SBM Offshore N.V. (SBMO.AS) 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

-80.8%

€6.47

vs €33.70 price

Levered DCF

-€57.76

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

1.43

Distress zone

Rating

B+

Overall 3 / 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	5.19×	20.91×	5.07×	6.2×	6.84×	18.83×	7.24×	14.23×
P/B	1.13×	0.87×	0.67×	0.82×	1.06×	1.41×	1.35×	1.15×
P/S	0.81×	0.66×	0.5×	0.57×	0.73×	1.03×	1.09×	1.35×
EV / EBITDA	6.81×	9.4×	8.08×	9.46×	9.82×	9.29×	7.67×	7.95×
Gross margin	34.2%	23.7%	28.6%	24.1%	24.6%	25.4%	27.5%	35.8%
Operating margin	30.1%	19.4%	23.1%	20.4%	19.6%	17.3%	21.9%	26.9%
Net margin	15.6%	3.1%	9.9%	9.2%	10.7%	5.5%	15.1%	9.5%
Current ratio	1.44×	3.39×	3.36×	2.52×	2.01×	1.49×	1.37×	1.28×
Debt / equity	2.08×	2.47×	2.49×	2.52×	2.99×	2.2×	1.79×	1.72×
Interest coverage	2.39×	1.1×	1.55×	2.61×	2.41×	2.3×	2.73×	2.15×
Dividend yield	3.4%	7.9%	7.9%	6.3%	6.1%	6.5%	2.9%	3.4%
Payout ratio	17.8%	166.0%	40.3%	39.3%	41.5%	122.0%	21.1%	48.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	21.8%	4.1%	13.2%	13.2%	15.5%	7.5%	18.6%	8.0%
Return on invested capital	10.5%	4.4%	7.4%	6.0%	5.4%	5.6%	7.6%	6.2%
Return on assets	5.3%	0.9%	2.9%	2.8%	3.0%	1.7%	5.0%	2.1%
Free cash flow yield	17.1%	43.5%	-13.7%	-40.5%	-29.9%	-5.5%	-7.0%	52.9%
Earnings yield	19.3%	4.8%	19.7%	16.1%	14.6%	5.3%	13.8%	7.0%
Enterprise value	€13B	€11.3B	€11.2B	€10.7B	€9.4B	€8.8B	€8.1B	€6.8B
Net debt / EBITDA	4.21×	6.78×	6.29×	6.99×	6.96×	5.49×	4.18×	4.44×
Cash conversion cycle (days)	303	578	573	556	459	286	279	342