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Noble (NE) Financials

Noble logo
$42.36 +0.21 (+0.49%)
Closing price 10/9/2026 03:59 PM Eastern
Extended Trading
$42.38 +0.02 (+0.05%)
As of 10/9/2026 07:30 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Noble

Annual Income Statements for Noble

This table shows Noble's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2020 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -3,978 169 482 448 217
Consolidated Net Income / (Loss)		 -3,978 169 482 448 217
Net Income / (Loss) Continuing Operations		 -3,978 169 482 448 217
Total Pre-Tax Income 		-4,239 192 512 492 273
Total Operating Income		 -4,077 229 575 604 416
Total Gross Profit		 349 452 1,045 1,265 1,234
Total Revenue		 964 1,414 2,589 3,058 3,286
Operating Revenue		 964 1,414 2,589 3,058 3,286
Total Cost of Revenue		 616 962 1,544 1,793 2,052
Operating Cost of Revenue		 616 962 1,544 1,793 2,052
Total Operating Expenses		 4,425 224 470 661 818
Selling, General & Admin Expense		 121 82 128 140 133
Depreciation Expense		 374 147 301 429 585
Other Operating Expenses / (Income)		 0.00 -90 0.00 -17 -9.59
Impairment Charge		 3,915 - 0.00 0.00 83
Restructuring Charge		 14 85 60 109 26
Other Special Charges / (Income)		 0.00 0.06 -20 0.00 0.00
Total Other Income / (Expense), net		 -162 -37 -62 -112 -142
Interest Expense		 147 52 86 94 162
Interest & Investment Income		 9.01 14 18 -17 20
Other Income / (Expense), net		 -24 0.00 5.01 0.00 0.00
Income Tax Expense		 -260 23 30 44 56
Basic Earnings per Share		 ($15.86) $1.99 $3.48 $3.01 $1.36
Weighted Average Basic Shares Outstanding		 250.79M 85.06M 138.38M 148.73M 158.87M
Diluted Earnings per Share		 ($15.86) $1.73 $3.32 $2.96 $1.35
Weighted Average Diluted Shares Outstanding		 250.79M 97.61M 145.20M 151.64M 160.20M
Weighted Average Basic & Diluted Shares Outstanding		 - 396.07M 142.77M 159.19M 159.20M
Cash Dividends to Common per Share		 - - $0.70 $1.80 $2.00

Quarterly Income Statements for Noble

This table shows Noble's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 150 95 195 61 97 108 43 -21 87 121 -37
Consolidated Net Income / (Loss)		 150 95 195 61 97 108 43 -21 87 121 -37
Net Income / (Loss) Continuing Operations		 150 95 195 61 97 108 43 -21 87 121 -37
Total Pre-Tax Income 		145 85 190 93 124 149 100 11 14 194 -20
Total Operating Income		 158 108 210 115 171 187 135 50 43 225 30
Total Gross Profit		 245 230 334 338 364 381 318 288 248 305 239
Total Revenue		 643 637 693 801 927 874 849 798 764 786 720
Operating Revenue		 643 637 693 801 927 874 849 798 764 786 720
Total Cost of Revenue		 398 408 359 462 564 494 531 510 517 480 480
Operating Cost of Revenue		 398 408 359 462 564 494 531 510 517 480 480
Total Operating Expenses		 87 122 124 223 193 193 183 237 205 80 209
Selling, General & Admin Expense		 33 26 40 44 31 35 35 33 30 30 27
Depreciation Expense		 83 87 91 110 141 143 147 147 148 137 140
Other Operating Expenses / (Income)		 - - -17 0.00 - 0.00 -4.75 -6.23 - -90 0.00
Impairment Charge		 - - - 0.00 - - 0.00 61 - - 42
Restructuring Charge		 13 9.33 11 69 20 15 5.30 2.15 4.02 2.62 0.00
Total Other Income / (Expense), net		 -13 -22 -20 -23 -47 -39 -35 -40 -29 -32 -51
Interest Expense		 15 18 12 25 40 40 40 40 41 40 55
Interest & Investment Income		 1.78 -4.74 -8.18 2.29 -6.81 1.84 4.71 0.73 13 8.20 3.66
Income Tax Expense		 -4.84 -10 -5.23 32 28 40 57 32 -73 73 16
Basic Earnings per Share		 $1.06 $0.67 $1.37 $0.41 $0.56 $0.68 $0.27 ($0.13) $0.54 $0.76 ($0.23)
Weighted Average Basic Shares Outstanding		 138.38M 142.82M 142.92M 160.37M 148.73M 158.78M 158.82M 158.85M 158.87M 159.55M 159.64M
Diluted Earnings per Share		 $1.04 $0.66 $1.34 $0.40 $0.56 $0.67 $0.27 ($0.13) $0.54 $0.75 ($0.23)
Weighted Average Diluted Shares Outstanding		 145.20M 142.82M 142.92M 160.37M 151.64M 158.78M 158.82M 158.85M 160.20M 159.55M 159.64M
Weighted Average Basic & Diluted Shares Outstanding		 142.77M 142.82M 142.92M 160.37M 159.19M 158.78M 158.82M 158.85M 159.20M 159.55M 159.64M

Annual Cash Flow Statements for Noble

This table details how cash moves in and out of Noble's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2020 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 259 289 -118 -115 228
Net Cash From Operating Activities		 273 281 574 655 952
Net Cash From Continuing Operating Activities		 273 281 574 655 952
Net Income / (Loss) Continuing Operations		 -3,978 169 482 448 217
Consolidated Net Income / (Loss)		 -3,978 169 482 448 217
Depreciation Expense		 374 147 301 429 585
Amortization Expense		 0.00 -5.35 -107 -60 -8.37
Non-Cash Adjustments To Reconcile Net Income		 3,890 -46 59 26 104
Changes in Operating Assets and Liabilities, net		 -12 17 -161 -188 54
Net Cash From Investing Activities		 -122 376 -367 -959 -350
Net Cash From Continuing Investing Activities		 -122 376 -367 -959 -350
Purchase of Property, Plant & Equipment		 -149 -174 -410 -575 -520
Acquisitions		 - 167 0.00 -417 0.00
Sale of Property, Plant & Equipment		 27 381 24 10 147
Other Investing Activities, net		 0.00 2.46 19 23 22
Net Cash From Financing Activities		 107 -368 -326 188 -374
Net Cash From Continuing Financing Activities		 107 -368 -326 188 -374
Repayment of Debt		 -101 -498 -124 802 0.00
Repurchase of Common Equity		 0.00 -15 -95 -300 -20
Payment of Dividends		 - 0.00 -99 -278 -320
Issuance of Debt		 210 220 0.00 35 0.00
Other Financing Activities, net		 -1.43 -75 -8.14 -71 -34

Quarterly Cash Flow Statements for Noble

This table details how cash moves in and out of Noble's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 118 -151 -48 237 -153 56 37 139 -4.56 187 -210
Net Cash From Operating Activities		 287 129 107 284 136 271 216 277 187 273 144
Net Cash From Continuing Operating Activities		 287 129 107 284 136 271 216 277 187 273 144
Net Income / (Loss) Continuing Operations		 150 95 195 61 97 108 43 -21 87 121 -37
Consolidated Net Income / (Loss)		 150 95 195 61 97 108 43 -21 87 121 -37
Depreciation Expense		 83 87 91 110 141 143 147 147 148 137 140
Non-Cash Adjustments To Reconcile Net Income		 9.62 7.54 -11 22 7.84 7.05 3.77 62 31 -81 71
Changes in Operating Assets and Liabilities, net		 56 -41 -146 95 -96 20 24 89 -78 96 -30
Net Cash From Investing Activities		 -98 -167 -133 -514 -145 -98 -94 -52 -106 103 -203
Net Cash From Continuing Investing Activities		 -98 -167 -133 -514 -145 -98 -94 -52 -106 103 -203
Purchase of Property, Plant & Equipment		 -141 -167 -141 -127 -141 -114 -117 -138 -152 -104 -205
Other Investing Activities, net		 19 0.00 7.84 13 1.99 15 23 86 -102 206 1.58
Net Cash From Financing Activities		 -71 -113 -22 467 -144 -116 -86 -86 -85 -189 -151
Net Cash From Continuing Financing Activities		 -71 -113 -22 467 -144 -116 -86 -86 -85 -189 -151
Repayment of Debt		 - - - - 824 0.00 - - - -57 -851
Payment of Dividends		 -56 -59 -57 -82 -80 -81 -80 -80 -80 -84 -80
Other Financing Activities, net		 0.32 -53 0.08 -3.19 -14 -15 -6.54 -6.60 -5.36 -49 -20

Annual Balance Sheets for Noble

This table presents Noble's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2021 2022 2023 2024 2025
Period end date 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 2,073 5,235 5,507 7,965 7,530
Total Current Assets		 456 1,052 1,062 1,389 1,272
Cash & Equivalents		 194 476 361 247 471
Accounts Receivable		 200 469 549 797 590
Prepaid Expenses		 45 73 112 288 132
Current Deferred & Refundable Income Taxes		 16 34 40 56 79
Plant, Property, & Equipment, net		 1,479 3,981 4,124 6,036 5,403
Plant, Property & Equipment, gross		 1,556 4,163 4,592 6,905 6,639
Accumulated Depreciation		 77 182 468 869 1,236
Total Noncurrent Assets		 139 202 321 540 855
Other Noncurrent Operating Assets		 77 141 311 540 855
Total Liabilities & Shareholders' Equity		 2,073 5,235 5,507 7,965 7,530
Total Liabilities		 573 1,628 1,586 3,313 2,981
Total Current Liabilities		 248 667 642 940 760
Accounts Payable		 120 291 395 398 299
Current Deferred & Payable Income Tax Liabilities		 29 57 56 79 83
Current Employee Benefit Liabilities		 48 76 97 117 82
Other Current Liabilities		 41 74 82 311 260
Other Current Nonoperating Liabilities		 9.79 9.51 11 36 36
Total Noncurrent Liabilities		 324 961 945 2,373 2,221
Long-Term Debt		 216 513 586 1,980 1,976
Noncurrent Deferred & Payable Income Tax Liabilities		 13 9.34 11 9.20 5.40
Other Noncurrent Operating Liabilities		 95 256 296 375 240
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 1,501 3,607 3,921 4,651 4,549
Total Preferred & Common Equity		 1,501 3,607 3,921 4,651 4,549
Total Common Equity		 1,501 3,607 3,921 4,651 4,549
Common Stock		 1,393 3,348 3,377 4,236 4,257
Retained Earnings		 102 256 541 411 287
Accumulated Other Comprehensive Income / (Loss)		 5.39 3.65 3.03 3.97 5.16

