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Nabors Industries (NBR)

Market Price (4/14/2026): $84.54 | Market Cap: $1.2 Bil
Sector: Energy | Industry: Oil & Gas Drilling

Nabors Industries (NBR)

Market Price (4/14/2026): $84.54
Market Cap: $1.2 Bil
Sector: Energy
Industry: Oil & Gas Drilling

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 24%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 20%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 22%

Megatrend and thematic drivers
Megatrends include US Energy Independence, and Automation & Robotics. Themes include US Oilfield Technologies, and Drilling Automation.

Weak multi-year price returns
2Y Excs Rtn is -36%, 3Y Excs Rtn is -101%

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 131%

Stock price has recently run up significantly
6M Rtn6 month market price return is 109%, 12M Rtn12 month market price return is 194%

Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 103%

Key risks
NBR key risks include [1] a substantial debt position, Show more.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 24%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 20%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 22%
2 Megatrend and thematic drivers
Megatrends include US Energy Independence, and Automation & Robotics. Themes include US Oilfield Technologies, and Drilling Automation.
3 Weak multi-year price returns
2Y Excs Rtn is -36%, 3Y Excs Rtn is -101%
4 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 131%
5 Stock price has recently run up significantly
6M Rtn6 month market price return is 109%, 12M Rtn12 month market price return is 194%
6 Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 103%
7 Key risks
NBR key risks include [1] a substantial debt position, Show more.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Nabors Industries (NBR) stock has gained about 55% since 12/31/2025 because of the following key factors:

1. Macroeconomic Tailwinds from Surging Oil Prices.

Geopolitical tensions in the Middle East, particularly a conflict in Iran impacting the Strait of Hormuz, led to a significant surge in crude oil prices during Q1 2026. Brent crude prices peaked at nearly US$117.27 per barrel by March 9, 2026, marking a 92.56% increase from January, while West Texas Intermediate (WTI) saw a 100.41% increase, peaking at US$115.68. This broad market uplift significantly benefited the energy sector, driving increased exploration and production spending which directly impacted drilling service providers like Nabors Industries.

2. Robust Q4 2025 Earnings Beat and Strong Financial Management.

Nabors Industries reported strong fourth-quarter 2025 results on February 12, 2026, with an Earnings Per Share (EPS) of $0.17, significantly exceeding analysts' consensus estimates of -$1.75 by 109.71%. Quarterly revenue also rose 9.0% year-over-year to $798 million. This positive earnings surprise was coupled with substantial debt reduction, as net debt decreased by approximately $554 million since the end of 2024, lowering the company's leverage to its lowest levels since 2005 and reducing projected annual interest expense by about $45 million.

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Stock Movement Drivers

Fundamental Drivers

The 55.8% change in NBR stock from 12/31/2025 to 4/13/2026 was primarily driven by a 26.0% change in the company's Net Income Margin (%).
(LTM values as of)123120254132026Change
Stock Price ($)54.3084.6255.8%
Change Contribution By: 
Total Revenues ($ Mil)3,1173,1852.2%
Net Income Margin (%)7.1%9.0%26.0%
P/E Multiple3.44.221.3%
Shares Outstanding (Mil)1414-0.2%
Cumulative Contribution55.8%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 4/13/2026
ReturnCorrelation
NBR55.8% 
Market (SPY)-5.4%41.8%
Sector (XLE)27.7%45.0%

Fundamental Drivers

The 107.0% change in NBR stock from 9/30/2025 to 4/13/2026 was primarily driven by a 97.7% change in the company's P/S Multiple.
(LTM values as of)93020254132026Change
Stock Price ($)40.8784.62107.0%
Change Contribution By: 
Total Revenues ($ Mil)3,0313,1855.1%
P/S Multiple0.20.497.7%
Shares Outstanding (Mil)1414-0.3%
Cumulative Contribution107.0%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 4/13/2026
ReturnCorrelation
NBR107.0% 
Market (SPY)-2.9%42.5%
Sector (XLE)28.9%49.2%

Fundamental Drivers

The 102.9% change in NBR stock from 3/31/2025 to 4/13/2026 was primarily driven by a 186.4% change in the company's P/S Multiple.
(LTM values as of)33120254132026Change
Stock Price ($)41.7184.62102.9%
Change Contribution By: 
Total Revenues ($ Mil)2,9303,1858.7%
P/S Multiple0.10.4186.4%
Shares Outstanding (Mil)914-34.8%
Cumulative Contribution102.9%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2025 to 4/13/2026
ReturnCorrelation
NBR102.9% 
Market (SPY)16.3%55.9%
Sector (XLE)25.3%69.6%

Fundamental Drivers

The -30.6% change in NBR stock from 3/31/2023 to 4/13/2026 was primarily driven by a -35.6% change in the company's Shares Outstanding (Mil).
(LTM values as of)33120234132026Change
Stock Price ($)121.9184.62-30.6%
Change Contribution By: 
Total Revenues ($ Mil)2,6543,18520.0%
P/S Multiple0.40.4-10.2%
Shares Outstanding (Mil)914-35.6%
Cumulative Contribution-30.6%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2023 to 4/13/2026
ReturnCorrelation
NBR-30.6% 
Market (SPY)63.3%42.1%
Sector (XLE)51.1%69.8%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
NBR Return39%91%-47%-30%-5%48%38%
Peers Return55%100%-17%-15%1%49%230%
S&P 500 Return27%-19%24%23%16%-0%81%

Monthly Win Rates [3]
NBR Win Rate50%58%33%42%75%75% 
Peers Win Rate59%63%32%43%55%80% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
NBR Max Drawdown-2%0%-50%-37%-57%0% 
Peers Max Drawdown-4%0%-32%-24%-35%-0% 
S&P 500 Max Drawdown-1%-25%-1%-2%-15%-7% 

[1] Cumulative total returns since the beginning of 2021
[2] Peers: HP, PTEN, PDS, VAL, SLB. See NBR Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/13/2026 (YTD)

How Low Can It Go

Unique KeyEventNBRS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-61.5%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven160.0%34.1%
2022 Inflation ShockTime to BreakevenTime to BreakevenNot Fully Recovered days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-93.8%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven1521.2%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven720 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-91.4%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven1066.0%24.7%
2018 CorrectionTime to BreakevenTime to BreakevenNot Fully Recovered days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-82.9%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven485.5%131.3%
2008 Global Financial CrisisTime to BreakevenTime to BreakevenNot Fully Recovered days1,480 days

Compare to HP, PTEN, PDS, VAL, SLB

In The Past

Nabors Industries's stock fell -61.5% during the 2022 Inflation Shock from a high on 4/18/2022. A -61.5% loss requires a 160.0% gain to breakeven.

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About Nabors Industries (NBR)

Nabors Industries Ltd. provides drilling and drilling-related services for land-based and offshore oil and natural gas wells. The company operates through five segments: U.S. Drilling, Canada Drilling, International Drilling, Drilling Solutions, and Rig Technologies. It provides tubular running, wellbore placement, directional drilling, measurement-while-drilling (MWD), equipment manufacturing, and rig instrumentation services; and logging-while-drilling systems and services, as well as drilling optimization software. The company also offers REVit, an automated real time stick-slip mitigation system; ROCKit, a directional steering control system; SmartNAV, a collaborative guidance and advisory platform; SmartSLIDE, an advanced directional steering control system; and RigCLOUD, which provides the tools and infrastructure to integrate applications to deliver real-time insight into operations across the rig fleet. In addition, it manufactures and sells top drives, catwalks, wrenches, drawworks, and other drilling related equipment, such as robotic systems and downhole tools; and provides aftermarket sales and services for the installed base of its equipment. As of December 31, 2021, the company marketed approximately 301 rigs for land-based drilling operations in the United States, Canada, and in 20 other countries worldwide; and 29 rigs for offshore platform drilling operations in the United States and internationally. Nabors Industries Ltd. was founded in 1952 and is based in Hamilton, Bermuda.

AI Analysis | Feedback

Here are 1-3 brief analogies to describe Nabors Industries (NBR):

  • Caterpillar for oil and gas drilling: Like Caterpillar provides heavy equipment and services for construction and mining, Nabors provides the essential rigs, machinery, and related services to drill for oil and gas.
  • Deere & Company for oil and gas drilling: Similar to how Deere provides specialized machinery and increasingly advanced technology for agriculture, Nabors offers high-tech drilling rigs and sophisticated software solutions for the oil and gas industry.

AI Analysis | Feedback

  • Land and Offshore Drilling Services: Provides comprehensive drilling operations for oil and natural gas wells across land and offshore environments.
  • Specialized Drilling Services: Offers services including tubular running, wellbore placement, directional drilling, and measurement-while-drilling (MWD).
  • Logging-While-Drilling (LWD) Systems and Services: Delivers real-time wellbore logging data and insights during drilling operations.
  • REVit System: An automated real-time system designed to mitigate stick-slip during drilling.
  • ROCKit System: A directional steering control system for precise wellbore trajectory.
  • SmartNAV Platform: A collaborative guidance and advisory platform supporting drilling operations.
  • SmartSLIDE System: An advanced directional steering control system for optimized drilling.
  • RigCLOUD Platform: Provides tools and infrastructure to integrate applications for real-time operational insight across the rig fleet.
  • Drilling Optimization Software: Software solutions aimed at enhancing overall drilling efficiency and performance.
  • Drilling Rig Components: Manufactures and sells essential drilling equipment such as top drives, catwalks, wrenches, and drawworks.
  • Robotic Systems and Downhole Tools: Produces advanced robotic systems and specialized tools used within the wellbore.
  • Equipment Aftermarket Support: Provides sales and services for its installed base of manufactured drilling equipment.

AI Analysis | Feedback

Major Customers of Nabors Industries (NBR)

Nabors Industries Ltd. primarily sells its drilling and drilling-related services and equipment to other companies in the oil and natural gas sector. Based on the provided background information, its major customers are companies involved in oil and gas exploration and production (E&P).

The specific names of Nabors Industries' major customer companies are not disclosed in the provided background description.

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Anthony G. Petrello, Chairperson, President and Chief Executive Officer

Anthony G. Petrello has served as Chairman of the Board of Nabors Industries Ltd. since June 2012, and as its Chief Executive Officer and President since October 2011. He was first elected to the Nabors Board of Directors in 1991. Before becoming CEO, he served as the company's President and Chief Operating Officer from 1991 to October 2011, and Deputy Chairman since 2003. Prior to joining Nabors in 1991, Mr. Petrello was the Managing Partner of the New York office of the law firm Baker & McKenzie from 1986 to 1991. He holds a J.D. degree from Harvard Law School and B.S. and M.S. degrees in Mathematics from Yale University. Mr. Petrello also serves as a director of Hilcorp Energy Company. He previously served as Chairman, President, CEO & Secretary of Nabors Energy Transition Corp. from 2021 to 2023.

Miguel Rodriguez, Chief Financial Officer

Miguel Rodriguez was appointed Chief Financial Officer of Nabors Industries Ltd. effective October 1, 2025, succeeding William Restrepo. He joined Nabors in February 2019 as Senior Vice President for Operations Finance. Prior to joining Nabors, Mr. Rodriguez spent over 25 years with SLB (formerly Schlumberger) in various senior financial positions requiring strong corporate finance, treasury, tax, and financial management skills, with postings in the United States, Latin America, and Russia. His roles at SLB included senior executive positions in Corporate Treasury, Group Controller for Latin America, and worldwide Controller. Mr. Rodriguez holds a Bachelor's degree in Business Administration and is a CPA, both from Universidad Católica Andrés Bello (UCAB) in Venezuela.

Siggi Meissner, President, Global Drilling and Energy Transition

Siggi Meissner serves as the President of Global Drilling Operations & Engineering at Nabors Industries Ltd. He is also listed as President, Global Drilling and Energy Transition.

Mark Andrews, Vice President and Corporate Secretary

Mark Andrews serves as Vice President and Corporate Secretary of Nabors Industries Ltd. He has also been listed as Vice President and General Manager of Nabors Global Holdings Ltd.

Michael Csizmadia, General Counsel and Chief Compliance Officer

Michael Csizmadia serves as General Counsel and Chief Compliance Officer at Nabors Industries Ltd. He is also a Senior Vice President.

AI Analysis | Feedback

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Nabors Industries Ltd. (NYSE: NBR) faces several key risks to its business, primarily driven by the cyclical nature of the oil and natural gas industry and the company's financial structure.

Key Risks

  1. Fluctuations in Oil and Natural Gas Prices and Declining Drilling Activity: The primary risk to Nabors Industries is the volatility in oil and natural gas prices, which directly impacts drilling activity, revenues, cash flows, and overall profitability. A sustained decrease in commodity prices reduces the incentive for exploration, development, and production activities, leading to lower demand for Nabors' drilling and drilling-related services. The U.S. drilling market, a significant operational area for Nabors, has experienced a decline in activity and daily rig margins due to increased costs and operational inefficiencies, further exacerbating this risk.
  2. High Debt Load and Limited Financial Flexibility: Nabors Industries carries a substantial long-term debt burden, reported at approximately $2.5 billion as of December 31, 2025, and $2.7 billion as of June 30, 2025. This high leverage limits the company's financial flexibility, increases interest expenses, and makes it vulnerable to changes in interest rates and broader credit market conditions. Persistent net losses, despite efforts to improve cash flow, highlight the challenges in managing this debt and affect the company's ability to reinvest in growth or strengthen its balance sheet.
  3. Customer Concentration and Intense Competition: The company faces significant customer concentration risk, with Saudi Aramco accounting for a substantial portion of its consolidated operating revenues (30% in 2025, 31% in 2024, and 26% in both 2023 and 2022). The loss of this or other major customers, or the renegotiation or termination of drilling contracts on short notice or without early termination payments, could materially harm Nabors' business, financial condition, and results of operations. Additionally, Nabors operates in a highly competitive industry characterized by excess drilling capacity, which can adversely affect market share, utilization rates, and pricing.
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Nabors Industries (symbol: NBR) operates in several segments of the oil and natural gas industry. The addressable markets for its main products and services, segmented by region, are detailed below:

Global Markets

  • Global Oil and Gas Wells Drilling Services Market: The market for global oil and gas wells drilling services was valued at approximately USD 160.88 billion in 2025.
  • Global Offshore Drilling Market: The global offshore drilling market was valued at about USD 43.78 billion in 2025 and is projected to reach USD 47.73 billion in 2026. Other sources indicate a 2024 value of USD 39.865 million or USD 39.61 billion.
  • Global Land Drilling Rig Market: This market, which includes the manufacturing and sale of drilling equipment, was valued at USD 45.19 billion in 2025 and is projected to reach USD 47.08 billion in 2026.
  • Global Oilfield Services Market: The broader global oilfield services market, which encompasses drilling and drilling-related services, was valued at USD 270.53 billion in 2025 and is projected to grow to USD 290.8 billion in 2026.

U.S. Markets

  • U.S. Oil Field Drilling Services Market: This market was valued at USD 71.0 billion in 2025 and is projected to be USD 67.0 billion in 2026.
  • United States Offshore Drilling Market: The market size for offshore drilling in the United States was valued at USD 2.48 billion in 2023 and is expected to reach USD 4.13 billion by 2033.

Canada Markets

  • Canada Oil & Gas Field Services Market: The market size for oil and gas field services in Canada, which includes drilling services, was USD 47.8 billion in 2025 and USD 48.4 billion in 2026. Another source indicates a value of USD 10 billion based on historical analysis.
  • Canada Underbalanced Drilling Market: This specialized drilling service market generated USD 190.1 million in revenue in 2024.

