olivLaw · European equity research
SBM Offshore N.V. SBMO.AS
Netherlands · Euronext Amsterdam · ISIN NL0000360618 · Vertical: Listed companies from Netherlands
SBM Offshore designs, builds, operates and decommissions floating production, storage and offloading vessels for offshore oil and gas production, along with terminals and mooring systems. The company is of interest now because of how it manages execution, environmental and safety risks in a volatile economic and geopolitical setting, with added costs on construction contracts linked to supply chain pressure and inflation.
At the close of 05 Nov 2026, SBM Offshore N.V. (SBMO.AS) stock was 32.74 EUR (−0.67% on the day), with beta 0.31, 52-week range 21.80–37.06 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)
- 35.7
- weak (30–45)
- Bollinger (20, 2)
- 32.93 – 36.54
- below the lower band · %B -0.05 · band width 10.4%
- SMA 50 / 200
- 35.34 / 33.76
- mixed trend
- MACD (12, 26, 9)
- -0.52 / -0.30
- 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 | −6.0% | −0.6% | −5.4 pp | — |
| 3 months | −6.7% | −4.2% | −2.6 pp | — |
| 6 months | −8.9% | +4.3% | −13.2 pp | — |
| Year to date | +33.6% | +7.5% | +26.1 pp | — |
| 1 year | +48.3% | +9.9% | +38.4 pp | −0.2% |
| 3 years | +171.3% | +49.8% | +121.4 pp | +2.2% |
| 5 years | +136.4% | +42.8% | +93.6 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 | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 5.0 bn | 4.8 bn | 5.9 bn |
| Revenue YoY | unavailable | −3.6% | +23.4% |
| Net income | 491.0 m | 150.0 m | 922.0 m |
| Net income YoY | unavailable | −69.5% | +514.7% |
| Diluted EPS | 2.70 | 0.83 | 5.25 |
| Diluted EPS YoY | unavailable | −69.3% | +532.5% |
| net % | 9.9% | 3.1% | 15.6% |
| Free cash flow | -297.0 m | 1.4 bn | 1.2 bn |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.1 bn USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 6.5 bn USD
- Total assets
- 18.1 bn USD
- Debt / equity
- unavailable
- Current ratio
- 1.44x
- ROE
- 15.0%
- ROA
- 5.2%
- FCF margin
- 20.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 5.0 bn | 4.8 bn | 5.9 bn | esef· 04 Mar 2026verified |
| Cost of revenue | 3.5 bn | 3.7 bn | 3.9 bn | esef· 04 Mar 2026verified |
| Gross profit | 1.4 bn | 1.1 bn | 2.0 bn | esef· 04 Mar 2026verified |
| Research & development | 37.0 m | 40.0 m | 35.0 m | esef· 04 Mar 2026verified |
| Operating income | 1.1 bn | 928.0 m | 1.8 bn | esef· 04 Mar 2026verified |
| Interest expense | 601.0 m | 690.0 m | 653.0 m | esef· 04 Mar 2026verified |
| Pre-tax income | 589.0 m | 283.0 m | 1.2 bn | esef· 04 Mar 2026verified |
| Income tax | -25.0 m | 73.0 m | 117.0 m | esef· 04 Mar 2026verified |
| Net income | 491.0 m | 150.0 m | 922.0 m | esef· 04 Mar 2026verified |
| Diluted EPS | 2.70 | 0.83 | 5.25 | esef· 04 Mar 2026verified |
| Dividend per share | 1.56 | 1.39 | 2.61 | esef· 04 Mar 2026derived |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 543.0 m | 806.0 m | 1.1 bn | esef· 04 Mar 2026verified |
| Receivables | 901.0 m | 1.4 bn | 1.3 bn | esef· 04 Mar 2026verified |
| Inventories | 149.0 m | 37.0 m | 332.0 m | esef· 04 Mar 2026verified |
| Current assets | 9.4 bn | 9.8 bn | 6.8 bn | esef· 04 Mar 2026verified |
| Intangibles (excl. goodwill) | 153.0 m | 176.0 m | 194.0 m | esef· 04 Mar 2026verified |
| Total assets | 17.2 bn | 17.2 bn | 18.1 bn | esef· 04 Mar 2026verified |
| Accounts payable | 1.3 bn | 1.2 bn | 1.7 bn | esef· 04 Mar 2026verified |
| Current liabilities | 2.8 bn | 2.9 bn | 4.7 bn | esef· 04 Mar 2026verified |
| Equity | 5.5 bn | 5.8 bn | 6.5 bn | esef· 04 Mar 2026verified |
| Shares outstanding at year end | 179.2 m | 178.6 m | 173.0 m | esef· 04 Mar 2026derived |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -169.0 m | 1.5 bn | 1.2 bn | esef· 04 Mar 2026verified |
| Capex | 128.0 m | 79.0 m | 34.0 m | esef· 04 Mar 2026verified |
