# Schoeller-Bleckmann Oilfield Equipment Aktiengesellschaft (SBO.VI)

Canonical: https://gigainvestors.com/s/SBO.VI

Analysis as of: 2026-10-16T07:46:45.035Z. Financial observations: FY2015–FY2026.

Listing currency: EUR. Reporting currency: EUR.

## 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 29.45 per share; close as of 2026-10-15.

Estimated value: low EUR 46.65 per share, central EUR 50.93 per share, high EUR 56.62 per share. Buy at or below the central value EUR 50.93 per share. Valuation as of 2026-10-16T07:46:45.035Z; scenarios are not confidence intervals.

Expected annual return: 21.6% at the stated quote. About 21.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; AT 10-year bond 3.7% + 4 points).

## Checklist

### understandable: fail

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

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 2

- Operating margin variation: 13.32×

Chart: Operating margin; fiscal year observations.

- FY2017: -0.35×

- FY2018: -0.08×

- FY2019: -0.10×

- FY2020: -0.27×

- FY2021: 0.06×

- FY2022: 0.18×

- FY2023: 0.19×

- FY2024: 0.13×

- FY2025: 0.08×

- LTM to Jun 2026: 0.04×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 0.1%

- ROIC, second-lowest year: -29.0%

- Typical minus recent gross margin: -8.5 pp

- Typical gross margin (annual median): 20.1%

- Recent gross margin (lower of latest and 3-year median): 28.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 8.0%

- ROIC including acquisitions, ten-year median: 6.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -29.0%

- FY2017: -28.5%

- FY2018: -6.9%

- FY2019: -8.8%

- FY2020: -29.2%

- FY2021: 7.1%

- FY2022: 27.2%

- FY2023: 20.9%

- FY2024: 13.6%

- FY2025: 7.5%

### economics: pass

- Owner earnings / net income, 5-yr: 0.94×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 222M

- Net income, five-year total: EUR 237M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -6.5 pp

- Working capital / revenue, change between three-year averages: -44.3 pp

- Working capital / revenue, final three-year average: 50.8%

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

- FY2021: 1.54×

- FY2022: 1.02×

- FY2023: 0.97×

- FY2024: 0.89×

- FY2025: 0.12×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -28.5% vs 13.6%

- Per-share earnings: 2.03 to 2.88 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.0%

- Market cap gain: EUR -923M

- Cumulative retained earnings: EUR 122M

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 6.0%

- Per-share value change: EUR 0.85

- Per-share value, starting three-year median: EUR 2.03

- Per-share value, ending three-year median: EUR 2.88

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 0.5%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 141M

- Cumulative net income, 10 years: EUR 206M

- ROIC, first three-year median: -28.5%

- ROIC, last three-year median: 13.6%

Chart: Earnings per share; fiscal year observations.

- FY2017: EUR -3.42

- FY2018: EUR 2.59

- FY2019: EUR 2.03

- FY2020: EUR -1.38

- FY2021: EUR 1.33

- FY2022: EUR 4.78

- FY2023: EUR 4.54

- FY2024: EUR 2.88

- FY2025: EUR 1.50

### accounting: pass

- Sloan accruals: -5.5%

- Receivables to sales index (DSRI): 1.00×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.07×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.36×

- Stock compensation / operating cash flow: 0.0%

Chart: Sloan accruals; fiscal year observations.

- FY2016: -7.4%

- FY2017: -13.2%

- FY2018: 0.9%

- FY2019: -7.5%

- FY2020: -14.9%

- FY2021: -0.2%

- FY2022: 2.5%

- FY2023: -1.8%

- FY2024: -5.4%

- FY2025: -5.5%

## Holders

## Price story

Down 57% since Feb 2023 · sales -10.7%

Story as of 2026-10-16T10:00:13.600Z; price observation 2026-10-15.

