# SBM Offshore N.V. (SBMO.AS)

Canonical: https://gigainvestors.com/s/SBMO.AS

Analysis as of: 2026-10-16T07:36:51.636Z. Financial observations: FY2003–FY2025.

Listing currency: EUR. Reporting currency: USD.

## Verdict

Not a wonderful business

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

Share price: EUR 34.48 per share; close as of 2026-10-15.

Estimated value: low EUR 36.98 per share, central EUR 41.51 per share, high EUR 47.54 per share. Buy at or below the central value EUR 41.51 per share. Valuation as of 2026-10-16T07:36:51.636Z; scenarios are not confidence intervals.

Expected annual return: 11.7% at the stated quote. About 11.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; NL 10-year bond 3.5% + 4 points).

## Checklist

### understandable: pass

- 3 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 1

- Operating margin variation: 0.17×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.25×

- FY2017: 0.19×

- FY2018: 0.27×

- FY2019: 0.22×

- FY2020: 0.17×

- FY2021: 0.20×

- FY2022: 0.20×

- FY2023: 0.23×

- FY2024: 0.19×

- FY2025: 0.30×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 7.2%

- ROIC, second-lowest year: 5.9%

- Typical minus recent gross margin: -0.5 pp

- Typical gross margin (annual median): 28.1%

- Recent gross margin (lower of latest and 3-year median): 28.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.8%

- ROIC including acquisitions, ten-year median: 4.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 6.4%

- FY2017: 3.2%

- FY2018: 8.4%

- FY2019: 9.8%

- FY2020: 7.0%

- FY2021: 6.9%

- FY2022: 7.5%

- FY2023: 9.2%

- FY2024: 5.9%

- FY2025: 13.4%

### economics: fail

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 0.96×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $2.4B

- Net income, five-year total: $2.5B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 10.8 pp

- Working capital / revenue, change between three-year averages: 71.7 pp

- Working capital / revenue, final three-year average: 133.2%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.10×

- FY2022: 0.99×

- FY2023: 0.81×

- FY2024: 0.69×

- FY2025: 1.01×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 6.4% vs 9.2%

- Per-share earnings: 0.14 to 2.71 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.9%

- Ordinary dilution, 5-year annual growth: -1.8%

- Market cap gain: $1.3B

- Cumulative retained earnings: $1.4B

- Diluted shares, 10-year annual growth: -1.9%

- Diluted shares, 5-year annual growth: -1.8%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 45.2%

- Per-share value change: $2.57

- Per-share value, starting three-year median: $0.14

- Per-share value, ending three-year median: $2.71

- Buybacks concentrated in cheaper years (correlation): 0.18

- Average buyback yield: 4.0%

- Buyback history: 9 years

- Debt-funded buybacks: Yes

- Acquisition spending: $176M

- Cumulative net income, 10 years: $3.4B

- ROIC, first three-year median: 6.4%

- ROIC, last three-year median: 9.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.87

- FY2017: -$0.76

- FY2018: $1.04

- FY2019: $2.60

- FY2020: $1.00

- FY2021: $2.18

- FY2022: $2.50

- FY2023: $2.71

- FY2024: $0.83

- FY2025: $5.47

### accounting: pass

- Sloan accruals: 0.4%

- Receivables to sales index (DSRI): 0.49×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 2.7%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.92×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.04×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.6%

- FY2017: -10.1%

- FY2018: -14.4%

- FY2019: 7.1%

- FY2020: 2.9%

- FY2021: 8.8%

- FY2022: 9.4%

- FY2023: 3.8%

- FY2024: -7.8%

- FY2025: 0.4%

## Holders

## Price story

Price needs cash profits to shrink 1.7% a year for ten years · sales +28.4%

Story as of 2026-10-16T10:00:08.248Z; price observation 2026-10-15.

Price needs cash profits to shrink 1.7% a year for ten years

- 2026-04-02: SBM Offshore’s Longtail FPSO Win Extends Guyana Growth And Investor Story ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/sbm-offshore-longtail-fpso-win-042802422.html))

### Sales · FY2024–2025

sales +28.4%; source https://filings.xbrl.org/549300RDGCRYZ5QE6513/2025-12-31/ESEF/NL/0/SBMO-2025-12-31-1-en/reports/SBMO-2025-12-31-1-en.html; observed 2026-03-04.

