Seadrill Ltd is a US-listed company in the oil & gas drilling industry. Its financial year ends in December.
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~$10
Valuation models combined (2)
Base case. Range ~$10–$11. Weighted average of 2 models (growth cash-flow model, residual income), the growth cash-flow model counting double.
No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.
Seadrill Ltd valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $1.53bn. Free-cash-flow margin fell to -21.0% from -17.3% a year earlier. Operating margin widened to 7.8% from 5.0%. The diluted share count is down 2.3% on a year earlier, which lifts each remaining share. It passes 2 of our 5 financial-health checks. Our residual income value is $10.80 a share, against a share price of $51.30.
Source: 10-Q filed August 10, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Seadrill Ltd's trailing-twelve-month revenue grew 13.1% year on year, with a free-cash-flow margin of -21.0%. Where it stands out: long-term debt as % of assets of 17.9% ranks 1 of 6 oil & gas drilling companies we cover. Where it lags: free-cash-flow margin of -21.0% ranks 6 of 6 oil & gas drilling companies we cover.
Current signal Free cash flow diverging from earnings: TTM free cash flow fell 37.6% while net income fell 98.7%: a 61pp divergence.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
We value Seadrill Ltd as an operating company, with every model that fits that kind of business. Cost of equity 8.6%: the 10-year Treasury yield (4.9%) plus a beta of 0.82 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. | ~$10 ~$6.3–$12 | Primary model, counts double |
| Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. | ~$73 ~$65–$86 | Left out: far from the other models (more than 3x away from their median) |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | ~$11 ~$6.0–$19 | Included |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: return on equity below long-run growth |
| Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. | — | Does not apply: earnings are positive: price-to-earnings is the better measure |
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | — | Does not apply: revenue and margins don't support a positive value |
| Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$10 ~$10–$11 | 2 models |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Seadrill Ltd with Oil & Gas Drilling in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
| At fiscal year end | 2023 | 2024 | 2025 | Now |
|---|---|---|---|---|
| Share price | $47.28 | $38.93 | $34.60 | $47.73 |
| Market value | $3.5bn | $2.8bn | $2.2bn | $3.1bn |
| + Net debt (− = net cash) | −$72m | $147m | $286m | $413m |
| Enterprise value | $3.4bn | $2.9bn | $2.5bn | $3.5bn |
| Multiples | ||||
| Price / sales | 2.3x | 2.0x | 1.6x | 2.0x |
| Price / earnings | 11.7x | 6.2x | — | n/m |
| Price / free cash flow | 12.2x | 31.4x | — | — |
| EV / EBITDA | 7.1x | 5.0x | 8.9x | 9.0x |
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.
Next results: November 3, 2026, after the close. Analysts expect revenue of $380m and EPS of $0.14 (range −$0.00 to $0.23) for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | $0.89 | +713% | $1.6bn | +9% |
| Next | $3.46 | +289% | $1.7bn | +9% |
Next year's EPS estimate has moved −0.6% in 90 days, across 7 analysts.
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | $0.28 | $0.47 | +68.3% |
| Mar 2026 | −$0.27 | −$0.08 | +71.2% |
| Dec 2025 | $0.04 | −$0.07 | −283.6% |
| Sept 2025 | $0.34 | −$0.14 | −140.8% |
Adjusted EPS as companies report it, against the average analyst estimate.
Last 12 months +51.2%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $1.4bn | $1.5bn | +13.1% |
| Net margin | 5.7% | 0.1% | −98.9% |
| P/E multiple | 27.3x | n/m | +11282.5% |
| Share count | 67m | 65m | +2.3% |
Biggest factor: p/e multiple.
