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Harbour Energy

HBR.L
69
Oil & Gas Exploration & Production · Energy
Exchange
London Stock Exchange
Winston Score
69
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Exceptional
Growth
Mixed
Cash Flow
Exceptional
Stability
Good
Valuation
Strong
Dividends
Strong
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Winston Score History

The full picture

Harbour Energy is a British oil and gas company that drills for and produces crude oil and natural gas. It sells those raw materials to energy companies, refiners, and utilities that turn them into fuel and electricity. Harbour is the largest independent oil and gas producer listed on the London Stock Exchange, with most of its production coming from fields in the North Sea off the coasts of the UK and Norway.

The company makes money by selling the oil and gas it extracts, so its revenue rises and falls with global commodity prices. Beyond the North Sea, Harbour has been expanding into assets in Indonesia, Vietnam, and Mexico to diversify its production base. The biggest risk the business faces is that oil and gas prices are outside its control, and the UK government's windfall energy profits tax has significantly reduced cash flows from its core North Sea fields in recent years, putting pressure on returns.

Growth Profile

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

Revenue Growth

+25.4% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

+275.0% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

56.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

£2.1B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Strong grower

Harbour Energy is growing revenue at 25% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

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

Profit per sale
Gross Margin
48.0%
Healthy — 48.0% gross margin
Profit after running costs
Operating Margin
45.1%
Excellent — 45.1% operating margin
Return on the money invested
ROCE
39.5%
Exceptional — 39.5% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth
Sales YoY
+19.1%
Fast-growing sales (+19.1% YoY)
Profit growth
EPS YoY
N/A
Data not available
How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
794%
Turns 794% of profit into real cash
Spare cash per sale
FCF Margin
17.3%
Converts sales into free cash efficiently (17.3%)

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

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Stability

What it owes vs what it owns
Debt / Equity
1.47
Elevated debt (1.47)
Covers its interest
Interest Cover
11.40x
Comfortably covers interest (11.4x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
14.9x
no trend
Attractive valuation — P/E 14.9

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+2.7
GROWING
Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend
Dividend Yield
6.08%
no trend
Healthy income — 6.08% yield

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

Dividend record
Dividend Growth
+5.0%
no trend
Dividend growing modestly (5.0% YoY)

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