Nabors Indsustries Financials
This page shows Nabors Indsustries (NBR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Nabors' earnings recovery now comes from a sturdier operating base, but capex-heavy reinvestment keeps surplus cash scarce.
Between FY2023 and FY2025, operating cash flow stayed strong at$638M and$693M . Yet free cash flow moved from$97M to-$23M , showing that better reported earnings are being consumed by a heavier equipment spending cycle rather than turning into excess cash for debt reduction or distributions.
The balance-sheet reset in FY2025 was meaningful: cash rose to
The core operating engine changed less than the bottom line suggests: operating margin was
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Nabors Indsustries's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Nabors Indsustries has an operating margin of 14.8%, meaning the company retains $15 of operating profit per $100 of revenue. This results in a moderate score of 55/100, indicating healthy but not exceptional operating efficiency. This is up from 14.2% the prior year.
Nabors Indsustries's revenue grew 8.7% year-over-year to $3.2B, a solid pace of expansion. This earns a growth score of 38/100.
Nabors Indsustries has elevated debt relative to equity (D/E of 3.58), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 29/100, reflecting increased financial risk.
Nabors Indsustries's current ratio of 1.56 is below the typical benchmark, resulting in a score of 27/100. However, the company holds substantial cash reserves (95% of current liabilities), which buffers actual liquidity risk. Large mature operators often run tight current ratios by design.
While Nabors Indsustries generated $693.3M in operating cash flow, capex of $715.9M consumed most of it, leaving -$22.7M in free cash flow. This results in a low score of 26/100, reflecting heavy capital investment rather than weak cash generation.
Nabors Indsustries generates a 48.5% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -130.4% the prior year.
Nabors Indsustries scores 0.85, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Nabors Indsustries passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Nabors Indsustries generates $2.42 in operating cash flow ($693.3M OCF vs $286.6M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Nabors Indsustries earns $2.2 in operating income for every $1 of interest expense ($471.1M vs $215.4M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Earnings & Revenue
Nabors Indsustries generated $3.2B in revenue in fiscal year 2025. This represents an increase of 8.7% from the prior year.
Nabors Indsustries's EBITDA was $1.1B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 6.7% from the prior year.
Nabors Indsustries reported $286.6M in net income in fiscal year 2025. This represents an increase of 262.8% from the prior year.
Nabors Indsustries earned $17.39 per diluted share (EPS) in fiscal year 2025. This represents an increase of 177.7% from the prior year.
Cash & Balance Sheet
Nabors Indsustries generated -$22.7M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 267.9% from the prior year.
Nabors Indsustries held $940.7M in cash against $2.1B in long-term debt as of fiscal year 2025.
Nabors Indsustries had 16M shares outstanding in fiscal year 2025. This represents an increase of 47.1% from the prior year.
Margins & Returns
Nabors Indsustries's operating margin was 14.8% in fiscal year 2025, reflecting core business profitability. This is up 0.6 percentage points from the prior year.
Nabors Indsustries's net profit margin was 9.0% in fiscal year 2025, showing the share of revenue converted to profit. This is up 15.0 percentage points from the prior year.
Nabors Indsustries's ROE was 48.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 179.0 percentage points from the prior year.
Capital Allocation
Nabors Indsustries invested $53.1M in research and development in fiscal year 2025. This represents a decrease of 7.0% from the prior year.
Nabors Indsustries invested $715.9M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 26.1% from the prior year.
