Valaris (VAL)


Market Price (8/28/2026): $84.58 | Market Cap: $5.9 BilSector: Energy | Industry: Oil & Gas Drilling

Valaris (VAL)


Market Price (8/28/2026): $84.58
Market Cap: $5.9 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 16%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 11%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%

Megatrend and thematic drivers
Megatrends include Global Energy Supply & Security. Themes include Offshore Oil & Gas Drilling, and Deepwater Energy Solutions.

Weak multi-year price returns
3Y Excs Rtn is -60%

Expensive valuation multiples
P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 17x

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -13%, Rev Chg QQuarterly Revenue Change % is -12%

Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1.1%

Key risks
VAL key risks include [1] a projected drop in near-term revenues and Adjusted EBITDA due to fewer operating days as existing contracts conclude without immediate follow-on work.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 16%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 11%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%
2 Megatrend and thematic drivers
Megatrends include Global Energy Supply & Security. Themes include Offshore Oil & Gas Drilling, and Deepwater Energy Solutions.
3 Weak multi-year price returns
3Y Excs Rtn is -60%
4 Expensive valuation multiples
P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 17x
5 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -13%, Rev Chg QQuarterly Revenue Change % is -12%
6 Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1.1%
7 Key risks
VAL key risks include [1] a projected drop in near-term revenues and Adjusted EBITDA due to fewer operating days as existing contracts conclude without immediate follow-on work.

VAL in ETFs

Weight = VAL's share of each fund

VTI0.01%
ITOT0.01%
IWM0.16%
IJH0.15%
VB0.05%
MDYG0.30%
IJK0.29%
AVUV0.28%
+15 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 8/10/2026

Valaris (VAL) stock has lost about 15% since 4/30/2026 because of the following key factors:

1. Valaris reported a significant earnings miss for fiscal Q1 2026, released on May 4, 2026. The company posted a net loss of $18 million and an adjusted earnings per share (EPS) of -$0.24, which significantly missed the consensus analyst estimate of -$0.05 per share by $0.19. This substantial earnings miss, despite revenues exceeding expectations, created negative investor sentiment shortly after the specified period began.

2. A sharp decline in crude oil prices during fiscal Q2 2026 negatively impacted the offshore drilling market. Brent crude oil spot prices averaged $85 per barrel in June 2026, representing a $22/barrel decrease from May 2026 and a $32/barrel drop from its April 2026 peak. Prices further fell below $70/barrel by July 1, 2026. This decline was largely attributed to the reopening of the Strait of Hormuz after a US-Iran memorandum of understanding on June 18, 2026, increasing global oil supply and creating downward pressure on prices, which generally reduces demand for drilling services.

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Updated on 8/10/2026

Valaris (VAL) stock has lost about 15% since 4/30/2026 because of the following key factors:

1. Valaris reported a significant earnings miss for fiscal Q1 2026, released on May 4, 2026. The company posted a net loss of $18 million and an adjusted earnings per share (EPS) of -$0.24, which significantly missed the consensus analyst estimate of -$0.05 per share by $0.19. This substantial earnings miss, despite revenues exceeding expectations, created negative investor sentiment shortly after the specified period began.

2. A sharp decline in crude oil prices during fiscal Q2 2026 negatively impacted the offshore drilling market. Brent crude oil spot prices averaged $85 per barrel in June 2026, representing a $22/barrel decrease from May 2026 and a $32/barrel drop from its April 2026 peak. Prices further fell below $70/barrel by July 1, 2026. This decline was largely attributed to the reopening of the Strait of Hormuz after a US-Iran memorandum of understanding on June 18, 2026, increasing global oil supply and creating downward pressure on prices, which generally reduces demand for drilling services.

3. Conflicts in the Middle East led to increased costs and operational disruptions for Valaris. The ongoing geopolitical conflicts negatively impacted Valaris's Adjusted EBITDA by approximately $30 million in fiscal Q2 2026, a significant increase from an $8 million impact in fiscal Q1 2026. This was primarily due to higher insurance costs for war-related risks and project delays for rigs in the region. Specifically, the VALARIS 110 jackup resumed operations in late May 2026 after being offline since early March 2026 due to these conflicts.

