Seadrill Limited (SDRL) 10-Year Financial Performance & Capital Metrics

SDRL • • Industrial / General

EnergyOil & Gas DrillingOffshore Drilling ContractorsDeepwater & Harsh Environment Specialists

AboutSeadrill Limited provides offshore contract drilling services to the oil and gas industry worldwide. It operates in three segments: Harsh Environment, Floaters, and Jack-ups Rigs. The company owns and operates drillships, semi-submersible rigs, and jack-up rigs for operations in shallow and ultra-deep-water in benign and harsh environments. It offers operation support and management services to third parties, as well as related and non-related companies. As of April 8, 2022, the company owned a fleet of 21 offshore drilling units consisting of two harsh-environment rigs, two benign-environment semi-submersible rigs, six drill-ships, and 11 jack-up rigs. It serves oil super-majors, state-owned national oil companies, and independent oil and gas companies. Seadrill Limited was incorporated in 2005 and is headquartered in London, the United Kingdom.Show more

Revenue $1.39B -5.8%
EBITDA $580M +19.8%
Net Income $446M +48.7%
EPS (Diluted) 6.37 +57.3%
Gross Margin 21.16% -45.0%
EBITDA Margin 41.88% +27.2%
Operating Margin 29.75% +32.9%
Net Margin 32.2% +57.8%
ROE 15.12% +18.0%
ROIC 10.38% -2.5%
Debt/Equity 0.21 +3.6%
Interest Coverage 6.75 +21.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 85.8%
✓Share count reduced 4.1% through buybacks
✓Trading at only 0.9x book value

✗Weaknesses

✗Negative free cash flow
✗Low quality earnings: Net income not backed by cash flow

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-11.46%

5Y-0.04%

3Y15.15%

TTM-7.96%

Profit (Net Income) CAGR

10Y-19.64%

5Y-

3Y-

TTM-91.87%

EPS CAGR

10Y-2.33%

5Y-

3Y-

TTM-90.47%

ROCE

10Y Avg-12.57%

5Y Avg-26.59%

3Y Avg8.17%

Latest11.01%

Peer Comparison

Deepwater & Harsh Environment Specialists

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
NENoble Corporation Plc	5.24B	32.98	11.14	18.11%	6.57%	5%	1.53%	0.45
SDRLSeadrill Limited	2.19B	35.19	5.52	-5.78%	2.51%	1.19%		0.21
RIGTransocean Ltd.	4.78B	4.34	-7.23	24.44%	-75.71%	-36.31%	4.04%	0.70