Price needs cash profits to shrink 11% a year for ten years

### Sales · FY2025–2026

sales -10.7%; source https://filings.xbrl.org/549300ZD9ED8GSG3JW36/2025-12-31/ESEF/AT/0/549300ZD9ED8GSG3JW36-2025-12-31-1-de/reports/549300ZD9ED8GSG3JW36-2025-12-31-1-de.xhtml; observed 2026-03-24.

- FY2017: EUR 222M 

- FY2018: EUR 321M 

- FY2019: EUR 351M 

- FY2020: EUR 229M 

- FY2021: EUR 293M 

- FY2022: EUR 501M 

- FY2023: EUR 586M 

- FY2024: EUR 560M 

- FY2025: EUR 455M 

- FY2026: EUR 406M 

### Gross margin · FY2025

gross margin 28.7%; source https://filings.xbrl.org/549300ZD9ED8GSG3JW36/2025-12-31/ESEF/AT/0/549300ZD9ED8GSG3JW36-2025-12-31-1-de/reports/549300ZD9ED8GSG3JW36-2025-12-31-1-de.xhtml; observed 2026-03-24.

- FY2018: 14.4% 

- FY2019: 10.9% 

- FY2020: 1.7% 

- FY2021: 25.9% 

- FY2022: 33.7% 

- FY2023: 34.6% 

- FY2024: 30.4% 

- FY2025: 28.7% 

## Owner memo

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

### How it makes money

Operates in oil & gas equipment & services; annual sales are EUR 455.3 million.

- Source: https://filings.xbrl.org/549300ZD9ED8GSG3JW36/2025-12-31/ESEF/AT/0/549300ZD9ED8GSG3JW36-2025-12-31-1-de/reports/549300ZD9ED8GSG3JW36-2025-12-31-1-de.xhtml (filed 2026-03-24); FY2025: revenue 455267000; grossProfit 130535000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SBO.VI: SBO AG manufactures and sells steel products worldwide. The company operates in two segments, Precision Technology and Energy Equipment. It offers high-strength non-magnetic steels and precision components; advanced additive manufacturing; service and repair; energy equipment, such as high-performance drilling motors; rotary steerable tools; circulation tools; and well-completion solutions. SBO AG was formerly known as Schoeller-Bleckmann Oilfield Equipment Aktiengesellschaft and changed its name to SBO AG in July 2025. The company was founded in 1862 and is headquartered in Ternitz, Austria.

### Why customers stay

Margins ranged from 28.7% to 34.6% during 2023–25; it earns 0.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2023: grossProfit / revenue = 34.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2024: grossProfit / revenue = 30.4%.

- Source: https://filings.xbrl.org/549300ZD9ED8GSG3JW36/2025-12-31/ESEF/AT/0/549300ZD9ED8GSG3JW36-2025-12-31-1-de/reports/549300ZD9ED8GSG3JW36-2025-12-31-1-de.xhtml (filed 2026-03-24); FY2025: grossProfit / revenue = 28.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); 10-year return on capital observations [[2016,-0.2895755508832343],[2017,-0.2854838322302331],[2018,-0.06875579836892094],[2019,-0.08795029415700047],[2020,-0.29247570464018946],[2021,0.0711539712493026],[2022,0.2720363354834437],[2023,0.20874727088186112],[2024,0.136392554057196],[2025,0.07537252467499948]]; median 0.0011990864401908302. 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 EUR 1057.9 of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2016: growth capex 0; upkeep 12929000; owner earnings 15130000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2017: growth capex 0; upkeep 31962000; owner earnings 12667000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2019: growth capex 0; upkeep 31363000; owner earnings 47657200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2020: growth capex 0; upkeep 16131000; owner earnings 15735600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2021: growth capex 0; upkeep 19225000; owner earnings 32211600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2022: growth capex 0; upkeep 29189000; owner earnings 77065000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2023: growth capex 8476000; upkeep 29002000; owner earnings 69780600. Growth capex / owner earnings = 0.12146642476562254.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2024: growth capex 0; upkeep 34556000; owner earnings 40397200. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/549300ZD9ED8GSG3JW36/2025-12-31/ESEF/AT/0/549300ZD9ED8GSG3JW36-2025-12-31-1-de/reports/549300ZD9ED8GSG3JW36-2025-12-31-1-de.xhtml (filed 2026-03-24); FY2025: growth capex 0; upkeep 49996000; owner earnings 2765600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); Dividend observations: [[2016,7994000],[2017,15355000],[2018,15355000],[2019,18141000],[2020,18861000],[2021,11797000],[2022,11797000],[2023,31459000],[2024,31518000],[2025,27579000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/549300ZD9ED8GSG3JW36/2025-12-31/ESEF/AT/0/549300ZD9ED8GSG3JW36-2025-12-31-1-de/reports/549300ZD9ED8GSG3JW36-2025-12-31-1-de.xhtml (filed 2026-03-24); FY2025: cash repurchases 1057.8750000000002 EUR.

