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Noble Corporation plc, a public limited company incorporated under the laws of England and Wales ( Noble ), is a leading offshore drilling contractor for the oil and gas industry. We provide contract drilling services to the international oil and gas industry with our global fleet of mobile offshore drilling units.
12.65% operating margin is respectable but not wide. ROIC at 5.35%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue grew 7.4%, steady but not accelerating. Margins contracted 7.1pp, which offsets some of the top-line progress.
ROIC dropped from 9.93% to 5.35%, capital efficiency is deteriorating. Operating margin contracted 7.1pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$3.20B
▲ +7.4% YoY
Net Income (TTM)
$229M
▼ -51.7% YoY
Op. Margin
14.19%
▼ -7.1pp YoY
ROIC
5.54%
▼ -4.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$444M
▲ +439.1% YoY
Op. Cash Flow (TTM)
$954M
▲ +45.2% YoY
Net Debt
$1.29B
Cash & Equiv.
$663M
3Y CAGR: +32.5%
3Y CAGR: +59.4%
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