CMB.TECH NV (CMBT) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of CMB.TECH NV stock $6.59, price $16.63, that is 60.4% below the price, quality 25 out of 100. Rating: strongly overvalued. Calculated from audited financials with 12 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 3, 2026.
How to read this chart
60‑month range $4.19 – $19.79 · fair‑value band $4.94 – $8.24 · the $16.63 price screens above the $6.59 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 2 fiscal years are left out: there the valuation rested on only a fraction of the usual models. As of Nov 3, 2026.
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Cmb. Tech NV engages in marine transportation business in Belgium. It operates through three divisions: Marine, H2 Infra, and H2 Industry.
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The Marine division designs, builds, owns, and operates various low and zero carbon ships and vessels, such as crew transfer vessels, ferries, commissioning service operations vessels, tugboats, ammonia-powered large bulk carriers, container ships, and chemical and crude oil tankers.
The H2 Infra division develops and secures green molecule supplies; and produces and distributes green hydrogen and ammonia. The H2 Industry division provides scalable dual-fuel industrial applications. The company was formerly known as Euronav NV and changed its name to Cmb. Tech NV in October 2024.
Cmb. Tech NV was founded in 1989 and is headquartered in Antwerp, Belgium. Cmb. Tech NV is a subsidiary of CMB NV.
Stock analysis
CMB.TECH NV (CMBT) currently trades at $16.63, while our model-based Fair Value estimate is $6.59, 60% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of $9.96 per share, and 1 of the 11 models we run sit above the $16.63 price.
Bear case: the Dividend Discount group reads lowest at $1.38, and 10 of the 11 models stay below the price. Data coverage for this calculation is medium.
Scenario range: $4.94 (bear) to $8.24 (bull), the price of $16.63 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 25/100 (below-average quality), in the Energy sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
CMB.TECH NV reported revenue of $1.7B in FY2025 versus $420M in FY2021, a compound +41.1%/yr. Reported net income was $161M in FY2025.
Key figures
Market cap $4.7B Mid · P/S ratio 2.31 · EPS (TTM) $2.96 · Dividend yield 2.5% · Net margin 37.2% · Return on equity 29.6% · Return on assets (EBIT) 11.0% (5-year average) · Operating margin 43.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 63 out of 100 (medium confidence).
What moves the price
The share trades about 16% below its 52-week high and 107% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Energy peers we cover trades at −30% fair-value upside, at −60%, CMBT screens richer than that median.
Fair Value models
Bear$4.94Fair Value $6.59Bull$8.24
Price $16.63 · Downside -60.4%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($2.19 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
Residual Income$7.24$7.51$8.2176
Growth-Adj P/E$6.97$9.96$12.9567
DDM Multi-Stage$0.6900$1.24$1.5866
All 12 models by family
Earnings-Based
Graham-Dodd$3.77$20.73$28.7663
Lynch FV$5.77$8.25$10.7261
PEG = 1.0$5.77$8.25$10.7257
Dividend Discount
Gordon GGM$0.6900$1.51$2.5465
DDM Multi-Stage$0.6900$1.24$1.5866
Multiples
P/E Multiple$5.81$7.75$9.6963
P/S Multiple$5.17$6.89$8.6158
P/B Multiple$5.96$7.95$9.9455
EV/EBITDAn/an/a$1.3262
Asset-Based
NCAV (Graham)$4.20$5.62$8.3954
Economic Profit
Residual Income$7.24$7.51$8.2176
Growth Earnings
Growth-Adj P/E$6.97$9.96$12.9567
The fair value above starts from this blend and is adjusted for dilution from new shares.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
−12.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year−15.2%
Dividend (yield on the price)2.5%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−12.8% vs −8.8%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.42% → 22%
News mood ⓘNews mood, the average tone of recent news (84 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Negative
Recent news coverage is more negative than average.
