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. In the quarter to June 2026, revenue grew 519.2%, EPS grew 677.3%, free cash flow grew 451.2% and total debt fell 4.98%, each against the same quarter a year earlier.
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CMB.TECH nv (CMBT) Altman Z-score
CMB.TECH nv's Altman Z-score for fiscal 2025 is 0.77, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 0.77 | (1.22) |
| FY2024 | 2.00 | (2.18) |
| FY2023 | 4.17 | 2.29 |
| FY2022 | 1.88 | 1.30 |
| FY2021 | 0.58 | (1.26) |
| FY2020 | 1.84 | 0.29 |
| FY2019 | 1.54 | 0.84 |
| FY2018 | 0.70 | (0.71) |
| FY2017 | 1.41 | (0.02) |
| FY2016 | 1.43 | (0.69) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.02) | — | −0.02 | |
| Retained earnings / total assets | 0.09 | — | 0.12 | |
| EBIT / total assets | 0.07 | — | 0.22 | |
| Market value of equity / total liabilities | 0.38 | — | 0.23 | |
| Sales / total assets | 0.22 | — | 0.22 | |
| Altman Z-score | Distress zone | 0.77 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | 1.09 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| INSW International Seaways Inc. compare | 3.4× |
| STNG Scorpio Tankers Inc. compare | 3.3× |
| DHT DHT Holdings, Inc. compare | 3.3× |
| TRMD TORM PLC compare | 2.5× |
| GLNG Golar LNG Limited compare | 1.0× |
| SOBO South Bow Corporation compare | 0.9× |
| CMBT CMB.TECH nv | 0.8× |
| HESM Hess Midstream Partners LP compare | — |
| SUNC SunocoCorp LLC compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets