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CMB.TECH nv

CMBT Energy Oil & Gas Midstream

CMB.TECH nv’s revenue for fiscal 2025 (year ended December 2025) was $1.9 billion, up 16.1% from fiscal 2024.

Revenue
+519.2%
EPS
+677.3%
Free cash flow
+451.2%
Total debt
−4.98%

Quarter to June 2026, against a year earlier

16.58 0.48 −2.81%
Market cap
$4.8B
P/E
3.4×
Fwd P/E
3.9×
Dividend yield
5.55%
F-score
3/9
Altman Z
0.77
Beneish M
−2.22
Dividend safety
25/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 70.58%

Capital & Financial Ratios $m

Size
Market Cap 4,780.00
Revenue ttm 2,118.19
Net income ttm 775.71
Free cash flow ttm (85.18)
Net debt Q 5,087.61
Valuation
P/E 3.43
Forward P/E 3.89
Price / sales 2.27
Forward P/S Powerpack
Price / FCF 0.00
Price / book 1.54
Financial health
Current ratio Q 1.12
Debt / equity Q 1.68
Interest coverage Q 4.68
Growth
Revenue growth Q +519.15% (above 0%: growing)
Operating income growth Q +2,407.44% (above 0%: growing)
EPS, this year +292.86% (at or above 15%: strong)
EPS, next year A −21.62% (below 0%: weak)
Revenue, next year A +26.83% (at or above 10%: strong)
EPS, past 5 yrs −20.83% (below 0%: weak)
EPS, next 5 yrs A +46.26% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 4.7×, against a ten-year median of 3.9×; over the ten years it ranged from 2.2× in 2016 to 6.3× in 2022.
P/E against its own 10 years 16.06%
10-year low 10-year high
P/S against its own 10 years 60.21%
10-year low 10-year high
P/B against its own 10 years 80.56%
10-year low 10-year high
EV/Sales against its own 10 years 71.29%
10-year low 10-year high

Dividends

Yield
5.55%
Annual rate
0.92
Payout ratio
19.1%
Growth, 2017–25
−15.7%/yr
  1. 0.20 ’17
  2. 0.08 ’18 −57
  3. 0.04 ’19 −50
  4. 1.30 ’20 +3002
  5. 0.09 ’21 −93
  6. 0.12 ’22 +33
  7. 2.79 ’23 +2224
  8. 4.54 ’24 +63
  9. 0.05 ’25 −99
  10. 1.39 ’26e +2680
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 429 39 147 160
Receivables 307 236 321 416
Inventory 23 27 77 121
Other 873 170 368 223
1,632 471 913 919
2023 2024 2025 Q'26
Payables 124 80 222 235
ST’ Debt 258 298 625 376
Other 0 0 — 0
425 393 1,061 819

Compound Annual Growth %

10y 5y 3y
Sales 8.09% 8.72% 25.04%
Cash Flow (0.16%) (14.48%) 20.18%
Earnings (7.50%) (19.43%) (7.53%)
Book Value 3.25% 2.56% 6.47%

Earnings Trends EPS, adjusted, against the consensus

Sep 2024 Estimate 0.19 Actual 0.19

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Jun 2024 0.24 0.46 Beat by 0.22
Sep 2024 0.19 0.19 Met by 0.00

