SBFFF (SBM Offshore NV) Operating Income: $1,759 Mil (TTM As of Dec. 2025)

What is SBM Offshore NV Operating Income?

SBM Offshore NV SBFFF 78 Operating Income is $1,759 Mil as of Dec. 2025. GuruFocus rates SBFFF with a GF Score™ of 78/100 and a GF Value™ of $22.68 (Significantly Overvalued). The stock has 4 warning signs investors should review.

SBM Offshore NV's Operating Income for the six months ended in Dec. 2025 was $1,030 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 was $1,759 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. SBM Offshore NV's Operating Income for the six months ended in Dec. 2025 was $1,030 Mil. SBM Offshore NV's Revenue for the six months ended in Dec. 2025 was $3,063 Mil. Therefore, SBM Offshore NV's Operating Margin % for the quarter that ended in Dec. 2025 was 33.63%.

Good Sign:

SBM Offshore NV operating margin is expanding. Margin expansion is usually a good sign.

SBM Offshore NV's 5-Year average Growth Rate for Operating Margin % was 6.70% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. SBM Offshore NV's annualized ROC % for the quarter that ended in Dec. 2025 was 12.26%. SBM Offshore NV's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 156.50%.

SBM Offshore NV (OTCPK:SBFFF) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

SBM Offshore NV's annualized ROC % for the quarter that ended in Dec. 2025 is calculated as:

	ROC % (Q: Dec. 2025 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Jun. 2025 )	+	Invested Capital (Q: Dec. 2025 ))	/ count )
=	2060 * ( 1 - 6.49% )	/	( (15077	+	16339)	/ 2 )
=	1926.306	/	15708
=	12.26 %

where

	Invested Capital		(Q: Jun. 2025 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	17849	-	1759	-	( 1013	-	max(0, 3005	-	6255	+	1013	))
=	15077

	Invested Capital		(Q: Dec. 2025 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	18097	-	672	-	( 1086	-	max(0, 4713	-	6797	+	1086	))
=	16339

Note: The Operating Income data used here is two times the semi-annual (Dec. 2025) data.

2. Joel Greenblatt's definition of Return on Capital:

SBM Offshore NV's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Dec. 2025 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Jun. 2025		Q: Dec. 2025
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	2292	/	( ( (270 + max(328, 0))	+	(278 + max(2053, 0)) )	/	2 )
=	2292	/	( ( 598	+	2331 )	/	2 )
=	2292	/	1464.5
=	156.50 %

where Working Capital is:

	Working Capital		(Q: Jun. 2025 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(1363	+	155	+	1011)	-	(1759	+	0	+	442)
=	328

	Working Capital		(Q: Dec. 2025 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(384	+	331	+	3483)	-	(672	+	0	+	1473)
=	2053

When net working capital is negative, 0 is used.

Note: The EBIT data used here is two times the semi-annual (Dec. 2025) EBIT data.

3. Operating Income is also linked to Operating Margin %:

SBM Offshore NV's Operating Margin % for the quarter that ended in Dec. 2025 is calculated as:

Operating Margin %	=	Operating Income (Q: Dec. 2025 )	/	Revenue (Q: Dec. 2025 )
	=	1030	/	3063
	=	33.63 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

SBM Offshore NV Operating Income Related Terms

SBM Offshore NV Operating Income Historical Data

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The historical data trend for SBM Offshore NV's Operating Income can be seen below:

SBM Offshore NV Operating Income Chart

SBM Offshore NV Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Operating Income

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706.00

1,000.00

1,178.00

904.00

1,759.00

SBM Offshore NV Semi-Annual Data
	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24	Dec24	Jun25	Dec25
Operating Income	Get a 7-Day Free Trial															622.00	468.00	436.00	729.00	1,030.00

78GF Score

SBM Offshore NV SBFFF

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SBM Offshore NV Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 adds up the semi-annually data reported by the company within the most recent 12 months, which was $1,759 Mil.

Frequently Asked Questions Learn more about Operating Income →

What does a Operating Income of $1,759 Mil mean?

SBM Offshore NV (SBFFF) has a Operating Income of $1,759 Mil as of Dec. 2025. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on SBM Offshore NV and its competitors.

Is SBM Offshore NV's Operating Income too high?

SBM Offshore NV's current Operating Income is $1,759 Mil. Overall, SBM Offshore NV has a GF Score™ of 78/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does SBM Offshore NV's Operating Income compare to SLB and BKR?

SBM Offshore NV's Operating Income of $1,759 Mil can be compared against companies in the Oil & Gas industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Operating Income for an Oil & Gas company?

A good Operating Income depends on the Oil & Gas industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high Operating Income mean?

A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on SBM Offshore NV and its competitors. SBM Offshore NV's current Operating Income is $1,759 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is SBM Offshore NV stock overvalued right now?

Based on GuruFocus' analysis, SBM Offshore NV (SBFFF) is currently considered Significantly Overvalued. The stock's GF Value™ is $22.68, compared to a current price of $38.00 — trading 67.5% above its estimated fair value. The current Operating Income is $1,759 Mil. SBM Offshore NV's overall GF Score™ is 78/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Operating Income calculated?

Operating Income is calculated from a company's financial statements. For SBM Offshore NV (SBFFF), the current Operating Income is $1,759 Mil as of Dec. 2025. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is SBM Offshore NV (SBFFF) Overvalued in 2026?

Based on GuruFocus' analysis, SBM Offshore NV stock appears to be overvalued. The current stock price of $38.00 is trading 67.5% above its estimated GF Value™ of $22.68. GuruFocus considers SBM Offshore NV to be Significantly Overvalued.

Key valuation signals for SBFFF:

Operating Income: $1,759 Mil
GF Value™: $22.68 vs. price of $38.00 (67.5% above fair value)
GF Score™: 78/100 with 4 warning signs

No single metric tells the full story. See the SBFFF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

SBM Offshore NV Business Description

Industry Energy Oil & Gas

Comparable Companies XAMS:FUR SLB BKR MIL:TEN HAL FTI SZSE:002353 OSL:SUBC MIL:SPM XPAR:GTT KGS AROC NOV XPAR:TE SHSE:601808 WFRD SGX:5E2 SHSE:600968 SEI LBRT

Other Exchanges SBFFY:USA SBMO:Netherlands SBMOa:UK 0NIS:UK IHCB:Germany

Address Evert van de Beekstraat 1-77, Schiphol, Amsterdam, NH, NLD, 1118 CL

Website https://www.sbmoffshore.com

SBM Offshore NV provides floating production solutions to the offshore energy industry both in hydrocarbon and renewable markets. Its main activities are the design, supply, installation, operation, and life extension of Floating Production Storage and Offloading (FPSO) vessels. The company is also working on floating offshore wind, wave energy, and research and development of products for future energy markets. It has dedicated product lines to provide specific floating equipment and products such as Turret Mooring Systems (TMS) and offshore (off)loading Terminals. The company has two segments: Lease and Operate segment includes all earned day rates on operating lease and operate contracts, and the turnkey segment includes revenues from Turnkey supply contracts and after-sales services.

78GF Score

Get the complete analysis for SBFFF

Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$38.00

Price

$22.68

GF Value

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