# Harbour Energy (HBR.LSE)

Canonical: https://gigainvestors.com/s/HBR.LSE

Analysis as of: 2026-10-16T07:37:07.220Z. Financial observations: FY2013–FY2025.

Listing currency: GBX. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: GBX 287.40 per share; close as of 2026-10-15.

Estimated value: low GBX 918.69 per share, central GBX 1,035.38 per share, high GBX 1,190.71 per share. Buy at or below the central value GBX 1,035.38 per share. Valuation as of 2026-10-16T07:37:07.220Z; scenarios are not confidence intervals.

Expected annual return: 36.6% at the stated quote. About 36.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; GB 10-year bond 5.4% + 4 points).

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 4

- Operating margin variation: 0.96×

Chart: Operating margin; fiscal year observations.

- FY2016: -0.01×

- FY2017: 0.22×

- FY2018: 0.39×

- FY2019: 0.31×

- FY2020: -0.28×

- FY2021: 0.18×

- FY2022: 0.47×

- FY2023: 0.25×

- FY2024: 0.27×

- FY2025: 0.36×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 19.0%

- ROIC, second-lowest year: -6.7%

- Typical minus recent gross margin: -0.2 pp

- Typical gross margin (annual median): 39.6%

- Recent gross margin (lower of latest and 3-year median): 39.8%

- Years with nonpositive capital: 2

- Capital spending / revenue: 17.7%

- ROIC including acquisitions, ten-year median: 19.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -6.7%

- FY2017: 2.3%

- FY2018: 25.5%

- FY2019: 16.6%

- FY2020: -27.8%

- FY2021: 21.0%

- FY2022: >100%

- FY2023: 48.8%

- FY2024: 17.0%

- FY2025: 46.9%

### economics: pass

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $3.8B

- Net income, five-year total: -$125M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.4 pp

- Working capital / revenue, change between three-year averages: 2.9 pp

- Working capital / revenue, final three-year average: 19.7%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: $727M

- FY2022: $750M

- FY2023: $560M

- FY2024: $172M

- FY2025: $1.6B

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 2.3% vs 46.9%

- Per-share earnings: -0.49 to -0.07 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 11.5%

- Ordinary dilution, 5-year annual growth: 16.6%

- Market cap gain: $3.5B

- Cumulative retained earnings: $311M

- Diluted shares, 10-year annual growth: 11.5%

- Diluted shares, 5-year annual growth: 16.6%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: $0.43

- Per-share value, starting three-year median: -$0.49

- Per-share value, ending three-year median: -$0.07

- Buybacks concentrated in cheaper years (correlation): -0.20

- Average buyback yield: 4.2%

- Buyback history: 5 years

- Debt-funded buybacks: No

- Acquisition spending: $12B

- Cumulative net income, 10 years: -$737M

- ROIC, first three-year median: 2.3%

- ROIC, last three-year median: 46.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.24

- FY2017: -$0.49

- FY2018: $0.17

- FY2019: $0.20

- FY2020: -$1.10

- FY2021: $0.11

- FY2022: $0.01

- FY2023: $0.06

- FY2024: -$0.07

- FY2025: -$0.12

### accounting: pass

- Sloan accruals: -12.0%

- Receivables to sales index (DSRI): 0.52×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.3%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 2.59×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 210.9%

- FY2017: -5.6%

- FY2018: -24.2%

- FY2019: -12.0%

- FY2020: -22.7%

- FY2021: -10.4%

- FY2022: -24.8%

- FY2023: -21.3%

- FY2024: -5.6%

- FY2025: -12.0%

## Holders

## Price story

Down 43% since Apr 2022 · "North Sea giant blames windfall tax as it halves UK investment" (uk.finance.yahoo.com, Nov 2025) · sales +65.6%

Story as of 2026-10-16T10:00:08.629Z; price observation 2026-10-15.

