg EPS beat(2)N/A
Min EPS beat(2)N/A
Max EPS beat(2)N/A
EPS beat(4)N/A
Avg EPS beat(4)N/A
Min EPS beat(4)N/A
Max EPS beat(4)N/A
EPS beat(8)N/A
Avg EPS beat(8)N/A
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)N/A
Avg Revenue beat(2)N/A
Min Revenue beat(2)N/A
Max Revenue beat(2)N/A
Revenue beat(4)N/A
Avg Revenue beat(4)N/A
Min Revenue beat(4)N/A
Max Revenue beat(4)N/A
Revenue beat(8)N/A
Avg Revenue beat(8)N/A
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)4.3%
PT rev (3m)10.72%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)0%
EPS NY rev (3m)22.45%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0%
Revenue NY rev (3m)5.14%
Valuation
Industry RankSector Rank
PE 31.92
Fwd PE 10.26
P/S 0.98
P/FCF 3.42
P/OCF 3.15
P/B 1.29
P/tB 1.36
EV/EBITDA 12.75
EPS(TTM)0.72
EY3.13%
EPS(NY)2.24
Fwd EY9.75%
FCF(TTM)6.73
FCFY29.27%
OCF(TTM)7.3
OCFY31.76%
SpS23.56
BVpS17.82
TBVpS16.95
PEG (NY)N/A
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA 0.87%
ROE 4.14%
ROCE 6.55%
ROIC 4.86%
ROICexc 5.15%
ROICexgc 5.22%
OM 19.52%
PM (TTM) 3.14%
GM 23.66%
FCFM 28.55%
ROA(3y)2.19%
ROA(5y)2.26%
ROE(3y)10.18%
ROE(5y)10.7%
ROIC(3y)5.6%
ROIC(5y)5.51%
ROICexc(3y)5.89%
ROICexc(5y)5.92%
ROICexgc(3y)5.96%
ROICexgc(5y)5.98%
ROCE(3y)7.55%
ROCE(5y)7.43%
ROICexcg growth 3Y-1.98%
ROICexcg growth 5Y-5.86%
ROICexc growth 3Y-2.09%
ROICexc growth 5Y-6.05%
OM growth 3Y2.55%
OM growth 5Y-2.75%
PM growth 3Y-33.97%
PM growth 5Y-21.9%
GM growth 3Y0.89%
GM growth 5Y-2.99%
F-Score6
Asset Turnover0.28
Health
Industry RankSector Rank
Debt/Equity 2.13
Debt/FCF 6.55
Debt/EBITDA 7.68
Cap/Depr 165.71%
Cap/Sales 2.42%
Interest Coverage 2.62
Cash Conversion 147.61%
Profit Quality 910.67%
Current Ratio 3.39
Quick Ratio 3.38
Altman-Z 1.36
F-Score6
WACC6.36%
ROIC/WACC0.76
Cap/Depr(3y)176.11%
Cap/Depr(5y)120.94%
Cap/Sales(3y)2.53%
Cap/Sales(5y)2.25%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-69.14%
EPS 3Y-27.53%
EPS 5Y-14.78%
EPS Q2Q%-89.02%
EPS Next Y-38.06%
EPS Next 2Y-18.95%
EPS Next 3Y-2.57%
EPS Next 5Y-12.72%
Revenue 1Y (TTM)-3.61%
Revenue growth 3Y9.22%
Revenue growth 5Y7.13%
Sales Q2Q%2.03%
Revenue Next Year-21.14%
Revenue Next 2Y-9.36%
Revenue Next 3Y0.71%
Revenue Next 5Y-10.39%
EBIT growth 1Y-19.9%
EBIT growth 3Y12.01%
EBIT growth 5Y4.17%
EBIT Next Year17.56%
EBIT Next 3Y13.94%
EBIT Next 5Y2.31%
FCF growth 1Y499.42%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y976.92%
OCF growth 3YN/A
OCF growth 5YN/A