(SBMO) SBM Offshore - Overview
Stock: FPSO, Mooring, Terminal, Fleet
Dividends
| Dividend Yield | 5.33% |
| Yield on Cost 5y | 7.48% |
| Yield CAGR 5y | 3.42% |
| Payout Consistency | 82.6% |
| Payout Ratio | 46.5% |
| Risk 5d forecast | |
|---|---|
| Volatility | 25.2% |
| Relative Tail Risk | -6.03% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 1.85 |
| Alpha | 61.49 |
| Character TTM | |
|---|---|
| Beta | 0.191 |
| Beta Downside | 0.628 |
| Drawdowns 3y | |
|---|---|
| Max DD | 21.68% |
| CAGR/Max DD | 1.73 |
Description: SBMO SBM Offshore January 11, 2026
SBM Offshore N.V. (AS:SBMO) designs, builds, installs, operates, and de-commissions floating production storage and offloading (FPSO) vessels and related offshore mooring and energy-hub systems for the global offshore energy market.
The business is split into two segments: **Lease & Operate**, which generates recurring cash flow from long-term contracts on a fleet of 14 FPSOs and one semi-submersible unit, and **Turnkey**, which delivers project-based design-to-delivery services for FPSOs, CALM/SPM moorings, tension-leg platforms, floating wind structures, and offshore loading terminals.
Key financial and operational metrics (FY 2023) include: revenues of €2.8 bn, an order backlog of roughly €5 bn representing ~2 years of contracted work, and an average fleet utilization rate of ~92 %. The company also reports a growing digital-services segment, now contributing ~5 % of total revenue, reflecting industry demand for remote monitoring and performance optimization.
Strategic drivers for SBM Offshore are the **oil-price environment** (higher crude prices improve FPSO charter rates), the **global energy transition** (increasing offshore wind capacity creates new floating-wind opportunities), and **capital-intensity cycles** in upstream exploration that affect the timing of new FPSO contracts. A 2024-2025 forecast assumes a modest recovery in deep-water drilling activity and continued expansion of floating-wind projects, which together could sustain double-digit growth in the Turnkey segment.
For a deeper quantitative view, the ValueRay platform offers tools to model SBM Offshore’s valuation under different oil-price and offshore-wind deployment scenarios.
Piotroski VR‑10 (Strict, 0-10) 8.0
| Net Income: 784.0m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.15 > 0.02 and ΔFCF/TA 25.69 > 1.0 |
| NWC/Revenue: 32.06% < 20% (prev 126.5%; Δ -94.48% < -1%) |
| CFO/TA 0.16 > 3% & CFO 2.83b > Net Income 784.0m |
| Net Debt (8.15b) to EBITDA (2.58b): 3.15 < 3 |
| Current Ratio: 2.08 > 1.5 & < 3 |
| Outstanding Shares: last quarter (176.4m) vs 12m ago -2.84% < -2% |
| Gross Margin: 26.86% > 18% (prev 0.25%; Δ 2662 % > 0.5%) |
| Asset Turnover: 58.20% > 50% (prev 29.18%; Δ 29.01% > 0%) |
| Interest Coverage Ratio: 2.18 > 6 (EBITDA TTM 2.58b / Interest Expense TTM 1.14b) |
Altman Z'' 2.90
| A: 0.18 (Total Current Assets 6.25b - Total Current Liabilities 3.00b) / Total Assets 17.85b |
| B: 0.15 (Retained Earnings 2.64b / Total Assets 17.85b) |
| C: 0.14 (EBIT TTM 2.47b / Avg Total Assets 17.42b) |
| D: 0.26 (Book Value of Equity 3.01b / Total Liabilities 11.80b) |
| Altman-Z'' Score: 2.90 = A |
Beneish M -2.69
| DSRI: 0.20 (Receivables 4.08b/9.92b, Revenue 10.14b/4.96b) |
| GMI: 0.92 (GM 26.86% / 24.77%) |
| AQI: 1.74 (AQ_t 0.63 / AQ_t-1 0.37) |
| SGI: 2.04 (Revenue 10.14b / 4.96b) |
| TATA: -0.11 (NI 784.0m - CFO 2.83b) / TA 17.85b) |
| Beneish M-Score: -2.69 (Cap -4..+1) = A |
What is the price of SBMO shares?