| Free cash flow | -297.0 m ≈ | 1.4 bn ≈ | 1.2 bn ≈ | esef· 04 Mar 2026derived |
| Investing cash flow | -142.0 m | 92.0 m | 118.0 m | esef· 04 Mar 2026verified |
| Financing cash flow | 170.0 m | -1.3 bn | -1.0 bn | esef· 04 Mar 2026verified |
| Dividends paid | 279.0 m | 249.0 m | 452.0 m | esef· 04 Mar 2026verified |
| Share repurchases | 5.0 m | 102.0 m | 174.0 m | esef· 04 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
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: 5 of at least 6
- score weight coverage: 27.1% 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
Score by group
27% · 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: 34.34 – 134.75 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 · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E55.42 – 134.75 (Mid 76.18)16 companies used · median multiple 14.5x · quartiles 10.6x – 25.7xAALB.AS, ACOMO.AS, AD.AS, ADYEN.AS, AKZA.AS, ARCAD.AS, ASM.AS, ASML.AS, AXS.AS, BAMNB.AS, BNJ.AS, CRBN.AS, CTAC.AS, ECMPA.AS, FFARM.AS, HAL.AS
- Dividend discount (DDM)34.34 – 46.18 (Mid 39.39)
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: 5 of at least 6; score weight coverage: 27.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 15.6% | 83 (vs peers) | 23% |
| FCF conversion · Quality | 128.0% | 100 (on a fixed band) | 23% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 2.8x | 19 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 1.4x | 54 (on a fixed band) | 15% |
| 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 | 38.3% | 100 (on a fixed band) | 15% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet33/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality92/100 · 2/3 factors with a value
- Returns· partial100/100 · 1/2 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
SBM OFFSHORE N.V. (SBMO.AS). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 5.9 bn USD in 2025; YoY growth 23.4%; net margin 15.6%; ROE 23.0%.
The estimated value range is 44.88–90.46 USD per share (median of 2 methods, agreement: low); 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: 5 of at least 6; score weight coverage: 27.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 15.6%
- FCF conversion: 128.0%
- Payout ratio (FCF): 38.3%
What contradicts it
- Interest coverage: 2.8x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions).
Versus the vertical median
Listed companies from Netherlands · 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 | |
|---|---|---|---|---|---|---|
| ASML.ASASML Holding N.V. | 485.6 bn | 47.6 | 44.2% | 31.3% | +15.6% | +38% / +101% |
| DSFIR.ASDSM-Firmenich AG | 33.7 bn | 120.5 | 1.2% | 2.2% | +20.4% | +60% / +30% |
| AD.ASKoninklijke Ahold Delhaize N.V. | 31.2 bn | 13.9 | 15.3% | 2.5% | +3.4% | −3% / +30% |
| ASM.ASASM International N.V. | 31.2 bn | 43.3 | 18.7% | 22.8% | +8.2% | +34% / +35% |
| ADYEN.ASAdyen N.V. | 28.1 bn | 26.6 | 22.3% | 40.1% | +18.9% | −33% / −17% |
| HAL.ASHAL Trust | 15.5 bn | 9.7 | 10.5% | 12.8% | +1.2% | +22% / +47% |
| EXO.ASExor N.V. | 15.0 bn | — | -10.6% | — | −100.0% | +1% / −18% |
| BESI.ASBE Semiconductor Industries N.V. | 11.2 bn | 84.9 | 28.7% | 22.3% | −2.7% | +8% / +10% |
| AKZA.ASAkzo Nobel N.V. | 10.7 bn | 17.0 | 13.8% | 6.3% | −5.2% | +12% / −11% |
| AALB.ASAalberts N.V. | 4.5 bn | 25.4 | 7.2% | 5.7% | −5.3% | +48% / +13% |
| ARCAD.ASArcadis N.V. | 4.2 bn | 20.2 | 18.3% | 4.3% | −2.4% | +24% / +2% |
| BNJ.ASBanijay Group N.V. | 3.4 bn | 13.8 | 343.8% | 5.1% | +1.6% | −11% / −8% |
| BAMNB.ASKoninklijke BAM Groep N.V. | 3.3 bn | 41.8 | 9.1% | 1.3% | +2.9% | +47% / +400% |
| BFIT.ASBasic-Fit N.V. | 2.0 bn | 138.2 | 3.6% | 1.0% | +16.9% | +7% / +16% |
| CRBN.ASCorbion N.V. | 1.6 bn | 8.3 | 27.3% | 14.9% | +1.9% | +40% / +55% |
| ECMPA.ASEurocommercial Properties N.V. | 1.4 bn | 11.2 | 5.9% | 45.4% | +4.2% | −4% / +19% |
| FUR.ASFugro N.V. | 985.3 m | — | -1.5% | -1.1% | −18.8% | −0% / −49% |
