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SBM Offshore N.V (SBMO) Fair Value & Analysis

Energy · NL · Market cap €5.3B

SO SBM Offshore N.V SBMO · AS
Price€32.40
Fair Value€26.01
Upside-19.7%
Quality67/100
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Healthy Growth
Solidly profitable · 15.6% net margin
Moderate debt · generates free cash flow
3.67% dividend yield
Ranks above peers (12/15)
Wide moat 72/100
Evidence: Medium Range €17.37 – €45.98 Share as image

Fair value as of: Jul 17, 2026

From 26 valuation models · updated 24 days ago

Fair value updated Jul 17, 2026, revised from €51.06 to €26.01 (−49.1%) since Jun 24, 2026. Share price −1.2% over the past month.

A solid business, but screening 20% overvalued on our models.

What matters now

  • The model range is unusually wide (€17.37 to €45.98). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • Solid but not exceptional quality (67/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (5 years)

€36.68 €9.17 Fair Value €26.01 Jun 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 17, 2026.

How to read this chart

60‑month range €9.17 – €36.68 · fair‑value band €17.37 – €45.98 · the €32.40 price screens above the €26.01 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 17, 2026.

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Analysis

SBM Offshore N.V (SBMO) currently trades at €32.40, while our model-based Fair Value estimate is €26.01, implying the stock looks roughly 19.7% overvalued today. The Quality Score stands at 67/100 (solid quality), in the Energy sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).

Over the trailing twelve months, SBM Offshore N.V generated revenue of €5.9B at a net margin of 15.6%. Revenue grew 19.5% year over year. It earns a return on equity of 18.0%. Net debt stands at €8.2B. Fundamentals as of Jul 17, 2026

Our scenario range runs from €17.37 (bear case) to €45.98 (bull case); at €32.40, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 12% below its 52-week high and 63% above its 52-week low, currently above its 200-day average. For context, the median of 10 Energy peers we cover trades at -36% fair-value upside, at -20%, SBMO screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
Growth DCF €25.24 €58.15 €107.49 80
Residual Income €37.35 €51.43 €255.82 76
Rev-Margin DCF €7.05 €28.13 €53.43 74
All 26 models by family
DCF Models
FCF DCF €24.84 €58.79 €110.51 38
Owner Earnings €34.12 €73.56 €133.63 31
5Y Revenue Exit €7.05 €27.76 €54.01 39
5Y EBITDA Exit €17.86 €48.56 €84.75 41
5Y P/E Exit €22.98 €58.42 €96.38 38
10Y Revenue Exit €12.10 €32.68 €60.34 36
10Y EBITDA Exit €19.85 €47.01 €83.90 37
10Y P/E Exit €23.08 €53.81 €92.81 35
Earnings-Based
Graham-Dodd €39.41 €140.09 €188.63 54
Lynch FV €32.90 €47.01 €61.11 50
PEG = 1.0 €32.90 €47.01 €61.11 46
EPV €58.82 €73.26 €85.72 59
Dividend Discount
Gordon GGM €9.05 €18.04 €27.32 70
DDM Multi-Stage €9.05 €15.59 €19.04 61
Multiples
P/E Multiple €60.86 €81.14 €101.43 63
P/S Multiple €33.40 €44.53 €55.66 58
P/B Multiple €35.92 €47.90 €59.87 55
EV/EBIT €51.20 €79.14 €107.09 53
EV/EBITDA €19.39 €36.74 €54.08 54
EV/Revenue €11.90 €25.26 43
Asset-Based
NCAV (Graham) €13.30 €17.83 €26.61 50
Growth DCF
Growth DCF €25.24 €58.15 €107.49 80
Rev-Margin DCF €7.05 €28.13 €53.43 74
Economic Profit
Residual Income €37.35 €51.43 €255.82 76
ROIC Compounder €66.22 €94.43 €129.34 72
Growth Earnings
Growth-Adj P/E €50.10 €71.57 €93.04 68

Widest divergence: Growth Earnings (€71.57) versus Dividend Discount (€15.59). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) €5.9B
Revenue growth (YoY) +19.5%
Net margin 15.6%
Return on equity 18.0%
Free cash flow €850M FY2025
P/E ratio 6.9
More key figures
Operating margin 34.1%
EPS (TTM) €4.50
Dividend yield 3.6%
EPS growth (YoY) +1,720%
Net debt €8.2B FY2025

Figures from reported company fundamentals · as of Jul 17, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 67/100

Of which business quality 60 · Market factors (momentum, volatility) 71

Profitability 45
Margins and returns on capital today
Quality Growth 95
Are margins and returns improving?
Cashflow 62
Earnings quality: real cash, not paper profit
Fin. Strength 15
Balance sheet, leverage, solvency risk
Investment 78
Disciplined investing over empire-building
Low Volatility 77
Calm price path (market factor)
Momentum 60
Price trend over the last 3–12 months (market factor)
52W Momentum 81
Distance to the 52-week high (market factor)
Net Issuance 96
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

SBM Offshore N.V. provides floating production solutions to the offshore energy industry worldwide. It operates in two segments, Lease and Operate, and Turnkey. It engages in the design, supply, installation, operation, demobilization, and life extension of floating production storage and offloading (FPSO) vessels.

