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Noble Corp plc key statistics and ratios

In fiscal 2025, Noble Corp plc had return on equity of 4.7%, an operating margin of 12.6%, debt equal to 43.4% of equity and a current ratio of 1.67. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2020Dec 20202022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Operating margin−422.8%16.2%22.2%19.8%12.6%12.0%
Net margin−412.6%11.9%18.6%14.7%6.6%1.8%
Free-cash-flow margin12.9%7.5%6.4%2.6%13.2%3.2%
Return on equity—10.3%12.8%10.5%4.7%1.2%
Return on assets—3.2%9.0%6.7%2.8%0.7%
Asset turnover—0.270.480.450.420.41
Current ratio—1.581.651.481.671.76
Debt to equity—18.7%14.9%42.6%43.4%44.0%
Interest cover (operating income ÷ interest)n/m5.4x9.7x6.4x2.6x2.3x
Effective tax rate—11.8%5.9%8.9%20.6%73.6%
Capital spending as % of revenue15.4%12.3%15.8%18.8%15.8%21.7%
Free cash flow ÷ net income—63.1%34.2%17.9%199.4%180.7%
Dividends ÷ net income—0.0%20.5%62.0%147.8%602.0%
Dividends and buybacks ÷ free cash flow0.0%14.1%117.5%720.8%78.8%333.2%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 7 checks passed · September 30, 2026
What it owns · $7.2bn
Short-term assets $1.3bnLonger-term assets $5.9bn
What it owes, and who funded it · $7.2bn
Short-term liabilities $717mLonger-term liabilities $2.2bnShareholders' equity $4.3bn
  • Short-term assets cover short-term liabilities $1.3bn of assets due within a year against $717m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.3bn short-term assets against $2.2bn of longer-dated liabilities.
  • More cash than debt $337m of cash against $1.9bn of debt.
  • Debt below 40% of shareholders' equity Debt is 44% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 15% to 44% over five years.
  • A year's operating cash flow covers at least 20% of debt $749m of operating cash flow against $1.9bn of debt.
  • Operating profit covers interest at least five times over Operating income of $358m against $153m of interest.

From Noble Corp plc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

56 /100

Moderate moat

How hard Noble's competitive advantage looks for rivals to wear away, judged from 5 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 9 / 20

    Net income has been a median 6.2% of total assets over 5 years.

  • Durability 15 / 20

    Operating margin has been a median 20.2%; its worst year was 12.0%.

  • Cash conversion 10 / 20

    Free cash flow was positive in 4 of 5 years, at a median 4.9% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Noble Corp plc's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Noble Corp plc.