Nabors Industries Ltd. (NBR) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	-$1.28	-$2.04	-59.4%	—	—	—
Q4 26	-$2.03	-$1.54	+24.1%	—	—	—
Q3 26	-$1.39	$0.95	+168.3%	—	—	—
Q2 26	-$1.54	-$2.61	-69.5%	—	—	—
Q1 26	-$1.52	-$2.71	-78.3%	—	—	—
Q4 25	-$2.88	$2.18	+175.7%	—	—	—
Q3 25	-$2.31	-$6.67	-188.7%	—	—	—
Q2 25	-$1.91	-$6.86	-259.2%	—	—	—
Q1 25	-$1.85	-$4.29	-131.9%	—	—	—
Q4 24	-$1.95	-$4.54	-132.8%	—	—	—
Q3 24	-$0.82	-$2.7	-229.3%	—	—	—
Q2 24	-$0.1	-$6.26	-6160.0%	—	—	—
Q1 24	$2.3	-$0.31	-113.5%	—	—	—
Q4 23	$1.53	$4.11	+168.6%	—	—	—
Q3 23	-$0.55	-$7.87	-1330.9%	—	—	—
Q2 23	-$4.71	-$1.8	+61.8%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$18.8	—	—	$3.2B	—
FY24	—	-$22.4	—	—	$2.9B	—
FY23	—	-$5.49	—	—	$3B	—
FY22	—	-$40.5	—	—	$2.7B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$2.2B	$2.6B	$3.1B	$3B	$2.1B	$2B	$2.7B	$3B	$2.9B	$3.2B
YoY change	-42.4%	+15.1%	+19.2%	-0.47%	-29.9%	-5.46%	+31.5%	+13.3%	-2.52%	+8.69%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	2.2B	2.6B	3.1B	3B	2.1B	2B	2.7B	3B	2.9B	3.2B
Cost of revenue	2.2B	2.6B	2.8B	2.8B	2.2B	2B	2.3B	2.4B	2.4B	2.6B
Gross profit	11.9M	3.3M	213.8M	238M	-52.7M	37.3M	322.7M	570.3M	554.3M	621.1M
Gross margin	0.53%	0.13%	6.99%	7.82%	-2.47%	1.85%	12.2%	19%	18.9%	19.5%
Research & development	33.6M	51.1M	56.1M	50.4M	33.6M	35.2M	49.9M	56.3M	57.1M	53.1M
Selling, general & administrative	240.5M	251.2M	265.8M	258.7M	203.5M	213.6M	228.4M	244.1M	249.3M	304.6M
Operating expenses	343.2M	302.3M	336M	316.9M	240M	249.1M	278.4M	300.4M	306.4M	357.6M
Operating income	-331.3M	-299M	-122.2M	-79M	-292.7M	-211.9M	44.3M	269.9M	247.9M	263.4M
Operating margin	-14.9%	-11.7%	-4%	-2.59%	-13.7%	-10.5%	1.67%	8.98%	8.46%	8.27%
Non-operating income, net	-682.7M	-60.4M	-174.4M	-314.1M	-211.3M	-106.3M	-127.6M	-1.4M	-107.2M	461.5M
Pretax income	-1.2B	-580.1M	-518.8M	-588.9M	-705.6M	-488.1M	-245.7M	129.1M	-31M	537.5M
Income tax	-186.8M	-83M	79.3M	91.6M	57.3M	55.6M	61.5M	79.2M	56.9M	163.1M
Net income	-1B	-540.6M	-612.7M	-680.5M	-762.8M	-543.7M	-307.2M	49.9M	-88M	374.4M
Net margin	-46.2%	-21.1%	-20%	-22.4%	-35.7%	-26.9%	-11.6%	1.66%	-3%	11.8%
EBITDA	315.5M	555.7M	747.6M	805.6M	565.8M	466.6M	718.2M	959.2M	883.6M	891.9M
EPS	-182	-95	-99.5	-105.5	-118.7	-76.6	-40.5	-5.49	-22.4	18.8
Diluted EPS	-182	-95	-99.5	-105.5	-118.7	-76.6	-40.5	-5.49	-22.4	17.4

