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CMB.TECH NV (CMBT) fair value: what the stock is really worth

As of Sep 23, 2026: fair value of CMB.TECH NV $6.59, price $19.16, upside -65.6%, quality 29 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Energy · US · Home Belgium · ISIN BE0003816338

CT CMB.TECH NV logo Some data Sep 24, 2026

CMB.TECH NV

CMBT · US

Weakest SetupStrongly overvalued and low quality.

!Fair value $6.59 · Strongly overvalued (−66%)
!Quality 29/100
!Expensive Growth (revenue YoY +77.2 %/yr)
✓Highly profitable · 24.9% net margin (TTM)
!High debt · negative free cash flow
·2.40% dividend yield
✓Ranks above peers (8/13)
✓Wide moat 72/100
!Evidence only medium, so the estimate is less certain
!Weak on balance sheet: 10 out of 100
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$20.41 $4.43 Fair Value $6.59 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range $4.43 – $20.41 · fair‑value band $4.94 – $8.24 · the $19.16 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. Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

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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Cmb.Tech NV engages in marine transportation business in Belgium. It operates through three divisions: Marine, H2 Infra, and H2 Industry. 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 $19.16, while our model-based Fair Value estimate is $6.59, implying the stock looks roughly 190.9% 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 12 models we run sit above the $19.16 price.

Bear case: the Dividend Discount group reads lowest at $1.09, and 11 of the 12 models stay below the price. Evidence for this calculation is medium.

Scenario range: $4.94 (bear) to $8.24 (bull), the price of $19.16 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 29/100 (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 $4.4B · P/E ratio 11.0 · P/S ratio 1.06 · EPS (TTM) $1.74 · Dividend yield 2.4% · Net margin 9.6% · Return on equity 16.8% · Return on assets (EBIT) 11.0%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).

What moves the price

The share trades about 6% below its 52-week high and 131% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Energy peers we cover trades at −11% fair-value upside, at −66%, CMBT screens richer than that median.

Fair Value models

Bear $4.94 Fair Value $6.59 Bull $8.24
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then ($0.9363 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. Evidence ⓘEvidence = 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.
Highest evidence
Residual Income $7.01 $7.18 $7.16 76
Gordon GGM $0.6300 $1.27 $1.92 67
DDM Multi-Stage $0.6300 $1.09 $1.34 67
All 13 models by family
Earnings-Based
Graham-Dodd $3.77 $20.73 $28.76 63
Lynch FV $5.77 $8.25 $10.72 61
PEG = 1.0 $5.77 $8.25 $10.72 57
Dividend Discount
Gordon GGM $0.6300 $1.27 $1.92 67
DDM Multi-Stage $0.6300 $1.09 $1.34 67
Multiples
P/E Multiple $5.81 $7.75 $9.69 63
P/S Multiple $5.17 $6.89 $8.61 58
P/B Multiple $7.06 $9.41 $11.77 55
EV/EBIT n/a n/a $0.1900 61
EV/EBITDA n/a $0.2500 $4.25 62
Asset-Based
NCAV (Graham) $4.52 $6.06 $9.04 54
Economic Profit
Residual Income $7.01 $7.18 $7.16 76
Growth Earnings
Growth-Adj P/E $6.97 $9.96 $12.95 67

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Quality Score breakdown

Overall quality 29/100

Of which business quality 27 · Market factors (momentum, volatility) 88

Profitability 24
Margins and returns on capital today
Quality Growth 32
Are margins and returns improving?
Cashflow 48
Earnings quality: real cash, not paper profit
Fin. Strength 12
Balance sheet, leverage, solvency risk
Investment 23
Disciplined investing over empire-building
Low Volatility 74
Calm price path (market factor)
Momentum 93
Price trend over the last 3–12 months (market factor)
52W Momentum 95
Distance to the 52-week high (market factor)
Net Issuance 19
Share count: buybacks or dilution?

Open the full quality analysis →

Revenue & earnings trend

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.
−10.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year−12.8%
Dividend (yield on the price)2.4%
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.−13% vs −9%, 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%
Start year 2020 (pandemic)

CMBT screens 191% overvalued. Compare with Enbridge Inc →

Earlier news

News mood ⓘNews mood, the average tone of recent news (80 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.

