Cmb.Tech N.V.

CMBT

Marine Shipping · Industrials

Exchange

New York Stock Exchange

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Good

Growth

Mixed

Cash Flow

Good

Stability

Mixed

Valuation

Good

Dividends

Good

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Winston Score History

The full picture

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.

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

Insider Activity

93.0%ownership

→ Flat

Insider ownership roughly steady over the past year

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

Profit per sale

Gross Margin

34.5%

Modest — 34.5% gross margin

Profit after running costs

Operating Margin

33.0%

Excellent — 33.0% operating margin

Return on the money invested

ROCE

6.4%

Weak — 6.4% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+108.9%

Fast-growing sales (+108.9% YoY)

Profit growth

EPS YoY

-20.8%

Earnings shrinking (-20.8% YoY)

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

How steady the profit is

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

118%

Turns 118% of profit into real cash

Spare cash per sale

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

What it owes vs what it owns

Debt / Equity

1.78

Elevated debt (1.78)

Covers its interest

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

Price vs profit

P/E Ratio (TTM)

10.8x

no trend

Attractive valuation — P/E 10.8

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+0.3

GROWING

Earnings roughly flat

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Dividends

Dividend

Dividend Yield

13.55%

no trend

Healthy income — 13.55% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

-87.1%

no trend

Dividend cut (-87.1% YoY) — warning sign

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