Latest Ratios: P/E Ratio 33.1x · EV/EBITDA 7.8x · ROE 4.7%. (2002–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $7.1B | $4.5B | $4.8B | $7.0B | $7.5B | $4.9B | — | — | — | — | — |
| Enterprise Value | $8.6B | $6.0B | $6.6B | $7.2B | $7.7B | $5.0B | — | — | — | — | — |
| P/E Ratio → | 33.05 | 20.92 | 10.61 | 14.51 | 44.36 | 14.02 | — | — | — | — | — |
| P/S Ratio | 2.17 | 1.38 | 1.56 | 2.70 | 5.31 | 5.83 | — | — | — | — | — |
| P/B Ratio | 1.57 | 0.99 | 1.02 | 1.78 | 2.08 | 3.29 | — | — | — | — | — |
| P/FCF | 16.48 | 10.47 | 59.40 | 42.44 | 70.42 | — | — | — | — | — | — |
| P/OCF | 7.48 | 4.75 | 7.26 | 12.18 | 26.73 | 801.16 | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.83 | 2.16 | 2.80 | 5.45 | 5.87 | — | — | — | — | — |
| EV / EBITDA | 7.84 | 5.48 | 5.87 | 7.90 | 20.82 | 143.83 | — | — | — | — | — |
| EV / EBIT | 16.75 | 13.84 | 11.25 | 12.68 | 32.91 | 12.84 | — | — | — | — | — |
| EV / FCF | — | 13.95 | 82.31 | 43.97 | 72.26 | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 19.7% | 19.7% | 27.4% | 28.7% | 21.6% | -0.9% | -2.6% | 9.0% | -6.5% | 3.5% | 42.4% |
| Operating Margin | 15.7% | 15.7% | 22.8% | 23.8% | 15.8% | -8.9% | -15.2% | 3.7% | -13.3% | -2.2% | 39.8% |
| Net Profit Margin | 6.6% | 6.6% | 14.7% | 18.6% | 11.9% | 41.5% | -412.6% | -53.7% | -81.7% | -41.3% | -34.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 4.7% | 4.7% | 10.5% | 12.8% | 6.6% | 59.2% | -237.7% | -16.9% | -16.7% | -8.3% | -13.4% |
| ROA | 2.8% | 2.8% | 6.7% | 9.0% | 4.6% | 11.1% | -63.4% | -8.0% | -8.8% | -4.6% | -7.6% |
| ROIC | 6.2% | 6.2% | 9.8% | 11.6% | 6.3% | -13.0% | -3.3% | 0.5% | -1.2% | -0.2% | 7.4% |
| ROCE | 7.5% | 7.5% | 11.7% | 13.0% | 7.0% | -2.6% | -2.5% | 0.6% | -1.5% | -0.3% | 9.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.43 | 0.43 | 0.45 | 0.16 | 0.19 | 0.16 | — | 1.06 | 0.83 | 0.68 | 0.67 |
| Debt / EBITDA | 1.80 | 1.80 | 1.85 | 0.67 | 1.82 | 6.73 | 0.03 | 7.93 | 11.32 | 7.77 | 2.59 |
| Net Debt / Equity | — | 0.33 | 0.39 | 0.06 | 0.05 | 0.03 | — | 1.03 | 0.75 | 0.57 | 0.56 |
| Net Debt / EBITDA | 1.37 | 1.37 | 1.63 | 0.27 | 0.53 | 1.12 | -1.57 | 7.71 | 10.22 | 6.50 | 2.16 |
| Debt / FCF | — | 3.48 | 22.91 | 1.52 | 1.84 | — | -2.88 | — | — | 11.43 | 8.34 |
| Interest Coverage | 2.68 | 2.68 | 6.23 | 9.66 | 5.48 | 12.14 | -0.89 | 0.17 | -0.48 | -0.09 | 4.77 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.67 | 1.67 | 1.48 | 1.65 | 1.58 | 1.83 | 2.76 | 0.82 | 1.80 | 1.75 | 1.88 |
| Quick Ratio | 1.67 | 1.67 | 1.48 | 1.65 | 1.58 | 1.83 | 2.76 | 0.82 | 1.80 | 1.75 | 1.88 |
| Cash Ratio | 0.62 | 0.62 | 0.26 | 0.56 | 0.71 | 0.78 | 1.67 | 0.20 | 1.03 | 1.12 | 1.15 |
| Asset Turnover | — | 0.44 | 0.38 | 0.47 | 0.27 | 0.41 | 0.23 | 0.16 | 0.12 | 0.12 | 0.23 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 74.26 | 104.97 | 82.99 | 129.83 | 95.67 | 71.66 | 78.21 | 83.10 | 65.90 | 51.28 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 4.5% | 7.1% | 5.8% | 1.4% | — | — | — | — | — | — | — |
| Payout Ratio | 147.8% | 147.8% | 62.0% | 20.5% | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.0% | 4.8% | 9.4% | 6.9% | 2.3% | 7.1% | — | — | — | — | — |
| FCF Yield | 6.1% | 9.6% | 1.7% | 2.4% | 1.4% | — | — | — | — | — | — |
| Buyback Yield | 0.3% | 0.4% | 7.7% | 1.4% | 1.1% | 0.0% | — | — | — | — | — |
| Total Shareholder Yield | 4.8% | 7.5% | 13.5% | 2.8% | 1.1% | 0.0% | — | — | — | — | — |
| Shares Outstanding | — | $160M | $152M | $145M | $199M | $199M | $251M | $249M | $247M | $245M | $243M |
Includes 30+ ratios · 24 years · Updated daily
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Quick answers to the most common questions about buying NE stock.
