NE
Noble Corporation Plc
NE's fundamentals are weak and it looks expensive: trading at 129x earnings, about six times its usual 20x. Its downside scenario is about eight times its upside.
NE Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Stable | |
| Under pressure | |
| Strong |
NE's balance sheet is currently strong, and its profitability is stable, but its revenue and cash flow are under pressure.
NE PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 9.2x | $3.03 | -93% |
| Fair | 20x | $6.61 | -84% |
| Forward | 39x | $42.58 | — |
| Expensive | 49x | $16.04 | -62% |
| Current | 129x | $42.58 | — |
Historical ranges are pointers, not guarantees.
NE's PE is in its expensive range at 129x. If earnings grow as analysts expect, today's price would be 39x next year's earnings.
NE Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Stable | |
| Improving | |
| Limited | |
| Low |
Analysts expect NE's earnings to grow and its profitability to improve, with its revenue holding steady. However, they disagree widely on these estimates.
NE Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.10 | +234% |
| Q3 2026 | $0.33 | -76% |
| Q2 2026 | $0.93 | -51% |
| Q1 2026 | $1.43 | -52% |
| Q4 2025 | $1.35 | -54% |
| Q3 2025 | $1.37 | -60% |
| Q2 2025 | $1.90 | -54% |
| Q1 2025 | $2.97 | -8.3% |
| Q4 2024 | $2.96 | -11% |
NE's earnings per share have fallen from their peak: $0.33 over the past year, against $4.13 in mid-2024.
NE Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $728.8M | -8.7% |
| Q2 2026 | $719.7M | -15% |
| Q1 2026 | $785.7M | -10% |
| Q4 2025 | $764.4M | -18% |
| Q3 2025 | $798M | -0.3% |
| Q2 2025 | $848.7M | +22% |
| Q1 2025 | $874.5M | +37% |
| Q4 2024 | $927.3M | +44% |
NE's revenue has slid since its 2024 peak: $729M last quarter, down 8.7% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 8.2% | +1.9 points |
| Q2 2026 | 4.2% | -12 points |
| Q1 2026 | 29% | +7.3 points |
| Q4 2025 | 5.6% | -13 points |
| Q3 2025 | 6.3% | -8.1 points |
| Q2 2025 | 16% | -14 points |
| Q1 2025 | 21% | +4.5 points |
| Q4 2024 | 18% | -6.1 points |
NE's operating margin was 8.2% last quarter, up 1.9 points from the same quarter a year ago.
NE Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$47.5M | -134% |
| Q2 2026 | -$60.4M | -161% |
| Q1 2026 | $169.4M | +7.6% |
| Q4 2025 | $35.4M | +$39.8M |
| Q3 2025 | $139.5M | -11% |
| Q2 2025 | $99.8M | +$134M |
| Q1 2025 | $157.5M | +$195.4M |
| Q4 2024 | -$4.4M | -103% |
NE usually generates cash, though not every quarter: the latest was −$48M, but it generated $97M over the past year.
NE Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | +75K shares |
| 1 year | +0.5% | +814K shares |
| 3 years | +9.6% | +13.9M shares |
| 5 years | -20% | -39.5M shares |
| Available history | -36% | -89.5M shares |
NE has 160M diluted shares, up 0.5% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | $20M |
| Q4 2024 | $50M |
NE hasn't bought back shares in the past year.
NE Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2022 | 0.4x | Very low |
| Q1 2022 | 1.0x | Very low |
| Q4 2021 | 0.3x | Very low |
| Q3 2021 | 1.6x | Healthy |
| Q2 2021 | 1.1x | Healthy |
| Q1 2021 | 1.3x | Healthy |
| Q4 2020 | -1.3x | Net Cash |
| Q3 2020 | 8.0x | High |
NE's net debt is less than a year of its operating earnings (EBITDA), down from 1.1 years a year ago.
NE Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 48.1 | Neutral |
| Stochastic | 47.9 | Neutral |
NE's weekly RSI is 48 (neutral) and its Stochastic is 48 (neutral).
NE PE vs Energy Sector
| Metric | NE | Sector median | Relative |
|---|---|---|---|
| PE | 129x | 13x | 883% above |
| PE % | 100 | 55 | 45 pts above |
NE is trading at 129x earnings, a 883% premium to the Energy sector's median of 13x.
NE Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $43.8 | 2.7% below |
| 20 week MA | $43.4 | 1.9% below |
| 50 week MA | $42.6 | 0.1% below |
| 100 week MA | $35.1 | 21% above |
| 200 week MA | $39.0 | 9.2% above |
NE has slipped below its 8-, 20- and 50-week averages, though it's still 9.2% above its 200-week average.
NE Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $24.9 | $25.1 | +0.9% |
| 2022 | $25.1 | $37.9 | +51% |
| 2023 | $37.9 | $48.2 | +27% |
| 2024 | $48.2 | $29.7 | -38% |
| 2025 | $29.7 | $28.0 | -5.4% |
| 2026 YTD | $28.0 | $42.6 | +52% |
NE has finished higher in three of the last five years. It's up 52% so far in 2026.