A Business at a Glance
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Item 1. Business References in this section to “we,” “our” and “us” generally refer to Legacy Sable prior to the Business Combination and Sable after the Business Combination. Sable Offshore Corp. (“Sable”) (formerly known as Flame Acquisition Corp. or “Flame”) was a blank check company originally incorporated on October 16, 2020 as a Delaware corporation for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or other similar business combination with one or more businesses or entities. On March 1, 2021, Flame consummated an initial public offering (the “Flame IPO”), after which its securities began trading on the New York Stock Exchange (“NYSE”).
| Metric | TTM | FY2025 | FY2024 | FY2023 |
|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 |
| Net Income | -410M | -410M | -617M | -94M |
| EPS | $-4.18 | $-4.18 | $-9.21 | $-1.05 |
| Free Cash Flow | -769M | -769M | -235M | -70M |
| ROIC | -23.7% | -76.8% | -50.7% | -27.6% |
| Gross Margin | - | - | - | - |
| Debt/Equity | 1.72 | 1.72 | 2.17 | 0.00 |
| Dividends/Share | $0.00 | - | - | - |
| Operating Income | -408M | -408M | -327M | -94M |
| Operating Margin | 0.0% | - | - | - |
| ROE | -76.8% | -89.3% | -160.7% | -27.6% |
| Shares Outstanding | 98M | 98M | 147M | 89M |
| Metric | 2023 | |||
|---|---|---|---|---|
| Income Statement | ||||
| Revenue | 0 | 0 | 0 | 0 |
| Gross Margin | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A |
| SG&A | 13M | 229M | 176M | 176M |
| EBIT | -94M | -327M | -408M | -408M |
| Op. Margin | N/A | N/A | N/A | 0.0% |
| Net Income | -94M | -617M | -410M | -410M |
| Net Margin | N/A | N/A | N/A | 0.0% |
| Non-Recurring | 0 | 0 | 0 | 0 |
| Returns on Capital | ||||
| ROIC | -27.6% | -50.7% | -76.8% | -23.7% |
| ROE | -27.6% | -160.7% | -89.3% | -76.8% |
| ROA | -13.2% | -39.0% | -24.7% | -23.6% |
| Cash Flow | ||||
| Op. Cash Flow | -70M | -163M | -352M | -352M |
| Free Cash Flow | -70M | -235M | -769M | -769M |
| Owner Earnings | -91M | -264M | -407M | -407M |
| CapEx | 0 | 72M | 418M | 418M |
| Maint. CapEx | 21M | 9.7M | 13M | 13M |
| Growth CapEx | N/A | 63M | 405M | 405M |
| D&A | 21M | 9.7M | 13M | 13M |
| CapEx/OCF | N/A | N/A | N/A | 0.0% |
| Capital Allocation | ||||
| Dividends Paid | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 0 | 92M | 43M | 43M |
| Debt Repayment | 0 | 19M | 0 | 0 |
| Balance Sheet | ||||
| Net Debt | 0 | 233M | 726M | 824M |
| Cash & Equiv. | 0 | 300M | 98M | 98M |
| Long-Term Debt | 0 | 834M | 0 | N/A |
| Debt/Equity | 0.00 | 2.17 | 1.72 | 1.72 |
| Interest Coverage | N/A | -4.9 | -4.6 | -4.6 |
| Equity | 339M | 384M | 534M | 534M |
| Total Assets | 712M | 1.6B | 1.7B | 1.7B |
| Total Liabilities | 373M | 1.2B | 1.2B | 1.2B |
| Intangibles | N/A | N/A | N/A | N/A |
| Retained Earnings | 0 | -698M | -1.1B | -1.1B |
| Working Capital | -1.7M | 235M | -888M | -888M |
| Current Assets | 16M | 355M | 136M | 136M |
| Current Liabilities | 18M | 121M | 1.0B | 1.0B |
| Per Share Data | ||||
| EPS | -1.05 | -9.21 | -4.18 | -4.18 |
| Owner EPS | -1.02 | -1.80 | -4.15 | -4.15 |
| Book Value | 3.79 | 2.61 | 5.45 | 5.45 |
| Cash Flow/Share | -0.78 | -1.11 | -3.58 | -4.05 |
| Dividends/Share | N/A | N/A | N/A | 0.00 |
| Shares Out. | 89.4M | 147.2M | 98.1M | 98.1M |
| Valuation | ||||
| P/E Ratio | N/A | N/A | N/A | -3.1 |
| P/FCF | N/A | N/A | N/A | N/A |
| EV/EBIT | N/A | N/A | N/A | N/A |
| Price/Book | 3.0 | 9.1 | 1.6 | 2.4 |
| Price/Sales | N/A | N/A | N/A | N/A |
| FCF Yield | -6.9% | -6.7% | -91.9% | -60.4% |
| Market Cap | 1.0B | 3.5B | 837M | 1.3B |
| Avg. Price | 10.33 | 16.06 | 21.06 | 12.98 |
| Year-End Price | 11.42 | 23.85 | 8.53 | 12.98 |
Sable Offshore Corp. passes 0 of 9 quality checks, indicating weak fundamentals.
Sable Offshore Corp. (SOC) has a 5-year average return on invested capital (ROIC) of -51.7%. This is below average and may indicate limited pricing power.
Sable Offshore Corp. (SOC) has a market capitalization of $1.3B. It is classified as a small-cap stock.
Sable Offshore Corp. (SOC) does not currently pay a regular dividend.
Sable Offshore Corp. (SOC) operates in the Crude Petroleum & Natural Gas industry, within the Energy sector.
Sable Offshore Corp. (SOC) generated $-769 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
Sable Offshore Corp. (SOC) has a debt-to-equity ratio of 1.72. This indicates higher leverage, which may increase financial risk.
Sable Offshore Corp. (SOC) reported earnings per share (EPS) of $-4.18 in its most recent fiscal year.
Sable Offshore Corp. (SOC) has a return on equity (ROE) of -89.3%. A negative ROE may indicate losses or negative equity.
The Ledger Terminal provides 3 years of financial data for Sable Offshore Corp. (SOC), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Sable Offshore Corp. (SOC) has a book value per share of $5.45, based on its most recent annual SEC filing.