The company maintains a conservative capital structure with a debt-to-equity ratio of 0.22 as of 2026Q1, though liquidity is tightening as cash reserves fell from $835 million in 2024Q2 to $304 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 |
|---|
| Total Current Assets | 811M | 758M | 928M | 1.16B | 857M | 1.98B | 1.06B | 1.77B | 2.77B | 2.25B | 2.89B | 2.94B | 3.3B | 2.83B | 2.35B |
| Cash & Short-Term Investments | 304M | 339M | 478M | 697M | 480M | 293M | 491M | 1.09B | 1.6B | 1.38B | 1.48B | 1.14B | 1.26B | 1.16B | 651M |
| Cash Only | 304M | 339M | 478M | 697M | 480M | 293M | 491M | 1.09B | 1.54B | 1.25B | 1.37B | 1.04B | 831M | 744M | 318M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 57M | 124M | 110M | 96M | 426M | 416M | 333M |
| Accounts Receivable | 214M | 162M | 248M | 298M | 164M | 186M | 210M | 288M | 386M | 519M | 483M | 766M | 1.1B | 1.14B | 981M |
| Days Sales Outstanding | 53.02 | 41.15 | 65.36 | 73.99 | 63.95 | 74.85 | 79.76 | 75.73 | 119.2 | 94.76 | 59.38 | 68.09 | 85.53 | 84.54 | 83.08 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 293M | 257M | 145M | 109M | 213M | 1.5B | 361M | 398M | 782M | 354M | 904M | 994M | 917M | 487M | 722M |
| Total Non-Current Assets | 3.18B | 3.19B | 3.23B | 3.06B | 1.94B | 1.92B | 2.9B | 7.51B | 8.08B | 15.73B | 18.78B | 20.5B | 23B | 23.47B | 16.64B |
| Property, Plant & Equipment | 0 | 0 | 2.96B | 2.87B | 1.68B | 1.44B | 2.14B | 6.42B | 6.69B | 13.49B | 15.85B | 16.45B | 17.22B | 20.66B | 14.82B |
| Fixed Asset Turnover | 0.97x | - | 0.47x | 0.51x | 0.56x | 0.63x | 0.45x | 0.22x | 0.18x | 0.15x | 0.19x | 0.25x | 0.27x | 0.24x | 0.29x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 604M | 1.2B | 1.32B |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 153M | 0 | 68M | 90M | 84M | 27M | 24M | 24M | 800M | 1.47B | 2.17B | 2.59B | 2.9B | 140M | 509M |
| Other Non-Current Assets | 3.15B | 3.15B | 135M | 52M | 167M | 437M | 727M | 1.05B | 593M | 764M | 764M | 1.45B | 2.27B | 1.47B | -16.64B |
| Total Assets | 3.99B | 3.95B | 4.16B | 4.22B | 2.8B | 3.9B | 3.96B | 9.28B | 10.85B | 17.98B | 21.67B | 23.44B | 26.3B | 26.3B | 19.63B |
| Asset Turnover | 0.36x | 0.36x | 0.33x | 0.35x | 0.33x | 0.23x | 0.24x | 0.15x | 0.11x | 0.11x | 0.14x | 0.18x | 0.18x | 0.19x | 0.22x |
| Asset Growth % | -14.11% | -5.03% | -1.47% | 50.59% | -28.12% | -1.62% | -57.31% | -14.46% | -39.67% | -17% | -7.56% | -10.87% | -0.01% | 33.97% | - |
| Total Current Liabilities | 417M | 374M | 501M | 389M | 404M | 1.37B | 6.54B | 770M | 464M | 859M | 4.72B | 3.34B | 4.53B | 3.83B | 3.61B |
| Accounts Payable | 80M | 61M | 118M | 53M | 76M | 53M | 45M | 86M | 121M | 82M | 93M | 141M | 84M | 90M | 72M |
| Days Payables Outstanding | 21.59 | 17.61 | 39.44 | 21.38 | 42.35 | 20.47 | 12.79 | 19.29 | 55.28 | 37.79 | 33.44 | 31.97 | 15.82 | 16.62 | 15.87 |
| Short-Term Debt | 0 | 0 | 0 | 0 | 22M | 0 | 5.66B | 343M | 33M | 509M | 3.43B | 1.78B | 2.61B | 1.76B | 0 |
| Deferred Revenue (Current) | 135M | 0 | 63M | 31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 337M | 313M | 52M | 80M | 306M | 1.32B | 831M | 322M | 310M | 268M | 1.01B | 1.18B | 1.47B | 1.45B | 3.54B |