Quarterly Balance Sheets for Noble

This table presents Noble's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets		 5,197 5,269 5,436 5,587 8,035 7,910 7,667 7,639 7,478 7,239
Total Current Assets		 933 1,031 971 987 1,411 1,443 1,289 1,364 1,435 1,175
Cash & Equivalents		 255 245 212 163 392 304 338 478 663 456
Accounts Receivable		 517 639 590 637 752 756 762 678 596 548
Prepaid Expenses		 106 98 96 119 185 324 131 149 118 112
Current Deferred & Refundable Income Taxes		 54 50 73 68 82 59 58 59 59 59
Plant, Property, & Equipment, net		 4,007 4,014 4,155 4,214 6,049 5,948 5,856 5,732 5,406 5,454
Plant, Property & Equipment, gross		 4,329 4,413 4,708 4,854 6,796 6,955 6,999 6,982 6,778 6,958
Accumulated Depreciation		 322 399 553 640 746 1,007 1,143 1,250 1,373 1,505
Total Noncurrent Assets		 258 223 310 386 575 518 522 543 637 610
Other Noncurrent Operating Assets		 227 212 303 382 573 518 522 543 637 610
Total Liabilities & Shareholders' Equity		 5,197 5,269 5,436 5,587 8,035 7,910 7,667 7,639 7,478 7,239
Total Liabilities		 1,478 1,436 1,523 1,602 3,350 3,252 3,039 3,105 2,890 2,755
Total Current Liabilities		 514 516 603 637 900 920 716 779 719 614
Accounts Payable		 311 281 366 340 406 307 341 305 308 324
Current Deferred & Payable Income Tax Liabilities		 57 66 67 56 109 83 88 73 82 60
Current Employee Benefit Liabilities		 77 89 62 68 120 94 100 99 52 52
Other Current Liabilities		 59 57 86 162 190 360 151 227 205 157
Other Current Nonoperating Liabilities		 10 22 23 11 76 76 36 76 73 21
Total Noncurrent Liabilities		 964 920 920 965 2,450 2,332 2,323 2,326 2,171 2,141
Long-Term Debt		 585 586 587 622 1,981 1,979 1,978 1,977 1,917 1,888
Noncurrent Deferred & Payable Income Tax Liabilities		 9.81 9.17 10 7.77 8.91 5.22 5.46 5.48 5.54 5.70
Other Noncurrent Operating Liabilities		 289 262 295 333 436 347 339 344 248 247
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 3,719 3,833 3,913 3,985 4,685 4,658 4,628 4,534 4,588 4,484
Total Preferred & Common Equity		 3,719 3,833 3,913 3,985 4,685 4,658 4,628 4,534 4,588 4,484
Total Common Equity		 3,719 3,833 3,913 3,985 4,685 4,658 4,628 4,534 4,588 4,484
Common Stock		 3,358 3,367 3,331 3,338 4,236 4,234 4,242 4,250 4,259 4,271
Retained Earnings		 360 464 579 644 445 420 381 280 325 208
Accumulated Other Comprehensive Income / (Loss)		 1.50 1.44 3.00 3.05 3.49 4.17 4.52 4.44 3.42 5.46

Annual Metrics And Ratios for Noble

This table displays calculated financial ratios and metrics derived from Noble's official financial filings.