- FY2016: $2.3B 

- FY2017: $1.9B 

- FY2018: $2.2B 

- FY2019: $3.4B 

- FY2020: $3.5B 

- FY2021: $3.7B 

- FY2022: $4.9B 

- FY2023: $5.0B 

- FY2024: $4.8B 

- FY2025: $6.1B 

### Gross margin · FY2025

gross margin 34.2%; source https://filings.xbrl.org/549300RDGCRYZ5QE6513/2025-12-31/ESEF/NL/0/SBMO-2025-12-31-1-en/reports/SBMO-2025-12-31-1-en.html; observed 2026-03-04.

- FY2016: 36.9% 

- FY2017: 42.8% 

- FY2018: 35.8% 

- FY2019: 27.5% 

- FY2020: 25.4% 

- FY2021: 24.6% 

- FY2022: 24.1% 

- FY2023: 28.6% 

- FY2024: 23.7% 

- FY2025: 34.2% 

## Owner memo

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

### How it makes money

Operates in oil & gas equipment & services; annual sales are USD 6.1 billion.

- Source: https://filings.xbrl.org/549300RDGCRYZ5QE6513/2025-12-31/ESEF/NL/0/SBMO-2025-12-31-1-en/reports/SBMO-2025-12-31-1-en.html (filed 2026-03-04); FY2025: revenue 6143664924; grossProfit 2101314497; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SBMO.AS: SBM Offshore N.V. provides floating production solutions to the offshore energy industry worldwide. It operates in two segments, Lease and Operate, and Turnkey. It engages in the design, supply, installation, operation, demobilization, and life extension of floating production storage and offloading (FPSO) vessels. The company also operates catenary anchor leg mooring (CALM), a single point mooring (SPM) system terminal; tension leg floaters, turret mooring systems, floating offshore wind, and brownfield and offshore loading terminals; and floating energy hubs. In addition, it owns and operates a fleet of 15 FPSOs and 1 semi-submersible unit, as well as offering offshore technologies development and digital services in the offshore oil and gas industry and broader offshore infrastructure sector. Further, the company offers turnkey supply contracts and after-sales services, which consist mainly of large production systems, large mooring systems, deepwater export systems, fluid transfer systems, tanker loading and discharge terminals, design services, supply of special components and proprietary designs and equipment activities. The company was formerly known as IHC Caland and changed its name to SBM Offshore N.V. in 2005. SBM Offshore N.V. was founded in 1862 and is headquartered in Schiphol, the Netherlands.

### Why customers stay

Margins ranged from 23.7% to 34.2% during 2023–25; it earns 7.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2023: grossProfit / revenue = 28.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2024: grossProfit / revenue = 23.7%.

- Source: https://filings.xbrl.org/549300RDGCRYZ5QE6513/2025-12-31/ESEF/NL/0/SBMO-2025-12-31-1-en/reports/SBMO-2025-12-31-1-en.html (filed 2026-03-04); FY2025: grossProfit / revenue = 34.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); 10-year return on capital observations [[2016,0.06388883156193031],[2017,0.03165555706706571],[2018,0.08373701751666408],[2019,0.09766311400374927],[2020,0.06983330658806373],[2021,0.06891615712775612],[2022,0.07468962163527285],[2023,0.09174679487179487],[2024,0.05857620858516574],[2025,0.13418546291723427]]; median 0.07226146411166828. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 181.1 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2016: growth capex 0; upkeep 14000000; owner earnings 387000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2017: growth capex 0; upkeep 44000000; owner earnings 24000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2018: growth capex 0; upkeep 48000000; owner earnings 376000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2020: growth capex 0; upkeep 70000000; owner earnings 426800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2021: growth capex 0; upkeep 61000000; owner earnings 439800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2022: growth capex 0; upkeep 82000000; owner earnings 444982014.3884892. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2023: growth capex 6849570.141599506; upkeep 166150429.8584005; owner earnings 396518141.5953182. Growth capex / owner earnings = 0.017274291950530974.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2024: growth capex 0; upkeep 116000000; owner earnings 103857142.85714287. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/549300RDGCRYZ5QE6513/2025-12-31/ESEF/NL/0/SBMO-2025-12-31-1-en/reports/SBMO-2025-12-31-1-en.html (filed 2026-03-04); FY2025: growth capex 0; upkeep 35386174; owner earnings 967203705. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); Dividend observations: [[2016,64000000],[2017,93000000],[2018,103000000],[2019,108000000],[2020,233000000],[2021,166000000],[2022,177000000],[2023,198000000],[2024,249000000],[2025,170686268]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/549300RDGCRYZ5QE6513/2025-12-31/ESEF/NL/0/SBMO-2025-12-31-1-en/reports/SBMO-2025-12-31-1-en.html (filed 2026-03-04); FY2025: cash repurchases 181093968 USD.

