Revenue growth surged 160.6% year-over-year in 2025Q4, yet gross margins contracted to 36.3% from 46.8% in early 2024, suggesting that scaling the business model is currently pressuring core profitability.
| Sales/Revenue | 1.67B | 940.25M | 1.24B | 870.34M | 403.67M | 1.3B | 935.09M | 581.41M | 546.53M | 652.44M |
| Revenue Growth % | 77.2% | -23.87% | 41.91% | 115.61% | -68.93% | 38.93% | 60.83% | 6.38% | -16.23% | - |
| Cost of Goods Sold | 1.18B | 377.83M | 598.66M | 631.01M | 667.63M | 720.76M | 696.8M | 609.5M | 504.1M | 443.6M |
| COGS % of Revenue | 71.06% | 40.18% | 48.47% | 72.5% | 165.39% | 55.48% | 74.52% | 104.83% | 92.24% | 67.99% |
| Gross Profit | 482.16M | 562.42M | 636.46M | 239.33M | -263.96M | 578.32M | 238.29M | -28.09M | 42.44M | 208.84M |
| Gross Margin % | 28.94% | 59.82% | 51.53% | 27.5% | -65.39% | 44.52% | 25.48% | -4.83% | 7.76% | 32.01% |
| Gross Profit Growth % | -14.27% | -11.63% | 165.93% | 190.67% | -145.64% | 142.7% | 948.24% | -166.2% | -79.68% | - |
| Operating Expenses | 112.22M | -440.04M | -333.23M | 52.65M | 31.16M | 40.07M | 67.08M | 64.18M | 49.87M | 41.99M |
| OpEx % of Revenue | 6.74% | -46.8% | -26.98% | 6.05% | 7.72% | 3.08% | 7.17% | 11.04% | 9.12% | 6.44% |
| Selling, General & Admin | 139.75M | 75.89M | 59.24M | 48.49M | 28.17M | 36.77M | 66.22M | 59.92M | 44.96M | 42.56M |
| SG&A % of Revenue | 8.39% | 8.07% | 4.8% | 5.57% | 6.98% | 2.83% | 7.08% | 10.31% | 8.23% | 6.52% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -27.53M | -515.92M | -392.47M | -4.16M | 3M | 3.3M | -867.51K | -4.26M | -4.91M | -574.95K |
| Operating Income | 369.94M | 1B | 969.69M | 186.68M | -295.12M | 538.25M | 171.2M | -92.27M | -7.43M | 166.85M |
| Operating Margin % | 22.2% | 106.62% | 78.51% | 21.45% | -73.11% | 41.43% | 18.31% | -15.87% | -1.36% | 25.57% |
| Operating Income Growth % | -63.1% | 3.38% | 419.43% | 163.26% | -154.83% | 214.4% | 285.55% | -1141.33% | -104.45% | - |
| EBITDA | 757.91M | 1.17B | 1.2B | 413.36M | 36.64M | 881.44M | 509.88M | 170.03M | 237.29M | 384.02M |
| EBITDA Margin % | 45.49% | 124.12% | 96.78% | 47.49% | 9.08% | 67.85% | 54.53% | 29.24% | 43.42% | 58.86% |
| EBITDA Growth % | -35.06% | -2.37% | 189.18% | 1028.28% | -95.84% | 72.87% | 199.89% | -28.35% | -38.21% | - |
| D&A (Non-Cash Add-back) | 387.97M | 164.6M | 225.67M | 226.68M | 331.76M | 343.19M | 338.68M | 262.3M | 244.72M | 217.17M |
| EBIT | 528.15M | 369.28M | 996.93M | 286.14M | -278.87M | 577.57M | 185.51M | -49.56M | 15.07M | 202.39M |
| Net Interest Income | -372.28M | -130.65M | -100.04M | -87.09M | -69.92M | -75.31M | -90.08M | -68.46M | -43.55M | -41.35M |
| Interest Income | 6.54M | 15.19M | 32.86M | 7.19M | 1.82M | 3.96M | 6.55M | 3.98M | 697.31K | 206.91K |
| Interest Expense | 378.82M | 145.84M | 132.9M | 94.28M | 71.74M | 79.26M | 96.94M | 72.44M | 47.07M | 41.56M |
| Other Income/Expense | -220.61M | -129.73M | -105.66M | -102.41M | -66.71M | -59.14M | -58.37M | -29.73M | -22.62M | -3.47M |
| Pretax Income | 149.33M | 872.72M | 864.04M | 191.86M | -348.29M | 498.3M | 112.83M | -122M | -32M | 155.78M |
| Pretax Margin % | 8.96% | 92.82% | 69.96% | 22.04% | -86.28% | 38.36% | 12.07% | -20.98% | -5.85% | 23.88% |
| Income Tax | 10.19M | 1.89M | 6.01M | 2.86M | -410.62K | 2.09M | 603.75K | 230.62K | -1.45M | -165.91K |
| Effective Tax Rate % | 6.82% | 0.22% | 0.7% | 1.49% | 0.12% | 0.42% | 0.54% | -0.19% | 4.52% | -0.11% |
| Net Income | 160.7M | 870.83M | 858.03M | 203.25M | -325.78M | 473.24M | 112.56M | -106.66M | 1.47M | 194.56M |
| Net Margin % | 9.65% | 92.62% | 69.47% | 23.35% | -80.71% | 36.43% | 12.04% | -18.34% | 0.27% | 29.82% |
| Net Income Growth % | -81.55% | 1.49% | 322.15% | 162.39% | -168.84% | 320.45% | 205.53% | -7343.91% | -99.24% | - |
| Net Income (Continuing) | 139.14M | 870.83M | 858.03M | 189.01M | -347.88M | 496.22M | 112.23M | -122.23M | -30.55M | 155.95M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.73 | 4.44 | 4.25 | 1.02 | -1.62 | 2.42 | 0.52 | -0.56 | 0.01 | 1.23 |
| EPS Growth % | -83.56% | 4.47% | 316.67% | 162.96% | -166.94% | 365.38% | 192.86% | - | -99.24% | - |
| EPS (Basic) | 0.73 | 4.44 | 4.25 | 1.03 | -1.62 | 2.42 | 0.52 | -0.56 | 0.01 | 1.23 |
| Diluted Shares Outstanding | 229.44M | 196.04M | 201.9M | 201.99M | 201.68M | 210.21M | 216.03M | 191.99M | 158.3M | 158.43M |
| Basic Shares Outstanding | 229.44M | 196.13M | 201.9M | 201.75M | 201.68M | 210.19M | 216.03M | 191.99M | 158.17M | 158.26M |
| Dividend Payout Ratio | 13.05% | 123.82% | 75.03% | 12.14% | - | 79.84% | 23.18% | - | 3191.11% | 106.27% |
Cyclical Margin Compression
According to the latest quarterly financial data, CMBT achieved a significant 160.6% year-over-year revenue growth in 2025Q4, signaling a rapid expansion in top-line scale that appears driven by the integration of new business units rather than purely organic performance within the legacy marine shipping fleet.
The dramatic revenue acceleration suggests that the company's strategic pivot toward hydrogen infrastructure and industry applications is beginning to manifest in the consolidated income statement. However, investors should monitor whether this growth trajectory remains sustainable or if it is merely a reflection of lumpy project-based revenue recognition within the newly integrated segments.
As reported in recent financial statements, CMBT's gross margin contracted to 36.3% in 2025Q4, down from the 46.8% levels observed in early 2024, indicating that the company's shift toward a more complex, integrated business model may be pressuring traditional maritime profitability metrics.
The decline in gross margins suggests that the costs associated with scaling the H2 infrastructure and industry segments are currently outpacing the revenue contributions from these divisions. This trend warrants further investigation into whether the company can achieve sufficient economies of scale to offset the higher operating costs inherent in its green energy transition.
Based on the provided income statement data, operating income reached $164.0M in 2025Q4, yet the operating margin of 27.9% represents a notable decline from the peak efficiency levels of 86.7% seen in 2024Q2, suggesting that overhead costs are scaling faster than the company's gross profit generation.
The divergence between revenue growth and operating margin stability implies that the company is incurring significant SG&A expenses to support its strategic transformation. Analysts should scrutinize whether these rising overheads are temporary integration costs or a permanent shift toward a higher-cost operating structure that could limit future profitability.
Data from the last ten quarters reveals significant fluctuations in net income, with margins swinging from 146.2% in 2023Q4 to 4.4% in 2025Q3, highlighting that reported earnings are heavily influenced by non-operating items and asset-related gains rather than consistent core operational profitability.
The extreme variance in net income suggests that the company's bottom line is susceptible to lumpy vessel sales and accounting adjustments typical of the maritime industry. Investors should look past the headline EPS figures to evaluate the underlying cash-generating capacity of the integrated marine and hydrogen business model.
Quick answers to the most common questions about buying CMBT stock.
For fiscal year 2025, Cmb.Tech N.V. (CMBT) reported total revenue of $1.67B. This represents a 155.4% increase compared to $652.4M in 2016.
Cmb.Tech N.V. (CMBT) is profitable, generating $160.7M in net income for the fiscal year ending 2025 with a net profit margin of 9.6%.
Cmb.Tech N.V. (CMBT) reported an operating income of $369.9M, resulting in an operating profit margin of 22.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Cmb.Tech N.V. (CMBT) generated $482.2M in gross profit for the year, representing a gross profit margin of 28.9%. This demonstrates the company's core pricing power and production efficiency.