Seadrill SDRL

NYSE · Drilling Oil & Gas Wells · $2.7B

$41.12−5.08%Nov 5 close · Databento

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SDRL 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 5, 2026CLOSE $41.121D −5.08%3M −12.06%SMA20 $48.38SMA50 $47.61RSI(14) 32.7

41.12

RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 32.7

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$2.7B

Enterprise value$3.0B

Revenue$1.4B +3.8%

ROIC2.3%

EPS, diluted$6.37 +54.6%

Modern Valuation (EOD)

Market Cap$2.7B

Enterprise Value$3.0B

EV / True FCF—

EV / FCF—

EV / Gross Profit—

EV / EBIT62.92

EV / Sales2.06

P / E (GAAP)—

P / FCF—

P / Oper. CF—

P / Book0.95

Owner & Cash Yields

True FCF Yield—

FCF Yield—

Owner Earn. Yield—

Earnings Yield-2.8%

Shareholder Yield−0.7%

Buyback Yield0.0%

Dividend Yield—

Dividend / sh—

Payout Ratio—

FCF / sh—

EPS (diluted)$6.37

Compounder & Returns

Rule of 40—

ROIC2.3%

Cash ROIC (CROIC)—

GP / Assets—

ROE-2.7%

ROA-2.0%

Gross Margin—

Oper. Margin3.3%

Net Margin-5.4%

FCF Margin—

True FCF Margin—

Quality & Dilution

Cash Conversion—

Accrual Ratio−1.2%

SBC % of FCF—

SBC % of Rev1.4%

Reinvest. Rate—

Sales Growth Y/Y+3.8%

Sales 3Y CAGR+16.6%

EPS Growth Y/Y+54.6%

FCF Growth Y/Y—

FCF 3Y CAGR—

Share Change Y/Y−8.5%

Balance Sheet & Scale

Revenue (FY)$1.4B

Gross Profit (FY)—

Oper. Income (FY)$47.0M

GAAP Net Income$-77.0M

True FCF (ex-SBC)—

Cash & Equiv$365.0M

Total Debt$613.0M

Net Cash (Debt)$-248.0M

Net Cash % MCap−9.2%

Debt / FCF (yrs)—

Current Ratio2.0361.50M sh

Price & Technicals (EOD)

Perf Week−20.62%

Perf Month−7.93%

Perf Quarter−4.90%

Perf Half Y−13.81%

Perf YTD−10.71%

SMA 20 Dist−15.01%$48.38

SMA 50 Dist−13.63%$47.61

SMA 100 Dist−9.02%$45.19

Window High−24.96%$54.80

Window Low+9.07%$37.70

RSI (14) · Vol32.761%v

Income Distribution & Cash Flow ConversionHow every dollar of SDRL 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)

SG&A & Other OpEx$1.4B ($96.7 / $100)

Tax & Non-Operating$124.0M ($8.6 / $100)

Net Profit Kept$-77.0M ($0.0 / $100)

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

GAAP Net Income$-77.0M (-5.4% margin)

Operating Cash Flow (OCF)$-28.0M(-1.9% of rev)

