Noble vs Valaris

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The short version

Noble is the larger business, with $3.3B of revenue in fiscal 2025 against $2.4B for Valaris.
Noble grew revenue faster (7.5%, against 0.3%).
Valaris kept more of each dollar of sales as operating profit (20.1% operating margin, against 12.7%).
Noble turned more of its sales into free cash flow (13.2% FCF margin, against 8.6%).
Valaris earned a higher return on the capital invested in it (14.4%, against 5.3%).
Investors pay more for each dollar of Noble’s earnings: a P/E of 50.7x against 7.3x for Valaris.

Latest fiscal year	NE · FY25	VAL · FY25
Size
Market cap	$7.6B	$6.9B
Revenue	$3.3B	$2.4B
Free cash flow	$432M	$203M
Net income	$217M	$983M
Growth
Revenue growth	7.5%	0.3%
5-year growth	—	2.9%
Share count change	5.7%	−2.7%
Profitability
Gross margin	—	31.2%
Operating margin	12.7%	20.1%
Net margin	6.6%	41.5%
FCF margin	13.2%	8.6%
Return on capital	5.3%	14.4%
Return on equity	4.7%	36.4%
Balance sheet
Net debt	$1.6B	$487M
Net debt / EBITDA	—	0.8x
Dividends and buybacks	$340M	$100M
Valuation & quality
P/E	50.7x	7.3x
Piotroski F-score	5	7

Revenue

FY15

NE —

VAL —

FY16

NE —

VAL $2.8B

FY17

NE —

VAL $1.8B

FY18

NE —

VAL $1.7B

FY19

NE —

VAL $2.1B

FY20

NE $964M

VAL $1.4B

FY22

NE $1.4B

VAL $1.6B

FY23

NE $2.6B

VAL $1.8B

FY24

NE $3.1B

VAL $2.4B

FY25

NE $3.3B

VAL $2.4B

FY15 FY16 FY17 FY18 FY19 FY20 FY22 FY23 FY24 FY25

NE VAL

Operating margin

FY15

NE —

VAL —

FY16

NE —

VAL 33.5%

FY17

NE —

VAL −7.2%

FY18

NE —

VAL −13.8%

FY19

NE —

VAL −32.6%

FY20

NE −422.8%

VAL −303.7%

FY22

NE 16.2%

VAL 2.3%

FY23

NE 22.2%

VAL 3.0%

FY24

NE 19.8%

VAL 14.9%

FY25

NE 12.7%

VAL 20.1%

FY15 FY16 FY17 FY18 FY19 FY20 FY22 FY23 FY24 FY25

NE VAL

Free cash flow

FY15

NE —

VAL $78.4M

FY16

NE —

VAL $755M

FY17

NE —

VAL −$277M

FY18

NE —

VAL −$482M

FY19

NE —

VAL −$504M

FY20

NE $124M

VAL −$346M

FY22

NE $107M

VAL −$80.0M

FY23

NE $165M

VAL −$429M

FY24

NE $80.2M

VAL −$99.7M

FY25

NE $432M

VAL $203M

FY15 FY16 FY17 FY18 FY19 FY20 FY22 FY23 FY24 FY25

NE VAL

Return on capital

FY15

NE —

VAL −8.1%

FY16

NE —

VAL 7.3%

FY17

NE —

VAL −0.9%

FY18

NE —

VAL −1.5%

FY19

NE —

VAL −3.8%

FY20

NE —

VAL −35.5%

FY22

NE —

VAL —

FY23

NE 13.6%

VAL 3.0%

FY24

NE 10.4%

VAL 13.0%

FY25

NE 5.3%

VAL 14.4%

FY15 FY16 FY17 FY18 FY19 FY20 FY22 FY23 FY24 FY25

NE VAL

Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.