International Markets (Offshore Drilling by Region)

  • Asia Pacific Offshore Drilling Market: This region's offshore drilling market was valued at USD 8,999 million (approximately USD 9.0 billion) in 2024 and is expected to reach USD 11,033 million by 2030. Asia Pacific held the largest share of the global offshore drilling market at 44.73% in 2024.
  • Middle East & Africa Offshore Drilling Market: This market captured 22.42% of the global market in 2025, generating USD 9.82 billion in revenue, and is projected to reach USD 10.88 billion in 2026.
  • Latin America Offshore Drilling Market: In 2025, Latin America generated USD 3.82 billion, contributing 8.72% to global market revenue, and is projected to grow to USD 4.21 billion in 2026.
Nabors Industries' "Drilling Solutions" and "Rig Technologies" offerings are integral components and specialized services within these broader drilling and oilfield services markets.

AI Analysis | Feedback

Nabors Industries (NYSE: NBR) is positioned for future revenue growth over the next two to three years, driven by several strategic initiatives and market trends:

  1. International Drilling Expansion: The company anticipates continued growth in its international drilling operations, particularly in the Middle East (including Saudi Arabia and Kuwait), Asia Pacific, and Latin America (Argentina). This expansion is supported by new rig deployments and reactivations, often secured through long-term contracts, which are expected to increase the international rig count.

  2. Growth in Drilling Solutions and Rig Technologies: Nabors expects its Drilling Solutions and Rig Technologies segments to significantly increase their contributions to revenue. Drilling Solutions is highlighted for its high-margin services, while Rig Technologies benefits from third-party sales of high-margin rig components, rentals, and spare parts.

  3. Synergies from Acquisitions, notably Parker Wellbore: The acquisition of Parker Wellbore is a key driver, projected to enhance adjusted EBITDA through synergies and an expanded portfolio of services and products.

  4. Advancements in Technology and Drilling Automation: Nabors is leveraging its advanced technology solutions, including drilling automation platforms like REVit, ROCKit, SmartNAV, SmartSLIDE, and RigCLOUD, as well as new rig technologies such as the PACE-X Ultra. These innovations are expected to drive demand by offering enhanced efficiency, performance, and contributing to margin expansion.

  5. Newbuild Programs: The company's newbuild programs, such as the SANAD joint venture, especially in Saudi Arabia, are anticipated to contribute to future revenue growth through long-term contracts and increased rig deployments. These programs involve significant capital expenditures and are expected to generate substantial EBITDA.

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Share Repurchases

  • Nabors Industries completed a share repurchase program in 2025, retiring 14,012,000 shares for US$121.27 million under its 2015 authorization.

Share Issuance

  • In March 2025, Nabors acquired Parker Drilling Company for cash plus 4.8 million shares.
  • The number of common shares outstanding increased from 9,331,097 in aggregate as of October 31, 2021, to 10,764,937 in aggregate as of December 31, 2024. By February 6, 2026, the aggregate number of common shares outstanding reached 15,834,469.

Outbound Investments

  • In March 2025, Nabors acquired Parker Drilling Company for cash plus 4.8 million shares, with the deal valued at approximately $180.6 million. This acquisition expanded Nabors' Drilling Solutions business by adding Quail Tools, a casing running contractor, and a fleet of ten drilling rigs.
  • Nabors sold its Quail Tools, LLC subsidiary to Superior Energy Services for $625 million, which included $375 million in cash at closing and a $250 million seller financing note that was fully prepaid.
  • Nabors has invested in venture opportunities focused on carbon reduction, including alternative energy sources such as geothermal, hydrogen, energy storage, carbon capture, and emissions monitoring. Specific investments include a business combination with Vast Solar Pty. Ltd. in December 2023 and an investment in GA Drilling, an ultra-deep geothermal drilling technology innovator, in March 2022.