Metric 2020 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 0.00 392,086,833.00 141,054,074.00 160,370,364.00 158,846,719.00
DEI Adjusted Shares Outstanding		 0.00 392,086,833.00 141,054,074.00 160,370,364.00 158,846,719.00
DEI Earnings Per Adjusted Shares Outstanding		 0.00 0.43 3.42 2.80 1.36
Growth Metrics		 - - - - -
Revenue Growth		 0.00% 0.00% 83.12% 18.11% 7.45%
EBITDA Growth		 0.00% 0.00% 109.10% 25.61% 2.06%
EBIT Growth		 0.00% 0.00% 153.40% 4.19% -31.20%
NOPAT Growth		 0.00% 0.00% 167.88% 1.73% -40.05%
Net Income Growth		 0.00% 0.00% 185.24% -6.96% -51.66%
EPS Growth		 0.00% 0.00% 91.91% -10.84% -54.39%
Operating Cash Flow Growth		 0.00% 0.00% 104.40% 14.13% 45.19%
Free Cash Flow Firm Growth		 0.00% 0.00% 0.00% -971.88% 138.59%
Invested Capital Growth		 0.00% 0.00% 9.03% 54.43% -5.16%
Revenue Q/Q Growth		 0.00% 0.00% 0.79% 10.25% -4.72%
EBITDA Q/Q Growth		 0.00% 0.00% 5.77% 7.69% -9.83%
EBIT Q/Q Growth		 0.00% 0.00% -0.27% 2.25% -23.61%
NOPAT Q/Q Growth		 0.00% 0.00% 2.17% -4.78% 2.61%
Net Income Q/Q Growth		 0.00% 0.00% 3.15% -10.58% -4.42%
EPS Q/Q Growth		 0.00% 0.00% -10.03% -13.95% -1.46%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% 25.39% -18.75% 5.65%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% -8.69% 17.45%
Invested Capital Q/Q Growth		 0.00% 0.00% -0.93% 1.11% -0.32%
Profitability Metrics		 - - - - -
Gross Margin		 36.15% 31.99% 40.37% 41.38% 37.55%
EBITDA Margin		 -386.44% 26.19% 29.91% 31.81% 30.21%
Operating Margin		 -422.76% 16.18% 22.20% 19.75% 12.65%
EBIT Margin		 -425.24% 16.18% 22.39% 19.75% 12.65%
Profit (Net Income) Margin		 -412.59% 11.95% 18.61% 14.66% 6.60%
Tax Burden Percent		 93.86% 88.22% 94.08% 91.07% 79.35%
Interest Burden Percent		 103.37% 83.71% 88.36% 81.51% 65.72%
Effective Tax Rate		 0.00% 11.78% 5.92% 8.93% 20.65%
Return on Invested Capital (ROIC)		 0.00% 5.29% 13.57% 10.40% 5.27%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% -10.66% -13.01% 0.26% -1.56%
Return on Net Nonoperating Assets (RNNOA)		 0.00% -0.61% -0.76% 0.06% -0.56%
Return on Equity (ROE)		 0.00% 4.68% 12.80% 10.46% 4.71%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 4.93% -32.39% 10.57%
Operating Return on Assets (OROA)		 0.00% 6.26% 10.79% 8.97% 5.36%
Return on Assets (ROA)		 0.00% 4.62% 8.97% 6.66% 2.80%
Return on Common Equity (ROCE)		 0.00% 4.68% 12.80% 10.46% 4.71%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -2,854 202 541 550 330
NOPAT Margin		 -295.93% 14.28% 20.88% 17.99% 10.04%
Net Nonoperating Expense Percent (NNEP)		 0.00% 15.96% 26.58% 10.14% 6.83%
Return On Investment Capital (ROIC_SIMPLE)		 - 4.72% 11.99% 8.29% 5.05%
Cost of Revenue to Revenue		 63.85% 68.01% 59.63% 58.62% 62.45%
SG&A Expenses to Revenue		 12.57% 5.81% 4.96% 4.59% 4.05%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 458.91% 15.81% 18.17% 21.62% 24.90%
Earnings before Interest and Taxes (EBIT)		 -4,100 229 580 604 416
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -3,726 370 774 973 993
Valuation Ratios		 - - - - -
Price to Book Value (P/BV)		 0.00 1.33 1.58 0.91 0.90
Price to Tangible Book Value (P/TBV)		 0.00 1.35 1.59 0.91 0.90
Price to Revenue (P/Rev)		 0.00 3.39 2.40 1.39 1.25
Price to Earnings (P/E)		 0.00 28.38 12.89 9.48 18.98
Dividend Yield		 0.00% 0.00% 1.66% 6.24% 7.16%
Earnings Yield		 0.00% 3.52% 7.76% 10.55% 5.27%
Enterprise Value to Invested Capital (EV/IC)		 0.00 1.31 1.55 0.93 0.92
Enterprise Value to Revenue (EV/Rev)		 0.00 3.53 2.49 1.96 1.71
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 13.48 8.31 6.15 5.66
Enterprise Value to EBIT (EV/EBIT)		 0.00 21.82 11.10 9.91 13.52
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 24.73 11.90 10.88 17.04
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 17.76 11.21 9.13 5.90
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 32.76 0.00 8.50
Leverage & Solvency		 - - - - -
Debt to Equity		 0.00 0.19 0.15 0.43 0.43
Long-Term Debt to Equity		 0.00 0.14 0.15 0.43 0.43
Financial Leverage		 0.00 0.06 0.06 0.23 0.36
Leverage Ratio		 0.00 1.43 1.43 1.57 1.68
Compound Leverage Factor		 0.00 1.20 1.26 1.28 1.11
Debt to Total Capital		 0.00% 15.72% 13.01% 29.86% 30.28%
Short-Term Debt to Total Capital		 0.00% 3.73% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 11.99% 13.01% 29.86% 30.28%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 0.00% 84.28% 86.99% 70.14% 69.72%
Debt to EBITDA		 0.00 1.82 0.76 2.04 1.99
Net Debt to EBITDA		 0.00 0.53 0.29 1.78 1.52
Long-Term Debt to EBITDA		 0.00 1.39 0.76 2.04 1.99
Debt to NOPAT		 0.00 3.33 1.08 3.60 5.99
Net Debt to NOPAT		 0.00 0.97 0.42 3.15 4.56
Long-Term Debt to NOPAT		 0.00 2.54 1.08 3.60 5.99
Altman Z-Score		 0.00 2.34 3.40 1.54 1.58
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - -
Current Ratio		 0.00 1.58 1.65 1.48 1.67
Quick Ratio		 0.00 1.42 1.42 1.11 1.40
Cash Flow Metrics		 - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 0.00 196 -1,713 661
Operating Cash Flow to CapEx		 224.82% 0.00% 149.06% 115.96% 255.61%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 2.30 -18.18 4.07
Operating Cash Flow to Interest Expense		 1.85 5.44 6.71 6.96 5.86
Operating Cash Flow Less CapEx to Interest Expense		 1.03 9.45 2.21 0.96 3.57
Efficiency Ratios		 - - - - -
Asset Turnover		 0.00 0.39 0.48 0.45 0.42
Accounts Receivable Turnover		 0.00 4.23 5.09 4.54 4.74
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 0.52 0.64 0.60 0.57
Accounts Payable Turnover		 0.00 4.68 4.50 4.52 5.89
Days Sales Outstanding (DSO)		 0.00 86.38 71.73 80.32 77.02
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 78.02 81.07 80.71 61.94
Cash Conversion Cycle (CCC)		 0.00 8.36 -9.34 -0.39 15.08
Capital & Investment Metrics		 - - - - -
Invested Capital		 0.00 3,813 4,157 6,420 6,089
Invested Capital Turnover		 0.00 0.37 0.65 0.58 0.53
Increase / (Decrease) in Invested Capital		 0.00 0.00 344 2,263 -331
Enterprise Value (EV)		 0.00 4,991 6,436 5,983 5,618
Market Capitalization		 0.00 4,794 6,211 4,250 4,113
Book Value per Share		 $0.00 $9.20 $27.80 $29.00 $28.64
Tangible Book Value per Share		 $0.00 $9.05 $27.73 $29.00 $28.64
Total Capital		 0.00 4,280 4,507 6,632 6,525
Total Debt		 0.00 673 586 1,980 1,976
Total Long-Term Debt		 0.00 513 586 1,980 1,976
Net Debt		 0.00 197 225 1,733 1,504
Capital Expenditures (CapEx)		 122 -207 385 565 372
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.00 68 59 201 41
Debt-free Net Working Capital (DFNWC)		 0.00 544 420 449 513
Net Working Capital (NWC)		 0.00 385 420 449 513
Net Nonoperating Expense (NNE)		 1,125 33 59 102 113
Net Nonoperating Obligations (NNO)		 0.00 206 236 1,769 1,540
Total Depreciation and Amortization (D&A)		 374 142 195 369 577
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 4.82% 2.29% 6.58% 1.25%
Debt-free Net Working Capital to Revenue		 0.00% 38.51% 16.23% 14.67% 15.60%
Net Working Capital to Revenue		 0.00% 27.21% 16.23% 14.67% 15.60%
Earnings Adjustments		 - - - - -
Adjusted Basic Earnings per Share		 $0.00 $1.99 $3.48 $3.01 $1.36
Adjusted Weighted Average Basic Shares Outstanding		 0.00 85.06M 138.38M 148.73M 158.87M
Adjusted Diluted Earnings per Share		 $0.00 $1.73 $3.32 $2.96 $1.35
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 97.61M 145.20M 151.64M 160.20M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 396.07M 142.77M 159.19M 159.20M
Normalized Net Operating Profit after Tax (NOPAT)		 -103 277 579 650 416
Normalized NOPAT Margin		 -10.65% 19.56% 22.36% 21.25% 12.67%
Pre Tax Income Margin		 -439.59% 13.54% 19.79% 16.10% 8.31%
Debt Service Ratios		 - - - - -
EBIT to Interest Expense		 -27.82 4.43 6.78 6.41 2.56
NOPAT to Interest Expense		 -19.36 3.91 6.32 5.84 2.03
EBIT Less CapEx to Interest Expense		 -28.64 8.43 2.27 0.41 0.27
NOPAT Less CapEx to Interest Expense		 -20.18 7.91 1.82 -0.16 -0.26
Payout Ratios		 - - - - -
Dividend Payout Ratio		 0.00% 0.00% 20.50% 61.97% 147.83%
Augmented Payout Ratio		 0.00% 8.88% 40.18% 128.88% 157.06%

