CMBT
Cmb.Tech N.V.
CMBT's fundamentals are mixed: revenue more than doubled, but its operating margin fell 8 points to 33%. Its PE of 6.1x looks cheaper than it really is, because one-off gains boosted its recent earnings. Analysts expect earnings to fall sharply, though they disagree widely on how much.
CMBT Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Healthy | |
| Under pressure |
CMBT's revenue, profitability and cash flow are currently healthy, but its balance sheet is under pressure.
CMBT PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 2.9x | $8.29 | -53% |
| Current | 6.1x | $17.61 | — |
| Fair | 7.7x | $22.14 | +26% |
| Forward | 9.8x | $17.61 | — |
| Expensive | 18x | $50.69 | +188% |
Historical ranges are pointers, not guarantees.
CMBT's PE is in its fair range at 6.1x, but its recent earnings include one-off gains. Analysts expect earnings to fall, which would put today's price at 9.8x next year's earnings.
CMBT Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Strong decline | |
| Decline | |
| Strongly weakening | |
| Limited | |
| Low |
Analysts expect CMBT's earnings and revenue to decline, with profitability weakening. However, they disagree widely on these estimates.
CMBT Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.79 | -38% |
| Q2 2026 | $2.89 | +131% |
| Q1 2026 | $1.70 | -21% |
| Q4 2025 | $0.66 | -85% |
| Q3 2025 | $0.83 | -86% |
| Q2 2025 | $1.25 | -79% |
| Q1 2025 | $2.15 | -63% |
| Q4 2024 | $4.36 | +0.9% |
| Q3 2024 | $5.97 | +73% |
CMBT's earnings per share have fallen from their peak: $2.89 over the past year, against $6.02 in mid-2024. Its recent earnings include one-off gains.
CMBT Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $691.4M | +78% |
| Q1 2026 | $519.6M | +121% |
| Q4 2025 | $589M | +161% |
| Q3 2025 | $454.2M | +105% |
| Q2 2025 | $387.8M | +55% |
| Q1 2025 | $235M | -1.6% |
| Q4 2024 | $226M | -19% |
| Q3 2024 | $221.8M | -18% |
CMBT's revenue is recovering but still below its 2020 peak: $691M last quarter, up 78% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 41% | +25 points |
| Q1 2026 | 33% | -11 points |
| Q4 2025 | 28% | -33 points |
| Q3 2025 | 28% | -33 points |
| Q2 2025 | 15% | -71 points |
| Q1 2025 | 44% | +4.3 points |
| Q4 2024 | 61% | +23 points |
| Q3 2024 | 62% | +20 points |
CMBT's operating margin was 41% last quarter, up 25 points from the same quarter a year ago.
CMBT Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $249.9M | +$542.3M |
| Q1 2026 | $167.4M | +$364.9M |
| Q4 2025 | $11.7M | +$322M |
| Q3 2025 | -$133.8M | +$26.4M |
| Q2 2025 | -$292.4M | -$28.1M |
| Q1 2025 | -$197.6M | -330% |
| Q4 2024 | -$310.3M | -262% |
| Q3 2024 | -$160.2M | -280% |
CMBT's free cash flow has turned positive again: $295M over the past year, against −$960M the year before.
CMBT Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -- |
| 1 year | +49% | +96M shares |
| 3 years | +44% | +88.3M shares |
| 5 years | +38% | +80M shares |
| Available history | +83% | +132M shares |
CMBT has 290M diluted shares, up 49% from a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | $572,205 |
| Q3 2024 | $716,108 |
CMBT hasn't bought back shares in the past year.
CMBT Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 4.0x | Elevated |
| Q1 2026 | 4.4x | High |
| Q4 2025 | 6.3x | High |
| Q3 2025 | 7.3x | High |
| Q2 2025 | 7.3x | High |
| Q1 2025 | 6.6x | High |
| Q4 2024 | 2.2x | Moderate |
| Q3 2024 | 2.0x | Healthy |
CMBT's net debt is about 4.0 years of its operating earnings (EBITDA), down from 7.3 years a year ago.
CMBT Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 52.6 | Neutral |
| Stochastic | 33.0 | Neutral |
CMBT's weekly RSI is 53 (neutral) and its Stochastic is 33 (neutral).
CMBT PE vs Industrials Sector
| Metric | CMBT | Sector median | Relative |
|---|---|---|---|
| PE | 6.1x | 24x | 75% below |
| PE % | 45 | 58 | 13 pts below |
CMBT is trading at 6.1x earnings, a 75% discount to the Industrials sector's median of 24x, though its recent earnings include one-off gains.
CMBT Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $18.5 | 4.7% below |
| 20 week MA | $17.7 | 0.5% below |
| 50 week MA | $14.8 | 19% above |
| 100 week MA | $12.2 | 45% above |
| 200 week MA | $14.3 | 23% above |
CMBT has slipped below its 8- and 20-week averages, though it's still 23% above its 200-week average.
CMBT Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $12.2 | $8.08 | -34% |
| 2021 | $8.08 | $8.81 | +9% |
| 2022 | $8.81 | $17.2 | +96% |
| 2023 | $17.2 | $17.6 | +2% |
| 2024 | $17.6 | $10.0 | -43% |
| 2025 | $10.0 | $9.70 | -3.3% |
| 2026 YTD | $9.70 | $17.6 | +82% |
CMBT is up 82% so far in 2026, after finishing lower in three of the previous six years.