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	4.11B	2.97B	2B	1.18B	1.39B	961M	907M	936M	1.47B	1.39B
Revenue Growth %	-0.12%	-0.28%	-0.33%	-0.41%	0.17%	-0.31%	-0.06%	0.03%	0.57%	-0.06%
Cost of Goods Sold+	1.61B	1.01B	792M	799M	1.63B	1.28B	945M	655M	905M	1.09B
COGS % of Revenue	0.39%	0.34%	0.4%	0.68%	1.17%	1.34%	1.04%	0.7%	0.62%	0.79%
Gross Profit+	2.5B	1.95B	1.21B	383M	-239M	-323M	-38M	281M	565M	293M
Gross Margin %	0.61%	0.66%	0.6%	0.32%	-0.17%	-0.34%	-0.04%	0.3%	0.38%	0.21%
Gross Profit Growth %	-0.09%	-0.22%	-0.38%	-0.68%	-1.62%	-0.35%	0.88%	8.39%	1.01%	-0.48%
Operating Expenses+	2.46B	1.5B	4.03B	277M	56M	4.16B	118M	209M	236M	-119M
OpEx % of Revenue	0.6%	0.5%	2.02%	0.23%	0.04%	4.33%	0.13%	0.22%	0.16%	-0.09%
Selling, General & Admin	249M	234M	277M	90M	95M	74M	67M	0	74M	107M
SG&A % of Revenue	0.06%	0.08%	0.14%	0.08%	0.07%	0.08%	0.07%	-	0.05%	0.08%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	0	-39M	4.08B	51M	209M	162M	-226M
Operating Income+	1.48B	936M	135M	-360M	-295M	-4.48B	-156M	72M	329M	412M
Operating Margin %	0.36%	0.32%	0.07%	-0.3%	-0.21%	-4.66%	-0.17%	0.08%	0.22%	0.3%
Operating Income Growth %	-0.15%	-0.37%	-0.86%	-3.67%	0.18%	-14.19%	0.97%	1.46%	3.57%	0.25%
EBITDA+	2.15B	1.68B	890M	304M	131M	-4.16B	-29M	224M	484M	580M
EBITDA Margin %	0.52%	0.57%	0.45%	0.26%	0.09%	-4.33%	-0.03%	0.24%	0.33%	0.42%
EBITDA Growth %	-0.07%	-0.22%	-0.47%	-0.66%	-0.57%	-32.77%	0.99%	8.72%	1.16%	0.2%
D&A (Non-Cash Add-back)	663M	745M	755M	664M	426M	319M	127M	152M	155M	168M
EBIT	1.48B	936M	135M	-360M	-339M	-4.03B	-463M	72M	339M	394M
Net Interest Income+	0	0	0	-240M	-386M	-390M	-108M	-91M	-24M	-36M
Interest Income	0	0	0	0	35M	8M	1M	0	35M	25M
Interest Expense	459M	414M	210M	240M	421M	398M	109M	91M	59M	61M
Other Income/Expense	-1.45B	-982M	-2.31B	-3.67B	-465M	50M	-416M	3.61B	-12M	-79M
Pretax Income+	-427M	44M	-3.04B	-4.45B	-760M	-4.43B	-572M	3.68B	317M	333M
Pretax Margin %	-0.1%	0.01%	-1.52%	-3.77%	-0.55%	-4.61%	-0.63%	3.93%	0.22%	0.24%
Income Tax+	208M	199M	66M	38M	-40M	-1M	0	12M	17M	-113M
Effective Tax Rate %	1.48%	-4.11%	0.98%	1.01%	1.6%	1.05%	1.03%	1.06%	0.95%	1.34%
Net Income+	-634M	-181M	-2.97B	-4.48B	-1.22B	-4.66B	-587M	3.91B	300M	446M
Net Margin %	-0.15%	-0.06%	-1.49%	-3.79%	-0.88%	-4.85%	-0.65%	4.17%	0.2%	0.32%
Net Income Growth %	-1.16%	0.71%	-15.43%	-0.51%	0.73%	-2.82%	0.87%	7.66%	-0.92%	0.49%
Net Income (Continuing)	-635M	-155M	-3.1B	-4.49B	-720M	-4.43B	-572M	3.67B	300M	446M
Discontinued Operations	0	0	0	0	-502M	-233M	-15M	241M	0	0
Minority Interest	615M	542M	399M	190M	151M	0	0	0	0	0
EPS (Diluted)+	-1.29	-0.36	-5.89	-14.87	-12.19	-46.59	-5.85	73.32	4.05	6.37
EPS Growth %	-1.16%	0.72%	-15.36%	-1.52%	0.18%	-2.82%	0.87%	13.53%	-0.94%	0.57%
EPS (Basic)	-1.29	-0.36	-5.89	-14.87	-12.19	-46.59	-5.85	73.32	4.23	6.56
Diluted Shares Outstanding	493M	501M	505M	301.45M	100M	100M	100M	50M	74M	71M
Basic Shares Outstanding	491.47M	501M	504.75M	301.45M	100M	100M	100M	50M	71M	68M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	2.94B	2.89B	2.25B	2.77B	1.77B	1.06B	1.98B	857M	1.16B	928M
Cash & Short-Term Investments	1.14B	1.48B	1.38B	1.6B	1.09B	491M	293M	480M	697M	478M
Cash Only	1.04B	1.37B	1.25B	1.54B	1.09B	491M	293M	480M	697M	478M
Short-Term Investments	96M	110M	124M	57M	0	0	0	0	0	0
Accounts Receivable	766M	483M	519M	386M	288M	210M	186M	164M	298M	248M
Days Sales Outstanding	68.09	59.38	94.76	119.2	75.73	79.76	74.85	63.95	73.99	65.36
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	994M	904M	354M	782M	398M	361M	1.5B	213M	109M	145M
Total Non-Current Assets+	20.5B	18.78B	15.73B	8.08B	7.51B	2.9B	1.92B	1.94B	3.06B	3.23B
Property, Plant & Equipment	16.45B	15.85B	13.49B	6.69B	6.42B	2.14B	1.44B	1.68B	2.87B	2.96B
Fixed Asset Turnover	0.25x	0.19x	0.15x	0.18x	0.22x	0.45x	0.63x	0.56x	0.51x	0.47x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	2.59B	2.17B	1.47B	800M	24M	24M	27M	84M	90M	68M
Other Non-Current Assets	1.45B	764M	764M	593M	1.05B	727M	437M	167M	52M	135M
Total Assets+	23.44B	21.67B	17.98B	10.85B	9.28B	3.96B	3.9B	2.8B	4.22B	4.16B
Asset Turnover	0.18x	0.14x	0.11x	0.11x	0.15x	0.24x	0.23x	0.33x	0.35x	0.33x
Asset Growth %	-0.11%	-0.08%	-0.17%	-0.4%	-0.14%	-0.57%	-0.02%	-0.28%	0.51%	-0.01%
Total Current Liabilities+	3.34B	4.72B	859M	464M	770M	6.54B	1.37B	404M	389M	501M
Accounts Payable	141M	93M	82M	121M	86M	45M	53M	76M	53M	118M
Days Payables Outstanding	31.97	33.44	37.79	55.28	19.29	12.79	20.47	42.35	21.38	39.44