Quarterly Metrics And Ratios for Noble

This table displays calculated financial ratios and metrics derived from Noble's official financial filings.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 141,054,074.00 141,054,074.00 142,820,806.00 142,918,712.00 160,370,364.00 159,191,313.00 158,783,479.00 158,824,801.00 158,846,719.00 159,197,398.00 159,545,944.00
DEI Adjusted Shares Outstanding		 141,054,074.00 141,054,074.00 142,820,806.00 142,918,712.00 160,370,364.00 159,191,313.00 158,783,479.00 158,824,801.00 158,846,719.00 159,197,398.00 159,545,944.00
DEI Earnings Per Adjusted Shares Outstanding		 1.06 0.68 1.37 0.43 0.60 0.68 0.27 -0.13 0.55 0.76 -0.23
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 3.27% 4.43% 8.51% 14.78% 44.23% 37.26% 22.49% -0.32% -17.57% -10.15% -15.20%
EBITDA Growth		 19.38% 41.01% 86.16% -18.55% 30.28% 85.76% 1.15% -10.82% -36.23% 12.27% -39.57%
EBIT Growth		 -3.99% 0.41% 92.37% -43.88% 8.44% 74.19% -35.58% -56.36% -75.11% 20.27% -77.47%
NOPAT Growth		 7.14% -4.00% 95.65% -49.69% -18.51% 13.29% -73.11% -231.25% 101.39% 2.94% -63.22%
Net Income Growth		 10.92% -11.64% 196.29% -61.33% -35.44% 13.43% -78.02% -134.46% -10.36% 11.47% -185.57%
EPS Growth		 -26.24% -10.81% 197.78% -63.30% -46.15% 1.52% -79.85% -132.50% -3.57% 11.94% -185.19%
Operating Cash Flow Growth		 67.95% 304.01% -49.43% 104.50% -52.62% 110.63% 102.60% -2.34% 37.38% 0.82% -33.37%
Free Cash Flow Firm Growth		 0.00% 96.26% 95.45% 25.25% -1,075.31% -1,239.34% -897.13% 106.81% 128.10% 132.29% 121.66%
Invested Capital Growth		 9.03% 6.60% 9.74% 51.32% 54.43% 48.70% 41.51% -3.80% -5.16% -7.70% -5.82%
Revenue Q/Q Growth		 -7.81% -0.92% 8.75% 15.55% 15.84% -5.70% -2.95% -5.97% -4.21% 2.78% -8.40%
EBITDA Q/Q Growth		 -15.71% -24.19% 60.00% -20.34% 34.83% 8.10% -12.88% -29.76% -3.60% 90.32% -53.11%
EBIT Q/Q Growth		 -23.37% -31.79% 95.23% -45.00% 48.07% 9.56% -27.80% -62.74% -15.56% 429.39% -86.47%
NOPAT Q/Q Growth		 7.64% -26.10% 79.15% -64.70% 74.35% 2.75% -57.49% -272.33% 367.51% -47.48% -84.81%
Net Income Q/Q Growth		 -5.45% -36.22% 104.24% -68.61% 57.88% 12.06% -60.41% -149.20% 510.70% 39.35% -130.39%
EPS Q/Q Growth		 -4.59% -36.54% 103.03% -70.15% 40.00% 19.64% -59.70% -148.15% 515.38% 38.89% -130.67%
Operating Cash Flow Q/Q Growth		 107.17% -55.24% -17.02% 165.73% -52.00% 99.00% -20.18% 28.09% -32.48% 46.05% -47.25%
Free Cash Flow Firm Q/Q Growth		 93.48% 19.16% -22.60% -1,056.57% -2.54% 7.88% 8.73% 107.90% 323.11% 5.84% -38.77%
Invested Capital Q/Q Growth		 -0.93% 3.67% 3.37% 42.53% 1.11% -0.18% -1.63% -3.10% -0.32% -2.85% 0.37%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 38.11% 36.03% 48.16% 42.24% 39.23% 43.52% 37.46% 36.04% 32.39% 38.88% 33.25%
EBITDA Margin		 35.67% 27.30% 40.16% 27.69% 32.22% 36.94% 33.16% 24.77% 24.93% 46.16% 23.63%
Operating Margin		 24.52% 16.88% 30.30% 14.43% 18.44% 21.42% 15.94% 6.32% 5.57% 28.68% 4.23%
EBIT Margin		 24.52% 16.88% 30.30% 14.43% 18.44% 21.42% 15.94% 6.32% 5.57% 28.68% 4.23%
Profit (Net Income) Margin		 23.28% 14.99% 28.15% 7.65% 10.42% 12.38% 5.05% -2.64% 11.33% 15.37% -5.10%
Tax Burden Percent		 103.34% 111.98% 102.75% 65.95% 77.65% 72.83% 42.89% -198.34% 628.31% 62.33% 179.89%
Interest Burden Percent		 91.87% 79.28% 90.39% 80.38% 72.79% 79.38% 73.91% 21.10% 32.40% 85.96% -66.92%
Effective Tax Rate		 -3.34% -11.98% -2.75% 34.05% 22.35% 27.17% 57.11% 298.34% -528.31% 37.67% 0.00%
Return on Invested Capital (ROIC)		 16.46% 11.84% 19.53% 5.00% 8.28% 9.59% 4.38% -6.93% 18.38% 9.27% 1.49%
ROIC Less NNEP Spread (ROIC-NNEP)		 10.47% 5.06% 14.41% 3.53% 4.67% 6.97% 2.97% -2.07% 7.45% 7.99% -2.22%
Return on Net Nonoperating Assets (RNNOA)		 0.62% 0.49% 1.52% 0.84% 1.09% 1.75% 0.74% -0.73% 2.68% 2.66% -0.76%
Return on Equity (ROE)		 17.08% 12.33% 21.05% 5.84% 9.37% 11.34% 5.13% -7.66% 21.06% 11.93% 0.72%
Cash Return on Invested Capital (CROIC)		 4.93% 6.40% 5.80% -29.89% -32.39% -28.57% -26.86% 9.04% 10.57% 13.31% 10.30%
Operating Return on Assets (OROA)		 11.82% 8.40% 15.01% 6.01% 8.37% 10.58% 8.30% 2.78% 2.36% 11.92% 1.74%
Return on Assets (ROA)		 11.22% 7.46% 13.94% 3.19% 4.73% 6.12% 2.63% -1.16% 4.81% 6.38% -2.10%
