# Nabors Industries Ltd. (NBR)

> Source: Nexqual · https://nexqual.com/NBR · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Nabors Industries Ltd. (NBR), nexqual.com/NBR" · informational, not investment advice.

**Price:** USD 77.8 (-3.97% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 81.02 · day 74.67–80.16 · 52w 43.41–112.9 · market cap $1.18B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $3.21B, net income $247M (7.7% margin), free cash flow $61.6M (SEC filings).
- Valuation: P/E 4.8x (avg 2.7x at the last 1 fiscal year-ends), net debt $1.61B.
- 1 of 80 tracked superinvestors hold NBR (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $295K; 1 not under a Rule 10b5-1 plan ($295K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.75 on a 1–5 scale) (8 analysts), mean target USD 107.38 (range 80–130).
- Total return with dividends: 1Y +67.7% vs S&P 500 +14.9%; 5Y -35.5% vs S&P 500 +80.3%.
- Next earnings: 2026-10-27, EPS estimate USD -0.9, revenue estimate $862M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.02B | $2.65B | $3.01B | $2.93B | $3.18B | $3.21B |
| Gross profit | $731M | $988M | $1.22B | — | — | — |
| Operating income | -$80.8M | $44.3M | $434M | $417M | $471M | $447M |
| Net income | -$569M | -$350M | -$11.8M | -$176M | $287M | $247M |
| EPS (diluted) | -$76.58 | -$40.52 | -$5.49 | -$22.37 | $17.39 | — |
| Free cash flow | $195M | $128M | $97.0M | $13.5M | -$22.7M | $61.6M |
| Gross margin | 36.2% | 37.2% | 40.4% | — | — | — |
| Operating margin | -4.0% | 1.7% | 14.4% | 14.2% | 14.8% | 13.9% |
| Net margin | -28.2% | -13.2% | -0.4% | -6.0% | 9.0% | 7.7% |
| Revenue growth | -5.5% | +31.5% | +13.3% | -2.5% | +8.7% | — |
| Cash + short-term investments | $991M | $452M | $1.07B | $397M | $941M | — |
| Total debt | $3.26B | $2.54B | $3.14B | $2.51B | $2.49B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 4.8x · P/S 0.4x · EV/Sales 0.9x · P/FCF 19.2x · P/B 2.2x · FCF yield 5.21% · Earnings yield 20.90% · Net debt $1.61B · EV $2.79B
P/E at fiscal year-ends: Dec 2025 2.7x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold NBR. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Bill Miller | Miller Value Partners | 8.85% | $37.4M | Added +0.2% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-28 | Tudor David J | Director | 3,200 | $295K | 37.8% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.75 on a 1–5 scale), 8 analysts; mean target USD 107.38 (low 80, high 130).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-05 | Susquehanna | Target raised | Neutral | $85 → $91 |
| 2026-08-05 | Barclays | Target lowered | Equal-Weight | $99 → $93 |
| 2026-07-30 | Piper Sandler | Target raised | Overweight | $120 → $130 |
| 2026-07-08 | Susquehanna | Target lowered | Neutral | $105 → $85 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +67.7% | -35.5% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +68.0% | -8.4% |
| Volatility (annualized) | 51.5% | 69.1% |
| Max drawdown | -31.6% (May 2026→Jul 2026) | -86.8% (Apr 2022→May 2025) |

## Peers (Oil & Gas Drilling)
PDS (Precision Drilling Corporation) USD 90.43 -1.50% · BORR (Borr Drilling Limited) USD 4.08 -3.32% · SOC (Sable Offshore Corp.) USD 3.04 -4.10% · SDRL (Seadrill Limited) USD 49.19 +0.04% · HP (Helmerich & Payne, Inc.) USD 37.13 -2.93% · PTEN (Patterson-UTI Energy, Inc.) USD 11.34 -2.91%

## More
Full page: https://nexqual.com/NBR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in NBR's own 10-K filed 2026-02-13 (https://www.sec.gov/Archives/edgar/data/1163739/000110465926014997/nbr-20251231x10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Saudi Aramco | "These contracts are primarily operated through SANAD, our joint venture with Saudi Aramco." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| International Excluding Canada | $432.5M | 53.1% | +12.3% |
| US | $252.5M | 31.0% | -1.2% |
| Drilling Solutions | $110.6M | 13.6% | -35.0% |
| Rig Technologies | $37.5M | 4.6% | +2.6% |
| Total revenue | $814.8M | 100% | — |
The lines above cover 102.2% of total revenue.

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Middle East & Asia | $331.5M | 40.7% | +9.9% |
| — Lower48 (part of Middle East & Asia) | $266.8M | 32.7% | -13.5% |
| — Europe Africa & Cis (part of Middle East & Asia) | $35.4M | 4.3% | -9.9% |
| — AK (part of Middle East & Asia) | $30.0M | 3.7% | -18.1% |
| Latin America | $131.6M | 16.2% | +15.1% |
| United States Offshore | $19.7M | 2.4% | -39.8% |
| Canada | $18.1M | 2.2% | +25.4% |
| Total revenue | $814.8M | 100% | — |
The lines above cover 61.5% of total revenue.

## Company outlook (8-K filed 2026-07-28)

- "Nabors expects the following metrics for the third quarter of 2026: U.S."
- "As we look forward, we anticipate second-half adjusted EBITDA to reach an annualized run-rate of $1 billion."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.90 | $-0.82 | +8.6% | $861.5M | 3 |
| Next quarter (ends 2026-12-31) | $-0.02 | $-0.33 | -94.4% | $894.3M | 3 |
| Current fiscal year (ends 2026-12-31) | $-4.17 | $-3.80 | +9.7% | $3.35B | 3 |
| Next fiscal year (ends 2027-12-31) | $4.00 | $1.57 | +155.0% | $3.67B | 3 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-27): ±14.2%; last 8 reports averaged ±7.3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 61.3% | ±14.2% |
| 2026-12-18 | 56 | 53.4% | ±17.1% |
| 2027-01-15 | 84 | 50.7% | ±19.7% |
| 2027-04-16 | 175 | 51.2% | ±28.4% |