Nabors Industries NBR

NYSE · Drilling Oil & Gas Wells · $1.3B

$76.00−6.43%Nov 4 close · Databento

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NBR Wire Story Reactions & EOD Technical StudyDaily closes (Databento EOD) pinned with every AlgoThesis Wire story (dot colour = next trading day close) and SEC filing

Nov 4, 2026CLOSE $76.001D −6.43%3M −6.85%SMA20 $81.46SMA50 $84.35RSI(14) 40.5

76.00

RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 40.5

Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.

The numbers

fiscal 2025, as filed with the SEC · 66-metric EOD snapshot via Databento

Market cap$1.3B

Enterprise value$2.8B

Revenue$3.2B +8.7%

True FCF (ex-SBC)$-46.1M −267.9%

Rule of 408.0%

ROIC13.1%

True FCF Yield-3.6%

EPS, diluted$17.39 +177.7%

Modern Valuation (EOD)

Market Cap$1.3B

Enterprise Value$2.8B

EV / True FCF—

EV / FCF—

EV / Gross Profit—

EV / EBIT6.05

EV / Sales0.89

P / E (GAAP)4.52

P / FCF—

P / Oper. CF1.87

P / Book1.36

Owner & Cash Yields

True FCF Yield-3.6%

FCF Yield-1.7%

Owner Earn. Yield15.1%

Earnings Yield22.1%

Shareholder Yield−0.4%

Buyback Yield1.4%

Dividend Yield0.66%

Dividend / sh$0.50

Payout Ratio0%

FCF / sh$-1.39

EPS (diluted)$17.39

Compounder & Returns

Rule of 408.0%

ROIC13.1%

Cash ROIC (CROIC)-0.9%

GP / Assets—

ROE30.0%

ROA6.0%

Gross Margin—

Oper. Margin14.8%

Net Margin9.0%

FCF Margin-0.7%

True FCF Margin-1.4%

Quality & Dilution

Cash Conversion-8%

Accrual Ratio−8.5%

SBC % of FCF—

SBC % of Rev0.7%

Reinvest. Rate111%

Sales Growth Y/Y+8.7%

Sales 3Y CAGR+6.3%

EPS Growth Y/Y+177.7%

FCF Growth Y/Y−267.9%

FCF 3Y CAGR—

Share Change Y/Y+56.7%

Balance Sheet & Scale

Revenue (FY)$3.2B

Gross Profit (FY)—

Oper. Income (FY)$471.1M

GAAP Net Income$286.6M

True FCF (ex-SBC)$-46.1M

Cash & Equiv$942.8M

Total Debt$2.5B

Net Cash (Debt)$-1.6B

Net Cash % MCap−119.7%

Debt / FCF (yrs)—

Current Ratio1.5616.35M sh

Price & Technicals (EOD)

Perf Week−15.43%

Perf Month−6.43%

Perf Quarter−8.55%

Perf Half Y−23.56%

Perf YTD−4.08%

SMA 20 Dist−6.71%$81.46

SMA 50 Dist−9.90%$84.35

SMA 100 Dist−10.24%$84.67

Window High−31.30%$110.63

Window Low+0.48%$75.64

RSI (14) · Vol40.562%v

Income Distribution & Cash Flow ConversionHow every dollar of NBR revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow

Where Every $100 of Revenue Goes (FY2025)

Cost of Revenue (COGS)$1.8B ($56.2 / $100)

R&D Reinvestment$53.1M ($1.7 / $100)

Operating Expenses$870.2M ($27.3 / $100)

Tax & Non-Operating$184.4M ($5.8 / $100)

Net Profit Kept$286.6M ($9.0 / $100)

Earnings Quality: GAAP Profit → True Owner Cash (FY2025)

GAAP Net Income$286.6M (9.0% margin)

Operating Cash Flow (OCF)$693.3M(21.8% of rev)

Less: Capital Expenditures−$715.9M(22.5% of rev)

Standard Free Cash Flow (FCF)$-22.7M(-0.7% margin)

Less: Stock-Based Comp (SBC)−$23.4M

True FCF (Owner Cash ex-SBC)$-46.1M(-1.4% of rev)

