Nabors Industries Ltd
NBR—
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Nabors Industries Ltd AI Insights
Informational only. Not investment advice.Snapshot
- Debt/equity of 4.1x with 2.4B total debt vs 580M equity - interest expense (218M TTM) consumes 82% of operating income (265M)[Debt to Equity]
- ROE of 57.7% TTM vs industry median 5.1% driven by extreme leverage, not operational excellence - ROIC only 7.9%[Return on Equity TTM]
- FCF negative (-166M TTM) despite 596M operating cash flow - capex of 762M (24% of revenue) consuming all cash generation[Free Cash Flow TTM]
Watch Triggers
- Free Cash Flow TTM: Turns positive (>0) — Would signal capex cycle normalizing and organic deleveraging possible
- Debt to Equity: Falls below 3.0x — Reduces refinancing risk and equity wipeout probability in downturn
- Interest Expense TTM: Rises above 250M — Would consume nearly all operating income, threatening solvency
Bull Case
Trading at 0.32x P/S vs industry median 1.24x with positive net income (223M TTM) - deep value if debt manageable
P/S RatioNet Income TTM
EBITDA of 1.4B TTM covers interest 6.2x - debt serviceable despite high leverage; EV/EBITDA ~2.2x
EBITDA TTMInterest Expense TTMEnterprise Value
Bear Case
Negative FCF (-166M) with 762M capex requirement means no organic deleveraging - dependent on asset sales
Free Cash Flow TTMCapital Expenditure TTM
4.1x debt/equity with 1.9B net debt vs 1B market cap - equity is a levered call option on oil services
Debt to EquityNet DebtMarket Cap TTM
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
35%
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Forward Thesis
Deleveraging trajectory will determine equity value - 330M net debt reduction signals progress
1-3ymed
- Net long-term debt issuance of -331M indicates active paydown
- Asset sales (371M from business dispositions) funding debt reduction
- Operating cash flow of 596M provides deleveraging capacity
Net debt 1.9B vs equity 580MInterest expense 218M TTMSale of business 371M TTM
Valuation Context
Caveats
Public Strategies Rankings
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NBR Fundamentals
Mining, Quarrying, and Oil and Gas Extraction → Support Activities for Mining
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$1.23B | — | ||
$2.79B | — | ||
4.6 | — | ||
$3.18B | +8.7% | — | |
$17.39 | — | ||
8.27% | -0.2% | — | |
9% | +15.0% | — | |
$-22.68M | — | ||
79.0% | +155.3% | — | |
Beta 5Y (Monthly) | unknown | — |
NBR Dividend History
29 dividends
2020
$0.500003/11/20$0.5000
2019
$2.000012/12/19$0.5000
09/10/19$0.5000
06/10/19$0.5000
03/11/19$0.5000
2018
$12.000012/12/18$3.0000
09/10/18$3.0000
06/11/18$3.0000
03/12/18$3.0000
2017
$12.000012/12/17$3.0000
09/11/17$3.0000
06/12/17$3.0000
03/10/17$3.0000
2016
$12.000012/12/16$3.0000
09/09/16$3.0000
06/08/16$3.0000
03/08/16$3.0000
2015
$12.000012/08/15$3.0000
09/04/15$3.0000
06/05/15$3.0000
03/06/15$3.0000
2014
$10.000012/08/14$3.0000
09/05/14$3.0000
06/05/14$2.0000
03/06/14$2.0000
2013
$8.000012/06/13$2.0000
09/04/13$2.0000
06/05/13$2.0000
03/07/13$2.0000
NBR Stock Splits
2 stock splits
04/23/2050:1 split
04/18/060.5:1 split
NBR SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
02/13/26 | 12/31/25 | 10-K | |
10/31/25 | 09/30/25 | 10-Q | |