Short-Term Debt	1.78B	3.43B	509M	33M	343M	5.66B	0	22M	0	0
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	1000K	1000K
Other Current Liabilities	1.18B	1.01B	268M	310M	322M	831M	1.32B	306M	80M	52M
Current Ratio	0.88x	0.61x	2.62x	5.96x	2.30x	0.16x	1.44x	2.12x	2.98x	1.85x
Quick Ratio	0.88x	0.61x	2.62x	5.96x	2.30x	0.16x	1.44x	2.12x	2.98x	1.85x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	10.03B	6.88B	10.16B	7.31B	6.72B	556M	6.24B	695M	846M	737M
Long-Term Debt	9.49B	6.65B	8.5B	7.1B	6.04B	426M	908M	496M	608M	610M
Capital Lease Obligations	0	0	0	0	0	0	0	0	2M	8M
Deferred Tax Liabilities	0	0	0	87M	12M	10M	9M	9M	9M	11M
Other Non-Current Liabilities	535M	230M	1.66B	208M	661M	120M	5.32B	190M	194M	60M
Total Liabilities	13.37B	11.6B	11.02B	7.78B	7.49B	7.1B	7.61B	1.1B	1.24B	1.24B
Total Debt+	11.27B	10.08B	9.01B	7.14B	6.39B	6.09B	908M	518M	610M	618M
Net Debt	10.23B	8.71B	7.76B	5.59B	5.3B	5.6B	615M	38M	-87M	140M
Debt / Equity	1.12x	1.00x	1.30x	2.32x	3.56x	-	-	0.30x	0.20x	0.21x
Debt / EBITDA	5.26x	6.00x	10.13x	23.47x	48.75x	-	-	2.31x	1.26x	1.07x
Net Debt / EBITDA	4.77x	5.18x	8.72x	18.40x	40.45x	-	-	0.17x	-0.18x	0.24x
Interest Coverage	3.23x	2.26x	0.64x	-1.50x	-0.70x	-11.26x	-1.43x	0.79x	5.58x	6.75x
Total Equity+	10.07B	10.06B	6.96B	3.07B	1.79B	-3.14B	-3.72B	1.7B	2.98B	2.92B
Equity Growth %	-0.03%	-0%	-0.31%	-0.56%	-0.42%	-2.75%	-0.18%	1.46%	0.75%	-0.02%
Book Value per Share	20.42	20.09	13.78	10.19	17.93	-31.40	-37.16	34.04	40.31	41.10
Total Shareholders' Equity	9.45B	9.52B	6.56B	2.88B	1.64B	-3.14B	-3.72B	1.7B	2.98B	2.92B
Common Stock	986M	1.02B	1.02B	10M	10M	10M	10M	0	1M	1M
Retained Earnings	3.38B	3.2B	225M	-611M	-1.85B	-6.63B	-7.21B	201M	501M	947M
Treasury Stock	-1M	-9M	-9M	0	0	0	0	0	0	0
Accumulated OCI	-142M	53M	58M	-7M	-13M	-26M	-15M	2M	1M	1M
Minority Interest	615M	542M	399M	190M	151M	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	1.79B	1.18B	399M	-239M	-256M	-420M	-154M	9M	287M	88M
Operating CF Margin %	0.44%	0.4%	0.2%	-0.2%	-0.18%	-0.44%	-0.17%	0.01%	0.2%	0.06%
Operating CF Growth %	0.14%	-0.34%	-0.66%	-1.6%	-0.07%	-0.64%	0.63%	1.06%	30.89%	-0.69%
Net Income	-634M	-181M	-2.97B	-4.48B	-753M	-4.45B	-577M	3.67B	300M	446M
Depreciation & Amortization	663M	745M	755M	664M	426M	319M	127M	152M	155M	168M
Stock-Based Compensation	7M	8M	7M	3M	0	0	0	0	0	17M
Deferred Taxes	-274M	-264M	-174M	-22M	-61M	-7M	-3M	-7M	-13M	-13M
Other Non-Cash Items	1.63B	395M	2.58B	3.48B	118M	3.76B	297M	-3.71B	-41M	-477M
Working Capital Changes	119M	217M	33M	95M	14M	-41M	2M	-90M	-114M	-53M
Change in Receivables	267M	256M	167M	93M	27M	-54M	-47M	-2M	-6.23M	38M
Change in Inventory	0	0	0	-158M	0	0	0	0	0	0
Change in Payables	0	0	0	-9M	4M	-37M	15M	23M	-35.28M	65M
Cash from Investing+	-190M	354M	358M	210M	-26M	-32M	37M	343M	42M	226M
Capital Expenditures	-935M	-136M	-92M	-76M	-48M	-27M	-29M	-149M	-101M	-157M
CapEx % of Revenue	0.23%	0.05%	0.05%	0.06%	0.03%	0.03%	0.03%	0.16%	0.07%	0.11%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	745M	490M	450M	286M	47M	28M	66M	489M	98M	383M
Cash from Financing+	-1.37B	-1.41B	-846M	679M	-367M	-163M	0	-363M	-200M	-532M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-30M	-38M	-53M	161M	-333M	-127M	0	36M	-35M	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	853M	1.05B	307M	-315M	-304M	-447M	-183M	-140M	186M	-69M
FCF Margin %	0.21%	0.35%	0.15%	-0.27%	-0.22%	-0.47%	-0.2%	-0.15%	0.13%	-0.05%
FCF Growth %	1.66%	0.23%	-0.71%	-2.03%	0.03%	-0.47%	0.59%	0.23%	2.33%	-1.37%
FCF per Share	1.73	2.09	0.61	-1.04	-3.04	-4.47	-1.83	-2.80	2.51	-0.97
FCF Conversion (FCF/Net Income)	-2.82x	-6.54x	-0.13x	0.05x	0.21x	0.09x	0.26x	0.00x	0.96x	0.20x
Interest Paid	0	0	0	0	0	174M	0	0	36M	54M
Taxes Paid	0	0	0	0	0	10M	3M	0	24M	17M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-6.2%	-1.8%	-34.93%	-89.37%	-50.1%	-	-	229.55%	12.81%	15.12%
Return on Invested Capital (ROIC)	5.17%	3.59%	0.6%	-2.31%	-2.81%	-70.39%	-	3.1%	10.64%	10.38%
Gross Margin	60.79%	65.81%	60.38%	32.4%	-17.22%	-33.61%	-4.19%	30.02%	38.44%	21.16%
Net Margin	-15.44%	-6.1%	-148.72%	-379.27%	-87.82%	-484.81%	-64.72%	417.41%	20.41%	32.2%
Debt / Equity	1.12x	1.00x	1.30x	2.32x	3.56x	-	-	0.30x	0.20x	0.21x
Interest Coverage	3.23x	2.26x	0.64x	-1.50x	-0.70x	-11.26x	-1.43x	0.79x	5.58x	6.75x
FCF Conversion	-2.82x	-6.54x	-0.13x	0.05x	0.21x	0.09x	0.26x	0.00x	0.96x	0.20x
Revenue Growth	-12.21%	-27.69%	-32.67%	-40.87%	17.43%	-30.76%	-5.62%	3.2%	57.05%	-5.78%

