CMBT Energy

Cmb.Tech NV

$17.38+0.00%

Price as of close on Nov 3, 2026 · Financials updated Nov 2, 2026

Basics

Sector: Energy
Industry: Oil & Gas Midstream
Country: Belgium
Market cap: 5.0B USD
Enterprise value: 16.3B USD

Overall health

Strength: growing faster than most peersgrowing faster than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers: less short-term liquidity (current ratio 0.86 vs a peer median of 1.37) and more debt relative to equity (2.12× vs a peer median of 0.47×)higher risk: less liquidity (current ratio 0.86 vs peers 1.37) and more debt vs equity (2.12× vs peers 0.47×)
About average: profitability

Ranks #229 of 363 energy companies (bottom 38%)

See how it ranks against its peers

Worth knowing

Profitable, but burning cash. Reports a profit, but free cash flow is negative.
Cmb.Tech reports a profit but its free cash flow is negative: it spent more on investment and running the business than it brought in. That's common for companies building capacity, but it means the profit isn't yet turning into cash.
Shareholders being diluted. Shares outstanding up 44% from December 2022 to December 2025.
Cmb.Tech had 44% more shares at December 2025 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Cmb.Tech had 44% more shares at December 2025 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Borrowing rising faster than profit. Since 2022: debt +227%, operating profit +89%.
Cmb.Tech's debt grew 227% since 2022 while operating profit changed +89%.
Valuation signals disagree. Cheaper than 44% of peers on operating cash profit (EBITDA), but only 0% on free cash flow.Cheaper than 44% of peers on operating cash profit, but only 0% on free cash flow.
Relative to its operating cash profit (EBITDA), Cmb.Tech looks cheaper than 44% of peers; relative to its free cash flow, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.Relative to its operating cash profit, Cmb.Tech looks cheaper than 44% of peers; relative to its free cash flow, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

StockQuotient Score

46/ 100

Oct 5 45 → Nov 4 46 (+1)

Valuation

Is the price right?

24/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ FCF yield
▼ Earnings yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield1.5%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value30% base weight · Z-score -1.07Sector median: 0.0522 · MAD: 0.0351

EBITDA yield11.2%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 monthsReported value50% base weight · Z-score -0.17Sector median: 0.1209 · MAD: 0.0518

Free cash flow yield-10.2%

Yahoo Finance fallback · SEC cash flow or share count unavailable · trailing 12 months · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score -1.26Sector median: 0.0618 · MAD: 0.0491

Other data (not scored)

Book yield23.9%

SEC filings (IFRS mapped) · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.5851 · MAD: 0.2677

Growth

Is it growing?

90/100

Strong

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 55.6%

Why

Stronger than most peers on:

▲ Revenue growth
▲ 3-yr revenue

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth-93.6%

SEC filings (IFRS mapped) · 12 months to Dec 2025Outlier capped at sector 5th/95th percentile33% base weight · Z-score -2.44Sector median: 0.0107 · MAD: 0.3431

3-year revenue growth24.9%

SEC filings (IFRS mapped) · 3 years to Dec 2025Reported value33% base weight · Z-score 3.26Sector median: -0.0135 · MAD: 0.0807

Revenue growth77.2%

SEC filings (IFRS mapped) · 12 months to Dec 2025Outlier capped at sector 5th/95th percentile33% base weight · Z-score 5.67Sector median: 0.0050 · MAD: 0.1101

Profitability

Does it earn well?

53/100

Moderate▲ 1 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: ▼ Weaker

Operating margin fell 12.5 points to 33.4%

Why it changed since the Oct 27, 2026 close: Score 52 → 53

Peer companies moved+1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Mixed versus peers:

▲ Operating margin
▼ ROA
▼ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin33.4%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score 2.32Sector median: 0.1169 · MAD: 0.0936

Return on assets1.9%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score -0.84Sector median: 0.0444 · MAD: 0.0302

Return on invested capital5.5%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score -0.59Sector median: 0.0929 · MAD: 0.0648

Other data (not scored)

Gross margin56.0%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.3310 · MAD: 0.1935

Return on equity6.1%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported valueInformational · 0% composite weightSector median: 0.1014 · MAD: 0.0743