Return on Common Equity (ROCE)		 17.08% 12.33% 21.05% 5.84% 9.37% 11.34% 5.13% -7.66% 21.06% 11.93% 0.72%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 163 120 216 76 133 136 58 -100 267 140 21
NOPAT Margin		 25.34% 18.90% 31.14% 9.51% 14.32% 15.60% 6.83% -12.53% 34.98% 17.88% 2.96%
Net Nonoperating Expense Percent (NNEP)		 5.99% 6.78% 5.12% 1.47% 3.60% 2.62% 1.41% -4.87% 10.93% 1.28% 3.71%
Return On Investment Capital (ROIC_SIMPLE)		 3.62% 2.68% 4.68% 1.14% 2.00% 2.06% 0.88% -1.54% 4.10% 2.16% 0.33%
Cost of Revenue to Revenue		 61.89% 63.97% 51.84% 57.76% 60.77% 56.48% 62.54% 63.96% 67.61% 61.12% 66.75%
SG&A Expenses to Revenue		 5.13% 4.08% 5.73% 5.45% 3.37% 4.03% 4.12% 4.17% 3.88% 3.82% 3.74%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 13.59% 19.15% 17.85% 27.82% 20.79% 22.10% 21.52% 29.72% 26.82% 10.20% 29.01%
Earnings before Interest and Taxes (EBIT)		 158 108 210 115 171 187 135 50 43 225 30
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 229 174 278 222 299 323 281 198 191 363 170
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.58 1.61 1.47 1.03 0.91 0.70 0.81 0.90 0.90 1.58 1.23
Price to Tangible Book Value (P/TBV)		 1.59 1.62 1.47 1.03 0.91 0.70 0.81 0.90 0.90 1.58 1.23
Price to Revenue (P/Rev)		 2.40 2.41 2.20 1.74 1.39 0.99 1.08 1.18 1.25 2.26 1.79
Price to Earnings (P/E)		 12.89 13.45 9.80 9.61 9.48 7.11 12.11 17.90 18.98 31.54 36.72
Dividend Yield		 1.66% 2.57% 3.77% 5.20% 6.24% 8.53% 7.87% 9.07% 7.16% 4.08% 5.36%
Earnings Yield		 7.76% 7.44% 10.20% 10.41% 10.55% 14.07% 8.26% 5.59% 5.27% 3.17% 2.72%
Enterprise Value to Invested Capital (EV/IC)		 1.55 1.55 1.42 1.01 0.93 0.77 0.85 0.91 0.92 1.43 1.17
Enterprise Value to Revenue (EV/Rev)		 2.49 2.56 2.37 2.31 1.96 1.50 1.56 1.61 1.71 2.65 2.26
Enterprise Value to EBITDA (EV/EBITDA)		 8.31 8.15 6.67 7.09 6.15 4.42 4.78 5.05 5.66 8.22 7.52
Enterprise Value to EBIT (EV/EBIT)		 11.10 11.62 9.36 10.85 9.91 7.24 8.84 10.22 13.52 18.70 19.86
Enterprise Value to NOPAT (EV/NOPAT)		 11.90 12.51 9.85 11.09 10.88 8.73 13.32 17.29 17.04 25.96 26.25
Enterprise Value to Operating Cash Flow (EV/OCF)		 11.21 8.73 9.56 7.94 9.13 6.21 5.93 6.17 5.90 8.89 7.85
Enterprise Value to Free Cash Flow (EV/FCFF)		 32.76 25.01 25.62 0.00 0.00 0.00 0.00 9.87 8.50 10.34 10.98
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.15 0.15 0.16 0.42 0.43 0.42 0.43 0.44 0.43 0.42 0.42
Long-Term Debt to Equity		 0.15 0.15 0.16 0.42 0.43 0.42 0.43 0.44 0.43 0.42 0.42
Financial Leverage		 0.06 0.10 0.11 0.24 0.23 0.25 0.25 0.35 0.36 0.33 0.34
Leverage Ratio		 1.43 1.38 1.40 1.56 1.57 1.56 1.54 1.70 1.68 1.66 1.64
Compound Leverage Factor		 1.31 1.09 1.27 1.26 1.14 1.24 1.14 0.36 0.55 1.43 -1.09
Debt to Total Capital		 13.01% 13.04% 13.50% 29.72% 29.86% 29.82% 29.94% 30.36% 30.28% 29.47% 29.63%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 13.01% 13.04% 13.50% 29.72% 29.86% 29.82% 29.94% 30.36% 30.28% 29.47% 29.63%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 86.99% 86.96% 86.50% 70.28% 70.14% 70.18% 70.06% 69.64% 69.72% 70.53% 70.37%
Debt to EBITDA		 0.76 0.72 0.66 2.19 2.04 1.76 1.76 1.80 1.99 1.86 2.05
Net Debt to EBITDA		 0.29 0.46 0.48 1.76 1.78 1.49 1.46 1.36 1.52 1.22 1.56
Long-Term Debt to EBITDA		 0.76 0.72 0.66 2.19 2.04 1.76 1.76 1.80 1.99 1.86 2.05
Debt to NOPAT		 1.08 1.10 0.97 3.43 3.60 3.49 4.90 6.15 5.99 5.87 7.16
Net Debt to NOPAT		 0.42 0.70 0.71 2.75 3.15 2.95 4.06 4.66 4.56 3.84 5.43
Long-Term Debt to NOPAT		 1.08 1.10 0.97 3.43 3.60 3.49 4.90 6.15 5.99 5.87 7.16
Altman Z-Score		 3.14 3.26 3.04 1.41 1.36 1.25 1.41 1.40 1.42 2.20 1.77
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.65 1.61 1.55 1.57 1.48 1.57 1.80 1.75 1.67 1.99 1.91
Quick Ratio		 1.42 1.33 1.26 1.27 1.11 1.15 1.54 1.48 1.40 1.75 1.64
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -181 -147 -180 -2,077 -2,130 -1,962 -1,791 141 599 634 388
Operating Cash Flow to CapEx		 245.33% 77.24% 75.72% 223.45% 96.84% 238.74% 185.59% 201.32% 123.31% 263.15% 70.48%
Free Cash Flow to Firm to Interest Expense		 -12.41 -8.35 -14.97 -83.26 -53.63 -48.49 -44.78 3.49 14.44 15.91 7.12
Operating Cash Flow to Interest Expense		 19.69 7.34 8.90 11.37 3.43 6.70 5.41 6.84 4.51 6.86 2.64
Operating Cash Flow Less CapEx to Interest Expense		 11.66 -2.16 -2.86 6.28 -0.11 3.89 2.49 3.44 0.85 4.25 -1.11
