Borr Drilling Limited (BORR) vs Noble Corporation PLC (NE)

Borr Drilling Limited and Noble Corporation PLC are both Oil & Gas Drilling companies. Noble Corporation PLC is the larger, with a market value of $6.4B against $962.6M — 6.6× the size. Borr Drilling Limited has negative trailing earnings, so its P/E is not meaningful; Noble Corporation PLC trades at 116×. Borr Drilling Limited grew revenue faster over the last twelve months: 2.71% against −13.1%. Noble Corporation PLC has the higher net margin (1.79% vs −24.0%) and the lower return on invested capital (3.84% vs 4.11%). Only Noble Corporation PLC pays a dividend (4.97%). Across the 20 metrics below, Noble Corporation PLC leads on 12 and Borr Drilling Limited on 8.

Valuation

Metric BORR NE Oil & Gas Drilling median
P/E n/m 116.05 —
P/S 0.96 2.14 1.19
P/B 1.01 1.50 1.24
Price to free cash flow n/m 17.95 14.65
EV/EBITDA 8.83 8.63 6.73
EV/Sales 3.31 2.67 2.12
Earnings yield (24.61%) 0.86% (0.70%)
Free cash flow yield (11.08%) 5.57% 3.79%

Profitability

Metric BORR NE Oil & Gas Drilling median
Gross margin 42.08% 38.77% 33.60%
Operating margin 20.84% 11.95% 8.58%
Net margin (23.98%) 1.79% (0.52%)
Free cash flow margin (10.63%) 11.95% 6.98%
Return on equity (24.68%) 1.22% (0.79%)
Return on assets (6.91%) 0.73% (0.45%)
Return on invested capital 4.11% 3.84% 2.81%

Growth

Metric BORR NE Oil & Gas Drilling median
Revenue growth (TTM) 2.71% (13.05%) 3.33%
EPS growth (last fiscal year) (46.88%) (54.39%) (46.88%)
Revenue growth, 5-year CAGR 27.12% 27.79% 13.40%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric BORR NE Oil & Gas Drilling median
Debt to equity 2.58 0.44 0.59
Current ratio 2.53 1.76 1.76
Net debt to EBITDA 3.67 1.52 0.90

Dividend

Metric BORR NE Oil & Gas Drilling median
Dividend yield 0.00% 4.97% —
Payout ratio — 6.12 —

Size

Metric BORR NE Oil & Gas Drilling median
Market cap 962.56m 6.37b 3.61b

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