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	734M	725.8M	733.7M	734.8M	731.8M	729.8M	736.2M	832.8M	818.2M	797.5M	783.5M	814.8M
Cost of revenue	609.1M	586M	594.8M	600.4M	590.9M	589.8M	601.9M	663.9M	652.2M	645.6M	649.7M	668.1M
Gross profit	124.9M	139.8M	138.9M	134.4M	140.9M	140.1M	134.2M	168.8M	166M	152M	133.9M	146.7M
Gross margin	17%	19.3%	18.9%	18.3%	19.2%	19.2%	18.2%	20.3%	20.3%	19.1%	17.1%	18%
Research & development	14M	13.9M	13.9M	14.4M	14.4M	14.4M	14M	12.7M	13M	13.3M	13.5M	14.2M
Selling, general & administrative	62.2M	57M	61.8M	62.2M	64M	61.4M	68.5M	82.7M	77.1M	76.3M	71.8M	71.4M
Operating expenses	76.2M	70.9M	75.6M	76.5M	78.4M	75.9M	82.5M	95.4M	90.1M	89.6M	85.3M	85.6M
Operating income	48.7M	68.9M	63.3M	57.9M	62.5M	64.2M	51.7M	73.4M	76M	62.4M	48.6M	61.1M
Operating margin	6.63%	9.49%	8.63%	7.88%	8.54%	8.8%	7.02%	8.81%	9.28%	7.82%	6.21%	7.5%
Non-operating income, net	-35.4M	-11.2M	-16.1M	-12.5M	-41.6M	-37M	68.2M	-2.8M	391.1M	5.1M	13.4M	-5.7M
Pretax income	-20.7M	23.1M	7M	2.5M	-23M	-17.6M	72.2M	20.9M	420M	24.4M	21.1M	14.9M
Income tax	10.5M	19.2M	16M	15.6M	10.1M	15.2M	15M	23.1M	117.6M	7.4M	16.9M	16.4M
Net income	-31.2M	3.9M	-9M	-13M	-33.1M	-32.9M	57.2M	-2.2M	302.5M	17M	4.3M	-1.5M
Net margin	-4.26%	0.53%	-1.23%	-1.77%	-4.52%	-4.5%	7.77%	-0.26%	37%	2.13%	0.54%	-0.19%
EBITDA	217.7M	254.2M	230.5M	223.9M	226.6M	202.6M	209.2M	247.7M	241.7M	193.3M	208M	224.4M
EPS	-6.26	-2.7	-4.54	-4.29	-6.86	-6.67	2.35	-2.71	18.3	0.17	-1.54	-2.04
Diluted EPS	-6.26	-2.7	-4.54	-4.29	-6.86	-6.67	2.18	-2.71	16.9	0.17	-1.54	-2.04

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	4.5B	1.9B	—	1B	411M	616.7M	—	747.6M	526.1M	—	1.2B
Enterprise value	7.8B	5.6B	—	3.9B	2.9B	2.9B	—	2.8B	2.6B	—	3.7B
Shares outstanding	5.5M	5.6M	6.7M	7M	7.1M	7.6M	8.9M	9.2M	9.2M	13.2M	13.2M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	—	—	—	—	15	—	—	5.47
P/S	2.04	0.75	—	0.33	0.19	0.31	—	0.25	0.18	—	0.38
P/B	1.39	0.61	—	0.41	0.24	0.44	—	0.58	0.44	—	2.2
EV/EBITDA	24.8	10	—	4.85	5.14	6.2	—	2.94	2.99	—	4.21
EV/Sales	3.51	2.18	—	1.28	1.36	1.43	—	0.94	0.9	—	1.16
Earnings yield	—	—	—	—	—	—	—	6.67%	—	—	18.3%
FCF yield	3.01%	-26.7%	—	25.4%	37.5%	31.6%	—	13%	2.57%	—	11.1%
PEG	—	—	—	—	—	—	—	—	—	—	-0.22

