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Relative valuation derived from Industrials sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 37.8GRADE D
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
292.1%
Sector: 8.9%
Dividend Analysis audit
No Dividend
This company does not currently pay a dividend.
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, CMB.TECH NV (CMBT) receives a "Hold" rating with a composite score of 54.4/100, ranked #474 out of 4446 stocks. Key factor scores: Quality 38/100, Value 80/100, Momentum 70/100. This is quantitative analysis only — not investment advice.
CMB.TECH NV (CMBT) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does CMB.TECH NV Do?
Euronav NV, together with its subsidiaries, engages in the transportation and storage of crude oil worldwide. The company also offers floating, storage, and offloading (FSO) services. As of April 1, 2022, it owned and operated a fleet of 72 vessels, including 6 chartered-in vessels with an aggregate carrying capacity of approximately 18.5 million deadweight tons consisting of 41 very large crude carriers, 2 V-plus, 27 Suezmax vessels, and 2 FSO vessels. The company was incorporated in 2003 and is headquartered in Antwerp, Belgium. CMB.TECH NV (CMBT) is classified as a mid-cap stock in the Industrials sector, specifically within the Transportation industry. The company is led by CEO Hugo d. Stoop and employs approximately 3,150 people. With a market capitalization of $3.6B, CMBT is one of the notable companies in the Industrials sector.
CMB.TECH NV (CMBT) Stock Rating — Hold (April 2026)
As of April 2026, CMB.TECH NV receives a Hold rating with a composite score of 54.4/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.CMBT ranks #474 out of 4,446 stocks in our coverage universe. Within the Industrials sector, CMB.TECH NV ranks #80 of 752 stocks, placing it in the top quartile of its Industrials peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
CMBT Stock Price and 52-Week Range
CMB.TECH NV (CMBT) currently trades at $12.46. The stock lost $0.29 (2.3%) in the most recent trading session. The 52-week high for CMBT is $14.93, which means the stock is currently trading -16.5% from its annual peak. The 52-week low is $7.65, putting the stock 62.9% above its annual trough. Recent trading volume was 1.5M shares, reflecting moderate market activity.
Is CMBT Overvalued or Undervalued? — Valuation Analysis
CMB.TECH NV (CMBT) carries a value factor score of 80/100 in the Blank Capital model, suggesting the stock trades at a meaningful discount to its fundamental earning power. The trailing price-to-earnings ratio is 2.87x, compared to the Industrials sector average of 28.33x — a discount of 90%. The price-to-book ratio stands at 3.07x, versus the sector average of 2.23x. The price-to-sales ratio is 0.56x, compared to 0.50x for the average Industrials stock. On an enterprise value basis, CMBT trades at 1.57x EV/EBITDA, versus 5.70x for the sector.
Based on these multiples, CMB.TECH NV appears attractively valued relative to both its sector peers and the broader market. Value-oriented investors may find the current entry point compelling, particularly if the company's fundamental quality metrics also score well.
CMB.TECH NV Profitability — ROE, Margins, and Quality Score
CMB.TECH NV (CMBT) earns a quality factor score of 38/100, signaling below-average profitability metrics relative to the broader market. The return on equity (ROE) is 292.1%, compared to the Industrials sector average of 8.9%, which demonstrates strong shareholder value creation. Return on assets (ROA) comes in at 89.2% versus the sector average of 3.3%.
On a margin basis, CMB.TECH NV reports gross margins of 77.0%, compared to 35.8% for the sector. The operating margin is 61.7% (sector: 6.2%). Net profit margin stands at 53.6%, versus 3.9% for the average Industrials stock. Profitability is below benchmark levels, which may reflect industry headwinds, elevated reinvestment, or structural challenges.
CMBT Debt, Balance Sheet, and Financial Health
CMB.TECH NV has a debt-to-equity ratio of 220.0%, compared to the Industrials sector average of 70.0%. This elevated leverage warrants close monitoring, as it increases the company's sensitivity to rising interest rates and economic downturns. Total debt on the balance sheet is $2.62B. Cash and equivalents stand at $39M.
CMBT has a beta of 0.82, meaning it is roughly in line with the broader market in terms of price volatility. The stability factor score for CMB.TECH NV is 64/100, reflecting average volatility within the normal range for its sector.
CMB.TECH NV Revenue and Earnings History — Quarterly Trend
In TTM 2026, CMB.TECH NV reported revenue of $1.63B and earnings per share (EPS) of $4.44. Net income for the quarter was $871M. Gross margin was 77.0%. Operating income came in at $1.00B.
In FY 2024, CMB.TECH NV reported revenue of $1.63B and earnings per share (EPS) of $4.44. Net income for the quarter was $871M. Gross margin was 77.0%. Revenue grew -0.3% year-over-year compared to FY 2023. Operating income came in at $1.00B.
