Cmb.Tech N.V. (CMBT) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-1711.1%

-$280.32

vs $17.40 price

Levered DCF

-$411.95

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.42

Distress zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	13.22×	2.24×	4.14×	16.54×	-5.49×	3.31×	24.12×	-12.37×
P/B	0.84×	1.63×	1.51×	1.58×	0.91×	0.73×	1.17×	0.59×
P/S	1.33×	2.07×	2.87×	3.95×	4.44×	1.29×	2.9×	2.29×
EV / EBITDA	8.33×	8.46×	3.31×	9.67×	60.7×	3.03×	7.93×	13.75×
Gross margin	28.9%	59.8%	51.5%	27.5%	-65.4%	44.5%	25.5%	-4.8%
Operating margin	22.2%	106.6%	78.5%	21.4%	-73.1%	41.4%	18.3%	-15.9%
Net margin	9.6%	92.6%	69.5%	23.4%	-80.7%	36.4%	12.0%	-18.3%
Current ratio	0.52×	1.2×	3.84×	2.23×	1.36×	2.11×	2.47×	1.66×
Debt / equity	2.12×	2.2×	0.4×	0.78×	0.87×	0.55×	0.75×	0.78×
Interest coverage	0.98×	6.87×	7.3×	1.98×	-4.11×	6.79×	1.77×	-1.27×
Dividend yield	0.9%	55.4%	18.1%	0.7%	1.3%	22.5%	1.0%	1.6%
Payout ratio	13.1%	123.8%	75.0%	12.1%	-7.1%	79.8%	23.2%	-20.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.1%	73.0%	36.4%	9.3%	-16.6%	20.5%	4.9%	-4.7%
Return on invested capital	4.2%	26.2%	29.3%	4.7%	-8.0%	14.9%	4.2%	-2.3%
Return on assets	1.9%	22.3%	25.1%	5.1%	-8.6%	12.8%	2.7%	-2.6%
Free cash flow yield	-28.4%	-32.5%	14.3%	-7.9%	-23.5%	47.5%	9.8%	-17.3%
Earnings yield	7.3%	44.7%	24.2%	5.9%	-18.2%	28.1%	4.2%	-8.0%
Enterprise value	$7.6B	$4.5B	$4.1B	$5B	$3.4B	$2.8B	$4.2B	$2.9B
Net debt / EBITDA	5.92×	4.83×	0.41×	2.97×	28.23×	1.21×	2.76×	7.5×
Cash conversion cycle (days)	30	79	59	155	218	79	196	156