Tearsheet
Investment Highlights Market Valuation Price Chart Return vs. Risk About SOC Interactive Breakdown Better Bets vs. SOC Latest Trefis Analyses Trade Ideas Recent Active Movers More From Trefis Peer Financials Peer Growth & Margins Peer Valuation Peer Returns Peer Analyses FDIC Bank Data Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Insider Activity Industry Resource Links External Quote Links

Sable Offshore (SOC)

Market Price (10/31/2025): $12.94 | Market Cap: $1.2 Bil
Sector: Energy | Industry: Oil & Gas Drilling

Sable Offshore (SOC)

Market Price (10/31/2025): $12.94
Market Cap: $1.2 Bil
Sector: Energy
Industry: Oil & Gas Drilling

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0   Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is 0
1   Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -306 Mil
2   Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 55%
3   Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -61%
4   Significant short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 22%
0 Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is 0
1 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -306 Mil
2 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 55%
3 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -61%
4 Significant short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 22%

Market Valuation & Key Metrics

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SOC Stock

   
   
   
   
   
   
   
Factor Drivers of Stock Movement
The -35.9% change in SOC stock from 5/1/2025 to 10/30/2025 was primarily driven by a -46.7% change in the company's Shares Outstanding (Mil).

501202510302025Change
Stock Price ($)20.0112.83-35.88%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)0.000.00�
P/S Multiple∞∞�
Shares Outstanding (Mil)62.1791.22-46.74%
Cumulative Contribution�

LTM = Last Twelve Months as of date shown
The -39.0% change in SOC stock from 10/30/2024 to 10/30/2025 was primarily driven by a -51.6% change in the company's Shares Outstanding (Mil).

1030202410302025Change
Stock Price ($)21.0512.83-39.05%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)0.000.00�
P/S Multiple∞∞�
Shares Outstanding (Mil)60.1791.22-51.62%
Cumulative Contribution�

LTM = Last Twelve Months as of date shown
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Return vs. Risk

Price Returns Compared

 202020212022202320242025Total [1]
Returns
SOC Return------44%-42%
Peers Return-32%18%84%3%-27%0%10%
S&P 500 Return16%27%-19%24%23%16%110%

Monthly Win Rates [3]
SOC Win Rate----50%44% 
Peers Win Rate25%53%60%33%42%51% 
S&P 500 Win Rate58%75%42%67%75%67% 

Max Drawdowns [4]
SOC Max Drawdown------48% 
Peers Max Drawdown-49%-1%-3%-22%-34%-41% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 

[1] Cumulative total returns since the beginning of 2020
[2] Peers: NE, HP, VAL, RIG, PTEN.
[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] 2025 data is for the year up to 10/30/2025 (YTD)

How Low Can It Go

SOC has limited trading history. Below is the Energy sector ETF (XLE) in its place.

Unique KeyEventXLES&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-26.9%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven36.7%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven116 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-60.6%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven153.8%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven660 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-31.8%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven46.6%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven1201 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-57.8%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven137.1%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven1858 days1480 days

Compare to


In The Past

SPDR Select Sector Fund's stock fell -26.9% during the 2022 Inflation Shock from a high on 6/8/2022. A -26.9% loss requires a 36.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Sable Offshore (SOC)

Better Bets than Sable Offshore (SOC)

 SOCBetter Performance than SOC
MetricValueIndustry (Oil & Gas Drilling)
Total Yield-56.3%NE (8.2%), VAL (6.7%), RIG (-43.3%), HP (0.4%), PTEN (-3.1%)
 SOCBetter Performance than SOC
MetricValueAll Other Sectors
Total Yield-56.3%NVDA (1.8%), AAPL (2.8%), MSFT (3.3%), GOOGL (3.9%), AMZN (3.0%)
 Best Bets In Energy Sector
 SOCTPL AM MGY INSW CTRA DTM EOG WHD WMB CHRD
What You Pay           
P/E-1.846.217.711.010.411.329.610.016.329.019.6
P/EBIT-2.137.910.08.18.88.516.37.610.915.28.8
What You Get           
Rev Chg Q�8.8%8.7%9.7%-24.0%54.6%26.6%-11.2%-5.8%19.0%-6.4%
Rev Chg LTM�10.7%8.7%8.8%-22.0%17.1%15.3%-5.4%-0.7%7.4%19.5%
Rev Chg 3Y Avg�7.8%9.0%5.1%37.6%0.7%8.3%-5.1%28.4%1.8%34.0%
FCF/Rev 3Y Avg�47.2%46.6%38.2%33.0%27.6%25.0%24.3%23.1%22.9%22.8%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 5.4%, alpha of -0.1%, and sharpe of 0.25