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: ▼ Weaker

Operating profit now covers interest only 1.3x

Why it changed since the Oct 27, 2026 close: Safety percentile 17 → 16

Peer companies moved-1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Weaker than most peers on:

▼ Debt / equity
▼ Current ratio

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.14

Yahoo Finance · 5-year monthly beta vs the marketOutlier capped at sector 5th/95th percentile33% base weight · Z-score 1.67Sector median: 0.5680 · MAD: 0.2415

Current ratio0.86×

SEC filings (IFRS mapped) · latest balance sheetReported value33% base weight · Z-score -1.01Sector median: 1.3710 · MAD: 0.5060

Debt / equity2.12×

SEC filings (IFRS mapped) · latest balance sheetReported value33% base weight · Z-score -5.20Sector median: 0.4659 · MAD: 0.3175

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Cmb.Tech

Is Cmb.Tech getting weaker?: Its latest SEC filing (Apr 21, 2026) got weaker in some ways: operating margin fell 12.5 points to 33.4%; operating profit now covers interest only 1.3x. Its overall score is unchanged at 46/100 since Oct 28, 2026.
How is Cmb.Tech valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 24/100 against 404 energy peers. Free cash flow yield -10.2% vs a peer median of 6.2% (weaker than 100% of peers).Free cash flow yield -10.2% vs peers 6.2% (weaker than 100% of peers).
Is Cmb.Tech growing?: Yes, faster than most of its peers. Growth scores 90/100 against 404 energy peers. Revenue growth 77.2% vs a peer median of 0.5% (stronger than 95% of peers).Revenue growth 77.2% vs peers 0.5% (stronger than 95% of peers). Earnings per share growth -93.6% vs a peer median of 1.1% (weaker than 100% of peers).Earnings per share growth -93.6% vs peers 1.1% (weaker than 100% of peers).
How profitable is Cmb.Tech?: About as profitable as its peers. Profitability scores 53/100 against 404 energy peers. Operating margin 33.4% vs a peer median of 11.7% (stronger than 86% of peers).Operating margin 33.4% vs peers 11.7% (stronger than 86% of peers). Return on assets 1.9% vs a peer median of 4.4% (weaker than 70% of peers).Return on assets 1.9% vs peers 4.4% (weaker than 70% of peers).
How risky is Cmb.Tech?: Higher risk relative to 404 energy peers, judged on debt, liquidity and share-price swings. Beta 0.14 vs a peer median of 0.57 (stronger than 95% of peers).Beta 0.14 vs peers 0.57 (stronger than 95% of peers). Debt / equity 2.12× vs a peer median of 0.47× (weaker than 89% of peers).Debt / equity 2.12× vs peers 0.47× (weaker than 89% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Dec 31, 2025 · filed Apr 21, 2026 · compared with the quarter ended Jun 30, 2025

Got weaker

Operating margin fell 12.5 points to 33.4%
Operating profit now covers interest only 1.3x

	Previous quarter	Latest quarter	Change
Revenue (12 months)	1.1B USD	1.7B USD	+55.6%
Net income (12 months)	243.0M USD	160.7M USD	−33.9%
Operating margin	45.9%	33.4%	−12.5 pts
Debt	5.6B USD	5.5B USD	−1.6%
Cash	155.0M USD	146.5M USD	−5.5%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Operating margin	-67.1%	34.4%	78.5%	106.6%	33.4%	▼ 73 pts
Net margin	-80.7%	23.8%	69.5%	92.6%	9.6%	▼ 83 pts
Return on assets (ROA)	-9.0%	5.1%	25.1%	22.3%	1.9%	▼ 20 pts
Return on equity (ROE)	-17.3%	9.4%	36.4%	73.0%	6.1%	▼ 67 pts
Current ratio	1.43×	2.39×	3.84×	1.20×	0.86×	▼ 28%
Quick ratio	1.22×	2.22×	3.79×	1.13×	0.79×	▼ 30%
Debt to equity	0.87×	0.78×	0.39×	2.20×	2.12×	▼ 3.8%
Interest coverage	-2.95×	2.21×	5.64×	5.92×	1.30×	▼ 78%

CMBT price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers: less short-term liquidity (current ratio 0.86 vs a peer median of 1.37) and more debt relative to equity (2.12× vs a peer median of 0.47×)higher risk: less liquidity (current ratio 0.86 vs peers 1.37) and more debt vs equity (2.12× vs peers 0.47×)

About average: profitability

Ranks #229 of 363 energy companies (bottom 38%)

See how it ranks against its peers

Worth knowing

Profitable, but burning cash. Reports a profit, but free cash flow is negative.

