# Seatrium (S8N0.F)

Canonical: https://gigainvestors.com/s/S8N0.F

Analysis as of: 2026-10-16T07:33:38.181Z. Financial observations: FY2019–FY2025.

Listing currency: EUR. Reporting currency: SGD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 1.27 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 7 years

- Years with a net loss: 5

- Operating margin variation: 1.65×

Chart: Operating margin; fiscal year observations.

- FY2021: -0.66×

- FY2022: -0.11×

- FY2023: -0.07×

- FY2024: 0.02×

- FY2025: 0.04×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -3.2%

- ROIC, second-lowest year: -10.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.5%

- ROIC including acquisitions, ten-year median: -2.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2021: -15.5%

- FY2022: -3.2%

- FY2023: -10.9%

- FY2024: 3.2%

- FY2025: 8.3%

### economics: fail

- owner earnings cash conversion below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: SGD -2.2B

- Net income, five-year total: SGD -3.0B

- Working capital / revenue, annual change: 1.3 pp

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: SGD -1.1B

- FY2022: SGD -144M

- FY2023: SGD -1.8B

- FY2024: SGD 372M

- FY2025: SGD 457M

### management: pass

- buybacks leaned toward cheaper years (informational)

- Per-share earnings: -1.30 to 0.05 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 65.5%

- Diluted shares, 5-year annual growth: 65.5%

- Per-share value change: SGD 1.34

- Per-share value, starting three-year median: SGD -1.30

- Per-share value, ending three-year median: SGD 0.05

- Buybacks concentrated in cheaper years (correlation): 0.60

- Average buyback yield: 0.2%

- Buyback history: 5 years

- ROIC, last three-year median: 3.2%

Chart: Earnings per share; fiscal year observations.

- FY2019: SGD -1.23

- FY2020: SGD -2.11

- FY2021: SGD -1.30

- FY2022: SGD -0.17

- FY2023: SGD -0.65

- FY2024: SGD 0.05

- FY2025: SGD 0.09

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: 1.0%

- Receivables to sales index (DSRI): 0.44×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 22.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.44×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.58×

Chart: Sloan accruals; fiscal year observations.

- FY2021: -6.3%

- FY2022: -14.3%

- FY2023: -16.1%

- FY2024: 0.3%

- FY2025: 1.0%

## Holders

## Price story

Down 28% since Dec 2022 · sales +24.3%

Story as of 2026-10-16T09:59:56.280Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales +24.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2021: SGD 1.9B 

- FY2022: SGD 1.9B 

- FY2023: SGD 7.3B 

- FY2024: SGD 9.2B 

- FY2025: SGD 11B 

### Gross margin · FY2025

gross margin 7.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2024: 3.1% 

- FY2025: 7.4% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in oil & gas equipment & services; annual sales are SGD 11.5 billion.

- Source: https://eodhd.com/api/fundamentals/S8N0.F.json#2025-12-31 (filed 2026-10-16T07:33:38.181Z); FY2025: revenue 11471675000; grossProfit 847597000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); S8N0.F: Seatrium Limited provides engineering solutions to the offshore, marine, and energy industries. It operates through Rigs & floaters, Repairs & upgrades, Offshore platforms and Specialised shipbuilding; Ship chartering; and Others segments. The company engages in the turnkey design, engineering, procurement, construction, and commissioning of offshore newbuilding and conversions; FSOs, FPSOs, FDPSOs, FPUs, and MOPUs; gas terminals, FLNGs, FSRUs, and Gravifloat; offshore oil and gas fixed platforms; onshore LNG and plant modules; jack-ups, semi-submersibles, and drill ships; and TLPs, SPARs, and SSP solutions. It is also involved in the dry-docking, repair, refurbishment, retrofitting, life-extension, upgrading, and conversion of offshore and marine vessels and structures; gas carriers; cruise ships, ferries, and yachts; floating production vessels; mobile offshore drilling units, jack-ups, and semi submersibles; heavy lift vessels; and specialized projects, including jumboisation and dejumboisation. In addition, the company offers turnkey engineering, procurement, construction, transportation, installation, offshore hook-up, commissioning, and brownfield solutions; high voltage direct current (HVDC) converter stations, high voltage alternating current (HVAC) substations, and wind turbine foundations; and wind turbine installation vessels, floating offshore wind turbines, floating wind-HVDC stations, and HVAC stations. Further, it provides specialized shipbuilding solutions comprising ferry, RoPax, cruise, renewable energy support, offshore support, naval support and security, and research and scientific survey vessels. Additionally, it engages in LNG and ammonia assets; clean tech and energy transition; energies and alternative fuel value chain solutions; and digitalisation solutions. The company was formerly known as Sembcorp Marine Ltd and changed its name to Seatrium Limited in April 2023. Seatrium Limited was incorporated in 1963 and is headquartered in Singapore.

