CBL International Ltd is a US-listed company in the oil & gas refining & marketing industry. Its financial year ends in December.
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Under review: valuation models disagree too widely to rate.
Under review: valuation models disagree too widely to rate. We'll show the comparison once resolved.
CBL International Ltd valuation: adjust assumptions and compare models →
Revenue for the twelve months was $538m, down 9.1% on a year earlier, against growth of 35.9% a quarter earlier. Free-cash-flow margin rose to 0.7% from -0.8% a year earlier. It passes 2 of our 3 financial-health checks.
Our model value for CBL International is under review, so past values are not shown until it is resolved.
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
CBL International Ltd's trailing-twelve-month revenue fell 9.1% year on year, with a free-cash-flow margin of 0.7%. Where it lags: change in growth rate of -45.0pp ranks 15 of 16 oil & gas refining & marketing companies we cover.
Current signal Revenue growth decelerating: TTM revenue growth slowed to -9.1% (-45.0pp vs the prior quarter).
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
Nothing in CBL International Ltd's latest figures clears our strength thresholds.
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Company announcements, filed results and changes that matter to shareholders.
No recent updates are available for BANL from the sources we follow. See filings →
The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.
We value CBL International Ltd as an operating company, with every model that fits that kind of business. Cost of equity 7.3%: the 10-year Treasury yield (4.9%) plus a beta of 0.53 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | ~$9.9 ~$9.9–$12 | Left out: far from the other models (more than 3x away from their median) |
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | ~$1.7 ~$1.1–$2.8 | Included |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | ~$1.7 ~$1.4–$2.2 | Included |
| Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. | ~$3.9 ~$4.2–$14 | Included, half weight |
| Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. | — | Combined value withheld. Review the individual models and their assumptions. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare CBL International Ltd with Oil & Gas Refining & Marketing in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
| At fiscal year end | 2023 | 2024 | 2025 |
|---|---|---|---|
| Share price | $18.97 | $13.03 | $5.74 |
| Market value | $474m | $358m | $158m |
| + Net debt (− = net cash) | −$7m | −$7m | −$7m |
| Enterprise value | $467m | $352m | $150m |
| Multiples | |||
| Price / sales | 1.1x | 0.6x | 0.3x |
| Price / earnings | n/m | — | — |
| Price / free cash flow | — | — | 39.5x |
| EV / EBITDA | n/m | — | — |
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.
No analyst estimates are published for CBL International Ltd: too few analysts cover it.
| Calendar year | 2024 | 2025 | 2026 to date |
|---|---|---|---|
| Return | |||
| BANL | −31% | −56% | −49% |
| Industry peers (median) | −12% | +19% | +105% |
| S&P 500 | +25% | +18% | +11% |
| Months that ended higher | |||
| BANL | 17% | 33% | 36% |
| S&P 500 | 75% | 75% | 46% |
| Largest fall from a high during the year | |||
| BANL | −61% | −68% | −82% |
| S&P 500 | −8% | −19% | −9% |
Worst fall since March 23, 2023: 99% from April 14, 2023 to November 2, 2026. Getting back needed a 8686% gain, and the shares have not yet recovered.
