Free cash flow generation remains sensitive to operational intensity, fluctuating from a negative $37.9 million in 2024Q1 to a positive $169.4 million in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 |
|---|
| Cash from Operations | 953.91M | 951.68M | 655.48M | 574.34M | 280.99M | 6.17M | 273.2M | 186.77M | 171.85M | 453.9M | 1.13B | 1.76B | 1.78B | 1.7B | 1.38B | 758.98M | 1.65B | 2.14B | 1.89B | 1.41B | 988.72M | 529.01M | 332.22M | 365.31M | 445.36M |
| Operating CF Margin % | - | 28.97% | 21.44% | 22.18% | 19.87% | 0.73% | 28.33% | 14.31% | 15.87% | 36.27% | 42.31% | 52.57% | 55.01% | 68.87% | 64.72% | 28.15% | 58.93% | 58.69% | 54.79% | 47.22% | 47.08% | 38.27% | 31.16% | 37% | 45.15% |
| Operating CF Growth % | 138.46% | 45.19% | 14.13% | 104.4% | 4455.53% | -97.74% | 46.27% | 8.68% | -62.14% | -59.77% | -35.98% | -0.89% | 4.46% | 23.21% | 82.05% | -54.12% | -22.57% | 13.16% | 33.5% | 43.05% | 86.9% | 59.23% | -9.06% | -17.98% | - |
| Net Income | 229.14M | 216.72M | 448.35M | 481.9M | 168.95M | 352.21M | -3.98B | -696.77M | -885.05M | -515.02M | -929.58M | 499.79M | -152.01M | 782.7M | 522.34M | 370.9M | 773.43M | 1.68B | 1.56B | 1.21B | 731.87M | 296.7M | 146.09M | 166.42M | 209.5M |
| Depreciation & Amortization | 578.76M | 577.1M | 368.59M | 194.57M | 141.53M | 110.16M | 374.13M | 440.22M | 486.53M | 547.99M | 611.07M | 634.3M | 627.47M | 511.42M | 440.62M | 658.64M | 539.83M | 408.31M | 356.66M | 292.99M | 253.32M | 241.75M | 209.12M | 182.59M | 154.47M |
| Stock-Based Compensation | 23.46M | 0 | 43.8M | 37.68M | 35.25M | 17.22M | 9.17M | 14.74M | 23.99M | 29.11M | 34.72M | 39.17M | 41.39M | 36.62M | 31.93M | 31.9M | 34.93M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 44.4M | 0 | -42.65M | -98.09M | -25.63M | -31.76M | -26.32M | -17.82M | -68.42M | 241.33M | -189.9M | -36.17M | -11M | -15.96M | -20.12M | -82.33M | -41.41M | 36.87M | 51.03M | 20.51M | 4.14M | 36.21M | 5.02M | 4.38M | 16.87M |
| Other Non-Cash Items | 77.38M | 146.09M | -18.51M | 13.36M | -99.85M | -487.1M | 3.82B | 1.37B | 1.46B | 1.16B | 2.67B | 1.77B | 2.42B | 485.53M | 418.73M | -28.48M | -16.46M | 13.2M | -13.39M | 43.15M | 20.18M | -20.1M | 12.57M | -16.35M | 11.04M |
| Working Capital Changes | 774K | 11.76M | -144.12M | -55.08M | 60.74M | 45.44M | 75.44M | -20.93M | 49.91M | -21.24M | 89.33M | 123.55M | 50.53M | -113.95M | -143.01M | -191.66M | 364.06M | -38.3M | -67.09M | -148.28M | -20.8M | -25.55M | -40.58M | 28.28M | 53.48M |
| Change in Receivables | 147.53M | 184.66M | 0 | -87.42M | 23.34M | 26.06M | 80.68M | -9.17M | 88.82M | 114.46M | 179.78M | 70.17M | 29.73M | -165.23M | -143.01M | -283.27M | 343.84M | -48.84M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | -81.04M | -12.35M | 68.19M | 10.86M | -125.83M | 4.02M | -31.84M | 13.8M | 65.14M | 16.38M | 19.95M | -19.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -49.24M | -80.49M | 0 | 59.76M | 20.43M | 0 | 357K | -2.28M | 14.96M | 22.64M | -84.87M | -30.77M | 63.55M | 50.73M | 28.57M | -12.5M | -43.94M | 11.65M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -149.38M | -350.07M | -959.02M | -366.51M | 375.77M | 193.45M | -121.52M | -362.77M | -189.38M | -155.59M | -669.93M | -432.54M | -2.11B | -2.49B | -1.79B | -2.54B | -2.91B | -1.5B | -1.13B | -1.22B | -349.91M | -1.15B | -297.42M | -355.87M | -539.55M |
| Capital Expenditures | -509.84M | -519.52M | -575.32M | -409.58M | -174.32M | -169.04M | -148.89M | -268.78M | -194.78M | -157.97M | -694.74M | -437.15M | -2.11B | -2.49B | -1.67B | -2.64B | -1.28B | -1.5B | -1.23B | -1.29B | -1.12B | -221.81M | -261.04M | -307.13M | -268.05M |
| CapEx % of Revenue | 15.95% | 15.81% | 18.81% | 15.82% | 12.33% | 19.94% | 15.44% | 20.59% | 17.99% | 12.62% | 26.05% | 13.04% | 65.25% | 100.63% | 78.21% | 97.93% | 45.75% | 41.06% | 35.73% | 42.97% | 53.43% | 16.05% | 24.48% | 31.11% | 27.18% |
| Acquisitions | 0 | 0 | -417.04M | 0 | 166.61M | 362.49M | 27.37M | -93.99M | 5.4M | 2.38M | 24.81M | 4.61M | 0 | 0 | 0 | 0 | -1.63B | 0 | 0 | 10M | 691.26M | -243.63M | 0 | 0 | -185.4M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 360.46M | 169.46M | 33.34M | 43.07M | 383.48M | 0 | 0 | 12.75M | 5.4M | 2.38M | 24.81M | -9.99M | -36.38M | 2.41M | -121.08M | 99.69M | -1.28B | 0 | 102.03M | 53.17M | 34.89M | -769.63M | -68.52M | -25.2M | -40.89M |
| Cash from Financing | -446.67M | -373.93M | 188.08M | -325.79M | -367.77M | -367.94M | 107.44M | -93.98M | -269.4M | -361.2M | -244.87M | -886.08M | 285.11M | 615.16M | 452.09M | 1.68B | 861.95M | -419.48M | -406.65M | -91.15M | -698.94M | 681.46M | -38.58M | -62.48M | 49.98M |
| Debt Issued (Net) | 6.02M | -23.94M | 817.94M | -73.41M | -277.32M | -368.66M | 108.87M | -66.09M | -222.71M | -300M | -81.35M | -396.84M | 1.01B | 918.85M | 546.22M | 1.33B | 1.31B | -172.7M | 138.9M | 90.37M | -448.17M | 626.48M | -77.93M | 0 | 0 |
| Equity Issued (Net) | -368K | -19.96M | -299.99M | -94.83M | -84.92M | -1K | 0 | -2.78M | -3.47M | -4.32M | -3.19M | -104.76M | -152.02M | -7.65M | 4.16M | -309K | -217.62M | -198.84M | -304.82M | -156.8M | -228.95M | 68.63M | 39.36M | 0 | 0 |
| Dividends Paid | -322.65M | -320.37M | -277.83M | -98.8M | 0 | 0 | 0 | 0 | -27.58M | -56.88M | -47.53M | -315.53M | -386.58M | -194.91M | -138.29M | -150.53M | -227.32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -374K | -20M | -366.05M | -94.83M | -84.92M | -1K | -418K | -2.78M | -3.47M | -4.32M | -3.19M | -100.63M | -154.15M | -7.65M | -10.52M | -10.23M | -229.45M | -203.9M | -314.12M | -195.8M | -250.13M | -7.41M | -39.71M | 0 | -33.97M |
| Other Financing | -129.66M | -9.67M | -52.04M | -58.75M | -5.53M | 730K | -1.43M | 0 | -43.22M | -56.88M | -112.8M | -68.95M | -184.12M | -101.13M | 40M | 506.97M | 0 | -47.94M | 3.47M | 7.48M | -21.82M | 0 | 0 | -62.48M | 49.98M |
| Net Change in Cash | 357.87M | 227.68M | -115.47M | -117.96M | 288.99M | -168.29M | 259.12M | -269.31M | -287.6M | -62.89M | 213.48M | 443.74M | -45.95M | -167.63M | 42.9M | -98.67M | -397.62M | 222.18M | 352.25M | 99.35M | -60.13M | 63.05M | -3.78M | -53.04M | -44.2M |
| Free Cash Flow | 444.07M | 432.15M | 80.16M | 164.76M | 106.67M | -162.87M | 124.31M | -82.01M | -22.93M | 295.93M | 433.54M | 1.33B | -331.06M | -785.2M | -288.12M | -1.88B | 370.08M | 641.66M | 656.87M | 127.33M | -133.35M | 307.2M | 71.18M | 58.17M | 177.31M |
| FCF Margin % | 13.89% | 13.15% | 2.62% | 6.36% | 7.54% | -19.21% | 12.89% | -6.28% | -2.12% | 23.65% | 16.26% | 39.53% | -10.24% | -31.77% | -13.5% | -69.77% | 13.18% | 17.62% | 19.06% | 4.25% | -6.35% | 22.23% | 6.68% | 5.89% | 17.98% |
| FCF Growth % | 61.53% | 439.12% | -51.35% | 54.46% | 165.49% | -231.02% | 251.58% | -257.69% | -107.75% | -31.74% | -67.28% | 500.29% | 57.84% | -172.53% | 84.68% | -608.27% | -42.32% | -2.32% | 415.88% | 195.49% | -143.41% | 331.59% | 22.36% | -67.19% | - |
| FCF per Share | 2.76 | 2.70 | 0.53 | 1.13 | 0.54 | -0.82 | 0.50 | -0.33 | -0.09 | 1.21 | 1.78 | 5.47 | -1.31 | -3.10 | -1.14 | -7.46 | 1.46 | 2.48 | 2.46 | 0.47 | -0.97 | 2.24 | 0.53 | 0.44 | 1.33 |
| FCF Conversion (FCF/Net Income) | 1.94x | 4.39x | 1.46x | 1.19x | 1.66x | 0.02x | -0.07x | -0.27x | -0.19x | -0.88x | -1.21x | 3.53x | 209.42x | 3.63x | 3.38x | 2.05x | 2.14x | 1.27x | 1.21x | 1.17x | 1.35x | 1.78x | 2.27x | 2.20x | 2.13x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cyclical Dayrate Volatility
