QM · rank #16 · 2026-10-26
SBMO
AMSTERDAM · EUR · $6.25B (USD)
The exact numbers the algorithm saw.
| Momentum 12-1 Return from 12 months ago to 1 month ago. | +65.23% |
|---|---|
| ROE TTM Return on equity, trailing 12 months. | +18.0% |
| Profit margin Net profit margin, trailing 12 months. | +15.8% |
| Market cap (USD) Size filter: > $300M required (USD-equivalent). | $6.25B |
| Anchor (recent) Close on 2026-09-25 | $36.00 |
| Anchor (far) Close on 2025-09-26 | $21.79 |
The AI research card
Independent qualitative review of each pick before the order is placed. On the rare day the research service is unavailable, the paper book trades on the quant ranking alone and no card appears here.
Summary
SBM Offshore is an integrated FPSO lifecycle contractor operating a 16-unit deepwater fleet generating over two million boepd, underpinned by a US$35.6 billion directional backlog extending cash-flow visibility to 2050.
Rationale
The 0.65 twelve-month momentum signal is reinforced by fundamental substance — H1 2026 net profit tripling YoY, net debt falling US$2 billion, guidance raised to US$7.6 billion revenue, and named contract wins from Petrobras and ExxonMobil — making this a quality-driven re-rating rather than a sentiment rotation.
Material risks
- 1Longtail's backlog currently reflects only FEED funding and hull allocation, with full construction award contingent on government approvals, ExxonMobil's final work order, and FID — a meaningful portion of the growth thesis remains uncontracted and defeatable.
- 2A fatal subcontractor incident at a Chinese yard in June 2026 introduces execution, safety-audit, and potential schedule-delay risk across the five FPSOs simultaneously under construction, any one of which could impair the 2026–2027 EBITDA ramp.
AI verdict council
Each pick is reviewed independently by 3 models before any order. 3 of 3 voted to proceed.