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Global land-drilling contractor also offering drilling technology, automation and international rig operations.
Global land-drilling contractor also offering drilling technology, automation and international rig operations.
Rents rigs with crews to oil and gas producers, paid a daily rate under contracts that last from a single well to several years. Work outside the US runs on longer contracts, including large rig fleets in Saudi Arabia, while US land drilling swings with producers' spending. Its Canrig unit sells drilling software and robotics.
Moat: narrow (scale, installed base, process know-how). Large global rig fleet plus proprietary automation software creates performance and switching advantages.
Headquarters: Hamilton, Bermuda · Employees: 13,900
Size Nabors Industries (NBR) is a United States Energy company (Contract Drilling) with a market value of $1.11B, the 2182nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $73.20 on 6 Nov 2026.
Performance Over six months the shares fell 24.9%, against -6.8% for the median peer and -1.1% for the United States market (cap-weighted) — 3rd lowest of 12 in its peer set.
Growth Revenue grew 4.8% over the last twelve months (peer median +11.0%); the operating margin is 8.1% (peer median 10.0%).
Valuation It trades at 19.1× forward earnings against a peer median of 11.4× (4th most expensive of 10).
Price implies For today's price to make sense, revenue must grow about 4% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is -4 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.3 points below its cost of capital (7.2% WACC).
Credit Nabors Industries has 3 bonds outstanding ($1.35B), rated CCC+ by the agencies and trading like B+ at a weighted spread of 298 bp.
Short interest Short interest is 6.4% of the free float (15 Oct 2026).
Next results Next results expected around 9 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $3.27B | $3.18B | $2.93B | $3.01B | $2.65B |
| Revenue growth | — | +9% | -3% | +13% | — |
| Gross profit | $608M | $621M | $554M | $570M | $323M |
| EBITDA | $899M | $913M | $881M | $915M | $709M |
| Net income | -$66.2M | $248M | -$206M | -$41.6M | -$361M |
| Free cash flow | $110M | -$22.7M | $13.5M | $97.0M | $128M |
| Capital expenditure | $623M | $716M | $568M | $541M | $373M |
| Total debt | $2.03B | $2.53B | $2.53B | $3.17B | $2.57B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Nabors Industries NBR | $1.11B | -25% | +5% | 8% | 19.1× | 4.0% |
| Helmerich & Payne HP | $3.52B | -7% | +17% | 3% | 26.3× | 19.9% |
| Precision Drilling PD.TO | $1.16B | +6% | +8% | 7% | 11.4× | 11.6% |
| Patterson-UTI Energy PTEN | $3.76B | -13% | 0% | 0% | 26.0× | 42.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | NBR | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -10.2% | -5.8% | 5th lowest of 12 |
| 6-month return | -24.9% | -6.8% | 3rd lowest of 12 |
| Distance from 52-week high | -35.2% | -23.9% | 3rd lowest of 12 |
| Revenue growth (TTM) | +4.8% | +11.0% | 4th lowest of 12 |
| Operating margin | 8.1% | 10.0% | 6th lowest of 12 |
| Forward P/E | 19.1× | 11.4× | 4th most expensive of 10 |
| Growth the price implies (Req g, 7 yrs) | 4.0% | 16.0% | 3rd least demanding of 8 |
| Growth delivered (Del g) | +8.3% | +14.5% | 3rd lowest of 8 |
| Hurdle (Req g minus delivered) | -4.3 pp | +6.1 pp | 2nd least demanding of 8 |
| ROIC minus cost of capital | -1.3 pp | -3.4 pp | 4th highest of 12 |
| EV / EBITDA | 4.0× | 6.4× | 2nd cheapest of 12 |
| Net debt / EBITDA | 1.7× | 0.7× | 5th most indebted of 12 |
| Bond spread | 298 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Nabors Industries NBR | United States | $1.11B | -25% | +5% | 8% | 19.1× | 4.0% | +8.3% |
| Precision Drilling PD.TO | Canada | $1.16B | +6% | +8% | 7% | 11.4× | 11.6% | +14.5% |
| Borr Drilling BORR | United States | $1,000M | -45% | +3% | 21% | n/a | n/a | n/a |
| Major Drilling Group International MDI.TO | Canada | $893M | -5% | +23% | 6% | 23.1× | 21.7% | +15.5% |
| Sed Energy ENH.OL | Norway | $520M | -25% | +91% | 36% | 5.7× | -10.9% | +38.2% |
| Ensign Energy Services ESI.TO | Canada | $517M | +6% | -1% | 1% | 34.7× | 41.1% | +11.8% |
| Odfjell Drilling ODL.OL | Norway | $2.57B | +4% | +11% | 23% | 10.0× | n/a | n/a |
| Seadrill SDRL | United States | $2.63B | -13% | +17% | 10% | 15.8× | 16.0% | +6.3% |
| Ventura Offshore VTURA.OL | Norway | $371M | +3% | -2% | 34% | n/a | 3.6% | -2.5% |
| Helmerich & Payne HP | United States | $3.52B | -7% | +17% | 3% | 26.3× | 19.9% | +16.1% |
| PHX Energy Services PHX.TO | Canada | $342M | -9% | +7% | 4% | 8.9× | n/a | n/a |
| Akastor AKAST.OL | Norway | $316M | -31% | +67% | 34% | 9.9× | n/a | n/a |
Nabors Industries has 3 bonds outstanding with $1.35B face value. The agencies rate it CCC+; its bonds trade like B+. Weighted yield 7.63%, a spread of 298 bp over government bonds.