In FY 2023, CMB.TECH NV reported revenue of $1.63B and earnings per share (EPS) of $4.25. Net income for the quarter was $858M. Gross margin was 76.8%. Revenue grew 68.8% year-over-year compared to FY 2022. Operating income came in at $970M.
In FY 2022, CMB.TECH NV reported revenue of $966M and earnings per share (EPS) of $1.01. Net income for the quarter was $203M. Gross margin was 58.9%. Revenue grew 117.0% year-over-year compared to FY 2021. Operating income came in at $294M.
Over the past 8 quarters, CMB.TECH NV has demonstrated a growth trajectory, with revenue expanding from $624M to $1.63B. Investors analyzing CMBT stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
CMBT Dividend Yield and Income Analysis
CMB.TECH NV (CMBT) does not currently pay a dividend. This is common among smaller companies in the Transportation industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Industrials dividend stocks may want to explore other Industrials stocks or use the stock screener to filter by dividend yield.
CMBT Momentum and Technical Analysis Profile
CMB.TECH NV (CMBT) has a momentum factor score of 70/100, indicating strong price momentum with the stock outperforming the majority of the market over recent periods. Stocks with high momentum scores have historically tended to continue their outperformance in the near term. The investment factor score is 25/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 48/100 reflects moderate short selling activity.
CMBT vs Competitors — Industrials Sector Ranking and Peer Comparison
Comparing CMBT against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full CMBT vs S&P 500 (SPY) comparison to assess how CMB.TECH NV stacks up against the broader market across all factor dimensions.
CMBT Next Earnings Date
No upcoming earnings date has been announced for CMB.TECH NV (CMBT) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy CMBT? — Investment Thesis Summary
CMB.TECH NV presents a balanced picture with arguments on both sides. The quality score of 38/100 flags below-average profitability. The value score of 80/100 suggests attractive pricing relative to fundamentals. Price momentum is positive at 70/100, suggesting the trend favors buyers. Low volatility (stability score 64/100) reduces downside risk.
In summary, CMB.TECH NV (CMBT) earns a Hold rating with a composite score of 54.4/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on CMBT stock.
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Institutional Research Dossier
CMB.TECH NV (CMBT) Deep Dive Analysis
Published on March 24, 2026
Action RatingHold
Sections
Executive Summary
CMB.TECH NV (CMBT), operating in the crude oil transportation and storage sector, currently holds a 'Hold' rating. This rating is primarily driven by a mixed financial profile: while the company exhibits strong profitability metrics and attractive valuation multiples relative to its sector, its negative free cash flow and high debt levels raise concerns about its long-term financial sustainability and capital allocation efficiency. The critical takeaway is that while CMBT's current profitability is impressive, investors should closely monitor its ability to generate positive free cash flow and manage its debt burden to justify a more bullish outlook.
The company's exposure to the volatile crude oil shipping market introduces further uncertainty. While the current market conditions have been favorable, leading to exceptional profitability, a downturn in shipping rates or increased operating costs could significantly impact its financial performance. Therefore, a 'Hold' rating reflects the need for greater clarity on CMBT's ability to maintain its profitability and improve its cash flow generation in varying market conditions before a more decisive investment recommendation can be made.
Business Strategy & Overview
CMB.TECH NV (CMBT), formerly Euronav NV, operates primarily in the transportation and storage of crude oil. The company's core business revolves around owning and operating a fleet of vessels, including Very Large Crude Carriers (VLCCs), Suezmax vessels, and Floating Storage and Offloading (FSO) vessels. These vessels are chartered out to transport crude oil across global trade routes, generating revenue based on prevailing shipping rates and charter agreements. The FSO vessels provide storage solutions for crude oil, adding another revenue stream.
CMBT's strategic positioning within the crude oil transportation market is heavily influenced by global supply and demand dynamics, geopolitical events, and regulatory changes. The company's profitability is directly tied to the cyclical nature of the shipping industry, where freight rates fluctuate based on factors such as oil production levels, refinery demand, and vessel supply. The company's strategy involves managing its fleet efficiently, optimizing vessel utilization, and capitalizing on favorable market conditions to maximize revenue and profitability.
Given the increasing focus on environmental sustainability, CMBT, like other players in the shipping industry, faces pressure to reduce its carbon footprint and adopt cleaner technologies. The company's future strategic direction will likely involve investments in more fuel-efficient vessels, alternative fuels, and other initiatives aimed at reducing emissions and complying with stricter environmental regulations. This transition will require significant capital investments and strategic partnerships to navigate the evolving regulatory landscape and maintain a competitive edge.
