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Dutch designer, builder and operator of floating production (FPSO) vessels for offshore oil and gas fields.
Dutch designer, builder and operator of floating production (FPSO) vessels for offshore oil and gas fields.
Earns mostly from long-term lease-and-operate contracts, under which an oil company pays a daily rate to use a production vessel that SBM built and runs for it, and from turnkey projects where the vessel is built and sold to the client. Brazil and Guyana are major homes for its fleet.
In one line: No direct US peer; offshore-FPSO specialist.
Moat: narrow (process know-how, installed base, customer qualification). Few yards/operators can build and run complex FPSOs; long-term lease contracts lock in cash flows.
Headquarters: Schiedam, Netherlands · Founded: 1969 · Employees: 6,851
Size SBM Offshore (SBMO.AS) is a Netherlands Energy company (Oilfield Services/Equipment) with a market value of $6.08B, the 31st largest of 61 Netherlands companies the cockpit tracks. Shares closed at €32.38 on 6 Nov 2026.
Performance Over six months the shares fell 8.4%, against -15.5% for the median peer and +0.4% for the Netherlands market (cap-weighted) — 4th highest of 15 in its peer set.
Growth Revenue grew 0.9% over the last twelve months (peer median +13.3%); the operating margin is 30.6% (peer median 17.9%).
Valuation It trades at 6.2× forward earnings against a peer median of 14.8× (cheapest of 14).
Price implies For today's price to make sense, revenue must grow about -14% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is -26 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 4.4 points above its cost of capital (5.0% WACC).
Next results Next results expected around 18 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €5.01B | €5.23B | €4.42B | €4.59B | €4.67B |
| Revenue growth | — | +18% | -4% | -2% | — |
| Gross profit | €1.76B | €1.79B | €1.05B | €1.31B | €1.12B |
| EBITDA | €1.59B | €1.63B | €900M | €1.14B | €1.01B |
| Net income | €793M | €817M | €139M | €454M | €428M |
| Free cash flow | €2.43B | €724M | €992M | -€574M | -€1.18B |
| Capital expenditure | €44.6M | €61.1M | €107M | €159M | €78.0M |
| Total debt | n/a | €7.80B | €8.64B | €8.41B | €8.02B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| SBM Offshore SBMO.AS | $6.08B | -8% | +1% | 31% | 6.2× | -14.4% |
| Modec 6269.T | $3.03B | -46% | +17% | 9% | 7.7× | -21.3% |
| BW Offshore BWO.OL | $747M | -25% | -17% | 23% | 8.5× | 5.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | SBMO.AS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -9.0% | -9.1% | 8th highest of 15 |
| 6-month return | -8.4% | -15.5% | 4th highest of 15 |
| Distance from 52-week high | -13.4% | -30.9% | highest of 15 |
| Revenue growth (TTM) | +0.9% | +13.3% | 4th lowest of 15 |
| Operating margin | 30.6% | 17.9% | 3rd highest of 15 |
| Forward P/E | 6.2× | 14.8× | cheapest of 14 |
| Growth the price implies (Req g, 7 yrs) | -14.4% | 5.7% | least demanding of 12 |
| Growth delivered (Del g) | +11.3% | +14.5% | 6th lowest of 12 |
| Hurdle (Req g minus delivered) | -25.6 pp | -9.9 pp | 2nd least demanding of 12 |
| ROIC minus cost of capital | +4.4 pp | +0.5 pp | 4th highest of 15 |
| EV / EBITDA | 7.8× | 8.3× | 5th cheapest of 14 |
| Net debt / EBITDA | 3.2× | 1.4× | 5th most indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| SBM Offshore SBMO.AS | Netherlands | $6.08B | -8% | +1% | 31% | 6.2× | -14.4% | +11.3% |
| Weatherford International WFRD | United States | $6.12B | -17% | -6% | 14% | 13.4× | -4.0% | +5.9% |
| NOV NOV | United States | $6.26B | -9% | -1% | 6% | 14.8× | 6.8% | +7.6% |
| Archrock AROC | United States | $4.83B | -25% | +4% | 39% | 13.8× | 2.8% | +11.2% |
| Cactus WHD | United States | $4.67B | +7% | +40% | 19% | 16.8× | 14.1% | +25.4% |
| Solaris Energy Infrastructure SEI | United States | $4.63B | -21% | +71% | 24% | 16.8× | n/a | n/a |
| Kodiak Gas Services KGS | United States | $4.21B | -40% | +8% | 33% | 17.0× | 9.3% | +19.7% |
| Subsea 7 SUBC.OL | Norway | $9.71B | -5% | -2% | 13% | 12.4× | -2.4% | +17.7% |
| USA Compression Partners LP USAC | United States | $3.62B | -11% | +29% | 29% | 15.6× | -0.4% | +8.4% |
| Waterbridge Infrastructure LLC WBI | United States | $3.06B | -9% | +103% | 17% | 40.2× | n/a | n/a |
| Yantai Jereh Oilfield Services 002353.SZ | China | $12.2B | -42% | +13% | 19% | 24.1× | 14.8% | +14.5% |
| National Energy Services Reunited NESR | United States | $2.01B | -14% | +24% | 9% | 9.9× | 1.2% | +9.7% |
| Liberty Energy LBRT | United States | $1.95B | -64% | +14% | 2% | n/a | n/a | n/a |
| Flowco FLOC | United States | $1.81B | -19% | +20% | 19% | 13.1× | 8.0% | +72.3% |
| Innovex International INVX | United States | $1.76B | -6% | +7% | 12% | 14.7× | 5.7% | +21.8% |