olivLaw · European equity research
CMB.TECH CMBT.BR
Belgium · Euronext Brussels · ISIN BE0003816338 · Vertical: Listed companies from Belgium
CMB.TECH is a maritime group operating tankers, dry bulk ships and clean-energy assets through its Marine, H2 Infra and H2 Industry divisions. In 2024 the business closed a transition year, with total revenue of 940.2 million USD, after large vessel sales in 2023 and 2024. The acquisition of a majority stake in Golden Ocean now puts the group into sensitive refinancing negotiations.
At the close of 05 Nov 2026, CMB.TECH (CMBT.BR) stock was 15.22 EUR (−1.04% on the day), with beta 0.46, 52-week range 8.00–18.74 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 35.9
- weak (30–45)
- Bollinger (20, 2)
- 14.33 – 18.62
- in the lower half of the band · %B 0.21 · band width 26.1%
- SMA 50 / 200
- 16.73 / 13.55
- mixed trend
- MACD (12, 26, 9)
- -0.36 / -0.20
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −13.6% | +0.4% | −14.0 pp | — |
| 3 months | +7.3% | −3.3% | +10.6 pp | — |
| 6 months | +22.0% | +4.0% | +18.0 pp | — |
| Year to date | +87.7% | +8.1% | +79.6 pp | — |
| 1 year | +91.4% | +10.7% | +80.7 pp | +6.3% |
| 3 years | −9.0% | +50.1% | −59.1 pp | −4.6% |
| 5 years | +76.7% | +43.6% | +33.1 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 854.7 m | 1.2 bn | 940.2 m |
| Revenue YoY | unavailable | +44.5% | −23.9% |
| Net income | 203.3 m | 858.0 m | 870.8 m |
| Net income YoY | unavailable | +322.2% | +1.5% |
| Diluted EPS | 1.01 | 4.25 | 4.44 |
| Diluted EPS YoY | unavailable | +320.8% | +4.5% |
| net % | 23.8% | 69.5% | 92.6% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 38.9 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 1.2 bn USD
- Total assets
- 3.9 bn USD
- Debt / equity
- unavailable
- Current ratio
- 1.20x
- ROE
- 49.1%
- ROA
- 23.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 854.7 m | 1.2 bn | 940.2 m | esef· 15 Apr 2025verified |
| Operating income | 294.3 m | 969.7 m | 1.0 bn | esef· 15 Apr 2025verified |
| Interest expense | 133.0 m | 171.9 m | 169.3 m | esef· 15 Apr 2025verified |
| Pre-tax income | 206.1 m | 864.0 m | 872.7 m | esef· 15 Apr 2025verified |
| Income tax | 2.8 m | 6.0 m | 1.9 m | esef· 15 Apr 2025verified |
| Net income | 203.3 m | 858.0 m | 870.8 m | esef· 15 Apr 2025verified |
| Diluted EPS | 1.01 | 4.25 | 4.44 | esef· 15 Apr 2025verified |
| Weighted average diluted shares | 202.0 m | 201.9 m | 196.0 m | esef· 15 Apr 2025verified |
| Dividend per share | 0.12 | 4.57 | 5.74 | esef· 15 Apr 2025derived |
Balance sheet · USD
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 179.9 m | 429.4 m | 38.9 m | esef· 15 Apr 2025verified |
| Receivables | — | 307.1 m | 235.9 m | esef· 15 Apr 2025verified |
| Inventories | — | 22.5 m | 26.5 m | esef· 15 Apr 2025verified |
| Current assets | — | 1.6 bn | 470.8 m | esef· 15 Apr 2025verified |
| Intangibles (excl. goodwill) | — | 14.2 m | 16.2 m | esef· 15 Apr 2025verified |
| Total assets | — | 3.4 bn | 3.9 bn | esef· 15 Apr 2025verified |
| Current liabilities | — | 424.8 m | 392.7 m | esef· 15 Apr 2025verified |
| Equity | 2.2 bn | 2.4 bn | 1.2 bn | esef· 15 Apr 2025verified |
| Shares outstanding at year end | 201.2 m | 201.9 m | 196.1 m | esef· 15 Apr 2025derived |
Cash flow · USD
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 255.6 m | 837.4 m | 459.1 m | esef· 15 Apr 2025verified |
| Investing cash flow | -158.8 m | 869.7 m | -680.2 m | esef· 15 Apr 2025verified |
| Financing cash flow | -62.9 m | -1.5 bn | -173.0 m | esef· 15 Apr 2025verified |
| Dividends paid | 24.2 m | 630.5 m | 1.1 bn | esef· 15 Apr 2025verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 16.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
17% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 47.49 – 103.52 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E47.49 – 103.52 (Mid 64.90)25 companies used · median multiple 14.6x · quartiles 10.7x – 23.3xACKB.BR, AGS.BR, AZE.BR, BANI.BR, BAR.BR, BEKB.BR, BELYS.BR, BPOST.BR, CAMB.BR, CFEB.BR, COLR.BR, DECB.BR, DEME.BR, DIE.BR, ECONB.BR, ELI.BR, EVS.BR, FAGR.BR, FLOB.BR, FOU.BR, IBAB.BR, JEN.BR, KIN.BR, MELE.BR, MOUR.BR
- Dividend discount (DDM)75.49 – 101.52 (Mid 86.59)
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 92.6% | 100 (vs peers) | 38% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 5.9x | 68 (on a fixed band) | 38% |
| Current ratio · Balance sheet | 1.2x | 33 (on a fixed band) | 25% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet54/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial100/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
CMB.TECH (CMBT.BR). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 940.2 m USD in 2024; YoY growth -23.9%; net margin 92.6%; ROE 49.1%.