### Are managers owners

Insiders own 36.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SBO.VI SharesStats.PercentInsiders = 36.394999999999996 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 11% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); Ten-year compound average after fade. Initial solved rate -0.1664140845104785. Price 29.45; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

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

- 2016-10: EUR 64.51 per share

- 2016-11: EUR 67.04 per share

- 2016-12: EUR 77.63 per share

- 2017-01: EUR 69.79 per share

- 2017-02: EUR 69.60 per share

- 2017-03: EUR 65.30 per share

- 2017-04: EUR 64.14 per share

- 2017-05: EUR 60.82 per share

- 2017-06: EUR 57.30 per share

- 2017-07: EUR 64.00 per share

- 2017-08: EUR 58.50 per share

- 2017-09: EUR 67.71 per share

- 2017-10: EUR 80.14 per share

- 2017-11: EUR 79.00 per share

- 2017-12: EUR 85.00 per share

- 2018-01: EUR 87.60 per share

- 2018-02: EUR 84.85 per share

- 2018-03: EUR 89.35 per share

- 2018-04: EUR 102.90 per share

- 2018-05: EUR 108.10 per share

- 2018-06: EUR 103.30 per share

- 2018-07: EUR 97.70 per share

- 2018-08: EUR 93.15 per share

- 2018-09: EUR 94.45 per share

- 2018-10: EUR 79.20 per share

- 2018-11: EUR 73.90 per share

- 2018-12: EUR 57.35 per share

- 2019-01: EUR 67.90 per share

- 2019-02: EUR 68.15 per share

- 2019-03: EUR 74.00 per share

- 2019-04: EUR 83.40 per share

- 2019-05: EUR 70.70 per share

- 2019-06: EUR 74.60 per share

- 2019-07: EUR 72.20 per share

- 2019-08: EUR 57.70 per share

- 2019-09: EUR 54.50 per share

- 2019-10: EUR 51.20 per share

- 2019-11: EUR 50.70 per share

- 2019-12: EUR 50.30 per share

- 2020-01: EUR 41.60 per share

- 2020-02: EUR 37.05 per share

- 2020-03: EUR 30.00 per share

- 2020-04: EUR 27.00 per share

- 2020-05: EUR 24.40 per share

- 2020-06: EUR 23.45 per share

- 2020-07: EUR 22.10 per share

- 2020-08: EUR 25.00 per share

- 2020-09: EUR 22.75 per share

- 2020-10: EUR 20.75 per share

- 2020-11: EUR 27.50 per share

- 2020-12: EUR 31.10 per share

- 2021-01: EUR 31.05 per share

- 2021-02: EUR 39.05 per share

- 2021-03: EUR 38.25 per share

- 2021-04: EUR 35.60 per share

- 2021-05: EUR 36.40 per share

- 2021-06: EUR 35.45 per share

- 2021-07: EUR 30.75 per share

- 2021-08: EUR 31.70 per share

- 2021-09: EUR 34.90 per share

- 2021-10: EUR 35.25 per share

- 2021-11: EUR 29.90 per share

- 2021-12: EUR 30.95 per share

- 2022-01: EUR 37.25 per share

- 2022-02: EUR 38.25 per share

- 2022-03: EUR 48.85 per share

- 2022-04: EUR 54.70 per share

- 2022-05: EUR 60.70 per share

- 2022-06: EUR 53.70 per share

- 2022-07: EUR 55.80 per share

