NE-WTNoble Corp plc

Drilling Oil & Gas Wells

Revenue: $3.3B; 7.4% YoY
Operating margin: 12.6%; 36% YoY
EBITDA: $416M; 31% YoY
Market cap: $4.6B
Employees: 4,500; $730K revenue each
Net debt / EBITDA: 3.7×; $1.6B net debt
AI in 10-K: 0.8; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
439% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
36% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
98% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$730K · 34th pct
Bottom quartile of its SIC industry
Quiet on AINo
0.8 per 10K words · 31st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
3.7× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$4.6B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$23M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.4B	$2.6B	$3.1B	$3.3B	7.4%
Operating income	$229M	$575M	$604M	$416M	31%
Net income	$169M	$482M	$448M	$217M	52%
Operating cash flow	$281M	$574M	$655M	$952M	45%
Stock-based comp	$35M	$38M	$44M	$31M	30%
Buybacks	$15M	$95M	$300M	$20M	93%
Dividends	$0	$99M	$278M	$320M	15%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Nov 8, 2024	APMH Invest A/S	SC 13D/A	18.9%	Passive
Sep 5, 2024	APMH Invest A/S	SC 13D/A	17.4%	Passive
Jul 15, 2024	APMH Invest A/S	SC 13D/A	20.3%	Passive
Sep 1, 2023	APMH Invest A/S	SC 13D/A	19.8%	Passive
Oct 13, 2022	APMH Invest A/S	SC 13D	21.4%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $23M · 22
Net: −$23M

Pay vs performance

No pay-versus-performance disclosure yet.