AI conclusion: Earnings from the current tanker and bulker fleet form the main strength, yet weak profitability excluding one-offs, negative free cash flow and high leverage limit any durable midstream advantage.
Main risk: High leverage paired with negative free cash flow risks constraining flexibility and raising refinancing pressure in this capital-intensive fleet business.
CMB.TECH just launched its first ammonia-powered dry bulk vessel on a maiden voyage to Australia. Twenty-one more are due by 2029 as the group keeps earning from its current fleet of tankers and bulkers. Will the bet on ammonia fuel build a durable edge in low-carbon shipping or mainly raise capital needs in a volatile business?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Oil & Gas Midstream · 81 stocks
Beats the industry median on 7/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score25 · Bottom 25%
Fair Value upside−60.4% · Bottom 25%
Profitability
Return on equity (12 months)29.6% · Top 25%
Return on assets1.9% · Below median
Net margin (12 months)37.2% · Top 25%
Operating margin (12 months)43.2% · Above median
Growth and dividend
Revenue growth (quarter YoY)81.5% · Top 25%
Dividend yield (12 months)2.5% · Below median
Balance sheet
Debt / equity1.80× · Highest 25%
Valuation Multiplesvs Oil & Gas Midstream median · lower = cheaper
P/B1.80× · Cheaper than median
P/S (12 months)2.09× · Cheaper than median
EV/EBITDA8.0× · Cheaper than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 7
FUTURE (revenue growth)100· sector 100
PAST (return on equity)100· sector 52
HEALTH (low debt)10· sector 55
DIVIDEND (yield)49· sector 79
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "CMB.TECH NV Fair Value". https://www.fairvalue-calculator.com/stock/CMBT
Frequently asked questions
Is CMB.TECH NV (CMBT) overvalued or undervalued?
As of Nov 3, 2026, our model estimates a fair value of $6.59 versus a price of $16.63, about 60% lower (overvalued).
What is the fair value of CMBT?
Our model-based fair value for CMB.TECH NV is $6.59 (as of Nov 3, 2026), built from audited fundamentals. The current price: $16.63.
What is the quality score of CMBT?
CMB.TECH NV has a Quality Score of 25/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for CMB.TECH NV (CMBT)?
Our model-based price target is the fair value of $6.59 (as of Nov 3, 2026) from 12 valuation models. Cautious scenario $4.94, optimistic scenario $8.24. It is a calculation from audited fundamentals, not an analyst target.
What is the CMB.TECH NV stock forecast for 2026?
Our models put fair value at $6.59, about 60% lower versus a price of $16.63 (overvalued). Cautious scenario $4.94, optimistic scenario $8.24. The calculation is refreshed regularly with new filings.
What is the revenue of CMB.TECH NV (CMBT)?
CMB.TECH NV reported trailing-twelve-month revenue of about $2.3B (latest available figure, as of Nov 3, 2026).
Does CMB.TECH NV pay a dividend?
CMB.TECH NV currently shows a dividend yield of 2.47% relative to its recent price (as of Nov 3, 2026).
How much is the dividend of CMB.TECH NV (CMBT) and when is the ex-dividend date?
CMB.TECH NV pays a dividend of $0.41 per share a year, a dividend yield of 2.5%. The last ex-dividend date was Oct 16, 2026. A dividend has been paid every year since 2015. The payout ratio is 15.9% of earnings (on adjusted earnings, reported 13.9%). Our assessment: Watch coverage. The dividend isn’t fully covered by free cash flow or earnings, part of it is funded from reserves or debt. Fine for now, but worth watching: if it stays uncovered, the dividend could be cut.
What is the intrinsic value of CMB.TECH NV (CMBT)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For CMB.TECH NV it is $6.59 per share (as of Nov 3, 2026), against a price of $16.63. It is the blended result of 12 valuation models in 6 families (Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings).
Is CMB.TECH NV stock overvalued or undervalued in 2026?