NBR Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $783.5M-1.8% | $797.5M-2.5% | $818.2M-1.8% | $832.8M+13.1% | $736.2M+0.9% | $729.8M-0.3% | $731.8M-0.4% | $734.8M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | $431.7M-1.9% | $440.2M |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | $300.1M+1.9% | $294.6M |
| R&D Expenses | $13.5M+1.3% | $13.3M+2.7% | $13.0M+2.0% | $12.7M-9.4% | $14.0M-2.8% | $14.4M+0.2% | $14.4M+0.3% | $14.4M |
| SG&A Expenses | $71.8M-5.9% | $76.3M-1.0% | $77.1M-6.8% | $82.7M+20.8% | $68.5M+11.5% | $61.4M-4.0% | $64.0M+2.9% | $62.2M |
| Operating Income | $95.4M-43.3% | $168.1M+31.6% | $127.8M+74.1% | $73.4M-27.9% | $101.8M-46.3% | $189.7M+79.1% | $105.9M+82.8% | $57.9M |
| Interest Expense | $43.8M-13.6% | $50.6M-6.8% | $54.3M-3.1% | $56.1M+3.2% | $54.3M+1.3% | $53.6M-3.1% | $55.4M+7.5% | $51.5M |
| Income Tax | $16.9M+126.9% | $7.4M-93.7% | $117.6M+409.5% | $23.1M+53.8% | $15.0M-1.5% | $15.2M+50.5% | $10.1M-34.9% | $15.6M |
| Net Income | -$15.2M-246.6% | $10.3M-96.2% | $274.2M+987.1% | -$30.9M-193.7% | $33.0M+161.5% | -$53.7M+3.9% | -$55.8M-73.1% | -$32.3M |
| EPS (Diluted) | $-1.54 | N/A | $16.85+721.8% | $-2.71-224.3% | $2.18 | N/A | $-6.86-59.9% | $-4.29 |
NBR Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $4.4B-8.4% | $4.8B-0.9% | $4.8B-4.1% | $5.0B0.0% | $5.0B+11.9% | $4.5B-1.1% | $4.6B-1.3% | $4.6B |
| Current Assets | $1.2B-25.7% | $1.6B+8.9% | $1.4B+19.0% | $1.2B-0.2% | $1.2B+19.9% | $999.5M-6.8% | $1.1B-0.5% | $1.1B |
| Cash & Equivalents | $500.8M-46.8% | $940.7M+119.8% | $428.1M+10.5% | $387.3M-2.3% | $396.5M+1.7% | $389.7M-13.7% | $451.6M-3.1% | $466.0M |
| Inventory | $90.2M-4.9% | $94.8M-12.5% | $108.3M+0.8% | $107.5M-8.2% | $117.0M-9.9% | $130.0M-8.4% | $141.9M-4.0% | $147.8M |
| Accounts Receivable | $417.7M+6.6% | $391.7M-19.6% | $487.1M-9.3% | $537.1M-2.3% | $549.6M+41.7% | $388.0M+0.8% | $384.7M+4.4% | $368.6M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $2.9B-12.2% | $3.4B-21.2% | $4.3B-10.1% | $4.7B+0.7% | $4.7B+7.5% | $4.4B+0.2% | $4.4B-0.1% | $4.4B |
| Current Liabilities | $585.2M-41.1% | $993.0M+46.0% | $680.2M+1.6% | $669.4M+0.3% | $667.6M+16.7% | $571.9M+0.1% | $571.6M-3.3% | $590.9M |
| Long-Term Debt | $2.1B+0.1% | $2.1B-9.8% | $2.3B-12.2% | $2.7B-0.5% | $2.7B+7.2% | $2.5B+0.1% | $2.5B-0.4% | $2.5B |
| Total Equity | $568.9M-3.7% | $590.7M+1.9% | $579.8M+88.2% | $308.0M-10.1% | $342.7M+153.8% | $135.0M-29.5% | $191.4M-23.6% | $250.4M |
| Retained Earnings | -$1.9B-1.2% | -$1.8B+0.1% | -$1.8B+12.6% | -$2.1B-1.9% | -$2.1B+1.2% | -$2.1B-3.0% | -$2.0B-3.2% | -$2.0B |
NBR Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $113.3M-53.9% | $245.8M+18.3% | $207.9M+36.9% | $151.8M+73.0% | $87.7M-41.1% | $148.9M+3.7% | $143.6M-20.9% | $181.7M |
| Capital Expenditures | $165.0M+1.8% | $162.1M-13.8% | $188.1M-5.3% | $198.5M+20.4% | $165.0M-20.7% | $208.0M+76.4% | $117.9M-14.7% | $138.3M |
| Free Cash Flow | -$51.6M-161.6% | $83.8M+322.6% | $19.8M+142.4% | -$46.7M+39.5% | -$77.2M-30.6% | -$59.1M-330.0% | $25.7M-40.8% | $43.4M |
| Investing Cash Flow | -$169.5M-219.8% | $141.4M-15.0% | $166.5M+222.5% | -$135.9M-81.5% | -$74.9M+63.0% | -$202.2M-60.4% | -$126.1M-4.7% | -$120.5M |
| Financing Cash Flow | -$383.2M-1305.3% | -$27.3M+94.7% | -$518.2M-2572.4% | -$19.4M-890.3% | -$2.0M-6892.9% | -$28K+99.9% | -$25.7M-1984.7% | -$1.2M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | $0 | $0 | $0 |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
NBR Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | 41.0%+0.9pp | 40.1% |
| Operating Margin | 12.2%-8.9pp | 21.1%+5.5pp | 15.6%+6.8pp | 8.8%-5.0pp | 13.8%-12.2pp | 26.0%+11.5pp | 14.5%+6.6pp | 7.9% |
| Net Margin | -1.9%-3.2pp | 1.3%-32.2pp | 33.5%+37.2pp | -3.7%-8.2pp | 4.5%+11.8pp | -7.3%+0.3pp | -7.6%-3.2pp | -4.4% |