4. Market skepticism and cautious analyst sentiment surrounded the pending all-stock merger with Transocean. While the merger, announced in February 2026 and expected to close in the second half of 2026, is anticipated to create synergies, Valaris's decision to cease future earnings conference calls and forward-looking guidance may have limited near-term catalysts for investors. Analysts maintained a cautious "Reduce" consensus rating with an average price target of $60.31 (as of July 29, 2026) or $60.94 (as of August 11, 2026), significantly below the stock's trading levels, indicating a valuation gap between market optimism and fundamental views.

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Stock Movement Drivers

Fundamental Drivers

The -16.2% change in VAL stock from 4/30/2026 to 8/27/2026 was primarily driven by a -12.9% change in the company's P/E Multiple.
(LTM values as of)43020268272026Change
Stock Price ($)101.9885.44-16.2%
Change Contribution By: 
Total Revenues ($ Mil)2,3692,138-9.8%
Net Income Margin (%)41.5%44.0%5.9%
P/E Multiple7.26.3-12.9%
Shares Outstanding (Mil)70690.6%
Cumulative Contribution-16.2%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 8/27/2026
ReturnCorrelation
VAL-16.2% 
Market (SPY)7.3%-1.7%
Sector (XLE)4.4%56.5%

Fundamental Drivers

The 48.0% change in VAL stock from 1/31/2026 to 8/27/2026 was primarily driven by a 166.1% change in the company's Net Income Margin (%).
(LTM values as of)13120268272026Change
Stock Price ($)57.7385.4448.0%
Change Contribution By: 
Total Revenues ($ Mil)2,4162,138-11.5%
Net Income Margin (%)16.5%44.0%166.1%
P/E Multiple10.26.3-38.4%
Shares Outstanding (Mil)71692.0%
Cumulative Contribution48.0%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 8/27/2026
ReturnCorrelation
VAL48.0% 
Market (SPY)11.7%6.5%
Sector (XLE)22.8%42.4%

Fundamental Drivers

The 75.7% change in VAL stock from 7/31/2025 to 8/27/2026 was primarily driven by a 293.0% change in the company's Net Income Margin (%).
(LTM values as of)73120258272026Change
Stock Price ($)48.6385.4475.7%
Change Contribution By: 
Total Revenues ($ Mil)2,4632,138-13.2%
Net Income Margin (%)11.2%44.0%293.0%
P/E Multiple12.66.3-49.8%
Shares Outstanding (Mil)71692.6%
Cumulative Contribution75.7%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2025 to 8/27/2026
ReturnCorrelation
VAL75.7% 
Market (SPY)23.0%15.8%
Sector (XLE)46.2%45.1%

Fundamental Drivers

The 11.3% change in VAL stock from 7/31/2023 to 8/27/2026 was primarily driven by a 187.8% change in the company's Net Income Margin (%).
(LTM values as of)73120238272026Change
Stock Price ($)76.8085.4411.3%
Change Contribution By: 
Total Revenues ($ Mil)1,7142,13824.7%
Net Income Margin (%)15.3%44.0%187.8%
P/E Multiple22.16.3-71.4%
Shares Outstanding (Mil)75698.5%
Cumulative Contribution11.2%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2023 to 8/27/2026
ReturnCorrelation
VAL11.3% 
Market (SPY)74.4%35.3%
Sector (XLE)55.7%59.1%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
VAL Return52%88%1%-35%14%66%253%
Peers Return16%70%40%-34%-0%35%148%
S&P 500 Return27%-19%24%23%16%12%104%

Monthly Win Rates [3]
VAL Win Rate62%58%33%33%67%75% 
Peers Win Rate46%67%50%35%60%69% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
VAL Max Drawdown--38%-30%-49%-42%-36% 
Peers Max Drawdown-54%-44%-29%-45%-52%-35% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: NE, RIG, SDRL, BORR.
[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 8/27/2026 (YTD)

How Low Can It Go

EventVALS&P 500
2025 US Tariff Shock
  % Loss-32.4%-18.8%
  % Gain to Breakeven48.0%23.1%
  Time to Breakeven62 days79 days
2024 Yen Carry Trade Unwind
  % Loss-14.3%-7.8%
  % Gain to Breakeven16.7%8.5%
  Time to Breakeven552 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-16.7%-9.5%
  % Gain to Breakeven20.1%10.5%
  Time to Breakeven113 days24 days
2023 SVB Regional Banking Crisis
  % Loss-30.3%-6.7%
  % Gain to Breakeven43.5%7.1%
  Time to Breakeven438 days31 days

Compare to NE, RIG, SDRL, BORR

In The Past

Valaris's stock fell -32.4% during the 2025 US Tariff Shock. Such a loss loss requires a 48.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

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EventVALS&P 500
2025 US Tariff Shock
  % Loss-32.4%-18.8%
  % Gain to Breakeven48.0%23.1%
  Time to Breakeven62 days79 days
2023 SVB Regional Banking Crisis
  % Loss-30.3%-6.7%
  % Gain to Breakeven43.5%7.1%
  Time to Breakeven438 days31 days

Compare to NE, RIG, SDRL, BORR

In The Past

Valaris's stock fell -32.4% during the 2025 US Tariff Shock. Such a loss loss requires a 48.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Valaris (VAL)

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Valaris Limited (VAL) is a leading provider of offshore contract drilling services for the global oil and gas industry. The company specializes in operating and managing a diverse fleet of high-specification drilling rigs, which are essential tools for oil and gas companies to explore for and extract hydrocarbons from offshore reserves.

Valaris's extensive fleet comprises 56 offshore drilling rigs, including advanced drillships, dynamically positioned and moored semisubmersible rigs, and numerous jackup rigs. These specialized assets enable the company to serve a broad range of clients, primarily international, government-owned, and independent oil and gas companies that require reliable and efficient offshore drilling solutions for their exploration and production projects.

The company's operations span key offshore oil and gas regions worldwide. Valaris maintains a significant presence in major markets such as the Gulf of Mexico, the North Sea, the Middle East, West Africa, Australia, and Southeast Asia, positioning it as a global player in the crucial offshore segment of the energy industry.

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AI Analysis | Feedback

Here are a couple of analogies for Valaris (VAL):

  • Valaris is like "United Rentals for super-heavy, offshore oil drilling equipment."
  • Valaris is like "Maersk for offshore oil drilling rigs."

AI Analysis | Feedback

Valaris (VAL) major services include:

  • Offshore Contract Drilling: Valaris provides specialized drilling services to oil and gas companies using its fleet of offshore rigs, including drillships, semisubmersible rigs, and jackup rigs, to explore and extract hydrocarbons.

AI Analysis | Feedback

Valaris Limited (VAL) provides offshore contract drilling services primarily to other companies in the oil and gas industry. Based on the provided information, its major customers fall into the following categories:

  • International oil and gas companies
  • Government-owned oil and gas companies
  • Independent oil and gas companies

AI Analysis | Feedback

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Anton Dibowitz, President and Chief Executive Officer

Anton Dibowitz assumed the role of President and Chief Executive Officer of Valaris in December 2021, after serving as interim President and Chief Executive Officer since September 2021. With over two decades of experience in the drilling industry, Mr. Dibowitz previously served as Chief Executive Officer of Seadrill Ltd. from July 2017 to October 2020. He also held roles as Executive Vice President of Seadrill Management and Chief Commercial Officer at Seadrill. Earlier in his career, he held various positions in tax, process reengineering, and marketing at Transocean Ltd. and Ernst & Young LLP.

Chris Weber, Senior Vice President and Chief Financial Officer

Chris Weber became Senior Vice President and Chief Financial Officer of Valaris in August 2022. He previously served as Chief Financial Officer for LUFKIN Industries, Abaco Drilling Technologies, Halliburton, and Parker Drilling Company. Mr. Weber also held senior finance roles at Valaris's predecessor companies, Ensco and Pride International.

Gilles Luca, Senior Vice President and Chief Operating Officer

Gilles Luca was appointed Senior Vice President and Chief Operating Officer in December 2019. Prior to this, he was Senior Vice President, Operations Support. He joined Ensco, a predecessor company, in 1997, and has held various leadership positions including Senior Vice President - Western Hemisphere, Vice President - Business Development and Strategic Planning, Vice President - Brazil Business Unit, and General Manager - Europe and Africa.