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Revenue (TTM) |
|---|---|
| FY21 Q4 | $326.5M |
| FY22 Q4 | $462.9M |
| FY23 Q4 | $435.9M |
| FY24 Q4 | $592.5M |
| FY25 Q4 | $538.5M |
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY22 Q4 | 41.8% |
| FY23 Q4 | -5.8% |
| FY24 Q4 | 35.9% |
| FY25 Q4 | -9.1% |
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Operating margin (TTM) |
|---|---|
| FY21 Q4 | 1.3% |
| FY22 Q4 | 1.0% |
| FY23 Q4 | 0.4% |
| FY24 Q4 | -0.6% |
| FY25 Q4 | -0.5% |
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | FCF margin (TTM) |
|---|---|
| FY21 Q4 | -0.8% |
| FY22 Q4 | 0.7% |
| FY23 Q4 | -2.5% |
| FY24 Q4 | -0.4% |
| FY25 Q4 | 0.7% |
| Fiscal year | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 |
|---|---|---|---|---|---|
| Income | |||||
| Revenue | 327 | 463 | 436 | 593 | 538 |
| Gross profit | 8 | 9 | 7 | 5 | 4 |
| EBITDA | 4 | 5 | 2 | −3 | −2 |
| Operating income | 4 | 5 | 2 | −3 | −2 |
| Net income | 4 | 4 | 1 | −4 | −3 |
| Diluted EPS | — | $0.17 | $0.04 | −$0.14 | −$0.11 |
| Growth (year on year) | |||||
| Revenue | — | +41.8% | −5.8% | +35.9% | −9.1% |
| Margins | |||||
| Gross margin | 2.3% | 2.0% | 1.7% | 0.9% | 0.8% |
| EBITDA margin | 1.3% | 1.0% | 0.4% | −0.5% | −0.4% |
| Operating margin | 1.3% | 1.0% | 0.4% | −0.6% | −0.5% |
| Net margin | 1.1% | 0.8% | 0.3% | −0.7% | −0.6% |
| Free-cash-flow margin | −0.8% | 0.7% | −2.5% | −0.4% | 0.7% |
| Cash flow | |||||
| Cash from operations | −3 | 3 | −10 | −2 | 4 |
| Capital spending | 0 | 0 | 1 | 0 | 0 |
| Free cash flow | −3 | 3 | −11 | −2 | 4 |
| Balance sheet | |||||
| Cash | 3 | 5 | 7 | 8 | 9 |
| Total debt | 0 | 0 | 0 | 1 | 2 |
| Net debt (negative = net cash) | −3 | −5 | −7 | −7 | −7 |
| Diluted shares | 21m | 21m | 25m | 28m | 28m |
| Returned to shareholders | |||||
| Buybacks | — | — | — | — | 0 |
| Total returned | — | — | — | — | 0 |
| Last 12 months unless stated | BANL | DLXY | UFG | GPRE | CAPL | PTLE | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $538m | $308m | $264m | $1.8bn | $3.9bn | $72m | $10.3bn |
| Revenue growth, last 12 months | −9.1% | −2.3% | 70.0% | −23.7% | 0.3% | −27.0% | 13.0% |
| Revenue growth, 3-year average | — | — | — | −19.9% | −5.4% | — | −0.8% |
| Revenue growth, latest quarter | — | — | — | −19.3% | 22.6% | — | 46.4% |
| Gross margin | 0.8% | 0.8% | 1.8% | 16.0% | 10.9% | 1.3% | 8.0% |
| Operating margin | −0.5% | −1.5% | −0.6% | 7.4% | 2.9% | −0.6% | 2.9% |
| Operating margin, 3-year average | — | — | — | 1.1% | 2.3% | — | 2.3% |
| Net margin | −0.6% | −1.5% | −0.7% | 6.8% | 1.4% | −1.6% | 1.8% |
| Cash from operations / revenue | 0.7% | −1.7% | −0.9% | 8.4% | 3.0% | −17.1% | 5.1% |
| Free-cash-flow margin | 0.7% | −1.7% | −0.9% | 7.0% | 2.3% | — | 4.8% |
| Free-cash-flow margin, 3-year average | — | — | — | 2.4% | 1.8% | — | 2.4% |
| Stock pay / revenue | — | — | 0.0% | 0.6% | 0.0% | 1.3% | 0.1% |
| Change in share count | 0.0% | 4.3% | — | 19.2% | −1.4% | 192.2% | −1.4% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | -9.1% | 13.2% | 14 of 16 |
| Change in growth rate Growth | -45.0pp | +12.9pp | 15 of 16 |
| Gross margin Profitability | 0.8% | 7.1% | 13 of 14 |
| Operating margin Profitability | -0.5% | 4.8% | 11 of 14 |
| Net margin Profitability | -0.6% | 1.9% | 12 of 16 |
| Free-cash-flow margin Cash generation | 0.7% | 4.8% | 12 of 15 |
| Change in share count Balance sheet | 0.0% | -1.4% | 10 of 15 |
| Days sales outstanding Balance sheet | 26 days | 26 days | 7 of 13 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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