### Why customers stay

It lost 3.2% on its capital.

- Source: https://eodhd.com/api/fundamentals/S8N0.F.json#2023-12-31 (filed 2026-10-16T07:33:38.181Z); FY2023: grossProfit / revenue = -2.9%.

- Source: https://eodhd.com/api/fundamentals/S8N0.F.json#2024-12-31 (filed 2026-10-16T07:33:38.181Z); FY2024: grossProfit / revenue = 3.1%.

- Source: https://eodhd.com/api/fundamentals/S8N0.F.json#2025-12-31 (filed 2026-10-16T07:33:38.181Z); FY2025: grossProfit / revenue = 7.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.181Z); 7-year return on capital observations [[2021,-0.154983524050271],[2022,-0.03246306942474411],[2023,-0.10873901381676739],[2024,0.032329399368434],[2025,0.08343936219429711]]; median -0.03246306942474411. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 1 of 1 year; bought back SGD 14.7 million of shares.

- Source: https://eodhd.com/api/fundamentals/S8N0.F.json#2024-12-31 (filed 2026-10-16T07:33:38.181Z); FY2024: growth capex 0; upkeep 101611000; cash acquisitions 0; owner earnings 372340800. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/S8N0.F.json#2025-12-31 (filed 2026-10-16T07:33:38.181Z); FY2025: growth capex 0; upkeep 122569000; cash acquisitions 0; owner earnings 456680600. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.181Z); Dividend observations: [[2025,50784000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/S8N0.F.json#2025-12-31 (filed 2026-10-16T07:33:38.181Z); FY2025: cash repurchases 14728000 SGD.

### Are managers owners

Insiders own 0.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); S8N0.F SharesStats.PercentInsiders = 0.36 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.5 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.181Z); Closing price 1.27 EUR; reporting-to-trading FX 0.6958119292237442; FY2025 annual sales per share 3.3571081580156448; price multiple 0.5436839561743757. FY2025 cash earnings/share 0.13364449113729943. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 11.22 per share