Less: Capital Expenditures—

Standard Free Cash Flow (FCF)—

Less: Stock-Based Comp (SBC)−$20.0M

True FCF (Owner Cash ex-SBC)—

Revenue by fiscal year

Operating leverage — margins

GrossOperatingNet

Line Item (USD)	FY2020	FY2021	FY2023	FY2024	FY2025	YoY Δ	4Y CAGR
Income Statement
Revenue	$961.0M	$907.0M	$1.5B	$1.4B	$1.4B	+3.8%	+10.6%
Selling, General & Admin (SG&A)	$74.0M	$67.0M	$74.0M	$107.0M	$103.0M	−3.7%	+8.6%
Operating Income (EBIT)	$-4.5B	$-156.0M	$329.0M	$412.0M	$47.0M	−88.6%	—
Interest Expense	$398.0M	$109.0M	$59.0M	$61.0M	$61.0M	+0.0%	−37.4%
Income Tax Expense	$-1.0M	$0	$17.0M	$-113.0M	$26.0M	+123.0%	—
GAAP Net Income	$-4.7B	$-587.0M	$300.0M	$446.0M	$-77.0M	−117.3%	—
Diluted EPS	$-46.43	$-5.85	$4.12	$6.37	$6.37	+0.0%	—
Diluted Shares	100.0M	100.0M	74.0M	71.0M	65.0M	−8.5%	−10.2%
Balance Sheet
Cash & Equivalents	$653.0M	$516.0M	$728.0M	$505.0M	$365.0M	−27.7%	−13.5%
Total Current Assets	$1.1B	$2.0B	$1.2B	$928.0M	$758.0M	−18.3%	−8.4%
Total Assets	$4.0B	$3.9B	$4.2B	$4.2B	$3.9B	−5.0%	−0.2%
Total Current Liabilities	$6.6B	$1.3B	$389.0M	$501.0M	$374.0M	−25.3%	−51.1%
Total Debt (Short + Long Term)	$11.1B	$0	$608.0M	$610.0M	$613.0M	+0.5%	−51.5%
Stockholders' Equity	$-3.1B	$-3.7B	$3.0B	$2.9B	$2.9B	−2.1%	—
Net Cash / (Net Debt)	$-10.4B	$516.0M	$120.0M	$-105.0M	$-248.0M	−136.2%	—
Invested Capital	$7.3B	$-4.2B	$2.9B	$3.0B	$3.1B	+2.7%	−19.2%
Cash Flow & Capital Allocation
Operating Cash Flow (OCF)	$-420.0M	$-154.0M	$287.0M	$88.0M	$-28.0M	−131.8%	—
Depreciation & Amortization (D&A)	$319.0M	$127.0M	$155.0M	$168.0M	$238.0M	+41.7%	−7.1%
Stock-Based Compensation (SBC)	$8.0M	$0	$8.0M	$17.0M	$20.0M	+17.6%	+25.7%
Share Repurchases (Buybacks)	—	$0	$263.0M	$532.0M	$0	−100.0%	—

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 SDRL did at the next close after each story

No Wire story has named SDRL yet.

What happened · big days

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

A big day is a close more than 5.15% from the one before, three times SDRL’s median day (1.72%). On 9 of the 13, 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±5.15%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.

