# Nabors Industries (NBR.US)

Canonical: https://gigainvestors.com/s/NBR

Analysis as of: 2026-10-16T07:30:32.392Z. Financial observations: FY2002–FY2025.

Listing currency: USD. 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: $76.39 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 5 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: 5

- Years with a net loss: 9

- Operating margin variation: 0.53×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.28×

- FY2017: 0.21×

- FY2018: 0.24×

- FY2019: -0.02×

- FY2020: 0.26×

- FY2021: 0.24×

- FY2022: 0.27×

- FY2023: 0.30×

- FY2024: 0.08×

- FY2025: 0.08×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 16.3pp below the typical margin (limit 4pp)

- ROIC, median of available years: 9.5%

- ROIC, second-lowest year: 6.7%

- Typical minus recent gross margin: 16.3 pp

- Typical gross margin (annual median): 35.8%

- Recent gross margin (lower of latest and 3-year median): 19.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 16.4%

- ROIC including acquisitions, ten-year median: -3.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 7.7%

- FY2017: 6.7%

- FY2018: 10.5%

- FY2019: -1.2%

- FY2020: 12.1%

- FY2021: 13.3%

- FY2022: 22.8%

- FY2023: 24.2%

- FY2024: 8.6%

- FY2025: 8.3%

### economics: fail

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $58M

- Net income, five-year total: -$859M

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -1.5 pp

- Working capital / revenue, change between three-year averages: -11.1 pp

- Working capital / revenue, final three-year average: 6.4%

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

- FY2021: -$114M

- FY2022: -$59M

- FY2023: $93M

- FY2024: -$111M

- FY2025: $248M

### management: fail

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

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 7.7% vs 8.6%

- Per-share earnings: -97.42 to -1.29 (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: 9.8%

- Ordinary dilution, 5-year annual growth: 15.4%

- Market cap gain: $692M

- Cumulative retained earnings: -$3.9B

- Diluted shares, 10-year annual growth: 9.8%

- Diluted shares, 5-year annual growth: 15.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: $96.13

- Per-share value, starting three-year median: -$97.42

- Per-share value, ending three-year median: -$1.29

- Buybacks concentrated in cheaper years (correlation): -0.40

- Average buyback yield: 18.7%

- Buyback history: 5 years

- Debt-funded buybacks: Yes

- Acquisition spending: $58M

- Cumulative net income, 10 years: -$4.6B

- ROIC, first three-year median: 7.7%

- ROIC, last three-year median: 8.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: -$186.23

- FY2017: -$97.42

- FY2018: -$95.84

- FY2019: -$102.94

- FY2020: -$114.13

- FY2021: -$74.85

- FY2022: -$39.36

- FY2023: -$1.29

- FY2024: -$19.14

- FY2025: $17.23

### accounting: pass

- restructuring or one-time charges in at least three of five years

- Sloan accruals: -9.3%

- Receivables to sales index (DSRI): 0.93×

- Restructuring years, last five: 4

- Stock compensation / operating cash flow: 3.4%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.79×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -19.1%

- FY2017: -7.3%

- FY2018: -12.3%

- FY2019: -20.8%

- FY2020: -21.0%

- FY2021: -18.1%

- FY2022: -18.0%

- FY2023: -12.3%

- FY2024: -16.8%

- FY2025: -9.3%

## Holders

- [Bill Miller](https://gigainvestors.com/LMM): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 57% since Jan 2023 · sales +8.7%

Story as of 2026-10-16T09:59:14.615Z; price observation 2026-10-15.

- 2025-11-03: Nabors' Saudi JV cleared to resume operations for two suspended rigs ([seekingalpha.com](https://seekingalpha.com/news/4512996-nabors-saudi-jv-cleared-to-resume-operations-for-two-suspended-rigs?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-02-23: Nabors Industries (NBR) Beats Forecasts in Q4 2025 Results ([finance.yahoo.com](https://finance.yahoo.com/news/nabors-industries-nbr-beats-forecasts-154814679.html))

- 2026-04-17: Nabors Industries (NBR) Gained From the Sale of its Quail Tools Business Segment ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/nabors-industries-nbr-gained-sale-131013510.html))

### Sales · FY2024–2025

sales +8.7%; source https://www.sec.gov/Archives/edgar/data/1163739/000110465926014997/nbr-20251231x10k.htm; observed 2026-02-13.