- 2016-11: EUR 12.50 per share

- 2016-12: EUR 12.04 per share

- 2017-01: EUR 12.96 per share

- 2017-02: EUR 15.74 per share

- 2017-03: EUR 17.22 per share

- 2017-04: EUR 14.64 per share

- 2017-05: EUR 14.46 per share

- 2017-06: EUR 13.92 per share

- 2017-07: EUR 14.00 per share

- 2017-08: EUR 13.04 per share

- 2017-09: EUR 14.52 per share

- 2017-10: EUR 16.12 per share

- 2017-11: EUR 15.58 per share

- 2017-12: EUR 15.52 per share

- 2018-01: EUR 20.74 per share

- 2018-02: EUR 17.88 per share

- 2018-03: EUR 18.82 per share

- 2018-04: EUR 18.04 per share

- 2018-05: EUR 18.14 per share

- 2018-06: EUR 17.38 per share

- 2018-07: EUR 15.56 per share

- 2018-08: EUR 14.14 per share

- 2018-09: EUR 16.96 per share

- 2018-10: EUR 13.44 per share

- 2018-11: EUR 13.28 per share

- 2018-12: EUR 13.06 per share

- 2019-01: EUR 13.44 per share

- 2019-02: EUR 14.60 per share

- 2019-03: EUR 13.86 per share

- 2019-04: EUR 14.68 per share

- 2019-05: EUR 11.94 per share

- 2019-06: EUR 12.86 per share

- 2019-07: EUR 11.58 per share

- 2019-08: EUR 9.74 per share

- 2019-09: EUR 10.34 per share

- 2019-10: EUR 11.80 per share

- 2019-11: EUR 11.70 per share

- 2019-12: EUR 11.70 per share

- 2020-01: EUR 10.06 per share

- 2020-02: EUR 9.02 per share

- 2020-03: EUR 5.66 per share

- 2020-04: EUR 6.40 per share

- 2020-05: EUR 5.70 per share

- 2020-06: EUR 3.52 per share

- 2020-07: EUR 3.00 per share

- 2020-08: EUR 2.30 per share

- 2020-09: EUR 1.62 per share

- 2020-10: EUR 1.36 per share

- 2020-11: EUR 1.78 per share

- 2020-12: EUR 1.50 per share

- 2021-01: EUR 1.46 per share

- 2021-02: EUR 1.70 per share

- 2021-03: EUR 1.94 per share

- 2021-04: EUR 2.24 per share

- 2021-05: EUR 2.14 per share

- 2021-06: EUR 1.22 per share

- 2021-07: EUR 1.08 per share

- 2021-08: EUR 0.72 per share

- 2021-09: EUR 0.78 per share

- 2021-10: EUR 0.82 per share

- 2021-11: EUR 0.88 per share

- 2021-12: EUR 0.88 per share

- 2022-01: EUR 0.90 per share

- 2022-02: EUR 0.90 per share

- 2022-03: EUR 1.12 per share

- 2022-04: EUR 1.68 per share

- 2022-05: EUR 1.44 per share

- 2022-06: EUR 1.30 per share

- 2022-07: EUR 1.34 per share

- 2022-08: EUR 1.48 per share

- 2022-09: EUR 1.32 per share

- 2022-10: EUR 1.62 per share

- 2022-11: EUR 1.72 per share

- 2022-12: EUR 1.76 per share

- 2023-01: EUR 1.68 per share

- 2023-02: EUR 1.44 per share

- 2023-03: EUR 1.38 per share

- 2023-04: EUR 1.42 per share

- 2023-05: EUR 1.42 per share

- 2023-06: EUR 1.48 per share

- 2023-07: EUR 1.62 per share

- 2023-08: EUR 1.66 per share

- 2023-09: EUR 1.60 per share

- 2023-10: EUR 1.26 per share

- 2023-11: EUR 1.22 per share

- 2023-12: EUR 1.30 per share

- 2024-01: EUR 1.20 per share

- 2024-02: EUR 1.02 per share

- 2024-03: EUR 0.94 per share

- 2024-04: EUR 1.14 per share

- 2024-05: EUR 1.21 per share

- 2024-06: EUR 0.95 per share

- 2024-07: EUR 1.16 per share

- 2024-08: EUR 1.00 per share

- 2024-09: EUR 1.21 per share

- 2024-10: EUR 1.26 per share

- 2024-11: EUR 1.35 per share

- 2024-12: EUR 1.43 per share

- 2025-01: EUR 1.55 per share

- 2025-02: EUR 1.48 per share

- 2025-03: EUR 1.42 per share

- 2025-04: EUR 1.26 per share

- 2025-05: EUR 1.38 per share

- 2025-06: EUR 1.33 per share

- 2025-07: EUR 1.52 per share

- 2025-08: EUR 1.54 per share

- 2025-09: EUR 1.56 per share

- 2025-10: EUR 1.42 per share

- 2025-11: EUR 1.45 per share

- 2025-12: EUR 1.41 per share

- 2026-01: EUR 1.37 per share

- 2026-02: EUR 1.57 per share

- 2026-03: EUR 1.62 per share

- 2026-04: EUR 1.54 per share

- 2026-05: EUR 1.45 per share

- 2026-06: EUR 1.32 per share

- 2026-07: EUR 1.42 per share

- 2026-08: EUR 1.46 per share

- 2026-09: EUR 1.40 per share

- 2026-10: EUR 1.27 per share

## Annual estimated value (EUR per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations