Recent News
On February 11, 2026, Noble announced backlog rose to $7.5 billion after roughly $1.3 billion of new contract awards since October and completed the divestiture of five jackups for $360 million; the Board declared a $0.50 quarterly dividend payable March 19, 2026 (record date March 4, 2026). A February 14, 2026 commentary highlighted the company’s shift toward high-spec deepwater and harsh-environment rigs and noted continued portfolio pruning of non-core jackups.
Technical Analysis
ADX 54.39 (very strong): A reading of 54.39 denotes a very strong directional environment; such strength increases the likelihood that recent moves persist short-term but also raises the risk of an overextended advance given valuation above WMDST’s mark.
DI+ Peak-and-Reversal: DI+ shows a peak-and-reversal pattern, a bearish signal that indicates positive directional pressure has started to wane and reduces the probability of a sustained breakout absent fresh buying catalysts.
DI- Decreasing: DI- trends lower, a bullish sign that suggests downward pressure eased; the combination with a DI+ peak implies a transition phase rather than a clean directional breakout.
MACD 2.91, MACD signal 2.93 — Peak-and-Reversal: MACD sits just below its signal line while exhibiting a peak-and-reversal, indicating bearish momentum and weakening trend-following support for higher prices in the near term.
MRO 28.21 (positive): MRO stands positive at 28.21, which implies price sits above the model target and faces potential downward mean reversion pressure; this aligns with valuation indicating limited upside.
RSI 65.14 (increasing): RSI rising toward overbought territory signals strengthening short-term momentum but increases susceptibility to a corrective move if selling intensifies.
Price vs. Moving Averages and Bands: Last close $45.98 sits above the 20‑day average $44.74 and well above the 200‑day average $30.05, with price12‑day EMA rising; the stock trades near its 52‑week high $47.44, which supports a constructive intermediate stance but amplifies risk of a pullback given MACD weakness and MRO over-target pressure.
Fundamental Analysis
Profitability & Margins: EBIT $55,238,000 and EBITDA $203,226,000 translate to an EBIT margin of 7.23%. Quarter-over-quarter EBIT margin expanded by 12.78%, while year-over-year EBIT margin fell by 60.81%. The EBIT margin sits below the industry peer mean of 11.93% and below the industry peer median of 11.39%, but remains above the industry peer low of -5.72%.
Revenue and Growth: Total revenue $764,412,000. Quarterly revenue change shows a -29.43% QoQ move, while the reported year-over-year revenue change equates to -126.59% (both figures provided). Recent backlog additions materially extend forward revenue visibility despite sequential pressures in reported periods.
Earnings & Valuation Multiples: Reported EPS $0.09 versus an estimate $0.15 yielded an EPS surprise of -40%. Trailing PE stands at 361.69, driven by low trailing EPS; forward PE equals 46.79. Book value per share $28.64 produces a price‑to‑book ratio of 1.14, above the industry peer mean of 0.97 and just above the industry peer median of 1.08. Price‑to‑sales at 6.76 exceeds the industry peer mean of 4.94. WMDST’s current judgment: the stock registers as over‑valued, reflecting elevated multiples against modest profitability.
Cash Flow, Liquidity & Leverage: Operating cash flow $187,125,000 and free cash flow $35,378,000 imply a free cash flow yield of 0.68%, well below the industry peer mean free cash flow yield of 3.98%. Cash and short‑term investments total $471,399,000 with net debt $1,504,392,000 and debt/EBITDA of 9.72, indicating elevated leverage versus operating cash generation. Interest coverage sits at 1.33x, which offers limited buffer against rate or demand shocks.
Key QoQ / YoY Movements: Asset growth modestly negative at -1.43% QoQ; return on equity near 1.91% with QoQ declines; capex outflow $151,747,000 and capex-to-revenue elevated. These dynamics—improving backlog and active fleet reallocation versus compressed margins and thin cash yield—explain WMDST’s valuation stance.
Valuation Summary: WMDST values the stock as over‑valued. The valuation reflects high multiples (trailing and forward PE), low free cash yield, and leverage measured by debt/EBITDA; backlog growth and recurring dividends support revenue visibility but do not offset the stretched multiple profile given current earnings and cash flow metrics.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-02-11 |
| NEXT REPORT DATE: | 2026-05-13 |
| CASH FLOW | Begin Period Cash Flow | $ 484.5 M |
| Operating Cash Flow | $ 187.1 M | |
| Capital Expenditures | $ -151.75 M | |
| Change In Working Capital | $ -195.73 M | |
| Dividends Paid | $ -79.93 M | |
| Cash Flow Delta | $ -4.56 M | |
| End Period Cash Flow | $ 480.0 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 764.4 M | |
| Forward Revenue | $ 210.1 M | |
| COSTS | ||
| Cost Of Revenue | $ 664.8 M | |
| Depreciation | $ 148.0 M | |
| Depreciation and Amortization | $ 148.0 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 694.5 M | |
| PROFITABILITY | ||
| Gross Profit | $ 99.6 M | |
| EBITDA | $ 203.2 M | |
| EBIT | $ 55.2 M | |
| Operating Income | $ 69.9 M | |
| Interest Income | $ 12.7 M | |
| Interest Expense | $ 41.4 M | |
| Net Interest Income | $ -28.77 M | |
| Income Before Tax | $ 13.8 M | |
| Tax Provision | $ -72.85 M | |
| Tax Rate | 21.0 % | |
| Net Income | $ 86.6 M | |
| Net Income From Continuing Operations | $ 86.6 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.15 | |
| EPS Actual | $ 0.09 | |
| EPS Difference | $ -0.06 | |
| EPS Surprise | -40.0 % | |
| Forward EPS | $ 0.60 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 7.5 B | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 4.5 B | |
| Total Current Assets | $ 1.3 B | |
| Cash and Short-Term Investments | $ 471.4 M | |
| Cash | $ 471.4 M | |
| Net Receivables | $ 589.6 M | |
| Inventory | — | |
| Long-Term Investments | $ 854.7 M | |
| LIABILITIES | ||
| Accounts Payable | $ 298.8 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 759.7 M | |
| Net Debt | $ 1.5 B | |
| Total Debt | $ 2.0 B | |
| Total Liabilities | $ 3.0 B | |
| EQUITY | ||
| Total Equity | $ 4.5 B | |
| Retained Earnings | $ 286.6 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 28.64 | |
| Shares Outstanding | 158.854 M | |
| Revenue Per-Share | $ 4.81 | |
| VALUATION | Market Capitalization | $ 5.2 B |
| Enterprise Value | $ 6.7 B | |
| Enterprise Multiple | 32.848 | |
| Enterprise Multiple QoQ | 8.742 % | |
| Enterprise Multiple YoY | 44.955 % | |
| Enterprise Multiple IPRWA | high: 47.271 NE: 32.848 mean: 32.416 median: 29.271 low: 14.939 |
|
| EV/R | 8.733 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.655 | |
| Asset To Liability | 2.526 | |
| Debt To Capital | 0.303 | |
| Debt To Assets | 0.262 | |
| Debt To Assets QoQ | 1.399 % | |
| Debt To Assets YoY | 5.543 % | |
| Debt To Assets IPRWA | high: 0.593 mean: 0.321 median: 0.315 NE: 0.262 low: 0.218 |
|
| Debt To Equity | 0.434 | |
| Debt To Equity QoQ | -0.381 % | |
| Debt To Equity YoY | 2.027 % | |
| Debt To Equity IPRWA | high: 1.759 median: 0.736 mean: 0.679 NE: 0.434 low: 0.366 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.137 | |
| Price To Book QoQ | 14.703 % | |
| Price To Book YoY | 4.944 % | |
| Price To Book IPRWA | high: 1.342 NE: 1.137 median: 1.082 mean: 0.969 low: 0.635 |
|
| Price To Earnings (P/E) | 361.694 | |
| Price To Earnings QoQ | 142.926 % | |
| Price To Earnings YoY | 538.962 % | |
| Price To Earnings IPRWA | NE: 361.694 high: 233.755 median: 5.99 mean: -10.797 low: -326.495 |
|
| PE/G Ratio | -2.137 | |
| Price To Sales (P/S) | 6.765 | |
| Price To Sales QoQ | 20.135 % | |
| Price To Sales YoY | 24.505 % | |
| Price To Sales IPRWA | high: 7.913 NE: 6.765 median: 4.937 mean: 4.935 low: 2.152 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 46.786 | |
| Forward PE/G | -0.276 | |
| Forward P/S | 23.481 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -1.91 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.101 | |
| Asset Turnover Ratio QoQ | -3.337 % | |
| Asset Turnover Ratio YoY | -13.052 % | |
| Asset Turnover Ratio IPRWA | high: 0.207 mean: 0.115 median: 0.108 NE: 0.101 low: 0.066 |
|
| Receivables Turnover | 1.206 | |
| Receivables Turnover Ratio QoQ | 8.793 % | |
| Receivables Turnover Ratio YoY | 0.723 % | |
| Receivables Turnover Ratio IPRWA | high: 1.873 mean: 1.508 median: 1.375 low: 1.237 NE: 1.206 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 75.675 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 33.794 | |
| Cash Conversion Cycle Days QoQ | -12.966 % | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 129.779 median: 78.922 mean: 59.121 NE: 33.794 low: -38.745 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 1.491 | |
| CapEx To Revenue | -0.199 | |
| CapEx To Depreciation | -1.025 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 6.5 B | |
| Net Invested Capital | $ 6.5 B | |
| Invested Capital | $ 6.5 B | |
| Net Tangible Assets | $ 4.5 B | |
| Net Working Capital | $ 512.6 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.62 | |
| Current Ratio | 1.675 | |
| Current Ratio QoQ | -4.357 % | |
| Current Ratio YoY | 13.386 % | |
| Current Ratio IPRWA | high: 2.191 median: 1.772 mean: 1.764 NE: 1.675 low: 1.558 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 9.722 | |
| Cost Of Debt | 1.657 % | |
| Interest Coverage Ratio | 1.333 | |
| Interest Coverage Ratio QoQ | 5.543 % | |
| Interest Coverage Ratio YoY | -63.735 % | |
| Interest Coverage Ratio IPRWA | high: 2.468 median: 1.474 NE: 1.333 mean: 0.826 low: -2.27 |
|
| Operating Cash Flow Ratio | 0.417 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 41.881 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 1.084 | |
| Dividend Payout Ratio | 0.923 | |
| Dividend Rate | $ 0.50 | |
| Dividend Yield | 0.015 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -1.434 % | |
| Revenue Growth | -4.211 % | |
| Revenue Growth QoQ | -29.429 % | |
| Revenue Growth YoY | -126.588 % | |
| Revenue Growth IPRWA | high: 1.459 % median: 0.522 % mean: -2.868 % NE: -4.211 % low: -9.787 % |
|
| Earnings Growth | -169.231 % | |
| Earnings Growth QoQ | -466.666 % | |
| Earnings Growth YoY | 4808.092 % | |
| Earnings Growth IPRWA | high: 287.17 % mean: 31.099 % median: -66.667 % low: -80.0 % NE: -169.231 % |
|
| MARGINS | ||
| Gross Margin | 13.029 % | |
| Gross Margin QoQ | -25.9 % | |
| Gross Margin YoY | -45.703 % | |
| Gross Margin IPRWA | high: 85.906 % mean: 41.983 % median: 15.519 % NE: 13.029 % low: 5.038 % |
|
| EBIT Margin | 7.226 % | |
| EBIT Margin QoQ | 12.783 % | |
| EBIT Margin YoY | -60.811 % | |
| EBIT Margin IPRWA | high: 26.176 % mean: 11.929 % median: 11.388 % NE: 7.226 % low: -5.715 % |
|
| Return On Sales (ROS) | 9.149 % | |
| Return On Sales QoQ | -31.775 % | |
| Return On Sales YoY | -50.382 % | |
| Return On Sales IPRWA | high: 25.944 % mean: 13.042 % median: 10.495 % NE: 9.149 % low: -0.02 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 35.4 M | |
| Free Cash Flow Yield | 0.684 % | |
| Free Cash Flow Yield QoQ | -77.964 % | |
| Free Cash Flow Yield YoY | -877.273 % | |
| Free Cash Flow Yield IPRWA | high: 10.458 % mean: 3.984 % median: 3.895 % NE: 0.684 % low: -1.307 % |
|
| Free Cash Growth | -74.635 % | |
| Free Cash Growth QoQ | -287.572 % | |
| Free Cash Growth YoY | -27.424 % | |
| Free Cash Growth IPRWA | high: 263.15 % mean: 3.217 % median: -19.568 % NE: -74.635 % low: -145.288 % |
|
| Free Cash To Net Income | 0.408 | |
| Cash Flow Margin | 41.481 % | |
| Cash Flow To Earnings | 3.66 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 1.142 % | |
| Return On Assets QoQ | -513.768 % | |
| Return On Assets YoY | -5.464 % | |
| Return On Assets IPRWA | high: 14.433 % mean: 3.555 % NE: 1.142 % median: 0.157 % low: -1.469 % |
|
| Return On Capital Employed (ROCE) | 0.816 % | |
| Return On Equity (ROE) | 0.019 | |
| Return On Equity QoQ | -509.677 % | |
| Return On Equity YoY | -8.325 % | |
| Return On Equity IPRWA | high: 0.226 mean: 0.053 NE: 0.019 median: 0.003 low: -0.037 |
|
| DuPont ROE | 1.908 % | |
| Return On Invested Capital (ROIC) | 0.669 % | |
| Return On Invested Capital QoQ | 7.903 % | |
| Return On Invested Capital YoY | -91.269 % | |
| Return On Invested Capital IPRWA | high: 1.57 % median: 0.949 % mean: 0.67 % NE: 0.669 % low: -0.99 % |
|