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

1 Nov 6, 2025−6.05%
Resultsgroup +0.2%, did not move with it
1Nov 6, 2025−6.05%
ResultsFirst close after the Nov 5 results filing
+0.2% did not move with itRIG 0.0 · PTEN 0.0 · NE +0.3 · VAL +1.8
2 Nov 11, 2025+9.05%
Before our storiesgroup +3.9%, did not move with it
2Nov 11, 2025+9.05%
Before our stories
+3.9% did not move with itNE +4.3 · VAL +4.0 · PTEN +3.9 · RIG +0.7
3 Dec 16, 2025−5.81%
Before our storiesgroup −5.8%, moved with SDRL
3Dec 16, 2025−5.81%
Before our stories
−5.8% moved with SDRLVAL −7.2 · RIG −5.9 · NE −5.8 · PTEN −5.3
4 Jan 12, 2026−5.16%
Before our storiesgroup −0.4%, did not move with it
4Jan 12, 2026−5.16%
Before our stories
−0.4% did not move with itNE −1.8 · PTEN −0.9 · VAL +0.1 · RIG +0.5
5 Jan 21, 2026+8.94%
Before our storiesgroup +3.6%, did not move with it
5Jan 21, 2026+8.94%
Before our stories
+3.6% did not move with itRIG +7.7 · PTEN +3.8 · NE +3.4 · VAL +1.0
6 Feb 11, 2026+6.99%
Before our storiesgroup +7.7%, moved with SDRL
6Feb 11, 2026+6.99%
Before our stories
+7.7% moved with SDRLVAL +10.8 · RIG +10.3 · NE +5.1 · PTEN +3.6
7 Jun 24, 2026−5.20%
Nothing on SDRLgroup −5.1%, moved with SDRL
7Jun 24, 2026−5.20%
Nothing on SDRLNo SDRL story, brief or results filing in our record that day
−5.1% moved with SDRLNE −6.6 · PTEN −5.5 · RIG −4.7 · VAL −3.9
8 Jul 8, 2026+5.42%
Nothing on SDRLgroup +4.2%, moved with SDRL
8Jul 8, 2026+5.42%
Nothing on SDRLNo SDRL story, brief or results filing in our record that day
+4.2% moved with SDRLPTEN +6.0 · RIG +4.2 · VAL +4.2 · NE +3.0
9 Aug 10, 2026+8.14%
Resultsgroup +8.7%, moved with SDRL
9Aug 10, 2026+8.14%
ResultsFirst close after the Aug 7 results filing
+8.7% moved with SDRLPTEN +11.3 · RIG +8.8 · VAL +8.6 · NE +6.8
10 Sep 15, 2026+6.17%
Nothing on SDRLgroup +7.3%, moved with SDRL
10Sep 15, 2026+6.17%
Nothing on SDRLNo SDRL story, brief or results filing in our record that day
+7.3% moved with SDRLRIG +9.0 · VAL +8.6 · NE +6.1 · PTEN +2.3
11 Oct 23, 2026+6.42%
Nothing on SDRLgroup +5.6%, moved with SDRL
11Oct 23, 2026+6.42%
Nothing on SDRLNo SDRL story, brief or results filing in our record that day
+5.6% moved with SDRLNE +8.5 · VAL +5.6 · PTEN +5.6 · RIG +5.4
12 Nov 2, 2026−9.21%
Nothing on SDRLgroup −10.2%, moved with SDRL
12Nov 2, 2026−9.21%
Nothing on SDRLNo SDRL story, brief or results filing in our record that day
−10.2% moved with SDRLPTEN −11.4 · RIG −10.2 · VAL −10.1 · NE −7.2
13 Nov 4, 2026−6.48%
Resultsgroup −7.8%, moved with SDRL
13Nov 4, 2026−6.48%
ResultsFirst close after the Nov 3 results filing
−7.8% moved with SDRLPTEN −9.4 · VAL −8.0 · RIG −7.6 · NE −6.7

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 SDRL’s SEC industry; “moved with SDRL” 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). SDRL reports after the close, so day 1 is the next close. Each time, day 6 ended on the same side as day 1.

Reported Nov 5, 2025

day 1−6.05%day 6−4.11%

Reported Feb 25, 2026

day 1−4.33%day 6−3.36%

Reported May 8, 2026

day 1+3.39%day 6+13.41%

Reported Aug 7, 2026

day 1+8.14%day 6+8.46%

Next report: expected early-to-late FebruaryEstimated from the dates of its last four results filings. Not announced. Since the Nov 3 report: −11.23%. Four reports is a small sample.

Every report since 2025 →

Each line is SDRL’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

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

SDRL is up 44.3% in a year. Patterson Uti Energy is up 63.7%. Of these four, Valaris (+42.1%), Noble (+36.4%) and Transocean (+28.1%) 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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SDRL +44.3%. Patterson Uti Energy +63.7%, Valaris +42.1%, Noble +36.4%, Transocean +28.1%. 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 SDRL’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	$6.6B	−2.80%
RIG	Transocean	$6.1B	−6.42%
VAL	Valaris	$5.7B	−6.58%
PTEN	Patterson Uti Energy	$4.1B	−6.57%
HP	Helmerich & Payne	$3.6B	−3.96%
NBR	Nabors Industries	$1.2B	−6.03%
BORR	Borr Drilling	$1.0B	−6.31%
HPK	HighPeak Energy	$957M	−5.62%