CMB.TECH NV (CMBT) Stock Price & How to Invest

CMB.TECH NV is the Antwerp-based shipping group that traded as Euronav until October 2024, when a series of transactions with the Saverys family holding company Compagnie Maritime Belge turned a pure crude tanker owner into a diversified fleet. The rebuild finished on 20 August 2025, when Golden Ocean Group was absorbed at an exchange ratio of 0.95 CMB.TECH shares per Golden Ocean share and the GOGL ticker disappeared. What remains is one company running six marine brands: Euronav for VLCCs, Suezmaxes and two FSOs, Bocimar for Newcastlemaxes, Capesizes and Kamsarmaxes, Delphis for container ships, Bochem for chemical tankers, Windcat for offshore wind crew transfer and commissioning vessels, plus a small port vessel unit. Two further divisions, H2 Infra and H2 Industry, build green hydrogen and ammonia infrastructure and engines. The group owned 192 vessels outright at the end of 2025 with 41 more under construction, and reports in US dollars.

Dry bulk is now the larger revenue line, with Bocimar producing ~$942.6M of the ~$1,666.1M reported for 2025 against ~$568.2M from Euronav. Trailing twelve-month revenue runs about ~$1.95B and profit attributable to owners about ~$485M, or roughly ~$1.91 per share, which puts the ~$5.1B market value near ten times trailing earnings. Those earnings are not repeatable in any ordinary sense. First-quarter 2026 profit of ~$368.8M included ~$267.4M of gains on selling older ships into a hot secondhand market, and the spot rates behind the operating half were extraordinary: VLCC time charter equivalents averaged ~$70,204 a day in the quarter and ~$182,731 a day in the second quarter to date, while Middle East trade routes were disrupted. Against all that sits ~$5.56B of gross debt at end-2025 versus ~$2.94B of equity, so enterprise value is roughly double the market capitalisation.

Freight rates decide the outcome here and they move violently, with first-quarter 2026 VLCC earnings running more than three times the ten-year average, so a normalisation of Middle East trade routes would remove much of the current earning power. Gross debt of ~$5.56B at end-2025 against ~$2.94B of equity and only ~$194.6M of cash at 31 March 2026 leaves a thin cushion if rates fall while the remaining ~$1.6B of newbuilding commitments come due. Roughly ~57% of 2025 revenue came from dry bulk, tying a large share of the company to Chinese steel output, Simandou iron ore volumes and Guinean bauxite exports. Compagnie Maritime Belge holds ~56.56% of the shares as of 1 April 2026 and the three executive Saverys brothers also sit on its board, so minority holders have limited influence over related-party matters. Dissenting former Golden Ocean holders are still pursuing cash and appraisal claims in Bermuda over the ~$14.49 per share merger terms, with judgment on the cash claims pending after January 2026 hearings.

4 analysts publish price targets on CMBT, averaging $19.45 against a $17.49 price as of August 2026, or +11.2%. The published targets run from $16.10 to $21.50, a narrow spread, and the ratings split 3 buy, 1 hold, 0 sell. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full CMBT forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on CMB.TECH NV. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. Dry bulk became the bigger half. The Golden Ocean absorption added roughly 90 bulkers and pushed the owned fleet from 98 vessels at end-2024 to 192 a year later, with dry bulk carrying value rising from ~$648.6M to ~$4,518.6M. The most optimistic published target, $21.50, assumes this works close to its best case.

The case against. Freight rates decide the outcome here and they move violently, with first-quarter 2026 VLCC earnings running more than three times the ten-year average, so a normalisation of Middle East trade routes would remove much of the current earning power. The most pessimistic target, $16.10, is roughly what CMBT is worth if this bites instead.

Read the full bull and bear case on CMBT, including what would have to change to break either one. Walnut is not an investment adviser.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see CMB.TECH NV's investor relations page or your broker.

• Revenue (TTM): ~$1.95B (FY2025 ~$1,666.1M)
• Net profit attributable to owners (TTM): ~$485M (FY2025 ~$160.7M)
• EPS (TTM): ~$1.91 basic
• Latest reported quarter (Q1 2026): Revenue ~$519.6M, EBITDA ~$558.3M, profit ~$368.8M (~$1.27/share)
• Market cap: ~$5.1B on ~290.2M shares excluding treasury (~316.0M issued)
• Trailing P/E and balance sheet: ~10x earnings, but ~$5.56B gross debt and ~$194.6M cash lift enterprise value past ~$10B

Shipping earnings arrive in bursts, so a ten-times trailing multiple says very little about what the next twelve months hold. Nearly ~$267.4M of the ~$368.8M first-quarter profit came from selling old ships rather than operating them, and the operating half rested on VLCC and Suezmax spot rates running three to four times their ten-year averages. Enterprise value, book value per share of roughly ~$10.1 and the ~$3.26B contract backlog are more informative anchors than the price-to-earnings ratio. Second-quarter 2026 results were scheduled for 27 August 2026.

Other names that sit close to CMBT: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get CMBT exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so CMBT sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where CMBT fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

CMBT is a heavily indebted, family-controlled wager on tanker and Capesize freight rates, carrying a hydrogen and ammonia arm that costs money today in exchange for optionality later.

Whether CMBT is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is CMBT a buy or a sell?, and where the stock could go from here in the CMBT stock forecast.

For income investors, whether CMBT pays a dividend and how the payout looks is covered in does CMBT pay a dividend? And to weigh CMBT against a peer, read the full side-by-side comparisons: CMBT vs FRO and CMBT vs DHT.