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	0.53%	0.13%	6.99%	7.82%	-2.47%	1.85%	12.2%	19%	18.9%	19.5%	18%
Operating margin	-14.9%	-11.7%	-4%	-2.59%	-13.7%	-10.5%	1.67%	8.98%	8.46%	8.27%	7.5%
Net margin	-46.2%	-21.1%	-20%	-22.4%	-35.7%	-26.9%	-11.6%	1.66%	-3%	11.8%	7.69%
ROE	-31.6%	-17.2%	-19.4%	-27.5%	-44.9%	-39%	-25.3%	3.9%	-7.29%	26%	22.3%
ROA	-12.6%	-6.43%	-7.8%	-10.1%	-13.9%	-9.84%	-6.5%	0.95%	-1.95%	7.82%	3.28%
ROIC	-5.07%	-4.39%	-1.95%	-1.47%	-6.98%	-5.77%	1.34%	3.11%	7.47%	6.11%	5.43%
Return on tangible assets	-13.1%	-6.71%	-8.18%	-10.2%	-13.9%	-9.84%	-6.5%	0.95%	-1.95%	7.82%	7.29%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.41	1.57	1.92	1.9	2.2	2.86	1.68	1.36	1.75	1.56	1.89
Quick ratio	1.28	1.39	1.72	1.63	1.88	2.62	1.46	1.23	1.52	1.47	1.75
Debt / equity	1.1	1.28	1.14	1.35	1.75	2.34	2.09	2.46	2.08	1.74	1.48
Debt / assets	0.44	0.48	0.46	0.5	0.54	0.59	0.54	0.6	0.56	0.52	0.48
Net debt / EBITDA	10.4	6.59	4.15	3.59	4.41	4.88	2.91	2.16	2.39	1.75	1.87
Interest coverage	-5.46	-1.6	-1.28	-1.88	-2.42	-1.85	-0.38	1.7	0.85	3.5	3.51
Effective tax rate	0%	0%	0%	0%	0%	0%	0%	61.4%	0%	30.3%	32.9%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	402.9	456.8	457.2	432.8	302.3	265.3	298.2	328.2	318.4	241.4	226.7
EPS (basic)	-182	-95	-99.5	-105.5	-118.7	-76.6	-40.5	-5.49	-22.4	18.8	18.8
EPS (diluted)	-182	-95	-99.5	-105.5	-118.7	-76.6	-40.5	-5.49	-22.4	17.4	14.8
Book value per share	588.6	559.9	471.8	352	240.8	183.3	136.6	139.9	131.1	109	36.8
FCF per share	24.7	-91.2	-19.9	36.5	21.8	25.6	14.3	10.6	1.47	-1.72	2.78
Cash per share	53.4	65.1	72	64.3	68.2	130.4	50.8	116.8	43.2	71.3	34.4
Capex per share	—	—	—	—	—	—	—	—	—	54.3	46.4

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	—	—	22.5%	20.6%
Capex / operating cash flow	—	—	—	—	—	—	—	—	—	103.3%	94.4%
Payout ratio	-4.95%	-12.7%	-14.2%	-7.29%	-2.95%	-1.36%	-0.02%	0.39%	-0.1%	1.62%	0%
Dividend yield	1.12%	3.57%	—	4.9%	5.48%	1.2%	—	0.03%	0.02%	—	2.52%

Yield

2.52%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.50

ex-dividend Mar 11, 2020

Payout ratio

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Mar 11, 2020	$0.50
Dec 12, 2019	$0.50
Sep 10, 2019	$0.50
Dec 12, 2018	$3.00
Sep 10, 2018	$3.00
Jun 11, 2018	$3.00
Mar 12, 2018	$3.00
Dec 12, 2017	$3.00