Price needs cash profits to shrink 18.6% a year for ten years

- 2025-11-06: North Sea giant blames windfall tax as it halves UK investment ([uk.finance.yahoo.com](https://uk.finance.yahoo.com/news/north-sea-giant-blames-windfall-144339853.html))

- 2025-12-01: Harbour Energy to axe 100 offshore jobs amid windfall tax pressure ([uk.finance.yahoo.com](https://uk.finance.yahoo.com/news/harbour-energy-axe-100-offshore-134148104.html))

### Sales · FY2024–2025

sales +65.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: $937M 

- FY2017: $314M 

- FY2018: $2.0B 

- FY2019: $2.4B 

- FY2020: $2.4B 

- FY2021: $3.5B 

- FY2022: $5.4B 

- FY2023: $3.7B 

- FY2024: $6.2B 

- FY2025: $10B 

### Gross margin · FY2025

gross margin 39.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 56.0% 

- FY2017: 39.3% 

- FY2018: 43.0% 

- FY2019: 35.7% 

- FY2020: 23.5% 

- FY2021: 29.5% 

- FY2022: 47.2% 

- FY2023: 36.0% 

- FY2024: 41.3% 

- FY2025: 39.8% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in oil & gas e&p; annual sales are USD 10.2 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:07.220Z); FY2025: revenue 10199593242; grossProfit 4058396710; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 36% to 41.3% during 2023–25; it earns 19% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:07.220Z); FY2023: grossProfit / revenue = 36%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:07.220Z); FY2024: grossProfit / revenue = 41.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:07.220Z); FY2025: grossProfit / revenue = 39.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:07.220Z); 10-year return on capital observations [[2016,-0.06722473098423677],[2017,0.02290199171801768],[2018,0.2547083038261957],[2019,0.1659148536104547],[2020,-0.27782973498414],[2021,0.20970171814380006],[2022,1.33964636223538],[2023,0.4877616747181965],[2024,0.17016679904686258],[2025,0.46875047015514376]]; median 0.1899342585953313. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 7 of 10 years; bought back USD 107.2 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:07.220Z); FY2016: growth capex 0; upkeep 1280000; owner earnings 124581000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:07.220Z); FY2018: growth capex 0; upkeep 350163000; owner earnings 423122000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:07.220Z); FY2019: growth capex 0; upkeep 530277000; owner earnings 539748000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:07.220Z); FY2021: growth capex 0; upkeep 613900000; owner earnings 727340000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:07.220Z); FY2022: growth capex 0; upkeep 639100000; owner earnings 749980000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:07.220Z); FY2023: growth capex 0; upkeep 799000000; owner earnings 560400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:07.220Z); FY2024: growth capex 0; upkeep 1322000000; owner earnings 171600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:07.220Z); FY2025: growth capex 0; upkeep 1465106735; owner earnings 1584895829. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:07.220Z); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,191500000],[2020,191500000],[2021,1423800000],[2022,191500000],[2023,190000000],[2024,199000000],[2025,464546038]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:07.220Z); FY2025: cash repurchases 107202931 USD.

### Are managers owners

Insiders own 40.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); HBR.LSE SharesStats.PercentInsiders = 40.081 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 18.6% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:07.220Z); Ten-year compound average after fade. Initial solved rate -0.26892817138315095. Price 287.4; FX 75.34943299551671; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -2.354118402642563 → FY2025 1.0422263081786276. Closing-price date 2026-10-15.