| ACOMO.ASAcomo N.V. | 685.9 m | 15.2 | 10.7% | 3.3% | +7.6% | −3% / +37% |
| FAST.ASFastned B.V. | 663.0 m | — | -28.2% | -21.7% | +66.1% | +60% / +25% |
| FFARM.ASForFarmers N.V. | 479.4 m | 9.6 | 14.5% | 1.6% | +14.8% | +22% / +123% |
| BRNL.ASBrunel International N.V. | 383.2 m | 125.5 | 1.0% | 0.3% | −10.8% | −6% / −29% |
| ENVI.ASEnvipco Holding N.V. | 224.1 m | — | -12.7% | -11.9% | −20.8% | −25% / +47% |
| ALFEN.ASAlfen N.V. | 219.8 m | — | -0.1% | -0.0% | −10.7% | −4% / −78% |
| CMCOM.ASCM.com N.V. | 192.5 m | — | -22.2% | -1.5% | −5.4% | +23% / −30% |
| AJAX.ASAFC Ajax N.V. | 140.9 m | — | -18.0% | -21.0% | +17.2% | −15% / −29% |
1- and 3-year price returns: for SBMO.AS 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
SBM Offshore designs, builds, operates and decommissions floating production, storage and offloading vessels for offshore oil and gas production, along with terminals and mooring systems. The company is of interest now because of how it manages execution, environmental and safety risks in a volatile economic and geopolitical setting, with added costs on construction contracts linked to supply chain pressure and inflation.
SWOT
Strengths
- The company has experience in designing and operating FPSO vessels, and its Lease and Operate model provides long-term revenue from charter contracts.
- The management system is certified to ISM, ISPS, ISO 9001, ISO 14001 and ISO 45001 standards, supporting credibility with oil sector clients.
- Environmental performance in fiscal 2025 outperformed the IOGP benchmark on certain indicators, which can support the competitive position on projects sought by clients.
Weaknesses
- Fixed-price construction contracts can expose the company to additional costs when inflation and supply chain pressures rise.
- Estimates for warranties and demobilization are complex, and actual expenditure can differ significantly from the provisions recorded.
- Construction revenue depends on project progress, so delays or cost adjustments can shift results from one period to another.
Opportunities
- Life extension of existing installations could generate new contracts for the company, which already operates vessels in its fleet.
- Demand for offshore projects in remote areas could support new orders for FPSO vessels and terminals.
- If safety performance remains strong, it could strengthen the company's position in tenders with demanding clients.
Threats
- Volatility in oil and gas prices may lead clients to postpone investment in new projects.
- Safety or environmental incidents, such as oil spills at sea, could carry significant financial and reputational consequences.
- Regulatory changes on emissions and decommissioning could alter the cost of existing obligations.
Risks
- Exposure to litigation and non-compliancemedium
The company regularly assesses litigation and sets provisions based on its best estimate of required expenditure, but the final outcome may differ from that estimate.
- Project warranty costshigh
Actual warranty expenditure can vary significantly from one project to another and may exceed the statistical warranty provision recorded at project completion.
- Demobilization costsmedium
Future demobilization costs are uncertain given long expiry dates, changing techniques and regulations, which could lead to significant adjustments.
- Safety risks for employees and contractorshigh
Work-related fatalities, injuries and illnesses can carry human, reputational and financial consequences, especially across the extended value chain.
- Oil spills at seahigh
Exposure to activity-related hazards could lead to oil spills with environmental, reputational and financial effects.
Investment thesis
What would need to be true (bull case)
- If life extension projects and long-term operate contracts hold up, recurring revenue in the Lease and Operate segment could become a steadier base.
