Rankings Oil & gas SBM Offshore
SBM Offshore
77
15070100
A view of the same findings, not a new score. How it works
In the 70+ zone: a score above 70 with more than 20% upside to the median analyst target.
Biggest deductions
- Quality of earnings−5
- Multiples vs own history−5
- Customer concentration−4
Strengths
- Raised guidance+2
- Buybacks and dividend from FCF+2
- Order book+2
How the score is built
From 100 to 77, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 33.82 EUR
- Median analyst target
- 46.54 EUR
- Upside to median
- +37.6%
- Analysts
- 9
- Target range
- 39.32 – 50.68 EUR
- 52-week change
- +51%
- P/E (trailing)
- 7.2
- Forward P/E
- 7.7
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−11 of −30
- −5Quality of earningsDirectional revenue +112% and EBITDA +92% in H1 2026 are driven by the sale of FPSO ONE GUYANA (Turnkey); on an IFRS basis revenue fell 2% and net profit rose only 1% (USD 325m). Analysts expect 2027 revenue −22% and EPS −28%, so 2026 is a one-off peak.
- −3ROICROIC 12.9% (TTM), but only 4.7–8.9% in 2021–2024 and asset turnover 0.34 – a capital-heavy model where the return is only now above WACC (7.5%).
- −2Future segmentAlmost the entire order backlog is oil and gas FPSOs with contracts into the 2040s; floating offshore wind and other new businesses are insignificant in revenue, so the long tail depends on oil demand.
- −1MoatThe Fast4Ward standard hull and 98.9% uptime give a lead, but the market is shared with MODEC, Yinson and BW Offshore, and SBM itself uses Chinese yards for hulls and modules.
Price
Today's multiples against the company's own history and its peers. · 1 finding−5 of −35
- −5Multiples vs own historyForward P/E 8.1 vs 7.1–16.2 in 2021–25 and EV/EBITDA 8.1 vs 8.4–14.9 look cheap, but earnings are lifted by the FPSO sale. P/B 1.02 and P/TBV 1.59 are above the whole 5-year range (0.45–0.75 and 0.69–1.15), and the share price is +63% over 52 weeks.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−10 of −35
- −4Customer concentrationExxonMobil in Guyana (five of six FPSOs in the Stabroek block are supplied by SBM) and Petrobras (SEAP I and II) dominate the order book and the next projects (Longtail FEED).
- −2DebtDirectional net debt USD 3.68bn after reduction from 5.65bn; interest paid USD 454m (TTM), interest cover 3.1x and Altman Z 1.38.
- −2Security and supply chain (China)A fatal accident at a subcontractor at a Chinese shipyard in H1 2026, and an accident at the Singapore yard from 2025 has been reclassified as permanent injury; new topside modules are also being built in China (Sept 2026).
- −2Macro and cycleNew FPSO orders depend on oil companies' investment and the oil price; Kepler downgraded to Hold in May, and the lowest price target (€37.73) is only 7% above the price.
Plus
Only documented strengths. · 3 findings+6 of +15
- +2Raised guidance2026 guidance raised again in August: Directional revenue about USD 7.6bn (from over 6.9bn) and EBITDA about USD 1.9bn (from about 1.8bn).
- +2Buybacks and dividend from FCFBuyback USD 270m and dividend 2×USD 100m in 2026 vs a reduction of Directional net debt of about USD 2bn in H1; target of at least USD 2.1bn in shareholder returns 2026–2031. Share count has fallen 3%.
- +2Order bookRecord pro forma Directional order backlog of USD 35.6bn (+14%) and net cash order backlog of USD 8.0bn; N'Goma extended to 2028.
Caveats
What the score does not capture, or where the data is weak.
Accounts in USD, share price in EUR. SBM manages on 'Directional' figures (leases treated as operating leases), which deviate sharply from IFRS: Directional EBITDA H1 USD 1.31bn vs IFRS USD 0.77bn. stockanalysis' FCF (USD 3.3bn TTM, FCF yield 48%) and net debt are distorted by the sale of FPSO ONE GUYANA and project financing, so P/FCF is not used. Forward P/E 8.1 is based on 2026 EPS, which is lifted by the sale; analysts expect 2027 EPS about 28% lower (only 5 estimates). Price targets latest 12/8. A large part of the debt is non-recourse project financing. Peer multiples (MODEC, Yinson, BW Offshore) not retrieved.
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