Matt Lyne, Senior Vice President and Chief Commercial Officer

Matt Lyne commenced his role as Senior Vice President and Chief Commercial Officer of Valaris in September 2022. Before joining Valaris, he was the Executive Vice President, Chief Commercial and Strategy Officer at Seadrill Limited, where he spent over 12 years in various senior marketing and commercial roles. He also held senior operational and functional roles with Transocean Ltd.

Davor Vukadin, Senior Vice President and General Counsel

Davor Vukadin was appointed Senior Vice President, General Counsel and Secretary in May 2022. He previously served as Associate General Counsel and Secretary for Valaris, having joined the company as Senior Counsel in 2014. Prior to Valaris, he practiced corporate and securities law at Norton Rose Fulbright for thirteen years.

AI Analysis | Feedback

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Key Risks to Valaris (VAL)

  1. Volatility of Oil and Natural Gas Market

    Valaris's financial performance is highly susceptible to the inherent volatility of oil and natural gas prices. Fluctuations in these commodity prices directly influence the capital expenditure and drilling activity levels of its oil and gas customers, which in turn impacts demand for offshore drilling services, day rates, and rig utilization. A sustained downturn in commodity prices can lead to reduced contracting activity and lower revenues for Valaris.

  2. High Operational Costs and Capital Expenditure Requirements

    Operating a large fleet of offshore drilling rigs entails significant operational costs, including maintenance, reactivation of cold-stacked rigs, and shipyard projects. The company faces risks related to rig downtime or idle time, which can negatively affect revenue and margins. Additionally, the need for ongoing capital expenditures to maintain, upgrade, and reactivate its fleet, coupled with competitive bidding for contracts and inflationary pressures, can strain the company's financial resources.

  3. Risks Associated with the Pending Business Combination with Transocean

    Valaris has entered into a Business Combination Agreement with Transocean Ltd., which introduces a distinct set of risks. These include potential delays or the failure to complete the transaction, which could adversely affect Valaris's market price and result in substantial termination fees. Furthermore, even if completed, there are risks associated with integrating the two companies, which could impact future contract visibility, fleet utilization, and overall operational stability.

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AI Analysis | Feedback

The accelerating global energy transition towards renewable energy sources and away from fossil fuels, which is reducing long-term demand for offshore oil and gas exploration and production services.

AI Analysis | Feedback

Valaris Limited provides offshore contract drilling services with a fleet that includes drillships, dynamically positioned semisubmersible rigs, and jackup rigs. The addressable markets for these services can be outlined as follows:

Global Addressable Markets for Valaris's Main Products/Services

  • Global Offshore Contract Drilling Services: The global offshore drilling market is projected to be worth approximately USD 47.73 billion in 2026.
  • Global Drillships Market: The market size for drillships globally is estimated at USD 6.02 billion in 2026.
  • Global Semisubmersible Rigs Market: The global semi-submersible drilling rig market was estimated at USD 13.36 billion in 2025.
  • Global Jackup Rigs Market: The global jack-up rigs market size is projected to grow from USD 3.19 billion in 2025 to USD 4.71 billion by 2033.

Regional Addressable Markets for Offshore Contract Drilling Services

Valaris operates in several key regions, each representing a significant addressable market for offshore contract drilling services:
  • North America (including the Gulf of Mexico): The North American offshore drilling market is projected to reach USD 3.1 billion in 2026.
  • North Sea (Europe): The European offshore drilling market is projected to reach USD 9.87 billion in 2026.
  • Middle East & West Africa: The offshore drilling market in the Middle East & Africa region is projected to reach USD 10.88 billion in 2026. For West Africa specifically, the offshore developments segment of the oil and gas upstream market is projected to be USD 10.62 billion in 2026.
  • Australia: The Australia offshore drilling market is expected to reach a market size of more than USD 0.25 billion by 2029. The broader Australia Offshore Oilfield Services Market, which includes drilling services, is valued at USD 5 billion.
  • Southeast Asia (part of Asia Pacific): The Asia Pacific offshore drilling market, which includes Southeast Asia, is expected to reach USD 19.67 billion in 2026. Within the Asia-Pacific jack-up rig market, which had a market size of USD 7.8 billion, Southeast Asia accounts for 52% of the regional activity.

