Seadrill Limited
SDRL Energy Oil & Gas Drilling
Seadrill Limited’s revenue for fiscal 2025 (year ended December 2025) was $1.4 billion, up 3.75% from fiscal 2024. In the quarter to June 2026, revenue grew 19.1%, EPS grew 169.1%, free cash flow fell 258.3% and total debt rose 20.4%, each against the same quarter a year earlier.
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Seadrill Limited (SDRL) Beneish M-score
Seadrill Limited's Beneish M-score for fiscal 2025 is −2.61; 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 | −2.61 | (0.28) |
| FY2024 | −2.32 | (0.33) |
| FY2023 | −1.99 | (5.83) |
| FY2022 | 3.84 | 6.90 |
| FY2021 | −3.07 | 4.99 |
| FY2020 | −8.06 | (5.01) |
| FY2019 | −3.05 | 1.20 |
| FY2018 | −4.25 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.81 | — | 0.74 | |
| Gross margin index | 1.04 | — | 0.55 | |
| Asset quality index | 1.04 | — | 0.42 | |
| Sales growth index | 1.04 | — | 0.93 | |
| Depreciation index | 1.00 | — | 0.12 | |
| SG&A index | 0.93 | — | −0.16 | |
| Total accruals to total assets | (0.01) | — | −0.06 | |
| Leverage index | 0.94 | — | −0.31 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.61 | ||
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 compare | −2.9× |
| SDRL Seadrill Limited | −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