CMB.TECH NV
CMBT · Deep Sea Foreign Transportation of Freight · EDGAR filings ↗
Grade
B78Large, diversified maritime group with top-decile returns and margins, but cyclical end-markets, high leverage, and falling revenue.
Strengths
- Top-decile profitability — ROE ~73% (95th pct), ROA ~22% (98th pct), ROIC ~21% (96th pct), net margin ~93% (97th pct)
- Scaled, diversified ~250-vessel fleet (tankers, dry bulk, chemical, offshore) post Golden Ocean merger with strong tanker spot rates
Risks
- Highly cyclical shipping with no durable moat; revenue down ~24% (8th pct) and high debt/equity of 2.2 (90th pct)
- Margins flattered by vessel-sale gains; weak liquidity (current ratio 1.2, quick 1.13)
- Heavy capex on ammonia/hydrogen newbuilds and exposure to charter-rate and geopolitical swings
Notable findings
- High leverageHigh leverage (debt/equity 2.20)
- Revenue declineRevenue -23.9% YoY
Key metrics
Operating margin
106.6%
Net margin
92.6%
Return on equity
73.0%
Return on assets
22.3%
ROIC
20.8%
Revenue growth (QoQ)
-23.9%
Net-income growth
1.5%
Debt / equity
2.2×
Interest coverage
5.9×
Current ratio
1.2×
Tangible book value
$1.2B
Cash & investments
$39M
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-04-21 | 2025-12-31 | 0001604481-26-000004 ↗ |
| 20-F | 2025-04-09 | 2024-12-31 | 0001604481-25-000004 ↗ |
| 20-F | 2024-04-11 | 2023-12-31 | 0001604481-24-000008 ↗ |
| 20-F | 2023-04-12 | 2022-12-31 | 0001604481-23-000004 ↗ |
| 20-F | 2022-04-14 | 2021-12-31 | 0001604481-22-000006 ↗ |
| 20-F | 2021-04-15 | 2020-12-31 | 0001604481-21-000005 ↗ |
| 20-F | 2020-04-29 | 2019-12-31 | 0001604481-20-000004 ↗ |
| 20-F | 2019-04-30 | 2018-12-31 | 0001604481-19-000006 ↗ |
| 20-F | 2018-04-17 | 2017-12-31 | 0001604481-18-000007 ↗ |
| 20-F | 2017-04-14 | 2016-12-31 | 0000919574-17-003437 ↗ |
| 20-F | 2016-04-05 | 2015-12-31 | 0000919574-16-012266 ↗ |
| 20-F | 2015-04-30 | 2014-12-31 | 0000919574-15-003802 ↗ |