Latest Ratios: P/E Ratio 20.8x · EV/EBITDA 11.8x · ROE 8.4%. (2016–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.5B | $2.2B | $1.9B | $3.6B | $3.4B | $1.8B | $1.7B | $2.7B | $1.3B | $1.5B | $1.3B |
| Enterprise Value | $8.9B | $7.6B | $4.5B | $4.1B | $5.0B | $3.4B | $2.8B | $4.2B | $2.9B | $2.2B | $2.1B |
| P/E Ratio → | 20.85 | 13.22 | 2.24 | 4.14 | 16.71 | — | 3.31 | 24.12 | — | 994.62 | 6.46 |
| P/S Ratio | 2.10 | 1.33 | 2.07 | 2.88 | 3.95 | 4.44 | 1.29 | 2.90 | 2.29 | 2.68 | 1.93 |
| P/B Ratio | 1.33 | 0.84 | 1.63 | 1.51 | 1.58 | 0.91 | 0.73 | 1.17 | 0.59 | 0.79 | 0.67 |
| P/FCF | — | — | — | 6.97 | — | — | 2.10 | 10.23 | — | 41.11 | 13.84 |
| P/OCF | 7.88 | 4.99 | 4.43 | 4.15 | 13.23 | — | 1.62 | 9.93 | 1699.41 | 6.51 | 3.02 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.58 | 4.82 | 3.28 | 5.70 | 8.30 | 2.15 | 4.45 | 5.03 | 4.06 | 3.28 |
| EV / EBITDA | 11.76 | 10.07 | 3.88 | 3.39 | 12.01 | 91.49 | 3.17 | 8.15 | 17.21 | 9.35 | 5.57 |
| EV / EBIT | 24.09 | 14.45 | 12.27 | 4.07 | 17.34 | — | 4.84 | 22.41 | — | 147.29 | 10.57 |
| EV / FCF | — | — | — | 7.96 | — | — | 3.50 | 15.70 | — | 62.31 | 23.50 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 28.9% | 28.9% | 59.8% | 51.5% | 27.5% | -65.4% | 44.5% | 25.5% | -4.8% | 7.8% | 32.0% |
| Operating Margin | 22.2% | 22.2% | 106.6% | 78.5% | 21.4% | -73.1% | 41.4% | 18.3% | -15.9% | -1.4% | 25.6% |
| Net Profit Margin | 9.6% | 9.6% | 92.6% | 69.5% | 23.4% | -80.7% | 36.4% | 12.0% | -18.3% | 0.3% | 29.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.4% | 8.4% | 49.1% | 37.8% | 9.8% | -15.3% | 20.5% | 4.9% | -5.2% | 0.1% | 10.3% |
| ROA | 2.6% | 2.6% | 23.8% | 23.2% | 5.2% | -8.7% | 12.1% | 2.7% | -3.1% | 0.1% | 6.4% |
| ROIC | 4.7% | 4.7% | 22.7% | 22.2% | 3.9% | -6.4% | 11.2% | 3.4% | -2.1% | -0.2% | 4.5% |
| ROCE | 6.8% | 6.8% | 30.8% | 28.9% | 5.2% | -8.5% | 14.7% | 4.5% | -2.8% | -0.3% | 5.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.12 | 2.12 | 2.20 | 0.40 | 0.78 | 0.87 | 0.55 | 0.75 | 0.78 | 0.49 | 0.57 |
| Debt / EBITDA | 7.34 | 7.34 | 2.25 | 0.78 | 4.12 | 46.71 | 1.44 | 3.42 | 10.40 | 3.79 | 2.83 |
| Net Debt / Equity | — | 2.07 | 2.17 | 0.21 | 0.70 | 0.80 | 0.48 | 0.63 | 0.71 | 0.41 | 0.47 |
| Net Debt / EBITDA | 7.15 | 7.15 | 2.21 | 0.42 | 3.68 | 42.55 | 1.26 | 2.84 | 9.38 | 3.18 | 2.29 |
| Debt / FCF | — | — | — | 0.98 | — | — | 1.39 | 5.47 | — | 21.20 | 9.66 |
| Interest Coverage | 1.39 | 1.39 | 2.53 | 7.50 | 3.03 | -3.89 | 7.29 | 1.91 | -0.68 | 0.32 | 4.87 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.52 | 0.52 | 1.20 | 3.84 | 2.23 | 1.36 | 2.11 | 2.47 | 1.66 | 1.61 | 1.86 |
| Quick Ratio | 0.44 | 0.44 | 1.13 | 3.84 | 2.06 | 1.14 | 1.74 | 1.89 | 1.66 | 1.61 | 1.86 |
| Cash Ratio | 0.14 | 0.14 | 0.10 | 1.01 | 0.71 | 0.48 | 0.79 | 0.94 | 0.60 | 0.90 | 1.09 |
| Asset Turnover | — | 0.20 | 0.24 | 0.36 | 0.22 | 0.11 | 0.35 | 0.22 | 0.14 | 0.19 | 0.21 |
| Inventory Turnover | 15.34 | 15.34 | 14.26 | — | 15.11 | 9.68 | 9.51 | 3.80 | — | — | — |
| Days Sales Outstanding | — | 71.04 | 74.85 | 85.07 | 145.11 | 194.05 | 54.13 | 112.23 | 165.82 | 74.93 | 81.43 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.6% | 0.9% | 55.4% | 18.1% | 0.7% | 1.3% | 22.5% | 1.0% | 1.6% | 3.2% | 16.4% |
| Payout Ratio | 13.1% | 13.1% | 123.8% | 75.0% | 12.1% | — | 79.8% | 23.2% | — | 3191.1% | 106.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.8% | 7.6% | 44.7% | 24.2% | 6.0% | — | 30.3% | 4.1% | — | 0.1% | 15.5% |
| FCF Yield | — | — | — | 14.3% | — | — | 47.5% | 9.8% | — | 2.4% | 7.2% |
| Buyback Yield | 0.0% | 0.0% | 6.2% | 0.0% | 0.0% | 0.0% | 7.6% | 1.1% | 0.1% | 0.0% | 0.5% |
| Total Shareholder Yield | 0.6% | 0.9% | 61.6% | 18.1% | 0.7% | 1.3% | 30.0% | 2.1% | 1.8% | 3.2% | 16.9% |
| Shares Outstanding | — | $229M | $196M | $202M | $202M | $202M | $210M | $216M | $192M | $158M | $158M |
Capital Intensive Transition Risk
According to recent market data, CMBT trades at a forward P/E of 6.36, which appears to reflect significant skepticism regarding the company's ability to successfully monetize its hydrogen-integrated maritime model compared to the higher multiples commanded by pure-play shipping peers like DHT Holdings or Scorpio Tankers.