Full company description

SBM Offshore N.V. provides floating production solutions to the offshore energy industry worldwide. It operates in two segments, Lease and Operate, and Turnkey. It engages in the design, supply, installation, operation, demobilization, and life extension of floating production storage and offloading (FPSO) vessels. The company also operates catenary anchor leg mooring (CALM), a single point mooring (SPM) system terminal; tension leg floaters, turret mooring systems, floating offshore wind, and brownfield and offshore loading terminals; and floating energy hubs. In addition, it owns and operates a fleet of 15 FPSOs and 1 semi-submersible unit, as well as offering offshore technologies development and digital services in the offshore oil and gas industry and broader offshore infrastructure sector. Further, the company offers turnkey supply contracts and after-sales services, which consist mainly of large production systems, large mooring systems, deepwater export systems, fluid transfer systems, tanker loading and discharge terminals, design services, supply of special components and proprietary designs and equipment activities. The company was formerly known as IHC Caland and changed its name to SBM Offshore N.V. in 2005. SBM Offshore N.V. was founded in 1862 and is headquartered in Schiphol, the Netherlands.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

SBM Offshore N.V reported revenue of €6.1B in FY2025 versus €3.7B in FY2021, a compound +13.2%/yr. Reported net income was €960M in FY2025, compounding +24.5%/yr from FY2021.

Growth Quality 95/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
€6.1B
Latest YoY
+28.4%
Avg. growth/yr (3Y)
+7.7%
Avg. growth/yr (5Y)
+11.9%
Avg. growth/yr (25Y)
+8.3%
Revenue +13.2%/yr
FY21 €3.7B
FY22 €4.9B
FY23 €5.0B
FY24 €4.8B
FY25 €6.1B
Net income +24.5%/yr
FY21 €400M
FY22 €450M
FY23 €491M
FY24 €150M
FY25 €960M

SBMO screens 20% overvalued. Compare with SLB N.V →

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Cite: Fair Value Calculator (2026). "SBM Offshore N.V Fair Value". https://www.fairvalue-calculator.com/stock/SBMO

Earlier news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

Peer Group

Oil & Gas Equipment & Services · 191 stocks

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.

Quality Score 67 · Top 25%
Fair Value upside −20% · Above median
Return on equity (TTM) 18% · Top 25%
Return on assets 6% · Top 25%
Net margin (TTM) 16% · Top 25%
Operating margin (TTM) 34% · Top 25%
Revenue growth 20% · Top 25%
Dividend yield (TTM) 3.7% · Top 25%
Debt / equity 1.47× · Higher than 75% of peers

Valuation Multiples vs Oil & Gas Equipment & Services median · lower = cheaper

P/E (TTM) 6.9× · Cheaper than 75% of peers
P/B 1.39× · Pricier than median
P/S (TTM) 1.04× · Pricier than median
P/FCF 7.2× · Cheaper than median
EV/EBITDA 6.4× · Cheaper than median
PEG 0.23× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 7 · sector 0
FUTURE 98 · sector 0
PAST 72 · sector 28
HEALTH 26 · sector 92
DIVIDEND 73 · sector 31

Insider activity: 40/100

Values & ESG

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

Oil & gas

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Oil & Gas Equipment & Services stocks, each showing price versus our Fair Value estimate (as of Jul 17, 2026).

Stock Price Fair Value vs Fair Value
SLB N.V SLBN 836.00 MXN 533.97 MXN -36%
Baker Hughes Company BKR $55.95 $33.55 -40%
TechnipFMC plc FTI $74.57 $27.57 -63%
Halliburton Company HAL $35.22 $21.50 -39%
Tenaris S.A TS $57.16 $45.68 -20%
Yantai Jereh Oilfield Services Group 002353 ¥138.79 ¥34.17 -75%
Saipem SpA SPM €4.20 €2.72 -35%
Subsea 7 S.A SUBC kr 319.00 kr 227.98 -29%
China Oilfield Services Limited 601808 ¥12.08 ¥12.64 +5%
Gaztransport & Technigaz SA GTT €188.10 €95.01 -49%

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Frequently asked questions

Is SBM Offshore N.V (SBMO) overvalued or undervalued?
As of Jul 17, 2026, our model estimates a fair value of €26.01 versus a price of €32.40, about −20% (overvalued).
What is the fair value of SBMO?
Our model-based fair value for SBM Offshore N.V is €26.01 (as of Jul 17, 2026), built from audited fundamentals. The current price is €32.40.
What is the quality score of SBMO?
SBM Offshore N.V has a Quality Score of 67/100. 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 revenue of SBM Offshore N.V (SBMO)?
SBM Offshore N.V reported trailing-twelve-month revenue of about €5.9B (latest available figure, as of Jul 17, 2026).
What is the net profit margin of SBMO?
The net profit margin of SBM Offshore N.V is about 15.6%, meaning it keeps roughly 15.6% of revenue as net income. Based on the latest reported figures.
Does SBM Offshore N.V pay a dividend?
SBM Offshore N.V currently shows a dividend yield of about 3.58% relative to its recent price (as of Jul 17, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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