The estimated value range is 61.49–102.52 USD per share (median of 2 methods, agreement: high); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 92.6%
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Belgium · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ELI.BRElia Group | 11.9 bn | 23.3 | 9.6% | 13.6% | −2.0% | +28% / +34% |
| LOTB.BRLotus Bakeries | 11.4 bn | 66.4 | 20.9% | 12.7% | +10.0% | +82% / +76% |
| GBLB.BRGroupe Bruxelles Lambert - Groep Brussel Lambert | 10.6 bn | 82.4 | 0.8% | 2.1% | +1.0% | +6% / +9% |
| DIE.BRD'ieteren Group | 9.7 bn | 23.2 | — | 5.3% | −1.5% | +22% / +16% |
| ACKB.BRAckermans & Van Haaren | 8.8 bn | 22.2 | 8.4% | 7.6% | +18.6% | +22% / +77% |
| COLR.BRColruyt Group | 4.4 bn | 14.6 | 9.4% | 2.9% | +3.1% | +12% / −6% |
| DEME.BRDeme Group | 4.2 bn | 12.2 | 15.5% | 8.3% | +1.3% | +21% / +72% |
| AZE.BRAzelis Group | 2.9 bn | 16.1 | 6.6% | 4.3% | +1.5% | +29% / −42% |
| MELE.BRMelexis | 2.1 bn | 12.4 | 30.7% | 18.4% | −3.3% | −1% / −38% |
| BEKB.BRNV Bekaert SA | 2.1 bn | 30.7 | 3.1% | 1.8% | −6.4% | +10% / −5% |
| FAGR.BRFagron | 1.8 bn | 22.2 | 16.7% | 9.2% | +14.3% | +15% / +40% |
| KIN.BRKinepolis Group | 1.4 bn | 33.9 | 19.3% | 7.0% | −4.5% | +62% / +11% |
| JEN.BRJensen Group | 706.9 m | 17.2 | 15.1% | 9.1% | +13.3% | +28% / +111% |
| BAR.BRBarco | 563.5 m | 9.1 | 7.9% | 6.7% | −9.9% | −48% / −59% |
| IBAB.BRIon Beam Applications | 487.2 m | 39.5 | 10.7% | 2.1% | +24.5% | +48% / +52% |
| DECB.BRDeceuninck | 341.3 m | 24.6 | 4.3% | 1.7% | −4.5% | +8% / +8% |
| CAMB.BRCampine | 272.3 m | 12.2 | 28.6% | 6.1% | +13.4% | −12% / +161% |
| CFEB.BRAannemingsmaatschappij Cfe | 266.8 m | 11.1 | 9.9% | 2.0% | −5.3% | +22% / +48% |
| MOUR.BRMoury Construct | 261.2 m | 10.7 | 21.3% | 13.1% | −4.0% | +11% / +76% |
| EVS.BREvs Broadcast Equipment | 245.9 m | 6.0 | 20.8% | 21.7% | +14.3% | −49% / −36% |
| BPOST.BRBpost | 229.8 m | 3.5 | 6.3% | 1.5% | −2.6% | −39% / −75% |
| ECONB.BREconocom Group | 210.7 m | 40.5 | 1.2% | 0.2% | +4.3% | −1% / −36% |
| IMMO.BRImmobel | 172.2 m | — | -7.4% | -25.2% | −32.8% | −24% / −36% |
| MONNI.BRKeyware Technologies | 171.0 m | 162.0 | 3.5% | 4.5% | −5.9% | −5% / −17% |
| HYSG.BRHybrid Software Group PLC | 121.3 m | — | -2.5% | -5.5% | +7.2% | −4% / +13% |
1- and 3-year price returns: for CMBT.BR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
CMB.TECH is a maritime group operating tankers, dry bulk ships and clean-energy assets through its Marine, H2 Infra and H2 Industry divisions. In 2024 the business closed a transition year, with total revenue of 940.2 million USD 1, after large vessel sales in 2023 and 2024. The acquisition of a majority stake in Golden Ocean now puts the group into sensitive refinancing negotiations.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Change-of-control clauses in Golden Ocean debthigh
The acquisition of the majority stake could breach Golden Ocean's loan compliance clauses, which could lead to a declared default and accelerated debt 1.
