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Offshore drilling contractor operating a fleet of floaters and jackups for oil and gas companies worldwide.
Offshore drilling contractor operating a fleet of floaters and jackups for oil and gas companies worldwide.
Rents rigs and crews to oil companies by the day under contracts that run from months to several years, so earnings are the day rate times the number of days rigs are working, and the backlog of signed contracts shows how much is already booked. The 2022 Maersk Drilling and 2024 Diamond Offshore mergers made it a much larger owner of floating and jackup rigs.
Moat: none (installed base). Rig fleets are largely commoditized; day rates driven by offshore drilling supply/demand cycles.
Headquarters: Sugar Land, Texas, US · Founded: 1921 · Employees: 4,500
Size Noble (NE) is a United States Energy company (Contract Drilling) with a market value of $6.53B, the 999th largest of 3,117 United States companies the cockpit tracks. Shares closed at $40.87 on 6 Nov 2026.
Performance Over six months the shares fell 18.5%, against -14.5% for the median peer and -1.1% for the United States market (cap-weighted) — lowest of 8 in its peer set.
Growth Revenue fell 13.1% over the last twelve months (peer median +4.0%); the operating margin is 11.3% (peer median 11.0%).
Valuation It trades at 36.8× forward earnings against a peer median of 14.1× (most expensive of 8).
Price implies For today's price to make sense, revenue must grow about 19% a year for seven years (Req g). Recent delivered growth is +28%, so the hurdle is -9 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 4.5 points below its cost of capital (9.1% WACC).
Backlog Backlog (remaining performance obligations) was $97.1M at 31 Dec 2025, down 5% on a year earlier — 0.0 years of trailing revenue. Backlog detail →
Short interest Short interest is 9.0% of the free float (15 Oct 2026).
Next results Next results expected around 17 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $3.00B | $3.29B | $3.06B | $2.59B | $1.41B |
| Revenue growth | — | +7% | +18% | +83% | — |
| Gross profit | $452M | $648M | $837M | $744M | $305M |
| EBITDA | $907M | $1.10B | $1.12B | $917M | $370M |
| Net income | $53.7M | $217M | $448M | $482M | $169M |
| Free cash flow | $33.3M | $432M | $80.2M | $165M | $107M |
| Capital expenditure | $652M | $520M | $575M | $410M | $174M |
| Total debt | $1.89B | $2.04B | $2.06B | $612M | $720M |
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 |
|---|---|---|---|---|---|---|
| Noble NE | $6.53B | -18% | -13% | 11% | 36.8× | 19.0% |
| Transocean RIG | $5.85B | -18% | +4% | 21% | 19.4× | 3.8% |
| Valaris VAL | $5.54B | -16% | -12% | 11% | 11.1× | n/a |
| Borr Drilling BORR | $1,000M | -45% | +3% | 21% | n/a | n/a |
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 | NE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.0% | -5.0% | 4th highest of 8 |
| 6-month return | -18.5% | -14.5% | lowest of 8 |
| Distance from 52-week high | -25.7% | -30.1% | 3rd highest of 8 |
| Revenue growth (TTM) | -13.1% | +4.0% | lowest of 8 |
| Operating margin | 11.3% | 11.0% | 4th highest of 8 |
| Forward P/E | 36.8× | 14.1× | most expensive of 8 |
| Growth the price implies (Req g, 7 yrs) | 19.0% | 12.0% | 2nd most demanding of 6 |
| Growth delivered (Del g) | +27.8% | +6.3% | highest of 6 |
| Hurdle (Req g minus delivered) | -8.8 pp | +3.7 pp | 2nd least demanding of 6 |
| ROIC minus cost of capital | -4.5 pp | -3.7 pp | 3rd lowest of 8 |
| EV / EBITDA | 8.9× | 7.0× | 2nd most expensive of 7 |
| Net debt / EBITDA | 1.7× | 1.9× | 4th least indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Noble NE | United States | $6.53B | -18% | -13% | 11% | 36.8× | 19.0% | +27.8% |
| Transocean RIG | United States | $5.85B | -18% | +4% | 21% | 19.4× | 3.8% | +4.7% |
| China Oilfield Services 601808.SS | China | $7.30B | -16% | +3% | 12% | 14.1× | -16.5% | +11.7% |
| Valaris VAL | United States | $5.54B | -16% | -12% | 11% | 11.1× | n/a | n/a |
| Sinopec Oilfield Service 1033.HK | Hong Kong | $4.72B | -14% | +3% | 2% | 13.8× | 12.0% | +2.7% |
| Helmerich & Payne HP | United States | $3.52B | -7% | +17% | 3% | 26.3× | 19.9% | +16.1% |
| Seadrill SDRL | United States | $2.63B | -13% | +17% | 10% | 15.8× | 16.0% | +6.3% |
| Odfjell Drilling ODL.OL | Norway | $2.57B | +4% | +11% | 23% | 10.0× | n/a | n/a |
Noble reported $97.1M of remaining performance obligations at 31 Dec 2025, down 5% from a year earlier. That is 0.0 years of trailing revenue already under contract.