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 $6.9B against $1.4B — 4.9× the size. Borr Drilling Limited has negative trailing earnings, so its P/E is not meaningful; Noble Corporation PLC trades at 46.4×. Borr Drilling Limited grew revenue faster over the last twelve months: 2.71% against −11.1%. Noble Corporation PLC has the higher net margin (4.88% vs −24.0%) and the lower return on invested capital (3.68% vs 4.11%). Only Noble Corporation PLC pays a dividend (4.54%). 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 46.40 —
P/S 1.37 2.29 1.45
P/B 1.45 1.57 1.40
Price to free cash flow n/m 11.32 16.15
EV/EBITDA 9.94 9.21 8.53
EV/Sales 3.73 2.76 2.37
Earnings yield (17.18%) 2.16% (2.00%)
Free cash flow yield (7.74%) 8.83% 3.55%

Profitability

Metric BORR NE Oil & Gas Drilling median
Gross margin 42.08% 39.78% 39.29%
Operating margin 20.84% 11.37% 7.77%
Net margin (23.98%) 4.88% 0.00%
Free cash flow margin (10.63%) 20.25% 4.46%
Return on equity (24.68%) 3.28% (2.78%)
Return on assets (6.91%) 2.01% (1.64%)
Return on invested capital 4.11% 3.68% 2.29%

Growth

Metric BORR NE Oil & Gas Drilling median
Revenue growth (TTM) 2.71% (11.10%) 4.14%
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 0.42 0.61
Current ratio 2.53 1.91 1.89
Net debt to EBITDA 3.67 1.52 0.90

Dividend

Metric BORR NE Oil & Gas Drilling median
Dividend yield 0.00% 4.54% —
Payout ratio — 2.15 —

Size

Metric BORR NE Oil & Gas Drilling median
Market cap 1.40b 6.85b 3.77b

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