### Are managers owners

Insiders own 24.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SBMO.AS SharesStats.PercentInsiders = 24.051000000000002 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 1.7% yearly over ten years; actual growth was 18.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); Ten-year compound average after fade. Initial solved rate -0.03695063430417517. Price 34.48; FX 0.891837899543379; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.03890216374987 → FY2025 5.517655946489439. Closing-price date 2026-10-15.

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

- 2016-10: EUR 13.09 per share

- 2016-11: EUR 13.62 per share

- 2016-12: EUR 14.92 per share

- 2017-01: EUR 15.04 per share

- 2017-02: EUR 14.52 per share

- 2017-03: EUR 15.38 per share

- 2017-04: EUR 15.13 per share

- 2017-05: EUR 13.71 per share

- 2017-06: EUR 14.03 per share

- 2017-07: EUR 14.61 per share

- 2017-08: EUR 13.45 per share

- 2017-09: EUR 15.35 per share

- 2017-10: EUR 15.32 per share

- 2017-11: EUR 13.94 per share

- 2017-12: EUR 14.67 per share

- 2018-01: EUR 15.03 per share

- 2018-02: EUR 13.98 per share

- 2018-03: EUR 13.00 per share

- 2018-04: EUR 13.93 per share

- 2018-05: EUR 13.53 per share

- 2018-06: EUR 13.33 per share

- 2018-07: EUR 13.29 per share

- 2018-08: EUR 13.93 per share

- 2018-09: EUR 15.59 per share

- 2018-10: EUR 15.28 per share

- 2018-11: EUR 13.41 per share

- 2018-12: EUR 12.93 per share

- 2019-01: EUR 14.42 per share

- 2019-02: EUR 16.59 per share

- 2019-03: EUR 16.96 per share

- 2019-04: EUR 16.52 per share

- 2019-05: EUR 15.84 per share

- 2019-06: EUR 16.98 per share

- 2019-07: EUR 17.95 per share

- 2019-08: EUR 15.23 per share

- 2019-09: EUR 15.25 per share

- 2019-10: EUR 15.42 per share

- 2019-11: EUR 15.30 per share

- 2019-12: EUR 16.59 per share

- 2020-01: EUR 15.54 per share

- 2020-02: EUR 14.24 per share

- 2020-03: EUR 12.04 per share

- 2020-04: EUR 11.56 per share

- 2020-05: EUR 12.29 per share

- 2020-06: EUR 13.02 per share

- 2020-07: EUR 13.14 per share

- 2020-08: EUR 14.49 per share

- 2020-09: EUR 13.66 per share

- 2020-10: EUR 13.84 per share

- 2020-11: EUR 15.83 per share

- 2020-12: EUR 15.57 per share

- 2021-01: EUR 14.17 per share

- 2021-02: EUR 14.69 per share

- 2021-03: EUR 15.62 per share

- 2021-04: EUR 14.48 per share

- 2021-05: EUR 14.14 per share

- 2021-06: EUR 12.82 per share

- 2021-07: EUR 12.24 per share

- 2021-08: EUR 15.43 per share

- 2021-09: EUR 15.40 per share

- 2021-10: EUR 13.66 per share

- 2021-11: EUR 12.45 per share

- 2021-12: EUR 13.10 per share

- 2022-01: EUR 14.04 per share

- 2022-02: EUR 13.55 per share

- 2022-03: EUR 14.42 per share

- 2022-04: EUR 13.80 per share

- 2022-05: EUR 15.13 per share

- 2022-06: EUR 12.94 per share

- 2022-07: EUR 13.61 per share