| Calendar year | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|
| Return | ||||
| SDRL | +45% | −18% | −11% | +38% |
| Industry peers (median) | +1% | −32% | −3% | +56% |
| S&P 500 | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||
| SDRL | 42% | 33% | 50% | 64% |
| S&P 500 | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||
| SDRL | −23% | −36% | −52% | −31% |
| S&P 500 | −10% | −8% | −19% | −9% |
Worst fall since October 14, 2022: 66% from July 25, 2024 to April 10, 2025. Getting back needed a 195% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| August 10, 2026 | +8.0% | −0.3% | +8.5% | +11.1% |
| May 11, 2026 | +3.4% | +0.1% | +13.4% | −7.3% |
| February 25, 2026 | −4.3% | +0.3% | −6.2% | +0.6% |
| November 5, 2025 | −6.1% | −0.7% | −2.3% | +3.5% |
| August 6, 2025 | −5.4% | +0.7% | −2.6% | +10.0% |
| May 12, 2025 | +3.2% | +4.0% | −0.3% | +17.3% |
| February 26, 2025 | −7.6% | −1.5% | −16.7% | −9.7% |
Source: SEC EDGAR filings. Retrieved October 26, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY17 Q4 | $2.1B |
| FY19 Q4 | $1.4B |
| FY20 Q4 | $961M |
| FY21 Q4 | $907M |
| FY24 Q4 | $1.4B |
| FY25 Q1 | $1.4B |
| FY25 Q2 | $1.4B |
| FY25 Q3 | $1.4B |
| FY25 Q4 | $1.4B |
| FY26 Q1 | $1.5B |
| FY26 Q2 | $1.5B |
Source: SEC EDGAR filings. Retrieved October 26, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY20 Q4 | -30.8% |
| FY21 Q4 | -5.6% |
| FY25 Q4 | 3.8% |
| FY26 Q1 | 7.9% |
| FY26 Q2 | 13.1% |
Source: SEC EDGAR filings. Retrieved October 26, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY17 Q4 | -34.9% |
| FY19 Q4 | -21.3% |
| FY20 Q4 | -466.3% |
| FY21 Q4 | -17.2% |
| FY24 Q4 | 29.7% |
| FY25 Q1 | 25.9% |
| FY25 Q2 | 5.0% |
| FY25 Q3 | 3.4% |
| FY25 Q4 | 3.3% |
| FY26 Q1 | 3.6% |
| FY26 Q2 | 7.8% |
Source: SEC EDGAR filings. Retrieved October 26, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY17 Q4 | 11.9% |
| FY19 Q4 | -30.1% |
| FY20 Q4 | -58.0% |
| FY21 Q4 | -26.2% |
| FY24 Q4 | -5.8% |
| FY25 Q1 | -11.3% |
| FY25 Q2 | -17.3% |
| FY25 Q3 | -14.3% |
| FY25 Q4 | -18.5% |
| FY26 Q1 | -19.0% |
| FY26 Q2 | -21.0% |
| Fiscal year | 2017 Dec 2017 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 2,088 | 1,388 | 961 | 907 | 1,502 | 1,385 | 1,437 | 1,532 |
| EBITDA | 70 | 131 | −4,162 | −29 | 484 | 580 | 285 | 389 |
| Operating income | −728 | −295 | −4,481 | −156 | 329 | 412 | 47 | 119 |
| Net income | −2,973 | −1,219 | −4,659 | −587 | 300 | 446 | −77 | 1 |
| Diluted EPS | −$29.45 | −$12.18 | −$46.43 | −$5.85 | $4.12 | $6.37 | — | $0.02 |
| Growth (year on year) | ||||||||
| Revenue | — | −33.5% | −30.8% | −5.6% | +65.6% | −7.8% | +3.8% | +13.1% |
| EBITDA | — | +87.1% | <−999% | — | — | +19.8% | −50.9% | +46.2% |
| Operating income | — | — | — | — | — | +25.2% | −88.6% | +75.0% |
| Net income | — | — | — | — | — | +48.7% | −117.3% | −98.7% |
| Diluted EPS | — | — | — | — | — | +54.6% | — | −98.7% |
| Margins | ||||||||
| EBITDA margin | 3.4% | 9.4% | −433.1% | −3.2% | 32.2% | 41.9% | 19.8% | 25.4% |
| Operating margin | −34.9% | −21.3% | −466.3% | −17.2% | 21.9% | 29.7% | 3.3% | 7.8% |
| Net margin | −142.4% | −87.8% | −484.8% | −64.7% | 20.0% | 32.2% | −5.4% | 0.1% |
| Free-cash-flow margin | 11.9% | −30.1% | −58.0% | −26.2% | 19.1% | 6.4% | −1.9% | −3.4% |
| Cash flow | ||||||||
| Cash from operations | 399 | −256 | −420 | −154 | 287 | 88 | −28 | −52 |
| Capital spending | 150 | 162 | 137 | 84 | 0 | 0 | 0 | 0 |
| Free cash flow | 249 | −418 | −557 | −238 | 287 | 88 | −28 | −52 |
| Stock-based pay | 7 | 5 | 8 | 0 | 8 | 17 | 20 | 17 |
| Free cash flow after stock pay | 242 | −423 | −565 | −238 | 279 | 71 | −48 | −69 |
| Balance sheet | ||||||||
| Cash | 1,359 | 485 | 491 | 293 | 697 | 478 | 339 | 337 |
| Total debt | 0 | 6,759 | 6,177 | 5,545 | 625 | 625 | 625 | 750 |
| Net debt (negative = net cash) | −1,359 | 6,274 | 5,686 | 5,252 | −72 | 147 | 286 | 413 |
| Diluted shares | 101m | 100m | 100m | 100m | 74m | 71m | 65m | 65m |
| Returned to shareholders | ||||||||
| Buybacks | — | — | — | 0 | 263 | 532 | 0 | — |
| Total returned | — | — | — | 0 | 263 | 532 | 0 | — |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 354 | 289 | 335 | 377 | 363 | 362 | 358 | 449 |
| EBITDA | 89 | 42 | 73 | 62 | 84 | 66 | 95 | 144 |
| Operating income | 47 | −3 | 18 | 6 | 26 | −3 | 24 | 72 |
| Net income | 32 | 101 | −14 | −42 | −11 | −10 | −7 | 29 |
| Diluted EPS | $0.49 | $1.55 | −$0.23 | −$0.68 | −$0.17 | — | −$0.11 | $0.47 |
| Growth (year on year) | ||||||||
| Revenue | — | — | −8.7% | +0.5% | +2.5% | +25.3% | +6.9% | +19.1% |
| EBITDA | — | — | −38.1% | −81.3% | −5.6% | +57.1% | +30.1% | +132.3% |
| Operating income | — | — | −77.5% | −97.9% | −44.7% | — | +33.3% | — |
| Net income | — | — | −123.3% | −116.6% | −134.4% | −109.9% | — | — |
| Diluted EPS | — | — | −128.4% | −119.5% | −134.7% | — | — | — |
| Margins | ||||||||
| EBITDA margin | 25.1% | 14.5% | 21.8% | 16.4% | 23.1% | 18.2% | 26.5% | 32.1% |
| Operating margin | 13.3% | −1.0% | 5.4% | 1.6% | 7.2% | −0.8% | 6.7% | 16.0% |
| Net margin | 9.0% | 34.9% | −4.2% | −11.1% | −3.0% | −2.8% | −2.0% | 6.5% |
| Cash flow | ||||||||
| Cash from operations | −27 | 7 | −27 | 11 | 28 | −40 | −22 | −18 |
| Stock-based pay | 5 | 5 | 4 | 5 | 5 | 6 | 1 | 5 |
| Last 12 months unless stated | SDRL | PDS | BORR | NE | HP | PTEN | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $1.5bn | $1.3bn | $1.0bn | $3.0bn | $4.0bn | $4.8bn | $2.3bn |
| Revenue growth, last 12 months | 13.1% | −5.0% | 1.0% | −13.0% | 16.6% | 0.0% | 0.5% |
| Revenue growth, 3-year average | — | — | — | 5.3% | 12.0% | 13.0% | 12.0% |
| Revenue growth, latest quarter | 19.1% | — | — | −8.7% | −0.6% | 14.1% | 6.8% |
| Operating margin | 7.8% | 31.5% | 31.6% | 12.0% | 2.3% | 0.9% | 9.9% |
| Operating margin, 3-year average | −151.2% | — | <−999% | 16.3% | 7.3% | −4.5% | −4.5% |
| Net margin | 0.1% | 0.1% | 4.4% | 1.8% | −3.4% | −0.5% | 0.1% |
| Cash from operations / revenue | −3.4% | 22.4% | 24.7% | 25.0% | 14.5% | 16.9% | 19.7% |