Latest Trefis Analyses

Trade Ideas

Select past ideas related to SOC. For more, see Trefis Trade Ideas.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
TDW_9302025_Dip_Buyer_FCFYield09302025TDWTidewaterDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		-5.4%-5.4%-11.3%
OKE_9302025_Dip_Buyer_ValueBuy09302025OKEONEOKDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		-8.6%-8.6%-8.6%
LEU_8312025_Quality_Momentum_RoomToRun_10%08312025LEUCentrus EnergyQualityQ | Momentum | UpsideQuality Stocks with Momentum and Upside
Buying quality stocks with strong momentum but still having room to run		90.0%90.0%-1.3%
KNTK_5312025_Dip_Buyer_ValueBuy05312025KNTKKinetikDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		-14.1%-14.1%-18.1%
WHD_4302025_Dip_Buyer_FCFYield04302025WHDCactusDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		12.1%14.5%-11.4%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
TDW_9302025_Dip_Buyer_FCFYield09302025TDWTidewaterDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		-5.4%-5.4%-11.3%
OKE_9302025_Dip_Buyer_ValueBuy09302025OKEONEOKDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		-8.6%-8.6%-8.6%
LEU_8312025_Quality_Momentum_RoomToRun_10%08312025LEUCentrus EnergyQualityQ | Momentum | UpsideQuality Stocks with Momentum and Upside
Buying quality stocks with strong momentum but still having room to run		90.0%90.0%-1.3%
KNTK_5312025_Dip_Buyer_ValueBuy05312025KNTKKinetikDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		-14.1%-14.1%-18.1%
WHD_4302025_Dip_Buyer_FCFYield04302025WHDCactusDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		12.1%14.5%-11.4%

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1INBXInhibrx Biosciences176.8%409.8%
2PUMPProPetro71.2%16.2%
3RNAAvidity Biosciences43.5%139.6%
4DYNDyne Therapeutics42.8%-0.0%
5GCIGannett39.3%3.8%
6FORMFormFactor38.3%34.7%
7MBXMBX Biosciences35.1%18.2%
8BBNXBeta Bionics33.8% 
9GHGuardant Health33.3%202.5%
10LUMNLumen Technologies32.7%94.7%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1PMIPicard Medical-75.2%5106.3%
2LRNStride-56.1%-35.8%
3NTLAIntellia Therapeutics-52.6%5.2%
4FMCFMC-48.7%-66.6%
5FIFiserv-47.4%-68.3%
6VRNSVaronis Systems-43.8%-21.2%
7THRYThryv-33.4%-44.8%
8NFENew Fortress Energy-30.5%-91.9%
9AKBAAkebia Therapeutics-29.5%10.5%
10UAMYUnited States Antimony-28.9%371.2%

1 Month Top Gainers

#TickerCompany1M RtnYTD Rtn
1PRAXPraxis Precision Medicines279.1%161.2%
2INBXInhibrx Biosciences131.0%409.8%
3PUMPProPetro99.6%16.2%
4DYNDyne Therapeutics88.4%-0.0%
5VICRVicor85.4%89.2%
6CELCCelcuity74.6%503.2%
7GLUEMonte Rosa Therapeutics73.5%87.5%
8NVTSNavitas Semiconductor72.1%251.8%
9LUMNLumen Technologies70.3%94.7%
10BALYBallys63.4%4.1%

1 Month Top Losers

#TickerCompany1M RtnYTD Rtn
1PMIPicard Medical-62.9%5106.3%
2LRNStride-53.8%-35.8%
3FMCFMC-51.0%-66.6%
4FIFiserv-48.3%-68.3%
5NFENew Fortress Energy-43.6%-91.9%
6VGVenture Global-41.7% 
7OGNOrganon-40.2%-55.0%
8VRNSVaronis Systems-39.5%-21.2%
9ITGRInteger-38.5%-52.2%
10LENZLENZ Therapeutics-37.9%5.5%

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1INBXInhibrx Biosciences176.8%409.8%
2PUMPProPetro71.2%16.2%
3RNAAvidity Biosciences43.5%139.6%
4DYNDyne Therapeutics42.8%-0.0%
5GCIGannett39.3%3.8%
6FORMFormFactor38.3%34.7%
7MBXMBX Biosciences35.1%18.2%
8BBNXBeta Bionics33.8% 
9GHGuardant Health33.3%202.5%
10LUMNLumen Technologies32.7%94.7%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1PMIPicard Medical-75.2%5106.3%
2LRNStride-56.1%-35.8%
3NTLAIntellia Therapeutics-52.6%5.2%
4FMCFMC-48.7%-66.6%
5FIFiserv-47.4%-68.3%
6VRNSVaronis Systems-43.8%-21.2%
7THRYThryv-33.4%-44.8%
8NFENew Fortress Energy-30.5%-91.9%
9AKBAAkebia Therapeutics-29.5%10.5%
10UAMYUnited States Antimony-28.9%371.2%

