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Nabors Industries Ltd.

NBR Energy Oil & Gas Drilling

Nabors Industries Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $3.2 billion, up 8.20% from fiscal 2024.

Revenue
+6.16%
EPS
−106.8%
Free cash flow
+135.5%
Total debt
−13.9%

Quarter to September 2026, against a year earlier

73.39 1.97 +2.76%
Market cap
$1.1B
P/E
0.0×
Fwd P/E
−18.6×
Dividend yield
—
F-score
6/9
Altman Z
0.90
Beneish M
−3.00
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.50
Sold, $m 0.30
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — 1 — — — — — — — — —
Sell — — — — — — — — 1 — — —
Insider Ownership 1.68%

Capital & Financial Ratios $m

Size
Market Cap 1,080.00
Revenue ttm 3,284.83
Net income ttm 35.72
Free cash flow ttm 110.45
Net debt Q 1,547.61
Valuation
P/E 0.00
Forward P/E (18.60) (negative: loss-making)
Price / sales 0.32
Forward P/S Powerpack
Price / FCF 9.64
Price / book 1.07
Financial health
Current ratio Q 1.77 (at or above 1.5: strong)
Debt / equity Q 2.04 (above 2: weak)
Interest coverage Q 1.87
Growth
Revenue growth Q +6.16% (above 0%: growing)
Operating income growth Q −91.33% (below 0%: shrinking)
EPS, this year −118.07% (below 0%: weak)
EPS, next year A +254.84% (at or above 15%: strong)
Revenue, next year A +5.03%
EPS, past 5 yrs —
EPS, next 5 yrs A −21.15% (below 0%: weak)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.9×, against a ten-year median of 1.3×; over the ten years it ranged from 0.7× in 2025 to 3.9× in 2017.
P/S against its own 10 years 41.39%
10-year low 10-year high
P/B against its own 10 years 61.51%
10-year low 10-year high
EV/Sales against its own 10 years 2.75%
10-year low 10-year high
EV/FCF against its own 10 years 48.80%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—
Growth, 2017–25
−100.0%/yr
  1. 12.00 ’17
  2. 12.00 ’18 +0
  3. 2.00 ’19 −83
  4. 0.50 ’20 −75
  5. 0.00 ’21 −100
  6. 0.00 ’22
  7. 0.00 ’23
  8. 0.00 ’24
  9. 0.00 ’25
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,070 397 941 475
Receivables 348 388 392 512
Inventory 148 130 95 87
Other 80 84 124 131
1,646 1,000 1,552 1,205
2023 2024 2025 Q'26
Payables 294 321 300 370
ST’ Debt 630 — 377 —
Other — — — —
1,214 572 993 680

Compound Annual Growth %

10y 5y 3y
Sales (1.64%) 8.51% 6.37%
Cash Flow (2.09%) 14.66% 11.43%
Earnings 0.00% 0.00% 0.00%
Book Value (13.96%) (5.34%) 21.18%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate −0.36 Actual −1.24

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 −2.93 0.17 Beat by 3.10
Q1 FY26 −2.39 −1.54 Beat by 0.85
Q2 FY26 −1.54 −2.04 Miss by 0.50
Q3 FY26 −0.36 −1.24 Miss by 0.88
Q4 FY26 0.37 — Reports 10 February 2027

