Noble Corporation

Oil & Gas Drilling · Energy

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

Mixed

Growth

Weak

Cash Flow

Strong

Stability

Good

Valuation

Weak

Dividends

Good

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Winston Score History

The full picture

Noble Corporation is an offshore drilling company. It owns and operates large floating rigs and jackup rigs that drill for oil and natural gas beneath the ocean floor. Its main customers are big oil companies like Shell, Chevron, and BP, which hire Noble's rigs and crews to find and extract energy resources in deep and shallow waters around the world.

Noble makes money by charging oil companies a daily rate — called a "day rate" — to use its drilling rigs. It operates globally, with rigs working in the Gulf of Mexico, North Sea, Middle East, and West Africa. The company grew significantly after merging with Maersk Drilling in 2022, making it one of the larger offshore drilling contractors in the world. Its main risk is that day rates and demand for offshore drilling drop sharply when oil prices fall, since oil companies quickly cut spending on exploration when energy markets weaken.

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

-15.2% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-185.2% YoY

YoY Growth Rate

Earnings declining

Insider Activity

21.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~3 years

$606M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$606M cash & investments at current burn rate

Revenue declining

Noble Corporation'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.

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Quality

Profit per sale

Gross Margin

38.0%

Modest — 38.0% gross margin

Profit after running costs

Operating Margin

8.8%

Modest — 8.8% operating margin

Return on the money invested

ROCE

7.3%

Weak — 7.3% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

-11.1%

Shrinking sales (-11.1% YoY)

Profit growth

EPS YoY

-51.5%

Earnings shrinking (-51.5% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

1/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

589%

Turns 589% of profit into real cash

Spare cash per sale

FCF Margin

9.3%

Modest free cash flow (9.3%)

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

0.42

Conservative — low debt load (0.42)

Covers its interest

Interest Cover

2.93x

Tight — interest eats into profit (2.9x)

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)

48.7x

no trend

Expensive — P/E 48.7

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

-18.2

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

4.32%

no trend

Healthy income — 4.32% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

+0.0%

no trend

Dividend flat

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