AI Analysis | Feedback

Valaris Limited (VAL) is expected to experience revenue growth over the next two to three years driven by several key factors in the offshore drilling market:

  1. Increased Day Rates and Improved Utilization: Valaris anticipates repricing rigs from older contracts to significantly higher market rates, leading to increased average daily revenues. Drillship day rates, for example, climbed 42% from Q3 2023 to Q2 2025, and jackup day rates rose 31% over the same period, with expectations for continued upward trends. The company also expects improved utilization across its floater and jackup fleets as market conditions strengthen and rigs commence new contracts.
  2. Robust Contract Backlog and New Contract Awards: Valaris has consistently grown its contract backlog, securing substantial new contracts and extensions. As of Q1 2025, the company's contract backlog stood at over $4.2 billion, increasing to $4.7 billion by July 2025. This strong backlog provides high revenue visibility, with nearly 99% of its expected 2025 revenue already contracted.
  3. Reactivation of Cold-Stacked Rigs and Fleet Optimization: Valaris is strategically reactivating cold-stacked rigs, such as the VALARIS DS-17 and DS-8, only when lucrative, long-term contracts are secured. This approach, coupled with the rationalization of older and less competitive assets, focuses the fleet on high-value segments to maximize returns and operational efficiency.
  4. Growth of the ARO Drilling Joint Venture: ARO Drilling, Valaris's joint venture with Aramco, is a significant growth driver, with plans to rapidly expand its fleet. ARO's utilization improved to 86% in 2025, and its revenues increased by 11% due to new contracts and higher day rates. The strategic plan involves adding 20 rigs to ARO's fleet over the next decade, potentially increasing its size to over 30 rigs.
  5. Strong Demand in High-Growth Offshore Markets: Valaris is targeting high-growth deepwater regions like South America (particularly Brazil), the U.S. Gulf of Mexico, and West Africa. These areas are projected to drive approximately 70% of benign environment floater demand through 2029. The company forecasts significant growth in offshore drilling activity, with benign environment floater demand expected to increase by approximately 13% in 2026-2028 compared to previous years.

AI Analysis | Feedback

Share Repurchases

  • Valaris completed a share buyback program announced in September 2022, repurchasing 7,240,660 shares for a total of $428.39 million by December 31, 2025.
  • During the fourth quarter of 2025, the company repurchased $25 million in shares, contributing to a total of $100 million in repurchases for the full year 2025.
  • In 2024, Valaris repurchased $125.0 million of shares, which represented 2.2 million shares or approximately 3% of the total outstanding share count.

Capital Expenditures

  • Valaris anticipates capital expenditures for fiscal year 2026 to range between $425 million and $475 million.
  • For the full year 2025, projected capital expenditures were estimated to be between $350 million and $390 million, with $225 million allocated for maintenance, upgrades, and surveys.
  • Capital expenditures in 2024 were approximately $455.1 million, and in 2023, they were approximately $696.1 million. The primary focus of these expenditures generally includes shipyard projects, maintenance, and fleet upgrades.

Better Bets vs. Valaris (VAL)

Peer Outperformance in Oil & Gas Drilling

VAL has outperformed 100% of its 6 Oil & Gas Drilling peers over 5Y. Oil & Gas Drilling ranks 7th of 7 industries in Energy by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Oil & Gas Drilling constituents that VAL has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
50%
of 8 industry peers · 73.3% return
3Y
71%
of 7 industry peers · 17.0% return
5Y
100%
of 6 industry peers · 201.0% return
No Oil & Gas Drilling peer with a comparable growth profile has beaten VAL by more than 20pp over 5Y.
Median price return by industry across the Energy sector, ranked by 5Y. Oil & Gas Drilling is VAL's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Oil & Gas Refining & Marketing 11 99.7%102.1%340.3% PBF 607% · MPC 577% · VLO 503%
Integrated Oil & Gas 7 43.1%58.2%234.2% IMO 459% · SU 330% · CVE 330%
Oil & Gas Storage & Transportation 18 33.1%121.1%227.3% INSW 836% · LPG 705% · TRGP 611%
Coal & Consumable Fuels 14 39.2%58.6%179.4% EU 1294% · LEU 679% · CCJ 505%
Oil & Gas Equipment & Services 34 56.9%30.7%123.0% FTI 1046% · SEI 742% · TDW 701%
Oil & Gas Exploration & Production 51 24.2%6.5%115.2% KGEI 7497% · OBE 7145% · EP 3183%
Oil & Gas Drilling ← 7 73.3%4.0%85.4% VAL 201% · PDS 177% · NE 134%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

