SBM Offshore SBMO.AS
NetherlandsEnergy · Oil & Gas Equipment & ServicesEuronext Ámsterdam · EUR
45.65 EUR (+30.6%)
8 analysts
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SBM Offshore is a Dutch provider of floating solutions for the oil and gas industry, specializing in the design, construction, and operation of FPSOs (floating production, storage, and offloading units) under long-term contracts.
Listed on Euronext Ámsterdam · Symbol SBMO.AS · AMS: SBMO · Currency EUR
Key points
from its scores- ✓Good share-price trend8.6
- ✓Attractive valuation8.4
- ✓Favourable backdrop7.6
- ✕Weak growth4.2
- !Modest dividend5.6
AI analysis
bottom line, main risk, context and newsValuation is attractive and cash generation is solid, but leverage and exposure to geopolitical risks on shipping routes warrant caution.
SBM Offshore presents a very attractive valuation (P/E 7.65, FCF yield 31.87%) and solid cash generation (113% cash conversion), although its high leverage (ND/EBITDA 3.26) and exposure to geopolitical volatility on key shipping routes temper the appeal. Momentum is strong (72.91% over 12 months), but revenue growth is flat (-1.9%).
The main risk is the concentration of its business in the oil & gas investment cycle and the exposure of its operations and logistics to instability in the Strait of Hormuz and the Gulf of Aden, which could disrupt projects and raise costs.
Context and risks
SBM Offshore is a Dutch oilfield services provider (FPSO) headquartered in the Netherlands. Its business is tied to the oil companies' investment cycle and the stability of shipping routes. The blockade of the Strait of Hormuz and attacks in the Gulf of Aden directly affect the logistics of its operations and the risk perception of its projects, although its order book and long-term contracts partially mitigate this impact.
Is SBM Offshore stock cheap or expensive?
at the analysis dateOn P/E and EV / EBITDA, it trades 33% below the Energy median on average.
| Multiple | Company | Sector | Difference |
|---|---|---|---|
| P/E | 7.6 | 15.7 | −51% |
| EV / EBITDA | 6.8 | 8.0 | −15% |
| Price / book | 1.5 | 2.2 | −35% |
| Price / sales | 1.1 | 1.9 | −42% |
Sector: median of the 102 Energy companies analysed. In bold, the multiples used for the comparison.
Valuation score: 8.4 out of 10 (median for Energy: 5.9).
Average analyst target: 45.65 EUR, +30.6% versus the price.
A discount may reflect more risk or slower growth than its sector: Financial health 5.7 (sector 6.8), Growth 4.2 (sector 7.2).
Classic formulas with standard assumptions (0.0% growth, 8-9% discount rate). Indicative only: they change a lot with the assumptions and are not a recommendation.
Work out its fair value yourself →How much would you have made investing every month? →
Comparing it with its sector does not say whether it is a good buy: this is not investment advice.
Score by category
0 to 10 · hover overtap each one to see what it measuresKey metrics
at the analysis date · compared with the Energy medianValuation
- P/E
- 7.6
- Forward P/E
- 9.4
- EV / EBITDA
- 6.8
- Price / book
- 1.5
- Price / sales
- 1.1
- PEG
- 0.23
- Market cap
- 5.8B EUR
- Enterprise value
- 12.4B USD
Profitability
- ROE
- 18.0%
- ROA
- 6.4%
- ROIC (approx.)
- 13.4%
- Gross margin
- 35.2%
- Operating margin
- 26.5%
- Net margin
- 15.8%
- Free cash flow
- 2.1B USD
- FCF yield
- 31.9%
- Cash conversion
- 113%
Solvency
- Total debt
- 7.2B USD
- Net debt
- 5.9B USD
- Cash
- 1.3B USD
- EBITDA
- 1.8B USD
- Net debt / EBITDA
- 3.26
- Debt / equity
- 107.73
- Current ratio
- 1.26
- Quick ratio
- 1.15
Growth
- Revenue growth
- −1.9%
- Earnings growth
- +4.4%
- EPS (TTM)
- 4.57 EUR
- EPS (forward)
- 3.73 EUR
Dividend
- Dividend yield
- 2.9%
- Payout
- 10.9%
Risk and market
- Beta
- 0.65
- Analyst consensus
- Buy (8)
- Target price
- 45.65 EUR
- 52-week range
- 20.74 – 37.40
Recent news
All SBMO.AS news →Compare it with its sector
All 102 in Energy →Frequently asked questions about SBM Offshore
Is SBM Offshore stock cheap or expensive?
On P/E and EV / EBITDA, it trades 33% below the Energy median on average. Valuation score: 8.4 out of 10 (median for Energy: 5.9). Average analyst target: 45.65 EUR, +30.6% versus the price. This is not investment advice.
What score does SBM Offshore get on MeridIAn Screener?
It scores 6.9 out of 10, rank 285 of 2,130 (better than 86% of the companies analysed). Its strongest category is Momentum (8.6) and its weakest, Growth (4.2). Analysis of 08/10/2026.
What is SBM Offshore's P/E ratio?
Its P/E is 7.6: the share price equals 7.6 times earnings per share over the last 12 months. The Energy median is 15.7. Based on the earnings analysts expect, the forward P/E is 9.4.
How much is SBM Offshore worth on the stock market?
Its market capitalisation is 5.8B EUR and its enterprise value, debt included, is 12.4B EUR.
How much debt does SBM Offshore have?
Its net debt (debt minus cash) is 5.9B USD. That is 3.26 times its EBITDA; the Energy median is 1.23.
Does SBM Offshore pay a dividend?
Yes: its dividend yield is 2.92% and it pays out 11% of its earnings.
How has SBM Offshore stock performed over the last year?
It has risen 69.0% over the last year, excluding dividends. Over the last 52 weeks it has traded between 20.74 and 37.40 EUR. Past performance does not guarantee future results.
What do analysts think of SBM Offshore?
8 analysts cover it; their average recommendation is “Buy” and their average target is 45.65 EUR (+30.6% versus the price). It is an estimate, not market data.