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SBM OFFSHORE NV (SBMO.AS) Stock Fundamental Analysis

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

21.74  +0.3 (+1.4%)

Fundamental Rating

3

Overall SBMO gets a fundamental rating of 3 out of 10. We evaluated SBMO against 36 industry peers in the Energy Equipment & Services industry. The financial health of SBMO is average, but there are quite some concerns on its profitability. SBMO does not seem to be growing, but still is valued expensively.


Dividend Valuation Growth Profitability Health

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2

1. Profitability

1.1 Basic Checks

SBMO had positive earnings in the past year.
SBMO had a positive operating cash flow in the past year.
Each year in the past 5 years SBMO has been profitable.
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

SBMO has a worse Return On Assets (0.87%) than 77.78% of its industry peers.
SBMO's Return On Equity of 4.14% is on the low side compared to the rest of the industry. SBMO is outperformed by 72.22% of its industry peers.
The Return On Invested Capital of SBMO (4.86%) is worse than 72.22% of its industry peers.
Measured over the past 3 years, the Average Return On Invested Capital for SBMO is significantly below the industry average of 11.23%.
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

SBMO has a Profit Margin of 3.14%. This is in the lower half of the industry: SBMO underperforms 66.67% of its industry peers.
In the last couple of years the Profit Margin of SBMO has declined.
SBMO has a Operating Margin of 19.52%. This is in the better half of the industry: SBMO outperforms 75.00% of its industry peers.
SBMO's Operating Margin has declined in the last couple of years.
SBMO has a Gross Margin (23.66%) which is in line with its industry peers.
SBMO's Gross Margin has declined in the last couple of years.
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

SBMO has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it is destroying value.
The number of shares outstanding for SBMO has been reduced compared to 1 year ago.
The number of shares outstanding for SBMO has been reduced compared to 5 years ago.
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

Based on the Altman-Z score of 1.35, we must say that SBMO is in the distress zone and has some risk of bankruptcy.
SBMO has a Altman-Z score (1.35) which is in line with its industry peers.
SBMO has a debt to FCF ratio of 6.55. This is a slightly negative value and a sign of low solvency as SBMO would need 6.55 years to pay back of all of its debts.
SBMO has a Debt to FCF ratio of 6.55. This is comparable to the rest of the industry: SBMO outperforms 41.67% of its industry peers.
SBMO has a Debt/Equity ratio of 2.13. This is a high value indicating a heavy dependency on external financing.
SBMO has a Debt to Equity ratio of 2.13. This is amonst the worse of the industry: SBMO underperforms 80.56% of its industry peers.
Industry RankSector Rank
Debt/Equity 2.13
Debt/FCF 6.55
Altman-Z 1.35
ROIC/WACC0.77
WACC6.3%
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

SBMO has a Current Ratio of 3.39. This indicates that SBMO is financially healthy and has no problem in meeting its short term obligations.
SBMO has a better Current ratio (3.39) than 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.
With an excellent Quick ratio value of 3.38, SBMO belongs to the best 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

SBMO shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -69.14%.
SBMO shows a very negative growth in Earnings Per Share. Measured over the last years, the EPS has been decreasing by -14.78% yearly.
SBMO shows a decrease in Revenue. In the last year, the revenue decreased by -3.61%.
The Revenue has been growing slightly by 7.13% on average over the past years.
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

Based on estimates for the next years, SBMO will show a very negative growth in Earnings Per Share. The EPS will decrease by -12.72% on average per year.
The Revenue is expected to decrease by -10.39% on average over the next years. This is quite bad
EPS Next Y-38.06%
EPS Next 2Y-18.95%
EPS Next 3Y-2.57%
EPS Next 5Y-12.72%
Revenue Next Year-18.09%
Revenue Next 2Y-10.49%
Revenue Next 3Y0.29%
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.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
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

The Price/Earnings ratio is 30.62, which means the current valuation is very expensive for SBMO.
SBMO's Price/Earnings ratio is a bit more expensive when compared to the industry. SBMO is more expensive than 72.22% of the companies in the same industry.
Compared to an average S&P500 Price/Earnings ratio of 26.48, SBMO is valued at the same level.
A Price/Forward Earnings ratio of 9.81 indicates a reasonable valuation of SBMO.
Based on the Price/Forward Earnings ratio, SBMO is valued a bit more expensive than the industry average as 63.89% of the companies are valued more cheaply.
The average S&P500 Price/Forward Earnings ratio is at 34.04. SBMO is valued rather cheaply when compared to this.
Industry RankSector Rank
PE 30.62
Fwd PE 9.81
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

69.44% of the companies in the same industry are cheaper than SBMO, based on the Enterprise Value to EBITDA ratio.
Based on the Price/Free Cash Flow ratio, SBMO is valued cheaper than 88.89% of the companies in the same industry.
Industry RankSector Rank
P/FCF 3.27
EV/EBITDA 12.49
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

A cheap valuation may be justified as SBMO's earnings are expected to decrease with -2.57% in the coming years.
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

SBMO has a Yearly Dividend Yield of 3.76%.
Compared to an average industry Dividend Yield of 6.44, SBMO pays a bit more dividend than its industry peers.
SBMO's Dividend Yield is rather good when compared to the S&P500 average which is at 2.40.
Industry RankSector Rank
Dividend Yield 3.76%

5.2 History

The dividend of SBMO is nicely growing with an annual growth rate of 21.40%!
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 (8/8/2025, 7:00:00 PM)

21.74

+0.3 (+1.4%)

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 Cap3.83B
Analysts84.29
Price Target28.04 (28.98%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 3.76%
Yearly Dividend1.24
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)1.85%
PT rev (3m)6.23%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)0%
EPS NY rev (3m)0%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)3.86%
Revenue NY rev (3m)3.86%
Valuation
Industry RankSector Rank
PE 30.62
Fwd PE 9.81
P/S 0.93
P/FCF 3.27
P/OCF 3.01
P/B 1.23
P/tB 1.3
EV/EBITDA 12.49
EPS(TTM)0.71
EY3.27%
EPS(NY)2.22
Fwd EY10.19%
FCF(TTM)6.65
FCFY30.6%
OCF(TTM)7.22
OCFY33.2%
SpS23.3
BVpS17.62
TBVpS16.77
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 1.35
F-Score6
WACC6.3%
ROIC/WACC0.77
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-18.09%
Revenue Next 2Y-10.49%
Revenue Next 3Y0.29%
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