Start here if you're new
what it is
CMB.TECH moves cargo by sea and is trying to bolt hydrogen fuel infrastructure onto that shipping cash machine.
how it gets paid
Last year Cmb.Tech made $940M in revenue. Tankers was the main engine at $470M, or 50% of sales.
what just happened
Revenue hit $623M in the latest quarter, up 26% vs. prior year, while EPS still looked thin versus last year's peak.
At a glance
B balance sheet — gets the job done, barely
10/100 earnings predictability — expect surprises
26.0x trailing p/e — priced about right
2.7% dividend yield — cash in your pocket every quarter
13.5% return on capital — nothing to write home about
xvary composite: 43/100 — below average
What they do
CMB.TECH moves cargo by sea and is trying to bolt hydrogen fuel infrastructure onto that shipping cash machine.
Marine is the cash engine. Operating margin (money left after paying to run the business) was 60.0%, while net profit margin (what survives after everything) was 30.7%. So if freight markets stay decent, your shipping assets throw off real cash while the hydrogen units get built beside them.
How they make money
$940M
annual revenue
Tankers
$470M
+26.0%
Dry bulk
$180M
+7.0%
Container and chemical shipping
$140M
+7.0%
Offshore wind support
$110M
+7.0%
H2 Infra and H2 Industry
$40M
+7.0%
The products that matter
cleaner-fuel marine platform
green hydrogen
part of a $940M revenue base
Hydrogen sits near the center of the pitch, but this page gives you no revenue split. You know it lives inside a $940M business. You do not know how large it is yet, and that difference matters if you are paying for future mix shift.
story stock angle
alternative marine fuel
ammonia
strategy is clearer than disclosure
Ammonia is part of the transition case, but the numbers still stay at company level: $940M revenue, 60.0% operating margin, and $4.0B debt. You are underwriting strategy with limited segment proof.
transition bet
dual-fuel industrial systems
dual-fuel industrial applications
meant to widen the use case
This is the part of the story that could make cmb. Tech worth more than a plain marine operator. The catch is visibility: the snapshot gives you no product revenue, only a $3B equity value and a $940M sales base.
optional upside
Key numbers
$1.80
fy2027 eps est
$2B
fy2029 rev est
26.0x
trailing p/e
2.7%
dividend yield
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 30 / 100
- long-term debt $4.0B (57% of capital)
- net profit margin 30.7% — keeps 31 cents of every dollar in revenue
- return on equity 20% — $0.20 profit for every $1 investors have put in
B — net profit margin looks solid but long-term debt needs watching.
Total return vs. market
You invested $10,000 in CMBT 3 years ago → it's now worth $12,740.
The index would have given you $13,880.
source: institutional data · total return
What just happened
beat estimates
Revenue hit $623M in the latest quarter, up 26% vs. prior year, while EPS still looked thin versus last year's peak.
The company posted a positive surprise, with last earnings at $0.14 versus a -$0.04 estimate from Yahoo Finance. But SEC-verified EPS for the latest quarter was $0.27, down 92% vs. prior year, so the beat was against low expectations, not a return to old profit levels.
$235M
revenue
$0.27
eps
30.7%
net margin
the number that mattered
The number that mattered was $623M of revenue, because top-line growth of 26% shows fleet utilization and tanker exposure are doing the heavy lifting while earnings rebuild.
-
we believe cmb. Tech's performance is heading in the right direction.
-
although the belgium-based diversified maritime group saw its earnings decline throughout 2025, results on the revenue front were brighter, with a sharp top-line advance of roughly 50% projected.
-
this would mark a pronounced reversal from the prior year's decline and signals the positive impact of actively repositioning its fleet toward profitability.indeed, the top line has advanced thanks to higher fleet utilization, and greater exposure to the supportive tanker environment following the euronav acquisition.
-
in addition, higher tanker freight rates and benefits from its recent integration of golden ocean group ships has expanded scale and boosted its exposure to the dry bulk market (60% of the fleet).we think profits should recover in the near term, as cmb. Tech continues to reposition its fleet by divesting older tanker vessels inherited through its euronav acquisition.
-
this move aligns with the company's broader decarbonization strategy ahead of upcoming international maritime organization emissions regulations.
source: company earnings report, 2026
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What could go wrong
the big risk here is specific: $4.0B of long-term debt sitting on top of a $940M revenue base while the cleaner-fuel story still lacks segment detail.
med
the debt stack removes your margin for error
Long-term debt is $4.0B, or 57% of capital. That is workable while profitability stays elevated. If operating conditions soften, you stop debating strategy and start debating balance-sheet tolerance.
A business doing $940M in revenue does not get endless retries when the borrowings are this large.
med
10/100 predictability makes the 60.0% margin harder to trust at face value
This page shows a 60.0% operating margin and a 30.7% net margin. It also shows one of the weakest predictability scores you will see. That combination usually means the headline profits need more context than the snapshot can currently give you.
If the next few reports land lower, the market can stop treating the current margin profile as durable very quickly.
med
the transition pitch is still ahead of the segment proof
Hydrogen, ammonia, and dual-fuel applications are the appeal. The snapshot still gives you one revenue line: $940M total. You are being asked to believe in future business mix without the usual revenue breakdown that would show it forming in real time.
If cleaner-fuel revenue stays small inside the overall company, the stock risks being valued more like a cyclical marine operator than a transition platform.
If you own this, you are betting that 60.0% operating margin can outrun $4.0B of debt long enough for earnings to normalize.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
q4 2025 results are the new anchor point
The Feb 26, 2026 release is the freshest company update on the page. If you own this stock, the next report needs to confirm the margin story with numbers, not just keep repeating the transition thesis.
metric
watch whether 60.0% operating margin holds up
That is the page's eye-catcher. It is also the fastest way for sentiment to change if the business mix shifts or profitability cools back toward something more ordinary.
risk
$4.0B of debt is still the quiet part loud
A B balance sheet is not a crisis. It is also not a cushion. If operating momentum fades, the debt line becomes the whole conversation very quickly.
trend
institutions are buying while the stock still trails the market
126 buyers versus 7 sellers is supportive by count. The three-year total return still lags the index. That contrast is the setup: smart money interest is there, proof in shareholder returns is not there yet.
Analyst rankings
earnings predictability
10 / 100
in human-speak, analysts do not see this as a smooth or easy-to-model earnings story.
risk rank
3
This sits around the middle of the market on safety. Not a bunker stock. Not a full panic case either.
price stability
30 / 100
The stock has not behaved like a calm compounder. If you own it, price swings are part of the package.
xvary composite
43 / 100
Below average overall. The appeal here is specific upside if execution improves, not broad all-weather quality.
source: institutional data
Institutional activity
126 buyers vs. 7 sellers in 3q2025. total institutional holdings: 28.9M shares.
source: institutional data
Price targets
3-5 year target range
$5
$17
$13
current price
$11
target midpoint · 15% from current · 3-5yr high: $25 (+95% · 19% ann'l return)
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