Noble Corporation PLC
Noble Corporation PLC’s revenue for fiscal 2025 (year ended December 2025) was $3.3 billion, up 7.45% from fiscal 2024. In the quarter to June 2026, revenue fell 15.2%, EPS fell 185.2%, free cash flow fell 152.1% and total debt fell 4.53%, each against the same quarter a year earlier. Dividend growth for three consecutive years, revenue growth for three, operating cash flow growth for three.
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Noble Corporation PLC (NE) Beneish M-score
Noble Corporation PLC's Beneish M-score for fiscal 2025 is −2.85; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.85 | (0.45) |
| FY2024 | −2.40 | (0.38) |
| FY2023 | −2.02 | (0.24) |
| FY2022 | −1.78 | (0.85) |
| FY2021 | −0.93 | 6.09 |
| FY2020 | −7.02 | (3.95) |
| FY2019 | −3.07 | 0.57 |
| FY2018 | −3.63 | (1.13) |
| FY2017 | −2.50 | 0.94 |
| FY2016 | −3.44 | (0.21) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.73 | — | 0.67 | |
| Gross margin index | 1.07 | — | 0.57 | |
| Asset quality index | 1.67 | — | 0.68 | |
| Sales growth index | 1.07 | — | 0.96 | |
| Depreciation index | 0.60 | — | 0.07 | |
| SG&A index | 1.02 | — | −0.18 | |
| Total accruals to total assets | (0.10) | — | −0.46 | |
| Leverage index | 0.99 | — | −0.32 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.85 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| RIG Transocean Ltd. compare | −3.6× |
| PTEN Patterson-UTI Energy, Inc. compare | −3.3× |
| NBR Nabors Industries Ltd. compare | −3.0× |
| NE Noble Corporation PLC | −2.9× |
| SDRL Seadrill Limited compare | −2.6× |
| BORR Borr Drilling Limited compare | −2.5× |
| HP Helmerich & Payne, Inc. compare | −2.4× |
| VAL Valaris Limited compare | −2.2× |
| SOC Sable Offshore Corp. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI