SBM Offshore N.V. SBFFY

EnergyOil & Gas Related Equipment and ServicesNetherlands

Last close 37.68 USD on Nov 2, 2026, +32.7% year to date

Quant rating

Quant rating C Rank 49 of 113 in Energy

Growth B 43 of 113
Valuation B 32 of 113
Quality C 77 of 113
Revisions C 57 of 113
Momentum C 52 of 113

Wall Street consensus Buy (2.40)Average target 48.83 USD +29.6%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 6.6B
Enterprise value: 14.6B
52-week range: 25.49 – 44.15
3-year range: 12.75 – 44.15
Dividend yield: 2.21%
Beta (5 years): 0.39
Shares outstanding: 171M
Next earnings: Feb 18, 2027

About the company

SBM Offshore N.V. is the Netherlands-based company, that provides floating production solutions to the offshore energy industry, both in hydrocarbon and in renewable market segments. The Company’s main activities are the design, supply, installation, operation and life extension of Floating Production Storage and Offloading (FPSO) vessels. The Company’s primary business segments are: Lease and Operate and Turnkey: The Lease and Operate segment focuses on providing leasing and operation of oil and gas production facilities; The Turnkey segment providing engineering, supply, overhaul and maintenance of Catenary Anchor Leg Mooring (CALM) buoys, swivels, mooring systems, fluid transfer systems and offloading systems. SBM Offshore is also active in the renewable energy market, with a dedicated New Energies & Services (NES) division working on floating offshore wind and wave energy solutions, as well as investing in research and development of products for future markets.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	5,903	4,784	4,963	4,913	3,672	–
Revenue growth	23.4%	−3.6%	1.0%	33.8%	7.4%	11.5%
EPS (basic, normalized)	3.91	5.08	2.92	2.50	2.21	–
EPS growth	−23.0%	74.0%	16.8%	13.1%	–	–
Gross margin	34.2%	23.7%	28.6%	24.1%	23.0%	26.7%
Net margin	15.6%	3.1%	9.9%	9.2%	10.9%	9.7%
ROE	23.0%	4.1%	13.8%	15.1%	15.6%	14.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
Net debt / equity	–
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	5,903	+23.4%	2.5x	1,709	−5.1%	8.6x	3.91	−23.0%	9.6x
2026	7,545	+27.8%	1.9x	1,919	+12.3%	7.6x	5.62	+43.8%	6.7x
2027	5,920	−21.5%	2.5x	1,581	−17.6%	9.3x	4.01	−28.6%	9.4x
2028	6,327	+6.9%	2.3x	1,753	+10.9%	8.4x	4.35	+8.3%	8.7x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	7,545	0.0%	+2.2%	+7.5%	5.62	−0.1%	+18.4%	+14.4%
2027	5,920	0.0%	−0.3%	+7.8%	4.01	−0.2%	−0.2%	+6.7%
2028	6,327	0.0%	+4.9%	+12.7%	4.35	−0.1%	+8.8%	+13.0%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	1,103	1,208	1,260	1,495	3,489	1,415
Sales mean (mil)	–	–	–	–	1,121	–	–	1,430	2,900	1,175
Surprise	–	–	–	–	−1.6%	–	–	+4.5%	+20.3%	+20.4%
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Oil & Gas Related Equipment and Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
SBFFY SBM Offshore N.V.	6.6B	–	15.6%	1.42x	6.7x	9.4x	7.6x	9.3x
THNPY Technip Energies N.V.	6.7B	−4.48x	5.1%	2.60x	14.8x	11.8x	5.1x	4.0x
HESM Hess Midstream LP	6.7B	2.87x	21.8%	13.00x	10.5x	11.5x	8.2x	10.2x
NOV NOV Inc.	6.7B	0.94x	1.7%	1.07x	20.6x	14.6x	7.6x	6.8x
VAL Valaris Ltd	6.6B	0.85x	41.5%	2.04x	34.0x	13.6x	14.1x	9.1x
WFRD Weatherford International PLC	6.4B	0.33x	8.8%	3.30x	15.7x	13.3x	6.9x	6.2x
Mean		0.10x	15.7%	3.90x	17.1x	12.4x	8.3x	7.6x
Median		0.85x	12.2%	2.32x	15.3x	12.5x	7.6x	7.9x

