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Offshore drilling contractor operating deepwater rigs for oil and gas companies worldwide.
Offshore drilling contractor operating deepwater rigs for oil and gas companies worldwide.
Leases rigs and crews to oil companies on contracts at a daily rate, so income is the rate times days working. Contracts run from months to years and the order backlog shows future work. It restructured in 2021-22, following an earlier restructuring in 2017-18.
Moat: none (installed base). Modern rig fleet helps but offshore drilling remains a cyclical, commoditized day-rate business.
Headquarters: London, UK · Founded: 2005 · Employees: 3,000
Size Seadrill (SDRL) is a United States Energy company (Contract Drilling) with a market value of $2.63B, the 1623rd largest of 3,117 United States companies the cockpit tracks. Shares closed at $42.20 on 6 Nov 2026.
Performance Over six months the shares fell 12.7%, against -16.1% for the median peer and -1.1% for the United States market (cap-weighted) — 5th highest of 12 in its peer set.
Growth Revenue grew 17.1% over the last twelve months (peer median +4.0%); the operating margin is 10.0% (peer median 11.0%).
Valuation It trades at 15.8× forward earnings against a peer median of 19.2× (5th cheapest of 11).
Price implies For today's price to make sense, revenue must grow about 16% a year for seven years (Req g). Recent delivered growth is +6%, so the hurdle is +10 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 6.1 points below its cost of capital (10.3% WACC).
Short interest Short interest is 6.8% of the free float (15 Oct 2026).
Next results Next results expected around 3 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.60B | $1.44B | $1.39B | $1.50B | $1.01B |
| Revenue growth | — | +4% | -8% | +48% | — |
| Gross profit | $266M | $173M | $293M | $413M | $132M |
| EBITDA | $449M | $308M | $354M | $494M | $224M |
| Net income | -$18.0M | -$77.0M | $446M | $300M | $3.91B |
| Free cash flow | $38.0M | -$138M | -$69.0M | $186M | -$140M |
| Capital expenditure | $77.0M | $110M | $157M | $101M | $149M |
| Total debt | $737M | $633M | $621M | $612M | $527M |
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 |
|---|---|---|---|---|---|---|
| Seadrill SDRL | $2.63B | -13% | +17% | 10% | 15.8× | 16.0% |
| Transocean RIG | $5.85B | -18% | +4% | 21% | 19.4× | 3.8% |
| Valaris VAL | $5.54B | -16% | -12% | 11% | 11.1× | n/a |
| Noble NE | $6.53B | -18% | -13% | 11% | 36.8× | 19.0% |
| 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 | SDRL | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -7.5% | -5.0% | 4th lowest of 12 |
| 6-month return | -12.7% | -16.1% | 5th highest of 12 |
| Distance from 52-week high | -23.9% | -30.1% | 4th highest of 12 |
| Revenue growth (TTM) | +17.1% | +4.0% | 2nd highest of 12 |
| Operating margin | 10.0% | 11.0% | 6th lowest of 12 |
| Forward P/E | 15.8× | 19.2× | 5th cheapest of 11 |
| Growth the price implies (Req g, 7 yrs) | 16.0% | 7.8% | 4th most demanding of 9 |
| Growth delivered (Del g) | +6.3% | +13.1% | 3rd lowest of 9 |
| Hurdle (Req g minus delivered) | +9.7 pp | -3.6 pp | most demanding of 9 |
| ROIC minus cost of capital | -6.1 pp | -3.4 pp | lowest of 12 |
| EV / EBITDA | 6.4× | 7.1× | 4th cheapest of 10 |
| Net debt / EBITDA | 0.5× | 1.7× | 2nd least indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| 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 |
| Helmerich & Payne HP | United States | $3.52B | -7% | +17% | 3% | 26.3× | 19.9% | +16.1% |
| Sinopec Oilfield Service 600871.SS | China | $4.69B | -23% | +2% | 2% | 52.2× | -10.7% | +3.5% |
| Valaris VAL | United States | $5.54B | -16% | -12% | 11% | 11.1× | n/a | n/a |
| Transocean RIG | United States | $5.85B | -18% | +4% | 21% | 19.4× | 3.8% | +4.7% |
| Precision Drilling PD.TO | Canada | $1.16B | +6% | +8% | 7% | 11.4× | 11.6% | +14.5% |
| Nabors Industries NBR | United States | $1.11B | -25% | +5% | 8% | 19.1× | 4.0% | +8.3% |
| Noble NE | United States | $6.53B | -18% | -13% | 11% | 36.8× | 19.0% | +27.8% |
| Borr Drilling BORR | United States | $1,000M | -45% | +3% | 21% | n/a | n/a | n/a |
| China Oilfield Services 601808.SS | China | $7.30B | -16% | +3% | 12% | 14.1× | -16.5% | +11.7% |
| Major Drilling Group International MDI.TO | Canada | $893M | -5% | +23% | 6% | 23.1× | 21.7% | +15.5% |