Split history

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$734M	$725.8M	$733.7M	$734.8M	$731.8M	$729.8M	$736.2M	$832.8M	$818.2M	$797.5M	$783.5M	$814.8M
YoY change	+5.74%	-4.52%	-5.83%	-4.21%	-0.3%	+0.55%	+0.34%	+13.3%	+11.8%	+9.28%	+6.43%	-2.16%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	295.2M	365.4M	481.8M	452.5M	481.7M	991.5M	452.3M	1.1B	397.3M	940.7M
Receivables	508.4M	698.5M	756.3M	453M	363M	287.6M	327.4M	347.8M	388M	391.7M
Inventory	103.6M	166.3M	165.6M	176.3M	160.6M	126.4M	127.9M	147.8M	130M	94.8M
Total current assets	1.2B	1.4B	1.6B	1.2B	1.1B	1.5B	1B	1.6B	999.5M	1.6B
Property, plant & equipment	6.2B	6B	5.3B	4.8B	3.8B	3.2B	2.9B	2.8B	2.7B	2.7B
Goodwill & intangibles	333.8M	346.5M	367.8M	56.8M	0	—	—	—	—	—
Total assets	8.2B	8.4B	7.9B	6.8B	5.5B	5.5B	4.7B	5.3B	4.5B	4.8B
Accounts payable	264.6M	363.4M	392.8M	295.2M	220.9M	253.7M	314M	294.4M	321M	300.5M
Short-term debt	297K	181K	561K	13.5M	8.3M	5.4M	6.8M	635M	6.8M	387.2M
Total current liabilities	821.9M	919.5M	832.1M	656.5M	515.5M	525.2M	596.4M	1.2B	571.9M	993M
Long-term debt	3.6B	4B	3.6B	3.3B	3B	3.3B	2.5B	2.5B	2.5B	2.1B
Total liabilities	4.9B	5.3B	4.7B	4.3B	3.8B	4.1B	3.5B	4B	3.3B	3.4B
Shareholders' equity	3.3B	3.1B	3.2B	2.5B	1.7B	1.4B	1.2B	1.3B	1.2B	1.4B
Total debt	3.6B	4B	3.6B	3.3B	3B	3.3B	2.5B	3.1B	2.5B	2.5B
Net debt	3.3B	3.7B	3.1B	2.9B	2.5B	2.3B	2.1B	2.1B	2.1B	1.6B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	406.6M	1.1B	425.6M	473.6M	459.3M	397.3M	404.1M	387.4M	428.1M	940.7M	500.9M	509.8M
Receivables	325M	347.8M	416.9M	368.6M	384.7M	388M	549.6M	537.1M	487.1M	391.7M	417.7M	443.4M
Inventory	146.3M	147.8M	149.8M	147.8M	141.9M	130M	117M	107.5M	108.3M	94.8M	90.2M	87.9M
Total current assets	960.6M	1.6B	1.1B	1.1B	1.1B	999.5M	1.2B	1.2B	1.4B	1.6B	1.2B	1.2B
Property, plant & equipment	—	2.8B	—	—	—	2.7B	—	—	—	2.7B	—	—
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—	—	—
Total assets	4.7B	5.3B	4.6B	4.6B	4.6B	4.5B	5B	5B	4.8B	4.8B	4.4B	4.4B
Accounts payable	287.2M	294.4M	319.4M	331.5M	316.7M	321M	375.4M	364.8M	352.4M	300.5M	322.8M	365.5M
Short-term debt	5.5M	635M	5.2M	5.7M	5.9M	6.8M	13M	13.8M	11.4M	387.2M	9.5M	8.3M
Total current liabilities	528.7M	1.2B	602.4M	590.9M	571.6M	571.9M	667.6M	669.4M	680.2M	993M	585.2M	633.6M
Long-term debt	2.5B	2.5B	2.5B	2.5B	2.5B	2.5B	2.7B	2.7B	2.3B	2.1B	2.1B	2.1B
Total liabilities	3.3B	4B	3.4B	3.4B	3.3B	3.3B	3.6B	3.6B	3.3B	3.4B	2.9B	3B