Capital Expenditures

  • Capital expenditures for the full year 2025 totaled $695 million, which included $274 million allocated for SANAD newbuilds.
  • For the full year 2026, Nabors projects capital expenditures to be in the range of $730 million to $760 million, with $360 million to $380 million specifically for SANAD newbuilds.
  • The primary focus of these capital expenditures is on rig enhancements and new construction, particularly within the SANAD newbuild program.

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Buying dips for companies with tame PE and meaningfully high operating margin		65.2%65.2%-2.1%
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Peer Comparisons

Peers to compare with:

Financials

NBRHPPTENPDSVALSLBMedian
NameNabors I.Helmeric.Patterso.Precisio.Valaris SLB  
Mkt Price84.6235.7410.5692.9799.0751.9268.27
Mkt Cap1.23.64.0-6.977.74.0
Rev LTM3,1854,0864,827-2,36935,7094,086
Op Inc LTM263183-40-4965,457263
FCF LTM-23180372-2034,543203
FCF 3Y Avg29257420--1094,520257
CFO LTM693567961-5466,489693
CFO 3Y Avg6386861,048-3906,576686

Growth & Margins

NBRHPPTENPDSVALSLBMedian
NameNabors I.Helmeric.Patterso.Precisio.Valaris SLB  
Rev Chg LTM8.7%48.2%-10.3%-0.3%-1.6%0.3%
Rev Chg 3Y Avg6.5%21.7%25.4%-14.7%8.6%14.7%
Rev Chg Q9.3%50.2%-1.0%--8.0%5.0%5.0%
QoQ Delta Rev Chg LTM2.2%9.1%-0.2%--1.9%1.3%1.3%
Op Mgn LTM8.3%4.5%-0.8%-20.9%15.3%8.3%
Op Mgn 3Y Avg8.6%12.7%3.5%-12.9%16.4%12.7%
QoQ Delta Op Mgn LTM-0.2%-1.7%0.6%--1.7%-0.9%-0.9%
CFO/Rev LTM21.8%13.9%19.9%-23.1%18.2%19.9%
CFO/Rev 3Y Avg20.9%22.4%22.0%-17.7%18.8%20.9%
FCF/Rev LTM-0.7%4.4%7.7%-8.6%12.7%7.7%
FCF/Rev 3Y Avg1.0%8.5%8.8%--6.6%12.9%8.5%

Valuation

NBRHPPTENPDSVALSLBMedian
NameNabors I.Helmeric.Patterso.Precisio.Valaris SLB  
Mkt Cap1.23.64.0-6.977.74.0
P/S0.40.90.8-2.92.20.9
P/EBIT1.6-28.9-123.3-10.616.01.6
P/E4.2-11.3-42.8-7.023.04.2
P/CFO1.76.34.2-12.612.06.3
Total Yield24.0%-8.9%-0.8%-14.2%6.4%6.4%
Dividend Yield0.0%0.0%1.5%-0.0%2.1%0.0%
FCF Yield 3Y Avg4.2%7.8%13.4%--2.0%7.4%7.4%
D/E2.10.60.3-0.20.10.3
Net D/E1.30.50.2-0.10.10.2

Returns

NBRHPPTENPDSVALSLBMedian
NameNabors I.Helmeric.Patterso.Precisio.Valaris SLB  
1M Rtn10.5%0.3%2.6%0.6%5.7%16.1%4.2%
3M Rtn40.0%17.8%58.3%30.3%87.9%15.7%35.1%
6M Rtn108.9%59.2%91.1%70.1%100.4%63.1%80.6%
12M Rtn193.9%94.4%93.5%118.7%213.3%57.6%106.5%
3Y Rtn-28.9%9.1%-1.5%78.9%50.1%6.8%8.0%
1M Excs Rtn8.7%2.4%4.0%-2.6%3.6%13.3%3.8%
3M Excs Rtn34.6%18.7%58.1%31.6%89.2%16.7%33.1%
6M Excs Rtn100.6%54.2%87.5%62.5%93.6%56.6%75.0%
12M Excs Rtn133.1%45.8%43.7%84.6%171.5%22.5%65.2%
3Y Excs Rtn-100.9%-60.4%-71.5%8.1%-7.2%-57.8%-59.1%