Technical analysis

1M−9.6%
3M−1.8%
1Y+49.9%
3Y+203.4%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, SBM Offshore N.V., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	5,903	4,784	4,963	4,913	3,672	3,419
Cost of revenue	3,884	3,652	3,543	3,731	2,826	2,607
Gross profit	2,019	1,132	1,420	1,182	846	812
Selling, general & administrative expenses	193	180	202	165	168	183
Research & development	30.0	35.0	32.0	32.0	24.0	24.0
Depreciation/amortization	18.0	9.0	9.0	7.0	9.0	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	−27.0	−25.0	31.0	−20.0	−91.4	4.0
Other operating expenses	4.0	5.0	1.0	−22.0	2.4	−4.0
Operating income	1,801	928	1,145	1,020	734	605
Net interest income (expense)	−673	−803	−696	−333	−92.0	−164
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	98.0	158	140	−27.0	−99.0	−75.0
Net income before taxes	1,226	283	589	660	543	366
Provision for taxes	117	73.0	−25.0	104	71.0	38.0
Minority interest	−186	−61.0	−123	−105	−72.0	−137
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	923	149	491	451	400	191
Extraordinary items	–	–	–	–	–	–
Net income	923	149	491	451	400	191
EBIT, normalized	1,774	942	1,182	1,110	643	684
EBITDA, normalized	1,840	1,012	1,246	1,195	755	1,004
Basic EPS, normalized	3.91	5.08	2.92	2.50	2.21	–

Balance sheet in millions of USD, fiscal years

Balance sheet, SBM Offshore N.V., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,086	806	543	683	1,021	414
Receivables	4,855	8,357	8,349	8,012	5,152	3,089
Total inventory	332	37.0	149	25.0	14.0	143
Prepaid expenses	239	311	126	149	138	64.0
Other current assets	285	288	252	202	91.0	132
Total current assets	6,797	9,799	9,419	9,071	6,416	3,842
Property, plant & equipment	278	266	384	314	396	542
Goodwill	–	–	–	–	–	0
Intangibles	194	176	153	117	86.0	50.0
Long-term investments	24.0	21.0	288	290	361	282
Note receivable	10,298	6,278	6,427	5,619	5,925	6,285
Other long-term assets	506	617	505	478	27.0	84.0
Total assets	18,097	17,157	17,176	15,889	13,211	11,085
Liabilities
Accounts payable	252	237	254	204	151	131
Payable/accrued	–	–	–	–	–	–
Accrued expenses	793	664	666	948	620	521
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	2,568	1,229	1,105	1,691	1,773	1,236
Other current liabilities	1,100	757	775	760	654	686
Total current liabilities	4,713	2,887	2,800	3,603	3,198	2,574
Long-term debt	6,587	7,714	8,186	6,873	5,928	4,386
Minority interest	2,076	2,225	1,797	1,517	957	905
Other liabilities	315	712	659	499	548	663
Total liabilities	13,691	13,538	13,442	12,492	10,631	8,528
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	50.0	46.0	50.0	48.0	51.0	58.0
Additional paid-in capital	1,007	1,007	1,007	1,007	1,034	1,034
Retained earnings (accumulated deficit)	3,185	2,541	2,528	2,226	1,932	1,834
Treasury stock	−64.0	−31.0	−26.0	−42.0	−69.0	−51.0
Other equity	228	56.0	175	158	−368	−318
Total equity	4,406	3,619	3,734	3,397	2,580	2,557
Total liabilities & shareholders' equity	18,097	17,157	17,176	15,889	13,211	11,085

Cash flow statement in millions of USD, fiscal years

Cash flow statement, SBM Offshore N.V., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	1,226	283	589	660	543	366
Depreciation, depletion & amortization	66.0	70.0	65.0	85.0	112	320
Deferred taxes	–	–	–	–	–	–
Non-cash items	621	678	605	476	195	262
Changes in working capital	−699	451	−1,428	−2,270	−1,605	−1,076
Cash from operations	1,214	1,482	−169	−1,049	−755	−128
Investing activities
Capital expenditures	−69.0	−116	−173	−82.0	−61.0	−70.0
Other investing cash flows	187	208	31.0	149	66.0	53.0
Cash from investing	118	92.0	−142	67.0	5.0	−17.0
Financing activities
Financing cash flow items	−402	−107	2.0	106	−206	−308
Cash dividends paid	−452	−249	−279	−217	−292	−150
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−189	−951	447	757	1,857	508
Cash from financing	−1,043	−1,307	170	646	1,359	50.0
Foreign exchange effects	−10.0	−4.0	1.0	−3.0	−2.0	5.0
Net change in cash	279	263	−140	−339	607	−90.0
Free cash flow	1,145	1,366	−342	−1,131	−816	−198

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.