Noble Corporation Plc's current P/E ratio is 33.1x. The historical average is 20.9x. This places it at the 80th percentile of its historical range.
Noble Corporation Plc's current EV/EBITDA is 7.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.0x.
Noble Corporation Plc's return on equity (ROE) is 4.7%. The historical average is -0.5%.
Based on historical data, Noble Corporation Plc is trading at a P/E of 33.1x. This is at the 80th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Noble Corporation Plc's current dividend yield is 4.48% with a payout ratio of 147.8%.
Noble Corporation Plc has 19.7% gross margin and 15.7% operating margin. Operating margin between 10-20% is typical for established companies.
Noble Corporation Plc's Debt/EBITDA ratio is 1.8x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Brazil operational suspension
Metrics are mathematically derived from official filings.
Margin Volatility Masks Underlying Strength
Gross margin swung from 38.9% in Q1 2026 to 38.0% in Q2, but Q4 2025's 13.0% highlights instability, as per quarterly filings, suggesting cost pressures and operational disruptions are distorting true earning power.
The sequential drop in operating margin from 28.7% to 8.8% in Q2 2026, alongside a net margin of -5.1%, appears to be driven by the Brazil suspension and reactivation costs rather than a broad deterioration in pricing. However, the extreme volatility in gross margin—ranging from 13.0% to 38.9% over the past year—suggests that the company's high fixed-cost structure leaves it vulnerable to utilization dips and one-time charges. Investors should focus on normalized margins excluding non-recurring items, as the reported figures may understate the underlying profitability of the active fleet.
Return on Capital Remains Subdued
ROIC has hovered between 0.8% and 3.5% over the last ten quarters, as reported in financial statements, indicating that the company is generating returns barely above its cost of capital, reflecting the capital-intensive nature of the business.
Despite a strong balance sheet and a modern fleet, ROIC has not exceeded 3.5% in any quarter, which suggests that the current dayrate environment is insufficient to generate attractive returns on the substantial asset base. The slight improvement in Q1 2026 to 2.8% was reversed in Q2 to 0.8%, highlighting the fragility of returns in the face of operational disruptions. This implies that while the company is well-positioned for a cyclical upturn, it is not yet compounding capital at a rate that would justify a premium valuation.
Working Capital Efficiency Shows Strain
DSO rose to 81 days in Q2 2026 from 77 in Q1, while DPO increased to 64 days, as per balance sheet data, suggesting a slight deterioration in cash collection efficiency and a potential reliance on supplier financing.
The cash conversion cycle remains unavailable due to missing DIO data, but the widening gap between DSO and DPO—from 20 days in Q1 to 17 days in Q2—indicates that Noble is collecting receivables more slowly while extending payables, which may reflect customer payment delays or a shift in contract terms. Asset turnover has been stable at 0.10, which is typical for the industry but underscores the heavy capital base required to generate revenue. The efficiency metrics suggest that working capital management is not a source of competitive advantage, and any further deterioration could pressure cash flow.
Leverage Comfortable but Coverage Thin
Debt-to-equity remains low at 0.42, but interest coverage fell to 0.44 in Q2 2026 from 5.34 in Q1, as per financial statements, indicating that earnings are currently insufficient to cover interest expenses.
The balance sheet is a clear strength relative to peers like Transocean, with a D/E of 0.42 versus RIG's 0.70, but the sharp decline in interest coverage—from 5.34 to 0.44—reflects the impact of the Brazil suspension and lower operating income. While the low absolute debt level provides a cushion, the coverage ratio suggests that debt service is becoming less comfortable in the near term. Investors should monitor whether coverage recovers as the Brazil rigs return to service, as prolonged weakness could strain the company's financial flexibility.
Liquidity Buffer Thins but Remains Adequate
Current ratio eased to 1.91 in Q2 2026 from 1.99 in Q1, while cash dropped 31% to $456.2 million, as per balance sheet data, indicating a reduced but still sufficient short-term cushion.
The quick ratio equals the current ratio at 1.91, suggesting that inventory is not a significant component of current assets, which is typical for a service-based drilling company. However, the 31% sequential decline in cash, coupled with negative free cash flow of -$60.4 million in Q2, indicates that the company is drawing down its liquidity buffer to fund operations and capex. While the current ratio remains above 1.5, a prolonged disruption could erode this cushion, making it important to monitor cash generation in the coming quarters.
EV/EBITDA Misleads in Cyclical Downturn
EV/EBITDA of 7.29 appears attractive, but as reported in financial statements, EBITDA is depressed by the Brazil suspension and reactivation costs, making the multiple artificially low and obscuring the true earnings power.
The EV/EBITDA multiple is commonly used to value drilling companies, but it fails to account for the high capital expenditure required to maintain and reactivate rigs, which is not captured in EBITDA. In Q2 2026, EBITDA was likely depressed by the $43 million Brazil impact, inflating the multiple relative to normalized earnings. A more appropriate metric would be EV/EBITDAX (excluding exploration costs) or EV/EBITDAR (adding back rental costs), but even these fail to capture the full capital intensity. Investors should instead focus on EV/EBITDA adjusted for reactivation capex and compare it to the fleet's replacement value, as the current multiple may understate the cost of maintaining the asset base.