Noble NE

NYSE · Drilling Oil & Gas Wells · $7.3B

$43.97−3.28%Nov 3 close · Databento

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NE 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 3, 2026CLOSE $43.971D −3.28%3M +8.06%SMA20 $44.51SMA50 $44.50RSI(14) 47.5

43.97

RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 47.5

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$7.3B

Enterprise value$8.8B

Revenue$3.3B +7.4%

ROIC5.5%

EPS, diluted$1.35 −54.4%

Modern Valuation (EOD)

Market Cap$7.3B

Enterprise Value$8.8B

EV / True FCF—

EV / FCF—

EV / Gross Profit—

EV / EBIT21.06

EV / Sales2.66

P / E (GAAP)33.49

P / FCF—

P / Oper. CF7.63

P / Book1.60

Owner & Cash Yields

True FCF Yield—

FCF Yield—

Owner Earn. Yield—

Earnings Yield3.0%

Shareholder Yield+4.3%

Buyback Yield0.3%

Dividend Yield4.55%

Dividend / sh$2.00

Payout Ratio148%

FCF / sh—

EPS (diluted)$1.35

Compounder & Returns

Rule of 40—

ROIC5.5%

Cash ROIC (CROIC)—

GP / Assets—

ROE4.8%

ROA2.9%

Gross Margin—

Oper. Margin12.6%

Net Margin6.6%

FCF Margin—

True FCF Margin—

Quality & Dilution

Cash Conversion—

Accrual Ratio−9.8%

SBC % of FCF—

SBC % of Rev0.9%

Reinvest. Rate—

Sales Growth Y/Y+7.4%

Sales 3Y CAGR+32.5%

EPS Growth Y/Y−54.4%

FCF Growth Y/Y—

FCF 3Y CAGR—

Share Change Y/Y+5.6%

Balance Sheet & Scale

Revenue (FY)$3.3B

Gross Profit (FY)—

Oper. Income (FY)$415.6M

GAAP Net Income$216.7M

True FCF (ex-SBC)—

Cash & Equiv$480.0M

Total Debt$2.0B

Net Cash (Debt)$-1.5B

Net Cash % MCap−20.6%

Debt / FCF (yrs)—

Current Ratio1.67159.66M sh

Price & Technicals (EOD)

Perf Week−2.76%

Perf Month+3.34%

Perf Quarter+10.20%

Perf Half Y−11.97%

Perf YTD−5.70%

SMA 20 Dist−1.21%$44.51

SMA 50 Dist−1.20%$44.50

SMA 100 Dist+1.86%$43.17

Window High−19.13%$54.37

Window Low+18.58%$37.08

RSI (14) · Vol47.555%v

Income Distribution & Cash Flow ConversionHow every dollar of NE 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)$0 ($0.0 / $100)

Operating Expenses$2.9B ($87.4 / $100)

Tax & Non-Operating$198.8M ($6.1 / $100)

Net Profit Kept$216.7M ($6.6 / $100)

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

GAAP Net Income$216.7M (6.6% margin)

Operating Cash Flow (OCF)$951.7M(29.0% of rev)

Less: Capital Expenditures—

Standard Free Cash Flow (FCF)—

Less: Stock-Based Comp (SBC)−$30.5M

True FCF (Owner Cash ex-SBC)—

Revenue by fiscal year

Operating leverage — margins

GrossOperatingNet

Line Item (USD)	FY2020	FY2022	FY2023	FY2024	FY2025	YoY Δ	4Y CAGR
Income Statement
Revenue	$964.3M	$1.4B	$2.6B	$3.1B	$3.3B	+7.4%	+35.9%
Operating Income (EBIT)	$-4.1B	$228.8M	$574.7M	$604.0M	$415.6M	−31.2%	—
Interest Expense	$164.7M	$42.7M	$59.1M	$94.2M	$162.4M	+72.4%	−0.3%
Income Tax Expense	$-260.4M	$22.6M	$30.3M	$44.0M	$56.4M	+28.2%	—
GAAP Net Income	$-4.0B	$168.9M	$481.9M	$448.4M	$216.7M	−51.7%	—
Diluted EPS	$-15.86	$1.73	$3.32	$2.96	$1.35	−54.4%	—
Diluted Shares	250.8M	97.6M	145.2M	151.6M	160.2M	+5.6%	−10.6%
Balance Sheet
Cash & Equivalents	$365.0M	$485.7M	$367.7M	$252.3M	$480.0M	+90.2%	+7.1%
Total Current Assets	$1.3B	$1.1B	$1.1B	$1.4B	$1.3B	−8.4%	+0.2%
Total Assets	$7.2B	$5.2B	$5.5B	$8.0B	$7.5B	−5.5%	+1.3%
Total Current Liabilities	$716.8M	$667.1M	$641.7M	$940.4M	$759.7M	−19.2%	+1.5%
Total Debt (Short + Long Term)	$1.9B	$672.8M	$586.2M	$2.0B	$2.0B	−0.2%	+1.1%
Total Liabilities	$2.9B	$1.6B	$1.6B	$3.3B	$3.0B	−10.0%	+1.0%
Stockholders' Equity	$-311.4M	$3.6B	$3.9B	$4.7B	$4.5B	−2.2%	—
Net Cash / (Net Debt)	$-1.5B	$-187.1M	$-218.5M	$-1.7B	$-1.5B	+13.4%	—
Invested Capital	$1.2B	$3.8B	$4.1B	$6.4B	$6.0B	−5.2%	+49.4%
Cash Flow & Capital Allocation
Operating Cash Flow (OCF)	$273.2M	$281.0M	$574.3M	$655.5M	$951.7M	+45.2%	+36.6%
Stock-Based Compensation (SBC)	$9.2M	$35.3M	$37.7M	$43.8M	$30.5M	−30.3%	+35.1%
Share Repurchases (Buybacks)	$0	$15.0M	$94.8M	$300.0M	$20.0M	−93.3%	—
Dividends Paid	—	$0	$98.8M	$277.8M	$320.4M	+15.3%	—