Cmb.Tech reports a profit but its free cash flow is negative: it spent more on investment and running the business than it brought in. That's common for companies building capacity, but it means the profit isn't yet turning into cash.

Shareholders being diluted. Shares outstanding up 44% from December 2022 to December 2025.

Cmb.Tech had 44% more shares at December 2025 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Cmb.Tech had 44% more shares at December 2025 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Borrowing rising faster than profit. Since 2022: debt +227%, operating profit +89%.

Cmb.Tech's debt grew 227% since 2022 while operating profit changed +89%.

Valuation signals disagree. Cheaper than 44% of peers on operating cash profit (EBITDA), but only 0% on free cash flow.Cheaper than 44% of peers on operating cash profit, but only 0% on free cash flow.

Relative to its operating cash profit (EBITDA), Cmb.Tech looks cheaper than 44% of peers; relative to its free cash flow, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.Relative to its operating cash profit, Cmb.Tech looks cheaper than 44% of peers; relative to its free cash flow, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

Questions investors ask about Cmb.Tech

Is Cmb.Tech getting weaker?

Its latest SEC filing (Apr 21, 2026) got weaker in some ways: operating margin fell 12.5 points to 33.4%; operating profit now covers interest only 1.3x. Its overall score is unchanged at 46/100 since Oct 28, 2026.

How is Cmb.Tech valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 24/100 against 404 energy peers. Free cash flow yield -10.2% vs a peer median of 6.2% (weaker than 100% of peers).Free cash flow yield -10.2% vs peers 6.2% (weaker than 100% of peers).

Is Cmb.Tech growing?

Yes, faster than most of its peers. Growth scores 90/100 against 404 energy peers. Revenue growth 77.2% vs a peer median of 0.5% (stronger than 95% of peers).Revenue growth 77.2% vs peers 0.5% (stronger than 95% of peers). Earnings per share growth -93.6% vs a peer median of 1.1% (weaker than 100% of peers).Earnings per share growth -93.6% vs peers 1.1% (weaker than 100% of peers).

How profitable is Cmb.Tech?

About as profitable as its peers. Profitability scores 53/100 against 404 energy peers. Operating margin 33.4% vs a peer median of 11.7% (stronger than 86% of peers).Operating margin 33.4% vs peers 11.7% (stronger than 86% of peers). Return on assets 1.9% vs a peer median of 4.4% (weaker than 70% of peers).Return on assets 1.9% vs peers 4.4% (weaker than 70% of peers).

How risky is Cmb.Tech?

Higher risk relative to 404 energy peers, judged on debt, liquidity and share-price swings. Beta 0.14 vs a peer median of 0.57 (stronger than 95% of peers).Beta 0.14 vs peers 0.57 (stronger than 95% of peers). Debt / equity 2.12× vs a peer median of 0.47× (weaker than 89% of peers).Debt / equity 2.12× vs peers 0.47× (weaker than 89% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

1.1B USD

1.7B USD

+55.6%

Net income (12 months)

243.0M USD

160.7M USD

−33.9%

Operating margin

45.9%

33.4%

−12.5 pts

Debt

5.6B USD

5.5B USD

−1.6%

Cash

155.0M USD

146.5M USD

−5.5%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Operating margin

-67.1%

34.4%

78.5%

106.6%

33.4%

▼ 73 pts

Net margin

-80.7%

23.8%

69.5%

92.6%

9.6%

▼ 83 pts

Return on assets (ROA)

-9.0%

5.1%

25.1%

22.3%

1.9%

▼ 20 pts

Return on equity (ROE)

-17.3%

9.4%

36.4%

73.0%

6.1%

▼ 67 pts

Current ratio

1.43×

2.39×

3.84×

1.20×

0.86×

▼ 28%

Quick ratio

1.22×

2.22×

3.79×

1.13×

0.79×

▼ 30%

Debt to equity

0.87×

0.78×

0.39×

2.20×

2.12×

▼ 3.8%

Interest coverage

-2.95×

2.21×

5.64×

5.92×

1.30×

▼ 78%