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for Sable Offshore

Financials

SOCNEHPVALRIGPTENMedian
NameSable Of.Noble Helmeric.Valaris Transoce.Patterso. 
Mkt Price12.8329.6026.6857.703.916.3019.75
Mkt Cap1.24.72.74.13.52.43.1
Rev LTM03,4483,4282,4633,7944,8383,438
Op Inc LTM-306636312541512-67412
FCF LTM-39237232383289289
FCF 3Y Avg-249213-95-29395213
CFO LTM-901505594554880594
CFO 3Y Avg-7226573803911,016657

Growth & Margins

SOCNEHPVALRIGPTENMedian
NameSable Of.Noble Helmeric.Valaris Transoce.Patterso. 
Rev Chg LTM-24.3%25.9%18.8%23.3%-16.6%23.3%
Rev Chg 3Y Avg-59.6%27.4%-14.8%33.5%30.5%
Rev Chg Q--0.3%49.2%0.8%14.8%-13.4%0.8%
QoQ Delta Rev Chg LTM--0.1%11.1%0.2%3.5%-3.6%0.2%
Op Mgn LTM-18.5%9.1%21.9%13.5%-1.4%13.5%
Op Mgn 3Y Avg-21.8%14.2%11.9%4.5%4.9%11.9%
QoQ Delta Op Mgn LTM--2.2%-3.0%2.2%1.7%1.4%1.4%
CFO/Rev LTM-26.1%14.7%24.1%14.6%18.2%18.2%
CFO/Rev 3Y Avg-24.3%22.5%18.0%12.4%22.1%22.1%
FCF/Rev LTM-11.4%1.1%9.4%10.1%6.0%9.4%
FCF/Rev 3Y Avg-8.2%7.5%-4.8%-2.0%8.5%7.5%

Valuation

SOCNEHPVALRIGPTENMedian
NameSable Of.Noble Helmeric.Valaris Transoce.Patterso. 
Mkt Cap1.24.72.74.13.52.43.1
P/S-1.40.81.70.90.50.9
P/EBIT-2.18.513.26.8-2.9-36.12.3
P/E-1.820.7-86.014.9-2.3-17.7-2.0
P/CFO-5.25.36.96.32.75.3
Total Yield-56.3%8.2%0.4%6.7%-43.3%-3.1%-1.3%
Dividend Yield0.0%3.4%1.6%0.0%0.0%2.6%0.8%
FCF Yield 3Y Avg-4.9%6.4%-0.5%2.2%14.0%4.9%
D/E0.80.40.80.31.90.50.6
Net D/E0.60.30.80.21.80.50.5

Returns

SOCNEHPVALRIGPTENMedian
NameSable Of.Noble Helmeric.Valaris Transoce.Patterso. 
1M Rtn-26.5%4.7%20.8%18.3%25.3%21.6%19.5%
3M Rtn-58.2%12.4%66.9%18.7%33.9%8.1%15.5%
6M Rtn-35.9%36.2%39.6%62.3%67.1%10.6%37.9%
12M Rtn-39.0%0.8%-17.8%18.3%-1.8%-15.8%-8.8%
3Y Rtn--7.3%-38.2%-13.8%6.2%-60.5%-13.8%
1M Excs Rtn-37.7%-0.3%13.8%11.0%19.4%15.7%12.4%
3M Excs Rtn-66.1%7.9%63.4%18.1%29.3%5.9%13.0%
6M Excs Rtn-57.6%14.4%17.8%40.6%45.4%-11.1%16.1%
12M Excs Rtn-57.2%-17.5%-34.5%-0.8%-20.1%-34.3%-27.2%
3Y Excs Rtn--83.6%-107.6%-83.8%-67.0%-129.0%-83.8%