Revenue by fiscal year

Operating leverage — margins

GrossOperatingNet

Line Item (USD)	FY2021	FY2022	FY2023	FY2024	FY2025	YoY Δ	4Y CAGR
Income Statement
Revenue	$2.0B	$2.7B	$3.0B	$2.9B	$3.2B	+8.7%	+12.1%
Cost of Revenue (COGS)	$1.3B	$1.7B	$1.8B	—	$1.8B	—	+8.6%
Research & Development (R&D)	$35.2M	$49.9M	$56.3M	$57.1M	$53.1M	−7.0%	+10.8%
Operating Income (EBIT)	$-80.8M	$44.3M	$433.7M	$416.8M	$471.1M	+13.0%	—
Interest Expense	$171.5M	$177.9M	$185.3M	$210.9M	$215.4M	+2.1%	+5.9%
Income Tax Expense	$55.6M	$61.5M	$79.2M	$56.9M	$163.1M	+186.4%	+30.9%
GAAP Net Income	$-572.9M	$-350.3M	$-11.8M	$-176.1M	$286.6M	+262.8%	—
Diluted EPS	$-76.58	$-40.52	$-5.49	$-22.37	$17.39	+177.7%	—
Diluted Shares	7.6M	8.9M	9.2M	9.2M	14.4M	+56.7%	+17.3%
Balance Sheet
Cash & Equivalents	$1.3B	$737.1M	$1.4B	$723.0M	$942.8M	+30.4%	−7.2%
Inventory	$126.4M	$127.9M	$147.8M	$130.0M	$94.8M	−27.1%	−7.0%
Total Current Assets	$1.5B	$1.0B	$1.6B	$999.5M	$1.6B	+55.2%	+0.8%
Total Assets	$5.5B	$4.7B	$5.3B	$4.5B	$4.8B	+6.3%	−3.5%
Total Current Liabilities	$525.2M	$596.4M	$1.2B	$571.9M	$993.0M	+73.6%	+17.3%
Total Debt (Short + Long Term)	$3.3B	$2.5B	$3.1B	$3.1B	$2.5B	−20.4%	−6.5%
Total Liabilities	$4.1B	$3.5B	$4.0B	$3.3B	$3.4B	+1.6%	−5.1%
Stockholders' Equity	$718.9M	$536.8M	$542.0M	$421.2M	$955.2M	+126.8%	+7.4%
Net Cash / (Net Debt)	$-2.0B	$-1.8B	$-1.8B	$-2.4B	$-1.6B	+35.7%	—
Invested Capital	$2.7B	$2.3B	$2.3B	$2.8B	$2.5B	−11.5%	−1.9%
Cash Flow & Capital Allocation
Operating Cash Flow (OCF)	$428.8M	$501.1M	$637.9M	$581.4M	$693.3M	+19.2%	+12.8%
Depreciation & Amortization (D&A)	$693.4M	$665.1M	$645.3M	$632.9M	$648.8M	+2.5%	−1.6%
Stock-Based Compensation (SBC)	$19.4M	$15.8M	$15.8M	$16.5M	$23.4M	+41.7%	+4.8%
Capital Expenditures (CapEx)	$234.0M	$373.4M	$540.9M	$567.9M	$715.9M	+26.1%	+32.3%
Free Cash Flow (FCF)	$194.7M	$127.6M	$97.0M	$13.5M	$-22.7M	−267.9%	—
True FCF (ex-SBC Owner Cash)	$175.4M	$111.8M	$81.2M	$-3.0M	$-46.1M	−1441.7%	—
Share Repurchases (Buybacks)	—	—	—	—	$18.1M	—	—
Dividends Paid	$7.4M	$65,000	$194,000	$87,000	$87,000	+0.0%	−67.0%

Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.

On the Wire

what NBR did at the next close after each story

No Wire story has named NBR yet.

What happened · big days

23 big days in a year, and what we hold on each

A big day is a close more than 5.66% from the one before, three times NBR’s median day (1.89%). On 9 of the 23, its peer group moved the same way at least half as far. We show what we hold. We never name a cause.

every other trading daya big day, numbered in the list below±5.66%Hover a bar for its day. Click a big day to open it.

Shaded: since our stories began, Jun 10. Tap a bar for its day.

