Sable Offshore (SOC) Stock Analysis & Winston Score

Sable Offshore Corp. is a small oil and gas company focused on restarting offshore oil production near Santa Barbara, California. Its main asset is the Santa Ynez Unit, a group of offshore oil platforms and an onshore processing facility that were shut down after a pipeline spill in 2015. The company's goal is to bring these existing platforms back into production rather than drill new wells.

Sable makes money by selling crude oil once production resumes. It operates entirely in California, making it a very geographically concentrated, single-asset company. The deeply negative margins reflect the fact that the company is still in a pre-revenue restart phase, spending money on repairs and regulatory approvals without yet selling oil. The biggest risk is regulatory and legal — California's permitting environment is challenging, and any further delays or denials in getting the pipeline approved to restart could significantly threaten the company's ability to generate revenue at all.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

Revenue data limited

EPS Growth

-5.4% YoY

YoY Growth Rate

Earnings declining

Insider Activity

24.8%ownership

Insiders own a meaningful stake in the company

Cash Runway

~2 months

$52M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

Sable Offshore has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

-5252.7%

Thin — -5252.7% gross margin

Operating Margin

-9343.4%

Losing money on operations — -9343.4%

ROCE

-8.6%

Weak — -8.6% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

N/A

—

Data not available

EPS YoY

N/A

—

Data not available

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

-49715.7%

Burning cash (-49715.7%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

2.27

Heavy debt load (2.27)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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