Comparison Analyses

Financials

Segment Financials

Assets by Segment
$ Mil20252024202320222021
International Drilling2,3492,2272,2742,3812,689
U.S. Drilling1,0501,2401,3891,6071,871
Other items8121,4937961,280443
Rig Technologies215239207190226
Drilling Solutions79786466100
Canada Drilling   1174
Total4,5045,2784,7305,5255,503


Price Behavior

Price Behavior
Market Price$84.62 
Market Cap ($ Bil)1.2 
First Trading Date02/28/1991 
Distance from 52W High-5.6% 
   50 Days200 Days
DMA Price$77.71$52.81
DMA Trendupup
Distance from DMA8.9%60.2%
 3M1YR
Volatility48.7%64.7%
Downside Capture0.300.60
Upside Capture345.02219.20
Correlation (SPY)35.8%35.9%
NBR Betas & Captures as of 3/31/2026

 1M2M3M6M1Y3Y
Beta1.221.741.591.922.181.74
Up Beta2.360.092.001.541.761.70
Down Beta-0.031.591.752.233.242.41
Up Capture407%452%386%459%402%177%
Bmk +ve Days7162765139424
Stock +ve Days12243769135360
Down Capture35%66%-9%88%130%110%
Bmk -ve Days12233358110323
Stock -ve Days10182657116389

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with NBR
NBR157.0%66.6%1.70-
Sector ETF (XLE)42.4%20.9%1.5960.8%
Equity (SPY)18.7%13.7%1.0641.3%
Gold (GLD)53.7%27.6%1.551.6%
Commodities (DBC)25.2%16.2%1.3742.4%
Real Estate (VNQ)14.8%14.0%0.7622.6%
Bitcoin (BTCUSD)-11.7%43.0%-0.1718.2%

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Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with NBR
NBR-1.9%67.8%0.26-
Sector ETF (XLE)22.8%26.1%0.7873.2%
Equity (SPY)11.1%17.0%0.5039.4%
Gold (GLD)21.8%17.8%1.0113.9%
Commodities (DBC)11.7%18.8%0.5154.9%
Real Estate (VNQ)3.7%18.8%0.1028.2%
Bitcoin (BTCUSD)4.6%56.6%0.3017.5%

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Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with NBR
NBR-14.1%82.1%0.19-
Sector ETF (XLE)10.9%29.5%0.4165.3%
Equity (SPY)13.9%17.9%0.6739.7%
Gold (GLD)14.2%15.9%0.745.9%
Commodities (DBC)8.8%17.6%0.4248.4%
Real Estate (VNQ)5.2%20.7%0.2228.7%
Bitcoin (BTCUSD)67.5%66.9%1.0711.7%

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Short Interest

Short Interest: As Of Date3312026
Short Interest: Shares Quantity0.9 Mil
Short Interest: % Change Since 3152026-24.1%
Average Daily Volume0.3 Mil
Days-to-Cover Short Interest2.8 days
Basic Shares Quantity14.1 Mil
Short % of Basic Shares6.6%

Returns Analyses

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
1/15/20260.3%5.0%16.2%
10/28/202510.2%9.8%5.7%
7/29/20252.2%1.6%8.2%
4/29/2025-7.0%-8.7%-8.5%
2/13/2025-5.0%-13.0%-11.7%
10/22/2024-1.8%2.5%1.6%
7/17/20244.3%-5.2%-3.1%
4/25/20241.3%-7.7%-4.3%
...
SUMMARY STATS   
# Positive141211
# Negative91112
Median Positive4.9%10.5%8.2%
Median Negative-5.0%-8.7%-11.0%
Max Positive22.4%30.7%427.9%
Max Negative-13.1%-16.8%-27.9%

