NBRNABORS INDUSTRIES LTD
Drilling Oil & Gas Wells
- Revenue
- $3.2B
- 8.7% YoY
- Operating margin
- 14.8%
- 4.0% YoY
- EBITDA
- $1.1B
- 6.7% YoY
- Market cap
- $1.4B
- Employees
- 13,900
- $229K revenue each
- Net debt / EBITDA
- 1.8×
- $2.0B net debt
- AI in 10-K
- 1.2
- mentions per 10K words
Takeover score 4 of 13
Fixable underperformance 2 of 7
- TSR below peersYes3 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$11M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo242% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo3% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo1% of assetsOver 40% of assets
- Shareholder dissentYes34% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeYes$229K · 5th pctBottom quartile of its SIC industry
- Quiet on AINo1.2 per 10K words · 37th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo1.8× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$1.4B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$205K netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $2.0B | $2.7B | $3.0B | $2.9B | $3.2B | 8.7% |
| Operating income | −$81M | $44M | $434M | $417M | $471M | 13% |
| Net income | −$573M | −$350M | −$12M | −$176M | $287M | 263% |
| Operating cash flow | $429M | $501M | $638M | $581M | $693M | 19% |
| Capex | $234M | $373M | $541M | $568M | $716M | 26% |
| Stock-based comp | $19M | $16M | $16M | $17M | $23M | 42% |
| Dividends | $7M | $65K | $194K | $87K | — |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $501K · 1
- Open-market sells, 12 mo
- $295K · 1
- Net
- $205K
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $30M | $33M | 93 | 207 |
| FY2024 | $12M | $11M | 98 | 187 |
| FY2023 | $10M | −$2M | 140 | 213 |
| FY2022 | $11M | $30M | 266 | 207 |
| FY2021 | $10M | $18M | 139 | 125 |