SBM Offshore NVHAM:IHCB +1.04%73 Operating Margin % is 33.63% as of Dec. 2025, which is 60% above its 10-year median of 21.04. GuruFocus rates HAM:IHCB with a GF Score™ of 73/100 and a GF Value™ of €20.82 (Significantly Overvalued). The stock has 2 warning signs investors should review. Among 916 Oil & Gas companies, SBM Offshore NV ranks better than 84.28% on this metric.
Just like Gross Margin %, it is important to see a company maintains its operating margin over time. Among the same industry, a company with higher operating margin is more efficient in its operation. It is also more stable during industry slowdown or recessions. Peter Lynch prefers those with higher margins than those with lower margins.
Be Aware
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 Nokias Operating Margin % had already been in decline since 2002, although its Earnings per Share (Diluted) 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 Margin % Related Terms
SBM Offshore NV Operating Margin % Historical Data
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The historical data trend for SBM Offshore NV's Operating Margin % can be seen below:
* 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.
HAM:IHCB vs SLB, BKR, HAL: Operating Margin % Comparison
For the Oil & Gas Equipment & Services subindustry, SBM Offshore NV's Operating Margin %, along with its competitors' market caps and Operating Margin % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
SBM Offshore NV Operating Margin % vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, SBM Offshore NV's Operating Margin % distribution charts can be found below:
* The bar in red indicates where SBM Offshore NV's Operating Margin % falls into.
Operating Margin % - also known as operating income margin, operating profit margin and return on sales (ROS) - is the ratio of Operating Income divided by net sales or Revenue, usually presented in percent.
SBM Offshore NV's Operating Margin % for the fiscal year that ended in Dec. 2025 is calculated as
* 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.
SBM Offshore NV (HAM:IHCB) has a Operating Margin % of 33.63% as of Dec. 2025. Operating margin is the ratio of total operating income to net sales. View historical data on SBM Offshore NV and its competitors. This is 60% above median its historical median of 21.04. Over the past decade, SBM Offshore NV's Operating Margin % has ranged from 13.06 to 29.80. According to the industry distribution chart, SBM Offshore NV ranks #144 out of 916 companies in the Oil & Gas industry, placing it in the top 15.7%.
Is SBM Offshore NV's Operating Margin % too high?
SBM Offshore NV's current Operating Margin % of 33.63% is 60% above median its 10-year median of 21.04. Over the past 10 years, this metric has ranged from a low of 13.06 to a high of 29.80. The Oil & Gas industry median Operating Margin % is 6.86. SBM Offshore NV's value of 33.63% is 390.2% above this industry median. Based on the distribution chart, SBM Offshore NV ranks #144 out of 916 companies in the Oil & Gas industry, which is in the top quartile — a strong position relative to peers. Overall, SBM Offshore NV has a GF Score™ of 73/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does SBM Offshore NV's Operating Margin % compare to SLB and BKR?
According to the Oil & Gas industry distribution chart, SBM Offshore NV ranks #144 out of 916 companies for Operating Margin %. This places SBM Offshore NV in the top 16% of its industry — outperforming the majority of peers. The industry median Operating Margin % is 6.86. SBM Offshore NV's value of 33.63% is 390.2% above this benchmark. Historically, SBM Offshore NV's own Operating Margin % has ranged from 13.06 to 29.80 over the past decade. While the company's 10-year median is 21.04 vs. the industry median of 6.86, SBM Offshore NV has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Margin % for an Oil & Gas company?
The median Operating Margin % among Oil & Gas companies is 6.86, based on 916 companies in the industry. Companies in the top quartile (top 25%) have a Operating Margin % significantly above this median, while those in the bottom quartile fall well below. However, Operating Margin % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. SBM Offshore NV's current Operating Margin % of 33.63% is 390.2% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Operating Margin % mean?
A high Operating Margin % can signal that a stock is expensive relative to its fundamentals. Operating margin is the ratio of total operating income to net sales. View historical data on SBM Offshore NV and its competitors. For the Oil & Gas industry, the median Operating Margin % is 6.86 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. SBM Offshore NV's current Operating Margin % is 33.63%, which is 60% above median its own 10-year median of 21.04. 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 (HAM:IHCB) is currently considered Significantly Overvalued. The stock's GF Value™ is €20.82, compared to a current price of €32.94 — trading 58.2% above its estimated fair value. The current Operating Margin % is 33.63%, which is 60% above median its 10-year median of 21.04 and 390.2% above the Oil & Gas industry median of 6.86. SBM Offshore NV's overall GF Score™ is 73/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Margin % calculated?
Operating Margin % is calculated from a company's financial statements. For SBM Offshore NV (HAM:IHCB), the current Operating Margin % is 33.63% 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 (HAM:IHCB) Overvalued in 2026?
Based on GuruFocus' analysis, SBM Offshore NV stock appears to be overvalued.
The current stock price of €32.94 is trading 58.2% above its estimated GF Value™ of €20.82.
GuruFocus considers SBM Offshore NV to be Significantly Overvalued.
Key valuation signals for HAM:IHCB:
Operating Margin %: 33.63% (60% above median its 10-year median of 21.04)
GF Value™: €20.82 vs. price of €32.94 (58.2% above fair value)
Industry Position: 390.2% above the Oil & Gas median (#144 of 916)
No single metric tells the full story. See the HAM:IHCB stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
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.
73GF Score
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