Noble Corp plc financial statements

Income statement, balance sheet and cash flow statement for the last 5 fiscal years, taken from the XBRL data Noble Corp plc files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2020	FY2022	FY2023	FY2024	FY2025
Revenue	964	1,414	2,589	3,058	3,286
General and administrative	121	82.2	128	140	133
Operating income	-4,077	229	575	604	416
Interest expense	165	42.7	59.1	94.2	162
Pre-tax income	-4,239	192	512	492	273
Income tax	-260	22.6	30.3	44	56.4
Net income	-3,978	169	482	448	217
EPS, basic	-15.86	1.99	3.48	3.01	1.36
EPS, diluted	-15.86	1.73	3.32	2.96	1.35
Shares, basic (weighted)	251	85.1	138	149	159
Shares, diluted (weighted)	251	97.6	145	152	160
Dividend per share			0.70	1.80	2.00

Balance sheet

	FY2020	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	365	476	361	247	471
Receivables		469	549	797	590
Other current assets		72.7	112	288	132
Total current assets		1,052	1,062	1,389	1,272
Property, plant and equipment		3,981	4,124	6,036	5,403
Lease right-of-use assets		34.6	24.5	79	60
Goodwill		26	0
Intangible assets		34.4	10.1	0.21
Other non-current assets		141	311	540	855
Total assets		5,235	5,507	7,965	7,530
Accounts payable		291	395	398	299
Accrued liabilities		76.2	97.3	117	81.8
Deferred revenue		40.2	19.7	61.5	64.4
Short-term debt		160	0
Total current liabilities		667	642	940	760
Long-term debt		513	586	1,980	1,976
Lease liabilities		23.9	15.1	66	52
Other non-current liabilities		256	296	375	240
Total liabilities		1,628	1,586	3,313	2,981
Total debt		673	586	1,980	1,976
Paid-in capital		3,348	3,377	4,236	4,257
Retained earnings		256	541	411	287
Other comprehensive income		3.65	3.03	3.97	5.16
Shareholders' equity	-311	3,607	3,921	4,651	4,549
Total equity	-311	3,607	3,921	4,651	4,549
Total liabilities and equity		5,235	5,507	7,965	7,530
Shares outstanding		135	141	159	159

Cash flow statement

	FY2020	FY2022	FY2023	FY2024	FY2025
Net income	-3,978	169	482	448	217
Stock-based compensation	9.17	35.3	37.7	43.8	30.5
Deferred income tax	-26.3	-25.6	-98.1	-42.6	44.4
Change in receivables	50.8	-18.1	-80	-54.9	207
Change in payables	0.36	20.4	59.8	-32.4	-80.5
Cash from operations	273	281	574	655	952
Capital expenditures	-149	-174	-410	-575	-520
Cash from investing	-122	376	-367	-959	-350
Debt issued	0	350	600
Debt repaid	-101	-627	-673	0	0
Share buybacks	0	-15	-94.8	-300	-20
Dividends paid		0	-98.8	-278	-318
Cash from financing	107	-368	-326	188	-374
Net change in cash	259	289	-118	-115	228
Free cash flow	124	107	165	80.2	432
Interest paid	138	35.5	52.4	107	162
Income taxes paid	-134	58.4	105	109	121

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $42.82 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	11.4%	Operating income / revenue.
Pre-tax margin	6.4%	Pre-tax income / revenue.
Net margin	4.9%	Net income / revenue.
FCF margin	9.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	28.7%	Cash from operations / revenue.
Effective tax rate	24.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	3.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.1%	Net income / average total assets.
Return on invested capital (ROIC)	4.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	1.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	19.5%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	7.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	32.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	-31.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	22.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-51.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	8.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	-54.4%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-7.9%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	45.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	50.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	439.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	59.4%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share growth, 1y	11.1%	Dividend per share vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-2.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	8.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	-5.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	12.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y	5.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	18.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.91x	Current assets / current liabilities.
Quick ratio	1.64x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.74x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.42x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	26.1%	Total debt / total assets.
Liabilities / assets	38.1%	Total liabilities / total assets.
Net debt	$1.43B	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	2.20x	Operating income / interest expense.
Working capital	$561.4M	Current assets - current liabilities.
Tangible book value	$4.48B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.42x	Revenue / average total assets.
Fixed asset turnover	0.56x	Revenue / average property, plant and equipment.
Receivables turnover	5.60x	Revenue / average receivables.
Days sales outstanding	65 days	365 x average receivables / revenue.
FCF conversion	189.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	67.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.94	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$19.23	Revenue / diluted weighted shares.
FCF per share	$1.78	Free cash flow / diluted weighted shares.
Operating cash flow per share	$5.53	Cash from operations / diluted weighted shares.
Book value per share	$28.09	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$28.09	Tangible book value / shares outstanding.
Cash per share	$2.86	(Cash + short-term investments) / shares outstanding.
Payout ratio	215.7%	Dividends paid / net income, when net income is positive.
Dividends / FCF	113.6%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	0.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$6.84B	Share price x shares outstanding.
Enterprise value	$8.27B	Market cap + total debt - cash - short-term investments.
P/E	45.7x	Market cap / net income. Only when net income is positive.
P/S	2.23x	Market cap / revenue.
P/B	1.52x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.52x	Market cap / tangible book value, when positive.
P/FCF	24.1x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	7.75x	Market cap / cash from operations, when positive.
EV/Sales	2.70x	Enterprise value / revenue.
EV/EBIT	23.7x	Enterprise value / operating income, when both are positive.
EV/FCF	29.1x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.2%	Free cash flow / market cap.
Earnings yield	2.2%	Net income / market cap (the inverse of P/E).
Dividend yield	4.7%	Dividends paid over the period / market cap.
Shareholder yield	4.7%	(Dividends paid + share buybacks) / market cap.

What was Noble Corp plc's revenue in fiscal 2025?

Noble Corp plc reported revenue of $3.29B for fiscal 2025, 7.4% higher than the year before.

Was Noble Corp plc profitable in fiscal 2025?

Yes. Net income was $216.7M, a net margin of 6.6%.

How much free cash flow did Noble Corp plc generate in fiscal 2025?

Cash from operations of $951.7M minus capital expenditures of $519.5M left free cash flow of $432.2M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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