- Cross-defaulthigh
If Golden Ocean does not resolve the breaches, cross-default clauses could affect the group's other loans 1.
- Interest rate riskmedium
Variable-rate debt can increase debt service costs if rates rise and hedging is ineffective 1.
- Geopolitical and route riskmedium
Attacks on ships and rerouting can lengthen voyages and raise costs, affecting revenue 1.
- Dependence on third partieslow
Outsourcing technical and crew management can create problems if providers do not meet their obligations 1.
Investment thesis
What would need to be true (bull case)
- If the Golden Ocean debt refinancing succeeds, the group could expand its activity and benefit from shipping synergies 1.
- The large asset sales of recent years could give financial flexibility for future investment 1.
- Diversification into clean energy could add income sources independent of the shipping rate cycle 1.
What to watch
- Outcome of the Golden Ocean debt refinancing and lender negotiations2025
- Development of pool and spot-market incomeQ1 2026
- Progress of the H2 Infra and H2 Industry divisions2026
- Impact of Red Sea and Black Sea conflicts on route costsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The CMB.TECH group is active in shipping, with a fleet of tankers and dry bulk vessels, and its income comes from pools, the spot market, time charters and leasing contracts 1. The company is organised into the Marine, H2 Infra and H2 Industry segments, and total revenue in 2024 was 940.2 million USD 1. In 2023 shipping income was higher, at 1,630.9 million USD 1, helped by vessel sales that produced significant gains.
The company completed major asset sales: 24 VLCC tankers were sold to Frontline for 2.35 billion USD, and management was largely outsourced to Anglo-Eastern Ship Management and the TIP and STJS pools 1. This strategy reduced the operating fleet but increased reliance on third parties for technical and commercial management.
In 2024 the group took control of CMB.TECH Enterprises, which added spot-market vessels and raised fuel and staff costs 1. The majority stake in Golden Ocean, built up in March and April 2025, extends the activity into dry bulk and tankers 1.
Segments
Marine
The Marine segment includes tankers and dry bulk vessels, with income from pools, the spot market and time charters 1. Capital expenditure for the operating segments in 2024 was 1,117.1 million USD 1.
H2 Infra and H2 Industry
The H2 Infra and H2 Industry divisions bring together the group's energy and industrial assets, including service vessels for wind farms and other hydrogen-related operations 1. These activities are still at an early stage and contribute little to revenue compared with shipping 1.
Market context
The market for tanker and dry bulk shipping is cyclical, and income depends on pool rates, the spot market and demand for oil and raw materials 1. The company reported that the pool generated 205.2 million USD in 2024, down from earlier years as the number of vessels fell 1.
The shipping asset market also depends on financing, since variable-rate debt exposes the group to rising costs 1. Time charter income rose in 2024 to 257.6 million USD 1.
Trends
- Fleet reduction through asset salesmixed
Vessel sales in 2023 and 2024 produced large gains, but they reduced the recurring income base and changed the fleet structure 1.
- Geopolitical tensions and shipping routesmixed
Conflicts in the Red Sea, the Gulf of Aden and the Black Sea have pushed ships to avoid the Suez Canal, lengthening voyages and raising costs 1.
- Fuel and crew costsheadwind
Higher bunker and staff costs have lifted operating expenses, partly because of the integration of CMB.TECH Enterprises 1.
- Refinancing and interest ratesheadwind
Interest costs on debt have risen, and exposure to SOFR could amplify the effect of higher rates if refinancing does not succeed 1.
Competitive position
The company competes with tanker and dry bulk operators that use the same pools and spot markets, and its position depends on fleet size and age 1. Outsourced fleet management and the TIP and STJS pools belong to the same competitive network 1.
In dry bulk shipping, Golden Ocean becomes part of the group, which changes the competitive landscape in tankers and bulk 1. Competition centres on costs, vessel availability and financing capacity.
- FrontlineFRO
Buyer of the 24 VLCC tankers and a major tanker operator whose deal shaped the group's fleet structure 1.
- Golden Ocean Group
Dry bulk shipping operator in which CMB.TECH acquired a majority stake in 2025 1.
- Anglo-Eastern Ship Management
External partner for technical and crew management, which also took over ESMH 1.
- Tankers International Pool
Commercial pool through which part of the company's fleet is operated 1.
News & filings
In the press
- Cmb.Tech (CMBT) Is Cashing Out At The Top Of A BoomYahoo Finance — News · 28 Aug 2026 · EN
Annual reports (ESEF)
- Annual report 202415 Apr 2025
- Annual report 202415 Apr 2025
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / CMB.TECH · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.