VALNERIGSDRLBORRMedian
NameValaris Noble Transoce.Seadrill Borr Dri. 
Mkt Price85.4446.745.7448.38-47.56
Mkt Cap5.97.56.43.0-6.2
Rev LTM2,1383,0684,1181,532-2,603
Op Inc LTM261388915143-324
FCF LTM-24284904-132-130
FCF 3Y Avg-146269317-36-116
CFO LTM358882995-52-620
CFO 3Y Avg37881755091-464

Growth & Margins

VALNERIGSDRLBORRMedian
NameValaris Noble Transoce.Seadrill Borr Dri. 
Rev Chg LTM-13.2%-11.1%8.5%13.1%--1.3%
Rev Chg 3Y Avg8.8%13.6%15.6%9.9%-11.8%
Rev Chg Q-12.4%-15.2%-2.2%19.1%--7.3%
QoQ Delta Rev Chg LTM-3.4%-4.0%-0.5%4.9%--2.0%
Op Inc Chg LTM-51.0%-45.7%78.7%155.4%-16.5%
Op Inc Chg 3Y Avg83.8%1.9%768.7%42.7%-63.2%
Op Mgn LTM12.2%12.6%22.2%9.3%-12.4%
Op Mgn 3Y Avg14.2%19.4%11.7%11.7%-12.9%
QoQ Delta Op Mgn LTM-4.7%-1.5%-0.1%4.1%--0.8%
CFO/Rev LTM16.8%28.7%24.2%-3.4%-20.5%
CFO/Rev 3Y Avg16.6%26.6%14.0%5.7%-15.3%
FCF/Rev LTM-1.1%9.3%22.0%-8.6%-4.1%
FCF/Rev 3Y Avg-7.6%8.5%7.0%-3.0%-2.0%

Valuation

VALNERIGSDRLBORRMedian
NameValaris Noble Transoce.Seadrill Borr Dri. 
Mkt Cap5.97.56.43.0-6.2
P/S2.82.41.62.0-2.2
P/Op Inc22.719.27.021.0-20.1
P/EBIT13.420.9-6.237.5-17.2
P/E6.349.9-3.92,999.6-28.1
P/CFO16.58.56.5-57.7-7.5
Total Yield15.9%6.3%-25.8%0.0%-3.2%
Dividend Yield0.0%4.3%0.0%0.0%-0.0%
FCF Yield 3Y Avg-1.6%5.4%8.5%-3.9%-1.9%
D/E0.20.30.80.3-0.3
Net D/E0.10.20.70.1-0.2

Returns

VALNERIGSDRLBORRMedian
NameValaris Noble Transoce.Seadrill Borr Dri. 
1M Rtn14.7%19.2%15.0%18.0%-16.5%
3M Rtn-7.8%0.1%-7.7%0.9%--3.8%
6M Rtn-9.6%6.4%-10.0%11.8%--1.6%
12M Rtn73.3%72.1%81.1%51.3%-72.7%
3Y Rtn17.0%8.0%-25.6%0.0%-4.0%
1M Excs Rtn9.5%8.3%10.3%11.4%-9.9%
3M Excs Rtn-10.0%-2.1%-9.9%-1.3%--6.0%
6M Excs Rtn-21.5%-5.5%-21.9%-0.1%--13.5%
12M Excs Rtn55.3%56.7%69.3%36.8%-56.0%
3Y Excs Rtn-59.6%-68.8%-102.8%-77.1%--73.0%

Financials

Segment Financials

Revenue by Segment
$ Mil2025202420232022
Floaters1,2611,441949700
Jackups913755660744
Aramco Rowan Offshore Drilling Company (ARO)571512497460
Other196167176158
Reconciling Items-571-512-497-460
Total2,3692,3631,7841,602


Operating Income by Segment
$ Mil2025202420232022
Floaters37739781-30
Jackups280168102169
Other77719677
Aramco Rowan Offshore Drilling Company (ARO)6744336
Reconciling Items-324-288-268-214
Total4773525437