- 2022-08: EUR 60.30 per share

- 2022-09: EUR 44.90 per share

- 2022-10: EUR 55.70 per share

- 2022-11: EUR 64.80 per share

- 2022-12: EUR 58.20 per share

- 2023-01: EUR 67.40 per share

- 2023-02: EUR 68.50 per share

- 2023-03: EUR 59.30 per share

- 2023-04: EUR 57.00 per share

- 2023-05: EUR 51.40 per share

- 2023-06: EUR 53.10 per share

- 2023-07: EUR 55.00 per share

- 2023-08: EUR 51.30 per share

- 2023-09: EUR 55.80 per share

- 2023-10: EUR 47.70 per share

- 2023-11: EUR 41.30 per share

- 2023-12: EUR 44.20 per share

- 2024-01: EUR 44.05 per share

- 2024-02: EUR 41.65 per share

- 2024-03: EUR 44.30 per share

- 2024-04: EUR 45.70 per share

- 2024-05: EUR 39.10 per share

- 2024-06: EUR 37.80 per share

- 2024-07: EUR 36.70 per share

- 2024-08: EUR 32.70 per share

- 2024-09: EUR 28.85 per share

- 2024-10: EUR 27.65 per share

- 2024-11: EUR 29.25 per share

- 2024-12: EUR 29.80 per share

- 2025-01: EUR 34.50 per share

- 2025-02: EUR 34.05 per share

- 2025-03: EUR 35.45 per share

- 2025-04: EUR 31.35 per share

- 2025-05: EUR 30.55 per share

- 2025-06: EUR 30.15 per share

- 2025-07: EUR 29.05 per share

- 2025-08: EUR 27.30 per share

- 2025-09: EUR 26.70 per share

- 2025-10: EUR 28.75 per share

- 2025-11: EUR 27.60 per share

- 2025-12: EUR 27.25 per share

- 2026-01: EUR 31.70 per share

- 2026-02: EUR 35.55 per share

- 2026-03: EUR 36.15 per share

- 2026-04: EUR 36.95 per share

- 2026-05: EUR 34.00 per share

- 2026-06: EUR 28.80 per share

- 2026-07: EUR 29.35 per share

- 2026-08: EUR 31.25 per share

- 2026-09: EUR 29.55 per share

- 2026-10: EUR 29.85 per share

## Annual estimated value (EUR per share)

- FY2019: low EUR 29.87 per share, central EUR 31.76 per share, high EUR 34.27 per share

- FY2020: low EUR 30.61 per share, central EUR 32.12 per share, high EUR 34.13 per share

- FY2021: low EUR 32.15 per share, central EUR 34.08 per share, high EUR 36.65 per share

- FY2022: low EUR 55.97 per share, central EUR 61.26 per share, high EUR 68.29 per share

- FY2023: low EUR 57.96 per share, central EUR 64.63 per share, high EUR 73.51 per share

- FY2024: low EUR 62.02 per share, central EUR 67.91 per share, high EUR 75.76 per share

- FY2025: low EUR 52.02 per share, central EUR 56.81 per share, high EUR 63.18 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

Prior published observations retained from 2026-10-15T06:52:29.809Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/549300ZD9ED8GSG3JW36/2025-12-31/ESEF/AT/0/549300ZD9ED8GSG3JW36-2025-12-31-1-de/reports/549300ZD9ED8GSG3JW36-2025-12-31-1-de.xhtml); period 2025-12-31, filed 2026-03-24.

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.