#DayNBRWhat we hold that dayGroup (median of 4) · each

1 Nov 3, 2025+11.09%
Before our storiesgroup +1.9%, did not move with it
1Nov 3, 2025+11.09%
Before our stories
+1.9% did not move with itRIG +3.1 · PTEN +2.1 · NE +1.6 · VAL +1.6
2 Nov 12, 2025−6.47%
Before our storiesgroup −3.0%, did not move with it
2Nov 12, 2025−6.47%
Before our stories
−3.0% did not move with itPTEN −6.6 · VAL −3.1 · NE −2.8 · RIG −2.4
3 Nov 25, 2025+8.06%
Before our storiesgroup +1.5%, did not move with it
3Nov 25, 2025+8.06%
Before our stories
+1.5% did not move with itPTEN +2.1 · VAL +2.0 · NE +1.1 · RIG +0.8
4 Dec 3, 2025+9.68%
Before our storiesgroup +5.9%, moved with NBR
4Dec 3, 2025+9.68%
Before our stories
+5.9% moved with NBRNE +8.1 · VAL +6.2 · PTEN +5.5 · RIG +3.3
5 Dec 8, 2025−5.70%
Before our storiesgroup −1.0%, did not move with it
5Dec 8, 2025−5.70%
Before our stories
−1.0% did not move with itNE −2.7 · VAL −1.2 · PTEN −0.8 · RIG 0.0
6 Dec 16, 2025−6.50%
Before our storiesgroup −5.8%, moved with NBR
6Dec 16, 2025−6.50%
Before our stories
−5.8% moved with NBRVAL −7.2 · RIG −5.9 · NE −5.8 · PTEN −5.3
7 Jan 8, 2026+6.77%
Before our storiesgroup +4.1%, moved with NBR
7Jan 8, 2026+6.77%
Before our stories
+4.1% moved with NBRPTEN +6.3 · NE +4.5 · VAL +3.8 · RIG +1.4
8 Jan 21, 2026+5.72%
Before our storiesgroup +3.6%, moved with NBR
8Jan 21, 2026+5.72%
Before our stories
+3.6% moved with NBRRIG +7.7 · PTEN +3.8 · NE +3.4 · VAL +1.0
9 Feb 12, 2026−9.88%
Resultsgroup −1.4%, did not move with it
9Feb 12, 2026−9.88%
ResultsFirst close after the Feb 11 results filing
−1.4% did not move with itPTEN −5.0 · NE −3.4 · RIG +0.5 · VAL +0.5
10 Feb 13, 2026+6.61%
Before our storiesgroup +7.8%, moved with NBR
10Feb 13, 2026+6.61%
Before our stories
+7.8% moved with NBRRIG +8.5 · VAL +8.0 · NE +7.6 · PTEN −0.5
11 Mar 23, 2026+6.28%
Before our storiesgroup +2.8%, did not move with it
11Mar 23, 2026+6.28%
Before our stories
+2.8% did not move with itRIG +3.9 · VAL +3.1 · NE +2.5 · PTEN −1.7
12 Apr 1, 2026−7.81%
Before our storiesgroup −1.8%, did not move with it
12Apr 1, 2026−7.81%
Before our stories
−1.8% did not move with itPTEN −4.4 · RIG −2.0 · VAL −1.7 · NE −1.2
13 Apr 14, 2026−6.25%
Before our storiesgroup −6.8%, moved with NBR
13Apr 14, 2026−6.25%
Before our stories
−6.8% moved with NBRVAL −7.1 · RIG −7.1 · PTEN −6.4 · NE −3.7
14 Apr 29, 2026+11.28%
Resultsgroup +2.2%, did not move with it
14Apr 29, 2026+11.28%
ResultsFirst close after the Apr 28 results filing
+2.2% did not move with itPTEN +4.5 · RIG +2.5 · VAL +2.0 · NE −1.3
15 Jun 10, 2026+6.66%
Nothing on NBRgroup +2.3%, did not move with it
15Jun 10, 2026+6.66%
Nothing on NBRNo NBR story, brief or results filing in our record that day
+2.3% did not move with itPTEN +3.7 · RIG +2.4 · NE +2.1 · VAL +1.7
16 Jun 15, 2026−6.54%
Nothing on NBRgroup −3.7%, moved with NBR
16Jun 15, 2026−6.54%
Nothing on NBRNo NBR story, brief or results filing in our record that day
−3.7% moved with NBRPTEN −7.2 · NE −3.8 · VAL −3.6 · RIG −3.5
17 Jul 1, 2026−7.89%
Nothing on NBRgroup −0.5%, did not move with it
17Jul 1, 2026−7.89%
Nothing on NBRNo NBR story, brief or results filing in our record that day
−0.5% did not move with itPTEN −6.6 · NE −0.6 · RIG −0.4 · VAL −0.2
18 Jul 27, 2026−5.66%
Nothing on NBRgroup −1.3%, did not move with it
18Jul 27, 2026−5.66%
Nothing on NBRNo NBR story, brief or results filing in our record that day
−1.3% did not move with itPTEN −7.8 · VAL −1.3 · RIG −1.3 · NE −0.3
19 Aug 5, 2026−5.98%
Nothing on NBRgroup −1.9%, did not move with it
19Aug 5, 2026−5.98%
Nothing on NBRNo NBR story, brief or results filing in our record that day
−1.9% did not move with itPTEN −5.5 · NE −2.3 · RIG −1.5 · VAL −1.5
20 Aug 6, 2026+5.75%
Nothing on NBRgroup +1.2%, did not move with it
20Aug 6, 2026+5.75%
Nothing on NBRNo NBR story, brief or results filing in our record that day
+1.2% did not move with itPTEN +5.3 · NE +2.0 · RIG +0.4 · VAL +0.3
21 Aug 10, 2026+10.06%
Nothing on NBRgroup +8.7%, moved with NBR
21Aug 10, 2026+10.06%
Nothing on NBRNo NBR story, brief or results filing in our record that day
+8.7% moved with NBRPTEN +11.3 · RIG +8.8 · VAL +8.6 · NE +6.8
22 Oct 28, 2026+10.51%
Resultsgroup +3.7%, did not move with it
22Oct 28, 2026+10.51%
ResultsFirst close after the Oct 27 results filing
+3.7% did not move with itNE +4.1 · RIG +3.9 · VAL +3.5 · PTEN +3.2
23 Nov 2, 2026−6.72%
Nothing on NBRgroup −10.2%, moved with NBR
23Nov 2, 2026−6.72%
Nothing on NBRNo NBR story, brief or results filing in our record that day
−10.2% moved with NBRPTEN −11.4 · RIG −10.2 · VAL −10.1 · NE −7.2