- FY2016: $2.2B 

- FY2017: $2.6B 

- FY2018: $3.1B 

- FY2019: $3.0B 

- FY2020: $2.1B 

- FY2021: $2.0B 

- FY2022: $2.7B 

- FY2023: $3.0B 

- FY2024: $2.9B 

- FY2025: $3.2B 

### Gross margin · FY2025

gross margin 19.5%; source https://www.sec.gov/Archives/edgar/data/1163739/000110465926014997/nbr-20251231x10k.htm; observed 2026-02-13.

- FY2016: 39.7% 

- FY2017: 33.0% 

- FY2018: 35.3% 

- FY2019: 7.8% 

- FY2020: 37.4% 

- FY2021: 36.2% 

- FY2022: 37.2% 

- FY2023: 40.4% 

- FY2024: 18.9% 

- FY2025: 19.5% 

## Owner memo

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

### How it makes money

Operates in oil & gas drilling; annual sales are USD 3.2 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1163739/000110465926014997/nbr-20251231x10k.htm (filed 2026-02-13); FY2025: revenue 3184693000; grossProfit 621083000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); NBR.US: Nabors Industries Ltd. provides drilling and drilling-related services for land-based and offshore oil and natural gas wells in the United States and internationally. The company operates through four segments: U.S. Drilling, International Drilling, Drilling Solutions, and Rig Technologies. The company offers tubular running services, including casing and tubing running, and torque monitoring; managed pressure drilling services; and drilling-bit steering systems and rig instrumentation software. The company also offers drilling systems comprising ROCKit, a directional steering control system; SmartNAV, a collaborative guidance and advisory platform; SmartSLIDE, a directional steering control system; and RigCLOUD, a digital infrastructure that integrate applications to deliver real-time insight into operations across the rig fleet. In addition, it operates a fleet of land-based drilling rigs and marketed platforms rigs; manufactures and sells top drives, catwalks, wrenches, drawworks, and other drilling related equipment, such as robotic systems and downhole tools; and provides aftermarket sales and services for the installed base of its equipment. Nabors Industries Ltd. was founded in 1952 and is based in Hamilton, Bermuda.

### Why customers stay

Margins ranged from 18.9% to 40.4% during 2023–25; it earns 9.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2023: grossProfit / revenue = 40.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2024: grossProfit / revenue = 18.9%.

- Source: https://www.sec.gov/Archives/edgar/data/1163739/000110465926014997/nbr-20251231x10k.htm (filed 2026-02-13); FY2025: grossProfit / revenue = 19.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); 10-year return on capital observations [[2016,0.07725777704163941],[2017,0.06713314954404437],[2018,0.10464264755507305],[2019,-0.011589224923968277],[2020,0.12088808230252254],[2021,0.13255009703963716],[2022,0.2277235474701997],[2023,0.24235902502622814],[2024,0.08621357612177336],[2025,0.08283236661328648]]; median 0.0954281118384232. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 26.9% of cash earnings on expansion; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2023: growth capex 0; upkeep 540851000; owner earnings 92657000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1163739/000110465926014997/nbr-20251231x10k.htm (filed 2026-02-13); FY2025: growth capex 66714000; upkeep 649234000; owner earnings 248339000. Growth capex / owner earnings = 0.2686408498061118.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); Dividend observations: [[2016,50924000],[2017,68503000],[2018,87098000],[2019,49583000],[2020,22538000],[2021,7380000],[2022,65000],[2023,194000],[2024,87000],[2025,6052000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1163739/000110465926014997/nbr-20251231x10k.htm (filed 2026-02-13); FY2025: cash repurchases 342371000 USD.

### Are managers owners

Insiders own 5.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); NBR.US SharesStats.PercentInsiders = 5.173 percentage points; cache date 2026-10-15.

### What the price says

The price is 0.3 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); Closing price 76.39 USD; reporting-to-trading FX 1; FY2025 annual sales per share 220.91377635960043; price multiple 0.3457910197309443. FY2025 cash earnings/share 17.22662319644839. Closing-price date 2026-10-15.