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 NE did at the next close after each story

No Wire story has named NE yet.

What happened · big days

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

A big day is a close more than 4.71% from the one before, three times NE’s median day (1.57%). On 16 of the 22, 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±4.71%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.

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

1 Dec 3, 2025+8.10%
Before our storiesgroup +5.1%, moved with NE
1Dec 3, 2025+8.10%
Before our stories
+5.1% moved with NEVAL +6.2 · PTEN +5.5 · HP +4.7 · RIG +3.3
2 Dec 12, 2025−5.11%
Before our storiesgroup −4.1%, moved with NE
2Dec 12, 2025−5.11%
Before our stories
−4.1% moved with NEVAL −6.8 · HP −4.7 · RIG −3.5 · PTEN −2.2
3 Dec 16, 2025−5.82%
Before our storiesgroup −5.7%, moved with NE
3Dec 16, 2025−5.82%
Before our stories
−5.7% moved with NEVAL −7.2 · RIG −5.9 · HP −5.5 · PTEN −5.3
4 Jan 14, 2026+4.86%
Before our storiesgroup +1.9%, did not move with it
4Jan 14, 2026+4.86%
Before our stories
+1.9% did not move with itHP +3.2 · RIG +2.1 · VAL +1.7 · PTEN −0.3
5 Feb 4, 2026+5.28%
Before our storiesgroup +4.2%, moved with NE
5Feb 4, 2026+5.28%
Before our stories
+4.2% moved with NERIG +7.2 · VAL +5.8 · HP +2.6 · PTEN +1.8
6 Feb 6, 2026+5.89%
Before our storiesgroup +6.6%, moved with NE
6Feb 6, 2026+5.89%
Before our stories
+6.6% moved with NERIG +9.1 · VAL +7.2 · PTEN +6.0 · HP +4.2
7 Feb 9, 2026+6.79%
Before our storiesgroup +3.2%, did not move with it
7Feb 9, 2026+6.79%
Before our stories
+3.2% did not move with itVAL +34.3 · RIG +5.9 · PTEN +0.5 · HP −0.7
8 Feb 11, 2026+5.08%
Before our storiesgroup +7.0%, moved with NE
8Feb 11, 2026+5.08%
Before our stories
+7.0% moved with NEVAL +10.8 · RIG +10.3 · PTEN +3.6 · HP +0.3
9 Feb 13, 2026+7.61%
Before our storiesgroup +4.5%, moved with NE
9Feb 13, 2026+7.61%
Before our stories
+4.5% moved with NERIG +8.5 · VAL +8.0 · HP +1.0 · PTEN −0.5
10 Feb 17, 2026−5.13%
Before our storiesgroup −4.2%, moved with NE
10Feb 17, 2026−5.13%
Before our stories
−4.2% moved with NEVAL −7.3 · RIG −6.1 · PTEN −2.2 · HP +0.3
11 Apr 27, 2026+8.20%
Resultsgroup +3.9%, did not move with it
11Apr 27, 2026+8.20%
ResultsFirst close after the Apr 27 results filing
+3.9% did not move with itVAL +6.8 · RIG +6.7 · PTEN +1.1 · HP +0.8
12 Apr 28, 2026−4.89%
Before our storiesgroup +3.6%, did not move with it
12Apr 28, 2026−4.89%
Before our stories
+3.6% did not move with itHP +1.6 · PTEN +3.1 · RIG +4.1 · VAL +4.8
13 May 27, 2026−5.26%
Before our storiesgroup −4.6%, moved with NE
13May 27, 2026−5.26%
Before our stories
−4.6% moved with NEPTEN −5.3 · RIG −4.6 · VAL −4.5 · HP −4.4
14 Jun 24, 2026−6.63%
Nothing on NEgroup −5.1%, moved with NE
14Jun 24, 2026−6.63%
Nothing on NENo NE story, brief or results filing in our record that day
−5.1% moved with NEHP −8.0 · PTEN −5.5 · RIG −4.7 · VAL −3.9
15 Jul 21, 2026+4.93%
Nothing on NEgroup +4.3%, moved with NE
15Jul 21, 2026+4.93%
Nothing on NENo NE story, brief or results filing in our record that day
+4.3% moved with NERIG +4.4 · VAL +4.3 · PTEN +4.3 · HP +2.7
16 Jul 28, 2026−9.07%
Resultsgroup −3.8%, did not move with it
16Jul 28, 2026−9.07%
ResultsFirst close after the Jul 27 results filing
−3.8% did not move with itRIG −5.5 · VAL −5.1 · PTEN −2.5 · HP −1.6
17 Aug 10, 2026+6.82%
Nothing on NEgroup +10.1%, moved with NE
17Aug 10, 2026+6.82%
Nothing on NENo NE story, brief or results filing in our record that day
+10.1% moved with NEHP +12.9 · PTEN +11.3 · RIG +8.8 · VAL +8.6
18 Sep 15, 2026+6.08%
Nothing on NEgroup +5.5%, moved with NE
18Sep 15, 2026+6.08%
Nothing on NENo NE story, brief or results filing in our record that day
+5.5% moved with NERIG +9.0 · VAL +8.6 · PTEN +2.3 · HP +1.9
19 Sep 16, 2026−4.75%
Nothing on NEgroup −5.9%, moved with NE
19Sep 16, 2026−4.75%
Nothing on NENo NE story, brief or results filing in our record that day
−5.9% moved with NERIG −6.7 · VAL −6.5 · PTEN −5.3 · HP −4.1
20 Oct 23, 2026+8.53%
Nothing on NEgroup +5.5%, moved with NE
20Oct 23, 2026+8.53%
Nothing on NENo NE story, brief or results filing in our record that day
+5.5% moved with NEVAL +5.6 · PTEN +5.6 · RIG +5.4 · HP +4.9
21 Oct 27, 2026−5.42%
Resultsgroup −0.7%, did not move with it
21Oct 27, 2026−5.42%
ResultsFirst close after the Oct 26 results filing
−0.7% did not move with itRIG −1.1 · VAL −1.0 · PTEN −0.3 · HP −0.3
22 Nov 2, 2026−7.22%
Nothing on NEgroup −10.2%, moved with NE
22Nov 2, 2026−7.22%
Nothing on NENo NE story, brief or results filing in our record that day
−10.2% moved with NEPTEN −11.4 · RIG −10.2 · VAL −10.1 · HP −9.7

