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) Piotroski F-score
CMB.TECH nv's Piotroski F-score for fiscal 2025 is 3 out of 9: 3 of nine tests of profitability, leverage and efficiency passed, down from 5 in fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 3 | (2.00) |
| FY2024 | 5 | (2.00) |
| FY2023 | 7 | 0.00 |
| FY2022 | 7 | 5.00 |
| FY2021 | 2 | (6.00) |
| FY2020 | 8 | 0.00 |
| FY2019 | 8 | 5.00 |
| FY2018 | 3 | (2.00) |
| FY2017 | 5 | 2.00 |
| FY2016 | 3 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 2.61% | 23.78% | Pass | 1 |
| Positive operating cash flow | 443.54m | 458.01m | Pass | 1 |
| Rising return on assets | 2.61% | 23.78% | Fail | 0 |
| Cash flow above net income | 282.84m | (412.81m) | Pass | 1 |
| Falling long-term leverage | 0.77 | 0.63 | Fail | 0 |
| Rising current ratio | 0.86 | 1.20 | Fail | 0 |
| No new shares issued | 229,443,000 | 196,042,000 | Fail | 0 |
| Rising gross margin | 57.85% | 76.76% | Fail | 0 |
| Rising asset turnover | 0.31 | 0.44 | Fail | 0 |
| Piotroski F-score | Weak — most fundamentals deteriorated | 3 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| GLNG Golar LNG Limited compare | 8 |
| DHT DHT Holdings, Inc. compare | 7 |
| STNG Scorpio Tankers Inc. compare | 6 |
| SOBO South Bow Corporation compare | 6 |
| HESM Hess Midstream Partners LP compare | 6 |
| INSW International Seaways Inc. compare | 5 |
| TRMD TORM PLC compare | 4 |
| CMBT CMB.TECH nv | 3 |
| SUNC SunocoCorp LLC compare | — |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover