A Business at a Glance
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We are an offshore drilling contractor providing worldwide offshore drilling services to the oil and gas industry. Our primary business is the ownership and operation of drillships and semi-submersible rigs for operations in shallow to ultra-deepwater in both benign and harsh environments. We contract our drilling units to drill wells for our customers on a dayrate basis. Our customers include oil super-majors, state-owned national oil companies, and independent oil and gas companies. In addition, we provide management services to certain affiliated entities. As of December 31, 2025, we owned a total of 15 drilling units, of which 10 were operating, one was undergoing capital upgrade projects for a contract commencing in the second quarter of 2026, one was undergoing repairs and maintenance projects and three were cold stacked.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.4B | 1.4B | 1.4B | 1.5B | 843M | - |
| Net Income | -77M | -77M | 446M | 300M | 201M | -4.7B |
| EPS | $-1.24 | $-1.24 | $6.37 | $4.12 | $3.88 | $-5.85 |
| Free Cash Flow | -138M | -138M | -69M | 186M | -66M | -247M |
| ROIC | 1.2% | 1.8% | 14.1% | 14.2% | - | - |
| Gross Margin | 48.8% | 48.8% | 50.8% | 53.1% | 47.2% | - |
| Debt/Equity | 0.21 | 0.21 | 0.33 | 0.20 | 0.32 | -1.52 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 47M | 47M | 412M | 329M | - | - |
| Operating Margin | 3.3% | 3.3% | 29.7% | 21.9% | - | - |
| ROE | -2.7% | -2.7% | 15.3% | 10.1% | 11.8% | - |
| Shares Outstanding | 62M | 62M | 70M | 73M | 52M | 50M |
| Metric | 2017 | 2019 | 2020 | 2021 | 2022 | 2023 | |||
|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||
| Revenue | 2.1B | 1.4B | N/A | N/A | 843M | 1.5B | 1.4B | 1.4B | 1.4B |
| Gross Margin | 62.1% | 47.7% | N/A | N/A | 47.2% | 53.1% | 50.8% | 48.8% | 48.8% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 277M | 95M | 80M | 67M | 54M | 74M | 107M | 103M | 103M |
| EBIT | -728M | -295M | -4.5B | N/A | N/A | 329M | 412M | 47M | 47M |
| Op. Margin | -34.9% | -21.3% | N/A | N/A | N/A | 21.9% | 29.7% | 3.3% | 3.3% |
| Net Income | -3.0B | -1.2B | -4.7B | -4.7B | 201M | 300M | 446M | -77M | -77M |
| Net Margin | -142.4% | -87.8% | N/A | N/A | 23.8% | 20.0% | 32.2% | -5.4% | -5.4% |
| Non-Recurring | 451M | 0 | 4.1B | 199M | 1.0M | 14M | 234M | 23M | 23M |
| Returns on Capital | |||||||||
| ROIC | -14.1% | -3.9% | -184.7% | N/A | N/A | 14.2% | 14.1% | 1.8% | 1.2% |
| ROE | -45.3% | -74.2% | N/A | N/A | 11.8% | 10.1% | 15.3% | -2.7% | -2.7% |
| ROA | -16.5% | -13.1% | -117.6% | -119.6% | 7.2% | 7.1% | 10.7% | -1.9% | -2.0% |
| Cash Flow | |||||||||
| Op. Cash Flow | 399M | -256M | -420M | -154M | 65M | 287M | 88M | -28M | -28M |
| Free Cash Flow | 340M | -418M | -568M | -247M | -66M | 186M | -69M | -138M | -138M |
| Owner Earnings | 392M | -687M | -774M | -281M | -70M | 124M | -97M | -286M | -286M |
| CapEx | 59M | 162M | 148M | 93M | 131M | 101M | 157M | 110M | 110M |
| Maint. CapEx | 0 | 426M | 346M | 127M | 135M | 155M | 168M | 238M | 238M |
| Growth CapEx | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 0 | 426M | 346M | 127M | 135M | 155M | 168M | 238M | 238M |
| CapEx/OCF | N/A | N/A | N/A | N/A | 201.5% | 35.2% | 178.4% | N/A | 0.0% |
| Capital Allocation | |||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 263M | 532M | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | 7.7% | 20.8% | N/A | 0.0% |
| Stock-Based Comp | 7.0M | 5.0M | 8.0M | 0 | 0 | 8.0M | 17M | 20M | 20M |
| Debt Repayment | 754M | 0 | 0 | 0 | 0 | 31M | 0 | 0 | 0 |
| Balance Sheet | |||||||||
| Net Debt | N/A | 5.8B | 16.0B | 5.1B | -420M | -786M | 4.0M | -65M | 274M |