The company's recent name change to CMB.TECH NV signals a potential shift in strategic focus towards broader technology applications within the maritime sector, possibly including the development and implementation of innovative solutions for vessel management, fuel efficiency, and emissions reduction. However, the extent and impact of this strategic shift remain to be seen, and investors should closely monitor the company's future announcements and investments in this area.
Execution Benchmarks audit
Gross Margin
Core pricing power
77.0%
Sector: 35.8%
+115% VS SCTR
Economic Moat Analysis
CMB.TECH NV's economic moat is likely Narrow. The crude oil shipping industry is highly competitive, with numerous players offering similar services. While CMBT possesses a sizable fleet of vessels, this alone does not guarantee a sustainable competitive advantage. The company's ability to generate superior returns over the long term depends on factors such as efficient fleet management, strong customer relationships, and the ability to secure favorable charter rates.
One potential source of a narrow moat could be efficient scale. The economics of crude oil shipping favor larger operators who can achieve economies of scale through lower operating costs per vessel. CMBT's relatively large fleet size may provide it with a cost advantage compared to smaller competitors. However, this advantage is not insurmountable, as other large shipping companies also benefit from similar economies of scale.
Switching costs are generally low in the crude oil shipping industry. Customers can easily switch between different shipping companies based on price and availability. This lack of customer loyalty limits CMBT's ability to command premium prices or secure long-term contracts. Therefore, switching costs do not contribute significantly to the company's economic moat.
Intangible assets, such as brand reputation or proprietary technology, could potentially contribute to CMBT's moat. However, the company's brand is not particularly strong or well-recognized among end consumers. While CMBT may possess some proprietary knowledge or expertise in vessel management, this is unlikely to provide a significant competitive advantage over its peers. The company's potential shift towards technology applications within the maritime sector could create new intangible assets, but it is too early to assess the impact of this strategic shift on its economic moat.
Overall, CMBT's economic moat is limited by the competitive nature of the crude oil shipping industry and the lack of significant barriers to entry. While the company may benefit from economies of scale and some degree of operational expertise, these advantages are not strong enough to create a wide or sustainable moat. The company's future success will depend on its ability to adapt to changing market conditions, manage its costs effectively, and differentiate itself from its competitors through innovation and superior service.
Financial Health & Profitability
CMB.TECH NV's financial health presents a mixed picture. The company has demonstrated strong revenue growth and exceptional profitability in recent years, but its free cash flow generation has been inconsistent, and its debt levels are relatively high. The company's revenue increased significantly from $445.09 million in FY2021 to $1.63 billion in FY2023 and FY2024, indicating strong demand for its services. Net income has also improved dramatically, from a loss of $338.78 million in FY2021 to a profit of $870.83 million in FY2024. This turnaround is reflected in the company's gross margin and operating margin, which have increased substantially over the same period.
However, the company's free cash flow (FCF) has been volatile. While CMBT generated substantial FCF in FY2023 ($2.66 billion), it reported negative FCF in FY2024 ($-591.38 million). This inconsistency raises concerns about the company's ability to consistently generate cash from its operations. The negative FCF in FY2024 could be attributed to increased capital expenditures, working capital changes, or other factors that require further investigation.
CMBT's balance sheet is characterized by a high level of debt. With total debt of $2.62 billion and total cash of only $38.87 million, the company's debt-to-equity ratio is significantly higher than the sector average (220.00 vs. 70.00). This high leverage increases the company's financial risk and could limit its flexibility to pursue growth opportunities or weather economic downturns. The company's ability to service its debt obligations will depend on its ability to maintain its profitability and generate positive cash flow.
Compared to the industrials sector, CMBT exhibits significantly higher profitability margins. Its gross margin (77.0% vs. 35.8%), operating margin (61.7% vs. 6.2%), and net margin (53.6% vs. 3.7%) are all substantially higher than the sector averages. This suggests that CMBT has a strong competitive position and is able to generate significant profits from its operations. However, the sustainability of these high margins will depend on the company's ability to maintain its cost structure and pricing power in the face of competition.
Overall, CMBT's financial health is a mixed bag. While the company has demonstrated strong revenue growth and exceptional profitability, its negative free cash flow and high debt levels raise concerns about its long-term financial sustainability. Investors should closely monitor the company's ability to generate positive free cash flow, manage its debt burden, and maintain its profitability margins in varying market conditions.
Valuation Assessment
CMB.TECH NV's valuation appears attractive based on several key metrics. The company's P/E ratio of 2.8x is significantly lower than the industrials sector average of 27.7x, suggesting that the stock is undervalued relative to its earnings. Similarly, its EV/EBITDA ratio of 1.5x is substantially lower than the sector average of 5.7x, further indicating that the company is undervalued based on its enterprise value and operating performance.