A story on the same day is not a cause, and a group move is not proof either. Group: the median of RIG, VAL, PTEN and HP that day, the largest companies in NE’s SEC industry; “moved with NE” 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). Day 1 is the first close after each filing: the next day’s for a filing after the close, the same day’s otherwise. 3 of 4 times, day 6 ended on the same side as day 1.

Reported Feb 11, 2026

day 1−3.36%day 6+3.31%

Reported Apr 27, 2026

day 1+8.20%day 6+2.81%

Reported Jul 27, 2026

day 1−9.07%day 6−5.29%

Reported Oct 26, 2026

day 1−5.42%day 6−8.03%

Next report: expected late January to mid FebruaryEstimated from the dates of its last four results filings. Not announced. Since the Oct 26 report: −8.03%. Four reports is a small sample.

Every report since 2023 →

Each line is NE’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

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

NE is up 50.4% in a year. Patterson Uti Energy is up 93.3% and Valaris 65.4%. Of these four, Transocean (+48.2%) and Helmerich & Payne (+44.6%) 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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NE +50.4%. Patterson Uti Energy +93.3%, Valaris +65.4%, Transocean +48.2%, Helmerich & Payne +44.6%. 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 NE’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.

RIG	Transocean	$7.0B	−5.30%
VAL	Valaris	$6.6B	−4.96%
PTEN	Patterson Uti Energy	$4.5B	−0.42%
HP	Helmerich & Payne	$3.9B	−2.47%
SDRL	SEADRILL	$3.0B	−2.95%
NBR	Nabors Industries	$1.4B	−4.09%
BORR	Borr Drilling	$1.1B	−5.98%
HPK	HighPeak Energy	$1.1B	−0.46%