Nabors Industries

NBR

Oil & Gas Drilling · Energy

Price

$92.41

+0.59 (+0.64%)

Market Cap

$1.37B

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Strong

Stability

Weak

Valuation

Good

Dividends

Weak

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Share count rising — dilution

+89.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 7.6M (2021) → 14.4M (2025)

Winston Score History

The full picture

Nabors Industries is one of the largest land drilling contractors in the world. It operates large rigs that drill oil and gas wells for energy companies like ExxonMobil, Chevron, and other major producers. Nabors does not own the oil or gas itself — it simply provides the equipment and crews that drill the holes.

Nabors makes money by renting out its drilling rigs and charging a daily rate for the crews that operate them. It works across the United States, the Middle East, Latin America, and other regions, with a fleet of hundreds of rigs globally. The company has invested in automated and high-efficiency rigs, which helps it compete for contracts with larger oil producers. The biggest risk Nabors faces is that its revenue depends heavily on oil and gas prices — when energy prices fall, producers cut drilling budgets quickly, and demand for Nabors' rigs drops with them.

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

-1.6% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+39.3% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$53M/ year

↓ Declining (-7% vs prior year)

1.7% of revenue

1.7x the sector average (1%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

6.1%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Runway

~3 years

$510M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

$510M cash & investments at current burn rate

Revenue declining

Nabors Industries's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

-16.3%

Thin — -16.3% gross margin

Profit after running costs

Operating Margin

7.5%

Modest — 7.5% operating margin

Return on the money invested

ROCE

1.4%

Weak — 1.4% 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 growth

Sales YoY

+6.2%

Slow sales growth (+6.2% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

322%

Turns 322% of profit into real cash

Spare cash per sale

FCF Margin

0.1%

Thin free cash flow (0.1%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

1.30x

Dangerous — barely covers interest (1.3x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

6.2x

Attractive valuation — P/E 6.2

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

0.04%

Small dividend — 0.04% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

-78.9%

Dividend cut (-78.9% YoY) — warning sign

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