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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 · 86 stocks

Beats the industry median on 8/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 29 · Bottom 25%
Fair Value upside −66% · Bottom 25%
Profitability
Return on equity (TTM) 17% · Above median
Return on assets 4% · Below median
Net margin (TTM) 25% · Above median
Operating margin (TTM) 33% · Above median
Growth and dividend
Revenue growth 121% · Top 25%
Dividend yield (TTM) 2.4% · Below median
Balance sheet
Debt / equity 1.80× · Above median

Valuation Multiplesvs Oil & Gas Midstream median · lower = cheaper

P/E (TTM) 11.0× · Cheaper than median
P/B 1.68× · Cheaper than median
P/S (TTM) 2.25× · Cheaper than median
EV/EBITDA 9.8× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 24
FUTURE (revenue growth)100 · sector 57
PAST (return on equity)67 · sector 45
HEALTH (low debt)10 · sector 54
DIVIDEND (yield)48 · sector 81

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

Oil & gas

Similar stocks

10 more Oil & Gas Midstream stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Enbridge Inc ENB $47.90 $36.91 −23%
The Williams Companies, Inc WMB $70.98 $11.73 −83%
Enterprise Products Partners L.P. EPD $38.01 $24.61 −35%
Kinder Morgan, Inc KMI $31.27 $28.24 −10%
TC Energy Corporation TRP $59.78 $24.51 −59%
Energy Transfer LP, ET $20.40 $19.43 −5%
MPLX LP owns and MPLX $59.16 $70.84 +20%
ONEOK, Inc OKE $90.09 $80.35 −11%
Targa Resources Corp TRGP $282.15 $79.61 −72%
Cheniere Energy, Inc LNG $272.96 $349.73 +28%

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CMB.TECH NV · Fair Value
$6.59 −191%Fair Value
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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 Sep 24, 2026, our model estimates a fair value of $6.59 versus a price of $19.16, about −66% upside (overvalued).
What is the fair value of CMBT?
Our model-based fair value for CMB.TECH NV is $6.59 (as of Sep 24, 2026), built from audited fundamentals. The current price: $19.16.
What is the quality score of CMBT?
CMB.TECH NV has a Quality Score of 29/100. 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 Sep 24, 2026) from 13 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 −66% upside versus a price of $19.16 (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 $2.0B (latest available figure, as of Sep 24, 2026).
Does CMB.TECH NV pay a dividend?
CMB.TECH NV currently shows a dividend yield of about 2.40% relative to its recent price (as of Sep 24, 2026).
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 Sep 24, 2026), against a price of $19.16. It is the blended result of 13 valuation models (cash flow, earnings, asset, dividend).
Is CMB.TECH NV stock overvalued or undervalued in 2026?
As of Sep 24, 2026, CMBT trades above its calculated fair value: price $19.16, fair value $6.59, a gap of about −66% (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 ($19.16); the fair value is what the company's own numbers justify ($6.59). For CMB.TECH NV the two are $12.57 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 $4.4B (market capitalisation, as of Sep 24, 2026). Per share that is $19.16; 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 Sep 24, 2026, price $19.16). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of CMBT?
CMB.TECH NV trades at a price-to-earnings ratio of 11.0 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $6.59 is built from several models across several years. Other multiples: P/B 1.7, P/S 2.3, EV/EBITDA 9.8.
How solid is the balance sheet of CMB.TECH NV (CMBT)?
Balance-sheet figures for CMB.TECH NV (as of Sep 24, 2026): return on equity 16.8%, debt of 1.80 per unit of equity. They feed the Quality Score of 29/100, which measures business quality independently of the share price.
How far is CMBT from its 52-week high?
CMB.TECH NV trades at $19.16, about 6% below its 52-week high of $20.41 and 131% above the low of $8.28 (as of Sep 23, 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 Sep 24, 2026: price $19.16, calculated fair value $6.59 (−66%), Quality Score 29/100, from 13 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 13 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $6.59, 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 14.1 % 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 Sep 23, 2026 was $19.16. Our model-based fair value is $6.59, about −66% upside (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 (29/100) 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 $4.4B. 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 1.06 (P/E × margin). 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 $1.74 (price ÷ EPS = P/E 11.0). 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 2.4% (payout 26.4%). 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 9.6% (fiscal year 2025). 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 16.8% (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 33.0% (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 +121% 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 +461% 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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