NABORS INDUSTRIES LTD NBR
Nabors Industries, Ltd. (NYSE: NBR) was formed as a Bermuda exempted company on December 11, 2001. Unless the context requires otherwise, references in this annual report to "we," "us," "our," "the Company," or "Nabors" mean Nabors Industries Ltd., together with our subsidiaries. References in this annual report to "Nabors Delaware" mean Nabors Industries, Inc., a wholly owned subsidiary of Nabors.
Nabors owns and operates one of the world's largest land-based drilling rig fleets and is a provider of offshore platform rigs in the United States and numerous international markets. Nabors also supplies performance software, tubular running services, managed pressure drilling services and innovative technologies for both its own rig fleet and those operated by third parties. In addition, Nabors manufactures advanced drilling equipment and provides drilling rig instrumentation. Also, Nabors has developed a portfolio of technologies designed to drive energy efficiency and emissions reductions for both itself and third-party customers. One key component of Nabors' strategy is to seamlessly integrate downhole hardware, surface equipment and software solutions into rig designs that drive industry-leading performance and increasing efficiencies. A second component is to leverage advanced drilling automation capabilities to set new standards for operational excellence and transform the industry.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.18B | $2.93B | $3.01B | $2.65B | $2.02B | $2.13B | $3.04B | $3.06B | $2.56B | $2.23B |
| Cost of revenue | — | — | $1.79B | $1.67B | $1.29B | $1.33B | $1.93B | $1.98B | $1.72B | $1.34B |
| Gross profit | — | — | $1.22B | $987.8M | $730.7M | $801.0M | $1.11B | $1.08B | $846.2M | $883.5M |
| R&D | $53.1M | $57.1M | $56.3M | $49.9M | $35.2M | $33.6M | $50.4M | $56.1M | $51.1M | $33.6M |
| SG&A | $304.6M | $249.3M | $244.1M | $228.4M | $213.6M | $203.5M | $258.7M | $265.8M | $251.2M | $227.6M |
| Total operating expenses | $2.67B | $3.00B | $2.92B | $2.91B | $2.51B | $2.84B | $3.64B | $3.57B | $3.15B | $3.21B |
| Operating income | $471.1M | $416.8M | $433.7M | $44.3M | -$80.8M | -$171.5M | $89.1M | $58.6M | -$141.9M | -$118.3M |
| Interest expense | $215.4M | $210.9M | $185.3M | $177.9M | $171.5M | $206.3M | $204.3M | $227.1M | $222.9M | $185.4M |
| Pre-tax income | $537.5M | -$31.0M | $129.1M | -$245.7M | -$488.1M | -$705.6M | -$588.9M | -$518.8M | -$580.1M | -$1.20B |
| Income tax | $163.1M | $56.9M | $79.2M | $61.5M | $55.6M | $57.3M | $91.6M | $79.3M | $83.0M | $186.8M |
| Net income | $286.6M | -$176.1M | -$11.8M | -$350.3M | -$572.9M | -$805.6M | -$702.9M | -$640.9M | -$546.8M | -$1.03B |
| EPS, basic | 18.75 | -22.37 | -5.49 | -40.52 | -76.58 | -118.69 | -105.39 | -99.61 | -1.90 | -3.64 |
| EPS, diluted | 17.39 | -22.37 | -5.49 | -40.52 | -76.58 | -118.69 | -105.39 | -99.61 | -1.90 | -3.64 |
| Shares, diluted (wtd. avg.) | $14.4M | $9.2M | $9.2M | $8.9M | $7.6M | $7.1M | $7.0M | $6.7M | $280.7M | $276.5M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $940.7M | $389.7M | $1.06B | $451.0M | $991.5M | $472.2M | $436.0M | $447.8M | $337.0M | $264.1M |
