CMBT Stock Analysis: CMB.TECH | BR
Oil & Gas Midstream | BR, Belgium | Market Cap: 5.119m EUR | 12M Return: 118.8% | BE0003816338 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 2.10M
Qual. Beats: 0
Rev. Trend: 60.8%
Qual. Beats: 6
Warnings
Tailwinds
Seasonality 11.7 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Cmb.Tech NV (CMBT) is a Belgian marine transportation company headquartered in Antwerp, operating through three divisions: Marine, H2 Infra, and H2 Industry. The Marine division designs, builds, owns, and operates low- and zero-carbon vessels including crew transfer vessels, ferries, tugboats, ammonia-powered bulk carriers, container ships, and crude oil and chemical tankers. The H2 Infra division develops green hydrogen and ammonia supply chains, while the H2 Industry division offers scalable dual-fuel industrial applications.
The company was founded in 1989, was formerly known as Euronav NV, and rebranded to Cmb.Tech NV in October 2024. It is a subsidiary of CMB NV and is classified within the Energy sector under Oil & Gas Storage & Transportation, reflecting its historical roots in crude oil tankering. Its current strategy pairs continued tanker operations with a transition into alternative marine fuels, as hydrogen and ammonia are emerging as leading candidates to decarbonize shipping, which is a hard-to-abate sector responsible for roughly 2-3% of global greenhouse gas emissions.
- Tanker spot rates swing on OPEC+ supply decisions
- IMO emissions rules boost dual-fuel vessel demand
- Hydrogen division capex pressures near-term margins
| Net Income: 842.1m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.03 > 0.02 and ΔFCF/TA 14.76 > 1.0 |
| NWC/Revenue: 4.40% < 20% (prev -6.04%; Δ 10.44% < -1%) |
| CFO/TA 0.09 > 3% & CFO 783.5m > Net Income 842.1m |
| Net Debt (5.30b) to EBITDA (1.12b): 4.74 < 3 |
| Current Ratio: 1.12 > 1.5 & < 3 |
| Outstanding Shares: last quarter (290.2m) vs 12m ago 49.41% < -2% |
| Gross Margin: 36.49% > 18% (prev 30.45%; Δ 6.04% > 0.5%) |
| Asset Turnover: 26.32% > 50% (prev 12.75%; Δ 13.57% > 0%) |
| Interest Coverage Ratio: 2.10 > 6 (EBIT TTM 729.6m / Interest Expense TTM 348.2m) |
| A: 0.01 (Total Current Assets 918.8m - Total Current Liabilities 819.1m) / Total Assets 8.83b |
| B: 0.15 (Retained Earnings 1.37b / Total Assets 8.83b) |
| C: 0.08 (EBIT TTM 729.6m / Avg Total Assets 8.61b) |
| D: 0.55 (Book Value of Equity 3.12b / Total Liabilities 5.71b) |
| Altman-Z'' = 1.72 = BBB |
| DSRI: 0.46 (Receivables 418.4m/427.4m, Revenue 2.27b/1.07b) |
| GMI: 0.83 (GM 30.45% / 36.49%) |
| AQI: 1.05 (AQ_t 0.05 / AQ_t-1 0.05) |
| SGI: 2.12 (Revenue 2.27b / 1.07b) |
| TATA: 0.01 (NI 842.1m - CFO 783.5m) / TA 8.83b) |
| Beneish M = -2.79 (Cap -4..+1) = A |
As of September 27, 2026, the stock is trading at EUR 16.82 with a total of 105,538 shares traded. Over the past week, the price has changed by -4.65%, over one month by +8.80%, over three months by +28.01% and over the past year by +118.79%.
Current recommended Stop Loss: 15.70 (which is 6.7% or 2.2 ATR below the current price).
CMB.TECH has no consensus analysts rating.
Market Cap USD = 5.82b (5.12b EUR * 1.1374752521515 EUR.USD)
P/E Trailing = 6.8372
P/E Forward = 17.331
P/S = 2.2581
P/B = 1.9258
P/EG = 0.6912
Revenue TTM = 2.27b USD
EBIT TTM = 729.6m USD
EBITDA TTM = 1.12b USD
Long Term Debt = 4.87b USD (from longTermDebt, last quarter)
Short Term Debt = 581.2m USD (from shortTermDebt, last quarter)
Debt = 5.46b USD (from shortLongTermDebtTotal, last quarter) + Leases 5.60m
Net Debt = 5.30b USD (calculated: Debt 5.46b - CCE 159.8m)
Enterprise Value = 11.1b USD (5.82b + Debt 5.46b - CCE 159.8m)
Interest Coverage Ratio = 2.10 (Ebit TTM 729.6m / Interest Expense TTM 348.2m)
EV/FCF = 36.89x (Enterprise Value 11.1b / FCF TTM 301.4m)
FCF Yield = 2.71% (FCF TTM 301.4m / Enterprise Value 11.1b)
FCF Margin = 13.30% (FCF TTM 301.4m / Revenue TTM 2.27b)
Net Margin = 37.15% (Net Income TTM 842.1m / Revenue TTM 2.27b)
Gross Margin = 36.49% ((Revenue TTM 2.27b - Cost of Revenue TTM 1.44b) / Revenue TTM)
Gross Margin QoQ = 45.22% (prev 34.47%)
Tobins Q-Ratio = 1.26 (Enterprise Value 11.1b / Total Assets 8.83b)
Interest Expense / Debt = 6.38% (Interest Expense 348.2m / Debt 5.46b)
Taxrate = 1.10% (9.33m / 848.9m)
NOPAT = 721.6m (EBIT 729.6m * (1 - 1.10%))
Current Ratio = 1.12 (Total Current Assets 918.8m / Total Current Liabilities 819.1m)
Debt / Equity = 1.75 (Debt 5.46b / totalStockholderEquity, last quarter 3.12b)
Debt / EBITDA = 4.74 (Net Debt 5.30b / EBITDA 1.12b)
Debt / FCF = 17.57 (Net Debt 5.30b / FCF TTM 301.4m)
Total Stockholder Equity = 2.81b (last 4 quarters mean from totalStockholderEquity)
RoA = 9.78% (Net Income 842.1m / Total Assets 8.83b)
RoE = 29.99% (Net Income TTM 842.1m / Total Stockholder Equity 2.81b)
RoCE = 9.51% (EBIT 729.6m / Capital Employed (Equity 2.81b + L.T.Debt 4.87b))
RoIC = 8.51% (NOPAT 721.6m / Invested Capital 8.47b)
WACC = 6.63% (E(5.82b)/V(11.3b) * Re(6.93%) + D(5.46b)/V(11.3b) * Rd(6.38%) * (1-Tc(0.01)))
Discount Rate = 6.93% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 85.11 | Cagr: 17.59%
[DCF] Terminal Value 75.44% ; FCFF base≈301.4m ; Y1≈302.7m ; Y5≈320.6m
[DCF] Fair Price = N/A (negative equity: EV 4.99b - Net Debt 5.30b = -310.6m; debt exceeds intrinsic value)
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 0.53 | # QB: 0
Revenue Correlation: 60.75 | Revenue CAGR: 21.64% | SUE: 1.33 | # QB: 6
EPS current Quarter (2026-09-30): EPS=0.76 | Chg30d=N/A | Revisions=+0% | Analysts=1
EPS current Year (2026-12-31): EPS=2.60 | Chg30d=+108.00% | Revisions=+40% | GrowthEPS=+4751.2% | GrowthRev=+43.7%
EPS next Year (2027-12-31): EPS=2.07 | Chg30d=+68.56% | Revisions=+40% | GrowthEPS=-20.3% | GrowthRev=-4.5%
[Analyst] Revisions Ratio: +57% (up=4, down=0)