The company's debt-to-equity ratio has reached 2.12, reflecting a significant increase in total debt to $5.6B as of 2025Q4 to fund aggressive fleet and infrastructure expansion.
| Total Current Assets | 547.98M | 470.82M | 1.63B | 568.22M | 435.95M | 429.92M | 780.56M | 475.97M | 255.84M | 352.24M |
| Cash & Short-Term Investments | 146.54M | 38.87M | 429.37M | 180.43M | 152.45M | 161.48M | 296.95M | 173.13M | 143.65M | 206.69M |
| Cash Only | 146.54M | 38.87M | 429.37M | 180.43M | 152.45M | 161.48M | 296.95M | 173.13M | 143.65M | 206.69M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 324.27M | 192.8M | 287.86M | 346.02M | 214.6M | 192.65M | 287.52M | 264.13M | 112.19M | 145.55M |
| Days Sales Outstanding | 71.04 | 74.85 | 85.07 | 145.11 | 194.05 | 54.13 | 112.23 | 165.82 | 74.93 | 81.43 |
| Inventory | 77.18M | 26.5M | 0 | 41.76M | 69M | 75.78M | 183.38M | 0 | 0 | 0 |
| Days Inventory Outstanding | 23.79 | 25.6 | - | 24.16 | 37.72 | 38.38 | 96.06 | - | - | - |
| Other Current Assets | 0 | 169.57M | 920.38M | 0 | 0 | 0 | 12.7M | 42M | 24.8M | 0 |
| Total Non-Current Assets | 7.86B | 3.44B | 1.79B | 3.41B | 3.33B | 3.26B | 3.38B | 3.65B | 2.56B | 2.69B |
| Property, Plant & Equipment | 7.09B | 3.27B | 1.77B | 3.32B | 3.18B | 3.13B | 3.24B | 3.52B | 2.34B | 2.47B |
| Fixed Asset Turnover | 0.23x | 0.29x | 0.70x | 0.26x | 0.13x | 0.42x | 0.29x | 0.17x | 0.23x | 0.26x |
| Goodwill | 177.03M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 12.71M | 16.19M | 14.19M | 15.75M | 186K | 161K | 39K | 105K | 72K | 156K |
| Long-Term Investments | 209.97M | 61.81M | 519K | 36.35M | 128.02M | 106.76M | 121.4M | 85.14M | 190.95M | 202.33M |
| Other Non-Current Assets | 364.19M | 76.73M | 2.89M | 40.59M | 23.23M | 21.95M | 21.69M | 41.87M | 24.8M | 21.15M |
| Total Assets | 8.41B | 3.91B | 3.42B | 3.98B | 3.77B | 3.69B | 4.16B | 4.13B | 2.81B | 3.05B |
| Asset Turnover | 0.20x | 0.24x | 0.36x | 0.22x | 0.11x | 0.35x | 0.22x | 0.14x | 0.19x | 0.21x |
| Asset Growth % | 114.9% | 14.4% | -14.09% | 5.67% | 2.15% | -11.47% | 0.91% | 46.83% | -7.74% | - |
| Total Current Liabilities | 1.06B | 392.66M | 424.75M | 255.05M | 320.87M | 203.59M | 316.05M | 287.12M | 158.74M | 189.09M |
| Accounts Payable | 208.87M | 22.3M | 42.03M | 24.7M | 26.01M | 27.23M | 22.74M | 16.27M | 19.27M | 18.11M |
| Days Payables Outstanding | 64.39 | 21.54 | 25.63 | 14.29 | 14.22 | 13.79 | 11.91 | 9.74 | 13.96 | 14.9 |
| Short-Term Debt | 842.71M | 301.39M | 262.15M | 134.79M | 214.2M | 71.84M | 221.2M | 198.88M | 97.37M | 119.12M |
| Deferred Revenue (Current) | 0 | 27.36M | 17.34M | 17.59M | 7.54M | 13.14M | 17.78M | 7.75M | 10.02M | 13.75M |
| Other Current Liabilities | 0 | 27.77M | 338.3K | 295K | 103.91K | 227K | 50.96M | 976.98K | 3.03K | 117K |
| Current Ratio | 0.52x | 1.20x | 3.84x | 2.23x | 1.36x | 2.11x | 2.47x | 1.66x | 1.61x | 1.86x |
| Quick Ratio | 0.44x | 1.13x | 3.84x | 2.06x | 1.14x | 1.74x | 1.89x | 1.66x | 1.61x | 1.86x |
| Cash Conversion Cycle | 30.44 | 78.91 | - | 154.98 | 217.55 | 78.72 | 196.38 | - | - | - |
| Total Non-Current Liabilities | 4.72B | 2.33B | 637.15M | 1.55B | 1.49B | 1.17B | 1.54B | 1.58B | 805.87M | 969.86M |
| Long-Term Debt | 4.72B | 2.32B | 631.7M | 1.53B | 1.46B | 1.13B | 1.48B | 1.57B | 801.35M | 966.44M |
| Capital Lease Obligations | 3.37M | 1.45M | 3.36M | 5.82M | 16.75M | 21.17M | 43.16M | 0 | 0 | 0 |
| Deferred Tax Liabilities | 485.02K | 438K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | -2.17M | 1.06M | 2.09M | 6.97M | 10.71M | 15.53M | 12.87M | 9.67M | 4.52M | 3.42M |
| Total Liabilities | 5.78B | 2.72B | 1.06B | 1.8B | 1.81B | 1.38B | 1.85B | 1.87B | 964.61M | 1.16B |
| Total Debt | 5.57B | 2.62B | 930.71M | 1.7B | 1.71B | 1.27B | 1.74B | 1.77B | 898.72M | 1.09B |
| Net Debt | 5.42B | 2.58B | 501.34M | 1.52B | 1.56B | 1.11B | 1.45B | 1.6B | 755.07M | 878.87M |
| Debt / Equity | 2.12x | 2.20x | 0.40x | 0.78x | 0.87x | 0.55x | 0.75x | 0.78x | 0.49x | 0.57x |
| Debt / EBITDA | 7.34x | 2.25x | 0.78x | 4.12x | 46.71x | 1.44x | 3.42x | 10.40x | 3.79x | 2.83x |
| Net Debt / EBITDA | 7.15x | 2.21x | 0.42x | 3.68x | 42.55x | 1.26x | 2.84x | 9.38x | 3.18x | 2.29x |
| Interest Coverage | 1.39x | 2.53x | 7.50x | 3.03x | -3.89x | 7.29x | 1.91x | -0.68x | 0.32x | 4.87x |
| Total Equity | 2.62B | 1.19B | 2.36B | 2.18B | 1.96B | 2.31B | 2.31B | 2.26B | 1.85B | 1.89B |
| Equity Growth % | 120.11% | -49.38% | 8.07% | 11.22% | -15.23% | -0% | 2.27% | 22.43% | -2.2% | - |
| Book Value per Share | 11.44 | 6.08 | 11.67 | 10.79 | 9.72 | 11.00 | 10.70 | 11.77 | 11.66 | 11.92 |
| Total Shareholders' Equity | 2.62B | 1.19B | 2.36B | 2.18B | 1.96B | 2.31B | 2.31B | 2.26B | 1.85B | 1.89B |
| Common Stock | 343.46M | 239.15M | 239.15M | 239.82M | 239.03M | 239.15M | 239.15M | 239.15M | 173.05M | 173.05M |
| Retained Earnings | 738.28M | 777.1M | 807.25M | 387.06M | 180.05M | 540.71M | 420.06M | 335.76M | 473.62M | 515.66M |
| Treasury Stock | -284.52M | -284.51M | -157.59M | -163.02M | -164.1M | -164.1M | 0 | -14.65M | -16.1M | -16.1M |
| Accumulated OCI | 9.59M | 100K | 1.38M | 33.12M | 2.85M | -6.52M | -4.28M | -2.29M | 568K | 120K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
High Leverage Capital Intensity
According to recent financial filings, CMBT's total assets surged from $3.4B in 2023Q4 to $8.4B by 2025Q4, reflecting an aggressive expansion strategy that has significantly altered the company's risk profile as it pivots toward capital-intensive hydrogen infrastructure and fleet renewal projects.
The rapid growth in the asset base appears to be driven by debt-funded acquisitions and newbuild programs rather than organic operational scaling. This trajectory suggests that the company is prioritizing long-term strategic positioning over near-term balance sheet conservatism, which may leave the firm exposed to cyclical downturns.
As reported in quarterly balance sheets, CMBT's total debt climbed to $5.6B in 2025Q4 from $929.9M in 2023Q4, resulting in a debt-to-equity ratio of 2.12 that indicates a heavy reliance on external financing to fund its ambitious hydrogen-integrated maritime business model.
The sharp increase in leverage suggests that the company is aggressively utilizing debt to bridge the gap between current cash flow generation and the high capital requirements of its green energy transition. Investors should monitor whether this debt load remains sustainable if charter rates in the marine segment experience a sustained correction.
Based on the provided data, CMBT's current ratio has deteriorated significantly, falling from 1.74 in 2023Q4 to a precarious 0.52 by 2025Q4, signaling a potential mismatch between short-term obligations and the company's available cash reserves to meet immediate operational requirements.
The decline in liquidity suggests that the company is operating with a very narrow margin of safety, which may limit its flexibility during periods of market volatility or unexpected capital expenditure needs. This trend warrants close investigation, as it indicates that the firm is increasingly dependent on ongoing financing or asset liquidity to maintain operations.
As indicated by the latest balance sheet, net property, plant, and equipment (PPE) accounts for $7.1B of the company's $8.4B total assets, confirming that CMBT remains a highly asset-heavy organization with significant capital tied up in its maritime fleet and hydrogen production infrastructure.
The concentration of value in physical assets implies that the company's financial health is intrinsically linked to the market valuation and utilization rates of its vessels and infrastructure. This asset-heavy structure necessitates constant reinvestment, which may continue to pressure free cash flow in the coming quarters.
Quick answers to the most common questions about buying CMBT stock.
As of 2025, Cmb.Tech N.V. (CMBT) had total assets of $8.41B including $548.0M in current assets.
Cmb.Tech N.V. (CMBT) carries total debt of $5.57B, offset by $146.5M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Cmb.Tech N.V. (CMBT) has total shareholders' equity (book value) of $2.62B ($11.44 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Cmb.Tech N.V. (CMBT) reported a current ratio of 0.52x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.