Cmb.Tech N.V.

CMBT

Marine Shipping · Industrials

Price

$15.08

+0.12 (+0.80%)

Market Cap

$3.46B

Exchange

New York Stock Exchange

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+13.8% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 201.7M (2021) → 229.4M (2025)

CMB.Tech N.V. is a Belgian shipping and maritime technology company that owns and operates a large fleet of vessels used to transport goods across the world's oceans. Its core business includes operating bulk carriers, tankers, and container ships that carry raw materials, chemicals, and other cargo for industrial customers worldwide. The company is also one of the leading developers of hydrogen and ammonia-powered ships, positioning itself at the intersection of traditional shipping and cleaner fuel technology.

CMB.Tech earns money primarily through freight rates — fees charged to customers for using its vessels — which can vary significantly depending on global shipping demand. The company operates internationally, with routes spanning Europe, Asia, and beyond, and its fleet size gives it scale advantages over smaller competitors. Its main growth driver is the push to commercialize hydrogen-fueled shipping, but the core business faces real risk from volatile freight markets, where rates can drop sharply during periods of weak global trade.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+121.1% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+452.2% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

93.0%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$434M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Cmb.Tech N.V. grew revenue 121% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

34.5%

Modest — 34.5% gross margin

Operating Margin

33.0%

Excellent — 33.0% operating margin

ROCE

2.1%

Weak — 2.1% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+108.9%

Fast-growing sales (108.9% YoY)

EPS YoY

-20.8%

Earnings shrinking (-20.8% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

118%

Turns 118% of profit into real cash

FCF Margin

-12.7%

Burning cash (-12.7%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

1.78

Elevated debt (1.78)

Interest Cover

1.16x

Dangerous — barely covers interest (1.2x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

8.9x

Attractive valuation — P/E 8.9

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

+2.4

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend Yield

5.87%

Healthy income — 5.87% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend Growth

-87.1%

Dividend cut (-87.1% YoY) — warning sign

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