A Business at a Glance
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Noble Corp plc
NE
$6.9B
Mkt Cap
$43.26
+0.35%
Noble Corp plc (NE) has a current P/E ratio of 32.0, compared to its historical median P/E of 14.6. The stock is currently considered Expensive based on its historical valuation range.
Noble Corp plc (NE) has a 5-year average return on invested capital (ROIC) of 9.8%. This is below average and may indicate limited pricing power.
Noble Corp plc (NE) has a market capitalization of $6.9B. It is classified as a mid-cap stock.
Yes, Noble Corp plc (NE) pays a dividend with a trailing twelve-month yield of 4.68%.
Based on historical P/E analysis, Noble Corp plc (NE) appears expensive. The current P/E of 32.0 is 119% above its historical median of 14.6. The estimated fair value CAGR (P/E method) is 12.6%.
Noble Corp plc (NE) operates in the Drilling Oil & Gas Wells industry, within the Energy sector.
Noble Corp plc (NE) reported annual revenue of $3.3 billion in its most recent fiscal year, based on SEC EDGAR filings.
PART I Noble Corporation plc, a public limited company incorporated under the laws of England and Wales (“Noble”), is a leading offshore drilling contractor for the oil and gas industry. We provide contract drilling services to the international oil and gas industry with our global fleet of mobile offshore drilling units. We deliver our services through a high-specification fleet of floating and jackup rigs and the deployment of our drilling rigs in oil and gas basins around the world. Noble and its predecessors have been engaged in the contract drilling of oil and gas wells since 1921. As of December 31, 2025, our fleet of 36 drilling rigs consisted of 25 floaters and 11 jackups. On June 9, 2024, Noble entered into an agreement and plan of merger (the “Diamond Merger Agreement”) with Diamond Offshore Drilling, Inc. (“Diamond”), Dolphin Merger Sub 1, Inc., and Dolphin Merger Sub 2, Inc.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 3.2B | 3.3B | 3.1B | 2.6B | 1.4B | 770M |
| Net Income | 229M | 217M | 448M | 482M | 169M | 102M |
| EPS | $1.44 | $1.35 | $2.96 | $3.32 | $1.73 | $1.51 |
| Free Cash Flow | 905M | 432M | 80M | 165M | 211M | -103M |
| ROIC | 5.6% | 5.2% | 10.3% | 13.6% | 7.5% | 12.6% |
| Gross Margin | - | 59.3% | 55.8% | 47.5% | 37.9% | 30.2% |
| Debt/Equity | 0.43 | 0.47 | 0.45 | 0.16 | 0.20 | 0.16 |
| Dividends/Share | $2.02 | $2.00 | $1.80 | $0.70 | $0.00 | $0.00 |
| Operating Income | 454M | 416M | 604M | 575M | 229M | 61M |
| Operating Margin | 14.2% | 12.6% | 19.8% | 22.2% | 16.2% | 7.9% |
| ROE | 5.0% | 4.7% | 10.5% | 12.8% | 6.6% | 17.2% |
| Shares Outstanding | 159M | 161M | 151M | 145M | 98M | 68M |
| Metric | |||||||
|---|---|---|---|---|---|---|---|
| Income Statement | |||||||
| Revenue | N/A | 770M | 1.4B | 2.6B | 3.1B | 3.3B | 3.2B |
| Gross Margin | N/A | 30.2% | 37.9% | 47.5% | 55.8% | 59.3% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 121M | 62M | 82M | 128M | 140M | 133M | 128M |
| EBIT | -4.1B | 61M | 229M | 575M | 604M | 416M | 454M |
| Op. Margin | N/A | 7.9% | 16.2% | 22.2% | 19.8% | 12.6% | 14.2% |
| Net Income | -4.0B | 102M | 169M | 482M | 448M | 217M | 229M |
| Net Margin | N/A | 13.2% | 11.9% | 18.6% | 14.7% | 6.6% | 7.2% |
| Non-Recurring | 3.9B | 186M | 90M | 0 | 17M | 92M | 92M |
| Returns on Capital | |||||||
| ROIC | N/M | 12.6% | 7.5% | 13.6% | 10.3% | 5.2% | 5.6% |
| ROE | -237.7% | 17.2% | 6.6% | 12.8% | 10.5% | 4.7% | 5.0% |
| ROA | -459406.4% | 9.8% | 4.6% | 9.0% | 6.7% | 2.8% | 3.1% |
| Cash Flow | |||||||
| Op. Cash Flow | 273M | 52M | 281M | 574M | 655M | 952M | 954M |
| Free Cash Flow | 124M | -103M | 211M | 165M | 80M | 432M | 905M |
| Owner Earnings | -110M | -42M | 64M | 69M | -257M | -315M | -681M |
| CapEx | 149M | 154M | 70M | 410M | 575M | 520M | 49M |
| Maint. CapEx | 374M | 77M | 182M | 468M | 869M | 1.2B | 1.6B |
| Growth CapEx | 0 | 77M | 0 | 0 | 0 | 0 | 0 |
| D&A | 374M | 77M | 182M | 468M | 869M | 1.2B | 1.6B |
| CapEx/OCF | N/A | 299.2% | 62.0% | 71.3% | 87.8% | 54.6% | 5.1% |
| Capital Allocation | |||||||
| Dividends Paid | 0 | 0 | 0 | 99M | 278M | 320M | 323M |
| Dividend Yield | N/A | N/A | N/A | 1.8% | 4.9% | 7.5% | 4.7% |
| Share Buybacks | 0 | 0 | 15M | 95M | 300M | 20M | 0 |
| Buyback Yield | 0.0% | N/A | 0.5% | 1.5% | 7.2% | 0.4% | 0.0% |
| Stock-Based Comp | 9.2M | 17M | 35M | 38M | 44M | 31M | 33M |
| Debt Repayment | 101M | 0 | 627M | 673M | 0 | 0 | 0 |
| Balance Sheet | |||||||
| Net Debt | -264M | 39M | 244M | 251M | 1.8B | 1.7B | 1.3B |
| Cash & Equiv. | 365M | 194M | 476M | 361M | 247M | 471M | 663M |
| Long-Term Debt | 101M | 216M | 513M | 586M | 2.0B | 2.0B | 1.9B |
| Debt/Equity | -0.32 | 0.16 | 0.20 | 0.16 | 0.45 | 0.47 | 0.43 |
| Interest Coverage | -24.8 | 1.9 | 5.4 | 9.7 | 6.4 | 2.6 | 2.6 |
| Equity | -311M | 1.5B | 3.6B | 3.9B | 4.7B | 4.5B | 4.6B |
| Total Assets | 866K | 2.1B | 5.2B | 5.5B | 8.0B | 7.5B | 7.5B |
| Total Liabilities | 312M | 573M | 1.6B | 1.6B | 3.3B | 3.0B | 2.9B |
| Intangibles | N/A | 62M | 34M | 10M | 214K | N/A | N/A |
| Retained Earnings | N/A | 102M | 256M | 541M | 411M | 287M | 325M |
| Working Capital | -7.7M | 207M | 385M | 420M | 449M | 513M | 715M |
| Current Assets | 866K | 456M | 1.1B | 1.1B | 1.4B | 1.3B | 1.4B |
| Current Liabilities | 8.6M | 248M | 667M | 642M | 940M | 760M | 719M |
| Per Share Data | |||||||
| EPS | -15.86 | 1.51 | 1.73 | 3.32 | 2.96 | 1.35 | 1.44 |
| Owner EPS | -0.44 | -0.62 | 0.65 | 0.48 | -1.70 | -1.96 | -4.27 |
| Book Value | -1.24 | 22.22 | 36.94 | 27.01 | 30.71 | 28.34 | 28.77 |
| Cash Flow/Share | 1.09 | 0.76 | 2.88 | 3.96 | 4.33 | 5.93 | 11.48 |
| Dividends/Share | N/A | 0.00 | 0.00 | 0.70 | 1.80 | 2.00 | 2.02 |
| Shares Out. | 250.8M | 67.5M | 97.7M | 145.2M | 151.5M | 160.5M | 159.5M |
| Valuation | |||||||
| P/E Ratio | N/A | 14.6 | 18.5 | 13.0 | 9.3 | 20.8 | 30.1 |
| P/FCF | N/A | N/A | 14.8 | 38.0 | 52.1 | 10.4 | 7.6 |
| EV/EBIT | N/A | 140.8 | 13.2 | 10.7 | 9.4 | 13.3 | 18.1 |
| Price/Book | N/A | 5.8 | 0.9 | 1.6 | 0.9 | 1.0 | 1.5 |
| Price/Sales | N/A | 11.1 | 1.9 | 2.2 | 1.8 | 1.3 | 2.2 |
| FCF Yield | N/A | -1.2% | 6.7% | 2.6% | 1.9% | 9.6% | 13.1% |
| Market Cap | 0 | 8.7B | 3.1B | 6.3B | 4.2B | 4.5B | 6.9B |
| Avg. Price | 0.00 | 21.60 | 27.40 | 38.54 | 37.09 | 26.65 | 43.26 |
| Year-End Price | 0.00 | 22.07 | 32.03 | 43.16 | 27.55 | 28.04 | 43.26 |
Noble Corp plc passes 4 of 9 quality checks, suggesting mixed fundamentals.
Noble Corp plc trades at 32.0x trailing earnings, compared to its 15-year median P/E of 14.6x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 15.9x vs a median of 26.4x. The company's 5-year average ROIC is 9.8% with a gross margin of 46.1%. Total shareholder yield (dividends) is 4.7%. At current prices, the estimated annualized return to fair value is +44.7%.
Noble Corp plc (NE) has a net profit margin of 6.6%. This is a modest margin.
Noble Corp plc (NE) generated $432 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Noble Corp plc (NE) has a debt-to-equity ratio of 0.47. This indicates a conservatively financed balance sheet.
Noble Corp plc (NE) reported earnings per share (EPS) of $1.35 in its most recent fiscal year.
Noble Corp plc (NE) has a return on equity (ROE) of 4.7%. This indicates moderate shareholder returns.
Noble Corp plc (NE) has a 5-year average gross margin of 46.1%. This indicates decent pricing power.
The Ledger Terminal provides 6 years of financial data for Noble Corp plc (NE), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Noble Corp plc (NE) has a book value per share of $28.34, based on its most recent annual SEC filing.
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