NE vs PTEN: Noble Corporation and Patterson-UTI Energy compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Noble Corporation is the larger company, worth $7.0B, about 1.6 times Patterson-UTI Energy.
- Patterson-UTI Energy grew revenue faster over the last year (+0.7% vs -15.2%).
- Noble Corporation keeps more of each dollar of revenue as operating profit (11.4% vs -1.1%).
- Noble Corporation's price assumes faster free cash flow growth: about 2% a year, against -2% for Patterson-UTI Energy (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | NE | PTEN |
|---|---|---|
| Market cap | $7.0B | $4.4B |
| Share price | $42.36 | $11.31 |
| Revenue (last fiscal year) | $3.3B | $4.8B |
| Free cash flow (last fiscal year) | $432M | $372M |
| Revenue growth, last year | -15.2% | +0.7% |
| Revenue growth per year, last 5 fiscal years | +27.8% | +37.3% |
| Operating margin | 11.4% | -1.1% |
| Net margin | 4.9% | -1.9% |
| Return on equity | 3.3% | -2.9% |
| P/E (trailing) | 30.6x | — |
| Price / free cash flow | 16.1x | 11.8x |
| EV / EBITDA | 9.31x | 6.53x |
| FCF growth the price implies | 2.2% | -1.9% |
| Dividend yield | 4.5% | 2.8% |
| Debt / equity | 0.61x | 0.73x |
| Fundamental grade | D | D |
| Superinvestors holding it | 4 | 5 |
| Insider purchases, last 12 months | 0 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Noble Corporation
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2020 | $964M | $124M | -422.8% |
| 2022 | $1.4B | $107M | 16.2% |
| 2023 | $2.6B | $165M | 22.2% |
| 2024 | $3.1B | $80M | 19.8% |
| 2025 | $3.3B | $432M | 12.6% |
Patterson-UTI Energy
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.4B | -$71M | -49.9% |
| 2022 | $2.6B | $129M | 8.0% |
| 2023 | $4.1B | $390M | 8.5% |
| 2024 | $5.4B | $497M | -16.5% |
| 2025 | $4.8B | $372M | -0.85% |
Where the revenue comes from
Noble Corporation · by products, 2025
Contract drilling services$3.1B95%
Reimbursables and other$178M5%
Patterson-UTI Energy · by segments, 2025
Completion Services$2.9B60%
Drilling Services$1.6B32%
Drilling Products$344M7%
Other$33M1%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open NE in InvestinglyQuestions
Which is bigger, Noble Corporation or Patterson-UTI Energy?
Noble Corporation (NE), at $7.0B against $4.4B.
Which grows faster, NE or PTEN?
Patterson-UTI Energy: revenue grew +0.7% over the last year, against -15.2%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.