SEADRILL Ltd
SDRL · Drilling Oil & Gas Wells · 62.5M shares · -26%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: $255M (gross $263M, SBC $8M)
Grade
C61Post-restructuring offshore driller with low leverage and healthy EBITDA but a net loss in a softening dayrate market.
Strengths
- Positive EBITDA $285M (69th pct) with 74th-pct EBITDA margin and low debt/equity 0.21 (25th pct)
- Clean tangible book (100th pct) and strong liquidity (current ratio 2.0, 82nd pct); contract backlog supports recovery
Risks
- Net loss year: net margin -5.4%, ROE -2.7%, ROA -2.0%, net income down 117% YoY
- Soft 2025 utilization and dayrates with cold-stacked rigs; recovery not expected until 2027
- Cyclical commodity exposure and concentration in benign floaters/drillships
Notable findings
- No interest coverageInterest coverage 0.77 (cannot cover interest)
- Exec changeRecent 8-K item 5.02 8-K ↗
- Net lossNet loss (net margin -5.4%)
- Strong balance sheetStrong balance sheet — $339M cash & investments
- Buying back stockNet buyback — share count -26%/yr over 1y
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
3.3%
Net margin
-5.4%
Return on equity
-2.7%
Return on assets
-2.0%
ROIC
1.1%
Revenue growth (QoQ)
-1.1%
Net-income growth
-117.3%
Debt / equity
0.2×
Net debt / EBITDA
1.0×
Interest coverage
0.8×
Current ratio
2.0×
EBITDA
$285M
Tangible book value
$2.9B
Cash & investments
$339M
Stock comp / revenue
1.4%
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-22 | Reg FDOtherExhibits | filing ↗ |
| 2026-06-18 | Material agreementDebt obligationExhibits | filing ↗ |
| 2026-06-15 | Reg FDExhibits | filing ↗ |
| 2026-06-05 | Exec/director changeShareholder voteExhibits | filing ↗ |
| 2026-05-11 | ResultsExhibits | filing ↗ |
| 2026-03-18 | Exec/director changeReg FDExhibits | filing ↗ |
| 2026-02-25 | ResultsExhibits | filing ↗ |
| 2025-11-05 | ResultsExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-22 | 2026-06-22 | 0001193125-26-277610 ↗ |
| 8-K | 2026-06-18 | 2026-06-16 | 0001193125-26-275884 ↗ |
| 8-K | 2026-06-15 | 2026-06-15 | 0001193125-26-270307 ↗ |
| 8-K | 2026-06-05 | 2026-06-03 | 0001193125-26-258288 ↗ |
| 10-Q | 2026-05-11 | 2026-03-31 | 0001737706-26-000016 ↗ |
| 8-K | 2026-05-11 | 2026-05-11 | 0001737706-26-000013 ↗ |
| 8-K | 2026-03-18 | 2026-03-12 | 0001193125-26-113974 ↗ |
| 10-K | 2026-02-26 | 2025-12-31 | 0001737706-26-000010 ↗ |
| 8-K | 2026-02-25 | 2026-02-25 | 0001737706-26-000006 ↗ |
| 10-Q | 2025-11-06 | 2025-09-30 | 0001737706-25-000017 ↗ |
| 8-K | 2025-11-05 | 2025-11-05 | 0001737706-25-000015 ↗ |
| 8-K | 2025-09-03 | 2025-08-27 | 0001193125-25-194979 ↗ |