As of Nov 3, 2026, CMBT trades above its calculated fair value: price $16.63, fair value $6.59, a gap of about −60% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of CMBT?
No. The price is what the market pays today ($16.63); the fair value is what the company's own numbers justify ($6.59). For CMB.TECH NV the two are $10.04 per share apart. That gap is exactly why we show both numbers side by side.
How much is CMB.TECH NV worth?
The market values CMB.TECH NV at about $4.7B (market capitalisation, as of Nov 3, 2026). Per share that is $16.63; our models calculate a fair value of $6.59 per share.
What do the bullish and bearish scenarios say about CMBT?
Our models span a range for CMB.TECH NV: cautious scenario $4.94, base $6.59, optimistic $8.24 per share (as of Nov 3, 2026, price $16.63). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of CMB.TECH NV (CMBT)?
Balance-sheet figures for CMB.TECH NV (as of Nov 3, 2026): return on equity 29.6%, debt of 1.80 per unit of equity. They feed the Quality Score of 25/100, which measures business quality independently of the share price.
How far is CMBT from its 52-week high?
CMB.TECH NV trades at $16.63, about 16% below its 52-week high of $19.79 and 107% above the low of $8.04 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $6.59 is for.
Which stocks are comparable to CMB.TECH NV?
From the same area (Energy) we also value Enbridge Inc, The Williams Companies, Inc, Enterprise Products Partners L.P., Kinder Morgan, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is CMB.TECH NV stock attractive at the current price?
The data as of Nov 3, 2026: price $16.63, calculated fair value $6.59 (−60%), Quality Score 25/100, from 12 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of CMBT calculated?
We run CMB.TECH NV through 12 models from 6 families: Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of $6.59 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. CMB.TECH NV itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of CMB.TECH NV (CMBT)?
The closing price on Nov 6, 2026 was $16.63. Our model-based fair value is $6.59, about 60% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with CMB.TECH NV right now?
The price sits above even our optimistic bull case ($8.24). The favourable scenario is already priced in. Weak quality (25/100) and above fair value at the same time, the margin of safety is missing on both counts.
Where does the earnings growth of CMB.TECH NV (CMBT) come from?
Earnings per share at CMB.TECH NV grew +6.6 % a year from 2015 to 2025. Broken into its drivers: revenue per share +2.8 %, EBIT margin +6.9 %, tax rate +0.0 %, residual (interest, one-offs) −3.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of CMB.TECH NV
How large is the market capitalisation of CMB.TECH NV (CMBT)?
The market capitalisation of CMB.TECH NV is $4.7B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of CMB.TECH NV (CMBT)?
The price-to-sales ratio of CMB.TECH NV is 2.31 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of CMB.TECH NV (CMBT)?
Earnings per share at CMB.TECH NV are $2.96. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of CMB.TECH NV (CMBT)?
The dividend yield of CMB.TECH NV is 2.5% (payout 15.9%, on adjusted earnings, reported 13.9%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of CMB.TECH NV (CMBT)?
The net margin of CMB.TECH NV is 37.2% (last twelve months), excl. one-off gain FY2025 −1.0%. How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of CMB.TECH NV (CMBT)?
The return on equity (ROE) of CMB.TECH NV is 29.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of CMB.TECH NV (CMBT)?
On an EBIT basis the return on assets of CMB.TECH NV is 11.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of CMB.TECH NV (CMBT)?
The operating margin of CMB.TECH NV is 43.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at CMB.TECH NV (CMBT)?
Revenue at CMB.TECH NV is growing +81.5% versus a year earlier (3y avg +24.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at CMB.TECH NV (CMBT)?
Earnings per share at CMB.TECH NV are growing +30.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does CMB.TECH NV (CMBT) generate?
The free cash flow of CMB.TECH NV is −$628M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does CMB.TECH NV (CMBT) carry?
The net debt of CMB.TECH NV is $5.4B (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Nov 3, 2026