08/01/25 | 06/30/25 | 10-Q | |
05/09/25 | 03/31/25 | 10-Q | |
02/13/25 | 12/31/24 | Unknown | |
11/01/24 | 09/30/24 | 10-Q | |
07/26/24 | 06/30/24 | 10-Q | |
05/03/24 | 03/31/24 | 10-Q | |
02/12/24 | 12/31/23 | 10-K | |
10/27/23 | 09/30/23 | 10-Q | |
07/28/23 | 06/30/23 | 10-Q | |
04/27/23 | 03/31/23 | 10-Q | |
02/09/23 | 12/31/22 | 10-K | |
10/27/22 | 09/30/22 | 10-Q | |
08/04/22 | 06/30/22 | 10-Q | |
05/02/22 | 03/31/22 | 10-Q | |
02/18/22 | 12/31/21 | 10-K | |
11/05/21 | 09/30/21 | 10-Q | |
08/02/21 | 06/30/21 | 10-Q | |
04/29/21 | 03/31/21 | 10-Q | |
02/24/21 | 12/31/20 | 10-K | |
11/04/20 | 09/30/20 | 10-Q | |
08/04/20 | 06/30/20 | 10-Q | |
05/08/20 | 03/31/20 | 10-Q | |
02/25/20 | 12/31/19 | 10-K | |
11/01/19 | 09/30/19 | 10-Q | |
08/01/19 | 06/30/19 | 10-Q | |
05/01/19 | 03/31/19 | 10-Q | |
02/28/19 | 12/31/18 | 10-K | |
11/07/18 | 09/30/18 | 10-Q | |
08/01/18 | 06/30/18 | 10-Q | |
05/03/18 | 03/31/18 | 10-Q | |
03/01/18 | 12/31/17 | 10-K | |
11/03/17 | 09/30/17 | 10-Q | |
08/03/17 | 06/30/17 | 10-Q | |
04/28/17 | 03/31/17 | 10-Q | |
02/28/17 | 12/31/16 | 10-K | |
11/02/16 | 09/30/16 | 10-Q | |
08/03/16 | 06/30/16 | 10-Q | |
05/03/16 | 03/31/16 | 10-Q | |
02/26/16 | 12/31/15 | 10-K | |
11/06/15 | 09/30/15 | 10-Q | |
08/05/15 | 06/30/15 | 10-Q | |
05/04/15 | 03/31/15 | 10-Q | |
03/02/15 | 12/31/14 | 10-K | |
11/10/14 | 09/30/14 | 10-Q | |
08/06/14 | 06/30/14 | 10-Q | |
05/09/14 | 03/31/14 | 10-Q | |
03/03/14 | 12/31/13 | 10-K | |
11/01/13 | 09/30/13 | 10-Q | |
08/02/13 | 06/30/13 | 10-Q | |
05/02/13 | 03/31/13 | 10-Q | |
03/01/13 | 12/31/12 | 10-K | |
11/02/12 | 09/30/12 | 10-Q | |
08/03/12 | 06/30/12 | 10-Q | |
05/04/12 | 03/31/12 | 10-Q | |
02/29/12 | 12/31/11 | 10-K | |
11/09/11 | 09/30/11 | 10-Q | |
08/02/11 | 06/30/11 | 10-Q | |
05/03/11 | 03/31/11 | 10-Q | |
03/01/11 | 12/31/10 | 10-K | |
11/09/11 | 09/30/10 | 10-Q | |
08/09/10 | 06/30/10 | 10-Q | |
04/29/10 | 03/31/10 | 10-Q | |
02/26/10 | 12/31/09 | 10-K | |
11/05/10 | 09/30/09 | 10-Q | |
10/30/09 | 09/30/09 | 10-Q | |
07/31/09 | 06/30/09 | 10-Q | |
05/11/09 | 03/30/09 | 10-Q | |
03/02/09 | 12/31/08 | 4 | |
10/31/08 | 09/30/08 | 4 | |
08/01/08 | 06/30/08 | 4 | |
05/02/08 | 03/30/08 | Unknown | -- |
02/28/08 | 12/31/07 | 8-K | |
11/01/07 | 09/30/07 | 10-Q | |
08/03/07 | 06/30/07 | 10-Q | |
05/09/07 | 03/30/07 | Unknown | -- |
03/01/07 | 12/31/06 | 10-K | |
11/02/06 | 09/30/06 | 10-Q | |
08/03/06 | 06/30/06 | 10-Q | |
05/10/06 | 03/31/06 | PRE 14A | |
03/16/06 | 12/31/05 | 10-K | |
11/02/05 | 09/30/05 | 10-Q | |
08/03/05 | 06/30/05 | 10-Q | |
05/06/05 | 03/30/05 | Unknown | -- |
03/07/05 | 12/31/04 | 10-K | |
11/04/04 | 09/30/04 | 10-Q | |
08/06/04 | 06/30/04 | 10-Q | |
05/07/04 | 03/30/04 | Unknown | -- |
03/15/04 | 12/31/03 | 10-K | |
11/07/03 | 09/30/03 | 10-Q | |
08/08/03 | 06/30/03 | 10-Q | |
05/12/03 | 03/30/03 | Unknown | -- |
03/31/03 | 12/31/02 | 5 | |
11/14/02 | 09/30/02 | 10-Q | |
08/14/02 | 06/30/02 | 10-Q | |
03/31/02 | 03/30/02 | Unknown | -- |
12/31/01 | 12/31/01 | 10-K/A | |
09/30/01 | 09/30/01 | Unknown | -- |
06/30/01 | 06/30/01 | Unknown | -- |
03/31/01 | 03/30/01 | Unknown | -- |
12/31/00 | 12/31/00 | Unknown | -- |
09/30/00 | 09/30/00 | Unknown | -- |
06/30/00 | 06/30/00 | Unknown | -- |
03/31/00 | 03/30/00 | Unknown | -- |