The divergence between the TTM P/E of 19.32 and the forward multiple suggests that the market is pricing in a sharp recovery in earnings, likely tied to the integration of new vessel classes. Investors should monitor whether this valuation gap persists as the company transitions from a cyclical tanker operator to a specialized green-energy infrastructure provider.
Based on reported figures, CMBT's ROIC has trended downward to 1.5% in 2025Q4, a significant decay from the 5.2% levels observed in 2024Q2, indicating that the massive capital deployment into hydrogen infrastructure is currently failing to generate returns that exceed the company's cost of capital.
The decline in return on invested capital suggests that the company's aggressive asset expansion is outpacing its ability to generate incremental profit. This trend warrants further investigation into whether the current fleet renewal program will eventually drive superior margins or if it will remain a permanent drag on shareholder value.
As reported in recent financial statements, CMBT's asset turnover ratio remains persistently low at 0.07, highlighting the extreme capital intensity of the business model and the difficulty of optimizing asset utilization during a period of rapid fleet and infrastructure expansion across diverse maritime and hydrogen segments.
The cash conversion cycle has shown significant volatility, ranging from 22 to 73 days over the last two years, which suggests operational friction in managing the supply chain for both traditional shipping and emerging hydrogen projects. This inconsistency may indicate that the company is still struggling to achieve standardized operational efficiency across its newly integrated business units.
According to quarterly balance sheet data, CMBT's current ratio has deteriorated to a precarious 0.52 as of 2025Q4, signaling that the company's liquidity position has become increasingly vulnerable to short-term obligations as it prioritizes long-term capital investment over maintaining a robust cash cushion.
The decline in the quick ratio to 0.44 suggests that the company is heavily reliant on ongoing cash flow or external financing to meet its immediate liabilities. Investors should monitor this trend closely, as such low liquidity levels leave little room for error in the event of a cyclical downturn in shipping rates.
The most commonly misapplied ratio for CMBT is the P/B ratio, which obscures the true value of the company's specialized hydrogen-integrated assets by treating them as standard, depreciating maritime vessels rather than as long-term infrastructure investments with potentially higher terminal values in a decarbonizing global economy.
Using P/B to evaluate CMBT ignores the strategic premium of the company's dual-fuel technology and hydrogen production capabilities. Analysts should instead focus on adjusted NAV or EV/EBITDA metrics that account for the growth potential of the H2 Industry and Infra segments, rather than relying on book value, which is heavily distorted by accounting depreciation.
Includes 30+ ratios · 10 years · Updated daily
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Quick answers to the most common questions about buying CMBT stock.
Cmb.Tech N.V.'s current P/E ratio is 20.8x. The historical average is 10.0x. This places it at the 86th percentile of its historical range.
Cmb.Tech N.V.'s current EV/EBITDA is 11.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.4x.
Cmb.Tech N.V.'s return on equity (ROE) is 8.4%. The historical average is 12.1%.
Based on historical data, Cmb.Tech N.V. is trading at a P/E of 20.8x. This is at the 86th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Cmb.Tech N.V.'s current dividend yield is 0.60% with a payout ratio of 13.1%.
Cmb.Tech N.V. has 28.9% gross margin and 22.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Cmb.Tech N.V.'s Debt/EBITDA ratio is 7.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.