SBM Offshore N.V. (SBMO) Fair Value & Analysis
Energy · NL · Market cap €5.3B · ISIN NL0000360618
What is SBM Offshore N.V. really worth?
A solid business, trading 23% below our fair value of €45.79.
Strengths
Risks
For context
Fair value as of: Aug 20, 2026
From 26 valuation models · updated 16 days ago
Fair value updated Aug 20, 2026, revised from €51.64 to €45.79 (−11.3%) since Aug 13, 2026. Share price +12.6% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- Solid quality (67/100) at a price below fair value, the discount is the argument here, not the business quality.
- A fairly wide model range (€34.34 to €78.78) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 20, 2026.
How to read this chart
60‑month range €9.17 – €36.68 · fair‑value band €34.34 – €78.78 · the €35.32 price screens below the €45.79 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 20, 2026.
Analysis
SBM Offshore N.V. (SBMO) currently trades at €35.32, while our model-based Fair Value estimate is €45.79, implying the stock looks roughly 22.9% undervalued today. The Quality Score stands at 67/100 (solid quality), in the Energy sector. Bull case: the Growth Earnings group reads highest at a median of €71.57 per share, and 19 of the 26 models we run sit above the €35.32 price. Bear case: the Dividend Discount group reads lowest at €15.59, and 7 of the 26 models stay below the price. Evidence for this calculation is high.
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 Aug 20, 2026
Our scenario range runs from €34.34 (bear case) to €78.78 (bull case); at €35.32, 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 5% below its 52-week high and 77% above its 52-week low, currently above its 200-day average. For context, the median of 10 Energy peers we cover trades at −41% fair-value upside, at 30%, SBMO screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly €2.36 per share, which is 5.2 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.
All 26 models by family
Widest divergence: Growth Earnings (€71.57) versus Dividend Discount (€15.59). Highest evidence: FCF DCF (76).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 20, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 60 · Market factors (momentum, volatility) 79
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.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
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.
of which total revenue +4.8 % · buybacks/dilution +1.8 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
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Earlier news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- SBM Offshore NV's Dividend Analysis
- SBM Offshore selects Siemens Energy for Brazil Sergipe-Alagoas FPSOs
- SBM Offshore NV (SBFFF) (H1 2026) Earnings Call Highlights: Record Backlog and Raised Guidance ...
- SBM Offshore Half Year 2026 Earnings
Peer Group
Oil & Gas Equipment & Services · 185 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.
Valuation Multiples vs Oil & Gas Equipment & Services median · lower = cheaper
Strength profile in five axes (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.
Insider activity: 40/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Oil & Gas Equipment & Services stocks, each showing price versus our Fair Value estimate (as of Aug 20, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| SLB N.V SLB | $57.33 | $28.66 | −50% |
| Baker Hughes Company BKR | $64.63 | $32.40 | −50% |
| TechnipFMC plc FTI | $75.27 | $27.43 | −64% |
| Halliburton Company HAL | $36.18 | $21.50 | −41% |
| Tenaris S.A TS | $53.09 | $45.68 | −14% |
| Yantai Jereh Oilfield Services Group 002353 | ¥144.58 | ¥34.17 | −76% |
| Saipem SpA SPM | €4.57 | €2.72 | −40% |
| Subsea 7 S.A SUBC | kr 341.20 | kr 221.37 | −35% |
| China Oilfield Services Limited 601808 | ¥12.31 | ¥12.64 | +3% |
| Gaztransport & Technigaz SA GTT | €211.80 | €95.01 | −55% |
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