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.48 0.50 0.50 0.42 0.45 0.49 0.52 0.44 0.42 0.42 0.41
Accounts Receivable Turnover		 5.09 4.54 4.63 3.99 4.54 4.89 4.93 4.82 4.74 4.73 4.69
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.64 0.64 0.65 0.55 0.60 0.65 0.69 0.59 0.57 0.56 0.54
Accounts Payable Turnover		 4.50 4.95 4.72 4.74 4.52 5.58 6.02 5.90 5.89 6.63 5.98
Days Sales Outstanding (DSO)		 71.73 80.45 78.86 91.53 80.32 74.58 73.97 75.71 77.02 77.19 77.90
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 81.07 73.71 77.36 77.08 80.71 65.36 60.65 61.82 61.94 55.03 61.08
Cash Conversion Cycle (CCC)		 -9.34 6.74 1.50 14.45 -0.39 9.21 13.32 13.89 15.08 22.17 16.83
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 4,157 4,310 4,455 6,350 6,420 6,409 6,304 6,109 6,089 5,915 5,938
Invested Capital Turnover		 0.65 0.63 0.63 0.53 0.58 0.61 0.64 0.55 0.53 0.52 0.50
Increase / (Decrease) in Invested Capital		 344 267 395 2,154 2,263 2,099 1,849 -241 -331 -493 -367
Enterprise Value (EV)		 6,436 6,686 6,326 6,407 5,983 4,954 5,382 5,557 5,618 8,481 6,925
Market Capitalization		 6,211 6,312 5,867 4,818 4,250 3,279 3,742 4,058 4,113 7,226 5,493
Book Value per Share		 $27.80 $27.40 $27.90 $32.78 $29.00 $29.26 $29.15 $28.55 $28.64 $28.82 $28.10
Tangible Book Value per Share		 $27.73 $27.35 $27.87 $32.77 $29.00 $29.26 $29.15 $28.55 $28.64 $28.82 $28.10
Total Capital		 4,507 4,500 4,607 6,666 6,632 6,637 6,606 6,511 6,525 6,505 6,372
Total Debt		 586 587 622 1,981 1,980 1,979 1,978 1,977 1,976 1,917 1,888
Total Long-Term Debt		 586 587 622 1,981 1,980 1,979 1,978 1,977 1,976 1,917 1,888
Net Debt		 225 374 459 1,589 1,733 1,675 1,640 1,499 1,504 1,255 1,432
Capital Expenditures (CapEx)		 117 167 141 127 141 114 117 138 152 104 205
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 59 155 187 118 201 219 235 107 41 53 105
Debt-free Net Working Capital (DFNWC)		 420 368 350 510 449 523 573 585 513 715 561
Net Working Capital (NWC)		 420 368 350 510 449 523 573 585 513 715 561
Net Nonoperating Expense (NNE)		 13 25 21 15 36 28 15 -79 181 20 58
Net Nonoperating Obligations (NNO)		 236 397 470 1,665 1,769 1,751 1,676 1,574 1,540 1,328 1,454
Total Depreciation and Amortization (D&A)		 72 66 68 106 128 136 146 147 148 137 140
Debt-free, Cash-free Net Working Capital to Revenue		 2.29% 5.93% 7.00% 4.27% 6.58% 6.66% 6.81% 3.11% 1.25% 1.65% 3.43%
Debt-free Net Working Capital to Revenue		 16.23% 14.06% 13.10% 18.40% 14.67% 15.88% 16.61% 16.97% 15.60% 22.38% 18.30%
Net Working Capital to Revenue		 16.23% 14.06% 13.10% 18.40% 14.67% 15.88% 16.61% 16.97% 15.60% 22.38% 18.30%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.06 $0.67 $1.37 $0.41 $0.56 $0.68 $0.27 ($0.13) $0.54 $0.76 ($0.23)
Adjusted Weighted Average Basic Shares Outstanding		 138.38M 142.82M 142.92M 160.37M 148.73M 158.78M 158.82M 158.85M 158.87M 159.55M 159.64M
Adjusted Diluted Earnings per Share		 $1.04 $0.66 $1.34 $0.40 $0.56 $0.67 $0.27 ($0.13) $0.54 $0.75 ($0.23)
Adjusted Weighted Average Diluted Shares Outstanding		 145.20M 142.82M 142.92M 160.37M 151.64M 158.78M 158.82M 158.85M 160.20M 159.55M 159.64M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 142.77M 142.82M 142.92M 160.37M 159.19M 158.78M 158.82M 158.85M 159.20M 159.55M 159.64M
Normalized Net Operating Profit after Tax (NOPAT)		 90 82 154 122 149 147 98 79 33 142 51
Normalized NOPAT Margin		 14.06% 12.84% 22.29% 15.22% 16.02% 16.84% 11.59% 9.93% 4.27% 18.08% 7.08%
Pre Tax Income Margin		 22.53% 13.38% 27.39% 11.60% 13.42% 17.01% 11.78% 1.33% 1.80% 24.65% -2.83%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 10.80 6.13 17.50 4.63 4.31 4.63 3.38 1.24 1.03 5.66 0.56
NOPAT to Interest Expense		 11.16 6.86 17.98 3.05 3.34 3.37 1.45 -2.47 6.45 3.53 0.39
EBIT Less CapEx to Interest Expense		 2.77 -3.37 5.75 -0.46 0.76 1.82 0.47 -2.16 -2.63 3.05 -3.19
NOPAT Less CapEx to Interest Expense		 3.13 -2.63 6.23 -2.04 -0.20 0.57 -1.46 -5.87 2.79 0.92 -3.36
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 20.50% 33.71% 35.99% 50.77% 61.97% 65.01% 104.25% 141.19% 147.83% 140.81% 215.71%
Augmented Payout Ratio		 40.18% 51.79% 40.13% 103.59% 128.88% 134.40% 207.79% 172.06% 157.06% 140.81% 215.71%