A story on the same day is not a cause, and a group move is not proof either. Group: the median of NE, RIG, VAL and PTEN that day, the largest companies in NBR’s SEC industry; “moved with NBR” means the same direction and at least half the size.

What’s next · results

Before the next report: what the first day after the last four did

Six trading days after each results filing (SEC 8-K, Item 2.02). NBR reports after the close, so day 1 is the next close. 3 of 4 times, day 6 ended on the same side as day 1.

Reported Oct 28, 2025

day 1+10.20%day 6+9.90%

Reported Feb 11, 2026

day 1−9.88%day 6+10.31%

Reported Apr 28, 2026

day 1+11.28%day 6+6.21%

Reported Jul 28, 2026

day 1+4.79%day 6+3.90%

Next report: expected late January to mid FebruaryEstimated from the dates of its last four results filings. Not announced. Since the Oct 27 report: −0.12%. Four reports is a small sample.

Every report since 2023 →

Each line is NBR’s close against its close before the filing, on licensed end-of-day closes. What happened after each report, not a forecast; a move on the day is not a cause.

Same industry

NBR against four same-industry peers, a year at 100

NBR is up 57.6% in a year. Patterson Uti Energy is up 93.3% and Valaris 65.4%. Of these four, Noble (+50.4%) and Transocean (+48.2%) did less. Weekly closes, Nov 7, 2025 = 100, on a log scale, so the same percentage move is the same height on every line.

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NBR +57.6%. Patterson Uti Energy +93.3%, Valaris +65.4%, Noble +50.4%, Transocean +48.2%. Weekly closes, Nov 7, 2025 = 100, log scale.

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End-of-day closes (Databento EOD), the last close of each week. The four peers are the largest US-listed companies by market value in NBR’s SEC industry (Drilling Oil & Gas Wells) with a year of closes. It shows what the closes did; a move here is not a cause, a forecast or a call.

The Wire at 7 AM ET, free. Top stories with a bull and a bear case on each, every morning. No account needed.

NE	Noble	$7.0B	−6.69%
RIG	Transocean	$6.6B	−7.63%
VAL	Valaris	$6.2B	−8.02%
PTEN	Patterson Uti Energy	$4.5B	−9.36%
HP	Helmerich & Payne	$3.8B	−4.67%
SDRL	SEADRILL	$2.9B	−6.48%
HPK	HighPeak Energy	$1.1B	−12.34%
BORR	Borr Drilling	$1.1B	−3.76%