SBO AG

SLL.DE

Oil & Gas Equipment & Services · Energy

Price

€30.20

+0.00 (+0.00%)

Market Cap

€475.9M

Exchange

Frankfurt Stock Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Good

Stability

Mixed

Valuation

Good

Dividends

Strong

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Winston Score History

The full picture

SBO AG, formally known as Schoeller-Bleckmann Oilfield Equipment, is an Austrian company that makes precision parts and tools used in oil and gas drilling. Its main products include high-strength non-magnetic steel components, downhole drilling tools, and equipment used in directional drilling — the technique that steers drill bits underground. Its customers are oilfield service companies and drilling contractors operating around the world.

SBO earns revenue by selling manufactured components and tools, as well as providing repair and maintenance services for drilling equipment. The company operates globally, with facilities in Europe, North America, and Asia, and generates a significant share of sales from North American oil and gas activity. Its moat comes from specialized metallurgy expertise and tight engineering tolerances that are difficult for competitors to replicate quickly. The main risk is that SBO's revenue is closely tied to drilling activity levels, which fall sharply when oil prices drop — as reflected in its currently thin operating margins.

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

-14.7% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-96.4% YoY

YoY Growth Rate

Earnings declining

R&D Spend

€13M/ year

↑ Rising (+21% vs prior year)

2.8% of revenue

2.8x the sector average (1%)

R&D investment increasing — building for the future

Insider Activity

33.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~9 years

€255M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

€255M cash & investments at current burn rate

Revenue declining

SBO AG's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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.

Share count broadly stable

+0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 15.7M (2021) → 15.7M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

27.6%

Modest — 27.6% gross margin

Profit after running costs

Operating Margin

6.0%

Modest — 6.0% operating margin

Return on the money invested

ROCE

2.7%

Weak — 2.7% 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 growth

Sales YoY

-22.8%

Shrinking sales (-22.8% YoY)

Profit growth

EPS YoY

-86.5%

Earnings shrinking (-86.5% YoY)

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

How steady the profit is

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

883%

Turns 883% of profit into real cash

Spare cash per sale

FCF Margin

-1.6%

Burning cash (-1.6%)

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

0.84

Moderate — manageable debt (0.84)

Covers its interest

Interest Cover

1.55x

Dangerous — barely covers interest (1.6x)

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)

90.4x

Expensive — P/E 90.4

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+69.2

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (90.4 → 21.3)

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Dividends

Dividend

Dividend Yield

2.48%

Moderate income — 2.48% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

+88.4%

Dividend growing fast (88.4% YoY)

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