- Environmental and safety performance, including lower oil discharge, could support the company's position in tenders with demanding clients.
- If supply chain cost pressures ease, margins on construction contracts could gradually recover.
What would break the thesis
- If inflation and supply chain pressures persist, fixed-price contracts could generate unrecovered additional costs.
- Economic and geopolitical volatility could lead clients to postpone investment decisions, slowing the intake of new orders.
- Warranty and demobilization estimates are sensitive to assumptions, and differences from actual outcomes could affect future results.
What to watch
- Trend in additional costs on construction contracts and the effect of supply chain pressuresnext 10-K
- Lost time injury rate (LTIFR) and total recordable injury rate (TRIFR) against annual targets2026
- New construction and operate contracts, including life extension of vessels2027
- Adjustments to warranty and demobilization provisions as estimates evolvenext 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
SBM Offshore provides design, supply, installation, operation, life extension and demobilization services for floating production, storage and offloading (FPSO) vessels. The vessels are either owned and operated by the company and leased to clients, or supplied on a turnkey basis under construction contracts. The company also delivers Turret Mooring Systems and offshore loading and offloading terminals, mostly under construction, lease or service-type agreements.
Revenue on construction contracts is recognized over time based on progress, using the input method, meaning the ratio of costs incurred to total estimated costs. Lease and Operate contracts generally include a variable component tied to bonuses or penalties linked to production interruption levels, while demobilization costs are estimated and updated as obligations approach expiry.
Warranty provisions are accrued during construction based on historical expenditure per product type, and actual warranty costs can differ significantly from one project to another. This makes financial results sensitive to management estimates and judgments that could lead to significant adjustments in future results.
Segments
Lease and Operate
This segment includes earned charter rates and fees from lease and operate arrangements for vessels the company owns, as well as fees from operating and maintenance agreements for vessels it does not own. Revenue is recognized over the contract term, generally on a straight-line basis, and multi-year contracts may contain extension, early termination or purchase options.
Construction and services
The second segment covers EPCI contracts for vessels and other products, where revenue follows work progress. If projects fall behind or costs rise, margins can be affected, and the company has reported incurring additional costs to satisfy performance obligations on some contracts.
Market context
The company operates in offshore oil and gas production, where operators choose floating solutions for remote reservoirs. Activity depends on client investment decisions, project financing availability and commodity prices, factors that drove economic and geopolitical volatility in fiscal 2025.
Demand for FPSO solutions is linked to new exploration projects and to life extension of existing installations, and sector companies are sensitive to cost and execution risk. Inflationary pressures and supply chain strains can change project margins, and some contracts may require renegotiation or additional costs.
Trends
- Volatility in commodity and energy pricesmixed
Swings in commodity prices, energy prices and interest rates created economic and geopolitical uncertainty in fiscal 2025, prompting management to reassess its significant estimates. The effect depends on whether clients delay or accelerate projects.
- Supply chain pressure and inflationheadwind
Pressure on the global supply chain and general inflation led to additional costs for satisfying performance obligations on some construction contracts. If these pressures persist, margins on fixed-price projects could be affected.
- Demand for life extension of installationstailwind
The company offers life extension services for existing vessels, which could support recurring operate and maintenance revenue if operators prefer upgrading installations over new projects.
- Focus on safety and environmental risk reductionmixed
Clients and authorities press for safety performance and prevention of spills. The company targets zero fatalities or permanent impairments in 2026, and safety performance can influence both costs and selection for new contracts.
Competitive position
The company competes with other FPSO builders and operators and with offshore service companies offering integrated design and operation solutions. Competitive advantages depend on technical experience, execution capacity and safety performance, which matter to oil sector clients.
Competition is most intense on large contracts, where clients compare price, delivery schedules and execution risk. The available sources do not give a direct comparison of market shares, so the company's relative position remains to be judged on future contracts.
- FPSO builders and operators
Direct competitors for FPSO design, construction and operation contracts, especially on large projects.
- Offshore service companies
Competitors in maintenance, operation and demobilization, where clients may choose different providers for each stage.
- Makers of mooring systems and terminals
Competitors in delivering Turret Mooring Systems and loading and offloading terminals.
- Engineering contractors with offshore EPCI projects
Competitors on integrated engineering and construction projects, where shared margin pressure may arise.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202504 Mar 2026
- Annual report 202504 Mar 2026
- Annual report 202404 Mar 2025
- Annual report 202404 Mar 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / SBM Offshore N.V. · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.