| Cash & Equiv. | 1.3B | 1.1B | 491M | 293M | 480M | 697M | 478M | 339M | 339M |
| Long-Term Debt | N/A | 6.3B | 5.7B | 5.7B | 496M | 608M | 610M | 613M | 613M |
| Debt/Equity | 0.28 | 4.24 | -5.41 | -1.52 | 0.32 | 0.20 | 0.33 | 0.21 | 0.21 |
| Interest Coverage | -38.3 | -0.6 | -11.0 | N/A | N/A | 5.6 | 6.8 | 0.8 | 0.8 |
| Equity | 6.6B | 1.6B | -3.1B | -3.7B | 1.7B | 3.0B | 2.9B | 2.9B | 2.9B |
| Total Assets | 18.0B | 9.3B | 4.0B | 3.9B | 2.8B | 4.2B | 4.2B | 3.9B | 3.9B |
| Total Liabilities | 1.8B | 7.5B | 10.2B | 11.3B | -603M | -1.7B | -1.7B | -1.8B | -1.8B |
| Intangibles | N/A | N/A | 10M | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | 225M | -1.9B | -6.6B | -7.2B | 201M | 501M | 947M | 870M | 870M |
| Working Capital | 1.4B | 1.0B | -5.5B | 726M | 453M | 769M | 427M | 384M | 384M |
| Current Assets | 2.3B | 1.8B | 1.1B | 2.0B | 857M | 1.2B | 928M | 758M | 758M |
| Current Liabilities | 859M | 770M | 6.5B | 1.3B | 404M | 389M | 501M | 374M | 374M |
| Per Share Data | |||||||||
| EPS | -5.89 | -12.18 | -46.43 | -5.85 | 3.88 | 4.12 | 6.37 | -1.24 | -1.24 |
| Owner EPS | 3.92 | -6.86 | -7.71 | -5.62 | -1.35 | 1.70 | -1.39 | -4.61 | -4.61 |
| Book Value | 65.60 | 16.41 | -31.29 | -74.32 | 32.85 | 40.97 | 41.68 | 46.02 | 46.02 |
| Cash Flow/Share | 3.99 | -2.56 | -4.19 | -3.08 | 1.25 | 3.94 | 1.26 | -0.45 | 2.59 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 100.0M | 100.1M | 100.3M | 50.0M | 51.8M | 72.8M | 70.0M | 62.1M | 62.1M |
| Valuation | |||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | 8.4 | 11.4 | 5.7 | N/A | -38.9 |
| P/FCF | N/A | N/A | N/A | N/A | N/A | 18.5 | N/A | N/A | N/A |
| EV/EBIT | N/A | N/A | N/A | N/A | 36.5 | 8.0 | 6.2 | 42.2 | 69.6 |
| Price/Book | N/A | N/A | N/A | N/A | 1.0 | 1.2 | 0.9 | 0.7 | 1.0 |
| Price/Sales | N/A | N/A | N/A | N/A | 1.9 | 2.0 | 2.3 | 1.3 | 2.1 |
| FCF Yield | N/A | N/A | N/A | N/A | -3.9% | 5.4% | -2.7% | -6.7% | -4.6% |
| Market Cap | N/A | N/A | N/A | N/A | 1.7B | 3.4B | 2.6B | 2.0B | 3.0B |
| Avg. Price | N/A | N/A | N/A | N/A | 30.62 | 41.21 | 45.24 | 29.07 | 48.25 |
| Year-End Price | N/A | N/A | N/A | N/A | 32.78 | 47.15 | 36.60 | 32.97 | 48.25 |
Seadrill Ltd passes 1 of 9 quality checks, indicating weak fundamentals.
The company's 5-year average ROIC is 10.0% with a gross margin of 50.0%. At current prices, the estimated annualized return to fair value is +5.7%.
Seadrill Ltd (SDRL) has a 5-year average return on invested capital (ROIC) of 10.0%. This indicates solid capital allocation.
Seadrill Ltd (SDRL) has a market capitalization of $3.0B. It is classified as a mid-cap stock.
Seadrill Ltd (SDRL) does not currently pay a regular dividend.
Seadrill Ltd (SDRL) operates in the Drilling Oil & Gas Wells industry, within the Energy sector.
Seadrill Ltd (SDRL) reported annual revenue of $1.4 billion in its most recent fiscal year, based on SEC EDGAR filings.
Seadrill Ltd (SDRL) has a net profit margin of -5.4%. The company is currently unprofitable.
Seadrill Ltd (SDRL) generated $-138 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
Seadrill Ltd (SDRL) has a debt-to-equity ratio of 0.21. This indicates a conservatively financed balance sheet.
Seadrill Ltd (SDRL) reported earnings per share (EPS) of $-1.24 in its most recent fiscal year.
Seadrill Ltd (SDRL) has a return on equity (ROE) of -2.7%. A negative ROE may indicate losses or negative equity.
Seadrill Ltd (SDRL) has a 5-year average gross margin of 50.0%. This indicates decent pricing power.
The Ledger Terminal provides 8 years of financial data for Seadrill Ltd (SDRL), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Seadrill Ltd (SDRL) has a book value per share of $46.02, based on its most recent annual SEC filing.