- 2022-08: EUR 13.94 per share

- 2022-09: EUR 12.90 per share

- 2022-10: EUR 13.70 per share

- 2022-11: EUR 15.21 per share

- 2022-12: EUR 14.66 per share

- 2023-01: EUR 14.43 per share

- 2023-02: EUR 13.87 per share

- 2023-03: EUR 13.68 per share

- 2023-04: EUR 12.81 per share

- 2023-05: EUR 12.71 per share

- 2023-06: EUR 12.56 per share

- 2023-07: EUR 13.21 per share

- 2023-08: EUR 13.37 per share

- 2023-09: EUR 12.43 per share

- 2023-10: EUR 11.75 per share

- 2023-11: EUR 12.21 per share

- 2023-12: EUR 12.45 per share

- 2024-01: EUR 11.85 per share

- 2024-02: EUR 13.14 per share

- 2024-03: EUR 14.79 per share

- 2024-04: EUR 13.95 per share

- 2024-05: EUR 14.15 per share

- 2024-06: EUR 14.30 per share

- 2024-07: EUR 14.98 per share

- 2024-08: EUR 17.07 per share

- 2024-09: EUR 16.39 per share

- 2024-10: EUR 16.77 per share

- 2024-11: EUR 17.12 per share

- 2024-12: EUR 16.96 per share

- 2025-01: EUR 18.14 per share

- 2025-02: EUR 20.22 per share

- 2025-03: EUR 19.69 per share

- 2025-04: EUR 18.54 per share

- 2025-05: EUR 20.22 per share

- 2025-06: EUR 22.50 per share

- 2025-07: EUR 22.86 per share

- 2025-08: EUR 23.36 per share

- 2025-09: EUR 21.76 per share

- 2025-10: EUR 22.40 per share

- 2025-11: EUR 24.58 per share

- 2025-12: EUR 24.50 per share

- 2026-01: EUR 30.22 per share

- 2026-02: EUR 32.58 per share

- 2026-03: EUR 34.62 per share

- 2026-04: EUR 36.44 per share

- 2026-05: EUR 32.64 per share

- 2026-06: EUR 30.34 per share

- 2026-07: EUR 32.34 per share

- 2026-08: EUR 35.08 per share

- 2026-09: EUR 35.06 per share

- 2026-10: EUR 35.90 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 11.34 per share, central EUR 12.53 per share, high EUR 14.11 per share

- FY2017: low EUR 10.14 per share, central EUR 11.14 per share, high EUR 12.47 per share

- FY2018: low EUR 17.25 per share, central EUR 19.22 per share, high EUR 21.85 per share

- FY2019: low EUR 30.27 per share, central EUR 34.17 per share, high EUR 39.36 per share

- FY2020: low EUR 23.63 per share, central EUR 27.05 per share, high EUR 31.18 per share

- FY2021: low EUR 28.87 per share, central EUR 33.31 per share, high EUR 38.01 per share

- FY2022: low EUR 35.88 per share, central EUR 43.53 per share, high EUR 50.37 per share

- FY2023: low EUR 27.09 per share, central EUR 32.11 per share, high EUR 37.10 per share

- FY2024: low EUR 25.83 per share, central EUR 29.05 per share, high EUR 33.33 per share

- FY2025: low EUR 34.28 per share, central EUR 38.54 per share, high EUR 44.22 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

[Original ESEF filing](https://filings.xbrl.org/549300RDGCRYZ5QE6513/2025-12-31/ESEF/NL/0/SBMO-2025-12-31-1-en/reports/SBMO-2025-12-31-1-en.html); period 2025-12-31, filed 2026-03-04.

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.