According to quarterly financial data, Noble's operating cash flow consistently exceeds net income, with the OCF/NI ratio reaching a volatile 2.26 in 2026Q1, suggesting that reported earnings are significantly influenced by non-cash depreciation charges rather than pure operational cash generation from core drilling activities.
The persistent gap between net income and operating cash flow indicates that accounting earnings may understate the company's actual ability to generate liquidity. Investors should monitor whether this divergence reflects aggressive depreciation policies or the timing of mobilization fee recognition, which can decouple reported profit from cash reality.
As reported in recent filings, free cash flow has exhibited significant swings, ranging from a negative $37.9 million in 2024Q1 to a positive $169.4 million in 2026Q1, highlighting the sensitivity of cash generation to the high-cost maintenance cycles inherent in the ultra-deepwater drilling business model.
The inconsistent FCF trajectory suggests that Noble remains in a capital-intensive phase where cash flow is frequently absorbed by rig reactivations and maintenance. While the recent positive trend is encouraging, the inability to sustain consistent FCF margins warrants caution regarding the company's long-term self-funding capabilities.
Based on the provided financial statements, Noble's capital expenditure remains substantial, with CapEx/Revenue ratios peaking at 26.2% in 2024Q1, illustrating the heavy reinvestment required to maintain a competitive fleet of 7th-generation drillships in a demanding and technically complex offshore environment.
The high level of capital spending appears necessary to prevent asset obsolescence, yet it creates a significant hurdle for free cash flow conversion. Analysts should investigate whether current CapEx levels are primarily for maintenance or growth, as the latter would imply a more aggressive expansion strategy than currently apparent.
Analysis of recent SEC filings reveals that working capital changes have been a major source of cash flow volatility, with a $200.9 million inflow in 2025Q3 followed by a $195.7 million outflow in 2025Q4, suggesting significant fluctuations in the timing of customer payments and operational payables.
These large swings in working capital suggest that Noble's cash flow is highly susceptible to the payment terms of its major E&P clients. Investors should monitor these movements closely, as they can temporarily obscure the underlying operational efficiency of the drilling fleet during periods of contract transition.
As indicated by recent financial disclosures, Noble has prioritized shareholder returns through consistent dividend payments, totaling $83.7 million in 2026Q1, while simultaneously managing acquisition-related cash outflows, reflecting a balanced approach to capital deployment despite the inherent volatility of the offshore drilling sector.
The commitment to dividends suggests management's confidence in the durability of current cash flows, though the reliance on external acquisitions for growth may introduce integration risks. Future capital allocation will likely depend on the company's ability to maintain its low debt-to-equity ratio while navigating potential industry downturns.
Quick answers to the most common questions about buying NE stock.
Noble Corporation Plc (NE) generated $951.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Noble Corporation Plc (NE) generated $432.2M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Noble Corporation Plc (NE) spent $519.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Noble Corporation Plc (NE) returned $320.4M to shareholders via cash dividends and spent $20.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.