| Current Ratio | 1.94x | 2.03x | 1.85x | 2.98x | 2.12x | 1.44x | 0.16x | 2.30x | 5.96x | 2.62x | 0.61x | 0.88x | 0.73x | 0.74x | 0.65x |
| Quick Ratio | 1.94x | 2.03x | 1.85x | 2.98x | 2.12x | 1.44x | 0.16x | 2.30x | 5.96x | 2.62x | 0.61x | 0.88x | 0.73x | 0.74x | 0.65x |
| Cash Conversion Cycle | 31.44 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 724M | 715M | 737M | 846M | 695M | 6.24B | 556M | 6.72B | 7.31B | 10.16B | 6.88B | 10.03B | 11.38B | 14.27B | 9.63B |
| Long-Term Debt | 614M | 613M | 610M | 608M | 496M | 908M | 426M | 6.04B | 7.1B | 8.5B | 6.65B | 9.49B | 10.56B | 13.32B | 9.63B |
| Capital Lease Obligations | 24M | 0 | 8M | 2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 56M | 14M | 11M | 9M | 9M | 9M | 10M | 12M | 87M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 94M | 88M | 60M | 194M | 190M | 5.32B | 120M | 661M | 208M | 1.66B | 230M | 535M | 813M | 956M | -9.63B |
| Total Liabilities | 1.14B | 1.09B | 1.24B | 1.24B | 1.1B | 7.61B | 7.1B | 7.49B | 7.78B | 11.02B | 11.6B | 13.37B | 15.91B | 18.1B | 13.61B |
| Total Debt | 614M | 613M | 618M | 610M | 518M | 908M | 6.09B | 6.39B | 7.14B | 9.01B | 10.08B | 11.27B | 13.17B | 15.08B | 0 |
| Net Debt | 310M | 274M | 140M | -87M | 38M | 615M | 5.6B | 5.3B | 5.59B | 7.76B | 8.71B | 10.23B | 12.34B | 14.33B | -318M |
| Debt / Equity | 0.22x | 0.21x | 0.21x | 0.20x | 0.30x | - | - | 3.56x | 2.32x | 1.30x | 1.00x | 1.12x | 1.27x | 1.84x | - |
| Debt / EBITDA | 1.86x | 1.99x | 1.07x | 1.26x | 2.31x | - | - | 48.75x | 23.47x | 10.13x | 6.00x | 5.26x | 5.70x | 5.76x | - |
| Net Debt / EBITDA | 0.94x | 0.89x | 0.24x | -0.18x | 0.17x | - | - | 40.45x | 18.40x | 8.72x | 5.18x | 4.77x | 5.34x | 5.48x | -0.13x |
| Interest Coverage | 0.51x | 0.16x | 6.46x | 5.75x | 0.79x | -4.25x | -10.13x | -0.81x | -1.50x | 0.64x | 2.26x | 3.23x | 2.29x | 6.85x | 5.56x |
| Total Equity | 2.85B | 2.86B | 2.92B | 2.98B | 1.7B | -3.72B | -3.14B | 1.79B | 3.07B | 6.96B | 10.06B | 10.07B | 10.39B | 8.2B | 6.02B |
| Equity Growth % | -11.81% | -2.06% | -2.18% | 75.26% | 145.8% | -18.34% | -275.13% | -41.65% | -55.84% | -30.85% | -0.05% | -3.1% | 26.68% | 36.16% | - |
| Book Value per Share | 45.91 | 46.02 | 41.10 | 40.31 | 34.04 | -37.16 | -31.40 | 17.93 | 10.19 | 13.78 | 20.09 | 20.42 | 21.08 | 16.67 | 12.29 |
| Total Shareholders' Equity | 2.85B | 2.86B | 2.92B | 2.98B | 1.7B | -3.72B | -3.14B | 1.64B | 2.88B | 6.56B | 9.52B | 9.45B | 9.76B | 7.51B | 5.5B |
| Common Stock | 1M | 1M | 1M | 1M | 0 | 10M | 10M | 10M | 10M | 1.02B | 1.02B | 986M | 986M | 939M | 938M |
| Retained Earnings | 863M | 870M | 947M | 501M | 201M | -7.21B | -6.63B | -1.85B | -611M | 225M | 3.2B | 3.38B | 4.01B | 1.45B | 83M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -9M | -9M | -1M | -1M | -1M | 0 |
| Accumulated OCI | 1M | 1M | 1M | 1M | 2M | -15M | -26M | -13M | -7M | 58M | 53M | -142M | -448M | 528M | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 151M | 190M | 399M | 542M | 615M | 626M | 690M | 521M |
Inconsistent cash conversion cycles
According to the provided quarterly financial data, Seadrill has maintained a remarkably stable equity base of approximately $2.9 billion since 2024Q1, suggesting that the company's post-restructuring balance sheet has successfully avoided further dilution despite the ongoing operational challenges inherent in the offshore drilling sector.
The consistency in total equity indicates that management has prioritized balance sheet preservation over aggressive expansion or further capital restructuring. This stability provides a foundation for operational resilience, though it remains to be seen if this capital base can be leveraged effectively to drive future earnings growth.
As reported in financial statements, Seadrill maintains a lean debt-to-equity ratio of 0.22 as of 2026Q1, which represents a significant departure from the highly levered capital structures that historically plagued the offshore drilling industry and constrained the company's ability to navigate cyclical downturns.
This low leverage profile suggests that the company is well-positioned to withstand periods of low dayrates without the immediate threat of insolvency. Investors should monitor whether this conservative stance is maintained as the company seeks to modernize its fleet or pursue strategic growth opportunities.
Based on the reported figures, Seadrill's cash position has declined from a peak of $835 million in 2024Q2 to $304 million by 2026Q1, indicating a tightening liquidity buffer that warrants close observation as the company continues to fund its capital-intensive rig maintenance and reactivation requirements.
While the current ratio of 1.94 remains adequate, the consistent erosion of cash reserves suggests that the company is consuming liquidity faster than it is generating it from operations. This trend may limit the company's ability to respond to unexpected operational disruptions or sudden market shifts.
Data from recent filings reveals that the company's net PPE has remained stagnant at $3.0 billion for several quarters, which may mask the true economic depreciation of its fleet and the potential for future impairment charges if market dayrates fail to support current asset carrying values.
The lack of movement in net PPE suggests that capital expenditures are barely offsetting depreciation, which may imply a strategy of maintaining existing assets rather than fleet renewal. This reliance on legacy assets could create a competitive disadvantage if the market shifts toward newer, more efficient drilling technologies.
Quick answers to the most common questions about buying SDRL stock.
As of 2025, Seadrill Limited (SDRL) had total assets of $3.95B including $758.0M in current assets.
Seadrill Limited (SDRL) carries total debt of $613.0M, offset by $339.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Seadrill Limited (SDRL) has total shareholders' equity (book value) of $2.86B ($46.02 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Seadrill Limited (SDRL) reported a current ratio of 2.03x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.