Noble Corp Plc (NE) is overvalued and Seadrill Ltd (SDRL) is overvalued.
Both trade above our estimate of their intrinsic value. NE is the closer of the two: -44%, against -389% for SDRL.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 9.0% (average of 3 methods) values the shares at $31.29; the price of $45.04 is 44% above that value, and 77% of that value comes from beyond year five.
Leak Score 0/100 on 2 of 12 signals
Discounting its cash flows at 10.8% (average of 3 methods) values the shares at $9.58; the price of $46.85 is 389% above that value, and 70% of that value comes from beyond year five.
Leak Score 0/100 on 3 of 12 signals
| Metric | NE | SDRL |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $45.04 | $46.85 |
| Intrinsic value | $31.29 | $9.58 |
| Margin of safety | -44% | -389% |
| Leak Score | 0/100 (2/12) | 0/100 (3/12) |
| Market cap | $7.2B | $2.9B |
| Revenue growth, 5 years | 27.8% | 6.3% |
| Operating margin | 12.6% | 9.3% |
| Net margin | 4.9% | 0.1% |
| Return on equity | 3.3% | 0.0% |
| Debt to equity | 0.42 | 0.26 |
| P/E | 48.7x | 2739.8x |
| Forward P/E | 20.7x | 13.3x |
| P/B | 1.6x | 1.0x |
| Dividend yield | 4.4% | — |