Price Behavior

Price Behavior
Market Price$85.44 
Market Cap ($ Bil)5.9 
First Trading Date05/03/2021 
Distance from 52W High-24.7% 
   50 Days200 Days
DMA Price$78.79$78.65
DMA Trendupdown
Distance from DMA8.4%8.6%
 3M1YR
Volatility41.6%59.7%
Downside Capture-12.5621.52
Upside Capture-48.8380.63
Correlation (SPY)0.9%13.8%
VAL Betas & Captures as of 7/31/2026

 1M2M3M6M1Y3Y
Beta0.060.09-0.030.390.791.17
Up Beta2.42-0.57-0.32-0.790.061.07
Down Beta0.810.840.771.501.581.86
Up Capture-20%-48%-69%64%90%51%
Bmk +ve Days11223567138427
Stock +ve Days12213067133377
Down Capture-170%50%34%10%55%98%
Bmk -ve Days11212859114326
Stock -ve Days10223359119375

[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 VAL
VAL75.3%59.6%1.15-
Sector ETF (XLE)44.8%21.7%1.6144.3%
Equity (SPY)20.6%12.8%1.1913.8%
Gold (GLD)35.6%28.8%1.0514.1%
Commodities (DBC)40.3%20.3%1.5530.4%
Real Estate (VNQ)11.0%13.7%0.527.2%
Bitcoin (BTCUSD)-29.7%43.6%-0.6913.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with VAL
VAL28.1%49.7%0.67-
Sector ETF (XLE)26.5%25.7%0.9062.9%
Equity (SPY)13.4%17.2%0.6036.7%
Gold (GLD)20.5%18.7%0.8914.2%
Commodities (DBC)11.0%19.6%0.4446.4%
Real Estate (VNQ)2.2%18.9%0.0125.1%
Bitcoin (BTCUSD)11.0%52.7%0.3917.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with VAL
VAL13.4%50.0%0.65-
Sector ETF (XLE)10.3%29.6%0.3862.6%
Equity (SPY)15.3%17.9%0.7236.2%
Gold (GLD)12.6%16.3%0.6413.6%
Commodities (DBC)7.5%18.1%0.3346.3%
Real Estate (VNQ)5.0%20.7%0.2025.0%
Bitcoin (BTCUSD)63.6%66.1%1.0315.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date8142026
Short Interest: Shares Quantity5.9 Mil
Short Interest: % Change Since 73120261.5%
Average Daily Volume1.2 Mil
Days-to-Cover Short Interest4.9 days
Basic Shares Quantity69.3 Mil
Short % of Basic Shares8.5%

Earnings Returns History

Updated 8/14/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/5/20260.3%10.7% 
5/4/2026-9.5%-5.1%-10.2%
2/19/20263.5%2.2%0.0%
10/29/20252.2%-5.9%2.0%
7/30/2025-0.1%-1.1%0.9%
4/30/202510.0%12.3%16.4%
2/19/20254.1%-13.3%-5.7%
10/30/20243.7%7.1%-5.3%
...
SUMMARY STATS   
# Positive12910
# Negative91210
Median Positive3.7%3.3%12.8%
Median Negative-4.4%-3.6%-5.5%
Max Positive10.0%14.9%20.8%
Max Negative-9.5%-20.1%-23.1%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/5/20260.3%10.7% 
5/4/2026-9.5%-5.1%-10.2%
2/19/20263.5%2.2%0.0%
10/29/20252.2%-5.9%2.0%
7/30/2025-0.1%-1.1%0.9%
4/30/202510.0%12.3%16.4%
2/19/20254.1%-13.3%-5.7%
10/30/20243.7%7.1%-5.3%
7/31/2024-6.4%-20.1%-23.1%
5/2/20241.5%14.9%20.8%
2/22/20243.6%-4.1%12.5%
11/7/2023-2.3%3.3%-3.0%
8/2/2023-1.3%-3.0%-0.5%
5/2/2023-4.4%-1.4%-3.0%
2/21/2023-9.0%-9.6%-12.4%
11/1/2022-6.0%-0.6%-1.4%
8/2/20226.1%-0.6%1.2%
5/3/20229.4%1.1%19.1%
2/22/20220.1%1.2%19.3%
11/2/2021-0.1%3.3%-15.0%
8/3/20214.4%-2.5%13.1%
SUMMARY STATS   
# Positive12910
# Negative91210
Median Positive3.7%3.3%12.8%
Median Negative-4.4%-3.6%-5.5%
Max Positive10.0%14.9%20.8%
Max Negative-9.5%-20.1%-23.1%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/06/202610-Q
03/31/202605/05/202610-Q
12/31/202502/20/202610-K
09/30/202510/30/202510-Q
06/30/202507/31/202510-Q
03/31/202505/01/202510-Q
12/31/202402/20/202510-K
09/30/202410/31/202410-Q
06/30/202408/01/202410-Q
03/31/202405/02/202410-Q
12/31/202302/22/202410-K
09/30/202311/07/202310-Q
06/30/202308/02/202310-Q
03/31/202305/02/202310-Q
12/31/202202/21/202310-K
09/30/202211/01/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/06/202610-Q
03/31/202605/05/202610-Q
12/31/202502/20/202610-K
09/30/202510/30/202510-Q
06/30/202507/31/202510-Q
03/31/202505/01/202510-Q
12/31/202402/20/202510-K
09/30/202410/31/202410-Q
06/30/202408/01/202410-Q
03/31/202405/02/202410-Q
12/31/202302/22/202410-K
09/30/202311/07/202310-Q
06/30/202308/02/202310-Q
03/31/202305/02/202310-Q
12/31/202202/21/202310-K
09/30/202211/01/202210-Q
06/30/202208/02/202210-Q
03/31/202205/03/202210-Q
09/30/202111/02/202110-Q
06/30/202008/03/202110-Q
12/31/201902/22/202210-K

