Noble Corporation

Oil & Gas Drilling · Energy

Price

$41.50

+1.08 (+2.67%)

Market Cap

$6.62B

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Share count falling — buybacks

−19.6% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 199.2M (2021) → 160.2M (2025)

Noble Corporation is an offshore drilling company. It owns and operates large floating rigs and jackup rigs that drill for oil and natural gas beneath the ocean floor. Its main customers are big oil companies like Shell, Chevron, and BP, which hire Noble's rigs and crews to find and extract energy resources in deep and shallow waters around the world.

Noble makes money by charging oil companies a daily rate — called a "day rate" — to use its drilling rigs. It operates globally, with rigs working in the Gulf of Mexico, North Sea, Middle East, and West Africa. The company grew significantly after merging with Maersk Drilling in 2022, making it one of the larger offshore drilling contractors in the world. Its main risk is that day rates and demand for offshore drilling drop sharply when oil prices fall, since oil companies quickly cut spending on exploration when energy markets weaken.

Winston Score History

Score breakdown

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Quality

Gross Margin

38.9%

Modest — 38.9% gross margin

Operating Margin

28.7%

Excellent — 28.7% operating margin

ROCE

3.5%

Weak — 3.5% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-3.0%

Shrinking sales (-3.0% YoY)

EPS YoY

-52.6%

Earnings shrinking (-52.6% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

416%

Turns 416% of profit into real cash

FCF Margin

13.9%

Converts sales into free cash efficiently (13.9%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.42

Conservative — low debt load (0.42)

Interest Cover

3.31x

Tight — interest eats into profit (3.3x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

28.6x

Growth-priced — P/E 28.6

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

-7.2

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield

6.15%

Healthy income — 6.15% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend Growth

+0.0%

Dividend flat

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