| Free-cash-flow margin | −21.0% | 8.1% | 16.0% | 3.2% | 7.9% | 5.5% | 6.7% |
| Free-cash-flow margin, 3-year average | −32.1% | 5.3% | <−999% | 7.6% | 5.8% | 7.1% | 5.5% |
| Stock pay / revenue | 1.1% | — | 1.1% | 1.0% | 0.9% | 0.7% | 1.0% |
| Change in share count | −2.3% | −6.3% | 4.0% | −0.8% | 0.5% | −1.3% | −1.1% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 13.1% | 1.0% | 2 of 6 |
| Change in growth rate Growth | +5.2pp | -1.7pp | 2 of 6 |
| Operating margin Profitability | 7.8% | 7.8% | 3 of 5 |
| Net margin Profitability | 0.1% | 0.1% | 4 of 6 |
| Free-cash-flow margin Cash generation | -21.0% | 7.9% | 6 of 6 |
| Stock pay as % of revenue Cash generation | 1.1% | 1.0% | 5 of 5 |
| Long-term debt as % of assets Balance sheet | 17.9% | 26.4% | 1 of 6 |
| Change in share count Balance sheet | -2.3% | -0.8% | 2 of 6 |
| Days sales outstanding Balance sheet | 74 days | 73 days | 4 of 5 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Region | Revenue | Share | YoY |
|---|---|---|---|
| Brazil | $611M | 42.5% | ▲ 78.1% |
| United States | $368M | 25.6% | ▲ 0.5% |
| AO | $331M | 23.0% | ▼ 1.2% |
| NO | $97M | 6.8% | ▼ 48.4% |
| Other Geographic | $30M | 2.1% | ▼ 80.4% |
From Seadrill Ltd's 10-K filed February 26, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Blackrock, Inc. | $208M | 5.5M | 8.9% | ▲ 10.9% |
| Elliott Investment Management L.P. | $168M | 4.4M | 7.2% | ▼ 5.9% |
| Dimensional Fund Advisors LP | $137M | 3.6M | 5.9% | ▲ 2.3% |
| Vanguard Capital Management LLC | $103M | 2.7M | 4.4% | ▲ 1.1% |
| Goehring & Rozencwajg Associates, LLC | $99.7M | 2.6M | 4.3% | ▲ 7.6% |
| UBS Group AG | $88.9M | 2.3M | 3.8% | ▼ 38.3% |
| BNP Paribas Financial Markets | $82.3M | 2.2M | 3.5% | ▲ 3.4% |
| Patient Capital Management, LLC | $73.9M | 2.0M | 3.2% | ▼ 9.3% |
| State Street Corp | $70.8M | 1.9M | 3.0% | ▲ 3.7% |
| Geode Capital Management, LLC | $68.6M | 1.8M | 3.0% | ▲ 24.8% |
| American Century Companies Inc | $55.1M | 1.5M | 2.4% | ▲ 1.7% |
| Adage Capital Partners Gp, L.L.C. | $52.3M | 1.4M | 2.3% | ▼ 43.8% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Seadrill Ltd's complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Wieggers Marcel Senior VP, Operations | June 11, 2026 | Sell | 13,474 | $44.94 | $605,522 |
| Wieggers Marcel Senior VP, Operations | June 11, 2026 | Sell | 1 | $44.61 | $45 |
| Creed Grant R Executive Vice President & CFO | June 11, 2026 | Sell | 6,195 | $44.20 | $273,819 |
| Creed Grant R Executive Vice President & CFO | June 11, 2026 | Sell | 27,952 | $44.92 | $1.3M |
| Strickler Todd D SVP & General Counsel | June 10, 2026 | Sell | 31,409 | $44.69 | $1.4M |
| Sauer-Petersen Torsten See Remarks | June 10, 2026 | Sell | 42,625 | $44.68 | $1.9M |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Next expected around November 4, 2026 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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