| Return on Equity | -2.7%-4.4pp | 1.8%-45.5pp | 47.3%+57.3pp | -10.0%-19.7pp | 9.6%+49.4pp | -39.8%-10.6pp | -29.2%-16.3pp | -12.9% |
| Return on Assets | -0.4%-0.6pp | 0.2%-5.5pp | 5.7%+6.3pp | -0.6%-1.3pp | 0.7%+1.8pp | -1.2%+0.0pp | -1.2%-0.5pp | -0.7% |
| Current Ratio | 1.97+0.4 | 1.56-0.5 | 2.09+0.3 | 1.790.0 | 1.80+0.0 | 1.75-0.1 | 1.88+0.1 | 1.82 |
| Debt-to-Equity | 3.72+0.1 | 3.58-0.5 | 4.05-4.6 | 8.68+0.8 | 7.84-10.7 | 18.56+5.5 | 13.08+3.0 | 10.04 |
| FCF Margin | -6.6%-17.1pp | 10.5%+8.1pp | 2.4%+8.0pp | -5.6%+4.9pp | -10.5%-2.4pp | -8.1%-11.6pp | 3.5%-2.4pp | 5.9% |
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Frequently Asked Questions
What is Nabors Indsustries's annual revenue?
Nabors Indsustries (NBR) reported $3.2B in total revenue for fiscal year 2025. This represents a 8.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Nabors Indsustries's revenue growing?
Nabors Indsustries (NBR) revenue grew by 8.7% year-over-year, from $2.9B to $3.2B in fiscal year 2025.
Is Nabors Indsustries profitable?
Yes, Nabors Indsustries (NBR) reported a net income of $286.6M in fiscal year 2025, with a net profit margin of 9.0%.
What is Nabors Indsustries's EBITDA?
Nabors Indsustries (NBR) had EBITDA of $1.1B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Nabors Indsustries have?
As of fiscal year 2025, Nabors Indsustries (NBR) had $940.7M in cash and equivalents against $2.1B in long-term debt.
What is Nabors Indsustries's operating margin?
Nabors Indsustries (NBR) had an operating margin of 14.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Nabors Indsustries's net profit margin?
Nabors Indsustries (NBR) had a net profit margin of 9.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Nabors Indsustries's return on equity (ROE)?
Nabors Indsustries (NBR) has a return on equity of 48.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Nabors Indsustries's free cash flow?
Nabors Indsustries (NBR) generated -$22.7M in free cash flow during fiscal year 2025. This represents a -267.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Nabors Indsustries's operating cash flow?
Nabors Indsustries (NBR) generated $693.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Nabors Indsustries's total assets?
Nabors Indsustries (NBR) had $4.8B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Nabors Indsustries's capital expenditures?
Nabors Indsustries (NBR) invested $715.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Nabors Indsustries spend on research and development?
Nabors Indsustries (NBR) invested $53.1M in research and development during fiscal year 2025.
What is Nabors Indsustries's current ratio?
Nabors Indsustries (NBR) had a current ratio of 1.56 as of fiscal year 2025, which is generally considered healthy.
What is Nabors Indsustries's debt-to-equity ratio?
Nabors Indsustries (NBR) had a debt-to-equity ratio of 3.58 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Nabors Indsustries's return on assets (ROA)?
Nabors Indsustries (NBR) had a return on assets of 6.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Nabors Indsustries's Altman Z-Score?
Nabors Indsustries (NBR) has an Altman Z-Score of 0.85, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Nabors Indsustries's Piotroski F-Score?
Nabors Indsustries (NBR) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Nabors Indsustries's earnings high quality?
Nabors Indsustries (NBR) has an earnings quality ratio of 2.42x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Nabors Indsustries cover its interest payments?
Nabors Indsustries (NBR) has an interest coverage ratio of 2.2x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Nabors Indsustries?
Nabors Indsustries (NBR) scores 29 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.