## Monthly share-price history (GBX per share)

- 2016-10: GBX 66.00 per share

- 2016-11: GBX 59.50 per share

- 2016-12: GBX 74.00 per share

- 2017-01: GBX 84.00 per share

- 2017-02: GBX 69.50 per share

- 2017-03: GBX 63.00 per share

- 2017-04: GBX 62.25 per share

- 2017-05: GBX 57.75 per share

- 2017-06: GBX 50.00 per share

- 2017-07: GBX 60.50 per share

- 2017-08: GBX 55.50 per share

- 2017-09: GBX 67.00 per share

- 2017-10: GBX 68.00 per share

- 2017-11: GBX 69.25 per share

- 2017-12: GBX 76.25 per share

- 2018-01: GBX 82.70 per share

- 2018-02: GBX 72.75 per share

- 2018-03: GBX 69.20 per share

- 2018-04: GBX 94.75 per share

- 2018-05: GBX 119.90 per share

- 2018-06: GBX 128.70 per share

- 2018-07: GBX 128.00 per share

- 2018-08: GBX 124.00 per share

- 2018-09: GBX 138.50 per share

- 2018-10: GBX 108.00 per share

- 2018-11: GBX 70.65 per share

- 2018-12: GBX 66.55 per share

- 2019-01: GBX 73.95 per share

- 2019-02: GBX 74.20 per share

- 2019-03: GBX 93.95 per share

- 2019-04: GBX 99.78 per share

- 2019-05: GBX 78.74 per share

- 2019-06: GBX 76.90 per share

- 2019-07: GBX 84.04 per share

- 2019-08: GBX 80.76 per share

- 2019-09: GBX 77.94 per share

- 2019-10: GBX 82.70 per share

- 2019-11: GBX 86.86 per share

- 2019-12: GBX 98.20 per share

- 2020-01: GBX 100.35 per share

- 2020-02: GBX 77.64 per share

- 2020-03: GBX 17.24 per share

- 2020-04: GBX 32.63 per share

- 2020-05: GBX 26.69 per share

- 2020-06: GBX 51.54 per share

- 2020-07: GBX 35.31 per share

- 2020-08: GBX 21.84 per share

- 2020-09: GBX 16.61 per share

- 2020-10: GBX 11.26 per share

- 2020-11: GBX 20.31 per share

- 2020-12: GBX 19.64 per share

- 2021-01: GBX 19.10 per share

- 2021-02: GBX 28.51 per share

- 2021-03: GBX 22.40 per share

- 2021-04: GBX 20.45 per share

- 2021-05: GBX 20.55 per share

- 2021-06: GBX 377.00 per share

- 2021-07: GBX 327.20 per share

- 2021-08: GBX 356.60 per share

- 2021-09: GBX 363.00 per share

- 2021-10: GBX 351.40 per share

- 2021-11: GBX 393.20 per share

- 2021-12: GBX 354.00 per share

- 2022-01: GBX 358.20 per share

- 2022-02: GBX 398.20 per share

- 2022-03: GBX 486.40 per share

- 2022-04: GBX 504.20 per share

- 2022-05: GBX 384.20 per share

- 2022-06: GBX 363.80 per share

- 2022-07: GBX 366.20 per share

- 2022-08: GBX 477.00 per share

- 2022-09: GBX 447.90 per share

- 2022-10: GBX 377.90 per share

- 2022-11: GBX 318.50 per share

- 2022-12: GBX 304.40 per share

- 2023-01: GBX 313.40 per share

- 2023-02: GBX 290.70 per share

- 2023-03: GBX 274.40 per share

- 2023-04: GBX 247.30 per share

- 2023-05: GBX 224.80 per share

- 2023-06: GBX 228.60 per share

- 2023-07: GBX 266.50 per share

- 2023-08: GBX 250.00 per share

- 2023-09: GBX 257.90 per share

- 2023-10: GBX 253.80 per share

- 2023-11: GBX 229.50 per share

- 2023-12: GBX 308.60 per share

- 2024-01: GBX 278.80 per share

- 2024-02: GBX 252.40 per share

- 2024-03: GBX 275.80 per share

- 2024-04: GBX 288.90 per share

- 2024-05: GBX 330.00 per share

- 2024-06: GBX 311.70 per share

- 2024-07: GBX 313.50 per share

- 2024-08: GBX 299.30 per share

- 2024-09: GBX 266.20 per share

- 2024-10: GBX 276.40 per share

- 2024-11: GBX 259.20 per share

- 2024-12: GBX 255.40 per share

- 2025-01: GBX 234.90 per share

- 2025-02: GBX 226.90 per share

- 2025-03: GBX 210.30 per share

- 2025-04: GBX 153.00 per share

- 2025-05: GBX 178.00 per share

- 2025-06: GBX 195.90 per share

- 2025-07: GBX 199.20 per share

- 2025-08: GBX 228.00 per share

- 2025-09: GBX 207.40 per share

- 2025-10: GBX 224.80 per share

- 2025-11: GBX 208.40 per share

- 2025-12: GBX 196.60 per share

- 2026-01: GBX 232.60 per share

- 2026-02: GBX 253.40 per share

- 2026-03: GBX 299.80 per share

- 2026-04: GBX 293.00 per share

- 2026-05: GBX 262.20 per share

- 2026-06: GBX 215.00 per share

- 2026-07: GBX 239.40 per share

- 2026-08: GBX 251.00 per share

- 2026-09: GBX 263.00 per share

- 2026-10: GBX 287.40 per share

## Annual estimated value (GBX per share)

- FY2020: low GBX 417.33 per share, central GBX 469.02 per share, high GBX 537.83 per share

- FY2021: low GBX 696.48 per share, central GBX 785.43 per share, high GBX 903.85 per share

- FY2022: low GBX 1,074.81 per share, central GBX 1,218.16 per share, high GBX 1,408.99 per share

- FY2023: low GBX 609.59 per share, central GBX 690.83 per share, high GBX 798.98 per share

- FY2024: low GBX 543.66 per share, central GBX 613.35 per share, high GBX 706.14 per share

- FY2025: low GBX 889.15 per share, central GBX 1,004.04 per share, high GBX 1,156.99 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:42:49.515Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.