Revenue by Segment

	2019	2020	2021	2023	2024
Reimbursable	264M	37M	35M	32M	70M
Reimbursable Growth	-	-85.98%	-5.41%	-8.57%	118.75%
Product and Service, Other	109M	30M	32M	45M	5M
Product and Service, Other Growth	-	-72.48%	6.67%	40.63%	-88.89%

Revenue by Geography

	2019	2020	2021	2023	2024
UNITED STATES	74M	107M	105M	446M	366M
UNITED STATES Growth	-	44.59%	-1.87%	324.76%	-17.94%
BRAZIL	137M	51M	121M	343M	343M
BRAZIL Growth	-	-62.77%	137.25%	183.47%	0.00%
ANGOLA	215M	89M	125M	271M	335M
ANGOLA Growth	-	-58.60%	40.45%	116.80%	23.62%
NORWAY	469M	480M	486M	213M	188M
NORWAY Growth	-	2.35%	1.25%	-56.17%	-11.74%
Other Geographic	165M	234M	71M	229M	153M
Other Geographic Growth	-	41.82%	-69.66%	222.54%	-33.19%
NIGERIA	198M	-	-	-	-
NIGERIA Growth	-	-	-	-	-
SAUDI ARABIA	130M	-	-	-	-
SAUDI ARABIA Growth	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Seadrill Limited (SDRL) has a price-to-earnings (P/E) ratio of 5.5x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Seadrill Limited (SDRL) reported $1.35B in revenue for fiscal year 2024. This represents a 69% decrease from $4.31B in 2012.

Seadrill Limited (SDRL) saw revenue decline by 5.8% over the past year.

Yes, Seadrill Limited (SDRL) is profitable, generating $34.0M in net income for fiscal year 2024 (32.2% net margin).

Dividend & Returns

Seadrill Limited (SDRL) has a return on equity (ROE) of 15.1%. This is reasonable for most industries.

Seadrill Limited (SDRL) had negative free cash flow of $38.0M in fiscal year 2024, likely due to heavy capital investments.

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