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Noble Corporation PLC (NE) vs Sable Offshore Corp. (SOC)

Noble Corporation PLC and Sable Offshore Corp. are both Oil & Gas Drilling companies. Noble Corporation PLC is the larger, with a market value of $6.9B against $637.0M — 10.8× the size. Sable Offshore Corp. has negative trailing earnings, so its P/E is not meaningful; Noble Corporation PLC trades at 46.4×. Noble Corporation PLC has the higher net margin (4.88% vs 0.00%) and the higher return on invested capital (3.68% vs −18.9%). Across the 13 metrics below, Noble Corporation PLC leads on 10 and Sable Offshore Corp. on 3.

Valuation

Metric NE SOC Oil & Gas Drilling median
P/E 46.40 n/m —
P/S 2.29 n/m 1.45
P/B 1.57 1.29 1.40
Price to free cash flow 11.32 n/m 16.15
EV/EBITDA 9.21 n/m 8.53
EV/Sales 2.76 n/m 2.37
Earnings yield 2.16% (99.10%) (2.00%)
Free cash flow yield 8.83% (109.66%) 3.55%

Profitability

Metric NE SOC Oil & Gas Drilling median
Gross margin 39.78% — 39.29%
Operating margin 11.37% 0.00% 7.77%
Net margin 4.88% 0.00% 0.00%
Free cash flow margin 20.25% 0.00% 4.46%
Return on equity 3.28% (103.21%) (2.78%)
Return on assets 2.01% (24.55%) (1.64%)
Return on invested capital 3.68% (18.87%) 2.29%

Growth

Metric NE SOC Oil & Gas Drilling median
Revenue growth (TTM) (11.10%) — 4.14%
EPS growth (last fiscal year) (54.39%) 55.47% (46.88%)
Revenue growth, 5-year CAGR 27.79% — 13.40%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric NE SOC Oil & Gas Drilling median
Debt to equity 0.42 2.45 0.61
Current ratio 1.91 0.24 1.89
Net debt to EBITDA 1.52 (2.10) 0.90

Dividend

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

Size

Metric NE SOC Oil & Gas Drilling median
Market cap 6.85b 637.01m 3.77b

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