| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 43 | 48.2x | 17.8x | Around median | |
Growth | 29 | -11.1% | 7.1% | Bottom tier | |
Quality | 51 | 4.6% | 4.5% | Around median | |
Safety | 65 | 1.6x | 2.6x | Around median | |
Capital Return | 51 | 4.47% | 2.12% | Around median | |
Momentum | 68 | 42.3% | 2.9% | Top tier | |
Sentiment | 39 | 5 | 3 | Bottom tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Noble Corporation Plc provides contract offshore drilling services through a fleet of ultra-deepwater rigs, semisubmersible rigs, and CJ-70 harsh-environment rigs. Its revenue model is based on operating rigs under contracts that specify the work duration and dayrate, with additional reimbursable revenue and ancillary services; the company stated that its $6.8 billion backlog as of July 27, 2026, excludes this additional revenue. Fleet activity is distributed across regions including Brazil, the U.S. Gulf, Guyana, the North Sea, Norway, and Asia Pacific, making results dependent on rig utilization rates, contract commencement timing, and dayrates.
In Q2 FY2026, the financial statements reported revenue of $719.7 million and a net loss of $36.7 million, equivalent to a loss of $0.23 per share, compared with revenue of $785.7 million, net income of $120.7 million, and earnings of $0.75 per share in Q1 FY2026. On a more specific operating basis, management reported contract drilling services revenue of $679 million and adjusted earnings before interest, taxes, depreciation, and amortization of $212 million at a 30% margin. Cash flow from operations was $144 million, while capital expenditures of $205 million resulted in negative free cash flow of $59 million.
FY2025 revenue was approximately $3.3 billion, net income was $216.7 million, and earnings per share were $1.35. The latest available trailing-twelve-month figures indicate revenue of $3.1 billion, net income of $149.6 million, and earnings per share of approximately $0.94, but the data does not provide gross profit or its margin. Q2 FY2026 results were negatively affected by $43 million due to an operational suspension involving the Noble Courage and Noble Faye Kozak rigs in Brazil, in addition to a $42 million impairment related to the sale of Ocean Apex for scrap.
Automated analysis for informational purposes only — not investment advice.
Analyst consensus on NE stock is Neutral, with an average target of $50.67, a low of $40, and a high of $59; the average is only $4.31 below the 52-week range high of $54.98, while the range low is $26.695. No valid price-to-earnings ratio is available in the data, and analyst targets should be weighed against the reduced FY2026 guidance and the loss reported in Q2 FY2026, versus a backlog of $6.8 billion and the potential for improved utilization in the second half of FY2027.
Figures in the text are as of 2026-08-30; the live price is shown at the top of the page.
Noble reported a net loss of $36.7 million, or $0.23 per share, on revenue of $719.7 million in Q2 FY2026. The operational suspension of the Noble Courage and Noble Faye Kozak rigs in Brazil had a negative impact of $43 million. The company also recorded a $42 million impairment related to the sale of Ocean Apex for scrap, while net sale proceeds at closing in early July 2026 were approximately $5 million. Despite generating $144 million of operating cash flow, capital expenditures of $205 million resulted in negative free cash flow of $59 million.
The backlog stood at $6.8 billion as of July 27, 2026, excluding reimbursable revenue and ancillary services revenue. The company expects approximately $1 billion of it to convert into revenue during the remainder of FY2026 and approximately $2.3 billion during FY2027. The Noble Viking and Noble Claus Bachmann contracts added approximately $200 million to the backlog. However, the backlog reflects an expected end date for the Noble Stanley Lafosse contract in January 2027 instead of July 2027, reducing the expected revenue duration of that program.
Noble Viking secured a six-well contract in Asia Pacific that is expected to cover most of FY2028, with options extending into FY2029. Noble Claus Bachmann also secured a three-well contract with BP in the UK North Sea for an estimated 150 to 210 days at a dayrate of $320 thousand, plus mobilization fees. This program is scheduled to begin in March 2027 before a three-year contract with Aker BP in Norway. The combined value added by these two contracts to the backlog is approximately $200 million.
An audit conducted by ANP caused Noble Courage and Noble Faye Kozak to be suspended during May and June 2026, reducing Q2 FY2026 results by $43 million. Both rigs were operating at the time of the earnings call on July 28, 2026, but the company remained engaged in an administrative process with the regulator. Updated guidance includes an additional revenue reduction of at least $15 million through January 2027, concentrated primarily in the second half of FY2026. Management explained that the guidance accommodates a range of potential outcomes around this estimate.
Ultra-deepwater contracting reached 77 rig years during the first half of FY2026, the highest level in more than a decade, with more than 95 rig years of open demand remaining. Contracted utilization of the marketed fleet reached 95%, while current utilization was 79% across 87 contracted units. Management sees a path toward the marketed fleet approaching full contracting by late 2027, supported by strength in Africa and Asia Pacific. However, work opportunities are weighted toward the second half of 2027, while the U.S. Gulf and Brazil remained relatively weaker.
Noble returned approximately $80 million to shareholders through a quarterly distribution of $0.50 per share in Q2 FY2026. The board approved an additional distribution of $0.50 per share for payment in September 2026. In June 2026, the company issued $800 million of 6.25% senior unsecured notes due in 2034 to refinance legacy Diamond notes and a portion of Noble's outstanding notes. Management expects the simplified capital structure to generate annual cash benefits of $35 million, mostly from lower interest expense and tax effects.