Insider Activity

Updated 7/2/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Luca, GillesSVP - COODirectSell905202548.8435,0001,709,4003,969,178Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Luca, GillesSVP - COODirectSell905202548.8435,0001,709,4003,969,178Form

Investor Activity (13F)

Updated Aug 28, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Oak Hill Advisors LP$469.8 Mil53.5%12Hold13F
Moerus Capital Management LLC$45.5 Mil16.8%15TRIM -23.7%13F
Condire Management, LP$113.6 Mil11.0%19Hold13F
Lingotto Investment Management LLP$363.4 Mil7.2%34Hold13F
Goehring & Rozencwajg Associates, LLC$129.3 Mil7.0%43ADD +24.2%13F
Valueworks LLC$21.5 Mil5.9%35TRIM -53.7%13F
Sand Grove Capital Management LLP$17.0 Mil4.0%18New13F
Melqart Asset Management (UK) Ltd$13.1 Mil1.3%41New13F
Carronade Capital Management, LP$16.1 Mil1.2%25ADD +46.4%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Sand Grove Capital Management LLP$17.0 Mil4.0%18New13F
Melqart Asset Management (UK) Ltd$13.1 Mil1.3%41New13F
Carronade Capital Management, LP$16.1 Mil1.2%25ADD +46.4%13F
Goehring & Rozencwajg Associates, LLC$129.3 Mil7.0%43ADD +24.2%13F
Active ManagerValue% of PortfolioTotal PositionsQoQAs OfFiling
Dalal Street, LLC$23.1 Mil5.8%4ExitedDec 31, 202513F
Valueworks LLC$21.5 Mil5.9%35TRIM -53.7%Mar 31, 202613F
Moerus Capital Management LLC$45.5 Mil16.8%15TRIM -23.7%Mar 31, 202613F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Oak Hill Advisors LP$469.8 Mil53.5%12Hold13F
Lingotto Investment Management LLP$363.4 Mil7.2%34Hold13F
Goehring & Rozencwajg Associates, LLC$129.3 Mil7.0%43ADD +24.2%13F
Condire Management, LP$113.6 Mil11.0%19Hold13F
Moerus Capital Management LLC$45.5 Mil16.8%15TRIM -23.7%13F
Valueworks LLC$21.5 Mil5.9%35TRIM -53.7%13F
Sand Grove Capital Management LLP$17.0 Mil4.0%18New13F
Carronade Capital Management, LP$16.1 Mil1.2%25ADD +46.4%13F
Melqart Asset Management (UK) Ltd$13.1 Mil1.3%41New13F
Core Cache Last Updated: 8/27/2026