However, it's crucial to consider the cyclical nature of the crude oil shipping industry when assessing CMBT's valuation. The company's earnings and cash flow are highly sensitive to fluctuations in shipping rates and oil prices. The current high profitability may not be sustainable in the long term, and a downturn in the shipping market could significantly impact the company's financial performance. Therefore, a low P/E ratio may simply reflect the market's expectation of lower earnings in the future.
The company's exceptionally high ROE of 292.2% compared to the sector average of 9.2% also warrants further scrutiny. While a high ROE indicates efficient use of equity, it could also be a result of high leverage or unsustainable earnings. In CMBT's case, the high ROE is likely driven by a combination of strong profitability and high debt levels. The sustainability of this high ROE will depend on the company's ability to maintain its profitability and manage its debt burden.
Given the company's volatile free cash flow, a traditional FCF yield analysis may not be the most reliable valuation method. The negative FCF in FY2024 makes it difficult to assess the company's intrinsic value based on its ability to generate cash. However, if we consider the FCF generated in FY2023 ($2.66 billion), the company's FCF yield would be quite attractive. This highlights the importance of considering the cyclical nature of the business and the potential for significant fluctuations in FCF.
Overall, CMBT's valuation appears attractive based on its P/E and EV/EBITDA ratios. However, investors should exercise caution and consider the cyclical nature of the industry, the company's high debt levels, and the volatility of its free cash flow. A more conservative valuation approach may be warranted, taking into account the potential for lower earnings and cash flow in the future. The current 'Hold' rating reflects this uncertainty and the need for further clarity on the company's long-term financial performance.
Risk & Uncertainty
CMB.TECH NV faces several specific risks that could negatively impact its business and financial performance. The most significant risk is the cyclicality of the crude oil shipping market. Shipping rates are highly volatile and depend on factors such as global oil supply and demand, geopolitical events, and vessel supply. A downturn in the shipping market could lead to lower charter rates, reduced vessel utilization, and decreased profitability for CMBT.
Regulatory changes pose another significant risk. The shipping industry is subject to increasingly stringent environmental regulations aimed at reducing emissions and preventing pollution. Compliance with these regulations requires significant capital investments in new technologies and vessel upgrades. Failure to comply with regulations could result in fines, penalties, and reputational damage.
Competition is intense in the crude oil shipping industry. Numerous players offer similar services, and customers can easily switch between different shipping companies based on price and availability. This intense competition limits CMBT's ability to command premium prices or secure long-term contracts. The company must continuously strive to improve its efficiency, reduce its costs, and differentiate itself from its competitors to maintain its market share.
High debt levels represent a significant financial risk for CMBT. The company's debt-to-equity ratio is significantly higher than the sector average, increasing its financial leverage and vulnerability to economic downturns. The company's ability to service its debt obligations will depend on its ability to maintain its profitability and generate positive cash flow. A decline in earnings or an increase in interest rates could strain the company's financial resources and potentially lead to financial distress.
Finally, concentration risk could be a factor. While not explicitly stated, if a significant portion of CMBT's revenue is derived from a small number of key customers or contracts, the loss of one or more of these customers could have a material adverse effect on the company's financial performance.
Bulls Say / Bears Say
The Bull Case
BULL VIEWCMBT's current valuation multiples (P/E and EV/EBITDA) are significantly below the sector average, presenting a compelling entry point for value investors.
BULL VIEWThe company's high profitability margins (Gross, Operating, and Net) demonstrate its operational efficiency and competitive advantage in the crude oil shipping market.
BULL VIEWCMBT's strategic shift towards technology applications within the maritime sector could unlock new growth opportunities and enhance its long-term value.
The Bear Case
BEAR VIEWCMBT's negative free cash flow in the latest fiscal year raises concerns about its ability to fund future growth and service its high debt levels.
BEAR VIEWThe cyclical nature of the crude oil shipping industry makes CMBT's earnings highly volatile and unpredictable, limiting its appeal to risk-averse investors.
BEAR VIEWCMBT's high debt-to-equity ratio increases its financial risk and vulnerability to economic downturns, potentially leading to financial distress.
About the Author
Marques Blank
Founder & Chief Investment Officer, Blank Capital
Marques brings 15 years of institutional finance and investing experience, having overseen financial planning for a $1.6B defense business unit. He developed the proprietary 6-factor quantitative model used to score CMBT and 4,400+ other equities.
CMB.TECH NV exhibits a 28% valuation discount relative to institutional benchmarks. This represents a constructive entry window based on current multiples.
Return on Assets
Efficiency of asset utilization
89.2%
Sector: 3.3%
Gross Margin
Pricing power and cost efficiency
77.0%
Sector: 35.8%
Operating Margin
Core business profitability
61.7%
Sector: 6.2%
Net Margin
Bottom-line profitability
53.6%
Sector: 3.9%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.