EPS $

Mar Jun Sep Dec Year
’26 1.27 — — — —
’25 0.23 — — — 0.70
’24 2.46 — — — 4.44
’23 0.87 — — — 4.27
’22 (0.21) — — — 1.00
’21 (0.35) — — — (1.68)
’20 1.05 — — — 2.25
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 807 — — — —
’25 289 — — — 1,888
’24 656 — — — 1,626
’23 367 — — — 1,631
’22 130 — — — 966
’21 112 — — — 445
’20 428 — — — 1,243
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 167 250 — — —
’25 33 42 216 — 444
’24 226 41 349 — 458
’23 203 226 578 — 837
’22 (44) 106 87 — 256
’21 51 (55) 18 — (25)
’20 302 240 849 — 970
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 167 225 — — —
’25 (64) (147) (234) — (77)
’24 1,365 (32) 1,258 — 1,057
’23 112 148 405 — 1,705
’22 (93) (92) (181) — 72
’21 (141) (77) (283) — (383)
’20 222 273 791 — 822
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 742 555 624 957 1,243 445 966 1,631 1,626 1,888 2,118 +10.9% 2,395 2,288 2,213 +5.4%
Gross margin, % 67.98 56.09 42.57 62.70 71.70 21.53 58.90 76.85 76.76 57.85 75.42 (10.1) pt
EBT 204 0 (110) 113 475 (339) 206 864 873 149 1,075 (3.4%)
EBT margin, % 27.49 0.00 (17.60) 11.79 38.22 (76.21) 21.33 52.98 53.68 7.91 50.77 (19.6) pt
Net income 204 1 (110) 112 473 (339) 203 858 871 139 776 (4.2%)
Per share, $
Per share, $ Revenue 4.69 3.51 3.25 4.43 5.91 2.21 4.79 8.08 8.29 8.23 7.30 +6.5%
Earnings 1.29 0.01 (0.57) 0.55 2.25 (1.68) 1.01 4.27 4.44 0.70 4.83 (6.6%)
Cash flow 2.77 1.34 0.00 1.26 4.61 (0.13) 1.27 4.15 2.34 1.93 0.00 (3.9%)
Capex (0.76) (0.51) (1.10) 0.36 (0.70) (1.77) (0.91) 4.30 3.06 (2.27) 0.00 +13.0%
Free cash flow 2.01 0.82 (1.10) 1.62 3.91 (1.90) 0.36 8.45 5.39 (0.34) 0.00 n/m
Book value 11.93 11.67 11.77 10.70 11.00 9.72 10.77 11.68 6.08 11.43 0.00 (0.5%)
Shares, m 158 158 192 216 210 202 202 202 196 229 222 +4.2%
Valuation, ×
Valuation, × P/E 3.49 4.56 5.13 16.08 7.21 16.46 28.32 13.02 3.60 2.89 3.43 10.1
P/S 1.53 1.80 1.52 3.74 1.75 2.05 3.60 3.42 1.58 1.30 2.27 2.2
P/B 0.66 0.77 0.48 1.18 0.70 0.91 1.50 1.51 1.68 0.71 1.54 1.0
EV/Sales 2.48 2.90 3.73 5.68 2.90 3.73 5.17 3.87 3.62 4.91 4.67 3.9
EV/FCF 10.72 6.73 16.95 22.91 1.90 11.24 (7.22) 8.28 1.53 8.68 (116.21) 8.2
Cash, $m
Cash, $m Operating cash flow 438 211 1 272 970 (25) 256 837 458 444 675 +0.1%
Capex (120) (81) (211) 78 (147) (357) (184) 868 599 (521) (760) +17.7%
Free cash flow 319 130 (210) 350 822 (383) 72 1,705 1,057 (77) (85) n/m
Balance, $m
Balance, $m Working capital 184 122 234 486 248 138 353 1,207 78 (148) 100 n/m
Net debt 879 755 1,595 1,415 1,066 1,470 1,493 464 2,577 5,198 5,088 +21.8%
Shareholders’ equity 1,888 1,846 2,261 2,312 2,312 1,961 2,173 2,357 1,192 2,623 3,121 +3.7%
Returns, %
Returns, % ROA 6.70 0.05 (3.17) 2.71 12.05 (9.09) 5.25 23.23 23.78 2.61 0.00 (4.1) pt
ROIC 4.70 0.32 (1.21) 3.28 9.89 (5.13) 5.02 21.48 16.62 4.45 0.00 (0.3) pt
ROE 10.76 0.07 (5.36) 4.91 20.47 (15.86) 9.83 37.87 49.06 8.42 0.00 (2.3) pt
People
People Employees 3,051 2,952 2,900 2,910 3,720 3,147 2,946 3,216 2,752 326 — (22.0%)
Revenue/emp, $m 0.24 0.19 0.22 0.33 0.33 0.14 0.33 0.51 0.59 5.79 — +42.2%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Mar 2026 · fundamentals updated 26 Oct 2026

