CMB.TECH NV Ordinary Shares (CMBT)
FairStock Score: 46/100 — MIXED
Key Financials
| Current Price | $18.46 |
| Market Cap | $3.8B |
| P/E Ratio | 6.24 |
| ROE | 29.59% |
| Dividend Yield | 3.94% |
| Sector | Energy |
AI Analysis
AI-generated, general educational analysis — not personal investment advice.
Mr. Market is offering CMB.TECH at $20.79 as of the 2026-10-13 close, and on FairStock's numbers it looks statistically cheap: P/E 7.02, P/B 1.93, EV/EBITDA 6.39, dividend yield 3.94%, and a Graham Number of $26.77, giving a 22.34% margin of safety. The latest filed quarter, fiscal Q2 2026, showed revenue of $703.9M and net income of $364.4M, a 51.76% net margin. FairStock calculates ROE at 29.59% and a Piotroski F-Score of 7/9. But I am a Graham-style skeptic. FairStock's ROCE is only 5.29%, so the high ROE may reflect leverage rather than exceptional operational returns. Debt/equity is 1.75, and FairStock's Altman Z-Score is 0.82—distress-zone territory. Trailing free cash flow is -$516.7M, a -13.6% FCF yield, meaning reported earnings are not yet converting into cash. The business moves ships and builds low/zero-carbon marine and hydrogen infrastructure; that could be a durable niche, but I cannot call it a wide moat without evidence of pricing power through cycles. FairStock's Lynch category is none because only 0 years of filed annual results are available—too short a record. Growth has been explosive, but FairStock's PEG of 0.01 likely reflects a tiny base or early-stage distortions rather than a durable bargain. At this price, the market is pricing in both execution and balance-sheet repair. If cash flow inflects and debt falls, the Graham discount could close. If not, the cheap multiple is a value trap.
In plain English: CMB.TECH owns and operates ships, including low- and zero-carbon vessels, and works on hydrogen fuel infrastructure. Its latest reported quarter showed a large profit, and the stock price looks modestly cheap compared with those profits and a conservative value estimate. However, the company is burning cash and carries a lot of debt, so the cheapness comes with real risk.
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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash
Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer