Shareholders being diluted. Shares outstanding up 19% from December 2022 to July 2026.
Noble had 19% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Noble had 19% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Returning more cash than it generates. Paid out $1.1B vs $677M of free cash flow over the 3 fiscal years to 2025.
Noble returned $1.1B to shareholders over three years, 164% of the free cash flow it produced. That gap has to be covered by cash reserves or new debt, which can't last indefinitely.
Borrowing rising faster than profit. Since 2022: debt +194%, operating profit +82%.
Noble's debt grew 194% since 2022 while operating profit changed +82%.
Sales growing faster than profits. Since 2022: revenue +132%, operating profit +82%.
Since 2022, Noble's revenue changed +132% but operating profit only +82%: costs are rising faster than sales.
Since last quarter: No major changeValuation also moves with the share price every day.
Why it changed since the Oct 27, 2026 close: Score 30 → 31
Share price -2.8%+2
Peer companies moved-1
Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.
Why it changed since the Oct 27, 2026 close: Safety percentile 48 → 49
Peer companies moved+1
Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.
Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.
Questions investors ask about Noble
Is Noble getting weaker?
Its latest SEC filing (Jul 28, 2026) got weaker in some ways: operating margin fell 2.8 points to 11.4%; 12-month revenue fell 4.0%. Its overall score is unchanged at 36/100 since Oct 28, 2026.
How is Noble valued vs its peers?
Priced higher than most peers relative to what it earns. Valuation scores 31/100 against 404 energy peers.Earnings yield 2.1% vs a peer median of 5.2% (weaker than 75% of peers).Earnings yield 2.1% vs peers 5.2% (weaker than 75% of peers).
Is Noble growing?
More slowly than most of its peers. Growth scores 36/100 against 404 energy peers.3-year revenue growth 12.1% vs a peer median of -1.3% (stronger than 83% of peers).3-year revenue growth 12.1% vs peers -1.3% (stronger than 83% of peers).Earnings per share growth -51.8% vs a peer median of 1.1% (weaker than 83% of peers).Earnings per share growth -51.8% vs peers 1.1% (weaker than 83% of peers).
How profitable is Noble?
Less profitable than most of its peers. Profitability scores 30/100 against 404 energy peers.Return on invested capital 4.7% vs a peer median of 9.3% (weaker than 72% of peers).Return on invested capital 4.7% vs peers 9.3% (weaker than 72% of peers).
How risky is Noble?
Moderate risk relative to 404 energy peers, judged on debt, liquidity and share-price swings.Current ratio 1.91× vs a peer median of 1.37× (stronger than 71% of peers).Current ratio 1.91× vs peers 1.37× (stronger than 71% of peers).Beta 1.01 vs a peer median of 0.57 (weaker than 86% of peers).Beta 1.01 vs peers 0.57 (weaker than 86% of peers). A relative measure, not a bankruptcy probability.
Latest filing: what changed
Quarter ended Jun 30, 2026 · filed Jul 28, 2026 · compared with the quarter ended Mar 31, 2026
Got weaker
Operating margin fell 2.8 points to 11.4%
12-month revenue fell 4.0%
Previous quarter
Latest quarter
Change
Revenue (12 months)
3.2B USD
3.1B USD
−4.0%
Net income (12 months)
229.1M USD
149.6M USD
−34.7%
Operating margin
14.2%
11.4%
−2.8 pts
Free cash flow (12 months)
444.1M USD
283.9M USD
−36.1%
Debt
1.9B USD
1.9B USD
−1.5%
Cash
662.6M USD
456.2M USD
−31.2%
Shares outstanding
159.5M
159.6M
+0.1%
From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.
Industry valuation context
Sector: Energy · 117 companies
Valuations in Energy are above their usual range since 2016.
71% of months since 2016 were valued lower than now.
41% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +37% and earnings +10% (medians): prices rose faster than earnings.
Median price-to-sales is −30% vs the whole market, against a usual −35%.
2016Shaded: most expensive fifth of its range2026
Shown for Energy: too few Oil & Gas Drilling companies have a long enough history of their own.
This is a cyclical group: after a downturn, trailing earnings and sales fall faster than prices, which can make valuations look high near a cycle's low.
Describes valuations since 2016; it does not predict prices. US companies worth $1B+, from SEC filings and month-end prices, as of Aug 2026. Today's companies and industry labels are used throughout. Measured on earnings, EBITDA, sales and free cash flow yields. How this works
Financials
Fiscal years from SEC annual filings · change vs the prior year
Key ratios
FY 2020
FY 2022
FY 2023
FY 2024
FY 2025
Change
Operating margin
-422.8%
16.2%
22.2%
19.8%
12.6%
▼ 7.1 pts
Net margin
-412.6%
11.9%
18.6%
14.7%
6.6%
▼ 8.1 pts
Return on assets (ROA)
—
3.2%
8.8%
5.6%
2.9%
▼ 2.8 pts
Return on equity (ROE)
—
4.7%
12.3%
9.6%
4.8%
▼ 4.9 pts
Free cash flow margin
12.9%
7.5%
6.4%
2.6%
13.2%
▲ 11 pts
Current ratio
—
1.58×
1.65×
1.48×
1.67×
▲ 13%
Debt to equity
—
0.19×
0.15×
0.43×
0.43×
▲ 2.0%
Interest coverage
-24.76×
5.35×
9.72×
6.41×
2.56×
▼ 60%
NE price history
Price history is added with the daily price update and will appear after the next one.