Shareholders' equity	1.4B	1.3B	1.3B	1.3B	1.2B	1.2B	1.4B	1.4B	1.6B	1.4B	1.4B	1.4B
Total debt	2.5B	3.1B	2.5B	2.5B	2.5B	2.5B	2.7B	2.7B	2.4B	2.5B	2.1B	2.1B
Net debt	2.1B	2.1B	2.1B	2.1B	2.1B	2.1B	2.3B	2.3B	1.9B	1.6B	1.6B	1.6B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-1B	-540.6M	-612.7M	-680.5M	-762.8M	-543.7M	-307.2M	49.9M	-88M	374.4M
Depreciation & amortization	874.3M	845.4M	868.5M	876.1M	853.7M	693.4M	665.1M	645.3M	633.4M	649.2M
Stock-based compensation	32M	31.9M	26.4M	24.7M	24.6M	19.4M	15.8M	15.8M	16.5M	23.4M
Change in working capital	132.1M	-715.4M	-223.2M	162.7M	15.5M	183M	39.7M	-35.1M	-66.6M	71.9M
Operating cash flow	-187.1M	-347.6M	135.3M	428.1M	183.4M	338.4M	386.6M	641.3M	531.3M	693.3M
Capital expenditure	—	—	—	—	—	—	—	—	—	-715.9M
Investing cash flow	13.3M	76.6M	91.8M	71.9M	30.1M	128.2M	4.7M	-29.6M	12.5M	97.1M
Dividends paid	-50.9M	-68.5M	-87.1M	-49.6M	-22.5M	-7.4M	-65K	-194K	-87K	-6.1M
Share repurchases	-1.7M	-18.1M	0	0	-1.7M	0	—	—	—	—
Financing cash flow	-138.2M	512.2M	155.6M	-332.1M	-148M	488.4M	-1.1B	592.6M	-662M	-566.8M
Net change in cash	-312M	241.2M	382.8M	167.9M	65.5M	955M	-730.2M	1.2B	-118.3M	223.6M
Free cash flow	136.4M	-511.7M	-133.2M	256.8M	154.2M	194.7M	127.6M	97M	13.5M	-22.7M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	-31.2M	3.9M	-9M	-13M	-33.1M	-32.9M	57.2M	-2.2M	302.5M	17M	4.3M	-1.5M
Depreciation & amortization	161.3M	161.2M	157.7M	160.1M	159.2M	156.3M	154.6M	175.1M	160.3M	159.2M	156.2M	160.5M
Stock-based compensation	4.3M	3.2M	4.2M	3.6M	4.1M	4.7M	4.1M	4.5M	6M	8.8M	4.4M	4.5M
Change in working capital	21.5M	-7.9M	-71.5M	29M	-13M	-11.2M	-37.9M	-19.5M	40.9M	88.3M	-64.3M	-27M
Operating cash flow	121.3M	143.9M	90.5M	188.9M	121.1M	130.4M	73.6M	164.7M	207.9M	245.8M	113.3M	135.2M
Capital expenditure	—	—	—	—	—	—	—	—	-210M	-162.1M	-165M	-125.6M
Investing cash flow	-2.8M	-7.3M	-2M	6.9M	1.8M	5.8M	90M	43M	166.5M	141.4M	-169.5M	-122.8M
Dividends paid	0	0	-87K	0	0	0	0	-6.1M	0	0	—	—
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	308.7M	531.3M	-635.1M	-1.2M	-23M	-2.7M	-2M	-19.4M	-518.2M	-27.3M	-383.2M	-1.9M
Net change in cash	427.2M	667.9M	-546.6M	194.5M	99.8M	133.6M	161.7M	188.2M	-143.8M	360M	-439.4M	10.5M
Free cash flow	-9.8M	47.8M	2.6M	54.3M	15.7M	-59.1M	-77.2M	-27.1M	-2.1M	83.8M	-51.6M	9.6M

Apr 23, 2020	1:50
Apr 18, 2006	2:1

Nabors Industries Ltd. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Split history

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement