CMB.TECH NV financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data CMB.TECH NV files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2015	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024
Revenue	847	684	513	600	915	1,210	420	855	1,235	940
Research and development										10.5
General and administrative	21.4	21.3	22.6	33.5	19.2	21.7	18.4	38	42.8	50.3
Operating income	352	208	13.4	-74.6	196	534	-282	294	970	1,002
Interest expense	50.9	51.7	50.7	89.4	120	91.6	95.5	133	172	169
Interest income	3.31	6.86	7.27	15	20.6	21.5	14.9	27.1	67.2	38.7
Pre-tax income	356	204	0.03	-110	113	475	-339	206	864	873
Income tax	5.63	-0.17	-1.36	0.24	0.6	1.94	-0.43	2.8	6.01	1.89
Net income	350	204	1.38	-110	112	473	-339	203	858	871
EPS, basic	2.25	1.29	0.01	-0.57	0.52	2.25	-1.68	1.01	4.25	4.44
EPS, diluted	2.22	1.29	0.01	-0.57	0.52	2.25	-1.68	1.01	4.25	4.44

Balance sheet

	FY2015	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024
Cash and equivalents	132	207	144	173	297	161	153	180	429	38.9
Receivables		166	137	283	309	214	238	367	307	236
Inventory				22.3	183	75.8	69	41.6	22.5	26.5
Total current assets		373	281	521	802	452	459	607	1,632	471
Property, plant and equipment	2,383	2,470	2,337	3,522	3,238	3,127	3,179	3,309
Lease right-of-use assets				87.6	58.9	53	29	21.5	32.9	1.91
Intangible assets		0.16	0.07	0.11	0.04	0.16	0.19	15.7	14.2	16.2
Total assets		3,047	2,811	4,127	4,165	3,687	3,769	3,969	3,419	3,905
Accounts payable		69.9	61.4	87.2	94.4	85.2	83.9	90.5	124	79.6
Total current liabilities		189	159	287	316	204	321	254	425	393
Lease liabilities				0	43.2	21.2	16.8	5.82	3.36	1.45
Total liabilities		1,159	966	1,867	1,853	1,375	1,808	1,796	1,062	2,713
Total debt	1,052	1,086	899	1,769	1,745	1,273	1,712	1,696	931	2,622
Paid-in capital		1,215	1,215	1,703	1,703	1,703	1,703	1,678	1,467	460
Retained earnings		516	474	336	420	541	180	386	808	777
Shareholders' equity		1,888	1,846	2,261	2,312	2,312	1,961	2,173	2,357	1,192
Total equity	1,906	1,888	1,845	2,261	2,312	2,312	1,961	2,173	2,357	1,192
Total liabilities and equity		3,047	2,811	4,127	4,165	3,687	3,769	3,969	3,419	3,905

Cash flow statement

	FY2015	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024
Net income	350	204	1.38	-110	112	473	-339	203	858	871
Cash from operations	451	438	211	0.84	272	970	-25.3	256	837	459
Capital expenditures					-40.6
Cash from investing	-206	-101	-40.2	190	43.8	-117	-353	-159	870	-680
Debt issued	931	740	526	984	1,100	894	1,510	1,270	2,694	2,723
Debt repaid	-1,368	-774	-711	-1,116	-1,318	-995	-726	-977	-2,934	-1,177
Dividends paid	-138	-217	-44.1	-22.6	-26	-352	-24.2	-24.2	-631	-1,127
Cash from financing	-365	-261	-235	-160	-191	-1,000	374	-62.9	-1,461	-173
Exchange rate effect	-1.77	-1.4	0.88	-1.23	-0.73	11.5	-4.29	-6.41	3.27	3.64
Free cash flow					231
Interest paid	50.8	33.4	39.6	67.2	98.9	56.1	61	99.7	130	109
Income taxes paid	0.11	0.1	-0.01	0.07	0.99	-0.08	-0.01	-2.76	6.68	4.55

Key metrics

Worked out from the statements above. Latest values use fiscal 2024. Valuation uses the share price of $19.01 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	106.6%	Operating income / revenue.
Pre-tax margin	92.8%	Pre-tax income / revenue.
Net margin	92.6%	Net income / revenue.
Operating cash flow margin	48.8%	Cash from operations / revenue.
Effective tax rate	0.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	49.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	23.8%	Net income / average total assets.
Return on invested capital (ROIC)	30.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	1.1%	Research and development expense / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-23.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	30.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	0.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	3.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 5y	38.7%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	1.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 5y	50.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	4.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 5y	53.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-45.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	11.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-49.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-15.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-12.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	14.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	1.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-1.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.20x	Current assets / current liabilities.
Quick ratio	0.70x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.10x	(Cash + short-term investments) / current liabilities.
Debt / equity	2.20x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	67.2%	Total debt / total assets.
Liabilities / assets	69.5%	Total liabilities / total assets.
Net debt	$2.58B	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	5.92x	Operating income / interest expense.
Working capital	$78.2M	Current assets - current liabilities.
Goodwill and intangibles / assets	0.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.18B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.26x	Revenue / average total assets.
Receivables turnover	3.46x	Revenue / average receivables.
Days sales outstanding	105 days	365 x average receivables / revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.44	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$4.44	Net income per basic share, as reported (split-adjusted).
Payout ratio	129.4%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$6.01B	Share price x shares outstanding.
Enterprise value	$8.59B	Market cap + total debt - cash - short-term investments.
P/E	6.90x	Market cap / net income. Only when net income is positive.
P/S	6.39x	Market cap / revenue.
P/B	5.04x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	5.11x	Market cap / tangible book value, when positive.
P/OCF	13.1x	Market cap / cash from operations, when positive.
EV/Sales	9.14x	Enterprise value / revenue.
EV/EBIT	8.57x	Enterprise value / operating income, when both are positive.
Earnings yield	14.5%	Net income / market cap (the inverse of P/E).
Dividend yield	18.8%	Dividends paid over the period / market cap.
Shareholder yield	18.8%	(Dividends paid + share buybacks) / market cap.

What was CMB.TECH NV's revenue in fiscal 2024?

CMB.TECH NV reported revenue of $940.2M for fiscal 2024, 23.9% lower than the year before.

Was CMB.TECH NV profitable in fiscal 2024?

Yes. Net income was $870.8M, a net margin of 92.6%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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