| Short-term investments | $31.0K | $7.6M | $12.7M | $1.3M | $17.0K | $9.5M | $16.5M | $34.0M | $28.4M | $31.1M |
| Receivables | $391.7M | $388.0M | $347.8M | $327.4M | $287.6M | $363.0M | $453.0M | $756.3M | $698.5M | $508.4M |
| Inventory | $94.8M | $130.0M | $147.8M | $127.9M | $126.4M | $160.6M | $176.3M | $165.6M | $166.3M | $103.6M |
| Total current assets | $1.55B | $999.5M | $1.65B | $1.00B | $1.50B | $1.13B | $1.25B | $1.59B | $1.45B | $1.16B |
| Property, plant and equipment | $2.92B | $2.83B | $2.90B | $3.03B | $3.35B | $3.99B | $4.93B | $5.47B | $6.11B | $6.27B |
| Goodwill | — | — | — | — | — | — | $28.4M | $183.9M | $173.2M | $166.9M |
| Total assets | $4.79B | $4.50B | $5.28B | $4.73B | $5.53B | $5.50B | $6.76B | $7.85B | $8.40B | $8.19B |
| Accounts payable | $300.5M | $321.0M | $294.4M | $314.0M | $253.7M | $220.9M | $295.2M | $392.8M | $363.4M | $264.6M |
| Short-term debt | $377.5M | — | $629.6M | — | — | — | — | $561.0K | $181.0K | $297.0K |
| Total current liabilities | $993.0M | $571.9M | $1.21B | $596.4M | $525.2M | $515.5M | $656.5M | $832.1M | $919.5M | $821.9M |
| Long-term debt | $2.12B | $2.51B | $2.51B | $2.54B | $3.26B | $2.97B | $3.33B | $3.59B | $4.03B | $3.58B |
| Total liabilities | $3.35B | $3.30B | $4.00B | $3.51B | $4.13B | $3.80B | $4.29B | $4.70B | $5.26B | $4.93B |
| Retained earnings | -$1.84B | -$2.09B | -$1.89B | -$1.84B | -$1.54B | -$946.1M | -$104.8M | $650.8M | $1.42B | $2.03B |
| Total equity | $590.7M | $135.0M | $542.0M | $536.8M | $718.9M | $1.26B | $2.05B | $2.75B | $2.94B | $3.25B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $693.3M | $581.4M | $637.9M | $501.1M | $428.8M | $349.8M | $684.6M | $325.8M | $62.8M | $531.9M |
| Depreciation and amortisation | $648.8M | $632.9M | $644.9M | $663.1M | $693.4M | $853.7M | $876.1M | $866.9M | $842.9M | $871.6M |
| Stock-based compensation | $23.4M | $16.5M | $15.8M | $15.8M | $19.4M | $24.6M | $24.7M | $26.4M | $31.9M | $32.0M |
| Capital expenditure | $715.9M | $567.9M | $540.9M | $373.4M | $234.0M | $195.5M | $427.7M | $458.9M | $574.5M | $395.5M |
| Investing cash flow | $97.1M | -$555.5M | -$570.4M | -$368.7M | -$117.2M | -$165.5M | -$355.9M | -$367.1M | -$497.9M | -$382.2M |
| Financing cash flow | -$566.8M | -$662.0M | $592.6M | -$661.5M | $488.4M | -$148.0M | -$331.6M | $155.6M | $512.2M | -$138.2M |
| Dividends paid | — | $87.0K | $194.0K | $65.0K | $7.4M | $22.5M | — | $21.5M | $68.5M | $50.9M |
| Buybacks | — | — | — | — | — | — | — | — | $18.1M | $1.7M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-016154.
Others in SIC 1381
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| NE | Noble Corp plc | $7.28B | 33.8x | 7.4% |
| RIG | Transocean Ltd. | $6.53B | — | 12.5% |
| VAL | Valaris Ltd | $6.02B | 6.3x | 24.0% |
| PTEN | PATTERSON UTI ENERGY INC | $4.74B | — | -9.8% |
| HP | Helmerich & Payne, Inc. | $4.43B | — | 34.0% |
| SDRL | Seadrill Ltd | $3.07B | — | 7.9% |
| HPK | HighPeak Energy, Inc. | $1.02B | 57.5x | -22.7% |
| BTE | BAYTEX ENERGY CORP. | — | — | — |