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

- 2016-10: $11.90 per share

- 2016-11: $16.10 per share

- 2016-12: $16.40 per share

- 2017-01: $16.25 per share

- 2017-02: $14.64 per share

- 2017-03: $13.07 per share

- 2017-04: $10.34 per share

- 2017-05: $8.80 per share

- 2017-06: $8.14 per share

- 2017-07: $7.71 per share

- 2017-08: $6.55 per share

- 2017-09: $8.07 per share

- 2017-10: $5.63 per share

- 2017-11: $6.04 per share

- 2017-12: $6.83 per share

- 2018-01: $7.84 per share

- 2018-02: $6.47 per share

- 2018-03: $6.99 per share

- 2018-04: $7.61 per share

- 2018-05: $7.47 per share

- 2018-06: $6.41 per share

- 2018-07: $5.98 per share

- 2018-08: $6.17 per share

- 2018-09: $6.16 per share

- 2018-10: $4.97 per share

- 2018-11: $3.23 per share

- 2018-12: $2.00 per share

- 2019-01: $2.96 per share

- 2019-02: $3.24 per share

- 2019-03: $3.44 per share

- 2019-04: $3.50 per share

- 2019-05: $2.36 per share

- 2019-06: $2.90 per share

- 2019-07: $2.96 per share

- 2019-08: $1.68 per share

- 2019-09: $1.87 per share

- 2019-10: $1.85 per share

- 2019-11: $2.06 per share

- 2019-12: $2.88 per share

- 2020-01: $2.07 per share

- 2020-02: $1.76 per share

- 2020-03: $0.39 per share

- 2020-04: $14.73 per share

- 2020-05: $37.06 per share

- 2020-06: $37.02 per share

- 2020-07: $42.41 per share

- 2020-08: $39.98 per share

- 2020-09: $24.44 per share

- 2020-10: $28.42 per share

- 2020-11: $52.39 per share

- 2020-12: $58.23 per share

- 2021-01: $71.42 per share

- 2021-02: $111.01 per share

- 2021-03: $93.45 per share

- 2021-04: $80.85 per share

- 2021-05: $93.62 per share

- 2021-06: $114.24 per share

- 2021-07: $87.51 per share

- 2021-08: $84.34 per share

- 2021-09: $96.48 per share

- 2021-10: $102.50 per share

- 2021-11: $81.46 per share

- 2021-12: $81.09 per share

- 2022-01: $103.51 per share

- 2022-02: $125.54 per share

- 2022-03: $152.72 per share

- 2022-04: $154.62 per share

- 2022-05: $166.77 per share

- 2022-06: $133.90 per share

- 2022-07: $142.49 per share

- 2022-08: $132.51 per share

- 2022-09: $101.45 per share

- 2022-10: $174.03 per share

- 2022-11: $158.33 per share

- 2022-12: $154.87 per share

- 2023-01: $177.54 per share

- 2023-02: $150.31 per share

- 2023-03: $121.91 per share

- 2023-04: $99.74 per share

- 2023-05: $83.70 per share

- 2023-06: $93.03 per share

- 2023-07: $122.49 per share

- 2023-08: $110.69 per share

- 2023-09: $123.14 per share

- 2023-10: $97.64 per share

- 2023-11: $86.82 per share

- 2023-12: $81.63 per share

- 2024-01: $84.58 per share

- 2024-02: $78.37 per share

- 2024-03: $86.13 per share

- 2024-04: $72.03 per share

- 2024-05: $74.76 per share

- 2024-06: $71.16 per share

- 2024-07: $102.83 per share

- 2024-08: $75.37 per share

- 2024-09: $64.47 per share

- 2024-10: $74.41 per share

- 2024-11: $73.43 per share

- 2024-12: $57.17 per share

- 2025-01: $57.22 per share

- 2025-02: $40.19 per share

- 2025-03: $41.71 per share

- 2025-04: $26.84 per share

- 2025-05: $25.81 per share

- 2025-06: $28.02 per share

- 2025-07: $34.78 per share

- 2025-08: $37.28 per share

- 2025-09: $40.87 per share

- 2025-10: $48.52 per share

- 2025-11: $49.87 per share

- 2025-12: $54.30 per share

- 2026-01: $66.84 per share

- 2026-02: $78.12 per share

- 2026-03: $86.06 per share

- 2026-04: $102.61 per share

- 2026-05: $92.63 per share

- 2026-06: $84.01 per share

- 2026-07: $85.67 per share

- 2026-08: $93.64 per share

- 2026-09: $78.12 per share

- 2026-10: $76.39 per share

## Annual estimated value (USD 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

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1163739/000110465926014997/nbr-20251231x10k.htm); period 2025-12-31, filed 2026-02-13.

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.