Income statement, balance sheet and cash flow statement for the last 4 fiscal years, taken from the XBRL data Sable Offshore Corp. 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
FY2021
FY2022
FY2023
FY2025
Revenue
0
0
General and administrative
12.8
176
Operating expenses
94.5
408
Operating income
-1.68
-6.15
-94.5
-408
Interest expense
0
88.2
Interest income
0.02
3.99
4.42
Other non-operating income
5.96
4.32
0.8
9.79
Pre-tax income
4.27
-1.83
-93.7
-398
Income tax
0
0.76
0
11.7
Net income
4.27
-2.59
-93.7
-410
EBITDA
-73.5
-395
EPS, basic
-4.18
EPS, diluted
-4.18
Shares, basic (weighted)
98.2
Shares, diluted (weighted)
98.2
Balance sheet
FY2021
FY2022
FY2023
FY2025
Cash and equivalents
0.32
0.1
0
97.7
Receivables
0
Inventory
12.1
Other current assets
0.52
0.09
0
11.3
Total current assets
0.84
0.19
16.2
136
Lease right-of-use assets
6.4
16.1
Other non-current assets
6.4
44.1
Total assets
288
291
712
1,741
Accounts payable
3.24
25.2
Accrued liabilities
0.28
4.63
2.15
23.9
Short-term debt
0
922
Total current liabilities
1.23
6.74
17.9
1,023
Long-term debt
0
Lease liabilities
5.32
19.3
Other non-current liabilities
5.52
19.3
Total liabilities
13.9
18.9
373
1,207
Total debt
0
922
Paid-in capital
0
0
1,643
Retained earnings
-12.9
-18.3
0
-1,108
Shareholders' equity
-12.9
-18.3
339
534
Total equity
-12.9
-18.3
339
534
Total liabilities and equity
288
291
712
1,741
Shares outstanding
7.19
145
Cash flow statement
FY2021
FY2022
FY2023
FY2025
Net income
4.27
-2.59
-93.7
-410
Depreciation and amortization
21
12.9
Stock-based compensation
0
42.7
Deferred income tax
0
Change in payables
0.28
4.35
-4.43
3.78
Cash from operations
-2.01
-1.71
-70.1
-352
Capital expenditures
0
-418
Acquisitions
0
0
Cash from investing
-288
0.79
0
-418
Debt issued
0.02
3.22
Debt repaid
0
0
Stock issued
288
Share buybacks
0
-230
Cash from financing
290
0.71
70.1
531
Net change in cash
0.31
-0.22
0
Free cash flow
-70.1
-769
Income taxes paid
0
0.43
1.25
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to September 30, 2026; growth uses fiscal years. Valuation uses the share price of $0.80 on November 10, 2026.
Profitability
Metric
Value
How it is calculated
Operating margin
-111.9%
Operating income / revenue.
EBITDA margin
-83.4%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-198.8%
Pre-tax income / revenue.
Net margin
-202.5%
Net income / revenue.
FCF margin
-154.0%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-83.6%
Cash from operations / revenue.
Return on equity (ROE)
-182.8%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-32.4%
Net income / average total assets.
Return on invested capital (ROIC)
-20.8%
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
18.8%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
70.4%
Capital expenditures / revenue.
D&A / revenue
28.5%
Depreciation and amortization / revenue.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
0.34x
Current assets / current liabilities.
Quick ratio
0.27x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.09x
(Cash + short-term investments) / current liabilities.
Debt / equity
2.96x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
52.4%
Total debt / total assets.
Liabilities / assets
82.3%
Total liabilities / total assets.
Net debt
$922.2M
Total debt - cash - short-term investments. Negative means more cash than debt.
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
$1.49
Revenue / diluted weighted shares.
FCF per share
-$2.29
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$1.24
Cash from operations / diluted weighted shares.
Book value per share
$1.56
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
0.52x
Market cap / revenue.
P/B
0.47x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
0.47x
Market cap / tangible book value, when positive.
EV/Sales
3.67x
Enterprise value / revenue.
FCF yield
-294.0%
Free cash flow / market cap.
Earnings yield
-386.6%
Net income / market cap (the inverse of P/E).
What was Sable Offshore Corp.'s revenue in fiscal 2025?
Sable Offshore Corp. reported revenue of $0.0 for fiscal 2025.
Was Sable Offshore Corp. profitable in fiscal 2025?
No. It reported a net loss of $410.2M.
How much free cash flow did Sable Offshore Corp. generate in fiscal 2025?
Cash from operations of $351.7M minus capital expenditures of $417.6M left free cash flow of -$769.3M.
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.