CMB.Tech - Public Comps and Valuation Multiples

CMB.Tech Overview

About CMB.Tech

CMB.Tech NV owns and operates a fleet of vessels for international maritime shipping and storage of crude oil and petroleum products. It generate a large parts of their revenue from voyage charters, including vessels in pools that predominantly perform voyage charters. The company organizes itself into three divisons: the Marine division, the H2 Infra division and the H2 Industry division. The Marine Division derives maximum revenue.

Founded

2003

HQ

Employees

2.8K+

Website

cmb.tech

Sectors

Fossil Fuels
Energy Services
Marine Transportation

Financials

LTM Revenue $1.4B

LTM EBITDA $769M

EV

$8.9B

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CMB.Tech Financials

As of December 2025, CMB.Tech reported last 12-month revenue of $1.4B and EBITDA of $769M.

In the same period, CMB.Tech generated $938M in LTM gross profit and $232M in net income.

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CMB.Tech P&L

In the most recent fiscal year, CMB.Tech reported revenue of $1.1B and EBITDA of $1.4B.

CMB.Tech expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Revenue	$1.4B	XXX	$1.1B	XXX	XXX	XXX
Gross Profit	$938M	XXX	$463M	XXX	XXX	XXX
Gross Margin	68%	XXX	42%	XXX	XXX	XXX
EBITDA	$769M	XXX	$1.4B	XXX	XXX	XXX
EBITDA Margin	56%	XXX	126%	XXX	XXX	XXX
EBIT	$464M	XXX	$431M	XXX	XXX	XXX
EBIT Margin	34%	XXX	39%	XXX	XXX	XXX
Net Profit	$232M	XXX	$1.0B	XXX	XXX	XXX
Net Margin	17%	XXX	93%	XXX	XXX	XXX
Net Debt	XXX	XXX	$3.0B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for CMB.Tech including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $1.4B. EBITDA for the last twelve months was $769M. In the most recent fiscal year, CMB.Tech achieved $1.1B in revenue and $1.4B in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2026)	Next Fiscal Year (2027)	Two Years Forward (2028)
Total Revenue	$1.4B	Analyst estimates available to subscribers	$1.1B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$938M	Analyst estimates available to subscribers	$463M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	67.7% gross margin	Analyst estimates available to subscribers	42.2% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$769M	Analyst estimates available to subscribers	$1.4B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	55.6% EBITDA margin	Analyst estimates available to subscribers	126.0% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$464M	Analyst estimates available to subscribers	$431M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	33.5% EBIT margin	Analyst estimates available to subscribers	39.3% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$232M	Analyst estimates available to subscribers	$1.0B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	16.8% net profit margin	Analyst estimates available to subscribers	92.6% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$3.0B	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for CMB.Tech

This financial data table provides comprehensive performance metrics for CMB.Tech, a company based in Belgium. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

CMB.Tech generated $1.4B in revenue over the last twelve months.
The company achieved $769M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $938M.
Net income over the last twelve months reached $232M.

Fiscal Year Performance

In the most recent fiscal year, CMB.Tech reported $1.1B in total revenue.
Fiscal year EBITDA was $1.4B.
The company maintained a gross profit margin of 42.2% in the most recent fiscal year.
EBITDA margin for the fiscal year was 126.0%.
Net profit margin reached 92.6% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for CMB.Tech. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

CMB.Tech Stock Performance

CMB.Tech has current market cap of EUR 2.8B (or $3.3B), and EV of EUR 7.6B (or $8.9B).

Market Cap Evolution

CMB.Tech Stock Data

As of January 16, 2026, CMB.Tech's stock price is EUR 10 (or $11).

See CMB.Tech trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$8.9B	$3.3B	XXX	XXX	XXX	XXX	$0.52

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CMB.Tech Valuation Multiples

CMB.Tech's trades at 6.4x EV/Revenue multiple, and 11.5x EV/EBITDA.

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CMB.Tech Financial Valuation Multiples

As of January 16, 2026, CMB.Tech has market cap of $3.3B and EV of $8.9B.

Equity research analysts estimate CMB.Tech's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

CMB.Tech has a P/E ratio of 14.2x.

	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Market cap (current)	$3.3B	XXX	$3.3B	XXX	XXX	XXX
EV (current)	$8.9B	XXX	$8.9B	XXX	XXX	XXX
EV/Revenue	6.4x	XXX	6.4x	XXX	XXX	XXX
EV/EBITDA	11.5x	XXX	11.5x	XXX	XXX	XXX
EV/EBIT	19.1x	XXX	19.1x	XXX	XXX	XXX
EV/Gross Profit	9.4x	XXX	n/a	XXX	XXX	XXX
P/E	14.2x	XXX	14.2x	XXX	XXX	XXX
EV/FCF	-9.4x	XXX	-9.4x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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CMB.Tech Margins & Growth Rates

CMB.Tech's last 12 month revenue growth is 35%

CMB.Tech's revenue per employee in the last FY averaged $0.4M, while opex per employee averaged $12K for the same period.

CMB.Tech's rule of 40 is 134% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

CMB.Tech's rule of X is 144% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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CMB.Tech Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Revenue Growth	35%	XXX	24%	XXX	XXX	XXX
EBITDA Margin	56%	XXX	56%	XXX	XXX	XXX
EBITDA Growth	53%	XXX	-26%	XXX	XXX	XXX
Rule of 40	134%	XXX	91%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	144%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.4M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$12K	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	3%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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