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Marine shipping · Industrials · Fiscal year ends Dec 31
Cmb.Tech reported revenue of $1.7B in the fiscal year ended Dec 2025, up 77.2% from the year before. Operating income was $557M, an operating margin of 33.4%, and net income was $139M. Net debt was $2.7B.
Ranks among the 17 marine shipping companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 420 | 855 | 1,235 | 940 | 1,666 |
| Research & development | – | – | – | 10.5 | 7.4 |
| Operating income | −282 | 294 | 970 | 1,002 | 557 |
| Interest expense | 95.5 | 133 | 172 | 169 | 430 |
| Pre-tax income | −339 | 206 | 864 | 873 | 149 |
| Income tax | −0.4 | 2.8 | 6.0 | 1.9 | 10.2 |
| Net income | −339 | 203 | 858 | 871 | 139 |
| Diluted EPS | −1.68 | 1.01 | 4.25 | 4.44 | 0.70 |
| Diluted shares | 202 | 202 | 202 | 196 | 229 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 153 | 180 | 429 | 38.9 | 147 |
| Receivables | 238 | 367 | 307 | 236 | 321 |
| Inventory | 69.0 | 41.6 | 22.5 | 26.5 | 77.2 |
| Current assets | 459 | 607 | 1,632 | 471 | 913 |
| Net PP&E | 3,179 | 3,309 | – | – | – |
| Goodwill | – | – | – | 0.0 | 177 |
| Total assets | 3,769 | 3,969 | 3,419 | 3,905 | 8,406 |
| Payables | 83.9 | 90.5 | 124 | 79.6 | 222 |
| Current liabilities | 321 | 254 | 425 | 393 | 1,061 |
| Long-term debt | 1,176 | 1,264 | 362 | 1,451 | 2,840 |
| Total liabilities | 1,808 | 1,796 | 1,062 | 2,713 | 5,782 |
| Shareholders' equity | 1,961 | 2,173 | 2,357 | 1,192 | 2,623 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −25.3 | 256 | 837 | 458 | 444 |
| Stock-based compensation | 0.8 | 2.4 | 3.9 | 0.0 | 0.0 |
| Acquisitions | – | 0.0 | 0.0 | 1,153 | 1,099 |
| Dividends paid | 24.2 | 24.2 | 631 | 1,127 | 20.2 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 103.6% | 44.5% | −23.9% | 77.2% |
| Operating income growth (YoY) | – | – | 229.5% | 3.4% | −44.4% |
| EPS growth (YoY) | – | – | 320.8% | 4.5% | −84.2% |
| Operating margin | −67.1% | 34.4% | 78.5% | 106.6% | 33.4% |
| Net margin | −80.7% | 23.8% | 69.5% | 92.6% | 8.4% |
| Return on equityBlank when equity is negative | −17.3% | 9.4% | 36.4% | 73.0% | 5.3% |
| ROCEEBIT ÷ (assets − current liabilities) | −8.2% | 7.9% | 32.4% | 28.5% | 7.6% |
| Cash conversion (CFO ÷ net income) | 0.07x | 1.26x | 0.98x | 0.53x | 3.19x |
| Receivable days | 207 | 157 | 91 | 92 | 70 |
| Interest cover | −2.95x | 2.21x | 5.64x | 5.92x | 1.30x |
| Debt ÷ equity | 0.60x | 0.58x | 0.15x | 1.22x | 1.08x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,023 | 1,084 | −67.1 | 1,412 | 2,693 |
| Current ratio | 1.43x | 2.39x | 3.84x | 1.20x | 0.86x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.