Noble
Operates deepwater floaters and harsh-environment jackups for offshore oil and gas drilling.
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Profile
Provides offshore drilling services through deepwater drillships, semisubmersibles, and harsh-environment jackups deployed across major offshore basins. Revenue is earned primarily under dayrate contracts, while demand depends on oil and gas producers' offshore spending and backlog is concentrated among several customers and regions.
Provides offshore contract drilling services to oil and gas producers through drillships, semisubmersibles, and jackups. The fleet is weighted toward high-specification floaters for deepwater and ultra-deepwater wells, alongside jackups built for shallow-water and ultra-harsh environments. Rigs work across the Americas, North Sea, Africa, Asia, and Oceania and can be redeployed as customer demand shifts.
Earns revenue primarily from dayrate agreements, with full rates tied to rigs operating and reduced or no pay during some interruptions. Fleet capability, availability, safety performance, and operating integrity shape contract awards. Demand depends on producers' offshore exploration and development budgets, which respond to oil and gas prices, project economics, energy policy, and environmental regulation; backlog is concentrated among several major customers and offshore basins.
Company facts
Key statistics
Year to date +57.8% · Average volume (30d) 1.4M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jul 30, 2026 | Barclays | Reiterate | Overweight | $50 | $53 | |
| Jul 8, 2026 | Susquehanna | Reiterate | Neutral | $45 | $40 | |
| May 7, 2026 | Barclays | Upgrade | Equal Weight | Overweight | ||
| Apr 29, 2026 | Barclays | Reiterate | Equal Weight | $41 | $50 | |
| Apr 27, 2026 | Evercore ISI | Target | $45 | $59 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 27, 2026Q2 FY26 | $0.15 | $0.01 | −93.5% | $698.0M | $719.7M | +3.1% | −9.07% |
| Apr 26, 2026Q1 FY26 | $0.21 | $0.26 | +23.8% | $730.5M | $785.7M | +7.6% | +8.20% |
| Feb 11, 2026Q4 FY25 | $0.15 | $0.09 | −40.0% | $731.1M | $764.4M | +4.6% | −3.36% |
| Oct 27, 2025Q3 FY25 | $0.26 | $0.19 | −26.1% | $735.9M | $798.0M | +8.4% | −1.55% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $874.5M | $848.7M | $798.0M | $764.4M | $785.7M | $719.7M | |
| Gross profit | $237.5M | $170.8M | $140.3M | $99.6M | $305.5M | $273.4M | |
| Operating income | $202.3M | $135.8M | $107.0M | $69.9M | $225.3M | $63.4M | |
| Net income | $108.3M | $42.9M | −$21.1M | $86.6M | $120.7M | −$36.7M | |
| Diluted EPS | $0.67 | $0.27 | −$0.13 | $0.54 | $0.75 | −$0.23 | |
| Gross margin | 27.2% | 20.1% | 17.6% | 13.0% | 38.9% | 38.0% | |
| Operating margin | 23.1% | 16.0% | 13.4% | 9.1% | 28.7% | 8.8% |
Fiscal years (4-quarter sums)FY21 $832.1M · FY22 $1.41B · FY23 $2.59B · FY24 $3.06B · FY25 $3.29B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $456.2M · Total debt $1.89B · Total assets $7.24B · Shareholders' equity $4.48B
Dividends
Raised for 2 straight years — most recently to $0.50 from $0.40 in Sep 2024. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 4, 2026 | Jun 4 | Jun 25 | $0.50 | |
| Mar 4, 2026 | Mar 4 | Mar 19 | $0.50 | |
| Dec 4, 2025 | Dec 4 | Dec 18 | $0.50 | |
| Sep 4, 2025 | Sep 4 | Sep 25 | $0.50 | |
| Aug 5, 2025 | Aug 5 | Sep 4 | $0.50 | |
| Jun 5, 2025 | Jun 5 | Jun 18 | $0.50 | |
| Mar 5, 2025 | Mar 5 | Mar 20 | $0.50 | |
| Dec 5, 2024 | Dec 5 | Dec 19 | $0.50 |
Ownership
Shares outstanding 159.64M · Float 125.87M · 78.9% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 19.67M | 12.32% | 13F | Aug 7, 2026 |
| First Eagle Investment Management, LLC | 13.96M | 8.74% | 13F | Aug 24, 2026 |
| Vanguard Portfolio Management LLC | 8.10M | 5.07% | 13F | Aug 13, 2026 |
| Dimensional Fund Advisors LP | 7.15M | 4.48% | 13F | Aug 11, 2026 |
| Vanguard Capital Management LLC | 5.73M | 3.59% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 15, 2026 | Robert W. Eifler | director, officer: President & CEO | −50,000 | $45.51 |
| May 15, 2026 | Al J. Hirshberg | director | −5,000 | $52.62 |
| May 12, 2026 | Charles M. Sledge | director | −724 | $51.61 |
| May 6, 2026 | Blake Denton | officer: SVP, Marketing & Contracts | −30,000 | $49.31 |
| May 5, 2026 | Joey M. Kawaja | officer: SVP, Operations | −40,000 | $49.86 |
Peers
- Transocean
Deepwater incumbent — largest UDW fleet, industry-high dayrates of $461K/day.
- Valaris
Broadest fleet — drillships, jackups, and semisubs across all major basins.
- Seadrill
Clean-balance-sheet pure-floater driller in the same Brazil and Gulf basins.
- Borr
Pure-play jackup champion — 29 premium rigs, youngest fleet globally.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Noble | $46.62 | +1.87% | $7.31B | 49.2 | 45.9 | 2.4 | −15.2% |
| Transocean | $5.81 | +0.16% | $5.90B | — | 32.8 | 1.4 | −2.2% |
| Valaris | $86.29 | +0.02% | $5.98B | 6.4 | 13.8 | 2.8 | −12.4% |
| Seadrill | $48.00 | +0.86% | $2.98B | 1,586.7 | 21.6 | 2.0 | +19.1% |
| Borr | $4.46 | +0.22% | $1.37B | — | — | 1.3 | −13.2% |
| Median | 796.6 | 21.6 | 1.7 | −7.3% |