NE

Noble Corp is a leading offshore drilling contractor that has rebuilt itself post-restructuring (note the -$3.98B net loss in FY2020). FY2025 revenue grew 7.4% to $3.29B, but profitability deteriorated meaningfully: net income fell 51.7% to $217M and operating income dropped 31.2% to $416M, compressing the net margin to 6.6% and ROE to 4.8%. The earnings decline despite higher revenue points to cost pressure, idle/transition rig time, and the lumpy economics of the offshore-drilling cycle as day-rate momentum cooled from the prior up-cycle.

The cash and balance-sheet picture is more reassuring. Operating cash flow surged 45.2% to $952M, cash nearly doubled to $471M, and the company paid a healthy $320M dividend (+15.3%) — a clear pivot toward shareholder returns, with buybacks pulled back sharply (-93.3% to $20M). Leverage is moderate at 0.66x liabilities/equity with $1.98B of long-term debt, leaving room to sustain the payout.