Financials Breakdown Chart

Key Financial Trends

Noble’s latest financial statements show a business that continues to generate substantial operating cash flow, but profitability and liquidity weakened sharply in the second quarter of 2026. The results also highlight the capital-intensive nature of the offshore drilling business, with large equipment investments, debt repayments and dividend payments placing pressure on cash.

  • Operating cash flow remained strong. Noble generated $144.2 million of cash from operations in Q2 2026. Although this was down from $273.3 million in Q1 2026 and $216.4 million in Q2 2025, it remained positive despite the company reporting a net loss.
  • Debt reduction accelerated. Noble repaid $851.5 million of debt in Q2 2026. Long-term debt declined to $1.89 billion from $1.92 billion in Q1 2026 and $1.98 billion in Q2 2025, continuing the reduction from approximately $1.98 billion in Q2 2024.
  • The company maintains a sizable asset and equity base. Noble reported $7.24 billion in total assets and $4.48 billion in common equity at June 30, 2026. Equity still represented approximately 62% of total assets, providing a meaningful balance-sheet cushion.
  • Capital investment remains focused on the fleet. Capital expenditures were $204.5 million in Q2 2026, up from $103.9 million in Q1 2026 and $116.6 million in Q2 2025. While this reduced near-term cash generation, it may support fleet capability and future operating revenue.
  • Dividend payments remain substantial. Noble paid $79.5 million in dividends during Q2 2026, compared with $83.7 million in Q1 2026 and $79.5 million in Q2 2025. The dividend provides shareholder income, but it competes with debt reduction and capital spending for available cash.
  • Cash levels remain adequate but are volatile. Cash and equivalents were $456.2 million at the end of Q2 2026, down from $662.7 million in Q1 2026 but above the $338.2 million reported in Q2 2025 and $162.9 million in Q2 2024. Quarterly cash movements have been heavily influenced by debt repayments, asset sales and other investing activity.
  • Revenue has weakened from 2025 levels. Q2 2026 revenue was $719.7 million, down 8.4% from Q1 2026 and 15.2% from the restated Q2 2025 figure of $848.7 million. Revenue has also declined from $927.3 million in Q4 2024 and $874.5 million in Q1 2025.
  • Profitability deteriorated sharply. Noble recorded a $36.7 million net loss, or $0.23 per diluted share, in Q2 2026 compared with net income of $120.7 million, or $0.75 per diluted share, in Q1 2026 and $42.9 million, or $0.27 per share, in Q2 2025. The company has experienced significant quarterly earnings volatility, including losses in Q3 2025 and Q2 2026.
  • Margins contracted considerably. Gross profit fell to $239.3 million in Q2 2026 from $305.5 million in Q1 2026 and $317.9 million in Q2 2025. Gross margin declined to approximately 33.2%, compared with 38.9% in Q1 2026 and 37.4% in Q2 2025. Depreciation of $139.6 million and a $42.3 million impairment charge further pressured operating income.
  • Q2 cash flow was negative after investment and financing outflows. Operating cash flow of $144.2 million was more than offset by $202.9 million of investing outflows and $151.4 million of financing outflows. As a result, cash declined by $210.1 million during the quarter, raising the importance of maintaining operating cash flow while funding capital expenditures, dividends and debt service.

Overall, Noble’s balance sheet benefits from positive operating cash flow, meaningful equity and recent debt reduction. However, the latest quarter signals increased earnings risk: lower revenue, contracting margins, an impairment charge and significant cash outflows occurred at the same time. Investors should closely monitor fleet utilization, day rates, quarterly operating cash flow and whether capital spending can translate into stronger revenue and profitability.

10/10/26 08:58 AM ETAI Generated. May Contain Errors.

Noble Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Noble's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Noble's net income appears to be on an upward trend, with a most recent value of $216.72 million in 2025, compared with -$3.98 billion in 2020. The previous period was $448.35 million in 2024. View Noble's forecast to see where analysts expect Noble to go next.

Noble's total operating income in 2025 was $415.55 million, based on the following breakdown:
  • Total Gross Profit: $1.23 billion
  • Total Operating Expenses: $818.08 million

Over the last 5 years, Noble's total revenue changed from $964.27 million in 2020 to $3.29 billion in 2025, a change of 240.7%.

In the past 12 quarters, Noble's cash and equivalents has ranged from $162.85 million in Q2 2024 to $662.65 million in Q1 2026, and is currently $456.21 million as of their latest financial filing in Q2 2026.

Noble had total debt of $1.98 billion at the end of 2025, a 0.2% decrease from 2024, and none in 2020.

Over the last 5 years, Noble's book value per share changed from 0.00 in 2020 to 28.64 in 2025, a change of 2,863.7%.


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Financial statements for NYSE:NE last updated on 7/28/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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