Over the past week, the price has changed by -2.71%, over one month by +17.88%, over three months by +34.86% and over the past year by +69.54%.
Is SBMO a buy, sell or hold?
What are the forecasts/targets for the SBMO price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 34.6 | 17.5% |
| Analysts Target Price | - | - |
| ValueRay Target Price | 40.9 | 39.1% |
SBMO Fundamental Data Overview February 02, 2026
Market Cap USD = 6.00b (5.08b EUR * 1.1801 EUR.USD)
P/E Trailing = 17.8817
P/E Forward = 12.7714
P/S = 0.9404
P/B = 1.5691
P/EG = 0.15
Revenue TTM = 10.14b USD
EBIT TTM = 2.47b USD
EBITDA TTM = 2.58b USD
Long Term Debt = 8.27b USD (from longTermDebt, last quarter)
Short Term Debt = 804.0m USD (from shortTermDebt, last quarter)
Debt = 9.16b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 8.15b USD (from netDebt column, last quarter)
Enterprise Value = 14.15b USD (6.00b + Debt 9.16b - CCE 1.01b)
Interest Coverage Ratio = 2.18 (Ebit TTM 2.47b / Interest Expense TTM 1.14b)
EV/FCF = 5.35x (Enterprise Value 14.15b / FCF TTM 2.65b)
FCF Yield = 18.71% (FCF TTM 2.65b / Enterprise Value 14.15b)
FCF Margin = 26.10% (FCF TTM 2.65b / Revenue TTM 10.14b)
Net Margin = 7.73% (Net Income TTM 784.0m / Revenue TTM 10.14b)
Gross Margin = 26.86% ((Revenue TTM 10.14b - Cost of Revenue TTM 7.41b) / Revenue TTM)
Gross Margin QoQ = 29.89% (prev 21.33%)
Tobins Q-Ratio = 0.79 (Enterprise Value 14.15b / Total Assets 17.85b)
Interest Expense / Debt = 3.14% (Interest Expense 288.0m / Debt 9.16b)
Taxrate = 14.47% (68.0m / 470.0m)
NOPAT = 2.11b (EBIT 2.47b * (1 - 14.47%))
Current Ratio = 2.08 (Total Current Assets 6.25b / Total Current Liabilities 3.00b)
Debt / Equity = 2.33 (Debt 9.16b / totalStockholderEquity, last quarter 3.93b)
Debt / EBITDA = 3.15 (Net Debt 8.15b / EBITDA 2.58b)
Debt / FCF = 3.08 (Net Debt 8.15b / FCF TTM 2.65b)
Total Stockholder Equity = 3.75b (last 4 quarters mean from totalStockholderEquity)
RoA = 4.50% (Net Income 784.0m / Total Assets 17.85b)
RoE = 20.89% (Net Income TTM 784.0m / Total Stockholder Equity 3.75b)
RoCE = 20.54% (EBIT 2.47b / Capital Employed (Equity 3.75b + L.T.Debt 8.27b))
RoIC = 16.26% (NOPAT 2.11b / Invested Capital 12.99b)
WACC = 4.24% (E(6.00b)/V(15.16b) * Re(6.62%) + D(9.16b)/V(15.16b) * Rd(3.14%) * (1-Tc(0.14)))
Discount Rate = 6.62% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 7.95%
Shares Correlation 3-Years: -100.0 | Cagr: -1.42%
[DCF Debug] Terminal Value 86.38% ; FCFF base≈2.65b ; Y1≈2.66b ; Y5≈2.84b
Fair Price DCF = 455.4 (EV 84.73b - Net Debt 8.15b = Equity 76.58b / Shares 168.2m; r=5.90% [WACC]; 5y FCF grow 0.0% → 2.90% )
EPS Correlation: 39.88 | EPS CAGR: 0.0% | SUE: 0.0 | # QB: 0
Revenue Correlation: 79.73 | Revenue CAGR: 19.45% | SUE: -1.14 | # QB: 0
EPS next Year (2026-12-31): EPS=4.59 | Chg30d=+1.488 | Revisions Net=+1 | Growth EPS=+24.3% | Growth Revenue=+31.4%