SEC Filings

Expand for More
Report DateFiling DateFiling
12/31/202502/13/202610-K
09/30/202510/31/202510-Q
06/30/202508/01/202510-Q
03/31/202505/09/202510-Q
12/31/202402/13/202510-K
09/30/202411/01/202410-Q
06/30/202407/26/202410-Q
03/31/202405/03/202410-Q
12/31/202302/12/202410-K
09/30/202310/27/202310-Q
06/30/202307/28/202310-Q
03/31/202304/27/202310-Q
12/31/202202/09/202310-K
09/30/202210/27/202210-Q
06/30/202208/04/202210-Q
03/31/202205/02/202210-Q

Recent Forward Guidance [BETA]

Latest: Q4 2025 Earnings Reported 2/11/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q1 2026 Lower 48 average rig count6464.56511.2% Higher NewActual: 58 for Q4 2025
Q1 2026 Lower 48 daily adjusted gross margin 1320000.0% 1.5% Higher NewActual: 1300000.0% for Q4 2025
Q1 2026 Alaska and Gulf of America combined adjusted EBITDA16.00 Mil16.50 Mil17.00 Mil-34.0% Lower NewActual: 25.00 Mil for Q4 2025
Q1 2026 International average rig count9191.5920.6% Higher NewActual: 91 for Q4 2025
Q1 2026 International daily adjusted gross margin1750000.0%1755000.0%1760000.0%-3.3% Lower NewActual: 1815000.0% for Q4 2025
Q1 2026 Drilling Solutions Adjusted EBITDA 39.00 Mil 0 Same NewActual: 39.00 Mil for Q4 2025
Q1 2026 Rig Technologies Adjusted EBITDA 2.00 Mil -63.6% Lower NewActual: 5.50 Mil for Q4 2025
Q1 2026 Capital Expenditures170.00 Mil175.00 Mil180.00 Mil   
2026 Lower 48 average rig count6162.564   
2026 Lower 48 daily adjusted gross margin1300000.0%1320000.0%1340000.0%   
2026 Alaska and Gulf of America combined adjusted EBITDA55.00 Mil57.50 Mil60.00 Mil   
2026 International average rig count969798   
2026 International daily adjusted gross margin 1850000.0%    
2026 Drilling Solutions Adjusted EBITDA160.00 Mil165.00 Mil170.00 Mil   
2026 Rig Technologies Adjusted EBITDA22.00 Mil23.50 Mil25.00 Mil   
2026 Capital Expenditures730.00 Mil745.00 Mil760.00 Mil302.7% Higher NewActual: 185.00 Mil for 2025

Prior: Q3 2025 Earnings Reported 10/28/2025

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q4 2025 Lower 48 average rig count5758590 AffirmedGuidance: 58 for Q3 2025
Q4 2025 Lower 48 daily adjusted gross margin 1300000.0% -2.3%-300LoweredGuidance: 1330000.0% for Q3 2025
Q4 2025 Alaska and Gulf of America combined adjusted EBITDA 25.00 Mil -3.8% LoweredGuidance: 26.00 Mil for Q3 2025
Q4 2025 International average rig count 91 4.0% RaisedGuidance: 87.5 for Q3 2025
Q4 2025 International daily adjusted gross margin1810000.0%1815000.0%1820000.0%1.4%250RaisedGuidance: 1790000.0% for Q3 2025
Q4 2025 Drilling Solutions Adjusted EBITDA 39.00 Mil   Higher New
Q4 2025 Rig Technologies Adjusted EBITDA5.00 Mil5.50 Mil6.00 Mil120.0% RaisedGuidance: 2.50 Mil for Q3 2025
2025 Capital Expenditures180.00 Mil185.00 Mil190.00 Mil  Higher New
Q4 2025 Adjusted Free Cash Flow 10.00 Mil   Higher New

Insider Activity

Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Varde, Partners Inc See footnotesSell915202541.04312,37812,819,60357,702,618Form

Industry Resources

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