CMB.TECH nv vs peers in Oil & Gas Midstream (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
SOBO South Bow Corporation $6.6B 14.4× 19.5× +4.20% (above 0%: growing) +39.13% (above 0%: growing) +48.75% (above 0%: growing) 55.68% 48.90% Compare
HESM Hess Midstream Partners LP $6.3B 10.5× 10.5× −2.57% (below 0%: shrinking) +1.35% (above 0%: growing) +35.38% (above 0%: growing) 100.00% 63.98% Compare
INSW International Seaways Inc. $4.8B 4.5× 4.1× +146.04% (above 0%: growing) +386.01% (above 0%: growing) +323.97% (above 0%: growing) 0.00% 0.00% Compare
CMBT CMB.TECH nv $4.8B 3.4× 3.9× +519.15% (above 0%: growing) n/m +451.20% (above 0%: growing) 71.02% 54.45%
GLNG Golar LNG Limited $4.4B 27.1× 40.4× +100.86% (above 0%: growing) −30.19% (below 0%: shrinking) +33.24% (above 0%: growing) 67.68% 49.39% Compare
STNG Scorpio Tankers Inc. $4.1B 3.9× 4.4× +10.40% (above 0%: growing) +171.19% (above 0%: growing) +229.09% (above 0%: growing) 70.83% 100.99% Compare
EE Excelerate Energy, Inc. $4.0B 23.5× 22.8× −24.00% (below 0%: shrinking) +2.27% (above 0%: growing) −19.75% (below 0%: shrinking) 0.00% 31.81% Compare
TRMD TORM PLC $3.5B 5.6× — +110.28% (above 0%: growing) +451.67% (above 0%: growing) +48.55% (above 0%: growing) 89.05% 53.58% Compare
DHT DHT Holdings, Inc. $3.3B 7.0× 3.9× +122.12% (above 0%: growing) +251.43% (above 0%: growing) +122.28% (above 0%: growing) 83.01% 71.31% Compare
Median of peers $4.2B 8.7× 10.5× +55.63% +105.16% +48.65% 69.26% 51.49%

All 57 Oil & Gas Midstream stocks →

CMB.TECH nv (CMBT) Latest News

24 Oct

Impact 3 · · Simply Wall St.

11 Oct

Impact 3 · · Simply Wall St.

9 Oct

Impact 4 · · GlobeNewswire

8 Oct

Impact 3 · · GlobeNewswire

28 Aug

Impact 3 ·

27 Aug

Impact 4 · · The Motley Fool transcript
Impact 4 · transcript
Impact 4 ·
Impact 3 · · MarketBeat

3 Aug

Impact 3 ·

13 Jul

Impact 4 ·
Impact 4 ·

22 Jun

Impact 4 · · GlobeNewswire

26 May

Impact 4 · · GuruFocus.com

23 May

Impact 3 · · Simply Wall St.

21 May

Impact 4 · · MarketBeat

19 May

Impact 4 · · Insider Monkey
Impact 3 · · MarketBeat transcript
Impact 3 · · GlobeNewswire

12 May

Impact 4 · · Investor's Business Daily

21 Apr

Impact 3 ·

31 Mar

Impact 4 · · GlobeNewswire

27 Feb

Impact 4 · · GuruFocus.com

26 Feb

Impact 4 · · GlobeNewswire

12 Feb

Impact 3 · · GlobeNewswireFortuneInvestopediaMarketing Dive

9 Feb

Impact 3 · · GlobeNewswire

7 Jan

Impact 4 ·

16 Dec

Impact 4 ·

30 Nov

Impact 4 · · Simply Wall St.

29 Nov

Impact 3 · · Simply Wall St.

CMBT metrics, ten years each

stockrow.com/CMBT · Data as of Oct 26, 2026 · For information only; not investment advice. · © 2026 stockrow.com