EPS $

Mar Jun Sep Dec Year
’26 (1.54) (2.04) (1.24) — —
’25 2.18 (2.71) 16.85 0.22 17.39
’24 (4.54) (4.29) (6.86) (6.67) (22.37)
’23 4.11 (0.31) (6.26) (3.60) (5.49)
’22 (22.51) (9.41) (1.80) (7.87) (40.52)
’21 (20.16) (26.59) (15.79) (14.60) (76.58)
’20 (56.73) (22.13) (23.42) (16.45) (118.69)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 786 817 876 — —
’25 743 839 826 805 3,212
’24 744 743 743 739 2,969
’23 789 779 744 738 3,050
’22 569 632 699 769 2,669
’21 462 489 524 544 2,019
’20 715 536 438 447 2,135
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 113 135 239 — —
’25 88 152 208 246 693
’24 107 182 144 149 581
’23 154 168 133 182 638
’22 41 121 139 200 501
’21 79 134 113 102 429
’20 59 143 46 102 350
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (52) 10 69 — —
’25 (77) (27) (2) 84 (23)
’24 3 54 16 (59) 14
’23 35 24 (10) 48 97
’22 (43) 44 28 99 128
’21 39 57 51 48 195
’20 0 95 0 59 154
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.8
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 2,007 2,565 3,048 3,054 2,135 2,019 2,669 3,050 2,969 3,212 3,285 +5.4% 3,374 3,681 3,832 +6.1%
Gross margin, % 33.02 33.03 35.14 36.82 37.58 36.26 37.57 41.30 41.31 40.41 38.38 +7.4 pt
EBT (1,198) (580) (519) (589) (706) (488) (246) 129 (31) 538 97 n/m
EBT margin, % (59.69) (22.61) (17.02) (19.29) (33.04) (24.17) (9.21) 4.23 (1.05) 16.73 2.95 +76.4 pt
Net income (1,030) (541) (613) (681) (763) (544) (307) 50 (88) 374 36 n/m
Per share, $
Per share, $ Revenue 362.98 457.05 455.76 434.24 302.52 265.50 299.93 332.98 322.63 243.49 226.49 (4.3%)
Earnings (182.00) (95.00) (99.50) (105.50) (118.69) (76.58) (40.52) (5.49) (22.37) 18.75 (4.56) n/m
Cash flow 96.19 11.18 48.71 97.35 49.55 56.38 56.31 69.64 63.19 52.55 50.56 (6.5%)
Capex (71.52) (102.34) (68.62) (60.83) (27.70) (30.77) (41.97) (59.05) (61.72) (54.27) (42.95) (3.0%)
Free cash flow 24.68 (91.16) (19.91) 36.52 21.85 25.61 14.35 10.59 1.47 (1.72) 7.62 n/m
Book value 588.62 523.56 411.23 291.55 178.04 94.53 60.33 59.18 45.78 72.40 68.44 (20.8%)
Shares, m 6 6 7 7 7 8 9 9 9 13 14 +10.1%
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2.99 0.00 0.3
P/S 2.32 0.75 0.22 0.33 0.19 0.31 0.47 0.24 0.18 0.22 0.32 0.5
P/B 1.43 0.66 0.24 0.49 0.33 0.86 2.35 1.37 1.25 0.75 1.07 1.0
EV/Sales 3.95 2.18 1.24 1.28 1.36 1.43 1.26 0.92 1.10 0.71 0.91 1.5
EV/FCF 58.12 (10.93) (28.34) 15.21 18.84 14.86 26.29 28.98 241.52 (100.09) 27.07 26.4
Cash, $m
Cash, $m Operating cash flow 532 63 326 685 350 429 501 638 581 693 733 +3.0%
Capex (395) (574) (459) (428) (196) (234) (373) (541) (568) (716) (623) +6.8%
Free cash flow 136 (512) (133) 257 154 195 128 97 14 (23) 110 n/m
Balance, $m
Balance, $m Working capital 334 528 761 592 616 977 404 432 428 559 525 +5.9%
Net debt 3,283 3,663 3,105 2,894 2,495 2,276 2,092 2,071 2,108 1,554 1,548 (8.0%)
Shareholders’ equity 3,255 2,939 2,750 2,050 1,257 719 537 542 421 955 993 (12.7%)
Returns, %
Returns, % ROA (11.62) (6.59) (8.04) (9.85) (13.38) (10.39) (6.83) (1.00) (4.21) 5.32 (1.41) +16.9 pt
ROIC (11.45) (5.49) (5.54) (7.45) (11.75) (10.18) (5.84) 3.09 (0.77) 13.39 2.38 +24.8 pt
ROE (27.28) (17.66) (22.97) (30.00) (49.61) (58.00) (55.79) (9.32) (42.73) 35.94 (6.76) +63.2 pt
People
People Employees 13,000 15,000 15,000 14,000 10,000 10,000 12,000 12,000 12,400 13,900 — +0.7%
Revenue/emp, $m 0.15 0.17 0.20 0.22 0.21 0.20 0.22 0.25 0.24 0.23 — +4.6%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 6 Nov 2026

Nabors Industries Ltd. vs peers in Oil & Gas Drilling (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
NE Noble Corporation PLC $6.4B 118× — (loss-making) −8.68% (below 0%: shrinking) n/m −116.84% (below 0%: shrinking) 35.71% 8.24% Compare
RIG Transocean Ltd. $5.7B 20.8× 22.1× −8.85% (below 0%: shrinking) n/m −49.44% (below 0%: shrinking) 100.00% 15.26% Compare
VAL Valaris Limited $5.4B 7.0× 30.5× −0.35% (below 0%: shrinking) −74.70% (below 0%: shrinking) −105.11% (below 0%: shrinking) 29.70% 13.70% Compare
PTEN Patterson-UTI Energy, Inc. $3.8B — (loss-making) — (loss-making) +14.14% (above 0%: growing) n/m +169.62% (above 0%: growing) 8.58% 4.71% Compare
HP Helmerich & Payne, Inc. $3.5B — (loss-making) — (loss-making) −0.58% (below 0%: shrinking) n/m +574.70% (above 0%: growing) 29.52% 18.19% Compare
SDRL Seadrill Limited $2.6B — (loss-making) 119× +17.91% (above 0%: growing) n/m +2,066.67% (above 0%: growing) 50.70% 10.28% Compare
NBR Nabors Industries Ltd. $1.1B — (loss-making) — (loss-making) +6.16% (above 0%: growing) n/m +135.53% (above 0%: growing) 38.77% 8.96%
BORR Borr Drilling Limited $962.6M — (loss-making) — (loss-making) −13.22% (below 0%: shrinking) n/m −323.94% (below 0%: shrinking) 24.62% 0.13% Compare
SOC Sable Offshore Corp. $349.2M — (loss-making) — — n/m +90.17% (above 0%: growing) 100.00% (48.78%) Compare
Median of peers $3.6B 20.8× 30.5× −0.58% — +20.36% 32.70% 9.26%

All 9 Oil & Gas Drilling stocks →

Pay and ownership Proxy statement filed 22 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 29.64m 32.95m 93.25
2024 12.15m 11.33m 98.18
2023 10.33m (1.88m) 140.19
2022 10.79m 30.12m 265.96
2021 9.98m 18.32m 139.26

Ownership

Directors and executive officers, together 5.32%
Adage Capital Management, L.P. 7.89%
BlackRock, Inc. 6.52%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

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stockrow.com/NBR · Data as of Nov 6, 2026 · For information only; not investment advice. · © 2026 stockrow.com