Financials

$ Mil | FY: 12/312025Q22025Q12024Q32024Q22023Q42023Q32023Q22023Q12022Q42022Q32022Q22022Q1
Period End6/30/20253/31/20259/30/20246/30/202412/31/20239/30/20236/30/20233/31/202312/31/20229/30/20226/30/20223/31/2022
Filing Date8/12/20255/9/202511/14/20248/13/20243/28/202411/14/20238/14/20235/15/20233/31/202311/14/20228/15/20225/16/2022
Key Financials Quarterly            
Total Revenue000000000000
Ebitda-96-74-236-141-20-18-17-18-4-1-0-0
Operating Income-129-60-55-62-26-23-22-23-4-1-0-0
Net Income-128-110-256-165-25-23-22-23-12-036
EPS-1.40-1.30-4.11-2.75-1.89-1.74-1.43-1.48-0.32-0.010.080.18
Key Financials TTM            
Total Revenue TTM000000000000
Ebitda TTM-547-471-414-196-73-57-40-24-6-3-2-2
Operating Income TTM-306-203-166-134-94-72-51-29-6-3-2-2
Net Income TTM-659-556-469-236-94-80-57-32-381911
Growth Rates Quarterly            
Total Revenue Growth------------
EBITDA Growth-381.9%-316.6%-1281.1%-686.7%-379.7%-1290.2%-5467.1%-4125.7%-388.9%-317.9%27.8%-303.4%
Operating Income Growth-387.5%-165.3%-144.7%-168.4%-538.9%-1658.5%-7184.4%-5362.5%-388.9%-317.9%27.8%-303.4%
Net Income Growth-410.2%-374.8%-1045.6%-613.3%-115.5%-11931.3%-889.7%-461.2%-1637.7%-101.9%153.5%6824.9%
Margins Quarterly            
EBITDA Margin------------
Operating Income Margin------------
Net Income Margin------------
Cash & Debt            
Total Cash24718928811201000000
Total Debt89487383279574222111
Net Debt / (Cash)64768454368373222111
Cash Flows Quarterly            
FCF from Operations-95-48---15-17-17-20-1-0-0-0
Cash Flows TTM            
FCF from Operations TTM-----70-55-38-21-2-2-2-2
Returns to Shareholders Quarterly            
Dividends000000000000
Share Repurchases-0-0-0-0-024-0206-0-0-0-0
Return on Invested Capital (ROIC) Quarterly            
ROIC-25.4%-13.5%-15.7%-20.2%-30.6%-136.2%-100.6%-105.2%-5.7%-1.8%-0.4%-0.6%
Return on Invested Capital (ROIC) TTM            
ROIC TTM-15.1%-11.5%-11.9%-10.8%-27.3%-109.0%-57.4%-32.8%-2.1%-0.9%-0.7%-0.7%

Price Behavior

SOC Betas & Captures as of 9/30/2025

 1M2M3M6M1Y3Y
Beta2.581.981.822.152.040.10
Up Beta-3.051.040.661.871.870.17
Down Beta20.114.816.392.962.760.07
Up Capture-323%-99%4%112%161%37%
Bmk +ve Days13233574144420
Stock +ve Days6152657116195
Down Capture746%466%220%191%142%92%
Bmk -ve Days8192952107330
Stock -ve Days15273768132203

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Short Interest

Short Interest: As Of Date10152025
Short Interest: Shares Quantity19,647,841
Short Interest: % Change Since 93020257.1%
Average Daily Volume5,010,817
Days-to-Cover Short Interest3.92
Basic Shares Quantity91,224,345
Short % of Basic Shares21.5%

Earnings Returns History

Expand for More

 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/12/2025-2.1%-1.0%-15.5%
11/14/2024-8.2%2.4%-2.9%
8/13/20246.3%4.0%44.9%
5/15/202413.6%3.2%19.8%
SUMMARY STATS   
# Positive232
# Negative212
Median Positive10.0%3.2%32.4%
Median Negative-5.1%-1.0%-9.2%
Max Positive13.6%4.0%44.9%
Max Negative-8.2%-1.0%-15.5%

SEC Filings

Expand for More

Report DateFiling DateFiling
6302025812202510-Q 6/30/2025
3312025509202510-Q 3/31/2025
93020241114202410-Q 9/30/2024
6302024813202410-Q 6/30/2024
12312023328202410-K 12/31/2023
93020231114202310-Q 9/30/2023
6302023814202310-Q 6/30/2023
3312023515202310-Q 3/31/2023
12312022331202310-K 12/31/2022
93020221114202210-Q 9/30/2022
6302022815202210-Q 6/30/2022
3312022516202210-Q 3/31/2022
12312021404202210-K 12/31/2021
93020211122202110-Q 9/30/2021
6302021816202110-Q 6/30/2021
3312021528202110-Q 3/31/2021

Insider Activity

Expand for More

 OwnerTitleFiling DateActionPriceSharesTransacted
Value		Value of
Held Shares		Form
0Pilgrim Global ICAV7222025Sell21.98167,1753,674,506218,336,000Form
1Pilgrim Global ICAV4212025Sell25.37143,8063,648,358256,251,436Form

Industry Resources

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